Exhibit 10.10
THIS DEBT SETTLEMENT AGREEMENT made as of the 12th day of July, 2000.
BETWEEN:
SHAREHOLDERS,
which consists of thirteen entities (attached hereto as Schedule "A")
(hereinafter called the "Creditors")
OF THE FIRST PART
AND:
NEWLANDS OIL & GAS INC.,
A company incorporated under the laws of Nevada and with an office in
British Columbia,
300 - 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0
XXXXXX
(hereinafter called the "Debtor")
OF THE SECOND PART
WHEREAS:
A. As at the date hereof, the Debtor is indebted to the Creditors in the
total amount of US $86,000.
(the "Debt");
B. The Debtor has agreed to issue to the Creditors a total of 860,000 shares
(the "Shares") in the capital stock of the Debtor at a deemed price of US
$0.10 per share.
C. The Creditors have agreed to accept the said Shares in full satisfaction
of the Debt;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the
mutual promises and covenants herein contained, the parties hereto agree
as follow:
1. The Creditors hereby agree to accept from the Debtor the Shares in full
satisfaction of the Debt.
2. The Creditors hereby agree that upon the issuance to it of the Shares,
the Creditors release and forever discharge the Debtor, its successors and
assigns from all manner of actions, suits, debts due, accounts, bonds,
contracts, claims and demands whatsoever which against the Debtor it ever had,
now has, or which its successors or assigns or any of them hereafter may have by
reason of the Debtor's indebtedness to the Creditors.
3. This Agreement and the rights of the Creditors under it may not be sold,
conveyed or otherwise assigned by the Creditors without the prior written
consent of the Debtor first having been obtained, which consent shall not be
unreasonably withheld.
4. No right of a party hereto shall be prejudiced by events beyond a party's
reasonable control including, without limiting the generality of the foregoing,
pressures or delays from outside parties, labour disputes, the exigencies of
nature, governments, regulatory authorities and acts of God, but excluding the
want of funds. All times herein provided for shall be extended by the period
necessary to cure any such event and the party affected shall use all reasonable
means to do so promptly.
5. This Agreement shall be governed by and be construed in accordance with
the laws of British Columbia. The courts of British Columbia shall have sole
jurisdiction to hear and determine all manner of disputes and claims arising out
of or in any way connected with the laws of British Columbia. The courts of
British Columbia shall have sole jurisdiction to hear and determine all manner
of disputes and claims arising out of or in any way connected with the
construction, breach or alleged, threatened or anticipated breach of this
Agreement and determine all questions as to the validity, existence or
enforceability thereof.
6. Time shall be of the essence of this Agreement.
7. This Agreement may be executed in two or more counterparts bearing
original or facsimile signatures, each of which shall be deemed an original but
all of which together constitute one and the same instrument.
8. This Agreement shall enure to the benefit of and be binding upon each of
the parties hereto and their respective successors and permitted assigns.
IN WITNESS WHEREOF the parties have executed this Agreement as of the day
and year first above written.
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxx Xx Xxxxxx
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) Authorized Signatory
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX ) 438336 BC Ltd.
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxxx Xxxxxx ) /s/ Xxxx Xx Xxxxxx
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) Authorized Signatory
0000 Xxxx Xxxxxx ) Fraser River Bridge Holdings Ltd.
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)
Administrative Assistant )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxxxxx Xxxxxx
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) Xxxxxx Xxxxxx
000 Xxxxxxxx Xxxxxx Xxxxxxxxx, XX )
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxxxx Xxxxxxx
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) Xxxxx Xxxxxxx
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX )
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
X. Xxxxxxxx )
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) Authorized Signatory
0-0000 Xxxxxx Xxxxxx ) Scottish Holdings Ltd.
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)
Xxxxxxxxx, XX X0X 0X0 )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
) /s/ Xxxxxx X. Xxxxxxxx - Director
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) Authorized Signatory
) Prism Holdings Inc.
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)
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)
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
) /s/ Xxxxxxx Xxxxxx
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) Xxxxxxx Xxxxxx
)
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)
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)
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
) /s/ Xxxxxx Xxxxx
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) Xxxxxx Xxxxx
)
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)
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)
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxxxxxx Xx Xxxxxx
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) Xxxxxxx Xx Xxxxxx
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX )
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxxxxxxx Xx Xxxxxx
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) Xxxxxxxx Xx Xxxxxx
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX )
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxx Xxxxxxxxxxx ) /s/ Xxxxxxx Xxxxxx
---------------------------------- -----------------------------
) Xxxxxxxx Xxxxxx
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX )
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)
Reception )
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SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
) /s/ Xxxxx Xxxxxx
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) Xxxxx Xxxxxx
)
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)
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)
SIGNED, SEALED AND DELIVERED )
in the presence of: )
)
Xxxxx Xxxx ) /s/ Xxxxx Xxxxxx
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) Authorized Signatory
) Brothers Oil & Gas Inc.
