Promissory Note Between Caleco Pharma Corp. and Natac Biotech S.L. (EUR 130,000)
Caleco Pharma Corp. has agreed to pay Natac Biotech S.L. the sum of 130,000 Euros by March 19, 2010. This agreement is formalized in a promissory note, which does not require interest payments. The note can be transferred or assigned by Natac Biotech S.L., and Caleco Pharma Corp. must pay whoever holds the note at the time of payment. The agreement waives certain formalities, such as notice or demand for payment.
| PROMISSORY NOTE | |
| EXECUTED BY: | CALECO PHARMA CORP. |
| (the "Payor") | |
| IN FAVOR OF: | NATAC BIOTECH S.L. |
| (the "Payee") | |
| PRINCIPAL AMOUNT: | EUR 130,000 |
FOR VALUE RECEIVED the Payor hereby promises to pay to or to the order of the Payee the principal sum of 130,000 Euros, without interest on March 19, 2010.
The Payor waives presentment, demand, notice, protest and notice of dishonor and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Promissory Note.
The Payor agrees this Promissory Note may be negotiated, assigned, discounted, or pledged by the Payee and in every case payment will be made to the holder of this Promissory Note instead of the Payee upon notice being given by the holder to the undersigned, and no holder of this Promissory Note will be affected by the state of accounts between the undersigned and the Payee or by any equities existing between the undersigned and the Payee and will be deemed to be a holder in due course and for the value of the Promissory Note held by him.
DATED at Vancouver, BC this 10th day of February, 2010.
CALECO PHARMA CORP.
by its authorized signatory:
/s/ John Boschert
_____________________________________
John Boschert,
Chief Executive Officer, Chief Financial Officer,
President, Secretary and Treasurer
