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Non-binding Letter Of Intent

Letter of Intent

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 This Letter of Intent involves

GOLDSPAN RESOURCES, INC. | ACCEPTING THESE TERMS, Equipment and Trucks, Inc | Goldspan Resources, Inc

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Title: NON-BINDING LETTER OF INTENT
Date: 3/7/2013
Industry: Semiconductors     Sector: Technology

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NON-BINDING LETTER OF INTENT

 

THE TERMS SET FORTH BELOW ARE SOLELY FOR THE PURPOSE OF OUTLINING THOSE TERMS PURSUANT TO WHICH A DEFINITIVE AGREEMENT MAY BE ENTERED INTO AND DO NOT AT THIS TIME CONSTITUTE A BINDING CONTRACT, EXCEPT THAT BY ACCEPTING THESE TERMS, Equipment and Trucks, Inc. AGREE THAT FOR A PERIOD OF 45 DAYS FOLLOWING THE DATE OF SIGNATURE, PROVIDED THAT THE PARTIES CONTINUE TO NEGOTIATE TO MEMORIALIZE THE BELOW TERMS IN A FORMAL AGREEMENT, IT WILL NOT NEGOTIATE OR ENTER INTO DISCUSSION WITH ANY OTHER PERSONS OR COMPANIES REGARDING THE SUBJECT OF THIS LETTER OF INTENT. THIS NON-BINDING LETTER OF INTENT IS CONTINGENT UPON, AMONG OTHER THINGS, THE NEGOTIATION AND EXECUTION OF A FORMAL SHARE EXCHANGE AGREEMENT.

 

This Non-Binding Letter of Intent (“LOI”) is made and entered into as of this 4 th day of March, 2013 by and between Goldspan Resources, Inc. a Nevada Corporation, located at 836 S. Vance Street, Unit E, Lakewood, CO 80226 (“GSPN”), and Equipment and Trucks, Inc., a S Corporation located at 1739 S CR 13 C Loveland CO 80537 (“ETI”), both of whom may be collectively referred to throughout this Agreement as “Parties,” or individually as “Party.”

 

WHEREAS , GSPN is in the business of acquiring mining and energy producing properties; and,

 

WHEREAS , ETI is in the business of selling, servicing and renting various heavy and light equipment to companies in the mining and energy industries; and,

 

WHEREAS , the above listed Parties have agreed to enter into this non-binding Letter of Intent;

 

NOW THEREFORE , in consideration for the mutual obligations contained herein, GSPN and ETI, mutually agree as follows:

 

Summary of Terms

 

1. Purchase of ETI Equity Interest:

 

GSPN agrees to purchase an 80% interest in ETI in a tax fee stock exchange. GSPN shall perform due diligence of all pertinent documents and company information relating to ETI prior to the execution of the Share Exchange Agreement, including, but not limited to, applicable financial information of ETI, all relevant contracts, documents pertaining to indebtedness and liabilities of ETI, all customer information, product information, business


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