Also notice that there is no mention about their Montana Gold and Sapphire mines. This tells me that UCHB has no invested interest/collateral in those mines otherwise it would have been mentioned/included.
UC Hub recently signed a promissory note for the amount of $300,000.00. the terms of which are prime plus 1 due and payable in 12 months (with the option by the holder to extend the time).
Prior to the Maturity Date, Purchaser shall have a hold on the Preferred Shares of Larry Wilcox the CEO, as part of the collateral for the loan. This collateral, will give “Purchaser” his controls (i.e. super voting stock via Preferred A stock) of the company if the loan is not paid back in 12 months. This collateral of course, presently represents the voting control of the Company and its representative assets which as of today include in part, computers, equipment, stock, shareholder lists, the 8 Oil Wells in Illinois and said leases and the Rector drilling assignments which will be attached as Exhibits A (400 acre lease-2 wells) and B (80 acre lease w/ 6 wells) to this Agreement. Wilcox agrees that the voting stock cannot be altered, transferred or assigned to any other party without the written consent of the “Purchaser”. Notwithstanding the above, said Collateral and any encumbrances or liens on any direct or indirect collateral will be removed in full once the Loan is repaid in full by the “Maturity Date” or if extended by mutual consent in writing by both the “Purchaser” and the “Company” which shall be referred to collectively as “Parties”.
“There are three kinds of men. The ones that learn by readin’. The few who learn by observation. The rest of them have to pee on the electric fence for themselves.” –Will Rogers
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