EXHIBIT 4.12
AMENDING LETTER AGREEMENT MADE BETWEEN THE COMPANY,
IMA EXPLORATION INC. AND INVERSIONES MINERAS ARGENTINAS S.A.
DATED APRIL 8, 2004
-1-
AMERA RESOURCES CORPORATION
SUITE 709 - 000 XXXX XXXXXXXX XXXXXX
XXXXXXXXX, X.X.
X0X 0X0
April 8, 2004
IMA Exploration Inc.
Xxxxx 000, 000 Xxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx, X.X.
X0X 0X0
Attention: Mr. R. (Tookie) Xxxxxx Xxxxx
Director
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- and -
Inversiones Mineras Argentinas S.A.
Av. Xxxxxxx De la Roza 670 (E)
Xxx Xxxx, Xxx Xxxx Xxxxxxxx, 0000
Xxxxxxxxx
Attention: Xx. Xxxxxx Xxxxxxxxxxx,
Director
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Gentlemen:
RE: Letter of Intent dated March 6, 2003 and Amendment dated
September 30, 2003 (collectively the "Letter of Intent") regarding
Mogote Property located in the San Xxxx Province of Argentina (the
"Property") made between Amera Resources Corporation (the "Optionee")
and IMA Exploration Inc. and Inversiones Mineras Argentinas S.A.
(collectively the "Optionor")
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This will confirm that we have agreed to amend the terms of the Letter of Intent
in the following respects:
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1. The parties agree that further to section 2.1 of the Letter of Intent that
grants to the Optionee a 51% undivided interest in and to the Property, the
Optionor hereby grants to the Optionee a further irrevocable option to earn
an additional 24% undivided interest in the Property free and clear of all
liens, charges, royalties, encumbrances and claims (subject only to the
terms and conditions of the Underlying Option agreement in accordance with
the terms and conditions of this amendment of the Letter of Intent.
2. Further to section 3.1 of the Letter of Intent, the parties agree that the
Optionee may exercise the option to earn an additional 24% by (i)
satisfying the terms and conditions as stated in the Letter of Intent to
firstly acquire a 51% interest in the Property; (ii) issuing to IMA
Exploration Inc. an aggregate 300,000 common shares in the capital stock of
the Optionee; and, by (iii) incurring an aggregate of Three Million Dollars
USD (US$3,000,000) in exploration and development expenditures on the
Property. The Optionee commits to incur first One Million Dollars USD
(US$1,000,000) in expenditures on or before May 31, 2005. The exploration
expenditure instalments to be incurred on or before the dates specified
below:
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DATE FOR COMPLETION NUMBER OF COMMON SHARES TO MINIMUM EXPLORATION AND
BE ISSUED DEVELOPMENT EXPENDITURES TO BE
INCURRED
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Approval Date 300,000 --
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May 30, 2005 Nil US$ 1,000,000*
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May 30, 2006 Nil US$ 1,000,000
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May 30, 2007 Nil US$ 1,000,000
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TOTAL 300,000 US$3,000,000
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* Commitment to incur first year expenditures by May 30, 2005.
3. Section 3.5 of the Letter of Intent is hereby amended by adding the
following: "Upon issuing the Shares and incurring the expenditures set out
in paragraph 2 above, the Optionee shall have earned a 75% undivided
interest in and to the Property."
4. Capitalized terms and expression used herein but no expressly defined
herein shall have the same meanings as set out in the Letter of Intent.
5. In all other respects, the terms and conditions of the Letter of Intent
shall remain in full force and effect.
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Please indicate you acceptance by signing this letter where indicated below and
returning to us the enclosed copy duly signed.
Yours very truly,
AMERA RESOURCES CORPORATION
Per:
/s/ XXXXXXXX XXXXX
Xxxxxxxx Xxxxx,
President and Chief Executive Officer
Terms and conditions approved as of the date first above written.
IMA EXPLORATION INC. INVERSIONES MINERAS
ARGENTINAS S.A.
Per: /s/ XXXXXX XXXXXX (TOOKIE) ANGUS Per: /s/ XXXXXX XXXXXXXXXXX
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Authorized Signatory Xxxxxx Xxxxxxxxxxx, Director
