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EXHIBIT 10.67
DEBT CONVERSION AGREEMENT
Amount $2,040,000 Detroit, Michigan
September 15, 1997
For value received, Caraco Pharmaceutical Laboratories, Ltd., a
Michigan Corporation (Borrower) promises to issue to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇, and Sun Global, Caraco common shares as payment in full for
interest due on various loans given to the Corporation. Interest on all loans
was computed at 10% per annum from the date of receipt of funds at Caraco
through August 1, 1999, the due date on the loans.
The interest is being prepaid in common shares of Caraco at a per share
price of $1.50 as payment in full for interest due on the loans.
On or before August 1, 1999, at the full discretion of the loan
holders, Caraco will be notified by each note holder as to whether the note
principal is to be repaid in cash or converted into Caraco Common Shares at a
price of $1.50 per share. Exhibit A is attached for your information, which
outlines all calculations.
The original loan documents remain effective except as mentioned
hereby. This agreement is subject to approval by Caraco's Board of Directors.
/s/▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ /s/▇▇▇▇ ▇. ▇▇▇▇▇▇
/s/▇▇▇ ▇▇▇▇▇▇ /s/Sun Global Ltd.
/s/Caraco Pharmaceutical Labs.