UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: October 31, 2014
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified
in its charter)
| Delaware |
000-50703 |
14-1839426 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer I.D. No.) |
176 Route 9 North, Suite 306
Marlboro, New Jersey 07728
(Address of Principal
Executive Offices)
(732) 851-7707
(Registrant's telephone
number, including area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] |
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 1.01 Entry into a Material Definitive
Agreement.
Effective October 31, 2014, USPR and Duane Morris have amended
their Settlement Agreement to provide for the payment of $500,000 and the issuance of 500,000 shares of its common stock in full
settlement of all amounts and claims due under prior agreements which includes a release of lien on the Company’s Mexican
properties under the pre-existing Pledge Agreement. The delivery of Payment to Duane Morris must occur prior to December 1, 2014
or the agreement to release the liens will terminate. The above description of the agreement is not complete and is qualified in
its entirety by the agreement which is attached hereto as Exhibit 10.22.
Please refer to the Company’s Form 8-K’s filed
on May 27, 2011, May 23, 2012 and October 1, 2012, respectively and our Form 10-K for fiscal year ended May 31, 2014 filed on September
10, 2014 for more specific terms and provisions of the referenced Settlement Agreement and Payment Agreement as amended (“Prior
Filings”). The Prior Filings, including the exhibits filed therewith, are incorporated by reference for all purposes.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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U.S. PRECIOUS METALS, INC. |
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By: |
/s/ Gennaro Pane |
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Name: Gennaro Pane |
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Title: Chief Executive Officer |
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Date: November 4, 2014 |
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THIRD AMENDMENT TO
CONFIDENTIAL SETTLEMENT AGREEMENT AND RELEASE
AND PAYMENT AGREEMENT
This
Agreement (“Third Amendment”) is made as of the 31st day of October, 2014, by and among U.S.
Precious Metals, Inc., and U.S. Precious Metals de Mexico, S.A. de C.V. (each a “Company,” and together, “USPR”
or the “Companies”), and Keli Isaacson Whitlock and Duane Morris LLP (“Duane Morris,” and, with
Keli Isaacson Whitlock, the “Duane Morris Defendants”). All aforementioned entities and individuals are collectively
referred to herein as “the Parties.”
RECITALS
WHEREAS, in November of 2009, USPR executed
a Pledge Agreement, which includes the Spanish translated version filed with the Mexican Mining Public Registry (“Pledge
Agreement”) and a Payment Agreement and General Release (“Payment Agreement”) with Duane Morris pertaining
to USPR’s indebtedness to Duane Morris,
WHEREAS, on or about May 24, 2011, the
Parties entered into a Confidential Settlement Agreement and Release (the “Settlement Agreement”) and Amendment
to Payment Agreement (“Payment Amendment”) which amended the original November 2009 Payment Agreement (“Original
Payment Agreement”),
WHEREAS, the Pledge Agreement, Payment
Agreement, Settlement Agreement, Payment Amendment and Original Payment Agreement are hereinafter referred to as the “Agreements”,
WHEREAS, effective May 23, 2012, the
Parties entered into an Amendment to Confidential Settlement Agreement and Release and Payment Agreement (“First Amendment”),
WHEREAS, on or about September 21, 2012,
the Parties entered into a Second Amendment to Confidential Settlement Agreement and Release and Payment Agreement (“Second
Amendment” and collectively with the First Amendment, the “Amendments”),
WHEREAS, subject to the terms and conditions
herein, the Parties have agreed to settle all outstanding claims, demands, debts and obligations under the Agreements and Amendments
due and owing Duane Morris Defendants upon payment by USPR to Duane Morris (on behalf of the Duane Morris Defendants) the sum of
$500,000 and issuance to Duane Morris of 500,000 shares of the common stock of U.S. Precious Metals, Inc., all as stated herein,
WHEREAS, accordingly the Parties desire
to further amend, modify and change the Agreements, as amended by the Amendments, in accordance with the terms and conditions hereof,
NOW, THEREFORE, in consideration of
the promises, covenants, and releases herein, which the Parties mutually agree are adequate and sufficient to support all of the
obligations recited herein, and intending to be legally bound hereby, the Parties agree as follows:
I
Definitions
Unless the context indicates otherwise
or as otherwise defined herein, all capitalized terms shall have the meanings ascribed in the Agreements.
