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Creation of a Direct Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement of a Registrant
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On March 1, 2010, Silverado Gold Mines Ltd. (the “Registrant”) sold and issued a promissory note (the “Note”) to Garry Postma Construction Ltd. for the purchase price of $50,000.
The unpaid principal balance of the Note bears interest at a rate equal to twelve percent (12%) per annum if repaid by the Registrant within ninety (90) days from the date of the Note, or eighteen percent (18%) per annum if repaid at any time thereafter. The Note matures on September 1, 2010.
