EXHIBIT 10.3 January 23, 2003 Shimoda Resources Limited C/O Offitex Limited Chrysalia Court, 206 Makarios Avenue Limassol 3030 Cyprus Dear Sirs, This letter confirms the agreement between Shimoda Resources Holdings, Inc. ("SHRH") and Shimoda Resources...Exchange Agreement • February 4th, 2003 • Shimoda Resources Holdings Inc • Non-operating establishments
This letter confirms the agreement between Shimoda Resources Holdings, Inc. ("SHRH") and Shimoda Resources Limited ("SRL") to enter into an exchange transaction, wherein SHRH will transfer to SRL, 1,739,130 of its US$0.001 par value common shares in exchange for certain assets detailed on Schedule A attached hereto.