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)
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)
SIGNED, SEALED AND DELIVERED )
in the presence of: )
Xxxx Xxxxxxxxxxx ) /s/ Xxxx Xxxxxxxx
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) Authorized Signatory
000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX ) Newlands Oil & Gas Inc.
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)
Reception )
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RESOLUTIONS OF THE DIRECTORS OF NEWLANDS OIL & GAS INC.
(THE "CORPORATION") PASSED WITHOUT MEETING
BE IT RESOLVED THAT:
1. The Corporation do allot, issue and deliver to the following persons the
numbers of shares and at the price per share as set out opposite their
respective names:
Name No. of Common Shares Price
---- -------------------- -----
438336 BC Ltd. 150,000 $0.10
Fraser River Bridge Holdings Ltd. 75,000 $0.10
Xxxxxx Xxxxxx 75,000 $0.10
Xxxxx Xxxxxxx 30,000 $0.10
Scottish Holdings Ltd. 75,000 $0.10
Prism Holdings Inc. 75,000 $0.10
Xxxxxxx Xxxxxx 60,000 $0.10
Xxxxxx Xxxxx 20,000 $0.10
Xxxxxxx Xx Xxxxxx 75,000 $0.10
Xxxxxxxx Xx Xxxxxx 37,500 $0.10
Xxxxxxxx Xxxxxx 37,500 $0.10
Xxxxx Xxxxxx 75,000 $0.10
Brothers Oil & Gas Inc. 75,000 $0.10
2. The following Share Certificate representing shares in the capital of the
Corporation Issued to the following entities for a total of 860,000
shares and the seal of the Corporation be affixed thereto in the
presence of any one director of the Corporation:
Name No. of Common Shares
---- --------------------
438336 BC Ltd. 150,000
Fraser River Bridge Holdings Ltd. 75,000
Xxxxxx Xxxxxx 75,000
Xxxxx Xxxxxxx 30,000
Scottish Holdings Ltd. 75,000
Prism Holdings Inc. 75,000
Xxxxxxx Xxxxxx 60,000
Xxxxxx Xxxxx 20,000
Xxxxxxx Xx Xxxxxx 75,000
Xxxxxxxx Xx Xxxxxx 37,500
Xxxxxxxx Xxxxxx 37,500
Xxxxx Xxxxxx 75,000
Brothers Oil & Gas Inc. 75,000
and that its name and other necessary particulars be entered in the registers of
the Company.
/s/ Xxxxxx Xxxxxx
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"Schedule A"
Shareholders
Entity No. of Newlands Shares Entity is Selling
438336 BC Ltd. 150,000
Xxxxx 000, 000 X. Xxxxxx Xx.
Xxxxxxxxx, XX X0X 0X0
Fraser River Bridge Holdings Ltd. 75,000
Xxxxx 000, 000 X. Xxxxxx Xx.
Xxxxxxxxx, XX X0X 0X0
Xxxxxx Xxxxxx 75,000
0000 Xxxxxxxxxx Xxxxx
Xxxxx Xxxxxxxxx, XX X0X 0X0
Xxxxx Xxxxxxx 30,000
0000 Xxxxxxxxxxx Xxxx
Xxxx Xxxxxxxxx, XX X0X 0X0
Scottish Holdings Ltd. 75,000
#000 -000 Xxxx Xxxxxx
Xxxxxxxxx, XX X0X 0X0
Prism Holdings Inc. 75,000
XX Xxx 000 Design House
Providenciales
Turks & Caicos Isles
Xxxxxxx Xxxxxx 60,000
Xxxxx 0000, 0 Xxxx Xxxxx
Xxx Xxxx, XX 00000
Xxxxxx Xxxxx 20,000
Xxxxx 000, 000 Xxxx Xxxxxxx Xxxx
Xxxxxxxx, XX 00000
Xxxxxxx Xx Xxxxxx 75,000
0000 Xxxxxxx Xxxxx
Xxxx Xxxxxxxxx, XX X0X 0X0
Xxxxxxxx Xx Xxxxxx 37,500
0000 Xxxxxxx Xxxxx
Xxxx Xxxxxxxxx, XX X0X 0X0
Entity No. of Newlands Shares to be Issued to Entity
Xxxxxxxx Xxxxxx 37,500
000 0xx Xxxxxx
Xxxx Xxxxxxxxx, XX X0X 0X0
Xxxxx Xxxxxx 75,000
#000 - 0000 Xxxxx Xxxx
Xxxxxxxx, XX X0X 0X0
Brothers Oil & Gas Inc. 75,000
#1638 - 000 Xxxx Xxxxx
Xx. Xxxxxxx, XX 00000
