Document:

ex10-7.htm

Exhibit 10.7

GlobeTrac Inc.

610 – 1100 Melville Street

Vancouver, British Columbia

V6E 4A6

June 9, 2011

Angelo Scola

and

Thermoforte Green, LLC

10 Yosemite Valley Road

Watch Hill, Rhode Island

02891

Attention:  Angelo Scola

Dear Sirs:

Re:  Thermoforte Green, LLC (“Thermoforte”) - Asset Purchase

This letter will confirm our numerous discussions concerning the proposed purchase of the assets of the business of Thermoforte, including all intellectual property, patents, equipment, technology, contracts, and cash used in and related to the business of Thermoforte.

This Letter Agreement sets forth the terms and conditions of the proposed purchase, which, when accepted by you and Thermoforte, will form a binding agreement among us, such agreement to be embodied in due course in a more formal agreement (the “Formal Agreement”).

Background

For the purposes of our proposed acquisition, we have each relied upon the following information:

	
(a)

	
Thermoforte is a Delaware limited liability company duly organized and validly subsisting and the Assets are in good standing;

	
(b)

	
GlobeTrac Inc. is a Delaware company duly organized and validly subsisting and is a SEC reporting company in good standing;

	
(c)

	
there are no options, rights or other agreements to purchase the business assets, and neither you nor Thermoforte have granted anyone else the right to purchase any of the business assets;

	
(d)

	
except for accounts payable incurred in the ordinary course of Thermoforte’s business and any loan for loan proceeds to be received by Thermoforte after the signing of this Letter Agreement (the “Loan”), there are no known liabilities, contingent or otherwise, affecting Thermoforte; and

	
(e)

	
you are the sole manager and member of Thermoforte.

  

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Proposed Acquisition

Based on the foregoing information, we agree as follows:

	
1.

	
We will purchase from you and Thermoforte all of the business assets.  Included in the business assets at the time of purchase will be the Loan, if any, and all cash, property, equipment, goodwill, intellectual property, including all patents registered in your name or the name of any affiliate, and other assets used in or related to the business of Thermoforte (collectively the “Assets”).

	
2.

	
The aggregate purchase price of the Assets will be up to a maximum of US$7.1 million payable in 610 million restricted common shares of GlobeTrac Inc. at a deemed price of $0.01 per share and the assumption of the Loan, if any, with an allocation to be agreed upon and contained within the Formal Agreement.

	
3.

	
You or your nominee will be appointed to our Board of Directors.

	
4.

	
It is understood that contained in the Formal Agreement will be the normal and usual covenants and warranties for a transaction of this nature, including among other things, but without limitation, the ownership of the Assets, and the right of you and Thermoforte to sell the Assets.  The Formal Agreement will also disclose and contain warranties concerning, without limitation, the nature of ownership of and good title to the Assets; the holdings of permits, licences, consents and authorities necessary for the use of the Assets and to carry on the business; all purchase orders and other obligations dealing with the Assets; and all outstanding guarantees and performance bonds attached to the Assets.

	
5.

	
The Formal Agreement will also contain customary conditions precedent to closing, including, without limitation, the following:

	
a.  

	
We will conduct our due diligence on the Assets and evaluate the Assets and obtain satisfactory results from our due diligence and evaluation.

	
b.  

	
We complete the due diligence and evaluation within 45 calendar days of the date this Letter Agreement is accepted by you.

	
c.  

	
You and Thermoforte will obtain any required consents for the transfer of title of the Assets.

	
d.  

	
Thermoforte will enter into a written contract for the licensing or use of its technology, which will, among other provisions, allow Thermoforte to assign its interest in the contract to another party and generate minimum amount of revenues.

	
e.  

	
We will agree to use our best efforts to raise $9 million for financing the development of the Assets and the operation of the business once the Asset has been acquired by us.

	
f.  

	
We will obtain shareholder approval to the terms and conditions of the acquisition of the Assets and to an increase in the authorized capital of GlobeTrac Inc.

	
  

	
The Formal Agreement will provide that if these conditions are not fulfilled or waived prior to closing, the obligations of the parties thereunder will be null and void unless the fulfilment of any such condition was not reasonably capable of being performed.

