EXHIBIT 10.22
ALTA PETROLEUM
000 XXXXX XXXX XX., XXXXX 000
XXXXXX, XXXXXXXX 00000-0000
April 4, 1997
DELIVERED
PERSONAL & CONFIDENTIAL
Java Centrale, Inc.
0000 Xxxxx Xxx, Xxxxx 000
Xxxxxxxxxx, XX 00000
ATTENTION: Xx. Xxxxxxx X. Xxxxxxx
Dear Xx. Xxxxxxx:
RE: ADDITIONAL BRIDGE LOAN ADVANCE
We refer to our existing Bridge Loan Agreement dated January 29, 1997 (the
"Original Loan Agreement") and your short term cash requirements. We are
prepared to advance an additional One Hundred Twenty-Five Thousand (U.S.
$125,000.00) Dollars U.S. on April 7, 1997 on the same terms and conditions
as the Original Loan Agreement, excepting only the following clauses which
shall replace the "Repayment" and "Conversion" clauses of the Original Loan
Agreement.
REPAYMENT: Principal and accrued interest may be repaid at any time and
shall be repaid in full out of the proceeds of any refinancing
of greater than Five Hundred Thousand ($500,000) Dollars or
sale of any of the assets of the Company or its subsidiary,
concluded by the Company during the Term.
CONVERSION: The principal outstanding may be converted, in whole or in
part, into common stock of Java at any time during the term,
upon written notice to the company, at a price equal to Fifty
($.50) Cents per share (to a maximum of Eight Hundred Fifty
Thousand (850,000) shares). Java will use its best efforts to
register the shares for trading prior to the expiring of the
term.
EXHIBIT 10.22
April 4, 1997
Page: 2
We trust that the foregoing is in accord with our discussions and if so you
should sign and return one copy of this letter.
Yours truly,
ALTA PETROLEUM, INC.
Xxxx X. Xxxxxxx
Vice-President
RDS/pm
encl.
ACKNOWLEDGED AND AGREED TO THIS
_____ DAY OF APRIL, 1997
JAVA CENTRALE, INC.
Per: /s/
--------------------------------
Xxxxxxx X. Xxxxxxx
Chairman
EXHIBIT 10.22
PROMISSORY NOTE
$125,000 April 7, 1997
U.S. Dollars
FOR VALUE RECEIVED the undersigned, JAVA CENTRALE, INC., promises to pay
to or to the order of ALTA PETROLEUM, INC. at DENVER, COLORADO, on or before
the 31st day of May, 1997, the sum of ONE HUNDRED TWENTY FIVE THOUSAND
($125,000) DOLLARS, UNITED STATES FUNDS, together with interest thereon at an
annual rate of FOURTEEN (14%) Percent Payable monthly until May 31, 1997 and
thereafter at an annual rate equal to SIXTEEN (16%) Percent, payable monthly.
The undersigned hereby waives presentment for payment, notice of protest
and notice of non-payment. No time given to or security taken from or
composition or arrangements entered into with any party hereto shall
prejudice the rights of the holder to proceed against any other party.