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Brigus Gold Corp Message Board

  • gwohanka gwohanka Dec 29, 2010 1:28 AM Flag

    Calais pays up?<g>

    Form 8-K for CALAIS RESOURCES INC

    20-Dec-2010

    Entry into a Material Definitive Agreement, Unregistered Sale of Equity Secu


    Item 1.01. Entry Into Material Definitive Agreements.

    Debenture Settlements

    Calais Resources, Inc. (the "Company") has entered into two agreements which relate to the settlement of a total of four convertible debentures in the aggregate principal amount of $4,313,377. The two settlement agreements provide for the payment by the Company of a total of CDN$ 260,059 in cash and the issuance of a total of 9,550,368 restricted shares of the Company's common stock.

    More specifically, on December 15, 2010 the Company entered into a Settlement Agreement with Lynne Martin regarding a debenture payable to her in the principal amount of CDN$1,103,214. Ms. Martin is the spouse of Melvin Martin who was formerly a director of the Company and who resigned on July 28, 2005. The Company and Ms. Martin agreed that Ms. Martin would accept as full payment for the debenture the amount of CDN$ 110,322 in cash which is to be paid by the Company with four quarterly payments of CDN$ 27,580.50 with the first payment due on December 15, 2010 and the three remaining payments due on March 15, 2011, June 15, 2011, and September 15, 2011. The Company made the first payment on December 15, 2010.

    On December 15, 2010, the Company entered into a Settlement Agreement with Marlowe and Judy Harvey and Argus Resources, Inc. regarding the following three debentures:

    1. Judy Harvey CDN$ 2,046,741
    2. Judy Harvey CDN$ 948,000
    3. Argus Resources, Inc. CDN$ 215,422

    Marlowe and Judy are husband and wife and Marlowe Harvey was formerly the President and a director of the Company who resigned as the President in 2000 and as a director in November 2003. After the closing of this transaction, he is now a more than 5% percent shareholder of the Company by virtue of the shares owned by his wife and Argus Resources, Inc. Marlowe Harvey is also the President of Argus Resources, Inc. The Company and Judy Harvey agreed that Ms. Harvey would accept as full payment for her two debentures the total amount of CDN$ 149,737 in cash and a total of 8,890,638 restricted shares of the Company's common stock. The cash was paid on December 15, 2010 and the shares were issued on December 20, 2010 to an escrow agent to hold the shares until the Cease Trade Order in British Columbia has been revoked.

    The Company and Argus Resources agreed that Argus Resources would accept as full payment for its debenture 659,730 restricted shares of the Company's common stock. The shares were issued on December 20, 2010.

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