  

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6.

	
Pending the closing of the transaction, we and our representatives will have, at reasonable times and with minimal disruption, access to Thermoforte and to its books and records, financial and operating data, material contracts and other information with respect to the business as we will reasonably request.

	
7.

	
All information will be kept confidential and will be divulged by the parties only to their respective principals and professional advisors.

	
8.

	
Prior to execution of the Formal Agreement and so long as negotiations on this proposal continue and are being pursued in good faith, you and Thermoforte agree neither to solicit expressions of interest nor offers from any other parties concerning the sale of the Assets nor to negotiate same or to take any steps in furtherance thereof.

Miscellaneous

	
9.

	
Each of the parties hereby will pay their own costs, expenses and fees (including, without limitation, legal counsel) incurred in connection with the preparation, execution and the consummation of this Letter Agreement and the Formal Agreement.

	
10.

	
This Letter Agreement and the Formal Agreement will be interpreted in accordance with the laws of the Province of British Columbia and will enure to the benefit of and be binding upon us and you and Thermoforte and their respective heirs, successors and permitted assigns.

	
11.

	
All parties agree to sign such further and other deeds and documents, including without limitation, the Formal Agreement and to give such further and other assurances as may be necessary to fully implement this Letter Agreement.

	
12.

	
If the foregoing accurately sets forth your understanding of our agreement, please sign this Letter Agreement where indicated below which will then form a binding agreement among us, subject only to the terms and conditions aforesaid.  We will then immediately begin our due diligence and preparation of the Formal Agreement.

Yours truly,

GlobeTrac Inc.

Per:                                                                                                                                 c/s

            /s/ John daCosta                 

John daCosta - President

ACCEPTED AND AGREED TO THIS 9TH DAY OF JUNE, 2011:

 

Thermoforte Green, LLC

Per:

         /s/ Angelo Scola                                                                                 /s/ Angelo Scola                        

Angelo Scola                                                                                   Angelo Scola - ManagerUnassociated Document

 

Exhibit 10.1

NOTARY PUBLIC

Orrego Luco 0153

Telephone:2441361 - Fax 2517200

Providencia

E-mail: rstone@notaria-avello.cl

 

RSR  ENTRY NO. 8970-2011

OT  282429

 

PROMISE OF PURCHASE AGREEMENT

 

BENITO ALFONSO FERRER HENRÍQUEZ

 

TO

 

SANTA TERESA MINERALS S.A

 

 ******************

In SANTIAGO de CHILE, on May 6, 2011, before me, EDUARDO AVELLO CONCHA, Incumbent Notary Public and head of the 27th Notary’s Office of Santiago, domiciled at calle Orrego Luco No. zero, one hundred fifty-three, Providencia, there appear the promising seller, BENITO ALFONSO FERRER HENRÍQUEZ, a Chilean miner, married, with national ID card number six million three hundred fifteen thousand thirty, dash three, temporarily domiciled at Pasaje Los Luceros No. 3, San Esteban, Los Andes, Fifth Region; and the promising buyer, the company "SANTA TERESA MINERALS S.A.", with Taxpayer ID number seventy-six million twenty six thousand seven hundred eighty-five thousand, dash six, represented for all purposed of this agreement by JUAN CARLOS CAMUS VILLEGAS, a Chilean engineer, married, with national ID card No. four million eight hundred eighty-nine thousand three hundred thirty-six dash eight, both of whom are domiciled at Bascuñan Guerrero No. 530. Santiago. The appearing parties are of age and they prove their identities by means of the corresponding identity cards, and they declare: FIRST: Benito Alfonso Ferrer Henriquez owns fifty shares of the Legal Mining Company “Teresita uno al veinte Sociedad Legal Minera uno al veinte de Peumo”, recorded at the back of folio fifteen of the Discovery Registry of the Mine Custody Department in Peumo, in 1993. This company owns the mining property called “Teresita uno de veinte” recorded in the Property Registration Office of the Mine Custody Department of Peumo, on folio forty two, number eight, of 1995. The promising seller also owns fifty shares of the Legal Mining Company “Los Pinos uno de teinta de Peuno" recorded at the back of folio six of the Discovery Registry of the Mine Custody Department of Peumo, of 1992.  The company owns the mining property called “Los Pinos uno de treinta" recorded under its own name on page twenty nine, number eleven, of the Mine Property Registry of the Mine Custody Department of Peuno, of 1995. - SECOND: In turn, Benito Alfonso Ferrer Herníquez hereby acquires the remaining fifty shares from his partner Isidoro Ernesto Quiroga Moreno, and the purchase and transfer transaction shall be completed and formalized no later than sixty days

