Timothy Young 1640 – 1066 West Hastings Street Vancouver, British Columbia Canada V6E 3X1 Dear Sirs, Re: Tecton Corporation (the “Company”) Reference is made to the Wapata Lake Uranium Property Option Agreement dated January 22, 2007 between The...Tecton Corp • December 18th, 2007 • Metal mining
This letter will confirm our understanding that, although the Company did not pay $300,000 in cash to the Syndicate on or before the Option Expiry Date (as defined in the Agreement) in accordance with Section 1.01 (c) of the Agreement, the Syndicate expressly waives its rights and remedies pursuant to Section 1.06 of the Agreement in relation to such failure to pay. The Syndicate hereby acknowledges receipt of $300,000 CDN (455702 B.C. Ltd as to $150,000 CDN and Timothy Young as to $150,000 CDN) paid by the Company in full satisfaction of Section 1.01 (c) of the Agreement and in full exercise of the option pursuant to the Agreement.
