Contract
10.2 Loan
Agreement Between the Company and our President
This
Agreement is made and dated as of November 1, 2008.
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Between: Pana-Minerales
S.A (the “Company”) Primera Calle El Xxxxxx, EDF. PH Villa Medici, Apt.
28, Torre C, Panama, Rep. of Panama
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And: Xxxxxx
Xxxxxxxxx Xxxxxxx Xxxxx (the “Lender”) of Primera Calle El Xxxxxx
EDF.
PH Villa Medici, Apt. 28, Torre C, Panama, Rep. of Panama
B.
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WHERAS:
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A.
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The
Lender is the sole stockholder and President of the Company and has
provided the Company with working capital, in the form of cash advances,
from time to time prior to the date
hereof;
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B.
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The
Lender has agreed to provide additional cash advances to the
Company;
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C.
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The
Lender recognizes that the Company is in the early stages of its
development and may not be in a position to repay these cash advances for
some time, if ever;
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D.
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The
parties wish to formalize agreement between them concerning these past and
future cash advances,
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Now
therefore in consideration of the premises and the mutual covenants and
agreements between the parties, the parties hereto herby agree as
follows:
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1.
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In
order to provide working capital to the Company, the President agrees to
make cash advances totalling $40,000 (the Loan Amount”) to the Company,
$12,898 of which has been advanced to date and the balance of which will
be advanced to the Company on an ‘as needed basis, or before
August 31, 2009.
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2.
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The
Company acknowledges receipt of $12,898 in cash advances, on account of
the Loan Amount, from the President as of the date
hereof.
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3.
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The
parties agree that the Loan Amount will not bear interest and has no fixed
terms of repayment provided that the President may make demand for
repayment of the Loan Amount, or so much of it as may then have been
advanced to the Company at the time demand is made, at any time hereafter,
by written notice to the Company delivered to the address set forth
above.
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4.
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This
Agreement shall be binding upon the parties hereto and the heirs,
executors administrators and assigns of the Lender and the successors and
assigns of the Company.
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In
witness whereof the parties hereto have hereunto affixed their respective hands
and seals, or corporate seals, as the case may be, as of the day and year first
above written.
By: XXXXXX XXXXXXXXX
XXXXX
Xxxxxx
Xxxxxxxxx Xxxxxxx Xxxxx
President and
Director
The
Lender
Signed: XXXXXX XXXXXXXXX
XXXXX
Xxxxxx
Xxxxxxxxx Xxxxxxx Xxxxx
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