GLOBALTEX INDUSTRIES INC.
#000 - 000 XXXXXXX XXXXXX
XXXXXXXXX, X.X. X0X 0X0
TELEPHONE: (000) 000-0000
FAX: (000) 000-0000
June 14, 2002
XXXX XXXXX
0000 Xxxxxxx Xxxxxxx
Xxxxxxxxxx, XX, X.X.X. 00000
Dear Sir:
Debt Settlement Agreement Amendment
We write to you in connection with amending the debt settlement agreement
("Debt Settlement Agreement") between Globaltex Industries Inc. (the
"Borrower") and yourself (the "Lender") dated May 30, 2002. The Borrower and
the Lender hereby agree to amend that Debt Settlement Agreement to include the
loan agreement dated March 26, 2002 pursuant to which you advanced US $40,000
to the Borrower (the "March 2002 Loan Agreement"). All references to the Loan
Agreements, as defined in the Debt Settlement Agreement will include the March
2002 Loan Agreement. All capitalized terms used in this letter agreement and
not otherwised defined herein will have the meanings given to them in the Debt
Settlement Agreement.
Consistent with the inclusion of the March 2002 Loan Agreement under the Debt
Settlement Agreement, the total amount presently outstanding under the Loan
Agreements (the "Loans") will increase by approximately CAD$61,000 and to total
approximately CAD $1,413,100, and the number of Shares to be issued to you will
be increased by approximately 110,990 to total approximately 2,563,572, subject
to adjustment based on the amount of principal and interest owing as at the
effective date of the Closing.
All other terms of the Debt Settlement Agreement shall remain the same with the
necessary adjustments being made for the increase in the total amount of the
debt to be converted.
If the foregoing correctly states your understanding of our agreement, please
sign and return two originally signed copies of this Agreement to the Borrower.
Yours truly,
GLOBALTEX INDUSTRIES INC.
Per: "Xxxx Xxxxxx"
Xxxx Xxxxxx,
President and Chief Executive Officer
ACCEPTED AND AGREED TO as of the date first written above.
"Xxxx Xxxxx"
Xxxx Xxxxx
