Dear Sirs: Re: LETTER AGREEMENT - PRIVATE PLACEMENT OF UP TO 2,222,223 UNITS AT 0.45 PER UNITRipple Lake Diamonds Inc. • July 14th, 2005 • American depositary receipts
This letter agreement sets forth the terms with respect to the proposed commercially reasonable efforts brokered private placement between Canaccord Capital Corporation ("Canaccord") and Ripple Lake Diamonds Inc. (the "Company"). This letter will serve as confirmation of the understanding between Canaccord and the Company regarding the commissions payable to Canaccord as compensation for its role in finding and introducing investors to the Company with respect to the private placement of up to 2,222,223 units of the Company at a price of $0.45 per unit. Each unit will comprise of one share and one half of one non transferable share purchase warrant, with one whole warrant to purchase an additional share of the Company for a period of two years from the date of closing at a purchase price of $0.50.
