EX-4.7
CANCELLATION LETTER
Golden Gate Investors, Inc.
0000 XXXXX XXXXXX, 0xx XXXXX
XXX XXXXXXXXX, XXXXXXXXXX 00000
TELEPHONE: (000) 000-0000
FACSIMILE: (000) 000-0000
E-MAIL: XXXX@XXXXXXX.XXX
LA JOLLA xxx.XXXXxxxxxxxx.xxx SAN FRANCISCO
June 14, 2006
Xxxxxx X. Xxxxx
World Am, Inc.
0000 XxxXxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
Re: Securities Purchase Agreement
Dear Xx. Xxxxx:
This will confirm that the Securities Purchase Agreement, and the 6
3/4% Convertible Debenture, Warrants to Purchase Common Stock, and
Registration Rights Agreement in connection therewith, all dated as
of January 23, 2006, between World Am, Inc. ("World") and Golden Gate
Investors, Inc. ("GGI") are hereby cancelled. The $131,200 already
advanced by GGI under these documents shall be credited against
advances required under a new Securities Purchase Agreement, and
related documents, to be entered into by World and La Jolla Cove
Investors, Inc.
If this letter correctly reflects our agreements, please acknowledge
your agreement by signing below.
Sincerely,
/s/ Xxxxxx X. Xxxx
Xxxxxx X. Xxxx
Portfolio Manager
Acknowledged and agreed to:
World Am, Inc.
By: /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
Chief Executive Officer
