Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Papertradex (US) Inc. - Exhibit 10.6

EXHIBIT 10.6

PAPERTRADEX EUROPE LIMITED

DEBENTURE

Issued under the authority of the Company's
Memorandum &
Articles of Association
and pursuant to resolution of the Directors

dated the 4th day of October 2004

THIS DEBENTURE is made BETWEEN

	(1) 	
      PaperTradex Europe Limited of 27 New Bond Street, London
      W1S 2RH ("the Company”);

	 	 
	(2) 	
      PaperTradex Inc of P.O. Box 346, Corozal Town, Belize,
      Central America ("the Debenture Holder")

WHEREAS the Company is indebted to the Debenture Holder for all
principal monies lent to it by the Debenture Holder and or any other
indebtedness of the Company to the Debenture Holder whether actual future or
contingent and whether by subrogation or otherwise ("the Principal Monies")

NOW THIS DEED WITNESSETH AS FOLLOWS:-

1.      THE Company hereby
covenants with the Debenture Holder that it will on demand in writing made by
the Debenture Holder pay or discharge to the Debenture Holder the Principal
Monies

2.      AS security for the
payment and discharge of the Principal Monies and liabilities aforesaid the
Company as beneficial owner hereby:-

	(1) 	
      Charges to the Debenture Holder by way of Legal Mortgage
      all freehold and leasehold property (including all fittings and fixtures
      and fixed plant and machinery thereon) and now owned by the Company.
      Particulars of the freehold and leasehold property of the Company are set
      out in Schedule 1 ("the Legally Mortgaged Property")

	 	 
	(2) 	
      Charges to the Debenture Holder by way of specific
      equitable charge all estates and interests and charges in or over any
      freehold and leasehold property (except the Legally Mortgaged Property)
      now or at any time during the continuance of this security owned acquired
      by or charged to the Company ("the Equitable Charged Property")

	 	 
	(3) 	
      Assigns to the Debenture Holder all debts other sums of
      money and other claims of a monetary nature which are now or at any future
      time belonging to or received or receivable by or which become payable to
      or vested in the Company ("the Debts") and the benefit of all securities
      for the same and all interest (if any) due or which becomes due in respect
      thereof TO HOLD the same unto the Debenture Holder subject only to the
      proviso for redemption hereinafter contained

	 	 
	(4) 	
      Charges to the Debenture Holder by way of fixed
      charge:-

1

	 	(i) 	
      All stocks shares and other interests including (without
      prejudice to the generality of the foregoing) loan capital indebtedness or
      liabilities on any account or in any manner owing to the Company both
      present and future of the Company in (and from) any company person or body
      wheresoever situate; and

	 	 	 
	 	(ii) 	
      The goodwill and uncalled capital of the Company both
      present and future

	 	 	 
	 	(iii) 	
      All patents patent applications trademarks trade names
      registered designs and copyrights and all licences and ancillary and
      connected rights relating to the intan-gible property both present and
      future of the Company

	 	 	 
	 	(iv) 	
      All monies received or receivable by the Company
      comprising the surplus upon realisation by a prior chargee of its security
      after discharge of all monies and liabilities secured by such prior
      charge

	(5) 	
      Charges to the Debenture Holder by way of floating charge
      the whole of the remainder of the Company's undertaking property rights
      and assets both present and future and wheresoever situate including
      uncalled capital

	 	 	 
	(6) 	
      With reference to the Equitable Charged Property the
      company undertakes:-

	 	 	 
		(i) 	
      To deposit with the Debenture Holder the deeds and
      documents of title relating thereto;

	 	 	 
		(ii) 	
      At any time upon request to execute over all or any part
      thereof a legal mortgage or legal sub-mortgage as the case may be in
      favour of the Debenture Holder in such form as he shall require

	 	 	 
	(7) 	
      The Debenture Holder may at any time by notice in writing
      to the Company convert the aforesaid floating charge into a fixed charge
      as regards any assets specified in such notice

	 	 	 
	(8) 	
      The property charged by this clause is hereinafter
      collectively referred to as "the Mortgaged
Property"

3.      UNLESS and until the
security hereby constituted shall have become enforceable the floating charge
hereby created shall not hinder or prevent the Company from selling or otherwise
disposing of any part of the assets which are the subject of such floating
charge by way of bargain made at arms length on normal commercial terms in the
ordinary course of the Company's business and for the purposes of carrying on
the same so long as the Company fully complies with the covenants herein
contained. Provided always that the Company shall not be entitled to sell the
whole or any substantial part of its undertaking or assets whether in one
transaction or by a series of transactions