II
Amendment of Agreements and Amendments
As of the Closing Date (as defined herein),
the following amendments, modifications and changes are hereby made to the Agreements and the Amendments as applicable:
A.
Notwithstanding anything to the contrary contained in the Agreements and the Amendments, and subject to the other terms
and conditions of this Third Amendment, on or before the Closing Date (as defined herein), USPR shall pay Duane Morris (on behalf
of the Duane Morris Defendants) the sum of Five Hundred Thousand Dollars (U.S. $500,000) (the “Payment”) and
issue to Duane Morris (on behalf of the Duane Morris Defendants) 500,000 shares of common stock of U.S. Precious Metals, Inc. (the
“Common Stock” and together with the Payment, the “Settlement Amount”). USPR and the Duane Morris
Defendants hereby covenant and agree that delivery of the Settlement Amount in accordance with the terms and conditions hereof
shall constitute a full and final satisfaction and settlement of all claims, demands, sums and amounts due and owing the Duane
Morris Defendants, including under the Agreements and the Amendments.
The Payment shall be made by wire transfer
to Duane Morris at the following account:
Bank Name: Wachovia Bank
123 S. Broad Street
Philadelphia, PA 19109
A/C Name: Duane Morris LLP Receipts
Account
A/C #: 2100000513000
ABA#: 031-201-467 (for Domestic Wires)
or such other wiring instructions as notified
in writing to USPR by Duane Morris
The stock certificate for the Common
Stock shall be issued in the name of Duane Morris LLP and delivered to Duane Morris at the following address by FedEx or other
reputable overnight delivery service:
c/o Charles J. O’Donnell
Duane Morris LLP
30 South 17th Street
Philadelphia, PA 19103-4196
Other than as stated herein above, no
other payment requirements or obligations of USPR as set forth in the Agreements or the Amendments, including Sections 1(b)-(d)
of the Settlement Agreement (and as amended by the Amendments) and corresponding Sections of the Payment Agreement (and as amended
by the Amendments), shall be applicable or required for purposes of this Third Amendment.
B.
As an inducement to the Duane Morris Defendants to enter into this Agreement, the Companies hereby represent and warrant,
as of the date hereof, to the Duane Morris Defendants that:
(a)
Existence. The Companies are duly organized, validly existing and in good standing under the laws of the jurisdiction of
their incorporation and have all requisite corporate power and authority to carry on their businesses as presently conducted and
as proposed to be conducted. The Companies are duly qualified to transact businesses and are in good standing in each jurisdiction
in which the failure to so qualify would be adverse to the Companies.
(b)
Authorization. The Companies have all requisite power and authority to (i) execute, deliver and perform this Third Amendment
and any and all instruments necessary or appropriate in order to effectuate fully the terms and conditions of this Third Amendment
and the transactions contemplated hereby and (ii) to consummate the transactions contemplated hereby. The execution, delivery and
performance by the Companies of this Third Amendment and the consummation of the transactions hereby have been duly authorized
by all necessary action (corporate or otherwise) on the part of the Companies, have been duly executed and delivered by the Companies
and constitute the valid and legally binding obligation of the Companies, enforceable against the Companies in accordance with
their respective terms.
(c)
Settlement Amount. The issuance and delivery of the Common Stock by the Companies have been duly authorized by all requisite
action of the Companies’ Board of Directors and shareholders. The Common Stock will be validly issued, fully paid and nonassessable,
with no personal liability attaching to the ownership thereof, free and clear of any liens whatsoever and with no restrictions
on the voting rights thereof and other incidents of record and beneficial ownership pertaining thereto, in each case created by
the Companies. The Common Stock will be issued in compliance with all applicable federal and state securities laws, and will be
free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws and liens
or encumbrances created by or imposed by Duane Morris.
(d)
No Conflict; Consents; Filings.
(i)
The execution, delivery and performance by the Companies of this Third Amendment and the consummation by the Companies of
the transactions contemplated hereby will not, with or without the giving of notice or lapse of time, or both (A) violate any provision
of law, statute, rule or regulation to which the Companies are subject, (B) violate any order, judgment or decree of any court,
board, commission or other judicial entity applicable to the Companies or (C) conflict with, or result in a breach or default under,
any term or condition of the Certificate of Incorporation or the Companies’ bylaws or any agreement or instrument to which
the Companies are a party or by which they are bound.
