Exhibit 10.7
LOAN AGREEMENT
BETWEEN:
Union Venture Trading S.A.
A company incorporated in the British Virgin Islands Having
an office at Unit h, 5th Floor, Imperial Building, 00-00
Xxxxxx Xxxx, XXX Xxxxxxx, Xxxx Xxxx SAR
(the "Lender")
AND
Sino Pharmaceuticals Corporation
Xxxx 000, 00000 Xxxxx Xxxx,
Xxxxxxxx, X.X. X0X 0X0
Xxxxxx
(the "Borrower")
WHEREAS
1. The Borrower wishes to finance its operations and needs to borrow Canadian
Dollars ThirtyThousand only (Cdn$ 30,000.00).
2. The Lender proposes to lend the Borrower the money necessary to finance the
Borrower's continued operations.
IN ACCORDANCE WITH THE TERMS set out below and for value received, the Lender
and the Borrower agree that:
1. The Borrower shall borrow Canadian Dollars Thirty Thousand only (Cdn$
30,000.00) from the Lender and the Lender shall lend Canadian Dollars
Thirty Thousand only (Cdn$ 30,000.00) to the Borrower (the "Loan"), on or
before January10, 2002.
2. The Borrower shall pay back the Loan to the Lender, or to its order, on the
first written demand of the Lender, which date shall be at the sole
discretion of the Lender.
3. This Loan is issued without any security.
4. The Lender shall telegraphically transfer the total amount of the Loan
directly to the Borrower's bank account and the Lender's bank's telegraphic
transfer confirmation notice shall be proof of this.
5. Interest on this loan shall be calculated at six percent per annum (6%),
commencing from the date of the Borrower's receipt of funds in their bank.
6. The Borrower may prepay the amount owing hereunder, or, any part thereof,
at any time without notice, penalty or bonus.
7. The Borrower hereby waives presentment, demand, protest or other notice of
any kind in the enforcement of this Agreement.
DATED as of the 3rd day of January, 2002
SINO PHARMACEUTICALS CORPORATION
Per: /s/_____________________________
Xxxxx Xxxxx, Authorized Signatory
UNION VENTURE TRADING S.A.
Per: /s/___________________________
Au Xxx Xxxx, Authorized Signatory
