Exhibit 4.6
 | Red Metal Resources Ltd. 278 Bay Street, Suite #102 Thunder Bay, ON P7B 1R8 Canada |
July 31, 2018
Caitlin Jeffs
101-278 Bay Street
Thunder Bay, ON P7B 1R8
Re: Restructure of debt with Red Metal Resources Ltd. (the “Company”)
Dear Ms. Jeffs:
This letter is to confirm our mutual understanding of the arrangements we have agreed upon in the light of the Company’s current application to list its shares on the Canadian Securities Exchange (the “CSE”) and the requirement imposed by the CSE to improve the Company’s current working capital ratio, which the Company desires to achieve by restructuring its debt with related parties and selected vendors.
As of July 31, 2018, the Company owed to you personally $499,997 under the notes payable as set out in the schedule attached as Exhibit “A” to this letter. The notes payable accrue interest at 8% per annum compounded monthly and are due on demand.
Based on our discussions, you have agreed to forgive the full amount of interest accrued on the principal as at July 31, 2018 ($127,674), and amend the loan agreements to extend the repayment period for a minimum of three years from the date of this letter (July 31, 2021), with all other terms remaining substantially the same.
We trust this letter accurately relays our agreement. If you agree with the above, please sign the acknowledgement at the bottom of this letter in the space provided. If you disagree with the above statement, we will be happy to review your counter-offer.
Sincerely,
| Joao (John) da Costa | |
| Chief Financial Officer | |
| Red Metal Resources Ltd. |
I _________________________________, hereby confirm the forgiveness of interest accrued on the Note Payable issued to me by Red Metal Resources Ltd. and agree to extend the repayment of the Loan Agreements as set out in this letter.
| Authorized Signatory | Date: |
-OR-
I _________________________________, hereby do NOT agree with either above recitals, the terms, or the conditions. My counter-offer has been provided as a separate letter addressed to Red Metal Resources Ltd.
| Authorized Signatory | Date: |
Exhibit “A”
Notes Payable Issued by
Red Metal Resources Ltd.
to Ms. Caitlin Jeffs
| Date of the Note Payable | Principal | Accrued Interest at July 31, 2018 | Balance | |||||||||
| USD$ Notes Payable | ||||||||||||
| September 21, 2012 | $ | 12,000.00 | $ | 7,147.54 | $ | 19,147.54 | ||||||
| October 29, 2012 | 10,000.00 | 5,824.34 | 15,824.34 | |||||||||
| August 23, 2013 | 7,000.00 | 3,378.96 | 10,378.96 | |||||||||
| May 1, 2014 | 1,550.00 | 625.57 | 2,175.57 | |||||||||
| January 8, 2015 | 4,070.00 | 1,336.67 | 5,406.67 | |||||||||
| January 29, 2015 | 600.00 | 193.40 | 793.40 | |||||||||
| June 15, 2015 | 1,040.00 | 294.68 | 1,334.68 | |||||||||
| January 29, 2016 | 925.00 | 204.42 | 1,129.42 | |||||||||
| April 26, 2016 | 3,050.00 | 603.13 | 3,653.13 | |||||||||
| June 16, 2016 | 1,360.00 | 250.89 | 1,610.89 | |||||||||
| November 10, 2016 | 1,405.00 | 206.60 | 1,611.60 | |||||||||
| April 25, 2017 | 1,615.00 | 171.51 | 1,786.51 | |||||||||
| June 13, 2017 | 685.00 | 64.68 | 749.68 | |||||||||
| July 31, 2017 | 895.00 | 74.28 | 969.28 | |||||||||
| September 11, 2017 | 845.00 | 61.78 | 906.78 | |||||||||
| December 6, 2017 | 775.00 | 41.18 | 816.18 | |||||||||
| January 15, 2018 | 925.00 | 40.68 | 965.68 | |||||||||
| February 27, 2018 | 895.00 | 30.62 | 925.62 | |||||||||
| USD$ Notes | $ | 49,635.00 | $ | 20,550.94 | $ | 70,185.94 | ||||||
| Date of the Note Payable | Principal | Accrued Interest at July 31, 2018 | Balance | |||||||||
| CAD$ Notes Payable | ||||||||||||
| December 9, 2011 | $ | 25,000.00 | $ | 17,471.77 | $ | 42,471.77 | ||||||
| January 12, 2012 | 30,000.00 | 20,589.05 | 50,589.05 | |||||||||
| July 10, 2012 | 40,000.00 | 24,851.19 | 64,851.19 | |||||||||
| December 19, 2012 | 12,000.00 | 6,778.91 | 18,778.91 | |||||||||
