Joint Disbursement Instructions for Convertible Debenture Proceeds – Startech Environmental Corporation and Cornell Capital Partners, LP
Summary
This agreement outlines the instructions for disbursing $1,150,000 in gross proceeds from the sale of convertible debentures by Startech Environmental Corporation. The parties, Startech Environmental Corporation and Cornell Capital Partners, LP (via Yorkville Advisors, LLC), confirm that all conditions for closing have been met or deferred. The funds are to be disbursed by David Gonzalez, Esq., with $115,000 paid as a commitment fee to Yorkville Advisors and the remaining $1,035,000 transferred to Startech Environmental Corporation.
EX-10.40 3 startechamend2exh1040.txt JOINT DISBURSEMENT INSTRUCTIONS Exhibit 10.40 JOINT DISBURSEMENT INSTRUCTIONS FOR CLOSING: OCTOBER 18, 2005 The undersigned do hereby: 1. Acknowledge the acceptance of subscriptions from purchasers representing gross proceeds of $1,150,000 from the sale of Convertible Debentures of STARTECH ENVIRONMENTAL CORPORATION, a Colorado corporation (the "Company"). 2. Represent that all conditions precedent to closing of the Company's offering of Convertible Debentures have been satisfied or deferred; and direct that David Gonzalez, Esq. disburse the gross proceeds of the offering as the joint direction of the undersigned as follows: To be disbursed via wire transfer in immediately available U.S. funds, payable to the following parties: Gross Proceeds $ 1,150,000 Less Fees: To Yorkville Advisors Management Commitment Fee (10% of Gross Proceeds) $ (115,000) Net Proceeds to the Company $ 1,035,000 ----------- STARTECH ENVIRONMENTAL CORNELL CAPITAL PARTNERS, LP CORPORATION By: Yorkville Advisors, LLC Its: General Partner By: /s/ Peter J. Scanlon By: /s/ Mark Angelo -------------------- --------------- Name: Peter J. Scanlon Name: Mark Angelo Its: CFO Its: Portfolio Manager
