Exhibit 10.8
LOAN AGREEMENT
BETWEEN:
Union Venture Trading S.A.
A company incorporated in the British Virgin Islands Having
an office at Unit h, 5th Floor, Imperial Building, 00-00
Xxxxxx Xxxx, XXX Xxxxxxx, Xxxx Xxxx SAR
(the "Lender")
AND
Sino Pharmaceuticals Corporation
Xxxx 000, 00000 Xxxxx Xxxx,
Xxxxxxxx, X.X. X0X 0X0
Xxxxxx
(the "Borrower")
WHEREAS
1. The Borrower wishes to purchase Paclitaxel, anti-cancer pharmaceutical
manufacturing technology from Xi'an Jory Pharmaceutical Co., Ltd., in Xian,
China and needs to borrow US Dollars One Hundred and Eighteen Thousand Five
hundred only (US$ 118,500.00).
2. The Lender proposes to lend the Borrower the money necessary to purchase
the aforementioned technology.
IN ACCORDANCE WITH THE TERMS set out below and for value received, the Lender
and the Borrower agree that:
1. The Borrower shall borrow US Dollars One Hundred and Eighteen Thousand Five
Hundred only (US$ 118,500.00) from the Lender and the Lender shall lend US
Dollars One Hundred and Eighteen Thousand Five Hundred only (US$
118,500.00) to the Borrower (the "Loan"), on or before February 7, 2002.
2. The Borrower shall pay back the Loan to the Lender, or to its order, on the
first written demand of the Lender, which date shall be at the sole
discretion of the Lender.
3. This Loan is issued without any security.
4. The Lender shall telegraphically transfer, on behalf of the Borrower, the
total amount of the Loan directly to Xi'an Jory Pharmaceutical Co., Ltd.,
in partial or full amounts, as directed by the Borrower. The Lender's
bank's telegraphic transfer confirmation notices shall be proof of this.
5. Interest on this loan shall be calculated at six percent per annum (6%),
commencing from the date of this Agreement
6. The Borrower may prepay the amount owing hereunder, or, any part thereof,
at any time without notice, penalty or bonus.
7. The Borrower hereby waives presentment, demand, protest or other notice of
any kind in the enforcement of this Agreement.
DATED as of the 2nd day of February, 2002
SINO PHARMACEUTICALS CORPORATION
Per: /s/_____________________________
Xxxxx Xxxxx, Authorized Signatory
UNION VENTURE TRADING S.A.
Per: /s/___________________________
Au Xxx Xxxx, Authorized Signatory