| February 13, 2013 | 20,000.00 | 10,917.62 | 30,917.62 | |||||||||
| April 5, 2013 | 10,000.00 | 5,287.50 | 15,287.50 | |||||||||
| September 12, 2013 | 15,000.00 | 7,143.68 | 22,143.68 | |||||||||
| December 12, 2013 | 21,000.00 | 9,390.95 | 30,390.95 | |||||||||
| May 1, 2014 | 12,500.00 | 5,044.89 | 17,544.89 | |||||||||
| May 28, 2014 | 5,000.00 | 1,976.70 | 6,976.70 | |||||||||
| June 1, 2014 | 1,050.00 | 413.82 | 1,463.82 | |||||||||
| June 4, 2014 | 15,000.00 | 5,898.11 | 20,898.11 | |||||||||
| July 1, 2014 | 3,241.02 | 1,247.84 | 4,488.86 | |||||||||
| September 2, 2014 | 1,708.65 | 625.52 | 2,334.17 | |||||||||
| October 31, 2014 | 3,150.00 | 1,098.04 | 4,248.04 | |||||||||
| December 16, 2014 | 10,000.00 | 3,351.12 | 13,351.12 | |||||||||
| December 4, 2014 | 2,050.00 | 694.15 | 2,744.15 | |||||||||
| April 30, 2015 | 3,150.00 | 933.36 | 4,083.36 | |||||||||
| July 29, 2015 | 7,150.00 | 1,938.15 | 9,088.15 | |||||||||
| March 31, 2016 | 2,502.00 | 511.82 | 3,013.82 | |||||||||
| December 22, 2016 | 10,000.00 | 1,365.72 | 11,365.72 | |||||||||
| April 28, 2017 | 1,827.00 | 192.69 | 2,019.69 | |||||||||
| May 1, 2017 | 10,392.08 | 1,088.51 | 11,480.59 | |||||||||
| May 12, 2017 | 33,612.00 | 3,431.71 | 37,043.71 | |||||||||
| June 13, 2017 | 595.35 | 56.21 | 651.56 | |||||||||
| June 26, 2017 | 15,000.00 | 1,369.71 | 16,369.71 | |||||||||
| June 28, 2017 | 9,000.00 | 817.52 | 9,817.52 | |||||||||
| September 11, 2017 | 18,078.11 | 1,321.76 | 19,399.87 | |||||||||
| October 25, 2017 | 20,000.00 | 1,256.95 | 21,256.95 | |||||||||
| December 13, 2017 | 30,000.00 | 1,546.00 | 31,546.00 | |||||||||
| February 23, 2018 | 20,000.00 | 702.40 | 20,702.40 | |||||||||
| March 1, 2018 | 313.95 | 10.60 | 324.55 | |||||||||
| May 1, 2018 | (313.95 | ) | (10.60 | ) | (324.55 | ) | ||||||
| May 1, 2018 | 2,036.36 | 40.89 | 2,077.25 | |||||||||
| June 21, 2018 | 10,000.00 | 87.81 | 10,087.81 | |||||||||
| CAD$ Notes Payable | $ | 420,042.57 | $ | 139,442.09 | $ | 559,484.66 | ||||||
| USD$ Equivalent @ 1.3017 | $ | 322,687.69 | $ | 107,123.06 | $ | 429,810.75 | ||||||
AMENDMNET LOAN AGREEMENT
August 28, 2018
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced CAD$50,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds on August 28, 2018.
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 August 28, 2018. 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$50,000 | August 28, 2018 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $50,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum from August 28, 2018 (“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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin Jeffs |
LOAN AGREEMENT
November 27, 2018
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced CAD$35,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds on November 27, 2018.
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 November 27, 2018. 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$35,000 | November 27, 2018 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $35,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum from November 27, 2018 (“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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin Jeffs |
LOAN AGREEMENT
February 8, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$3,675.00 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 10/24/2018 | DMCL; Inv #MGG18-10002 Paid Visa | 02/08/2019 | $ | 3,675.00 | ||||
| Total | $ | 3,675.00 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$3,675.00 | February 8, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $3,675.00 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference February 8, 2019 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
February 26, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced CAD$20,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds on February 26, 2019.
