SHAREHOLDER LOAN AGREEMENT
THIS AGREEMENT is dated the 31st day of January, 2008.
BETWEEN:
GEOPULSE EXPLORATION INC., a corporation incorporated under the laws of Nevada, having its Registered Office at 2772 – 0000 Xxxx Xxxxxxx Xxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx X0X 0X0, (hereinafter called the “Company”)
AND:
XXXXXXXX XXXXX, of #8 – 00xx Xxxxxx, Xxxxxx, Xxxxxxx, Xxxxxxx, Xxxxx and XXXXXXX XXX xx 0 Xxxxxxxx Xxxx, Xxxxxxx Xxxxxxxx, Xxxxxxx, Xxxxx, (hereinafter collectively called the "Shareholders")
WHEREAS:
A.
Both Xxxxxxxx Xxxxx and Xxxxxxx Xxx are shareholders of the Company; and
B.
The Shareholders have agreed to loan the principal sum of USD$30,000 to the Company on the terms and conditions contained herein to provide operating capital to the Company.
NOW THEREFORE in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:
1.
The Company agrees to borrow from the Shareholders a total of USD$30,000 (of which a total of $15,000 shall be provided by each of the Shareholders) upon the terms and conditions herein contained.
2.
The loan shall have a term of one year commencing on January 31, 2008, and shall bear interest at the
rate of 10% per annum.
3.
The loan may be extended on the same terms and conditions as specified herein by mutual written agreement between the Company and the Shareholders entered into at any time on or before January 31, 2009.
4.
The entire outstanding principal and interest balances, if not sooner paid, shall be due and payable in full on January 31, 2009.
5.
The Company may prepay this loan in whole or in part at any time or from time to time without penalty or premium. All payments, as of the date of receipt, shall first be credited on a pro rata basis to the outstanding interest balance owed to each Shareholder, and the balance, if any, shall be credited on a pro rata basis to the outstanding principal balance owed to each Shareholder.
6.
The outstanding principal and interest balances of the loan shall be convertible at any time at the option of the Shareholders into shares of common stock of the Company based upon the market stock price of the Company’s shares as of the date of conversion.
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IN WITNESS WHEREOF the parties hereto have signed this Agreement as of the day and year first above written.
The Common Seal of GEOPULSE
EXPLORTION INC.
was hereunto affixed in the presence of:
)
)
/s/Xxxx Xxxxx
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/s/Xxx Sun
Signature of Witness
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Authorized Signatory
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Xxxx Xxxxx
)
Print Name of Witness
)
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Authorized Signatory
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Address
)
)
)
Occupation
SIGNED, SEALED AND DELIVERED
)
By the Shareholders in the presence of:
)
/s/Xxxxxxxx Xxxxx
)
Xxxxxxxx Xxxxx
/s/Xxxx Xxxxx
)
Signature of Witness
)
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Xxxx Xxxxx
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Print Name of Witness
)
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0000-0000 X. Xxxxxx Xx.
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Xxxxxxxxx, XX, X0X0X0
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Address
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Businessman
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Occupation
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SIGNED, SEALED AND DELIVERED
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By the Shareholders in the presence of:
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/s/Xxxxxxx Xxx
)
Xxxxxxx Xxx
/s/Haipei Sun
)
Signature of Witness
)
)
Haipei Sun
)
Print Name of Witness
)
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0000-0000 Xxxxxxxxx Xxx., XXX, XX
)
Address
)
)
Office Manager
)
Occupation
)
