THIS AMENDING AGREEMENT made as of September 30, 2009. Between: HODGKINSON EQUITIES CORPORATION, a corporation duly incorporated under the laws of the Province of British Columbia (herein called "HEC ")
THIS AMENDING AGREEMENT made
as of September 30, 2009.
Between:
XXXXXXXXXX
EQUITIES CORPORATION, a corporation duly incorporated under the laws of
the Province of British Columbia
(herein
called "HEC ")
-and-
DEJOUR
ENTERPRISES LTD. a corporation duly
incorporated under the laws of British Columbia
(herein
called (‘Dejour”)
-and-
WHEREAS HEC and Dejour entered
into a Demand Promissory Note dated April 3, 2009 in the amount of CDN
$1,800,000 (the “Note”).
AND WHEREAS HEC and Dejour
entered into a Settlement Agreement (the “Settlement
Agreement”) dated June 22,2009 whereby the parties agreed to cancel
the Note by firstly, converting CDN $450,000 to both common shares of Dejour
(“Shares”) and share purchase warrants of Dejour (“Warrants”) and secondly, by
converting CDN $900,000 to a 5% interest in an oil and gas property and thirdly,
by amending the terms and conditions of the remaining balance of the Note (the
“Amended Note”) in the amount of CDN $450,000 as set out in the Settlement
Agreement;
AND
WHEREAS HEC has been issued the Shares and the Warrants.
And
WHEREAS the Parties, defers converting CDN $900,000 to a 5% interest in an oil
and gas property necessary approvals are obtained and instead want to cancel the
Amended Note of CDN $450,000 and replace it with a new Demand Promissory Note in
the amount of CDN $1,350,000;
NOW THEREFORE THIS AGREEMENT
WITNESSETH that in consideration of the premises and for other good and
valuable consideration and the payment of ten dollars ($10.00) by each party to
the other, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby covenant and agree each with the other as
follows:
TERMS
OF SETTLEMENT AGREEMENT
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1.
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The
Amended Note between Dejour and HEC is hereby
cancelled;
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2.
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Dejour
will issue HEC a 14 month Demand Promissory Note in the amount of CDN
$1,350,000 attached hereto as Schedule “A” (“Revised Note”). The Revised
Note will bear interest at the rate of 12% per annum, calculated and
payable at the end of each calendar
quarter.
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3.
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If
the Revised Note is not repaid by January 1, 2010, Dejour will pay a 3%
fee on the outstanding balance, to a maximum of_$13,500. Dejour
has the discretion to settle the fee in shares, subject to TSX’s approval,
based on the closing market price on December 31,
2009.
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NOTICE
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4.
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(a)
Any notice or any other communication which is hereunder required must be
in writing and transmitted by fax or hand
delivered:
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to HEC:
Xxxxxxxxxx Equities
Corporation
0000 Xxxxx Xx.
Xxxxxxxxx XX X0X 0X0
to Dejour:
000-000 Xxxxxx Xxxxx
Xxxxxxxxx XX X0X 0X0
or, with
respect to each party, to any other address or fax number that may be designated
by a party by a written notice given to the other party.
(b) the
notices or communications provided for in subparagraph 5(a) above shall be
presumed to have been received the day they are sent, if delivered by hand or if
transmitted by fax during normal business hours; failing this, the fax
transmission shall be deemed to have been received the next business day in the
jurisdiction of the recipient.
GENERAL
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5.
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The
headings of the paragraphs of this Agreement are inserted for convenience
of reference only and shall not affect the meaning or construction
hereof.
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6.
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Words
referring to one gender shall include reference to any other
gender.
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7.
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The
parties to this Agreement undertake toward each other to make, do or
execute, at any time, any deed, thing or document necessary or useful to
give full effect to this Agreement.
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8.
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This
Agreement supersedes and replaces the Demand Promissory Note dated April
3, 2009 and the Settlement Agreement dated June
22,2009
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9.
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No
modification or amendments to this Agreement shall be valid and binding
unless set forth in writing and duly executed by all parties hereto and no
waiver of any breach of any term or provision of this Agreement shall be
effective or binding unless made in writing and signed by the party
purporting to give same and, unless otherwise provided, shall be limited
to the specific breach waived.
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10.
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Time
is of the essence in this
Agreement.
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11.
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This
Agreement shall be construed in accordance with the laws of the Province
of British Columbia.
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12.
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This
Agreement shall be binding upon and enure to the benefit of the parties
hereto and their respective successors and permitted
assigns.
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13.
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This
Agreement may be executed by the parties hereto at different times and in
different places without the parties hereto being in each other’s
presence.
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IN WITNESS WHEREOF the parties
hereto have executed this Agreement in duplicate on the date first above
written.
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SIGNED,
SEALED and DELIVERED
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in
the presence of
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XXXXXXXXXX
EQUITY CORPORATION
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Per:
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Per:
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SCHEDULE
"A":
ATTACHED
TO AND MADE PART OF THAT SETTLEMENT AGREEMENT, September 30, 2009
BETWEEN
DEJOUR ENTERPRISES LTD. AND XXXXXXXXXX EQUITIES CORPORATION
Fourteen
Months Promissory Note
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CDN
$1, 350,000.00
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Vancouver,
BC
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September
30, 2009
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For VALUE
RECEIVED, the undersigned, Dejour Enterprises Ltd. 000-000 Xxxxxx Xxxxx,
Xxxxxxxxx XX X0X 0X0 (“Dejour”) promises to pay to Xxxxxxxxxx Equities
Corporation (“HEC”), 000-000 Xxxxxx Xxxxx Xxxxxxxxx, XX X0X 0X0 the principal
sum of CDN $1,350,000 at a rate of interest of 12% per annum. Interest is
payable at the end of each calendar quarter.
This loan
is due on November 1, 2010. If this note is not repaid by January 1,
2010, Dejour will pay a 3% fee on the outstanding balance, to a maximum
$13,500.00. Dejour has the discretion to settle the fee in shares, subject to
TSX’s approval, based on the closing market price on December 31,
2009.
This
Agreement shall be governed by any dispute arising hereunder shall be determined
in accordance with the laws of the Province of British Columbia.
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Borrower
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