Exhibit 10.10
LOAN AGREEMENT
BETWEEN:
Union Venture Trading S.A.
A company incorporated in the British Virgin Islands Having
an office at Unit h, 5th Floor, Imperial Building, 00-00
Xxxxxx Xxxx, XXX Xxxxxxx, Xxxx Xxxx SAR
(the "Lender")
AND
Sino Pharmaceuticals Corporation
Xxxx 000, 00000 Xxxxx Xxxx,
Xxxxxxxx, X.X. X0X 0X0
Xxxxxx
(the "Borrower")
WHEREAS
1. The Borrower wishes to finance its operations and needs to borrow a total
of Canadian Dollars Six Thousand only (Cdn$ 6,000.00) and US Dollars Six
Thousand only (US$ 6,000.00), between July and September 2004.
2. The Lender proposes to lend the Borrower the money necessary to finance the
Borrower's continued operations.
IN ACCORDANCE WITH THE TERMS set out below and for value received, the Lender
and the Borrower agree that:
1. The Borrower shall borrow Canadian Dollars Six Thousand only (Cdn$6,000.00)
and US Dollars Six Thousand only (US$ 6,000.00), from the Lender and the
Lender shall lend Canadian Dollars Six Thousand only (Cdn$6,000.00) and US
Dollars Six Thousand only (US$ 6,000.00) to the Borrower (the "Loan"), on
or before September 30, 2004.
2. The Borrower shall pay back the Loan to the Lender, or to its order, on the
first written demand of the Lender, which date shall be at the sole
discretion of the Lender.
3. This Loan is issued without any security.
4. The Lender shall telegraphically transfer the total amount of the Loan
directly to the Borrower's bank account and the Lender's bank's telegraphic
transfer confirmation notice shall be proof of this.
5. Interest on this loan shall be calculated at six percent per annum (6%),
commencing from the date of the Borrower's receipt of funds in their bank.
6. The Borrower may prepay the amount owing hereunder, or, any part thereof,
at any time without notice, penalty or bonus.
7. The Borrower hereby waives presentment, demand, protest or other notice of
any kind in the enforcement of this Agreement.
DATED as of the 1st day of July, 2004.
SINO PHARMACEUTICALS CORPORATION
Per: _/s/_________________________
Xxxxx Xxxxx, Authorized Signatory
UNION VENTURE TRADING S.A.
Per: __/s/_______________________
Au Xxx Xxxx, Authorized Signatory
