Mutual Release and Notice of Default Regarding LOI to Acquire 80% Interest in Equipment & Trucks Inc. between Goldspan Resources, Inc. and Equipment & Trucks Inc.
Goldspan Resources, Inc. and Equipment & Trucks Inc. entered into a non-binding agreement for Goldspan to acquire up to 80% of Equipment & Trucks by arranging a $10 million credit facility. Goldspan was unable to meet the funding deadlines, even after an informal extension. As a result, both parties have agreed to void the agreement and mutually release each other from any claims or liabilities related to the original deal.
NOTICE OF DEFAULT IN LOI TO ACQUIRE 80% INTEREST
IN EQUIPMENT & TRUCKS INC (ETI)
Goldspan Resources, Inc (GRI) entered into a non-binding Letter of Intent (LOI) with ETJ, to acquire up to 80% equity interest in ETJ for arranging a 'credit facility' of $10,000,000 in increments.
GRJ was unable to perform according to the terms of the LOI and therefore, the LOI is null and void. ETI did informally extend the March 31st, time for the first phase of funding of one and a half million dollars ($1,500,000) of which GRI was unsuccessful at accomplishing with the informal extension. The informal extension was April 15th.
Therefore, GRI and ETI do mutually release and hold harmless either party of any liability for the terms of the LOI between the parties.
By affixing the signature below, on this 30th day of April 2013, GRI and ETI, do mutually, release and hold harmless, each other, against any and all claims against each others respective Companies.
| /s/ Phillip Allen | /s/ Ron Ruby |
| Phillip Allen, President | Ron Ruby, President |
| Goldspan Resources, Inc. | Equipment & Trucks Inc. |
| 1 |
