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EXHIBIT 10.16
CONVERTIBLE PROMISSORY NOTES ISSUED TO
AFFILIATED MINING, INC. DATED JANUARY 1, 2007
C O N V E R T I B L E P R O M I S S O R Y N
O T E
$11,871.98
January 1, 2007
Denver, Colorado
FOR VALUE RECEIVED,
PARK-PREMIER MINING COMPANY, a Utah corporation ("Maker"),
hereby promises to pay to the order of Affiliated Mining
Company or its assigns ("Holder"), at 1708 Essex Court, St.
Charles, Illinois 60174 or at such other place Holder may
from time to time designate in writing, in lawful money of
the United States of America, the principal sum of Eleven
Thousand Eight Hundred Seventy One and 98/100 US Dollars
($11,871.98), together with interest on the unpaid balance at
the rate of Twelve Percent (12%) per annum, on demand of
Holder; provided, however, if not sooner paid, the entire
principal amount outstanding and accrued interest thereon,
shall be due and payable on December 31, 2007.
This
Note may be converted into shares of Maker's common stock at
the conversion price of $.10 per share or such other
conversion price as the board of directors of Maker may deem
appropriate, not in excess of $.10 per share, until the due
date hereof, at the Holder's option.
This
Note is subject to prepayment in whole or in part, upon ten
(10) days prior written notice to Holder, at the option of
Maker without penalty but subject to exercise of
Holder’s conversion rights. Prepayments shall
be applied first to interest accrued and then to principal due
hereunder.
In
case this Note shall not be paid in full whenever it shall
become due, the Maker agrees to pay all costs and expenses of
collection, including reasonable attorney's fees, not to
exceed 15% of the unpaid balance.
All
rights and obligations hereunder shall be governed by the laws
of the State of Colorado, without application of its choice or
conflict of law principles. If any part of the assets or
capital stock of Maker is sold or transferred without
Holder’s prior written consent, except sales and
transfers in the ordinary course of business and except
transfers by devise, descent or by operation of law upon the
death of a joint tenant: (1) Holder may, at Holder’s
option, declare all the sums due under this Note to be
immediately due and payable, and (2) if the sale or transfer
involves substantially all of the assets of Maker, the
transferee shall be deemed to have assumed all of the
obligations of Maker under this Note. This Note is
unsecured.
IN
WITNESS WHEREOF, the Maker has signed this Note effective as
of the date first above written.
Description: Cash
Advances
PARK-PREMIER
MINING COMPANY
By:
/s/ Robert W.
Dunlap
Robert W. Dunlap,
President
C O N V E R T I B L E P R O M I S S O R Y N
O T E
$1,510.70
January 1, 2007
Denver,
Colorado
FOR VALUE RECEIVED,
PARK-PREMIER MINING COMPANY, a Utah corporation ("Maker"),
hereby promises to pay to the order of Affiliated
Mining
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