(ii)
No consent, approval, order or authorization of, or registration, qualification, designation, declaration to or filing with,
any person or legal entity is required to be made or obtained by the Companies for the execution, delivery and performance by the
Companies of this Agreement or the consummation by the Companies of the transactions contemplated hereby, including, the authorization,
issuance and delivery of the Settlement Amount, except for filings pursuant to Regulation D of the Securities Act and applicable
state securities law related to the issuance of the Common Stock.
(iii)
The Companies have made or will make all requisite filings and have taken or will take all action necessary to comply with
Regulation D of the Securities Act and such state securities or “blue sky” laws in connection with the offering, sale
and issuance of the Common Stock.
(e)
Litigation. Except as set forth in filings made by U.S. Precious Metals, Inc. with the Securities and Exchange Commission,
there is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation (collectively, “Actions”)
pending, or to the Companies’ knowledge, threatened (a) against the Companies, (b) against any officer, director or employee
of the Companies arising out of his or her relationship with the Companies, (c) that questions the validity of the Third Amendment
or the right of the Companies to enter into them, or to consummate the transactions contemplated hereby or (d) that would reasonably
be expected to be, either individually or in the aggregate, material to the Companies. Neither the Companies nor, to the Companies’
knowledge, any of their consultants, officers, directors or employees are a party or are named as subjects to the provisions of
any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of consultants,
officers, directors or employees, such as would affect the Companies). There is no Action by the Companies pending or that the
Companies intend to initiate.
(f)
Tax Returns and Payments. The Companies have timely paid all federal, state, country, local or foreign taxes of the Companies
which are required to be paid, whether or not assessed or disputed. There have been no examinations or audits of any tax returns
or reports by any applicable federal, state, local or foreign governmental agency. The Companies have duly and timely filed all
federal, state, county, local and foreign tax returns required to have been filed by them and there are in effect no waivers of
applicable statutes of limitations with respect to taxes for any year.
(g)
Permits. Except as set forth in filings made by U.S. Precious Metals, Inc. with the Securities and Exchange Commission,
the Companies have all material franchises, permits, licenses and any similar authority necessary for the conduct of their businesses
as it is presently being conducted.. For purposes of clarity, U.S. Precious Metals de Mexico, S.A. de C.V. will be required to
obtain the necessary permits prior to any exploration or exploitation operations. The Companies are not in default in any material
respect under any of such franchises, permits, licenses or other similar authority.
(h)
OFAC. Neither the Companies nor, to the knowledge of the Companies, any director, officer, agent, employee, are currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.
(i)
Money Laundering Laws. To its knowledge, the Companies are in compliance with all applicable U.S. and Mexican money laundering
statutes, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any applicable U.S. or Mexican governmental agency (collectively, “Money Laundering Laws”), and no action
suit or proceeding by or before any court of governmental agency, authority or body or any arbitrator involving the Companies with
respect to the Money Laundering Laws is pending, or to the Companies’ knowledge, threatened.
(i)
Disclosure. No representation or warranty of the Companies contained in this Agreement contains, and no certificate furnished
or to be furnished to Duane Morris pursuant to this Agreement contains, any untrue statement of a material fact or omits to state
a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances
under which they were made.
C.
The delivery of the Settlement Amount will occur no later than December 1, 2014 unless otherwise agreed in writing by the
parties (“Closing Date”). In addition, prior to, on or immediately following the Closing Date, USPR will prepare
and deliver to Duane Morris for execution documents sufficient to terminate the Pledge Agreement which documents shall be in a
form substantially similar to Exhibit A hereto (the “Termination Agreement”). Duane Morris promptly (not more
than 7 days from receipt unless such notarization or other authentication must be accomplished in Mexico or at a U.S. Government
facility, in which case, Duane Morris will undertake such notarization or other authentication, at USPR’s cost, as promptly
as practicable) will execute, have notarized and authenticated, if necessary by relevant authorities, and return the Termination
Agreement to USPR whereupon USPR will take any steps necessary to file such documents with the Mexican Mining Public Registry.
Moreover, Duane Morris agrees to promptly execute, have notarized and/or authenticated, if required by relevant authorities (not
more than 7 days from receipt unless such notarization or other authentication must be accomplished in Mexico or at a U.S. Government
facility, in which case, Duane Morris will undertake such notarization or authentication, at USPR’s cost, as promptly as
practicable), such other documents received from USPR as are reasonably required to release the Pledge under the laws of Mexico.
