Common use of Authorization of the Offered Securities Clause in Contracts

Authorization of the Offered Securities. Each of the Offered Securities to be offered and sold by the Company through the Underwriters, has been duly and validly authorized by all required corporate action and the Shares and the Warrant Shares, have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company (including with respect to the Warrant Shares, when issued, paid for and delivered upon due exercise of the Warrants), will be validly issued, fully paid and non-assessable Common Shares, in compliance with all applicable securities laws, free and clear of all Liens imposed by the Company and free of preemptive, registration or similar rights. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company has a sufficient number of authorized Common Shares for the issuance of the maximum number of Offered Securities issuable in connection with the Offering.