TERREX RESOURCES LIMITED 2000-02-22 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
Terrex Resources Ltd ("Terrex") has agreed to invest up to $400,000
to develop an on-line legal service with an Australian law firm which
has an Australian wide network. Under the terms of the Heads of
Agreement, Terrex will earn a one third interest in the new company.
The funds will be used for the development of strategic
relationships, a website, appointment of key staff and working
capital.
The new company will facilitate the development of the business,
provide administrative support, and market the new service.
The Australian law firm will contribute intellectual property,
website content, experience, the business plan and industry
relationships and will be one of the principal providers of the
actual legal services. Terrex believes this investment represents a
unique opportunity for its shareholders to participate in the
development of an exciting new concept. It is planned to seek stock
exchange listing of the new business later this year and Terrex will
have the right to nominate investors in the pre-listing fundraising.
Other terms of the Heads of Agreement are:
1) If required, Terrex will lend $100,000 to the new company
2) The law firm and Terrex will have pre-emptive rights over each
other's shareholding.
3) The requirement for unanimous board approval for:
a. Appointment of board members
b. Any issue of securities or options or rights
c. Expenditure by New company on any item in excess of $20,000
4) Intellectual Property will be kept absolutely and strictly
confidential by the parties
Gavin Argyle will be appointed to the board of the new company along
with two representatives from the law firm.
R Gillard
CHAIRMAN
HOMEX - Perth
+++++++++++++++++++++++++
Terrex Resources Ltd ("Terrex") has agreed to invest up to $400,000
to develop an on-line legal service with an Australian law firm which
has an Australian wide network. Under the terms of the Heads of
Agreement, Terrex will earn a one third interest in the new company.
The funds will be used for the development of strategic
relationships, a website, appointment of key staff and working
capital.
The new company will facilitate the development of the business,
provide administrative support, and market the new service.
The Australian law firm will contribute intellectual property,
website content, experience, the business plan and industry
relationships and will be one of the principal providers of the
actual legal services. Terrex believes this investment represents a
unique opportunity for its shareholders to participate in the
development of an exciting new concept. It is planned to seek stock
exchange listing of the new business later this year and Terrex will
have the right to nominate investors in the pre-listing fundraising.
Other terms of the Heads of Agreement are:
1) If required, Terrex will lend $100,000 to the new company
2) The law firm and Terrex will have pre-emptive rights over each
other's shareholding.
3) The requirement for unanimous board approval for:
a. Appointment of board members
b. Any issue of securities or options or rights
c. Expenditure by New company on any item in excess of $20,000
4) Intellectual Property will be kept absolutely and strictly
confidential by the parties
Gavin Argyle will be appointed to the board of the new company along
with two representatives from the law firm.
R Gillard
CHAIRMAN
