Payoff LetterLoan Agreement • March 28th, 2008 • Texada Ventures Inc • Metal mining
Reference is made to (a) the Loan Agreement, dated as of October 18, 2006 (the “Loan Agreement”), between Texada Ventures Inc., a Nevada corporation (“Borrower”), and John Veltheer, an individual (“Lender”), pursuant to which Lender agreed to loan US$50,000 (the “Principal Amount”) to Borrower at a rate equal to 12% per annum, payable on October 18, 2007 (the “Loan”); (b) the Promissory Note evidencing the Loan, dated as of October 18, 2006 (the “Promissory Note”), issued by Borrower to Lender; and (c) the Loan Extension Agreement, dated as of November 8, 2007 (the “Loan Extension Agreement”, and together with the Loan Agreement and the Promissory Note, the “Loan Documents”), pursuant to which Borrower and Lender agreed to extend the maturity date of the Promissory Note to October 18, 2008 in consideration for the payment by Borrower to Lender of US$6,000 constituting the interest due under the Promissory Note as of October 18, 2007.