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 February 26, 2019. 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$20,000 | February 26, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $20,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum from February 26, 2019 (“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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin Jeffs |
LOAN AGREEMENT
April 9, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$2,947.13 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 04/09/2019 | Computershare SEDAR filings @ 1.3316 ($2760 plus $165.60 convenience fee) | 04/09/2019 | $ | 2,947.13 | ||||
| Total | $ | 2,947.13 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$2,947.13 | April 9, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $2,947.13 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference April 9, 2019 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
April 26, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$20,273.26 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower and/or direct cash advances as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 04/26/2019 | Blendermedia_CDN$273.26 @ 1.3460_Jeffs, Caitlin; Inv #24674 | 04/26/2019 | $ | 273.26 | ||||
| 04/26/2019 | Loan for working capital_CDN$20K, Jeffs, Caitlin | 04/26/2019 | $ | 20,000.00 | ||||
| Total | $ | 20,273.26 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$20,273.26 | April 26, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $20,273.26 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference April 26, 2019 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
July 30, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced CAD$15,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds on July 30, 2019. The funds were used for general working capital.
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from July 30, 2019. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$15,000 | July 30, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $15,000 lawful money of Canada (the “Principal Sum”) together with interest accrued on the Principal Sum from July 30, 2019 (“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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin Jeffs |
LOAN AGREEMENT
July 31, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$200.01 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 07/01/2019 | Blender Media; Inv 25036 | 07/10/2019 | $ | 200.01 | ||||
| Total | $ | 200.01 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$200.01 | July 31, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $200.01 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference July 31, 2019 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
September 13, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$10,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 08/31/2019 | DMCL Chartered Professional Accountants Partial payment on balance owed | 09/13/2019 | $ | 10,000 | ||||
| Total | $ | 10,000 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$10,000 | September 13, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $200.01 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference September 13, 2019 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
November 8, 2019
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced CAD$15,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds on November 8, 2019. The funds were used for general working capital.
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from November 8, 2019. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$15,000 | November 8, 2019 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $15,000 lawful money of Canada (the “Principal Sum”) together with interest accrued on the Principal Sum from November 8, 2019 (“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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin Jeffs |
LOAN AGREEMENT
January 31, 2020
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$2,171.30 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (CAD) | |||||
| 01/17/2020 | W.L. Macdonald Law Corp, Inv # 15224, 15398 | 01/17/2020 | $ | 1,771.28 | ||||
| 01/31/2020 | Blender Media, Inv #25712 & Oct 2019 inv | 01/31/2020 | $ | 400.02 | ||||
| Total | $ | 2,171.30 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$2,171.30 | January 31, 2020 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand, but not earlier than on July 31, 2021, to the order of Caitlin L. Jeffs (the “Lender”) the sum of $2,171.30 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference January 31, 2020 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
January 31, 2020
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of USD$2,427.42 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (USD) | |||||
| 01/01/2019 | Issuer Direct Corporation, Inv # inv1048550 | 01/08/2020 | $ | 895.00 | ||||
| 01/07/2020 | Broadridge; Inv #E75678R_01072020 | 01/07/2020 | $ | 222.42 | ||||
| 01/28/2020 | Resident Agents of Nevada, Inc., Inv #78558 | 01/31/2020 | $ | 925.00 | ||||
| 01/30/2020 | Empire Stock Transfer Inc., Inv 32399835717, 1209191021 | 01/30/2020 | $ | 385.00 | ||||
| Total | $ | 2,427.42 | ||||||
The Borrower agrees to repay the Principal Sum on July 31, 2021, or on-demand, provided that the demand is made not earlier than on July 31, 2021, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: USD$2,427.42 | January 31, 2020 |
FOR VALUE RECEIVED Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand, but not earlier than on July 31, 2021, to the order of Caitlin L. Jeffs (the “Lender”) the sum of $2,427.42 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference January 31, 2020 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
July 31, 2020
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of USD$1,454.50 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of payments made on behalf of the Borrower as outlined in the following table:
Invoice/ Statement Date | Description | Payment Date | Amount (USD) | |||||
| 01/01/2020 | Issuer Direct Corporation, Inv # INV1061667 | 03/17/2020 | $ | 984.50 | ||||
05/01/2020 | Empire Stock Transfer Inc., Inv 5466546546 | 06/16/2020 | $ | 470.00 | ||||
| Total | $ | 1,454.50 | ||||||
The Borrower agrees to repay the Principal Sum on August 31, 2022, or on-demand, provided that the demand is made not earlier than on August 31, 2022, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the Payment Date as specified in the table above. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: USD$3,976.28 | July 31, 2020 |
FOR VALUE RECEIVED Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand, but not earlier than on July 31, 2021, to the order of Caitlin L. Jeffs (the “Lender”) the sum of $3,976.28 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum accrued from the Payment Date, as explicitly specified in that Loan Agreement dated for reference July 31, 2020 (“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 Payment 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
August 10, 2020
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$5,000.00 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of a payment made on behalf of the Borrower to Boughton Law Corporation, the Company’s legal counsel the Company engaged to prepare and file S-4 Registration Statement. Boughton Law Corporation requested a retainer for the services in the amount of CAD$5,000.
