Document:

share for debt agreement

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Exhibit 4.8

THIS DEBT SETTLEMENT AGREEMENT made as of March 18, 2002.

BETWEEN:

Immune Network Ltd. of 202–1768 West 3rd Avenue, Vancouver, British Columbia, V6J 1K4 (Telefax No. (604) 733-6631)

(hereinafter called the "Creditor")

OF THE FIRST PART

AND:

InNexus Inc., a company duly incorporated pursuant to the laws of the state of Washington and having its offices at 2198 South Bay Vista Lane, Camano Island, Seattle, Washington, 98282 (Telefax No. (425) 696-0068)

(hereinafter called the "Debtor")

OF THE SECOND PART

AND

CUSIL VENTURE CORPORATION, a company duly incorporated under the laws of the Province of British Columbia and having an office at 1400 - 400 Burrard Street, Vancouver, B.C., V6C 3G2 (Telefax No. (604) 643-1789)

(hereinafter called the “Issuer”)

OF THE THIRD PART

WHEREAS:

A.

As at the date hereof, the Debtor is indebted to the Creditor in the amount of US$125,670 (the “Debt”), particulars of which are attached as Schedule “A” hereto;

B.

The Issuer has agreed, subject to completion of the purchase, by way of reverse takeover, of all of the issued and outsanding shares of the Debtor  in exchange for shares of the Issuer pursuant to the letter agreement dated for reference December 5, 2001, as amended by agreement dated for reference March 1, 2002 (the “Proposed Transaction”) and subject to completion of the conditions set forth herein (the “Conditions”), to assume certain indebtedness of the Debtor, including the Debt, and to settle it on the terms and conditions set forth herein in consideration of the Debtor’s agreement that it will be obligate to repay any such amount to the Issuer;

C.

The Creditor has agreed to discharge all liability of the Debtor with respect to the Debt upon the issuance to the Creditor of 216,781 Common Shares (the “Shares) in the capital stock of the Issuer at a deemed price of $US 0.58 per share. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and in consideration of the premises and the mutual covenants and agreements herein contained, the parties mutually agree each with the other as follows:

1.

The Creditor hereby agrees to accept from the Issuer, the Shares in full satisfaction of the Debt owing to it.

2.

The Creditor represents and warrants that the Debt is due and owing in full without setoff or other right of diminishment and the particulars thereof are set out in Schedule “A” hereto and are properly described and correct in every material respect.

3.

The Creditor acknowledges that the Issuer is not independently obligated to the Creditor to pay the Debt and that, should, for any reason, the Issuer not issue the Shares in satisfaction of the Debt as and when contemplated hereunder, the Creditor may thereafter look only to the Debtor for repayment of the Debt and not to the Issuer.  The Creditor further acknowledges that the Issuer’s obligations to the Debtor to enter into and perform this Agreement are subject to certain conditions agreed to by the Debtor and the Issuer including completion of the Proposed Transaction and the Conditions.

4.

The Creditor hereby agrees that, effective forthwith upon the issuance to it of the Shares (provided certificates representing the Shares are thereafter delivered to it prior to the Termination Date or, if delivered thereafter, prior to effective delivery of a valid notice of termination under section 7), the Creditor shall and does hereby, without the requirement for further action of the parties, release and forever discharge the Debtor, its successors and assigns from all matters of actions, suits, debts, dues, accounts, bonds, contracts, claims and demands whatsoever which against the Debtor it ever had, now has, or which its successors or assigns or any of them hereafter may have by reason of the Debtor's indebtedness to the Creditor with respect to the Debt.

5.

This Agreement is subject to the following conditions:

(a)

acceptance of the Canadian Venture Exchange Inc. (the “Exchange”) and any other regulatory authority having jurisdiction with respect to the transactions contemplated herein (“Regulatory Approval”); and

(b)

completion of the Proposed Transaction. 

6.

The Issuer hereby agrees, upon and subject to completion of any Conditions which are required to be completed prior to seeking approval of the Exchange to the Proposed Transaction, to seek without delay, and to use its best efforts to obtain Regulatory Approval as part of its efforts to obtain approval of the Exchange to the Proposed Transaction or as soon as practicable thereafter and, in any event, on or before 5:00 p.m., Vancouver time, on December 31, 2002 (the “Termination Date”) and agrees further to effect the issuance of Shares to the Creditor and delivery of certificates representing such Shares to the Creditor as soon as practicable after completion of the Conditions and the Proposed Transaction.

7.

