Document:

Unassociated Document

    EXHIBIT
      10.4

    Non-Employee
      Director Compensation Summary1

     

     

    The
      following is a summary of the compensation provided to our non-employee
      directors effective as of July 26, 2006.

     

     

    
      	
              Annual
                fee for all non-employee directors

            	
               

            	
              $

            	
              35,000

            	
               

            
	
              Board
                meeting and Board committee meeting fees (where committee meeting
                held
                other than on the same day as a meeting of the Board)

            	
               

            	
              $

            	
              1,200

            	
               

            
	
              Chairperson
                retainer - Audit Committee

            	
               

            	
              $

            	
              5,000

            	
               

            
	
              Chairperson
                retainer - Compensation Committee

            	
               

            	
              $

            	
              5,000

            	
               

            
	
              Chairperson
                retainer - Nominating and Corporate Governance Committee

            	
               

            	
              $

            	
              5,000

            	
               

            
	
              Annual
                grant of deferred stock units (“DSUs”) relating to Class A common stock to
                each non-employee directors (commencing with the 2007 annual meeting
                of
                shareholders), which will become fully vested based on continued
                Board
                service on the day before the next annual meeting 

            	
               

            	
              $

            	
              87,500

            	
               

            

    

     

    In
      order
      to move from a cycle of granting non-employee director equity awards each year
      in June to a cycle of granting the awards in January at the time of the annual
      meeting, the Company will grant a one-time award of DSUs to each non-employee
      director, effective as of August 31, 2006. The DSUs will become fully vested
      on
      the day before the 2007 annual meeting, subject to continued Board service.
      The
      one-time grants will be for the number of DSUs equal to $43,750 ($65,625, for
      the Chairman of the Board) divided by the market price of the Common Stock
      on
      August 31, 2006.

    

    Non-employee
      directors may defer cash fees pursuant to the terms of the Company’s Deferred
      Compensation Plan for Non-Employee Directors and may elect to receive Class
      A
      Common Stock under DSUs in installments pursuant to that plan.

    

    Each
      director may enter into an Indemnity Agreement with the Company pursuant to
      which the Company will be contractually obligated to indemnity the director
      in
      connection with claims or proceedings involving the director (by reason of
      serving as a director of the Company), as provided in the agreement.

    

    The
      Company’s directors are reimbursed for expenses incurred in attending Board and
      Board committee meetings.

    _________________________

    1
      The
      Chairman of the Board receives $52,500 as his annual fee for the period from
      June 1, 2006 until May 31, 2007 and may receive additional DSUs as annually
      determined by the Compensation Committee.

     

     

    -1-EXHIBIT 10.1

    
       

    

    
      
        
          
            EXHIBIT
              10.1

          

        

         

        
          LETTER
            AGREEMENT
            (MANDATE)

          BETWEEN

          METAL
            SANDS LIMITED

          AND

          AFRICA
            PACIFIC CAPITAL PTY LTD

          DATED
            DECEMBER 23, 2005EXHIBIT 10.2

    
      EXHIBIT
        10.2

      

        
          LOAN
            NOTE INVESTMENT AGREEMENT

          DATED
            JUNE 14, 2006

           

           

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          
 

      

    

    Dated
      14
      June 2006

    

      

      (1)  
        METAL
        SANDS LIMITED

      

      AND

      

      (2)  
        RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED

      

      AND

      

      (3)  
        AMERICAN SOUTHWEST HOLDINGS, INC.

      

      AND

      

      (4) 
         ALAN JOWELL

      

      AND

      

      (5) 
         DEREK SATTERTHWAITE

      

      AND

      

      (6)  
        TREVOR JONES

      

      AND

      

      (7)  
        ADRIAN GRIFFIN

      
 

    

    
      ___________________________________________

      

      LOAN
        NOTE INVESTMENT AGREEMENT

      ___________________________________________

    

     

     

     

    
      	 	
              Osborne
                Clarke

              One
                London Wall

              London

              EC2Y
                5EB

              Telephone +44
                (0) 20 7105 7000

              Fax +44
                (0) 20 7105 7005

               

              SYDDMS-400990-v1-FC2

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

    

      
        	
                Clause

              	
                Heading 

              	
                Page
                  No. 

              
	 	 	 
	
                1

              	
                DEFINITIONS
                  AND INTERPRETATION

              	
                1

              
	
                2

              	
                CONDITIONS
                  PRECEDENT

              	
                5

              
	
                3

              	
                INVESTMENT

              	
                5

              
	
                4

              	
                WARRANTIES

              	
                6

              
	
                5

              	
                MATTERS
                  REQUIRING CONSENT

              	
                7

              
	
                6

              	
                PROVISION
                  OF INFORMATION

              	
                9

              
	
                7

              	
                RAB
                  DIRECTOR

              	
                9

              
	
                8

              	
                UNDERTAKINGS

              	
                10

              
	
                9

              	
                PROTECTION
                  AGAINST DILUTION

              	
                12

              
	
                10

              	
                ISSUES
                  OF SECURITIES AT LOWER PRICE

              	
                12

              
	
                11

              	
                PRE-EMPTION
                  RIGHTS

              	
                12

              
	
                12

              	
                REALISATION
                  POLICY

              	
                13

              
	
                13

              	
                ANNOUNCEMENTS
                  AND CONFIDENTIALITY

              	
                13

              
	
                14

              	
                TAXES

              	
                13

              
	
                15

              	
                COSTS
                  CHARGES AND EXPENSES

              	
                14

              
	
                16

              	
                AGREEMENT
                  TO PREVAIL

              	
                14

              
	
                17

              	
                RIGHTS
                  OF THIRD PARTIES

              	
                14

              
	
                18

              	
                DURATION
                  OF OBLIGATION

              	
                14

              
	
                19

              	
                ASSIGNMENT

              	
                14

              
	
                20

              	
                AMENDMENTS,
                  WAIVERS AND REMEDIES

              	
                15

              
	
                21

              	
                SEVERANCE

              	
                15

              
	
                22

              	
                NOTICES

              	
                15

              
	
                23

              	
                ENFORCEMENT

              	
                16

              
	
                24

              	
                FURTHER
                  ASSURANCE

              	
                16

              
	
                25

              	
                ENTIRE
                  AGREEMENT

              	
                16

              

      

      

      
        
          
          

        

        
          (i)

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF
        CONTENTS

      

        
          	
                  Clause

                	
                  Heading 

                	
                  Page
                    No. 

                
	 	 	 
	
                  26

                	
                  COUNTERPARTS

                	
                  16

                
	
                  27

                	
                  GOVERNING
                    LAW AND JURISDICTION

                	
                  16

                
	
                  1

                	
                  POWERS

                	
                  18

                
	
                  2

                	
                  SHARES

                	
                  18

                
	
                  3

                	
                  SHARE
                    CAPITAL STRUCTURE

                	
                  18

                
	
                  4

                	
                  CONSTITUTIONAL
                    AND CORPORATE DOCUMENTS

                	
                  19

                
	
                  5

                	
                  INFORMATION

                	
                  19

                
	
                  6

                	
                  INSURANCE

                	
                  19

                
	
                  7

                	
                  LITIGATION

                	
                  19

                
	
                  8

                	
                  DEFAULT

                	
                  20

                
	
                  9

                	
                  ENVIRONMENTAL

                	
                  20

                
	
                  10

                	
                  RELATED
                    PARTY TRANSACTIONS

                	
                  20

                
	
                  11

                	
                  AUTHORITY
                    TO CARRY ON BUSINESS

                	
                  21

                
	
                  12

                	
                  FINANCE
                    AND GUARANTEES

                	
                  21

                
	
                  13

                	
                  FINANCIAL
                    AND OTHER RECORDS

                	
                  21

                
	
                  14

                	
                  INSOLVENCY

                	
                  21

                
	
                  15

                	
                  INTELLECTUAL
                    PROPERTY

                	
                  22

                
	
                  16

                	
                  CONTRACTS

                	
                  22

                
	 	 	 
	
                  SCHEDULES

                	 	 
	
                  Schedule
                    1

                	
                  RAB’S
                    Subscription

                	
                  18

                
	
                  Schedule
                    2 

                	
                  Warranties

                	
                  18

                
	
                  Schedule
                    3 

                	
                  The
                    Company

                	
                  23

                

        

        

        
          
            
            

          

          
            (ii)

            
              

            

          

          
            
            

          

        

    

    

    THIS
      AGREEMENT
      is made
      on 14 June 2006 between:-

     

    
      	
              (1)

            	
              METAL
                SANDS LIMITED a
                company registered in England and Wales with company number 5528584
                whose
                registered office at Minerva House, 5 Montague Close, London SE1
                9BB (the
                “Company”);
                

            

    

    

    
      	
              (2)

            	
              RAB
                SPECIAL SITUATIONS (MASTER) FUND LIMITED a
                company incorporated in the Cayman Islands whose head office is at
                Walker
                SPV Limited, Walker House, Mary Street, PO Box 908GT, Grand Cayman,
                Cayman
                Islands c/o RAB Capital Plc of 1 Adam Street, London, WC2N 6LE
                (“RAB”);
                

            

    

    

    
      	(3)	
              AMERICAN
                SOUTHWEST HOLDINGS, INC. of c/- Ashworth Mitchell and Brazelton,
                4225
                North Brown Avenue, Scottsdale, A285251, United States of America.
                (“ASWI”)

            

    

    

    
      	(4)	
              ALAN
                JOWELL of 1/ 94-98 Ramsgate Avenue, Bondi Beach, NSW, 2026 Australia
                

            

    

    

    
      	(5)	
              DEREK
                SATTERTHWAITE of 3 Roto Place, Lake Tekapo, 8770, New
                Zealand

            

    

    

    
      	(6)	
              TREVOR
                JONES of 11a Burton Street Mosman NSW, 2088,
                Australia

            

    

    

    
      	(7)	
              ADRIAN
                GRIFFIN of 35 Hubert Street Darlington WA 6070,
                Australia

            

    

    

    

    WHEREAS

    

    
      	
              (A)

            	
              The
                Company is a private company limited by shares, short particulars
                of which
                are set out in Schedule 3, and at the date of this Agreement has
                an
                authorised share capital of £1,000,000 divided into 1,000,000,000 ordinary
                shares of £0.001 each, of which 1,000 of such shares are in issue and are
                fully paid. The Company has entered into an agreement with ASWI whereby
                the Company will issue 30,000,000 shares to ASWI as consideration
                for the
                purchase of the entire share capital of Metal Sands Pty Ltd (A.C.N
                094 423
                551)

            

    

    

    
      	
              (B)

            	
              RAB
                is proposing to invest in the Company by advancing funds amounting
                to
                £2,000,000 in return for the issue by the Company to RAB of the Loan
                Notes
                and the Warrants (each as defined
                below).

