July 6, 2022 By email: paul@worldlink-group.com joetai@chineseworldnet.com john.gravelle@rogers.com COLT RESOURCES INC. Suite 2209, 1111 Alberni Street Vancouver, BC V6E 4V2 Attention: Mssrs. Paul Yeou , Joe Tai and John Gravelle, Directors of Colt...
Exhibit 10.11.6
July 6, 2022
By email: xxxx@xxxxxxxxx-xxxxx.xxx
xxxxxx@xxxxxxxxxxxxxxx.xxx
xxxx.xxxxxxxx@xxxxxx.xxx
COLT RESOURCES INC.
Suite 2209, 0000 Xxxxxxx Xxxxxx
Vancouver, BC V6E 4V2
Attention: Mssrs. Xxxx Xxxx , Xxx Xxx and Xxxx Xxxxxxxx, Directors of Colt Resources Inc.
Dear Sirs:
Re: Property Purchase Agreement dated October 31, 2019 as amended by an Addendum to the Property
Purchase Agreement dated November 4, 2019 (collectively referred to as the “Agreement”).
Further to the letter of 37 Capital Inc. (hereinafter referred to as “37 Capital”) addressed to Colt Resources Inc. (hereinafter referred to as “Colt”) dated June 30, 2022 in respect to the Agreement and our subsequent communications, it is 37 Capital’s understanding that Colt shall accept and shall agree to the removal from the Agreement and cancellation of:-
| • | Article 2.1 (b) $75,000 (Seventy-Five Thousand Dollars) after 18 (Eighteen) months from the Closing; |
| • | Article 2.1 (c) 0.5% (Half of one percent) NSR (Net Smelter Returns) Royalty which shall be payable 60 business days after the commencement of commercial production from the Extra High Property (hereinafter referred to as “Colt’s NSR Royalty”). 37 Capital may, at its sole discretion, purchase Colt’s NSR Royalty at any time by making a payment of $500,000 (Five Hundred Thousand Dollars) to Colt; and |
| • | All related Articles to 2.1(b) and (c) covered by the Agreement. |
For a consideration of:
| 1) | a cash payment of Cdn $15,000 (Fifteen thousand Canadian dollars) by 37 Capital to Colt; and |
| 2) | the issuance to Colt of 50,000 (Fifty thousand) common shares of 37 Capital as fully paid which will be subject to the approval of the Canadian Securities Exchange (the “CSE”), and which will have a hold period from trading of four months and one day. |
For greater certainty, once 37 Capital has made the cash payment of $15,000 (Fifteen thousand Canadian dollars) to Colt and has issued to Colt the 50,000 (Fifty thousand) 37 Capital common shares, Colt will have no interest, right, and title in and to the Extra High Property.
Should the above mentioned be acceptable to Colt, and to all of its Directors, then please indicate so by signing at the bottom of this letter.
Yours sincerely,
“Xxxx X. Xxxxxxxxx”
Xxxx X. Xxxxxxxxx
President & CEO
Accepted and agreed to the above this _7th__ day of July, 2022 by :
“Xxxx Xxxx”
Xxxx Xxxx, Director
Authorized Signatory of Colt Resources Inc.
Accepted and agreed to the above this 29th day of July, 2022 by
“Xxx Xxx”
Xxx Xxx, Director
Authorized Signatory of Colt Resources Inc.
Accepted and agreed to the above this ___ day of July, 2022 by
“Xxxx Xxxxxxxx”
Xxxx Xxxxxxxx, Director
Authorized Signatory of Colt Resources Inc.
