Promissory Note
Note Amount: $ 3,184.72 (the "Principal")
-----------
This Promissory Note ("Note"), dated the 15th day of August, 2002, is made and
entered into by and between Norcan Exploration Inc., a Nevada corporation having
a registered office at 000 Xxxx Xxxx Xxxxxx, Xxxxxx Xxxx, Xxxxxx 00000 (the
"Company") and Marinaside Development Corp., a British Columbia company having
its principal place of business at Suite 3605 - 0000 Xxxxxxxxxx Xxxxxxxx,
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx X0X 0X0 ("Holder").
In consideration of the mutual promises contained herein, the parties hereby
agree as follows:
1. Promissory Note: FOR VALUE RECEIVED, the Company promises to pay to
----------------
Holder, or its order, at such place or places as Holder may from time to time
designate in writing, the Principal, which shall be due and payable on August
31, 2007. Interest shall be payable on the unpaid principal at the uncompounded
rate of 3% per annum payable at the time of repayment of the principal.
2. Currency: All principal and interest due under this Note are payable in
--------
cash in lawful money of the United States of America.
3. Payment: Payment of the Principal shall be to the address of the Holder
-------
as set out below, or at such other place as Holder may designate in writing to
the Company.
4. Right of Prepayment. At any time from the date hereof to the due date,
---------------------
the Company may prepay the entire principal sum and any interest accrued
thereon, or any portion thereof, without penalty or restriction. Any prepayment
shall be applied first to interest accrued but not yet paid, and then to
principal.
5. Governing Law. This Note shall be governed by and construed in
---------------
accordance with the laws of the province of British Columbia.
6. Enurement: The provisions hereof shall enure to the benefit of and shall
---------
be binding upon the legal representatives, successors and assigns of the
parties.
7. Captions: The captions in this Note are inserted solely for convenience
--------
of reference and do not constitute a part of this Note, nor shall they affect
its meaning, construction or effect.
8. Electronic Means: Delivery of an executed copy of this Note by
-----------------
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Note as of the date set forth above.
- 1 -
9. Counterparts: This Note may be executed in counterparts each of which
------------
shall be deemed an original, but all of which together shall constitute one
agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Note to be signed as of
the date first above written.
HOLDER: COMPANY:
Marinaside Development Corp. Norcan Exploration Inc.
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxxx
__________________________ ___________________________
Name: Xxxxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxxxxx
Title: President Title: President
- 2 -
