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 workingcapital.
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.
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 workingcapital.
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.
