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Exhibit 10.1
PROMISSORY NOTE
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$50,000.00
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Effective Date: August 29, 2007
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FOR VALUE RECEIVED,
ProUroCare Inc. (the “Debtor”) promises to pay to the
order of James L. Davis, or his successors and assigns (the
“Holder”), the principal sum of $50,000.00, together
with interest on all outstanding and unpaid amounts evidenced by
this Note at the rate of the US Prime Rate computed on the basis of
the actual number of days elapsed in the payment period and a
365-day year. This Note is not secured.
1.
Payment of Principal and Interest. This Note is due and
payable upon the first to occur of (1) Lender’s closing on an
aggregate of $500,000 or more of new financing, or (2) September
15, 2007.
2.
Warrant Coverage. As an inducement to Lender to make this
loan, Borrower will issue to Lender a five-year warrant to acquire
up to up to 500 shares of ProUroCare Medical Inc. common stock at
$0.50 per share for each day the $50,000 principal balance is
outstanding (to be prorated if a portion of the loan is repaid).
For example, $
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