4.      THE Company shall not
have power without the consent of the Debenture Holder to create any mortgage or
charge on its undertaking or assets or any part thereof ranking in priority to
or pari passu with the charge hereby created 

6.      THE Company will at any
time if and when required to do so by the Debenture Holder execute to the
Debenture Holder or as the Debenture Holder shall direct such legal or other
mortgage or other charges of and on all the Company's estate and interest in any
property of the Company which may hereafter be acquired by or belong to the
Company, such mortgages or charges to be prepared by or on behalf of the
Debenture Holder at the cost of the Company 

2

and to contain an immediate power of sale and all other clauses
for the benefit of the Debenture Holder as the Debenture Holder may require

7.      THE Debenture is issued
subject to and with the benefit of the conditions endorsed hereon

8.      THE parties hereto do
not intend that any term of this Agreement should be enforceable by any third
party as provided by The Contracts (Rights Of Third Parties) Act 1999

IN WITNESS WHEREOF this Deed has been executed as a deed and
delivered on the day and year first above written as follows:

SCHEDULE I
Present Freehold and Leasehold Property

NONE

 

SCHEDULE II
Present Charges and Factoring
Agreements

NONE

CONDITIONS

1.      THE Principal Monies
and interest hereby secured shall become immediately repayable and
enforceable:-

	 	(1) 	
      If the Company makes default in the payment or repayment
      of any Principal Monies to the Debenture Holder and the Debenture Holder
      by notice in writing to the Company or otherwise calls for repayment of
      the Principal Monies; or

	 	 	 
	 	(2) 	
      If a distress or execution is levied or issued against
      any of the property of the Company and is not paid out within seven days;
      or

	 	 	 
	 	(3) 	
      If the Company is made or an effective resolution is
      passed for winding up of the Company; or

	 	 	 
	 	(4) 	
      If the Company ceases or threatens to cease to carry on
      its business or substantially the whole of its business;
  or

3

	  	(5) 	
      If an encumbrancer takes possession or a receiver is
      appointed of any part of the assets of the Company; or

	  	  	
       

	  	(6) 	
      If the Company is unable to pay its debts within the
      meaning of Section 123 of the Insolvency Act, 1986 or any statutory
      modification or re-enactment thereof; or 

	  	  	
	  	(7) 	
      If the Company makes default in observing or fulfilling
      any of its obligations arising under this Debenture and the Debenture
      Holder by notice in writing to the Company declares the security
      constituted by this Debenture to be enforceable 

	  	  	
       

	2
	(1) 	
      IN this Debenture any reference to a receiver shall be
      deemed to include a reference to an administrative receiver 

	  	  	
	  	(2) 	
      At the request of the Company or at any time after the
      Principal Monies hereby secured shall have become immediately payable the
      Debenture Holder may appoint by writing a receiver of the property hereby
      charged upon such terms as to remuneration and otherwise as the Debenture
      Holder shall think fit and may from time to time remove the receiver so
      appointed and appoint another in his stead. The receiver so appointed
      shall be the agent of the Company and the Company shall be responsible for
      the acts of such receiver and his defaults and for his remuneration costs
      charges and expenses to the exclusion of liability on the part of the
      Debenture Holder 

	3. 	 A receiver so appointed shall be entitled to
      exercise all powers conferred on a receiver by the Law of Property Act 1925
      and by way of addition to and without limiting those powers such receiver
      shall have the power:-
	 

	 	(1) 	
      To take possession of and get in the property hereby
      charged

	 	 	 
	 	(2) 	
      To carry on or concur in carrying on the business of the
      Company and for this purpose to borrow money on the security of the
      property hereby charged in priority to this Debenture or
  otherwise

	 	 	 
	 	(3) 	
      To sell or concur in selling any of the property hereby
      charged or otherwise deal therewith on such terms in the interests of the
      Debenture Holder as it shall think fit PROVIDED ALWAYS that Section 103 of
      the Law of Property Act 1925 shall not apply

	 	 	 
	 	(4) 	
      To make any arrangement or compromise which he shall
      think expedient in the interests of the Debenture Holder

	 	 	 
	 	(5) 	
      To do all such other acts and things as may be considered
      to be incidental or conducive to any of the matters and powers aforesaid
      and which the receiver may or can lawfully do as agent for the
    Company

