Common use of Issuance of Ordinary Shares on Exercise Clause in Contracts

Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 2.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a certificate for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 3.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares.

Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 2.3.1(a3.3.1(a)), the Company Issuer shall issue to the Registered Holder of such Warrant a certificate book-entry position or certificate, as applicable, for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Companyit, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant Warrant, as applicable, for the number of shares Ordinary Shares as to which such Warrant shall not have been exercised. No Warrant shall be exercisable and the Company Issuer shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject In the event that the conditions in the immediately preceding sentence are not satisfied with respect to Section 3.6 a Warrant, the holder of this Agreement, a Registered Holder of Warrants such Warrant shall not be entitled to exercise such Warrant and such Warrant may exercise its Warrants only for a whole number of Ordinary Shareshave no value and expire worthless.