            

    

    

    
      	(C)	
              The
                Parties wish to enter into this Agreement to provide for the issue
                of the
                Loan Notes and the Warrants by the Company to RAB and to provide
                for
                certain other matters (the “Agreement”).

            

    

    

    

    IT
      IS AGREED:-

    

    
      	
              1

            	
              DEFINITIONS
                AND INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In
      this
      Agreement, unless the context otherwise requires:-

     

    “Act”
means
      the Companies Act 1985 (as amended);

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Admission”
or
      “Admitted”
      means
      admission of the entire issued share capital of the Company to AIM or another
      stock market approved by RAB;

     

    “Agreed
      Form”
means
      in relation to any document, such document in the form agreed between and
      initialled by or on behalf of RAB and the Company for the purpose of
      identification;

     

    “AIM” means
      the
      AIM market of the London Stock Exchange;

     

    “Articles”
means
      the proposed new articles of association of the Company in the Agreed Form;
      “Board”
means
      the board of directors of the Company from time to time;

     

    “Budget”
means
      the budget attached as Schedule 5 as may be amended with the consent of RAB
      (which consent shall not be unreasonably withheld);

     

    “Business”
means
      any business carried on by the Group Companies or any of them from time to
      time;

     

    “Business
      Plan”
means
      the business plan of the Company in the Agreed Form;

     

    “Change
      of Control”
means
      a
      person or group of persons acting in concert (the “Bidder”)
      making
      an offer for 50% or more of the issued ordinary shares of the Company and such
      offer being declared unconditional or the Bidder otherwise acquiring more than
      or controlling the voting rights attached to 50% or more of the issued ordinary
      shares of the Issuer; 

     

    “Completion”
means
      the completion of the issue of the Loan Notes as set out in clause
      3;

     

    “Completion
      Date”
means
      the date which is 2 Business Days after the date of this Agreement;

     

    “Confidential
      Information”
means
      all information which is identified or treated by the Company or any Group
      Company or any of the Group’s clients or customers as confidential or which by
      reason of its character or the circumstances or manner of its disclosure is
      evidently confidential including (without prejudice to the foregoing generality)
      business plans, proposals relating to the acquisition or disposal of a company
      or business or proposed expansion or contraction of activities, research and
      development projects, designs, secret processes, trade secrets, product or
      services development and formulae, know-how, inventions, sales statistics and
      forecasts, marketing strategies and plans and costs, profit and loss and other
      financial information (save to the extent published in audited accounts);

     

    “Conversion
      Price”
shall
      have the meaning ascribed to it in the Loan Note Instrument;

     

    “Debenture”
means
      the debenture granted by the Company to RAB on the date of this Agreement in
      relation to securing the principal amounts of the Loan Notes;

     

    “Directors”
means
      the directors of the Company from time to time;

     

    “Disclosure
      Letter”
means
      the disclosure letter in the Agreed Form provided by the Company to RAB prior
      to
      the date of this Agreement setting out disclosures against the
      Warranties;

     

    “Exit
      Event”
means
      by the Exit Date either:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              admission
                accompanied by a simultaneous institutional placing or public offering
                of
                an amount of no less than £5,000,000; or

            

    

     

    
      	 	
              (b)

            	
              a
                Sale.

            

    

     

    “Exit
      Date”
means
      31 December 2006 unless extended by the mutual agreement of RAB and the
      Company;

    
      
         

        “Founders”
means
          Alan Jowell, Derek Satterthwaite, Trevor Jones and Adrian Griffin;

         

        “Funds”
means
          the total investment by RAB of £2,000,000 in the Company pursuant to the
          Investment Documents together with any other amount invested in the Company
          on
          the same terms as this Agreement;

      

    

     

    “Governor
      Broome Tenements”
means
      those tenements listed in Schedule 4;

     

    “Group”
means
      the Company and any subsidiary or subsidiary undertaking of the Company from
      time to time including, with effect from Completion and unless the contrary
      is
      expressed, “member
      of the Group”
or
      “Group
      Company”
shall
      have a corresponding meaning;

     

    “Intellectual
      Property”
means
      copyrights, trade and service marks, trade names, rights in logos and get-up,
      inventions, confidential information, trade secrets and know-how including
      Confidential Information, registered designs, design rights, patents, utility
      models, all rights of whatsoever nature in software and data, all rights of
      privacy and all intangible rights and privileges of a nature similar or allied
      to any of the foregoing, in every case in any part of the world and whether
      or
      not registered and including all granted registrations and all applications
      for
      registration in respect of any of the same, and used or enjoyed by the Company
      or any Group Company;

     

    “Investment
      Documents”
means
      this Agreement, the Loan Note Instrument, the Debenture and the Warrant
      Instrument;

     

    “Loan
      Notes”
means
      the secured convertible loan notes granted by the Company to RAB on the date
      of
      this Agreement pursuant to the Loan Note Instrument;

     

    “Loan
      Note Instrument”
means
      the loan note instrument in the Agreed Form relating to the issue of £2,000,000
      secured convertible loan notes granted by the Company to RAB on the date of
      this
      Agreement;

     

    “Lower
      Price Securities”
has
      the
      meaning ascribed to it in Clause 10;

     

    “Lower Subscription
      Price”
has
      the
      meaning ascribed to it in Clause 10;

     

    “Ordinary
      Shares”
means
      the Ordinary Shares of £0.001 each in the capital of the Company;

     

    “Permitted
      Security”
has
      the
      meaning in the Loan Note Instrument;

     

    “RAB
      Directors”
means
      the person or persons appointed as non-executive director(s) of the Company
      (or
      a Group Company) at the election of RAB pursuant to Clause 7;

     

    “Sale”
means
      the sale of the entire assets or issued share capital of the
      Company;

     

    “Share
      Capital”
means
      the whole of the issued ordinary share capital of the Company;

     

    “subsidiary”
and
      “subsidiary
      undertaking”
have
      the meanings set out in the Act; 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Warrant
      Instrument”
means
      the instrument in the Agreed Form executed by the Company on the date of this
      Agreement in relation to the grant of the Warrants upon the redemption or
      conversion of the Loan Notes;

     

    “Warrants”
means
      the warrants to be granted by the Company to RAB pursuant to the Warrant
      Instrument; 

     

    “Warranties”
means
      the warranties contained in Clause 4.1 and Schedule 2 each being a “Warranty”;
      and

     

    “Warrantor”
means
      the Company and American Southwest Holdings, Inc.

     

    
      	
              1.2

            	
              Interpretation
                and Construction

            

    

     

    
      	
              1.2.1

            	
              Unless
                otherwise defined in this Agreement or the context requires otherwise,
                words and phrases defined in the Articles have the same meanings
                where
                used in this Agreement.

            

    

     

    
      	
              1.2.2

            	
              In
                this Agreement, unless otherwise specified or the context otherwise
                requires:-

            

    

     

    
      	 	
              (a)

            	
              words
                importing the singular shall include the plural and vice
                versa;

            

    

     

    
      	 	
              (b)

            	
              words
                importing any gender shall include all other
                genders;

            

    

     

    
      	 	
              (c)

            	
              words
                importing the whole shall be treated as including reference to any
                part of
                the whole;

            

    

     

    
      	 	
              (d)

            	
              reference
                to a Recital or Clause is to the relevant recital or clause of this
                Agreement;

            

    

     

    
      	 	
              (e)

            	
              reference
                to a Schedule is to the relevant schedule to this Agreement and reference
                to a paragraph is to a paragraph in a
                Schedule;

            

    

     

    
      	 	
              (f)

            	
              reference
                to this Agreement or to any other document is a reference to this
                Agreement or to that other document as modified, amended, varied,
                supplemented, assigned, novated or replaced from time to time;
                

            

    

     

    
      	 	
              (g)

            	
              reference
                to a provision of law is a reference to that provision as extended,
                applied, amended, consolidated or re-enacted or as its application
                is
                modified from time to time and shall be construed as including reference
                to any order, instrument, regulation or other subordinate legislation
                from
                time to time made under it except to the extent that any extension,
                application, amendment, consolidation, re-enactment modification
                or
                construction takes effect after the date of this Agreement and has
                the
                effect of increasing or extending any obligation or liability or
                otherwise
                adversely affects the rights of, any party;
                and

            

    

     

    
      	 	
              (h)

            	
              reference
                to a “person” includes any individual, firm, company, corporation, body
                corporate, government, state or agency of state, trust or foundation
                or
                any association, partnership or unincorporated body (whether a not
                having
                separate legal personality) or two or more of the
                foregoing.

            

    

     

    
      	
              1.2.3

            	
              Headings
                used in this Agreement shall not affect its construction or
                interpretation.

