Optional Conversion by the Holder. (a) Any time prior to the Maturity Date, the Outstanding Principal of this Convertible Debenture is convertible in whole or in part by the Holder, as its sole option, upon providing the Corporation with two (2) trading days’ written notice of the conversion (a “Conversion Notice”) substantially in the form attached hereto as Schedule 1 into Common Shares of the Corporation, subject to adjustments for share splits, recapitalizations, dividends, distributions, exchanges, substitutions, mergers, reorganizations, combinations, or the like, and after giving effect to any other adjustments provided for herein, on the basis of the conversion ratio set out in Section 2.3. (b) Upon the occurrence of any Event of Default, the Holder may, at its sole option, (i) submit a Conversion Notice instructing the Corporation to convert any Outstanding Principal of this Convertible Debenture into Common Shares of the Corporation, subject to adjustments for share splits, recapitalizations, dividends, distributions, exchanges, substitutions, mergers, reorganizations, combinations, or the like, and after giving effect to any other adjustments provided for herein, on the basis of the conversion ratio set out in Section 2.3; or (ii) provide written notice to the Corporation demanding the Corporation immediately to pay in cash all or any of the Outstanding Principal, which shall upon such written notice be immediately due and payable.
Appears in 5 contracts
Samples: Subscription Agreement, Subscription Agreement, Subscription Agreement
