Common use of Effect of Exercise of Special Warrants Clause in Contracts

Effect of Exercise of Special Warrants. (a) The Subject Securities in respect of which the Special Warrants are exercised shall be deemed to have been issued on the Exercise Date at which time each Special Warrantholder shall be deemed to have become the holder of record of the Subject Securities issued in respect of the Special Warrants held by such Special Warrantholder unless the transfer books of the Corporation shall be closed by law on the said date of such exercise, in which case such Subject Securities shall be deemed to have been issued and such Special Warrantholder shall be deemed to have become the holder of record of such Subject Securities on the date on which such transfer books are next re-opened. (b) Forthwith after the Exercise Date and subject to the delivery by a Special Warrantholder of Special Warrant Certificates and the Exercise Form to the Special Warrant Agent as provided in subsection 3.1(c), and 3.1 (a) (i) and (ii) respectively, the Corporation shall, subject to the provisions of Section 3.3, cause to be delivered to each Special Warrantholder or mailed to it at its address specified in the register of holders maintained by the Special Warrant Agent or certificates for the appropriate number of Subject Securities not exceeding those which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants delivered by the Special Warrantholder to the Special Warrant Agent.

Effect of Exercise of Special Warrants. (a) The Subject Securities Upon exercise by the Holder of any Special Warrant in respect accordance with Section 4.01, or deemed exercise of which any Special Warrant in accordance with Section 4.04 the Special Warrants are exercised Common Shares issuable thereunder shall be deemed to have been issued on and the Exercise Date at which time each Special Warrantholder person or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Common Shares on the Subject Securities issued in respect of the Special Warrants held by such Special Warrantholder Exercise Date unless the transfer books of the Corporation shall be closed by law on the said date of such exercisedate, in which case such Subject Securities the Common Shares so issuable for shall be deemed to have been issued and such Special Warrantholder person or persons shall be deemed to have become the holder or holders of record of such Subject Securities Common Shares on the date on which such transfer books are next re-openedwere reopened and such Common Shares will be issued on the Exercise Date. (b) Forthwith When the transfer books of the Corporation have been open for five business days after the Exercise Date and subject to the delivery by due exercise of a Special Warrantholder of Special Warrant Certificates and the Exercise Form to the Special Warrant Agent as provided in subsection 3.1(c), and 3.1 (a) (i) and (ii) respectivelyaforesaid, the Corporation shall, subject shall forthwith cause to be mailed to the provisions of Section 3.3person or persons in whose name or names the Common Shares so subscribed for are to be issued as specified in the subscription endorsed on such Special Warrant at his or their respective addresses specified in such subscription or, if so specified in such subscription, cause to be delivered to each Special Warrantholder such person or mailed to it persons at its address specified in the register of holders maintained by the office where such Special Warrant Agent was surrendered, a certificate or certificates for the appropriate number of Subject Securities Common Shares not exceeding those which such Special the Warrantholder is entitled to acquire purchase pursuant to the Special Warrants delivered by the Special Warrantholder to the Special Warrant Agentsurrendered.

Effect of Exercise of Special Warrants. (a) The Subject Securities in respect of which the Special Warrants are exercised shall be deemed to have been issued on the Exercise Date at which time each Special Warrantholder shall be deemed to have become the holder of record of the Subject Securities issued in respect of the Special Warrants held by such Special Warrantholder unless the transfer books of the Corporation shall be closed by law on the said date of such exercise, in which case such Subject Securities shall be deemed to have been issued and such Special Warrantholder shall be deemed to have become the holder of record of such Subject Securities on the date on which such transfer books are next re-opened. (b) Forthwith after the Exercise Date and subject to the delivery by a Special Warrantholder of Special Warrant Certificates and the Exercise Form to the Special Warrant Agent as provided in subsection 3.1(c), and 3.1 (a) (i) and (ii) respectively, the Corporation Issuers shall, subject to the provisions of Section 3.3, cause to be delivered to each Special Warrantholder or mailed to it at its address specified in the register of holders maintained by the Special Warrant Agent or certificates for the appropriate number of Subject Securities not exceeding those which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants delivered by the Special Warrantholder to the Special Warrant Agent.

Effect of Exercise of Special Warrants. (a) The Subject Securities to subsection (b), on the deemed exercise of a Special Warrant, the Corporation shall cause to be issued to (i) in respect of which Special Warrants that are not CDS Global Warrants, the person or persons in whose name or names the Convertible Debentures so subscribed for are to be issued as specified in the Special Warrants are exercised Warrantholder’s subscription agreement, or (ii) in respect of CDS Global Warrants, the Depository, the number of Convertible Debentures to be issued to such person or persons and such person or persons shall be deemed to have been issued on the Exercise Date at which time each Special Warrantholder shall be deemed to have become the holder of record a Convertible Debentureholder of the Subject Securities issued Corporation in respect of the Special Warrants held by such Special Warrantholder unless the transfer books of the Corporation shall be closed by law on the said date of such exercise, in which case such Subject Securities shall be deemed to have been issued and such Special Warrantholder shall be deemed to have become the holder of record of such Subject Securities on Convertible Debentures with effect from the date on which the Special Warrant is exercised and shall be entitled to delivery of certificates evidencing the Convertible Debentures, and the Corporation shall cause the certificates, or in the case of Convertible Debentures issued under the book entry registration system, any other appropriate evidence of the issuance of Convertible Debentures to be mailed by insured mail or delivered as specified to such transfer books are next re-openedperson or persons at the address or addresses specified in the Special Warrantholder’s subscription agreement, as the case may be, within three Business Days of the date on which the Special Warrant is deemed to be exercised. (b) Forthwith after the Exercise Date and subject to the delivery by a Special Warrantholder Upon any deemed exercise of Special Warrant Certificates and the Exercise Form to the Special Warrant Agent as provided in subsection 3.1(c), and 3.1 (a) (i) and (ii) respectively, the Corporation shall, subject to the provisions of Section 3.3, cause to be delivered to each Special Warrantholder or mailed to it at its address specified in the register of holders maintained by the Special Warrant Agent or certificates for the appropriate number of Subject Securities not exceeding those which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants delivered by and issuance of Convertible Debentures, the Special Warrantholder registered holder of the Convertible Debentures so issued is deemed to have received the Special Warrant Agentnotice provided in Schedule “B” hereof.