            

    

     

    
      	
              1.2.4

            	
              The
                Schedules and Recitals form part of this Agreement and have the same
                force
                and effect as if expressly set out in full in the operative part
                of this
                Agreement.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    
      	
              1.2.5

            	
              Obligations
                and liabilities assumed by more than one person in this Agreement
                are
                assumed jointly and severally unless otherwise expressly
                specified.

            

    

     

    
      	
              1.2.6

            	
              Where
                any of the Warranties are qualified by the expression “so
                far as the Warrantors are
                aware”
                or any similar expression the relevant Warranty shall be given on
                the
                basis that it is given after the Warrantors have made all reasonable
                enquiries into the subject matter of the Warranty so qualified.
                

            

    

     

    
      	
              1.3

            	
              Other
                references

            

    

     

    
      	
              1.3.1

            	
              In
                this Agreement save where otherwise provided a reference
                to:-

            

    

     

    
      	
            	(a)	
              “writing”
                or “written”
                includes faxes and any non-transitory form of visible reproduction
                or
                words and includes electronic mail;
                and

            

    

     

    
      	
            	(b)	
              a
                “business
                day”
                means a day, other than a Saturday or a Sunday, on which clearing
                banks
                are open for commercial business in
                London.

            

    

     

    
      	
              2

            	
              CONDITIONS
                PRECEDENT

            

    

     

    
      	
              2.1

            	
              Conditions
                Precedent

            

    

     

    [Not
      used]

     

    
      	
              3

            	
              INVESTMENT

            

    

     

    
      	
              3.1

            	
              Completion

            

    

     

    On
      the
      Completion Date, to the extent any of the same have not already been
      completed:-

     

    
      	
              3.1.1

            	
              The
                Company shall execute the Loan Note Instrument and the
                Debenture;

            

    

     

    
      	
              3.1.2

            	
              RAB
                shall subscribe in cash, by direct deposit into that bank account
                of the
                Company specified in Clause 3.3, for that number of Loan Notes shown
                against its name in Column (2) of Schedule 1 at the price shown in
                Column
                (3) of Schedule 1 and the Company shall allot and issue to RAB (or
                such
                person as RAB may nominate) such Loan Notes fully paid and shall
                deliver
                to RAB (or such person as RAB may nominate) a duly executed loan
                note
                certificate therefor and ensure that RAB or its nominee is registered
                as
                the holder of such Loan Notes in the register of Loan Note holders
                which
                the Company is obliged to create and maintain under the terms of
                the Loan
                Note Instrument;

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              3.1.3

            	
              the
                Company shall provide RAB with a certified copy of the minutes of
                a
                meeting of the Board in the Agreed Form approving, inter alia, each
                of the
                matters referred to above.

            

    

     

    
      	
              3.2

            	
              RAB
                Loan Note and
                Share Warrants

            

    

     

    Immediately
      following RAB’s subscription for Loan Notes pursuant to Clause 3.1, (assuming no
      Loan Notes have been converted) the Loan Note holdings in the Company shall
      be
      as shown in Column (2) of Schedule 1. 

     

    
      	
              3.3

            	
              Company
                Bank Account

            

    

     

    RAB
      shall
      arrange for the deposit of subscription sums pursuant to Clauses 3.1 and 3.2
      into the following bank account of the Company:-

     

    
      	
            	Intermediary
              Bank:	
              [Name
                of RAB’s Intermediary Bank and 

              Swift
                BIC Code]

            

    

     

    
      	
            	For
              Credit of:	
              National
                Australia Bank 

            

    

     

    
      	
            	Swift:	
              NATAAU33025

            

    

     

    
      	
            	For
              Credit of Account number:	
              METLD
                GPB 01

            

    

     

    
      	
              3.4

            	
              Use
                of Funds

            

    

     

    The
      Company shall use the Funds to upgrade the existing mineral sands resources
      to a
      reserve category and to complete a pre-feasibility study on such resource.
      The
      Funds will be used in accordance and consistent with the Budget which is in
      the
      Agreed Form.

     

    
      	
              4

            	
              WARRANTIES

            

    

     

    
      	
              4.1

            	
              Warranties

            

    

     

    In
      consideration of RAB agreeing to invest in the Company and enter into and become
      party to this Agreement, the
      Warrantors represent and warrant that each of the Warranties are true and
      accurate as the date of this Agreement and the date of issue of the Loan
      Notes.

     

    
      	
              4.2

            	
              Reliance

            

    

     

    The
      Warrantors acknowledge that RAB has entered into this Agreement in reliance
      upon
      the truth and accuracy of the Warranties.

     

    
      	
              4.3

            	
              Claims

            

    

     

    The
      Warrantors hereby waive any and all claims which it might have against any
      other
      member of the Group or any officer, employee, agent or adviser of any of them
      in
      connection with any claim made by RAB under this Agreement.

     

    
      	
              4.4

            	
              Limitations
                on Warranties

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              4.4.1

            	
              The
                Warrantors shall not be liable in respect of any and all claims for
                any
                breach of Warranties (a “Relevant
                Claim”)
                unless written notice, setting forth in reasonable detail the Relevant
                Claim and delivered pursuant to clause 22.2
                to
                the party or parties against whom liability for the claimed breach
                is
                charged, shall have been given on or before an Exit Event (provided
                that
                RAB is given 14 business days notice of the Exit Event and at the
                same
                time receives the Admission Document, Information Memorandum or other
                relevant information in relation to the Exit Event).
                

            

    

     

    
      	
              4.4.2

            	
              The
                limitations on the Warrantors’ liability in this clause 4.4
                shall not apply to the extent that a Relevant Claim arises out of
                a
                Warrantor’s fraud, wilful non-disclosure or knowing
                omission.

            

    

     

    
      	
              4.4.3

            	
              No
                liability of any warrantor in respect of any claim for breach of
                any
                Warranty shall arise to the extent
                that:

            

    

     

    
      	 	
              (a)

            	
              it
                arises or is increased as a result of the passing of any legislation
                (or
                the making of any subordinate legislation) with retrospective effect,
                or
                by reason of any change to taxation authority practice, occurring
                after
                the date the Warranty is given; or

            

    

     

    
      	 	
              (b)

            	
              the
                claim arises wholly or partly out of or is increased by a contingent
                liability unless and until such contingent liability becomes an actual
                liability; or

            

    

     

    
      	 	
              (c)

            	
              the
                claim arises out of or is increased by any change in the law or its
                interpretation or administration or any change in the practice of
                any
                authority arising after the date the Warranty is given;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                matter giving rise to the claim is remediable unless within 60 days
                of RAB
                having become aware of such matter, RAB has given written notice
                to the
                Vendor and such matter has not been fully remedied by the Warrantor
                without cost to RAB within 30 days of the service of such notice;
                or

            

    

     

    
      	 	
              (e)

            	
              any
                matter giving rise to the claim is fairly disclosed in the Disclosure
                Letter this Agreement or the Agreed Form documents set out in Schedule
                6.

            

    

     

    
      	
              4.4.4

            	
              Save
                in the case of fraud, wilful non-disclosure or any knowing omission
                the
                aggregate amount that RAB shall be entitled to recover from the Warrantors
                under the Warranties shall be limited to the amount subscribed by
                the
                subscribers for the Loan Notes and the subscribers shall not be entitled
                to recover any indirect or consequential
                loss.

            

    

     

    
      	
              5

            	
              MATTERS
                REQUIRING CONSENT 

            

    

     

    
      	
              5.1

            	
              RAB
                Consent

            

    

     

    Until
      Admission each of the Company and RAB agree that the following acts, unless
      required by the Investment Documents, shall not be carried out without the
      prior
      written consent of RAB (such consent not to be unreasonably withheld) and they
      shall each use their respective rights and powers whether as a Director,
      shareholder or otherwise to procure, so far as he or it is able, that no such
      act is carried out unless such consent has been given:

     

    
      	
              5.1.1

            	
              the
                variation of the issued or authorised share capital of the Company
                including the issue of any option, loan notes or Ordinary Shares
                save as
                permitted under clause 9;

            

    

     

    
      	
              5.1.2

            	
              the
                variation of the rights attaching to shares in the capital of the
                Company;

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              5.1.3

            	
              the
                alteration of the Articles;

            

    

     

    
      	
              5.1.4

            	
              the
                declaration or distribution of any dividend or other payment out
                of the
                distributable profits of the Company (other than as required by the
                Articles) or of any other Group Company (other than a wholly-owned
                subsidiary to its parent company);

            

    

     

    
      	
              5.1.5

            	
              the
                reduction of the Company’s share capital, share premium account, capital
                redemption reserve or any other reserve (other than as required by
                the
                Articles); 

            

    

     

    
      	
              5.1.6

            	
              the
                reduction of any uncalled liability in respect of partly paid shares
                of
                the Company or any other Group Company;

            

    

     

    
      	
              5.1.7

            	
              the
                taking of steps to wind up or dissolve the Company or any other Group
                Company; 

            

    

     

    
      	
              5.1.8

            	
              the
                disposal (including the lease to a third party), (other than a Sale
                where
                the consideration for the Sale is equal to or greater than £40,000,000 to
                be paid in cash upon completion and where arrangements are established
                for
                the distribution of such consideration to the Company’s shareholders), or
                acquisition by the Company or any other Group Company in any financial
                year of:

            

    

     

    
      	 	
              (i)

            	
              any
                asset;

            

    

     

    
      	 	
              (ii)

            	
              the
                whole or a significant part of an undertaking;
                or

            

    

     

    
      	 	
              (iii)

            	
              a
                subsidiary undertaking

            

    

     

    with
      value in excess of £250,000, and for the purpose of this clause 5.1.8 all
      disposals or acquisitions in any one financial year shall be aggregated;

     

    
      	
              5.1.9

            	
              any
                material change in the nature of the business of the Company or any
                other
                Group Company;

