EXHIBIT 4.31
AMENDING AGREEMENT
TO:
Globaltex Industries Inc. (the "Issuer")
FROM:
Xxxxxxx Xxxxxx
DATE:
April 7, 2003
RE: Subscription Agreement between Xxxxxxx Xxxxxx and the Issuer dated March
5, 2003 (the "Subscription Agreement")
I write now with reference to the Subscription Agreement pursuant to which I
subscribed for 1,760,000 Units of the Issuer.
1. According to the Subscription Agreement:
(a) each Unit was to consist of one Common share of the Issuer (a "Share") and
one non-transferable Common share purchase warrant (a "Warrant");
(b) each Warrant was to be exercisable to purchase one additional Share for a
period of two years at a price of $0.23 per Share in the first year and $0.27
per Share in the second year; and
(c) my participation in the offering of the Units is subject to, among other
things, the acceptance of the Subscription Agreement by the TSX Venture
Exchange (the "Exchange").
2. I understand that the Exchange has advised the Issuer that, as a condition
of its acceptance of the offering, the Warrant exercise price must be amended
such that each Warrant will now be exercisable to purchase one additional Share
for a period of two years at a price of $0.25 per Share.
3. All other terms and conditions of the Subscription Agreement are to remain
unchanged and in full force and effect.
I hereby confirm my agreement that, subject to item 3 above, the Subscription
Agreement be amended as described in item 2 above.
Xxxxxxx Xxxxxx
Acknowledged and accepted this 8th day of April, 2003.
Globaltex Industries Inc.
Per: "Makr Fields"
Authorized Signatory
SCHEDULE TO EXHIBIT NUMBER 4.31
The Company has also entered into additional documents which are substantially
identical in all material respects to the document filed as an exhibit and
which have been omitted from the exhibits. The following is a summary of the
documents omitted and the material details in which such documents differ from
the document filed:
1. Amending Agreement dated April 7, 2003 between the Company and Xxxxxx-Xxx
Xxxxxx whereby Xx. Xxxxxx agrees to an amendment in the warrant exercise price;
2. Amending Agreement dated April 7, 2003 between the Company and Xxxxxx
Xxxxxxxxx whereby Xx. Xxxxxxxxx agrees to an amendment in the warrant exercise
price; and
3. Amending Agreement dated April 7, 2003 between the Company and Bazamakijo
Pty Limited whereby Bazamakijo Pty Limited agrees to an amendment in the
warrant exercise price.