In the event Regulatory Approval is not obtained on or before the Termination Date or if the Shares are not issued or if certificates representing such Shares are not delivered to the Creditor within 15 business days after the date of issuance thereof, the Creditor may, at its option, elect to terminate the Agreement by notice in writing delivered to the Debtor at the address or fax number set out above, whereupon this Agreement shall thereafter have no further force or effect and the rights and obligations of the parties hereunder cease forthwith.

8.

Notice hereunder shall be deemed to be effectively given if delivered or sent via telefax to the addresses or telefax numbers first set out above or as either party may otherwise stipulate by notice in writing to the other party in writing.  Delivery of certificates representing the Shares may be made by prepaid mail address set out above, unless the Creditor arranges, as its own cost, for delivery of such Shares by other means and notifies the Debtor accordingly.

9.

The Creditor acknowledges that:

(a)

there are no representations or warranties given by the Debtor, the Issuer or their respective Directors or Officers concerning the future value of the Shares;

(b)

the Creditor has no knowledge of a “material fact” or “material change”, as those terms are defined the Securities Act (British Columbia), in the affairs of the Debtor or the Issuer or with respect to the Proposed Transaction that has not been generally disclosed to the public, save knowledge of this Agreement; 

(c)

the Creditor is aware that no prospectus has been filed by the Issuer with any securities commission or similar authority in British Columbia or elsewhere in connection with the sale of the Shares contemplated hereby, and that as a result: 

(i.)

the Creditor is restricted from using most of the civil remedies available under applicable securities legislation; 

(ii.)

the Creditor may not receive information that would otherwise be required to be provided under applicable securities legislation; and  

(iii.)

the Issuer is relieved from certain obligations that would otherwise apply under applicable securities legislation; and

(d)

the Shares shall, in addition to any other resale restrictions as may be provided for under the Securities Rules (British Columbia) and the policies of the Exchange, be subject a hold period of 12 months commencing upon the date of issuance of the Shares and any certificates representing the Shares shall be affixed with a legend to that effect;

(e)

the Shares may not be sold outside of British Columbia except in compliance with the requirements of applicable securities legislation in the jurisdiction in which the Creditor and the purchaser of the Shares is resident and the Creditor is responsible to ensure full compliance with any such requirements.

10.

The parties hereto agree to execute all further documents and assurances as may be necessary to give effect to the intent expressed herein.

11.

This written instrument embodies the entire agreement of the parties to this Agreement with regard to the matters dealt with in the Agreement, and no understandings or agreements, verbal or otherwise, exist between the parties except as expressly set out herein and, without limitation, this Agreement supercedes any and all prior agreements, whether verbal or in writing, with respect to the matters set forth herein.  

12.

Time shall be the essence of this Agreement.

13.

This Agreement shall enure to the benefit of and be binding upon the parties hereto, their respective heirs, executors, administrators, successors and assigns.

14.

This Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF the parties hereto have hereby set their hands and seals the day and year first aforesaid.

	The corporate seal of Immune Network Ltd. was hereunto in the presence of:

“Allen Bain”

Allen Bain, Authorized Signatory

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Signed sealed and delivered by InNexus Inc. 

	

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InNEXUS Inc.

Per.  “Alton C. Morgan”

Authorized Signatory

	

The Corporate seal of CUSIL VENTURE CORPORATION was hereunto affixed in the presence of 

“Stuart Rogers”

Authorized Signatory

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preceden\debt\debt\agmt\20

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Schedule “A

Particulars of Indebtedness

Convertible Loan maturing on May 15, 2002

(See Attached)

preceden\debt\debt\agmt\20confagr.doc

Exhibit 4.9

Cusil Venture Corporation

1400 – 400 Burrard Street

Vancouver, B.C.

V6C 3G2

Tel: (604) 689-1749

Fax: (604) 643-1789

March 7, 2002

L. Grant Young

Suite 1500, 885 West Georgia Street

Vancouver, B.C.

V6C 3E8

Dear Sir:

Re: Finders Fee Agreement – Share Exchange

Upon execution by you, this letter will form the agreement between Cusil Venture Corporation ("we" or the “Company”) and L. Grant Young ("you" or "the Finder") respecting the Company’s obligation to pay you a fee (the “Finder’s Fee”) in consideration of your introduction to us of the principal shareholders (the “Principals”) of InNexus Inc., a private company in the biopharmaceutical business (the “Target Company”), with a view to us entering into negotiations leading to a binding agreement between the Company, the Target Company and its shareholders on such terms and conditions as we may mutually agree to (the “Share Exchange Agreement”), which shall provide for the acquisition (subject, among other things, to the prior approval of the Canadian Venture Exchange Inc. (the “Exchange”)) of all of the issued and outstanding shares of the Target Company in exchange for shares of the Company (the “Proposed Transaction”), in the event that the Share Exchange Agreement is entered into by all parties at any time during the period commencing upon the date of execution of this Agreement and continuing for 12 months thereafter (the "Restricted Transaction Period"), all on the following terms and conditions:

1.