            

    

     

    
      	
              5.1.10

            	
              the
                appointment or termination of employment of any employee of the Company
                or
                any other Group Company whose total remuneration is to be or is in
                excess
                of AUD175,000 a year or the variation of the remuneration or other
                benefits of any such employee;

            

    

     

    
      	
              5.1.11

            	
              the
                entry into, termination or variation of any contract or arrangement
                between (1) the Company or any other Group Company and (2) a Director
                or a
                person who in relation to a Director is a connected person, including
                the
                variation of the remuneration or other benefits under any such a
                contract
                or arrangement and the waiver of any breach of any such a contract
                or
                arrangement;

            

    

     

    
      	
              5.1.12

            	
              the
                incurring by the Company or any other Group Company of any borrowing
                or
                any other indebtedness or liability in the nature of borrowing (other
                than
                trade credit arising in the ordinary course of trading) in excess
                of
                AUD200,000;

            

    

     

    
      	
              5.1.13

            	
              the
                creation of any mortgage, charge or other encumbrance over any asset
                of
                the Company or any other Group Company (other than a Permitted Security)
                and the giving of any guarantee by the Company or any other Group
                Company,
                or the making of any loan or granting of any credit to any person
                save for
                trade credit arising in the ordinary course of
                trading;

            

    

     

    
      	
              5.1.14

            	
              the
                entering into by the Company or any other Group Company of any contract
                or
                arrangement outside the ordinary course of business or otherwise
                than at
                arm’s length or the entering into of any joint venture, partnership,
                consortium or other investor arrangement;
                or

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              5.1.15

            	
              the
                incorporation of a new subsidiary undertaking of the Company or the
                acquisition by the Company or any other Group Company of an interest
                in
                any shares in the capital of any body corporate;
                

            

    

     

    
      	
              5.2

            	
              Pre-Approved
                Matters

            

    

     

    No
      consents for any matters set out in Clause 5.1 will be required to the extent
      that the matter in question is specifically envisaged and provided for in the
      Business Plan, the Budget or the Investment Documents, or any subsequent
      business plan of the Company approved by RAB.

     

    
      	
              6

            	
              PROVISION
                OF INFORMATION

            

    

     

    
      	
              6.1

            	
              Financial
                and Business Information

            

    

     

    
      	
              6.1.1

            	
              The
                Company will provide to RAB
                any information about the financial position and/or business capital
                and
                debt structure and general affairs of the Company which RAB reasonably
                requests from time to time (including any information that a director
                of
                the Company is entitled to
                receive).

            

    

     

    
      	
              6.1.2

            	
              If
                there is a Change of Control, the Company will immediately notify
                RAB in
                writing (the “Notification”)
                and shall provide RAB with all reasonably requested details of such
                Change
                of Control. Within 60 days of receipt by RAB of the Notification
                RAB shall
                be entitled to demand the immediate repayment of all outstanding
                loans
                under the Loan Note Instrument or the immediate conversion of all
                outstanding Loan Notes. 

            

    

     

    
      	
              6.1.3

            	
              In
                the event that RAB requires the repayment or conversion of the Loan
                Notes
                pursuant to Clause 6.1.2 above, any accrued interest on the amount
                of the
                Loan Notes shall be immediately repayable by the Company and RAB
                may
                require such interest to be repaid or converted into Ordinary Shares
                .

            

    

     

    
      	
              6.2

            	
              Information
                sharing 

            

    

     

    
      	
              6.2.1

            	
              The
                RAB Director, if appointed, shall be entitled to report to RAB on
                the
                affairs of the Group and to disclose such information concerning
                the Group
                to RAB’s professional advisors and managers or advisors as he/she
                reasonably considers appropriate. 

            

    

     

    
      	
              6.2.2

            	
              RAB
                may provide on a confidential basis any information they are entitled
                to
                receive under this Agreement to the unitholders or the partners or
                prospective unitholders in RAB or any other investor or prospective
                investor in RAB, to clients on whose behalf they have purchased and/or
                subscribed for shares in the capital of the Company, to any person
                who
                manages
                the affairs of RAB, to prospective investors in any new fund being
                promoted by RAB Capital plc, or to other professional investors and/or
                third parties for fundraising related and/or marketing purposes where
                RAB
                Capital plc reasonably requires to provide such information to such
                parties for such purpose. 

            

    

     

    
      	
              7

            	
              RAB
                DIRECTOR

            

    

     

    
      	
              7.1

            	
              Whilst
                and so long as RAB holds shares or Loan Notes in the Company prior
                to
                Admission, RAB shall be entitled to appoint by written notice to
                the
                Company from time to time such number of persons to be the RAB Directors
                that is equal to the greater of one and the number of directors which
                represents the percentage of the Board that is equal to the percentage
                of
                Ordinary Shares into which the Loan Notes may convert pursuant to
                the Loan
                Note Instrument. RAB shall also be entitled to have included in the
                Articles (and the articles of association of every member of the
                Group) a
                provision to this effect.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              7.2

            	
              In
                addition to the appointment of the RAB Director(s) pursuant to Clause
                7.1,
                RAB shall have the right to appoint a person to attend meetings of
                the
                board of directors of the Company and/or any Group Company as an
                observer (the
                “RAB
                Observer”).
                The RAB Observer shall be entitled to see all documents considered
                at such
                meetings, to receive copies thereof, and to speak at but not to vote
                at
                such meetings. The RAB Observer shall have the same rights and
                restrictions as the RAB Director(s) in relation to the passing of
                information to RAB, its advisers as set out in Clause 7.1
                above.

            

    

     

    
      	
              8

            	
              UNDERTAKINGS

            

    

     

    
      	
              8.1

            	
              Restrictions
                after termination

            

    

     

    
      	
              8.1.1

            	
              Definitions

            

    

     

    The
      Founder(s) hereby agree(s) with the Company and RAB that in addition to the
      other terms of this Agreement and without prejudice to the other restrictions
      imposed upon them by law, they will be bound by the covenants and undertakings
      contained in Clauses 8.1.2 to 8.1.5. In this Clause 8, unless the context
      otherwise requires:

     

    “Critical
      Employee”
means
      any person who was a director, employee or consultant of the Company and/or
      any
      other member of the Group at any time within the Relevant Period who by reason
      of that position and in particular his seniority and expertise or knowledge
      of
      Confidential Information or knowledge of or influence over the clients,
      customers or contacts of the Company and/or any other member of the Group is
      likely to cause damage to the Company if he were to leave the employment of
      the
      Company and/or any other member of the Group and become employed by a
      competitor;

     

    “Customer”
means
      any person to which the Company and/or any other member of the Group
      distributed, sold or supplied Restricted Goods or Restricted Services during
      the
      Relevant Period and with which, during that period either the Founder or any
      employee under the direct or indirect supervision of the Founder(s) had material
      dealings in the course of the Employment;

     

    “Employment”
means
      the employment of the Founder(s) with the Company or any of its
      subsidiaries;

     

    “Prospective
      Customer”
means
      any person with which the Company and/or any other member of the Group had
      discussions during the Relevant Period regarding the possible distribution,
      sale
      or supply of Restricted Goods or Restricted Services and with which during
      such
      period the Founder(s) or any employee who was under the direct or indirect
      supervision of the Founder(s) had material dealings in the course of the
      Employment;

     

    “Relevant
      Period”
means
      the period of 12 months immediately preceding the Termination Date;

     

    “Restricted
      Area”
means
      any other country in the world where, on the Termination Date, the Company
      dealt
      in Restricted Goods or Restricted Services;

     

    “Restricted
      Goods”
means
      any products, equipment or machinery, researched into, developed, manufactured,
      distributed or sold by the Company and/or any other member of the Group and
      with
      which the duties of the Founder(s) were materially concerned or for which he
      was/they were responsible during the Relevant Period, or any products, equipment
      or machinery of the same type or materially similar to those products, equipment
      or machinery;

     

    “Restricted
      Period”
means
      the period commencing on the Termination Date and continuing for 12
      months;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Restricted
      Services”
means
      any services supplied by the Company and/or any other member of the Group and
      with which the duties of the Founder(s) were materially concerned or for which
      he was/they were responsible during the Relevant Period, or any services of
      the
      same type or materially similar to those services; 

     

    “Supplier”
means
      any supplier, agent, distributor or other person who, during the Relevant Period
      was in the habit of dealing with the Company and/or any other member of the
      Group and with which, during that period, the Founder(s) or any employee under
      the direct or indirect supervision of the Founder(s) had material dealings
      in
      the course of the Employment; and

     

    “Termination
      Date”
means
      the date on which the Employment terminates;

     

    
      	
              8.1.2

            	
              Restrictive
                covenants

            

    

     

    Each
      Founder confirms that, neither during the Employment nor during the Restricted
      Period, without the prior written consent of the Company and RAB, whether by
      himself, through his employees or agents or otherwise and whether on his own
      behalf or on behalf of any person, directly or indirectly, he will
      not:

     

    
      	 	
              (a)

            	
              so
                as to compete with the Company and/or any other member of the Group
                solicit business from or canvas any Customer or Prospective Customer
                in
                respect of Restricted Goods or Restricted
                Services;

            

    

     

    
      	 	
              (b)

            	
              so
                as to compete with the Company and/or any other member of the Group
                accept
                orders from, act for or have any business dealings with, any Customer
                or
                Prospective Customer in respect of Restricted Goods or Restricted
                Services;

            

    

     

    
      	 	
              (c)

            	
              so
                as to compete with the Company and/or any other member of the Group
                within
                the Restricted Area, be employed or engaged or at all interested
                in
                (except as a minority holder) a business or person which is involved
                in
                the business of researching into, developing, manufacturing, distributing,
                selling, supplying or otherwise dealing with Restricted Goods or
                Restricted Services, if the business is or seeks to be in competition
                with
                the Company and/or any other member of the Group. For the purposes
                of this
                Clause 8.1.2(c), acts done by the Founder outside the Restricted
                Area
                shall nonetheless be deemed to be done within the Restricted Area
                where
                their primary purpose is to engage in such acts within the Restricted
                Area;