The Borrower agrees to repay the Principal Sum on August 31, 2022, or on-demand, provided that the demand is made not earlier than on August 31, 2022, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the date of this loan agreement. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$5,000.00 | August 10, 2020 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand, but not earlier than on July 31, 2022, to the order of Caitlin L. Jeffs (the “Lender”) the sum of $5,000.00 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference August 10, 2020 (“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 Payment 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 retains the right but not an obligation, to 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
September 1, 2020
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$15,000.00 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 278 Bay Street, Suite 102, Thunder Bay, ON P7B 1R8. The Lender advanced the funds by way of a payment made on behalf of the Borrower to Boughton Law Corporation, the Company’s legal counsel the Company engaged to prepare and file S-4 Registration Statement. Boughton Law Corporation requested an additional retainer for the services in the amount of CAD$15,000.
The Borrower agrees to repay the Principal Sum on August 31, 2022, or on-demand, provided that the demand is made not earlier than on August 31, 2022, together with interest calculated and compounded monthly at the rate of 8% per year (the “Interest”) from the date of this loan agreement. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Caitlin L. Jeffs |
PROMISSORY NOTE
| Principal Amount: CAD$15,000.00 | September 1, 2020 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand, but not earlier than on July 31, 2022, to the order of Caitlin L. Jeffs (the “Lender”) the sum of $15,000.00 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference September 1, 2020 (“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 Payment 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 retains the right but not an obligation, to 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
| Caitlin L. Jeffs |
LOAN AGREEMENT
February 16, 2022
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$175,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 1130 Pender Street, West, Unit 820, Vancouver, BC V6E 4A4.
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 the date of this loan agreement. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Joao da Costa, CFO |
PROMISSORY NOTE
| Principal Amount: CAD$175,000 | February 16, 2022 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $175,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference February 16, 2022 (“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 Payment 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 retains the right but not an obligation, to 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
Joao da Costa, CFO |
LOAN AGREEMENT
February 24, 2022
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of CAD$50,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 1130 Pender Street, West, Unit 820, Vancouver, BC V6E 4A4.
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 the date of this loan agreement. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Joao da Costa, CFO |
PROMISSORY NOTE
| Principal Amount: CAD$50,000 | February 24, 2022 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $50,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference February 24, 2022 (“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 Payment 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 retains the right but not an obligation, to 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
Joao da Costa, CFO |
LOAN AGREEMENT
March 22, 2022
Caitlin L. Jeffs (the “Lender”) of 48 Peter Street, Thunder Bay, Ontario P7A 5H3, advanced total of USD$165,000 (the “Principal Sum”) to Red Metal Resources Ltd. (the “Borrower”) of 1130 Pender Street, West, Unit 820, Vancouver, BC V6E 4A4. At the request of the Borrower, the funds were wired to the Borrower’s wholly-owned subsidiary, Minera Polymet SpA, with an address at 3260 Baldomero Lillo, Vallenar, Chile.
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 the date of this loan agreement. The Borrower is liable for repayment of 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.
| LENDER | BORROWER | |
| Caitlin L. Jeffs | Red Metal Resources Ltd. | |
| Per: | Per: | |
| Caitlin L. Jeffs | Joao da Costa, CFO |
PROMISSORY NOTE
| Principal Amount: USD$165,000 | March 22, 2022 |
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on demand to the order of Caitlin L. Jeffs (the “Lender”) the sum of $165,000 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum accrued from the date of the Loan Agreement, as explicitly specified in that Loan Agreement dated for reference March 22, 2022 (“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 Payment 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 retains the right but not an obligation, to 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.
| BORROWER | |
| Red Metal Resources Ltd. | |
| Per: | |
Joao da Costa, CFO |