If USPR fails to deliver the Settlement
Amount by the Closing Date, then this Third Amendment will automatically terminate and be of no further force and effect.
D.
Effective upon delivery of the Settlement Amount to Duane Morris (on behalf of the Duane Morris Defendants) on the Closing
Date, (i) the Payment Agreement is hereby satisfied in full, (ii) and the Pledge Agreement is hereby released and discharged, (iii)
the Duane Morris Defendants for themselves, and for all other persons and entities claiming by or through or under them, and for
their heirs, successors, assigns, agents and beneficiaries, hereby unconditionally releases and forever discharge USPR and each
and all of their present and former officers, directors, associates, managers, administrators, heirs, successors, assigns, representatives,
underwriters, insurers, predecessors, subsidiaries, affiliates, agents, attorneys and employees from any and all claims, demands,
disputes, controversies, suits, rights, actions, causes of action, promises, agreements, attorneys’ fees, assessments, debts,
sums of money, damages, indemnification claims, third-party claims or enforcement actions, contracts, agreements, judgments, obligations,
and liabilities whatsoever, upon any legal or equitable theory, whether to person or property, whether direct, consequential, or
incidental, whether known or unknown, fixed or contingent, against USPR, which the Duane Morris Defendants now have or ever had
at any time heretofore through the Closing Date, and (iv) except for Duane Morris’ performance under Section II(C) above,
the Companies for themselves, and for all other persons and entities claiming by or through or under them, and for their respective
heirs, successors, assigns, agents and beneficiaries, hereby unconditionally release and forever discharge the Duane Morris Defendants
and each and all of their present and former officers, directors, partners, associates, managers, administrators, heirs, successors,
assigns, representatives, underwriters, insurers, predecessors, subsidiaries, affiliates, agents, attorneys and employees from
any and all claims, demands, disputes, controversies, suits, rights, actions, causes of action, promises, agreements, attorneys’
fees, assessments, debts, sums of money, damages, indemnification claims, third-party claims or enforcement actions, contracts,
agreements, judgments, obligations, and liabilities whatsoever, upon any legal or equitable theory, whether to person or property,
whether direct, consequential, or incidental, whether known or unknown, fixed or contingent, against the Duane Morris Defendants,
which the Companies now have or ever had at any time heretofore through the Closing Date.
Each of the Companies and the Duane
Morris Defendants acknowledge that there are or may be claims and rights as of the Closing Date that are not known or contemplated
by such person, and each agrees that the waivers and releases contained in paragraph immediately above waives and releases any
and all such claims and rights. Each of the Companies and the Duane Morris Defendants acknowledge that, after execution of this
Third Amendment, it may discover facts different from, or in addition to, those which it now knows or believes to be true, but
that this Third Amendment, including the waivers and releases contained in in paragraph immediately above herein, shall be and
remain in full force and effect in all respects, notwithstanding such different or additional facts. Each of the Companies and
the Duane Morris Defendants represent and warrant that they have not sold, assigned or otherwise transferred any of the claims
released in this Paragraph D.
E.
The Duane Morris Defendants hereby acknowledge and understand that the Common Stock constitutes restricted securities under
the US federal securities laws and the stock certificate evidencing such shares will bear a customary restricted legend.
Moreover, the Duane Morris Defendants hereby represent and warrant
to USPR that they are acquiring the Common Stock for investment purposes and not with a view to resell or redistribute such shares.
F.
