Exhibit 10.38 March 31, 2001 Renshaw Travel Ltd. 2175 West 4th Avenue Vancouver, BC V6K 1N7 Dear Sirs: Re: AGREEMENT FOR CONVERSION OF DEBT INTO SHARES OF SOLPOWER CORPORATION (THE "AGREEMENT") Renshaw Travel Ltd., ("Renshaw") is a creditor of...Agreement for Conversion of Debt Into Shares • August 22nd, 2001 • Solpower Corp • Chemicals & allied products • Arizona
Renshaw Travel Ltd., ("Renshaw") is a creditor of Solpower Corporation ("Solpower"). Solpower hereby agrees to issue 19,355 shares of common stock of Solpower (the "Shares") to Renshaw. The Shares will be duly authorized, validly issued, fully paid, non-assessable, and free of preemptive rights, and will be issued to Renshaw at a value of $0.25 per share, in full settlement of a bona fide outstanding debt in the amount of US$4,838.76 (the "Debt").
