Common Contracts

DEBT SETTLEMENT AGREEMENT

Debt Settlement Agreement • December 6th, 2016 • British Columbia

• Contract Type
  Debt Settlement Agreement
• Filed
  December 6th, 2016
• Jurisdiction
  British Columbia

WHEREAS the Company wishes to settle debt owed to the Creditor in the amount of $18,100 (the “Debt”), by allotting and issuing 181,000 units of the Company (the “Units”) to the Creditor, with each Unit consisting of: (i) one common share in the capital of the Company (a “Common Share”); and (ii) one Common Share purchase warrant (each, a “Warrant”), with each Warrant being exercisable for an additional Common Share for two years at a price of $0.25 per additional Common Share (provided however that if the Company’s Common Shares trade above $0.50 per share for 20 consecutive trading days, then the expiry date of the Warrants may be accelerated by the Company to the date which is 10 days after such 20 consecutive trading days), in full discharge and complete satisfaction of the Debt and the Creditor has agreed to accept such Units in full satisfaction of the Debt and to grant the Company a release as hereinafter described;