Contract
EXHIBIT 10.24
July 6,
2009
Xxxxxxx X. Xxxxx (the
“Lender”) of 0 Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxx, XX00XX, advanced US$8,000 (the “Principal Sum”)
to Red Metal Resources Ltd. (the “Borrower”) of 000 Xxxx Xxxxxx, Xxxxxxx Xxx,
Xxxxxxx, X0X 0X0. The Lender advanced the funds on July 6,
2009
The
Borrower agrees to repay the Principal Sum on demand, together with interest
calculated and compounded monthly at the rate of 8% per year (the “Interest”)
from July 6, 2009.. The Borrower is liable for repayment for the
Principal Sum and accrued Interest and any costs that the Lender incurs in
trying to collect the Principal Sum and the Interest.
The
Borrower will evidence the debt and its repayment of the Principal Sum and the
Interest with a promissory note in the attached form.
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LENDER
Xxxxxxx X.
Xxxxx
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BORROWER
Red Metal Resources
Ltd.
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| Per: | Per: | |||
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/s/
Xxxxxxx X.
Xxxxx
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/s/
Xxxxxxx
Xxxxx
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Xxxxxxx
X. Xxxxx
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Authorized
Signatory
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1
PROMISSORY NOTE
| Principal Amount: US$8,000 | July 6, 2009 |
For
value received Red Metal Resources Ltd., (the “Borrower”) promises to pay
on demand to the order of Xxxxxxx X. Xxxxx (the
“Lender”) the sum of $8,000 lawful money of United States of America (the
“Principal Sum”) together with interest on the Principal Sum from July 6, 2009
(“Effective Date”) both before and after maturity, default and judgment at the
Interest Rate as defined below.
For the purposes of this promissory note, Interest Rate
means 8 per cent per year. Interest at the Interest Rate must be
calculated and compounded monthly not in advance from and including the
Effective Date (for an effective rate of 8.3% per annum calculated monthly), and
is payable together with the Principal Sum when the Principal Sum is
repaid.
The Borrower may repay the Principal Sum and the Interest
in whole or in part at any time.
The Borrower waives presentment, protest, notice of protest
and notice of dishonour of this promissory note.
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BORROWER
Red
Metal Resources Ltd.
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| Per: | ||||
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“Xxxxxxx
Xxxxx”
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Authorized
signatory
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