Upon execution of this Third Amendment, either Party may disclose, including in USPR’s filings with the Securities
and Exchange Commission, the following statement:
“Effective October 31, 2014,
USPR and Duane Morris have amended their Settlement Agreement to provide for the payment of $500,000 and the issuance of 500,000
shares of its common stock in full settlement of all amounts and claims due under prior agreements which includes a release of
lien on the Company’s Mexican properties under the pre-existing Pledge Agreement. The delivery of Payment to Duane Morris
must occur prior to December 1, 2014 or the agreement to release the liens will terminate. A copy of the agreement is attached
as Exhibit __”
Effective upon delivery of the Settlement
Amount to Duane Morris (on behalf of the Duane Morris Defendants) on the Closing Date, either Party may disclose, including in
USPR’s filings with the Securities and Exchange Commission the following statement:
“On [_______ __, 2014],
USPR and Duane Morris have successfully performed their respective obligations under the amended Settlement Agreement previously
disclosed. USPR paid Duane Morris $500,000 and issued them 500,000 shares of its common stock in full settlement of all amounts
and claims due under prior agreements which includes a release of the Duane Morris lien on the Company’s Mexican properties
under the pre-existing Pledge Agreement. A copy of the agreement is attached as Exhibit __ to the Form 8-K filed on [__________
__, 2014]”
III
Conflicts and No Other Amendments
Except as amended hereby (and subject
to the following sentence), the Parties do hereby ratify and confirm that the Agreements are binding and in force and effect among
the Parties. In the event of a conflict between the terms and conditions herein and the terms and conditions of the Agreements
and the Amendments, the terms and conditions herein shall prevail at the point of conflict. No amendment to or alteration of the
Agreements or the Amendments is contemplated or approved other than as expressly provided herein.
IV
Miscellaneous
This Third Amendment may be executed
simultaneously or in counterparts, each of which will be deemed an original, but all of which together will constitute one and
the same instrument. This Third Amendment shall be binding upon and inure to the benefit of the Parties and their successors and
assigns. True and correct copies of signed counterparts may be used in place of the originals for any purpose, and facsimile or
electronically transmitted signatures will have the same binding force and effect as original signatures. USPR and the Duane Morris
Defendants agree to do such further acts and to execute and deliver to each other such additional agreements, instruments and documents
as may be reasonably required to carry out the purpose of this Third Amendment. This Third Amendment shall be governed by and construed
in accordance with the laws of the State of New York without reference to its conflicts of laws principles. The recitals hereinabove
are incorporated herein for all purposes.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Parties hereto
have executed and delivered this Third Amendment to Confidential Settlement Agreement and Release as of the date set forth opposite
their respective signatures below, however effective as of this 31st day of October, 2014.
/s/ Charles J. O’Donnell Date: October
31, 2014
Duane Morris LLP
By: Charles J. O’Donnell
Chief Operating Officer
/s/Keli Isaacson Whitlock Date: October 31, 2014
Keli Isaacson Whitlock
/s/Jerry Pane Date: October 31, 2014
U.S. Precious Metals, Inc.
By: Jerry Pane – Chief Executive Officer
/s/Dave Burney Date: October 31, 2014
U.S. Precious Metals de Mexico, S.A. de C.V.
By: Dave Burney – Legal Representative
EXHIBIT A
CONVENIO DE EXTINCION DE GARANTIA PRENDARIA
POR RECONOCIMIENTO DE PAGO, QUE CELEBRAN POR UNA PARTE “DUANE MORRIS LLP”, UNA SOCIEDAD DE RESPONSABILIDAD LIMITADA
DEL ESTADO DE DELAWARE, ESTADOS UNIDOS DE AMERICA, REPRESENTADA EN ESTE ACTO POR SU REPRESENTANTE LEGAL, SHELDON BAER, Y POR OTRA
PARTE “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.”, REPRESENTADA EN ESTE ACTO POR SU REPRESENTANTE LEGAL DAVID WAYNE
BURNEY; AL TENOR DE LOS SIGUIENTES ANTECEDENTES, DECLARACIONES Y CLÁUSULAS:
ANTECEDENTES
PRIMERO.- Mediante contrato de prenda
de fecha 23 de noviembre de 2009, “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.”, en calidad de Deudor Prendario, reconoció
adeudar en beneficio de “DUANE MORRIS LLP”, que es una Sociedad de Responsabilidad Limitada del Estado de Delaware,
Estados Unidos de América, la cantidad de US$1´297,678.39 (Un millón doscientos noventa y siete mil seiscientos
setenta y ocho dólares 39/100 moneda en curso legal de los Estados Unidos de América) (en lo sucesivo la “DEUDA”),
lo anterior derivado de: i) beneficios directos e indirectos de la asesoría legal y servicios proporcionados por el segundo
nombrado, en beneficio del primero; ii) Asesoría Legal y servicios relacionados proporcionados por el segundo nombrado,
en beneficio del primero. (A este contrato en lo sucesivo se le denominará como el “CONTRATO DE PRENDA”, el
cual se anexa a la presente como Anexo “A”).