 

  

  

  

EDUARDO AVELLO CONCHA

NOTARY PUBLIC

Orrego Luco 0153

Telephone: 2441361 - Fax 2517200

Providencia

E-mail: rstone@notaria-avelIo.cl

after the execution thereof. Once the purchase transaction has been executed, a term shall be established for the two aforementioned legal mining companies after which they shall be dissolved, and Benito Alfonso Ferrer Henríquez shall become the sole and exclusive owner of the mining property specified in clause one.- THIRD: Benito Alfonso Ferrer Henríquez  hereby promises to sell, assign and transfer to the company “Santa Teresa Minerals S.A.”, and “Santa Teresa Minerals S.A.” promises to buy and acquire form Benito Alfonso Ferrer Henriquez, seventy percent of the rights of ownership over the abovementioned mining property called “Teresita uno al veinte” and “Los Pinos uno al treinta”.- FOURTH: The promised purchase price shall be one million two hundred thousand US dollars as follows: One) At the time of the execution of the purchase agreement, the amount of two hundred thousand dollars; Two) Six months from the execution of the purchase agreement, the amount of one hundred thousand dollars; Three) Twelve months from the execution of the purchase agreement, the amount of one hundred thousand dollars; Four) Eighteen months from the execution of the purchase agreement, the amount of one hundred thousand dollars; Five) Twenty four months from the execution of the purchase agreement, the amount of two hundred thousand dollars;  Six) Thirty months from execution of the purchase agreement, the amount of two hundred thousand dollars; and Seven) Thirty six months from execution of the purchase agreement, the amount of three hundred thousand dollars.- FIFTH: The mine property rights subject matter of this agreement shall be sold free from

any mortgage, encumbrance, prohibitions, garnishments and actions, being the seller responsible for its remedy pursuant to the law.- SIXTH: The material delivery of the properties shall be performed after the execution of the promised agreements, free from any occupants of any kind.- SEVENTH: The agreement shall be executed within a maximum term of sixty days from said date.- EIGHTH: The percentage that shall be retained by Benito Alfonso Ferrer Henríquez which shall amount to thirty shares of the legal mining corporations that shall be incorporated by operation of law shall be "released". Therefore, the seller or whoever owns these shares shall not be obliged to make any payments or contribution for the maintenance of the mining property nor for the exploration or exploitation of the property. NINTH In the event that any of the parties do not wish to execute the agreement upon expiration of the term set forth in clause eight above, by its own action or fault it shall pay the other complying party or the party willing to comply the amount of two hundred thousand American Dollars as compensation and advanced payment for the damages that failing to comply with these obligations causes to the other party. TENTH: It is an essential condition for the execution of this agreement that Benito Alfonso Ferrer Henríquez previously acquires fifty shares of each of the legal mining corporations detailed in clause one of this document from Isidoro Quiroga Moreno. ELEVENTH: For all

 

  

  

  

EDUARDO AVELLO CONCHA

NOTARY PUBLIC

Orrego Luco 0153

Telephone: 2441361 - Fax 2517200

Providencia

E-mail: rstone@notaria-avelIo.cl

the legal purposes of this agreement, the parties establish their domiciled in the city of Santiago and agree to subject themselves to the jurisdiction of its courts.  The holder of this certified copy is empowered to request the necessary registrations and certifications.  This deed has been drafted according to the minutes written by the lawyer Luis Fernando Ureta Álamos.   After having read the agreement and agreeing with its contents the appearing parties sign it. A copy is provided. - I ATTEST.-

[Fingerprint and signature]

BENITO ALFONSO FERRER HENRIQUEZ

[Fingerprint and signature]

SANTA TERESA MINERALS S.A. represented by

Juan Carlos Camus Villegas

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