            

    

     

    
      	 	
              (d)

            	
              solicit
                or induce or endeavour to solicit or induce any person who, on the
                Termination Date, was a Critical Employee (and with whom the Founder
                had
                dealings during the Relevant Period) to cease working for or providing
                services to the Company and/or any other member of the Group, whether
                or
                not any such person would thereby commit a breach of
                contract;

            

    

     

    
      	 	
              (e)

            	
              employ
                or otherwise engage any Critical Employee in the business of researching
                into, developing, manufacturing, distributing, selling, supplying
                or
                otherwise dealing with Restricted Goods or Restricted Services if
                that
                business is, or seeks to be, in competition with the Company and/or
                any
                other member of the Group; or

            

    

     

    
      	 	
              (f)

            	
              solicit
                or induce or endeavour to solicit or induce any Supplier to cease
                to deal
                with the Company and/or any other member of the Group and shall not
                interfere in any way with any relationship between a Supplier and
                the
                Company and/or any other member of the
                Group.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              8.2

            	
              Severance

            

    

     

    
      	
              8.2.1

            	
              The
                restrictions in this Clause 8 (on which each Founder has had the
                opportunity to take independent advice, as each hereby acknowledges)
                are
                separate and severable restrictions and are considered by the parties
                to
                be reasonable in all the circumstances. It is agreed that if any
                such
                restrictions, by themselves, or taken together, shall be adjudged
                to go
                beyond what is reasonable in all the circumstances for the protection
                of
                the legitimate interests of the Company or a Group Company but would
                be
                adjudged reasonable if some part of it were deleted, the relevant
                restriction or restrictions shall apply with such deletion(s) as
                may be
                necessary to make it or them valid and enforceable.
                

            

    

     

    
      	
              8.3

            	
              Each
                Founder undertakes to RAB to use best endeavours to satisfy the business
                objectives of the Group including the agreed financial projections,
                milestones, goals and conditions as set out in the Business
                Plan.

            

    

     

    
      	
              9

            	
              PROTECTION
                AGAINST DILUTION

            

    

     

    
      	
              9.1

            	
              Prior
                to an Exit Event the Company shall not without the prior written
                consent
                of RAB issue shares or other securities including but not limited
                to
                warrants or loan notes on terms that are in whole or in part more
                preferential than those contained in the Loan Notes including in
                respect
                of voting, dividends and entitlements on winding up.
                

            

    

     

    
      	
              9.2

            	
              Prior
                to an Exit Event the Company shall not issue warrants or options
                to its
                directors, officers or other employees except where such options
                or
                warrants:

            

    

     

    
      	 	
              (a)

            	
              carry
                an exercise price of not less than the price per Share at where a
                placing
                or public offering takes place;

            

    

     

    
      	 	
              (b)

            	
              are
                exercisable for a period of no greater than two years from the date
                of
                issue; and 

            

    

     

    
      	 	
              (c)

            	
              are
                in respect of no more than 10% of the fully diluted issued share
                capital
                of the Company.

            

    

     

    
      	
              10

            	
              ISSUES
                OF SECURITIES AT LOWER PRICE 

            

    

     

    Prior
      to
      an Exit Event if the Company undertakes an issue of shares or convertible
      securities with substantially the same or more beneficial rights in respect
      of
      voting, dividends and entitlements on winding up (the “Lower
      Price Securities”)
      at a
      subscription price (the “Lower
      Subscription Price”)
      (whether for cash or non cash consideration) of less than the Conversion Price
      of the Loan Notes at any time on or before the conversion or redemption of
      the
      Loan Notes, RAB shall have the right to convert the Loan Notes at such Lower
      Subscription Price.

     

    
      	
              11

            	
              PRE-EMPTION
                RIGHTS

            

    

     

    
      	
              11.1

            	
              Except
                in conjunction with an Exit Event, if prior
                to an Exit Event the Company proposes to issue shares or other securities
                including warrants or loan notes to a third party for cash consideration
                (excluding bona fide issues of shares or options to directors or
                employees
                under an approved incentive plan), the Company shall notify RAB in
                writing
                and shall offer a pro rata amount of such securities on a pre-emptive
                basis to RAB on the same terms based on the percentage of the fully
                diluted issued capital held (or that could be held by RAB upon conversion
                of all Loan Notes).

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              11.2

            	
              RAB
                shall have a period of five business days from the receipt of a notice
                from the Company pursuant to Clause 11.1 above during which to give
                written acceptance of such offer to the
                Company.

            

    

     

    
      	
              12

            	
              REALISATION
                POLICY

            

    

     

    
      	
              12.1

            	
              Exit

            

    

     

    
      	
              12.1.1

            	
              The
                Parties confirm their intention by the Exit Date to work towards
                an
                Admission to
                be accompanied by a placing with institutional investors or public
                offering at least equal to
£5,000,000.

            

    

     

    
      	
              12.1.2

            	
              Aim
                Advisers

            

    

     

    For
      the
      purposes of Admission, RAB shall be consulted on the terms of the Admission
      (including placing price) and the identity of all advisers including the Nomad
      and broker. 

     

    
      	
              13

            	
              ANNOUNCEMENTS
                AND CONFIDENTIALITY

            

    

     

    
      	
              13.1

            	
              Except
                as permitted under Clause 6 or:- 

            

    

     

    
      	 	
              (a)

            	
              as
                required by law or by any appropriate regulatory authority;
                or

            

    

     

    
      	 	
              (b)

            	
              as
                regards information which is publicly available (other than by reason
                of
                any wrongful disclosure of the same by the party concerned);
                or

            

    

     

    
      	 	
              (c)

            	
              with
                prior consent of RAB;

            

    

     

    no
      party
      hereto shall make any announcement concerning or otherwise disclose or divulge
      RAB’s or RAB Capital plc’s involvement with or interest in the Group including
      (without limitation) any of the terms of this Agreement.

     

    
      	
              13.2

            	
              Non-disclosure

            

    

     

    The
      Parties hereto agree to treat as confidential and not to disclose or communicate
      to any person other than their officers, employees or professional persons
      subject to a similar duty of confidentiality any documents or other information
      of a confidential nature (“Information”) which they may obtain and which in any
      way relates to the Business or affairs of the Company, unless disclosure of
      such
      Information is expressly permitted by the Agreement or is required by law or
      regulation.

     

    
      	
              13.3

            	
              Survival
                of confidentiality
                obligations

            

    

     

    The
      obligations of confidentiality imposes by this clause shall survive the
      termination of this agreement but shall not apply to information which is or
      properly becomes a matter of public knowledge other than through default on
      the
      part of any party hereto.

     

    
      	
              14

            	
              TAXES

            

    

     

    
      	
              14.1

            	
              All
                payments made by the Company to RAB pursuant to this Agreement or
                the Loan
                Note Instrument shall be made gross, free of any rights of counterclaim
                or
                set-off and without any deductions or withholdings of any nature
                save for
                such deductions or withholdings as are required by
                law.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              14.2

            	
              If
                the Company is required by law to make any deduction or withholding
                from
                any payment made to RAB pursuant to this Agreement or the Loan Note
                Instrument it shall do so and the sum due in respect of such payment
                shall
                be increased to the extent necessary to ensure that after the making
                of
                such deduction or withholding RAB receives and retains (free of any
                liability in respect of any such deduction or withholding) a net
                sum equal
                to the sum which it would have received and retained had no such
                deduction
                or withholding been required to be
                made.

            

    

     

    
      	
              14.3

            	
              Provided
                that the Company has fully complied with its obligations under Clause
                14.2, if it is subsequently found that there arises a corresponding
                credit
                or right to repayment of tax for RAB in connection with any deduction
                or
                withholding made pursuant to Clause 14.2 and such credit or repayment
                is
                received by RAB, RAB shall promptly pay to the Company an amount
                equal to
                such credit or repayment (after deduction of any reasonable costs
                incurred
                in obtaining it) and without interest, save to the extent that interest
                or
                repayment supplement is included (or allowed) in such credit or repayment.
                For this purpose, no credit shall be taken to have been received
                by the
                RAB unless it shall have relieved the RAB of a present obligation
                to pay
                tax.

            

    

     

    
      	
              15

            	
              COSTS
                CHARGES AND EXPENSES

            

    

     

    Professional
      Advisers

     

    Except
      as
      provided in this Agreement the Company shall pay its own and RAB’s costs,
      charges and expenses relating to the negotiation, execution and implementation
      of the Investment Documents.

     

    
      	
              16

            	
              AGREEMENT
                TO PREVAIL

            

    

     

    If
      any
      provision of this Agreement is inconsistent with the Articles, this Agreement
      shall prevail and the Company shall take all reasonable action to procure any
      changes to the Articles requested by RAB to deal with any such
      inconsistency.

     

    
      	
              17

            	
              RIGHTS
                OF THIRD PARTIES

            

    

     

    The
      terms
      of this Agreement may be enforced only by a party to it and the operation of
      the
      Contracts (Rights of Third Parties) Act 1999 is excluded.

     

    
      	
              18

            	
              DURATION
                OF OBLIGATIONS

            

    

     

    Notwithstanding
      Completion each and every right and obligation of the parties under this
      Agreement shall, except in so far as fully performed at Completion, continue
      in
      full
      force
      and effect until the earlier of the date that either RAB ceases to own any
      Ordinary Shares, Loan Notes or Warrants issued by the Company or an Exit Event
      occurs, whereupon the obligations of the parties shall cease and determine.
      

