Exhibit 10.35
SCHEDULE TO CONVERTIBLE LOAN AGREEMENT #1
January 23, 1998
In addition to the Convertible Loan Agreement #1 dated January 23, 1998, between
the Company and the Xxxxxxxxxx Family Trust (the "Trust")(collectively the
"Parties"), the Parties entered into the following Convertible Loan Agreements
in substantially the same form as Convertible Loan Agreement #1:
1. Convertible Loan Agreement #2 dated January 23, 1998 whereby the Trust
agreed to lend the Company US$110,000. In this connection, the Company
issued a US$110,000 convertible promissory note repayable on or before
March 31, 2000 bearing interest at 9% per annum. After June 17, 1998, the
Trust may require the Company to convert all or any portion of the
principal amount of the loan advanced and then outstanding into units at a
conversion price of one unit for each CDN$0.26 of indebtedness until and
including March 31, 1999 and at a conversion price of one unit for each
CDN$0.31 of indebtedness during the period from April 1, 1999 until March
31, 2000 for a maximum of 600,769 units if the principal amount is
converted in its entirety by March 31, 1999 and a maximum of 508,871 units
if the principal amount is converted in its entirety between April 1, 1999
and March 31, 2000. Each unit consists of one common share and one
non-transferable warrant with each warrant being exercisable at a price of
CDN$0.26 per share until March 31, 1999 and CDN$0.31 per share from April
1, 1999 to March 31, 2000.
2. Convertible Loan Agreement #3 dated May 15, 1998 whereby the Trust agreed
to lend the sum of US$150,000 to the Company. In this connection, the
Company issued a US$150,000 convertible promissory note repayable on or
before May 15, 2000 bearing interest at 9% per annum. After June 17, 1998,
the Trust may require the Company to convert all or any portion of the
principal amount of the loan advanced and then outstanding into units at a
conversion price of one unit for each CDN$0.23 of indebtedness until and
including May 15, 1999 and at a conversion price of one unit for each
CDN$0.28 of indebtedness during the period from May 16, 1999 until May 15,
2000 for a maximum of 932,608 common shares if the principal amount is
converted in its entirety in the first year and a maximum of 766,071 units
if the principal amount is converted in its entirety between May 16, 1999
and May 15, 2000. Each unit consists of one common share and one
non-transferable warrant with each warrant being exercisable at a price of
CDN$0.23 per share until May 15, 1999 and CDN$0.27 per share from May 16,
1999 to May 15, 2000.
