Extension Agreement to Promissory Note under Golden Snow Property Earn-In Agreement between Terrace Ventures Inc. and Pengram Corporation dated June 29, 2011
Terrace Ventures Inc. and Pengram Corporation have agreed to extend the maturity date of a $25,000 promissory note, originally due June 10, 2011, to September 27, 2011. This extension is part of their existing Earn-In Agreement regarding the Golden Snow Property. Terrace Ventures will pay 10% annual interest on the principal from April 26, 2011. Both parties have signed to confirm the new terms.
| TERRACE VENTURES INC. |
| Suite 201, 810 Peace Portal Drive |
| Blaine, WA 98230 |
June 29, 2011
| PENGRAM CORPORATION |
| 1200 Dupont Street, Suite 2J |
| Bellingham, WA 98225 |
Attention: Richard W. Donaldson, President
Dear Sirs:
Re: Option to Acquire Golden Snow Property
Earn-In Agreement dated April 26, 2011
We write to confirm our agreement to amend the above-referenced agreement by extending the maturity date of the Promissory Note issued in favor of Pengram Corporation pursuant to Paragraph 4(a)(i) of the Earn-In Agreement from June 10, 2011 to September 27, 2011 (being 90 days from date of this amendment agreement). In consideration of this extension, Terrace will pay interest on the principal sum of $25,000 at the rate of 10% per annum, calculated from the date of execution of the Earn-In Agreement, being April 26, 2011.
Please sign where indicated below confirming our agreement in this matter.
Yours truly,
TERRACE VENTURES INC.
| Per: | /s/ Howard Thomson | |
| Howard Thomson | ||
| President and Chief Executive Officer |
Agreed and accepted as of the 29th day of June, 2011.
PENGRAM CORPORATION
| Per: | /s/ Richard W. Donaldson | |
| Richard W. Donaldson | ||
| President and Chief Executive Officer |