The agreement formed by execution hereof will supercede and replace all prior negotiations, communications, agreements or understandings between the Company and the Finder, whether oral or in writing, with respect to the matters set forth herein.

2.

As soon as practicable after execution hereof and from time to time during the Restricted Transaction Period, you shall provide the Company with the names and any other relevant information in your possession or control with respect to the Target Company and the Principals, including telephone and fax numbers for the appropriate authorized persons able to make binding decisions with respect to participation in the Proposed Transaction, shall arrange for such meetings and introductions to the Principals and other parties necessary for the Company to complete its due diligence on the Target Company, to negotiate the terms of appropriate share exchange and other relevant agreements and to attend to all other matters related to the Proposed Transaction, and shall use your best efforts to facilitate us entering into a binding agreement with the Target Company and its shareholders with respect to the Proposed Transaction.  

3.

The terms of the Proposed Transaction and any participation therein by the Company shall be in accordance with the rules and policies of the Exchange and shall be subject to such other terms and conditions, including the availability to the Company of prospectus and registration exemptions under applicable securities legislation, as may be acceptable to the Company in its absolute discretion.  

4.

If the Company enters into a binding Share Exchange Agreement (in the form prescribed by the Company) at any time during the Restricted Transaction Period with the Target Company and its shareholders, the Finder will be entitled to receive a Finder’s Fee payable upon closing of the Proposed Transaction by the issuance to the Finder of 500,000 fully paid and non-assessable Common Shares of the Company (the “Finder’s Shares”), in consideration for the Finder having introduced the Target Company and the Principals to the Company.  The Finder’s Shares will be required, in accordance with Exchange policies, to be escrowed on terms and conditions the same as or similar to those applicable to shares issued to the Principals under the Proposed Transaction.

5.

No Finder’s Fee shall be payable by the Company where payment of such fee would be in breach of the requirements of the Securities Act (British Columbia) or any applicable securities legislation in the jurisdiction where a Placee is resident or where such payment would cause the Company to be unable to rely on suitable exemptions from prospectus and registration requirements under applicable securities legislation in British Columbia or such other jurisdiction.  Notwithstanding any other provision herein, no Finder’s Fee shall be payable if the Company does not enter into a Share Exchange Agreement as and when contemplated under section 4, nor if the Company does enter into such agreement, but thereafter, for any reason whatsoever, does not complete the Proposed Transaction.  

6.

This Agreement is non-exclusive and, without limiting the generality of the foregoing, the Company shall be entitled to decline to enter into any Proposed Transaction or other arrangement with the Target Company and to enter into a Proposed Transaction with persons who are not Principals or with companies other than the Target Company, and the Company shall not be obliged to offer the Finder the right to participate in identifying or negotiating any particular Proposed Transaction and shall be entitled to pay finders fees to other parties on such terms as it may deem fit with respect thereto.

7.

This Agreement will ensure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.  This Agreement may not be assigned without the Company’s prior written consent, which consent shall not be unreasonably withheld.

8.

This Agreement may be terminated at any time by the Company by notice in writing, provided that the Company will remain obligated to pay the Finder a Finder’s Fee if thereafter enters into a binding agreement (in the form prescribed by the Company) to participate in the Proposed Transaction with the Target Company and its Principals during the Restricted Transaction Period.  

9.

Nothing herein shall constituted the Finder an agent of the Company nor shall the Finder be entitled to enter into transactions or make representations on behalf of the Company, bind the Company under any agreement or otherwise act on behalf of the Company with respect to a Proposed Transaction or otherwise.  

10.

This Agreement will be governed by and construed in accordance with the laws of the province of British Columbia, Canada and the parties hereby attorn to the jurisdiction of the Courts of British Columbia and irrevocably agree that venue for any action commenced in connection herewith shall be in Vancouver, British Columbia.

11.

This Agreement and performance by the Company hereunder is subject to receipt of acceptance for filing of this Agreement by the Exchange.

If you wish to accept the terms and conditions set out herein please execute the enclosed copy of this letter and return same to us by no later than 2 calendar days from the date hereof.

We hereby acknowledge and accept return of the enclosed copy of this letter by telecopy, telex, or other means of electronic communication producing a printed copy, subject to delivery of the original document to us within two weeks of delivery of the copies sent via electronic communication.

Yours truly,

Cusil Venture Corporation

Per:  /s/ Stuart Rogers

______________________________

Stuart Rogers

Accepted and agreed to as of this 8th day of March, 2002.

 /s/ Grant Young

_________________

L. Grant Young

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