	4.
    	  THE net profits of carrying on the business
        of the Company and the net proceeds of any sale by the receiver shall
        be applied by him after provision for all matters specified in Paragraphs
        (i) (ii) (iii) of sub-section 8 of the Section 109 of the Law of Property
        Act 1925 and Sections 298 300 614 and Schedule 19 of the Companies Act
        1985 in or towards satisfaction of all Principal Monies and other monies
        due to the Debenture Holder hereunder PROVIDED THAT any payment made by
        the receiver to the Debenture Holder may be made on account of Principal
        Monies or interest so due or partly in any one way and partly in the other
        as the receiver shall deem expedient. Any surplus shall be paid to the
        Company

	 
	 

4

	5. 	 NOTICES hereunder may be given by the Debenture
        Holder or by the Company by posting the same in prepaid letter addressed
        to the Company or the Debenture Holder at the registered office

	 

	SIGNED as a DEED by 	 
	PAPERTRADEX INC 	 
	a Company incorporated in Belize 	/s/ Mark Gebhard 
	acting by a person who in accordance with 	 
	the laws of that territory is acting under 	 
	the authority of the Company:- 	 
	  	 
	EXECUTED as a deed by 	 
	PAPERTRADEX EUROPE LIMITED acting 	 
	by a Director and Company 	 
	Secretary or by two Directors 	 
	  	 
	Director /s/ S. John 	 
	  	 
	Company Secretary 	/s/ Mark Gebhard 
	Witness 	     pp Kingsland (Services)
      Limited 

5Filed by Automated Filing Services Inc. (604) 609-0244 - Papertradex (US) Inc. - Exhibit 10.7

EXHIBIT 10.7

DEBT SETTLEMENT AGREEMENT

THIS AGREEMENT is dated for reference July
25th, 2005

BETWEEN:

PAPERTRADEX EUROPE LTD 

  with company number 4880826 being a company duly incorporated pursuant to the
  laws of England and having an office at Suite 5.15 , 130 Shaftesbury Avenue,
  London, England W1D 5EU

(the “Company”)

AND:

PAPERTRADEX INC. 

  a company duly incorporated pursuant to the laws of Belize and having a registered
  address at PO Box 346, Corozal Town, Belize, Central America

(the “Creditor”)

WHEREAS:

	A. 	
      Pursuant to a Loan Agreement between the Company and the
      Creditor made as of 4th October 2004, and a Debenture between
      the Company and the Creditor as of 4th October 2004, the
      Company is indebted to the Creditor in the amount of ₤87,038.00 as of the
      date hereof (the "Indebtedness"), as more particularly set out in
      Schedule "A" hereto, and the Creditor has agreed to settle the
      Indebtedness;

	 	 
	B. 	
      The Company has no immediate source of funds available to
      settle the Indebtedness in cash;

	 	 
	C. 	
      The Company and the Creditor has no immediate source of
      funds available to settle the indebtedness in cash;

	 	 
	D. 	
      The Company and the Creditor have agreed that the
      Indebtedness will be satisfied in full by the issuance of 1,075,000
      Ordinary A shares of the Company (the "Shares") to the Creditor,
      such Shares to be issued at a deemed value of ₤0.0810 per
  Share;

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and of the covenants and agreements set out
herein, the parties hereto covenant and agree as follows:

ACKNOWLEDGEMENT OF INDEBTEDNESS AND SHARE
CAPITAL

	1.1.1 	
      The Company and the Creditor acknowledge and agree that
      the total amount that the Company is indebted to the Creditor is
      ₤87,038.00 as more particularly set out in Schedule "A" hereto, and the
      Creditor agrees to settle the debt of ₤87,038.00;

	 	 
	1.1.2 	
      The Company has an issued share capital consisting of
      755,000 Ordinary A shares and 265,000 Ordinary B shares and no other
      person has a right, obligation or entitlement to be issued shares in the
      capital of the Company.

- 2 -

ALLOTMENT AND ISSUANCE OF SHARES

	2.1 	
      The Company agrees to issue the Shares as fully paid and
      non-assessable Ordinary A shares of the Company and the Creditor agrees to
      accept the Shares in full and final satisfaction of the
    Indebtedness.

RELEASE

	2.2 	
      The Creditor hereby agrees that upon delivery of the
      Shares by the Company in accordance with the provisions of this Agreement
      the Indebtedness will be fully satisfied and the Creditor will remise,
      release and forever discharge the Company, its successors and assigns, and
      its directors, officers and employees from all of its obligations relating
      to the Indebtedness.