SEGUNDO.- Para garantizar la “DEUDA”
señalada en el “CONTRATO DE PRENDA” citado en el antecedente que precede, “U.S. PRECIOUS METALS DE MEXICO,
S.A. DE C.V.” constituyó prenda en primer lugar y grado sobre los Títulos de Concesión Minera señalados
en el Anexo “B” del presente convenio, los cuales también se anexan en copia simple como Anexos “C”,
“D”, “E”, “F”, “G”, “H”, “I” y “J”.
TERCERO.- El “CONTRATO DE PRENDA”
y su correspondiente garantía prendaria otorgada sobre los Títulos de Concesión Minera señalados en
el Anexo “B” del presente convenio, fue debidamente registrado bajo el numero 3 (tres) a fojas 2 (dos), vuelta del
volumen 27 (veintisiete) del Libro de Actos, Contratos y Convenios Mineros del Registro Público de Minería, en los
Estados Unidos Mexicanos.
CUARTO.- Mediante un convenio de pago
y finiquito celebrado contemporánea o previamente a la celebración del presente convenio entre “U.S. PRECIOUS
METALS DE MEXICO, S.A. DE C.V.,” “DUANE MORRIS LLP,” “U.S. PRECIOUS METALS, INC.” y “KELI ISAACSON
WHITLOCK”, (en adelante el “CONVENIO DE FINIQUITO”), las partes acordaron el finiquito de la DEUDA establecida
en el “CONTRATO DE PRENDA” por parte de “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.” a favor de “DUANE
MORRIS LLP,” conforme a los términos y condiciones de dicho “CONVENIO DE FINIQUITO”.
DECLARACIONES
I. Declara “DUANE MORRIS LLP”,
por conducto de su representante legal:
a) Es
una sociedad de responsabilidad limitada constituida y existente de conformidad con las leyes del Estado de Delaware, Estados Unidos
de América.
| b) | Su representante legal cuenta con todas las facultades necesarias para obligarse en los términos
del presente convenio y/o reconocer el finiquito de la DEUDA por parte de “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.”
a favor de “DUANE MORRIS LLP” conforme a los términos del CONVENIO DE FINIQUITO. |
| c) | Que está de acuerdo en celebrar el presente convenio de extinción de garantía
prendaria, y por lo tanto, obligarse en los términos del mismo. |
| II. | Declara “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.”, por conducto de su representante
legal, bajo protesta de decir verdad que: |
| a) | Es una sociedad mercantil debidamente
constituida y existente de conformidad con las leyes de los Estados Unidos Mexicanos, según consta en la escritura pública
No. 15,970 otorgada el día 5 de marzo de 2003, ante la fe de la Licenciada María Guadalupe Pérez Palomino,
Notario Público No. 91 del Distrito Federal, cuyo primer testimonio quedo inscrito ante el Registro Público de Comercio
del Distrito Federal el 26 de junio de 2003, bajo el folio mercantil 306,255. |
| b) | Su representante legal cuenta con todas
las facultades necesarias para la celebración del presente convenio. |
Con base en los antecedentes y declaraciones
anteriores, las partes convienen en obligarse en términos de las siguientes cláusulas:
CLÁUSULAS
PRIMERA.- De conformidad al “CONVENIO
DE FINIQUITO”, señalado en el capítulo de antecedentes, las partes acordaron el finiquito total de la DEUDA
por parte de “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.” a favor de “DUANE MORRIS LLP” en los términos
establecidos en el “CONVENIO DE FINIQUITO”.
SEGUNDA.- Derivado de la existencia
y celebración del “CONVENIO DE FINIQUITO”, “DUANE MORRIS LLP” da su consentimiento y/o autorización
a efecto de que la garantía prendaria otorgada en su beneficio en el “CONTRATO DE PRENDA” de fecha 23 de noviembre
de 2009, consistente en la prenda establecida sobre los Títulos de Concesión Minera señalados en el Anexo
“B” del presente convenio, se procedan a cancelar y/o extinguir.
