Exercise of Special Warrants. Upon and subject to the provisions of this Article 5, any holder of a Special Warrant may exercise the right thereby conferred on him to subscribe for Common Shares for no additional consideration by surrendering to the Trustee after the issuance of the Special Warrants to such holder and until the Expiry Time at its principal office in the city of Vancouver, the Special Warrant Certificate evidencing the Special Warrants, with the exercise form attached to the Special Warrant Certificate duly completed and executed by the holder or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and manner satisfactory to the Trustee. The Trustee may act and rely on the address form for determining residency of the subscribing holder. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has re-confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with Subsection 2.3(d) hereof provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. The foregoing requirements shall not apply to any deemed exercise by the Trustee of Special Warrants pursuant to the terms hereof as long as the holder is an original subscriber or a registered transferee of such Special Warrants. The exercise form attached to the Special Warrant Certificate shall be signed as set out above and shall specify:
(a) the number of Common Shares which the Special Warrantholder wishes to subscribe for upon the exercise of the Special Warrants (being not greater than the aggregate number of the Common Shares which...
Exercise of Special Warrants. The purchaser will be entitled to exercise the Special Warrants for Common Shares at any time or prior to 5:00 p.m. (Toronto time) on the earlier of (I) the sixth business day following the date that a receipt is issued for the Prospectus by the Ontario Securities Commission and (ii) o, 1997 (the "Expiry Date"). Any Special Warrants not exercised by the Expiry Date shall be deemed to be exercised by the holder thereof, without further action on the holder's part immediately prior thereto.
Exercise of Special Warrants. Section 3.1 Method of Exercise of Special Warrants 17 Section 3.2 Effect of Exercise of Special Warrants 19 Section 3.3 Partial Exercise of Special Warrants; Fractions 19
Section 3.4 Cancellation of Surrendered Special Warrants 20 Section 3.5 Accounting and Recording 20 Section 3.6 Expiration of Special Warrants 20 Section 3.7 Deemed or Automatic Exercise and Surrender 20 Section 3.8 Securities Restrictions 21 Section 3.9 Delivery of Expiry Date Notice 22
Exercise of Special Warrants. 17 5.2 Effect of Exercise of Special Warrants............................................... 19 5.3 Postponement of Delivery of Certificates............................................. 19 5.5 Fractions............................................................................ 20 5.6
Exercise of Special Warrants. 15. 3.1 Exercise of Special Warrants and Deemed Exercise of Special Warrants........... 15. 3.2
Exercise of Special Warrants. 8 3.1 Holders Eligible to Exercise Special Warrants................... 8 3.2
Exercise of Special Warrants. The Special Warrants may, subject to the provisions hereof, be exercised by the holder thereof by surrendering the Special Warrants to Pacific Corporate Trust Company (the "Trustee") at any time after the Time of Closing (as hereinafter defined) and on or before 4:30 p.m. (Toronto time) on the earlier of (the "Time of Expiry"): (i) the fifth (5th) Business Day (as hereinafter defined) after the Qualification Date; and (ii) and the date which is twelve (12) months following the Closing Date. Any Special Warrants not exercised prior to the Time of Expiry shall be deemed to be exercised by the holders thereof immediately prior to such time without any further action on the part of such holders. Conversion Rate Increase In the event that the Qualification Date does not occur on or before 5:00 p.m. (Toronto time) on the date which is 150 days after the Closing Date (the "Qualification Deadline"), provided that if such day is not a Business Day, then the next following Business Day, or such later date as may be approved in writing (with notification to the Trustee) by the Agent in its sole and absolute discretion not less than five (5) Business Days prior to the end of the Qualification Deadline, each Special Warrant shall thereafter automatically entitle the holder to receive, without further payment, one Unit comprising 1.1 Common Shares and 0.55 of a Warrant, in lieu of 1 Common Share and 0.50 of a Warrant (the "Conversion Rate Increase").
Exercise of Special Warrants. Subject to the provisions of this Agreement, Pride shall have the right, which may be exercised during a twenty-four month period commencing with the date of the Company's Prospectus (the "Term"), to purchase up to 1,250,000 fully paid and non-assessable Common Shares, upon surrender to the Company, of this Special Warrant, with the form of election to purchase duly filled in and signed, and upon payment to the order of the Company for the Special Warrant exercise price, determined in accordance with Section 2 herein, for the number of shares in respect of which such Special Warrant is then exercised. Payment of such Special Warrant Price shall be made in cash or by certified check or bank draft or postal or express money order, payable in United States Dollars to the order of the Company. The Special Warrants shall expire at the close of business on _____________. Upon such surrender of Special Warrants, and payment of the Warrant Price as aforesaid, the Company shall issue and cause to be delivered with all reasonable dispatch to or upon the written order of Pride, a certificate or certificates for the largest number of whole Common Shares so purchased upon the exercise of such Special Warrant. The Company shall not be required to issue any fraction of a Share of Common Stock or make any cash or other adjustment in respect of any fraction of a Common Share otherwise issuable upon such surrender. The rights of purchase represented by the Special Warrant shall be exercisable, at the election of Pride, only to the extent provided in Section 3 herein. In the event that the Special Warrant is exercised in respect of less than all of the Shares specified therein at any time prior to the date of expiration of the Special Warrant, a new Special Warrant or Special Warrants will be issued to Pride for the remaining number of shares specified in the Special Warrant so surrendered.
Exercise of Special Warrants. 16 4.1 Exercise.............................................................16 4.2
Exercise of Special Warrants
