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PROMISSORY NOTE
PRINCIPAL SUM: $50,000 USD INTEREST RATE: 20%
FOR VALUE RECEIVED from Moneris Capital Limited Partnership (the "Payee"),
Castmor Resources Ltd. (the "Payor") hereby acknowledges itself indebted and
promises pay on September 21, 2011 (the "Redemption Date"), to or to the order
of the Payee the sum of $50,000 in lawful money of the United States of America
(the "Principal") upon presentation and surrender of this Promissory Note at
Principal's offices at 427 Princess Street, Suite 406, Kingston, ON K7L 5S9 (or
at such other place as the Payee may designate by notice in writing to Payor),
and to pay interest thereon, calculated semi-annually from the date hereof at a
rate equal to TWENTY PER CENT (20%), calculated semi-annually, payable in like
money at the same place on the Redemption Date.
1. EXPENSES
The Payor agrees to pay to the Payee forthwith on demand all costs, charges and
expenses, including all legal fees (on a solicitor and own client basis),
incurred by the Payee in connection with the preparation and registration of
this Promissory Note, or notice hereof, and the recovery or enforcement of
payment of any moneys owing hereunder whether by realization of the Security or
otherwise. All such sums shall be secured hereby and shall be added to the
principal hereof and bear interest at the rate hereinbefore provided for.
2. PREPAYMENT
Payor may, at any time prepay the amount outstanding hereunder without penalty.
3. NON-NEGOTIABILITY
This Promissory Note is not a negotiable instrument and is not transferable or
assignable without the consent of Payor.
4. WAIVER
No consent or waiver by the Payee shall be effective unless made in writing and
signed by an authorized officer of the Payee.
5. NOTICE
Any demand, notice or other communication in connection with this Promissory
Note shall be in writing and shall be personally delivered to an officer or
other responsible employee of the addressee, mailed by registered mail or sent
by telefacsimile or other direct written electronic means, charges prepaid, at
or to the address or telefacsimile number of the addressee set out opposite its
name below or to such other address or addresses, telex or telefacsimile number
or numbers as either Payor or the Payee may from time to time designate to the
other party in such manner.
In the case of Payor: In the case of the Payee:
Castmor Resources Ltd. Moneris Capital Limited Partnership
427 Princess Street, Markgrafenstrasse 56, Suite 121,
Suite 406 Kingston, ON K7L 5S9 10117 Berlin, Germany
ATTENTION: ALFONSO QUIJADA ATTENTION: GENERAL PARTNER
Any communication which is personally delivered as aforesaid shall be deemed to
have been validly and effectively given on the date of such delivery if such
date is a business day and such delivery was made during normal business hours
of the recipient; otherwise, it shall be deemed to have been validly and
effectively given on the business day next following such date of delivery. Any
communication mailed as aforesaid shall be deemed to have been validly and
effectively given on the fifth business day following the date of mailing
provided that, in the event of an interruption in postal services before such
fifth business day, such communication shall be given by one of the other means.
Any communication which is transmitted by telefacsimile or other direct written
electronic means as aforesaid shall be deemed to have been validly and
effectively given on the date of transmission if such date is a business day and
such transmission was made during normal business hours of the recipient;
otherwise, it shall be deemed to have been validly and effectively given on the
business day next following such date of transmission.
6. GOVERNING LAW
This Promissory Note shall be interpreted in accordance with the laws of the
Province of Ontario.
IN WITNESS WHEREOF Payor has duly executed this Promissory Note this 21st day of
September, 2010.
CASTMOR RESOURCES LTD.
per: /s/ Alfonso Quijada
Alfonso Quijad