DYNARESOURCE INC - FORM 8-K - EX-4.2 - LETTER AMENDMENT - April 30, 2015

Attached files

file filename
8-K - DYNARESOURCE, INC. - DYNARESOURCE INCdynr8k42715.htm
EX-21 - LIST OF SUBSIDIARIES - DYNARESOURCE INCex21.htm
EX-3.2 - ARTICLES OF AMENDMENT - DYNARESOURCE INCex3two.htm
EX-3.6 - CERTIFICATE OF DESIGNATION - DYNARESOURCE INCex3six.htm
EX-3.1 - CERTIFICATE OF INCORPORATION - DYNARESOURCE INCex3one.htm
EX-4.1 - FORM OF PROMISSORY NOTE SERIES I - DYNARESOURCE INCex4one.htm
EX-10.2 - SEPTEMBER 15, 2006 AMENDING AGREEMENT - DYNARESOURCE INCex10two.htm
EX-3.5 - AMENDED AND RESTATED CERTIFICATE OF INCORPORATION - DYNARESOURCE INCex3five.htm
EX-10.6 - SEPTEMBER 15, 2006 AMENDING AGREEMENT - DYNARESOURCE INCex10six.htm
EX-3.4 - CERTIFICATE OF AMENDMENT - DYNARESOURCE INCex3four.htm
EX-4.4 - FORM OF ALLONGE (EXTENSION) TO PROMISSORY NOTE - DYNARESOURCE INCex4four.htm
EX-10.5 - MAY 15, 2005 PROVISION OF PERSONNEL SERVICES AGREEMENT - DYNARESOURCE INCex10five.htm
EX-10.4 - MAY 15, 2013 EXPLOITATION AGREEMENT - DYNARESOURCE INCex10four.htm
EX-3.7 - BYLAWS - DYNARESOURCE INCex3seven.htm
EX-3.3 - CERTIFICATE OF AMENDMENT FILED OCTOBER 3, 2007 - DYNARESOURCE INCex3three.htm
EX-4.3 - FORM OF PROMISSORY NOTE SERIES II - DYNARESOURCE INCex4three.htm
EX-10.3 - JULY 15, 2011 SECOND AMENDMENT - DYNARESOURCE INCex10three.htm
EX-10.1 - APRIL 15, 2005 MINING AND PRODUCTION SERVICES AGREEMENT - DYNARESOURCE INCex10one.htm

Exhibit  4.2

 

 [DynaResource, Inc. Letterhead]

 

JUNE 20, 2013

 

TO:   DynaResource, Inc. Promissory Note holder

RE:    Revision to Promissory Note; Your acknowledgement

 

 

Dear Note holder:

 

During the most recent review conducted by the Auditing Firm, The Hall Group, CPA’s a question was raised by a reviewer regarding the language used in the Promissory Note. The language in question is contained in Section of the Note Titled “Additional Payment”; which Section is copied and pasted here below:

 

ADDITIONAL PAYMENT.  Borrower will pay additional amounts to Lender equal to ten percent (10%) of the net profits generated from the pilot plant operations on the first fifty thousand tons processed through the pilot plant. Such net profits will be calculated after deducting all expenses related to the production and after deducting thirty three percent (33%) from the net profits, to be deposited into a sinking fund.

 

One interpretation of this language as described by the reviewed was that each and every note holder would receive ten percent of the net profits after certain deductions. Obviously, this interpretation is illogical, and simple reason would not support the view. However, the reviewed has requested that the Company obtain the Written Consent of Each Note Holder to a simple revision of this Section of the Note.

 

The revised language for this Section of the Note is proposed below:

 

ADDITIONAL PAYMENT (Revised).  Borrower will pay additional amounts to Lender (referring to All Promissory Note Holders as a Group), so that each Lender shall receive their portion in accordance with their percentage of the total from all Lenders), such additional payment equal to ten percent (10%) of the net profits generated from the pilot plant operations on the first fifty thousand tons processed through the pilot plant. Such net profits will be calculated after deducting all expenses related to the production and after deducting thirty three percent (33%) from the net profits, to be deposited into a sinking fund.

 

Your written acknowledgement below will confirm your agreement with the Language of Section “Additional Payment (Revised)” as set forth above.

 

 

 

     
Signature    
     
     
     
Name    
     
     
     
Address    
     
     
     
City, State & Zip Code    
     
     
PROMISSORY NOTE AMOUNT    
     
     

 

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