Common use of Deemed or Automatic Exercise and Surrender Clause in Contracts

Deemed or Automatic Exercise and Surrender. (a) Upon receipt of the Expiry Date Notice by the Special Warrant Agent, the rights of holders of the Special Warrants to acquire Units will be deemed to be exercised, effective as of the Expiry Date, without any additional payment and without any further action on the part of such holders at the Expiry Time on the Expiry Date and the Units will be deemed to be issued to the Special Warrantholders at such time. The Underlying Securities, issued upon automatic exercise, will be registered in the name of the applicable Special Warrantholder, as it appears on the register of the Special Warrant Agent, at the time of exercise and such Underlying Securities will be issued in the same form, certificated or uncertificated, as the Special Warrants are held by such Special Warrantholder. If the Expiry Date Notice has not been received by the Special Warrant Agent on or before the date that is 120 days following the Closing Date, the Expiry Date shall be deemed to be the date that is 120 days following the Closing Date. (b) Unless, prior to the Expiry Date, the Company or the Special Warrant Agent has received from such Special Warrantholder, in the case of Special Warrants that are not deposited in the Book- Entry Only System, an exercise form (accompanied by a Special Warrant Certificate) in accordance with Section 3.1(a) and Section 3.1(b) or in the case of Special Warrants deposited in the Book-Entry Only System, a Confirmation to exercise in accordance Section 3.1(c), with which such Units have already been issued upon voluntary exercise by such Special Warrantholder, immediately at the Expiry Time all remaining Special Warrants will be deemed to be exercised into the respective Underlying Securities and will be sent by courier, registered post or first class insured mail by the Special Warrant Agent to the holder at its registered address, as listed on the register of Special Warrantholders maintained by the Special Warrant Agent. In the case of Special Warrants deposited in the Book-Entry Only System, the Company will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities have been issued, a Book-Entry Only System customer confirmation. Delivery of Underlying Securities, whether certificated or uncertificated, will be caused to be delivered within three (3) Business Days of the date on which the Special Warrants are deemed to be exercised.

Deemed or Automatic Exercise and Surrender. (a) Upon receipt of the Expiry Date Notice by the Special Warrant Agent, the The rights of holders of the Special Warrants to acquire Units will be deemed to be exercised, effective as of the Expiry Date, without any additional payment and exercised without any further action on the part of such holders or the Corporation at the Expiry Time on the Expiry Date and the Units Unit Shares and Warrants will be deemed to be issued to the Special Warrantholders at such time. The Underlying Securities, issued upon automatic exercise, will be registered in the name of the applicable Special Warrantholder, as it appears on the register of the Special Warrant Agent, at the time of exercise and such Underlying Securities will be issued in the same form, certificated or uncertificated, as the Special Warrants are held by such Special Warrantholder. If the Expiry Date Notice has not been received by the Special Warrant Agent on or before the date that is 120 days following the Closing Date, the Expiry Date shall be deemed to be the date that is 120 days following the Closing Date. (b) Unless, prior to the Expiry Datedate of mailing of the Unit Shares and Warrants to a Special Warrantholder, the Company Corporation or the Special Warrant Agent has received from such Special Warrantholder, in the case of Special Warrants that are not deposited in the Book- Book-Entry Only System, an exercise form (accompanied by a Special Warrant Certificate) in accordance with Section 3.1(a) and Section all the requirements of subsection 3.1(b) having been met, the Unit Shares and Warrants issued or in the case of Special Warrants deposited in the Book-Entry Only System, a Confirmation to delivered upon such deemed exercise in accordance Section 3.1(c), with which such Units have already been issued upon voluntary exercise by such Special Warrantholder, immediately at the Expiry Time all remaining Special Warrants will be deemed to be exercised into the respective Underlying Securities and will be sent by courier, registered post courier or first class insured mail registered by the Special Warrant Agent to the holder at its registered address, as listed on the register of Special Warrantholders maintained by the Special Warrant Agent. In the case of Special Warrants deposited in the Book-Entry Only System, the Company Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities Unit Shares and Warrants have been issued, a Book-Entry Only System customer confirmation. Delivery Notwithstanding the foregoing, the Corporation will, upon its receipt of Underlying Securities, whether certificated a written direction from the Underwriter that the Unit Shares and Warrants issuable on the exercise or uncertificated, will be caused to be delivered within three (3) Business Days deemed exercise of the date on which the Special Warrants are deemed to be exercisedrepresented by a global certificate issued to and registered in the name of the Depository or its nominee pursuant to the terms hereof, direct the Special Warrant Agent to issue such a global certificate representing such Unit Shares and Warrants registered in the name of and deposited with the Depository, in which case the Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons whose name or names such Units have been issued, a Book-Entry Only System customer confirmation. After deemed exercise contemplated above, Special Warrant Certificates will represent only the right of the registered holder thereof to receive the Unit Shares and Warrants to be issued upon exercise.

