Description of the Subscription Receipts. Upon closing of the Private Placement, all proceeds from the sale of the Subscription Receipts (the "Escrowed Funds") will be deposited with Counsel in Brattle's trust account and may be invested in short-term obligations of, or guaranteed by, the Government of Canada, and other approved investments. To comply with applicable Securities Laws, Brattle will file a Form S-1 Registration Statement. Each Subscription Receipt is automatically exchangeable upon the date (the "Effective Date") that is the later of (i) the date of issuance by the Corporation of the Closing Notice, and (ii) the date on which the United States Securities and Exchange Commission declares a Form S-1 Registration Statement of Brattle effective. In compliance with applicable Securities Laws, the Escrowed Funds, and any interest earned thereon, will be released by Counsel upon receipt, by no later than 5:00 p.m. (Toronto time) on June 15, 2021 (the "Deadline"), by Counsel, of a signed notice from an authorized signing officer of the Corporation confirming that they have completed or met all conditions to complete the Acquisition (the "Closing Notice") and receipt of a copy of the Final Exchange Bulletin (as such term is defined by the TSXV) in connection with the Acquisition.
Appears in 4 contracts
Samples: Subscription Agreement (Salona Global Medical Device Corp), Subscription Agreement (Salona Global Medical Device Corp), Subscription Agreement (Salona Global Medical Device Corp)