RESTRICTIONS ON DISPOSITION

	3.1 	
      The Creditor acknowledges that the Shares are shares in a
      private company and such Shares are subject to restrictions on disposition
      imposed by the Articles of the Company and the Companies Act of England
      & Wales 1985 to 1989 which may result in the Creditor being unable to
      sell or otherwise dispose of its Shares.

INDEPENDENT LEGAL ADVICE

	5.1 	
      The Creditor acknowledges that the Company has given it
      adequate time to review this Agreement and to seek and obtain independent
      legal advice with respect to this Agreement. The Creditor represents to
      the Company that it is satisfied as to all the terms and conditions
      contained in this Agreement.

GENERAL PROVISIONS

	6.1. 	
      Time shall be of the essence of this Agreement.

	 	 
	6.2. 	
      The parties will execute and deliver all such further
      documents and instruments and do all such further acts and things as may
      be required to carry out the full intent and meaning of this Agreement and
      to effect the transactions contemplated hereby.

	 	 
	6.3. 	
      The provisions herein contained constitute the entire
      agreement between the parties and supersede all previous understandings,
      communications, representations and agreement, whether written or verbal,
      between the parties with respect to the subject matter of this
      Agreement.

	 	 
	6.4. 	
      This Agreement will be governed by and construed in
      accordance with the laws of England & Wales.

	 	 
	6.5. 	
      In this Agreement, words imparting the singular only
      shall include the plural and vice versa, words imparting the masculine
      gender shall include the feminine and neuter genders and words imparting
      persons shall include all firms and corporations and vice versa.

	 	 
	6.6. 	
      Any provision hereof that is held to be inoperative,
      unenforceable or invalid in any jurisdiction shall be severable from the
      remaining provisions which shall continue to be valid and enforceable to
      the fullest extent permitted by law.

	 	 
	6.7. 	
      No failure or delay on the part of any party hereto in
      exercising any right, power or remedy provided herein may be, or may be
      deemed to be, a waiver thereof; nor shall any single or partial exercise
      of any right, power or remedy preclude any other or further exercise of
      such right, power or remedy or other right, power or
  remedy.

- 3 -

	6.8. 	
      This Agreement may not be amended or modified in any
      respect except by written instrument signed by all the parties
    hereto.

	 	 
	6.9. 	
      This Agreement shall be binding upon, and shall enure to
      the benefit of each of the parties hereto and their respective successors
      and permitted assigns.

	 	 
	6.10. 	
      This Agreement may be signed in counterparts (including
      counterparts by telecopier) and all counterparts taken together shall be
      deemed to constitute one and the same instrument.

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the day and year first above written.

PAPERTRADEX EUROPE LIMITED

per: /s/ Rory
Oliver
_________________________________
Authorized Signatory

PAPERTRADEX INC.

per: /s/ Malcolm Nickerson for OCMS Ltd.

_________________________________
Authorized Signatory

- 4 -

SCHEDULE "A"

Indebtedness of Papertradex Europe Limited to
Papertradex
Inc.

	NOTE: 	
      FOR THE PURPOSES OF THE ANNEXED DEBT SETTLEMENT
      AGREEMENT, PAPERTRADEX INC HAS AGREED TO ACCEPT 1,075,000 ORDINARY A
      SHARES IN THE CAPITAL OF PAPERTRADEX EUROPE LIMITED IN FULL AND FINAL
      SETTLEMENT OF ALL OF THE £87,038 DEBT. THE SHARES ARE ISSUABLE AT A DEEMED
      PRICE OF ₤ 0.0810 PER SHARE. 

	 	SCHEDULE OF DEBT: 	 	  	 
	 	EXPENSES PAID - 		£ 	 
	 	Marketing 	 	17,249 	 
	 	Salaries and consultancy 	 	38,143 	 
	 	Rent 	 	5,000 	 
	 	Travel 	 	624 	 
	 	Printing, stationery and telephone 	 	1,174 	 
	 	Miscellaneous 	 	3,020 	 
	 	Professional fees 	 	6,983 	 
	 	I T 	 	3,300 	 
	 	Development costs 	 	18,083 	 
	 	Bank charges and interest 	 	12
	 
	 	  	 	93,588 	 
	 	  	 	  	 
	 	Less: Consideration paid for Creditor’s
      655,000 	 	  	 
	 	Class A shares 	 	(
      6,550	) 
	 	  	 	  	 
	 	  	£	87,038

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