31.2.4 Securities Receive Against Payment Instruction

CITI-5001, 15-Feb-1998,

Citibank N.A, New York, USA.

# 58, Ivory Towers,

Victoria Avenue,

Toronto,

Canada.

ZIP 6789-908.

Sub: Our Instruction to Receive Securities Against Payment.

Kind Attention Mr. Richard Stevens,

Custodial Officer, Securities Department.

Dear Sir/Madam,

Please arrange to receive securities against payment as per our instructions shown below:

Table 31-7 Header

Header	Details
Our Reference	000SE01980380054
Securities Identification	ISIN CADBONDNWC01
-	North Woods Canadian Minerals Ltd. Bonds
Trade Date	07-FEB-1998
Place of Trade	Toronto Stock Exchange
Delivery Date	20-FEB-1998
Next Coupon Due Date	30-JUN-1998
Securities Book Value	**5,000,000.00 CAD
Quantity of Securities	**5,000,000 Face Amount
Safekeeping Account (to be Deposited)	CAGS-BZ6782
Securities Certificate Numbers	NWB 52011 to NWB 52060 – 50 x 100,000 CAD worth Bond Certificates
Deliverer of Securities	Rosedale Brokers Group, Toronto
Securities Deliverer’s Reference	56243
Beneficiary of Securities	Zerus Dynamic Fund Corporation
Securities Registration Details	Securities received have to be registered in the name of the Zerus Dynamic Fund Corporation.
Securities Receipt Declaration Details	Certificate Numbers of Bonds delivered must match with the numbers as shown above and the Certificates should be in a good condition.
Account for Payment	643-982
Securities Deal Price	104 PCT – 104 Percent of Face Value
Securities Deal Amount	**5,200,000.00 CAD
Accrued Interest Amount	250,000.00 CAD
Accrued Interest Days	51 Days
Taxes Added	*85,000.00 CAD
Taxes Description	Stock Exchange Tax on Bonds Purchased.
Broker’s Commission	*12,500.00 CAD
Other Charges/Fees	**2,500.00 CAD
Securities Deal Settlement Amount	**5,550,000.00 CAD

Other Information:

Please confirm the receipt and registration of above securities to us, by mail, at the earliest and revert to us if the Securities are not received in 2 weeks time, after the scheduled delivery date. Please intimate us about your transaction charges if any, for the above instruction.

Please always quote Our Reference in all further correspondence regarding the above instruction.

Thanking you,

For Goldman Sachs,

New York, USA.