     

    
      	
              19

            	
              ASSIGNMENT

            

    

     

    
      	
              19.1

            	
              Assignment
                of Interest(s)

            

    

     

    
      	
              19.1.1

            	
              Except
                as provided in this Clause 19, no Party shall be entitled to assign,
                transfer or otherwise delegate (in whole or in part) his or its rights
                or
                sub-contract any of his or its obligations under this Agreement or
                transfer any shares in the Company except as provided in the
                Articles.

            

    

     

    
      	
              19.1.2

            	
              RAB
                shall be entitled to assign the benefit of this Agreement to any
                person to
                whom it shall have transferred any shares in accordance with the
                provisions of the Articles and this
                Agreement.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              20

            	
              AMENDMENTS,
                WAIVERS AND REMEDIES

            

    

     

    
      	
              20.1

            	
              Amendments

            

    

     

    No
      amendment or variation of this Agreement shall be effective unless it is in
      writing and signed by or on behalf of each of the Parties.

     

    
      	
              20.2

            	
              Waivers
                and remedies

            

    

     

    
      	
              20.2.1

            	
              The
                rights of each Party under this
                Agreement:-

            

    

     

    
      	 	
              (a)

            	
              may
                be exercised as often as necessary;

            

    

     

    
      	 	
              (b)

            	
              are
                cumulative and not exclusive of its rights under the general law;
                and

            

    

     

    
      	 	
              (c)

            	
              may
                be waived only in writing and
                specifically.

            

    

     

    
      	
              20.2.2

            	
              Delay
                in exercising or non-exercise of any right under this Agreement is
                not a
                waiver of that right.

            

    

     

    
      	
              20.2.3

            	
              Partial
                exercise of any right under this Agreement shall not preclude any
                further
                or other exercise of that right or any other right under this
                Agreement.

            

    

     

    
      	
              21

            	
              SEVERANCE

            

    

     

    If
      any
      provision of this Agreement is or becomes illegal, invalid or unenforceable
      in
      any jurisdiction, that shall not affect:-

     

    
      	 	
              (a)

            	
              the
                legality, validity or enforceability in that jurisdiction of any
                other
                provision of this Agreement; or

            

    

     

    
      	 	
              (b)

            	
              the
                legality, validity or enforceability in any other jurisdiction of
                that or
                any other provision of this
                Agreement.

            

    

     

    
      	
              22

            	
              NOTICES

            

    

     

    
      	
              22.1

            	
              Writing

            

    

     

    Any
      notice or communication to be given under or in connection with the matters
      contemplated by this Agreement shall be in writing (not including, for the
      purposes of this Clause 22, electronic mail).

     

    
      	
              22.2

            	
              Service

            

    

     

    Any
      notice or communication referred to in Clause 22.1 shall be served by delivering
      it personally or sending it by pre-paid recorded delivery or registered post
      (air mail if sent overseas) to the address of the relevant Party set out in
      this
      Agreement (or as otherwise notified by that Party under this Agreement).

     

    
      	
              22.3

            	
              Deemed
                receipt

            

    

     

    Any
      notice or communication referred to in Clause 22.1 shall be deemed to have
      been
      received:-

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              if
                delivered personally, at the time of delivery;

            

    

     

    
      	 	
              (b)

            	
              in
                the case of pre-paid recorded delivery or registered post, 24 hours
                from
                the date of posting (72 hours if sent by air mail);
                and

            

    

     

    
      	 	
              (c)

            	
              if
                sent by facsimile on receipt by the sender of a successful transmission
                report.

            

    

     

    
      	
              23

            	
              ENFORCEMENT

            

    

     

    Nothing
      in this Agreement shall affect the right to serve process in any other manner
      permitted by law, nor affect the right to bring proceedings in any other
      jurisdiction whether in connection with this Agreement or for the purpose of
      the
      enforcement or execution of any judgment or other award obtained against any
      party in the courts of England and Wales or as a result of arbitration
      proceedings conducted in England and Wales.

     

    
      	
              24

            	
              FURTHER
                ASSURANCE

            

    

     

    Each
      Party shall procure the passing of such resolutions, and shall execute such
      documents and waivers and generally do everything further required by RAB to
      give effect to this Agreement.

     

    
      	
              25

            	
              ENTIRE
                AGREEMENT

            

    

     

    This
      Agreement constitutes the entire agreement between the Parties
      hereto.

     

    
      	
              26

            	
              COUNTERPARTS

            

    

     

    This
      Agreement may be executed in any number of counterparts and by the Parties
      on
      separate parts, all of which taken together shall be deemed to constitute one
      and the same document.

     

    
      	
              27

            	
              GOVERNING
                LAW AND JURISDICTION

            

    

     

    
      	
              27.1

            	
              Governing
                law

            

    

     

    This
      Agreement shall be governed by and construed in accordance with the law of
      England and Wales.

     

    
      	
              27.2

            	
              Jurisdiction

            

    

     

    Each
      Party hereby irrevocably submits to the exclusive jurisdiction of the Courts
      of
      England and Wales as regards any claim, dispute or matter arising out of or
      in
      connection with this Agreement or its implementation or effect.

     

    EXECUTED
      and DELIVERED
      as a
      deed on the date first above written.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    SCHEDULES

     

    Schedule
      1

     

    RAB’s
      subscription schedule

     

    

      

      
        	
                (1)

                Name

              	
                (2)

                No.
                  of Loan Notes to be

                subscribed

              	
                (3)

                Loan
                  Note Subscription

                Price
                  (£)

              	
                (4)

                Total
                  Investment (£)

              
	
                 

                RAB

                Special
                  Situations

                (Master)
                  Fund Limited

              	
                 

                2,000,000

              	
                 

                1

              	
                 

                2,000,000

              

      

      

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    Schedule
      2

     

    Warranties

     

    
      	
              1

            	
              Powers

            

    

     

    
      	
              1.1

            	
              The
                Company is duly incorporated and registered in England. Each subsidiary
                of
                the Company is duly incorporated and registered in its relevant
                jurisdiction.

            

    

     

    
      	
              1.2

            	
              The
                Company has power and authority to enter into and perform this Agreement
                and any other documents referred to in it, in particular, to issue
                the
                Loan Notes and Warrants in the manner proposed without any sanction
                or
                consent by members of the Company or any class of them and there
                are no
                other consents, authorizations or approvals required by the Company
                in
                connection with the entering into and the performance of this Agreement
                and issue of the Loan Notes and Warrants which have not been irrevocably
                and unconditionally obtained.

            

    

     

    
      	
              1.3

            	
              This
                Agreement and the other documents referred to in it constitute (or
                will
                constitute when executed) valid, legal and binding obligations on
                the
                Company in the terms of this Agreement and the
                documents.

            

    

     

    
      	
              1.4

            	
              Compliance
                with the terms of this Agreement and the documents referred to in
                it will
                not breach or constitute a default under any of the
                following:

            

    

     

    
      	 	
              (a)

            	
              any
                provision of the memorandum or articles of association or equivalent
                constitutional documents of the
                Company;

            

    

     

    
      	 	
              (b)

            	
              any
                agreement or instrument to which the Company is a party or by which
                it is
                bound;

            

    

     

    
      	 	
              (c)

            	
              any
                order, judgment, decree or other restriction applicable to the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              any
                limits, powers or restrictions binding upon the
                Company.

            

    

     

    
      	
              2

            	
              Shares

            

    

     

    
      	
              2.1

            	
              The
                Ordinary Shares to be issued pursuant to terms of this Agreement,
                Loan
                Note Instrument and the Warrant Instrument shall be issued to RAB
                fully
                paid and free from all liens, charges, equitable interests, encumbrances,
                rights of pre-emption and other third party rights or interests of
                any
                nature whatsoever, with full title guarantee and other interests,
                together
                with all rights now or subsequently attaching to them, including,
                without
                limitation, the rights to receive all dividends and other distributions
                declared, made or paid hereafter.

            

    

     

    
      	
              2.2

            	
              The
                Company does not:

            

    

     

    
      	 	
              (a)

            	
              hold
                or beneficially own, or has agreed to acquire, any securities of
                any
                corporation other than Metal Sands Pty Ltd;
                or

            

    

     

    
      	 	
              (b)

            	
              have
                membership in any partnership or other unincorporated association,
                joint
                venture or consortium (other than recognised trade
                associations).

            

    

     

    
      	
              3

            	
              Share
                capital structure

            

    

     

    
      	
              3.1

            	
              Immediately
                following the issue of the Loan Notes and the Ordinary Shares, the
                entire
                issued share capital of the Company will
                comprise:

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Total
      number of ordinary shares on issue: 31,000,000

     

    Total
      number of options to acquire ordinary shares on issue: 0

     

    Total
      number of warrants to acquire ordinary shares on issue: 0

     

    
      	
              3.2

            	
              Set
                out below is all securities which it is currently intended or contemplated
                to be issued by the Company within the period of 12 months following
                the
                date of this Agreement:

            

    

     

    
      	
              4

            	
              Constitutional
                and corporate documents

            

    

     

    
      	
              4.1

            	
              The
                copies of the constitutional and corporate documents of Group Companies
                disclosed to RAB or its advisers are true, accurate and complete
                in all
                respects.

            

    

     

    
      	
              4.2

            	
              All
                statutory books and registers of the Group have been properly kept
                and no
                notice or allegation that any of them is incorrect or should be rectified
                has been received.

            

    

     

    
      	
              4.3

            	
              So
                far as the Company is aware, all returns, particulars, resolutions
                and
                other documents which the Group is required by law to file with or
                deliver
                to any authority in any jurisdiction (including, in particular, one
                responsible for maintaining a register of companies) have been correctly
                made up and filed or, as the case may be,
                delivered.

