AMENDMENT NO. 1 TO $500,000
12% CONVERTIBLE DEBENTURE
THIS AMENDMENT NO. 1 TO $500,000 12% CONVERTIBLE DEBENTURE is made and
entered into this 23rd day of March, 1999, by and between FRONTEER FINANCIAL
HOLDINGS, LTD. ("Corporation") and XXXX XXXX FINANCE COMPANY LIMITED ("Holder").
R E C I T A L S
A. The Corporation granted a convertible debenture to Holder dated September
25, 1998, which is attached hereto as Exhibit A and incorporated herein by
reference ("Original Debenture").
B. The Corporation and the Holder desire to amend the Original Debenture.
C. Terms in this amendment that are capitalized but are not defined shall have
the same meanings as they have in the Original Debenture.
NOW THEREFORE, in consideration of the premises and agreements contained
herein, the parties hereto do hereby agree as follows:
1. Amendment. The Maturity Date shall be extended from March 24, 1999 to
March 24, 2000.
2. Fee. In consideration of the extension of the Maturity Date, the
Corporation shall pay to the Holder, $25,000 in the form of 44,092
shares of common stock of the Corporation. This agreement shall be
deemed to be effective March 24, 1999.
3. Confirmation of Terms of Original Debenture. In all other respects the
Original Debenture, shall remain unaffected, unchanged and unimpaired
by reason of the foregoing amendment.
IN WITNESS WHEREOF, the parties have caused this agreement to be made
effective on the day and year first above written.
CORPORATION:
FRONTEER FINANCIAL HOLDINGS, LTD.,
a Colorado corporation
By: /s/ Xxxx X. Xxxx
-------------------------------------
Xxxx X. Xxxx, Secretary and Treasurer
HOLDER:
XXXX XXXX FINANCE COMPANY LIMITED.,
a Hong Kong corporation
By: /s/ Xxx X. Xxxx
------------------------------------
Its: Managing Director
2
