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| CGDF.OB > SEC Filings for CGDF.OB > Form 8-K on 8-Aug-2008 | All Recent SEC Filings |
8-Aug-2008
Entry into a Material Definitive Agreement, Financial Statements and Exhi
As disclosed in our Current Report on Form 8-K filed with the Commission on February 13, 2008, Colombia Goldfields Ltd. (the "Company") borrowed US$2.5 million (the "Loan") from Global Resource Fund (the "Lender") pursuant to a promissory note (the "Promissory Note") issued to the Lender on February 8, 2008. The Promissory Note provides for a US$2.5 million secured loan maturing on July 31, 2008.
On August 7, 2008, the Company and the Lender entered into an agreement (the "Agreement") pursuant to which the maturity date of the Promissory Note was extended to September 30, 2008. In connection with this extension, the Company agreed to pay the Lender an extension fee of US$50,000 and 125,000 shares of the Company's common stock. The cash extension fee shall be payable on the maturity date of the Promissory Note or on such other date that the Promissory Note becomes due, whether by acceleration or prepayment or otherwise. The 125,000 shares of the Company's common stock shall be issued as soon as practical after the date of the Agreement.
Auramet Trading, LLC is a US$750,000 participant in the Loan and one of our directors, James Verraster, serves as Chief Executive Officer of Auramet Trading, LLC.
(d) Exhibits.
10.1 Agreement between the Company and the Lender.
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