TERCERA.- Razón por la cual
“DUANE MORRIS LLP”, autoriza a “U.S. PRECIOUS METALS DE MEXICO, S.A. DE C.V.”, a proceder a costa de este
último a realizar ante las Autoridades competentes, las gestiones necesarias tendientes a cancelar la garantía prendaria
otorgada en el “CONTRATO DE PRENDA” de fecha 23 de noviembre de 2009, el cual fue registrado bajo el numero 3 (tres)
a fojas 2 (dos), vuelta del volumen 27 (veintisiete) del Libro de Actos, Contratos y Convenios Mineros del Registro Público
de Minería, en los Estados Unidos Mexicanos.
CUARTA.- Las partes acuerdan que cualquier
notificación requerimiento o cualquier otra comunicación realizada entre ellas en relación con el presente
convenio, deberá ser realizada por escrito, y deberá ser entregada personalmente o por medio de correo registrado
o certificado (porte pagado) o mensajería internacional especializada o por correo electrónico (confirmando por escrito
su recepción), a las direcciones indicadas a continuación:
“U.S.
PRECIOUS METALS DE MEXICO, S.A. DE C.V.”: Jacaranda
No. 119, Colonia Los Ángeles, en Michoacán Morelia.
“DUANE
MORRIS LLP”: 540 Broadway, New York, NY 10036, en Estados Unidos de América.
Mientras cualquiera de las partes no notifique
por escrito a la otra del cambio de domicilio, los emplazamientos y demás diligencias judiciales y extrajudiciales se practicarán
válidamente en el domicilio señalado por éstos en la presente cláusula.
QUINTA.- El presente convenio constituye
el acuerdo y voluntad de las partes respecto al objeto del mismo y sobresee todas las discusiones, negociaciones y acuerdos anteriores
ya sean orales o escritos.
SEXTA.- Para cualquier controversia
o diferencia, las partes se someten expresamente a las disposiciones aplicables del Código de Comercio y la Ley de Títulos
y Operaciones de Crédito vigentes, y para la interpretación y cumplimiento del presente convenio ambas partes se
someten a la Jurisdicción de los Tribunales de la Ciudad de México, renunciando a cualquier otro fuero que por razón
de su domicilio presente o futuro pudiera corresponderles.
SEPTIMA.- Los Antecedentes y Declaraciones
mencionados en el presente convenio son correctos y verdaderos y son incorporados al presente convenio como si a la letra se insertasen,
formando parte integral del mismo.
Leído que fue el presente convenio
por las partes y enteradas de su contenido lo firman en 3 tantos, el día ***** de ***** de 2014.
|
“DUANE MORRIS LLP”.
Representado por:
_______________________
**************
|
“U.S. PRECIOUS METALS DE MEXICO, S.A.
DE C.V.”
Representado por:
___________________________
David
Wayne Burney
APODERADO |
ANEXO “B”
| |
LOTE |
HECTAREAS |
TITULO |
TIPO DE CONCESION |
TERMINO |
UBICACION |
| 1 |
SOLIDARIDAD |
174.5408 |
220315 |
EXPLOTACION |
JULIO 10 DEL AÑO 2053 |
CARACUARO MICHOACAN |
| 2 |
SOLIDARIDAD II |
2,162.2311 |
220503 |
EXPLOTACION |
AGOSTO 13 DEL AÑO 2053 |
CARACUARO MICHOACAN |
| 3 |
SOLIDARIDAD II, FRACCION “A” |
1.4544 |
220504 |
EXPLOTACION |
AGOSTO 13 DEL AÑO 2053 |
CARACUARO MICHOACAN |
| 4 |
SOLIDARIDAD II, FRACCION” “B” |
0.0072 |
22505 |
EXPLOTACION |
AGOSTO 13 DEL AÑO 2053 |
CARACUARO MICHOACAN |
| 5 |
SOLIDARIDAD III |
294.0620 |
223444 |
EXPLOTACION |
DICIEMBRE 13 DEL AÑO 2054 |
CARACUARO MICHOACAN |
| 6 |
SOLIDARIDAD 4 |
149.4244 |
220612 |
EXPLOTACION |
SEPTIEMBRE 3 DEL AÑO 2053 |
CARACUARO MICHOACAN |
| 7 |
LA CEIBA |
921.3201 |
223119 |
EXPLOTACION |
OCTUBRE 18 DEL AÑO 2054 |
CARACUARO MICHOACAN |
| 8 |
LA SABILA |
11405 |
227272 |
EXPLOTACION |
JUNIO 1 DEL AÑO 2056 |
CARACUARO MICHOACAN |