Common use of Debt Settlement Clause in Contracts

Debt Settlement. (i) After Closing, GGRI shall cause the debt in the approximate amount of $60,000 due and owing to that certain creditor (the “Creditor”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “$60,000 Debt”) to be settled by issuance to the Creditor and/or his designee an aggregate of 25,000,000 shares of common stock. (ii) Pursuant to the ORE Acquisition Agreement, GGRI agreed within ninety days after closing of that transaction, to cause the debt in the approximate amount of $152,000 due and owing to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“Jovanovic”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “Jovanovic Debt”) to be settled by payment to Jovanovic. Despite the rescission of the ORE Acquisition Agreement, the obligations of GGRI in respect of the payments of the Jovanovic Debt set out in the ORE Acquistion Agreement shall be satisfied by virtue of this agreement.

Debt Settlement. (i) After Closing, GGRI shall cause the debt in the approximate amount of $60,000 due and owing to that certain creditor (the “Creditor”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “$60,000 Debt”) to be settled by issuance to the Creditor and/or his designee an aggregate of 25,000,000 shares of common stock. (ii) Pursuant to the ORE Acquisition Agreement, GGRI agreed within ninety days after closing of that transaction, to cause the debt in the approximate amount of $152,000 due and owing to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“Jovanovic”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “Jovanovic Debt”) to be settled by payment to Jovanovic. Despite the rescission of the ORE Acquisition Agreement, the obligations of GGRI in respect of the payments of the Jovanovic Debt set out in the ORE Acquistion Acquisition Agreement shall be satisfied by virtue of this agreement.