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A gold purchase agreement is contract between a gold buyer and seller that solidifies the terms and conditions of the sale and makes it official. This document includes details about what type of gold is being sold, for what price, and on what date the payment is to be made. It also typically contains clauses that guarantee the legitimacy of the gold itself.
The gold purchase agreement is important because it simplifies the buyer-seller relationship. By noting specific rules and regulations, buyers and sellers are able to effortlessly work together toward closing the deal while being certain that their interests are being protected.
FORWARD GOLD PURCHASE AGREEMENT
The undersigned (the “Purchaser”) hereby irrevocably subscribes for and agrees to purchase from GOLDEN CHEST LLC (the “Seller”), a subsidiary of New Jersey Mining Company (the “Issuer” ), ounces of forward gold production of the Seller as represented below at a price of $935 per ounce of gold for an Aggregate Purchase Price of $ (the “Aggregate Purchase Price” ). The Purchaser agrees to be bound by the agreements set forth in this Forward Gold Purchase Agreement, the Subscription Agreement, Schedule A “Security of the Forward Gold Purchase Agreement,” and Schedule B “Accredited Investor Questionnaire”, which documents, along with the Private Placement Memorandum (“PPM”), are attached hereto and form part of this Forward Gold Purchase Agreement. The Seller shall deliver ounces of .999 gold on a quarterly basis over eight quarters with the first payment beginning December 1, 2016, for a total of ______ounces of .999 gold, in the following quarterly amounts:
______ ounces of .999 gold on or before December 1, 2016;
______ ounces of .999 gold on or before March 1, 2017;
______ ounces of .999 gold on or before June 1, 2017;
______ ounces of .999 gold on or before September 1, 2017;
______ ounces of .999 gold on or before December 1, 2017;
______ ounces of .999 gold on or before March 1, 2018;
______ ounces of .999 gold on or before June 1, 2018; and
______ ounces of .999 gold on or before September 1, 2018.
DELIVER THE GOLD TO:
Signature of Purchaser
Attention – Full Name
Name of Purchaser (Printed)
Purchaser’s Street Address
City, State and Postal Code
City, State and Postal Code
PENALTY UPON DEFAULT AND CONVERTIBILITY
Failure of the Seller to meet minimum monthly gold distribution schedules will result in a penalty premium to be paid to the Purchaser equal to 20% interest per annum on the remaining balance of distributable gold, to be calculated over such quarterly period. For any particular quarterly period and upon 90-days notice to the Seller, Purchaser may convert the amount due for the quarter into cash equal to the value of the gold, which shall be calculated by using the average of the London PM fix prices during such quarter.
The Seller hereby accepts the subscription as set forth above on the terms and conditions contained in this Forward Gold Purchase Agreement (including the PPM, Subscription Agreement and Accredited Investor Questionnaire attached hereto) as of this ___ day of , 2016.
GOLDEN CHEST LLC
NEW JERSEY MINING COMPANY
a subsidiary of New Jersey Mining Company
Issuer and Parent Company
Grant Brackebusch, Manager
Del Steiner, CEO
Address: 201 N. 3rd Street
201 N. 3rd Street
Coeur d’Alene, Idaho 83814
Coeur d’Alene, Idaho 83814
Reference:
Security Exchange Commission - Edgar Database, EX-10 2 ex101.htm FORM OF GOLD PURCHASE AGREEMENT, Viewed September 16, 2022, View Source on SEC.
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I offer top-tier legal expertise in startups, corporate governance, and general legal research. As a professor and published author of research articles and conference presentations, I have established myself as a legal expert, writer, and scholar. My strong research skills and innovative thinking make me a highly capable business consultant, legal adviser, and copywriter. Currently a member of the Minnesota bar. Recent freelance projects include business plans, contract drafting, legal advisory memoranda, due diligence, pre-trial motion practice, and discovery review.
Vicki graduated from Regent University School of Law in Virginia Beach, Virginia in 1996. She is a licensed attorney. She has been admitted to Wisconsin since 1998 and Pennsylvania since 1999.
I absolutely love helping my clients buy their first home, sell their starters, upgrade to their next big adventure, or transition to their next phase of life. The confidence my clients have going into a transaction and through the whole process is one of the most rewarding aspects of practicing this type of law. My very first class in law school was property law, and let me tell you, this was like nothing I’d ever experienced. I remember vividly cracking open that big red book and staring at the pages not having the faintest idea what I was actually reading. Despite those initial scary moments, I grew to love property law. My obsession with real estate law was solidified when I was working in Virginia at a law firm outside DC. I ran the settlement (escrow) department and learned the ins and outs of transactions and the unique needs of the parties. My husband and I bought our first home in Virginia in 2012 and despite being an attorney, there was so much we didn’t know, especially when it came to our HOA and our mortgage. Our real estate agent was a wonderful resource for finding our home and negotiating some of the key terms, but there was something missing in the process. I’ve spent the last 10 years helping those who were in the same situation we were in better understand the process.
