PAN ASIA MINING CORP.
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April 3, 2001
Mr. Xxxxx Xxx
Room 803
Tung Hip Commercial Xxxx.
000 Xxxxx Xxxx
Xxxx Xxxx
Dear Sirs:
Re: Pan ASIA MINING CORP. (the "Company")
Loan
This is to confirm our agreement pursuant to which Xxxxx Xxx has agreed to loan
the Company an aggregate of 5,000,000 common shares, at a deemed price of $0.10
per share, for one year, plus interest at the rate of prime +5. It is agreed
that such shares will be held in trust and sold privately to further fund the
701 Mine development.
In consideration for this loan, the Company has agreed to issue, 1,000,000 fully
paid and non-assessable common shares of the Company, at a deemed price of $0.10
per share (the "Bonus Shares").
The issuance of Bonus Shares are subject to the approval of the Canadian Venture
Exchange and further to the approval of the board of directors, and the Company
hereby undertakes to use its best efforts to obtain such approval as soon as
possible.
This agreement may be signed in as many Counterparts as may be necessary, each
of which so signed shall be deemed to be an original (and each signed copy sent
by electronic facsimile transmission shall be deemed to be an original), and
such counterparts together shall constitute one and the same instrument and
notwithstanding the date of execution shall be deemed to bear the date as set
forth above.
if the above accurately reflects our agreement, please indicate your acceptance
of these terms by executing this letter in the space provided and returning it
to the Company.
Yours truly,
PAN ASIA MINING CORP.
Per:
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Xxxxxx XxXxxxx, Director
Accepted and Agreed to this 3rd day of April, 2001
/s/ Xxxxx Xxx
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0000 XXXXX XXXX, XXXX XXXXXXXXX, XX, X0X 0X0
TELEPHONE: (000) 000-0000 TOLL FREE:0-000-000-0000 FAX: (000) 000-0000