            

    

     

    
      	
              5

            	
              Information 

            

    

     

    
      	
              5.1

            	
              There
                is not, so far as the Company is aware, material information that
                has not
                been disclosed which, if disclosed, might reasonably affect the
                willingness of RAB to subscribe for the Ordinary Shares on the terms
                of
                this Agreement.

            

    

     

    
      	
              5.2

            	
              So
                far as the Warrantors are aware, all information disclosed in writing
                to
                RAB which is set out in Schedule 6 is accurate and correct in all
                material
                respects. 

            

    

     

    
      	
              6

            	
              Insurance

            

    

     

    
      	
              6.1

            	
              The
                insurance polices maintained by or on behalf of the Group give adequate
                cover against the risks that are normally insured against by a person
                carrying on the same type of business as the
                Group.

            

    

     

    
      	
              6.2

            	
              So
                far as the Company is aware there are no material outstanding claims
                under, or in respect of the validity of, any of those
                policies.

            

    

     

    
      	
              7

            	
              Litigation

            

    

     

    
      	
              7.1

            	
              The
                Group nor, so far as the Company is aware, any person for whom the
                Group
                is or may be vicariously liable is or has been involved in any civil,
                criminal, arbitration or other proceedings (including, for this purpose,
                any governmental, regulatory or similar investigation or enquiry)
                and no
                such proceedings are pending or threatened and, so far as the Warrantors
                are aware, there are no circumstances which are likely to give rise
                to any
                such proceedings.

            

    

    

    
      	
              7.2

            	
              No
                director of the Group is, to the extent that it relates to the business
                of
                the Group, engaged in or subject to anything mentioned in paragraph
                7.1.

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              8

            	
              Default

            

    

     

    
      	
              8.1

            	
              No
                event or circumstance has occurred or arisen or, so far as the Company
                is
                aware, is about to occur or arise by reason of which any person is,
                or
                would be, or could with the giving of notice and/or lapse of time
                and/or a
                relevant determination become entitled to require repayment prior
                to its
                stated maturity, or to take any step to enforce security for, any
                borrowings or indebtedness in the nature of borrowing of the Group
                and the
                Group has not received notice from any person to whom any indebtedness
                which is repayable on demand is owed demanding repayment of the same
                and
                the Company is not otherwise aware that any such person proposes
                to demand
                repayment of, or to take any step to enforce any security for, the
                same.

            

    

     

    
      	
              8.2

            	
              No
                event or circumstance has occurred or arisen or, so far as the Company
                is
                aware, is about to occur which constitutes or results in, or would
                with
                the giving of notice and/or lapse of time and/or the making of a
                relevant
                determination, constitute, or result in, a default or the acceleration
                or
                breach of any obligation under any agreement, instrument or arrangement
                to
                which the Group is a party or by which any such company or any of
                its
                properties, revenues or assets are bound, and which would in any
                such case
                have a material adverse effect on the businesses, assets or prospects
                of
                the Group taken as a whole.

            

    

     

    
      	
              9

            	
              Environmental

            

    

     

    
      	
              9.1

            	
              The
                Company and each subsidiary has not received prior written notification
                of
                any material breach of Environmental Law. For the purposes of this
                paragraph “Environmental
                Law”
                shall mean all laws, regulations, directives, statutes, subordinate
                legislation, common law and other national and local laws, all judgements,
                orders, instructions or awards of any court or competent authority
                and all
                codes of practice and guidance notes to the extent enforce and legally
                binding on the Group which have as a purpose or effect the protection
                of
                the Environment but excluding for the avoidance of doubt any of the
                above
                which regulate land use under the town and planning regime. For the
                purposes of this paragraph “Environment”
                shall mean any and all living organisms (including man) and the ecosystems
                of which they form part and the media of air, water and
                land.

            

    

     

    
      	
              10

            	
              Related
                party transactions

            

    

     

    
      	
              10.1

            	
              All
                transactions which would be treated as a transaction with a “related
                party“ (including a director, a shareholder or a company or entity in
                which a director or shareholder has an interest) under the AIM Rules
                (if
                the Company were an AIM Company (as defined in the AIM Rules)) in
                respect
                of the Company or any subsidiary have been fully disclosed in writing
                to
                RAB.

            

    

     

    
      	
              10.2

            	
              None
                of the directors, officers, employees, agents or other persons acting
                on
                behalf of the Group has been party
                to:

            

    

     

    
      	 	
              (a)

            	
              the
                use of any assets of the Group for unlawful contributions, gifts,
                entertainment or other unlawful expenses relating to the making of
                any
                direct or indirect unlawful payment to employees or directors from
                such
                asset; or

            

    

     

    
      	 	
              (b)

            	
              the
                establishment or maintenance of any unlawful or unrecorded fund of
                monies
                or other assets; or

            

    

     

    
      	 	
              (c)

            	
              the
                making of any false or fictitious entries in the books or records
                of the
                Group; or

            

    

     

    
      	 	
              (d)

            	
              the
                making of any unlawful payment.

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
              10.3

            	
              For
                the purposes of this paragraph 10, “AIM
                Rules” means
                the rules contained in the booklet “AIM RULES FOR COMPANIES” published by
                London Stock Exchange plc and those other rules of London Stock Exchange
                plc which govern the admission of securities to trading on, and the
                regulation of, AIM

            

    

     

    
      	
              11

            	
              Authority
                to carry on business

            

    

     

    
      	
              11.1

            	
              So
                far as the Warrantors are aware, the Group has at all times conducted
                its
                business in accordance with all applicable laws and
                regulations.

            

    

     

    
      	
              11.2

            	
              All
                material licenses, permissions, authorizations and consents required
                for
                carrying on the businesses of the Group have been obtained and are
                in full
                force and effect as at the date of this letter and, so far as the
                Company
                is aware, there are no circumstances which might lead to any of such
                licenses, permissions, authorizations and consents being revoked,
                suspended or refused renewal. So far as the Company is aware the
                Group has
                complied with the terms of any such licenses and with the rules of
                any
                regulatory body by which the Group is bound (“Regulatory
                Body”)
                and it is not subject to any order of or investigation by any such
                Regulatory Body, nor, so far as the Company is aware, has it received
                or
                is it likely to receive any process notice or communication on behalf
                of
                such Regulatory Body.

            

    

     

    
      	
              12

            	
              Finance
                and guarantees

            

    

     

    
      	
              12.1

            	
              The
                total amount borrowed by each Group Company does not exceed any
                limitations on the borrowing powers
                contained:

            

    

     

    
      	 	
              (a)

            	
              in
                the memorandum and articles of association (or equivalent documents)
                of
                the relevant Group Company; or

            

    

     

    
      	 	
              (b)

            	
              in
                any debenture or other deed or document binding on the relevant Group
                Company.

            

    

     

    
      	
              13

            	
              Financial
                and other records

            

    

     

    
      	
              13.1

            	
              All
                financial and other records of the
                Group:

            

    

     

    
      	 	
              (a)

            	
              have
                been properly prepared and
                maintained;

            

    

     

    
      	 	
              (b)

            	
              constitute
                an accurate record of all matters that ought to appear in them;
                and

            

    

     

    
      	 	
              (c)

            	
              do
                not contain any material inaccuracies or
                discrepancies.

            

    

     

    
      	
              13.2

            	
              No
                notice has been received or allegation made that any of those records
                are
                incorrect or should be rectified.

            

    

     

    
      	
              13.3

            	
              All
                statutory records required to be kept or filed by the Group have
                been
                properly kept or filed.

            

    

     

    
      	
              14

            	
              Insolvency

            

    

     

    
      	
              14.1

            	
              No
                Group Company is insolvent or unable to pay its debts within the
                meaning
                of the insolvency legislation applicable and has not stopped paying
                its
                debts as they fall due.

            

    

     

    
      	
              14.2

            	
              No
                Group Company has taken any action, nor have any other steps been
                taken or
                legal proceedings started or threatened against any member of a Group
                Company, for its winding-up or dissolution or for it to enter into
                any
                arrangement or composition for the benefit of creditors or for the
                appointment of a receiver, trustee, administrator or similar officer
                of it
                or any of its properties, revenues or assets.

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              15

            	
              Intellectual
                Property

            

    

     

    
      	
              15.1

            	
              The
                Company is the sole legal and beneficial owners of the Intellectual
                Property.

            

    

     

    
      	
              15.2

            	
              The
                Company is the sole registered proprietors of all of the Intellectual
                Property capable of registration on a public register, anywhere in
                the
                world.

            

    

     

    
      	
              15.3

            	
              The
                Intellectual Property is valid and subsisting, is not the subject
                of any
                current, pending or threatened challenge, claim or proceeding, including
                for opposition, cancellation, revocation or rectification, and has
                not
                been the subject of any such challenge, claim or proceeding, and
                there are
                no facts or matters which might give rise to any such challenge,
                claim or
                proceeding.

            

    

     

    
      	
              15.4

            	
              All
                registration and/or renewal fees regarding the Intellectual Property
                due
                on or before Completion have been paid in full and there are no
                registration and/or renewal fees regarding the Intellectual Property
                that
                shall be due for payment during the period of 120 days from the Completion
                Date.

            

    

     

    
      	
              16

            	
              Contracts

            

    

     

    All
      contracts and agreements of the Company are valid and enforceable in accordance
      with their terms.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Schedule
      3

     

    The
      Company

    

    METAL
      SANDS LIMITED

    

    
      

      
        	Registered
                number: 	
                5589527

              

      

    
      	Registered
              ffice:	
              Minerva
                House, 5 Montague Close, London SE1
                9BB

            

    

    Date
      of
      incorporation: 

    

    
      	Directors:	
              Derek
                William Satterthwaite (Chairperson)

              Adrian
                Christopher Griffin

              Trevor
                Abel Jones

              Alan
                Richard Jowell

            

    

     

    
      	Secretary:	
              Reed
                Smith Corporate Services

            

    

    

    
      	
              Authorised
                share capital:

            	
              £1,000,000
                divided into 1,000,000.000 ordinary shares of £0.001
                each

            

    

    

    
      	
              Issued
                share capital

            	
              1,000,000
                Ordinary Shares

            

    

    

    
      	Shareholders	
              American
                Southwest Holdings Inc: 100% 

            

    

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    Schedule
      4

     

    Governor
      Broome Tenements

    

    

    
      	
              Tenement
                no.