Deemed or Automatic Exercise and Surrender. (a) Upon receipt of the Expiry Date Notice by the Special Warrant Agent, the rights of holders of the Special Warrants to acquire Units will be deemed to be exercised, effective as of the Expiry Date, without any additional payment and without any further action on the part of such holders at the Expiry Time on the Expiry Date Date, and the Units will be deemed to be issued to the Special Warrantholders at such time. The Underlying Securities, issued upon automatic exercise, will be registered in the name of the applicable Special Warrantholder, as it appears on the register of the Special Warrant Agent, at the time of exercise and such Underlying Securities will be issued in the same form, certificated or uncertificated, as the Special Warrants are held by such Special Warrantholder, provided that the Underlying Securities issued upon the exercise of Special Warrants deposited with CDS shall be deposited with Depository Trust Clearing Company or such other persons designated in writing by the Company to act as depository. If the Expiry Date Notice has not been received by the Special Warrant Agent on or before the date that is 120 days six months following the Closing Date, the Expiry Date shall be deemed to be the date that is 120 days six months following the Closing Date. (b) Unless, prior to the Expiry Date, the Company or the Special Warrant Agent has received from such Special Warrantholder, in the case of Special Warrants that are not deposited in the Book- Book-Entry Only System, an exercise form (accompanied by a Special Warrant Certificate) in accordance with Section 3.1(a) and Section 3.1(b) or in the case of Special Warrants deposited in the Book-Entry Only System, a Confirmation to an exercise form in accordance Section 3.1(c), with which such Units have already been issued upon voluntary exercise by such Special Warrantholder, immediately at the Expiry Time Time, all remaining Special Warrants will be deemed to be exercised into the respective Underlying Securities and will be sent by courier, registered post or first class insured mail by the Special Warrant Agent to the holder at its registered address, as listed on the register of Special Warrantholders maintained by the Special Warrant Agent. In the case of Special Warrants deposited in the Book-Entry Only System, the Company will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities have been issued, a Book-Entry Only System customer confirmation. Delivery of Underlying Securities, whether certificated or uncertificated, will be caused to be delivered within three (3) Business Days of the date on which the Special Warrants are deemed to be exercised.

Deemed or Automatic Exercise and Surrender. (a) Upon receipt of the Expiry Date Notice by the Special Warrant Agent, the The rights of holders of the Special Warrants to acquire Units will be deemed to be exercised, effective as of the Expiry Date, without any additional payment and exercised without any further action on the part of such holders or the Corporation at the Expiry Time on the Expiry Date and the Units Unit Shares and Warrants will be deemed to be issued to the Special Warrantholders at such time. The Underlying Securities, issued upon automatic exercise, will be registered in the name of the applicable Special Warrantholder, as it appears on the register of the Special Warrant Agent, at the time of exercise and such Underlying Securities will be issued in the same form, certificated or uncertificated, as the Special Warrants are held by such Special Warrantholder. If the Expiry Date Notice has not been received by the Special Warrant Agent on or before the date that is 120 days following the Closing Date, the Expiry Date shall be deemed to be the date that is 120 days following the Closing Date. (b) Unless, prior to the Expiry Datedate of mailing of the Unit Shares and Warrants to a Special Warrantholder, the Company Corporation or the Special Warrant Agent has received from such Special Warrantholder, in the case of Special Warrants that are not deposited in the Book- Book-Entry Only System, an exercise form (accompanied by a Special Warrant Certificate) in accordance with Section 3.1(a) and Section all the requirements of subsection 3.1(b) having been met, the Unit Shares and Warrants issued or in the case of Special Warrants deposited in the Book-Entry Only System, a Confirmation to delivered upon such deemed exercise in accordance Section 3.1(c), with which such Units have already been issued upon voluntary exercise by such Special Warrantholder, immediately at the Expiry Time all remaining Special Warrants will be deemed to be exercised into the respective Underlying Securities and will be sent by courier, registered post courier or first class insured mail registered by the Special Warrant Agent to the holder at its registered address, as listed on the register of Special Warrantholders maintained by the Special Warrant Agent. In the case of Special Warrants deposited in the Book-Entry Only System, the Company Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities Unit Shares and Warrants have been issued, a Book-Entry Only System customer confirmation. Delivery Notwithstanding the foregoing, the Corporation will, upon its receipt of Underlying Securities, whether certificated a written direction from the Agent that the Unit Shares and Warrants issuable on the exercise or uncertificated, will be caused to be delivered within three (3) Business Days deemed exercise of the date on which the Special Warrants are deemed to be exercisedrepresented by a global certificate issued to and registered in the name of the Depository or its nominee pursuant to the terms hereof, direct the Special Warrant Agent to issue such a global certificate representing such Unit Shares and Warrants registered in the name of and deposited with the Depository, in which case the Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons whose name or names such Units have been issued, a Book-Entry Only System customer confirmation. After deemed exercise contemplated above, Special Warrant Certificates will represent only the right of the registered holder thereof to receive the Unit Shares and Warrants to be issued upon exercise.