Exhibit 1
Addendum to Credit Facility Agreement
This is an addendum to the Credit Facility entered into as of October 31 , 1998
by and between Epsom Investment Services N.V. (Epsom) and Resource Finance &
Investment Ltd dated the 16th April 2004.
Whereas, Epsom has extended credit to the Company for the amount of Two Hundred
and Fifty thousand United States Dollars (US$ 250,000) for a maturity date to
December 31st,2005.
The parties also confirm that this loan agreement in place is to be treated as a
simple loan facility with no convertability option as specified in the original
agreement.
It is agreed that all other terms and conditions of the Credit Facility remain
the same.
This addendum, dated 16th April 2004, is a part of the whole agreement of the
above referenced credit agreement.
/s/ Xxxxx Xxxxxx /s/ Xxxxxxx Xxxxxxxx
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For Epsom Investment Services N.V. For Resource Finance & Investment Ltd.
Xxxxx Xxxxxx Xxxxxxx Xxxxxxxx
Director Director
Addendum to Credit Facility Agreement
This is an addendum to the Credit Facility entered into as of October 31 , 1998
by and between Epsom Investment Services N.V. (Epsom) and Resource Finance &
Investment Ltd dated the 1st December 2002.
Whereas, Epsom has extended credit to the Company for the amount of One hundred
and fifty thousand United States Dollars (US$ 150,000) as of September 15, 1999.
On September 30, 1999, a further agreement was entered into between Epsom and
Resource Finance & Investment Ltd. whereby Epsom agrees to increase the credit
facility agreement from One hundred and fifty thousand United States Dollars
(US$ 150,000) to Two hundred and fifty thousand United States Dollars (US$
250,000). Furthermore, it was agreed that the Maturity Date for this credit
facility is extended to December 31, 2001.
Although the loan facility was paid off in February 2001, Epsom agreed to keep
the facility open until the Maturity date and subsequently extended it to 31st
December 2002. On September 30th 2003, a further agreement was entered into
between Epsom and Resource Finance and Investment Ltd whereby Epsom agrees to
increase the credit facility agreement from Two hundred and fifty thousand
United States Dollars (US$ 250,000) to Five Hundred thousand United States
Dollars (US$ 500,000).
On 31st December 2003, the loan facility was converted into shares of the
company. Furthermore Epsom and Resource Finance and Investment Ltd agree to
decrease the credit facility agreement from Five hundred and fifty thousand
United States Dollars (US$ 500,000) to Two Hundred and Fifty thousand United
States Dollars (US$ 250,000).Epsom also agrees to a further extension to the
maturity date to December 31st,2005.
It is agreed that all other terms and conditions of the Credit Facility remain
the same. This addendum, dated 31st December 2003, is a part of the whole
agreement of the above referenced credit agreement.
/s/ Xxxxx Xxxxxx /s/ Xxxxxxx Xxxxxxxx
----------------------------------- -------------------------------------
For Epsom Investment Services N.V. For Resource Finance & Investment Ltd.
Xxxxx Xxxxxx Xxxxxxx Xxxxxxxx
Director Director