            	
              Date
                of application

            	
              Date
                of grant

            	
              Expiry

            	
              Current
                area (Ha)

            
	
              Granted
                tenements

            
	
              E70/2372

            	
              22/09/00

            	
              09/01/02

            	
              08/01/07

            	
              8926.70

            
	
              E70/2415

            	
              05/01/01

            	
              09/11/01

            	
              08/11/06

            	
              3407.43

            
	
              E70/2655

            	
              27/01/04

            	
              28/11/05

            	
              27/11/10

            	
              4440.35

            
	
              Tenement
                applications

            
	
              ELA
                70/2464

            	
              01/08/01

            	
               

            	
               

            	
              19849.62

            
	
              ELA
                70/2534

            	
              15/08/02

            	
               

            	
               

            	
              4532.04

            
	
              ELA70/2559

            	
              25/11/02

            	
               

            	
               

            	
              4542.71

            
	
              ELA
                70/2708

            	
              17/08/04

            	
               

            	
               

            	
              6813.46

            

    

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    
 

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Schedule
      6 - List of Written Disclosures 

    

    Loan
      Investment Agreement

    

    

    
      	 	
              1)

            	
              Disclosures
                contained within the Due Diligence File (April 2006) summaries as
                follows:

            

    

    
      	
            	a.	
              Structure 

            

    

    
      	 	
              i.

            	
              Shareholders
                of the Company, its Parent (American Southwest Inc, and the Parents
                subsidiaries and proposed
                subsidiaries.

            

    

    
      	 	
              b.

            	
              Corporate

            

    

    
      	 	
              i.

            	
              Metal
                Sands Limited - Company Profile

            

    

    
      	 	
              ii.

            	
              Metal
                Sands Limited ACN: 094 423 551 - Constitution

            

    

    
      	 	
              iii.

            	
              Metal
                Sands Limited - Certificate of
                Incorporation

            

    

    
      	 	
              iv.

            	
              Metal
                Sands PTY LTD - Certificate of Registration and conversion to a
                proprietary company

            

    

    
      	 	
              v.

            	
              Metal
                Sands Limited - Memorandum and articles of
                Association

            

    

    
      	 	
              vi.

            	
              Africa
                Pacific Capital - Mandate for Seed Capital Raising 23 December
                2005

            

    

    
      	 	
              c.

            	
              Business

            

    

    
      	
            	i.	
              Business
                Plan and Budget  

            

    

    
      	 	
              ii.

            	
              Current
                Presentation

            

    

    
      	 	
              iii.

            	
              List
                of professional advisors

            

    

    
      	 	
              d.

            	
              Documents
                for Title of Assets

            

    

    
      	 	
              i.

            	
              Smyth
                Thomas Report

            

    

    
      	 	
              ii.

            	
              Metal
                Sands Pty Ltd / Metal Sands Australia Pty Ltd Agency
                agreement

            

    

    
      	 	
              iii.

            	
              Governor
                Broome Acquisition by the Company dated 8 December
                2005

            

    

    
      	 	
              e.

            	
              Contracts

            

    

    
      	 	
              i.

            	
              Disclosures
                on Related Party Trading

            

    

    
      	 	
              ii.

            	
              Memorandum
                of Understanding between Doyle Capital and
                CNMC

            

    

    
      	 	
              iii.

            	
              Africa
                Pacific Capital Limited Mandate dated 23 December
                2005

            

    

    
      	 	
              iv.

            	
              Banking
                Details

            

    

    
      	 	
              f.

            	
              Employment

            

    

    
      	 	
              i.

            	
              Directors
                remuneration & Options

            

    

    
      	 	
              g.

            	
              Property

            

    

    
      	 	
              i.

            	
              Lease
                of Premises

            

    

    
      	 	
              h.

            	
              Legal
                compliance and Litigation

            

    

    
      	 	
              i.

            	
              Proposed
                Transactions

            

    

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    EXECUTED
      as a DEED by 

    METAL
      SANDS LIMITED

    acting
      by: 

    
      
        
          
            
              	 	 	 	 	 
	/s/ Alan
                      Jowell	
                      Director

                    	 	
                      /s/ Trevor
                        Jones

                    	
                      
                        Director

                      

                    
	
                      

                    	 	 	
                      

                    	 
	Alan
                      Jowell	
                      Name

                    	 	Trevor
                      Jones	
                      Name

                    

            

          

        

      

    

     

    EXECUTED
      as a DEED by 

    RAB
      SPECIAL SITUATIONS (MASTER) FUND LIMITED

    acting
      by: 

    
      
        
          
            	 	 	 	 	 
	/s/ Benjamin
                    Hill	
                    Authorised
                      Signatory

                  	 	
                    /s/ Fraser
                      McGee

                  	
                    Authorised
                      Signatory

                  
	
                    

                  	 	 	
                    

                  	 
	Benjamin
                    Hill	
                    Name

                  	 	Fraser
                    McGee	
                    Name

                  

          

        

    

    EXECUTED
      as a DEED by 

    AMERICAN
      SOUTHWEST HOLDINGS, INC

    acting
      by: 

    
      
        
          
            	 	 	 	 	 
	/s/ Alan
                    Doyle	
                    Authorised
                      Signatory

                  	 	
                    
                      /s/
                        Peter Holsworth

                    

                  	
                    Authorised
                      Signatory

                  
	
                    

                  	 	 	
                    

                  	 
	Alan
                    Doyle
                    (President)	
                    Name

                  	 	Peter
                    Holsworth
                    (Director)	
                    Name

                  

          

        

    

    EXECUTED
      as a DEED by 

    ALAN
      JOWELL

    
      
        
          	 	 	 	 	 
	/s/ Alan
                  Jowell	
                   

                	 	
                   

                	
                   

                
	
                  

                	 	 	
                	 
	In the presence of: 	 	 	 	 

        

      

    

     

    
      
        
          
            
              	/s/ Ging
                      Tsouboures	
                      
                        Signature
                          of Witness

                      

                    	 	
                       

                    	
                       

                    
	
                      

                    	 	 	
                    	 
	Ging Tsouboures	
                      Name

                    	 	 	 
	
                      

                    	 	 	 	 
	415
                      Shenton Ave, Bankstown	
                      Address

                    	 	 	 
	
                      

                    	 	 	 	 
	Accountant	
                      Occupation

                    	 	 	 
	
                      

                    	 	 	 	 

            

          

        

         

      

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    EXECUTED
      as a DEED by 

    DEREK
      SATTERTHWAITE

    
      
        
          
            	 	 	 	 	 
	/s/ Derek
                    Satterthwaite	
                     

                  	 	
                     

                  	
                     

                  
	
                    

                  	 	 	
                  	 
	In the presence of: 	 	 	 	 

             

            
              
                
                  
                    
                      	/s/ Theresa
                              Brucciani	
                              
                                Signature
                                  of Witness

                              

                            	 	
                               

                            	
                               

                            
	
                              

                            	 	 	
                            	 
	Theresa Brucciani	
                              Name

                            	 	 	 
	
                              

                            	 	 	 	 
	
                              290
                                Railway PDE, West Leederville

                              WA
                                6007

                            	
                              Address

                            	 	 	 
	
                              

                            	 	 	 	 
	Administrator	
                              Occupation

                            	 	 	 
	
                              

                            	 	 	 	 

                    

                  

                

                 

              

            

          

        

      

    

    EXECUTED
      as a DEED by 

    TREVOR
      JONES

    
      
        
          
            
              	 	 	 	 	 
	/s/ Trevor
                      Jones	
                       

                    	 	
                       

                    	
                       

                    
	
                      

                    	 	 	
                    	 
	In the presence of: 	 	 	 	 

            

          

        

        
           

          
            
              
                
                  
                    	/s/ Ging
                            Tsouboures	
                            
                              Signature
                                of Witness

                            

                          	 	
                             

                          	
                             

                          
	
                            

                          	 	 	
                          	 
	Ging Tsouboures	
                            Name

                          	 	 	 
	
                            

                          	 	 	 	 
	415
                            Shenton Ave, Bankstown	
                            Address

                          	 	 	 
	
                            

                          	 	 	 	 
	Accountant	
                            Occupation

                          	 	 	 
	
                            

                          	 	 	 	 

                  

                

              

               

            

          

        

      

    

    EXECUTED
      as a DEED by 

    ADRIAN
      GRIFFIN

    
      
        
          
            
              	 	 	 	 	 
	/s/ Adrian
                      Griffin	
                       

                    	 	
                       

                    	
                       

                    
	
                      

                    	 	 	
                    	 
	In the presence of: 	 	 	 	 

            

          

        

        
           

          
            
              
                
                  
                    	/s/ Theresa
                            Brucciani	
                            
                              Signature
                                of Witness

                            

                          	 	
                             

                          	
                             

                          
	
                            

                          	 	 	
                          	 
	Theresa Brucciani	
                            Name

                          	 	 	 
	
                            

                          	 	 	 	 
	
                            290
                              Railway PDE, West Leederville

                            WA
                              6007

                          	
                            Address

                          	 	 	 
	
                            

                          	 	 	 	 
	Administrator	
                            Occupation

                          	 	 	 
	
                            

                          	 	 	 	 

                  

                   

                

              

              
                
                  
                  

                

                
                  28

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