Right to Exercise Warrants. Each Warrant may be exercised from the date of this Agreement until 11:59 P.M. (Eastern Standard Time) on the date that is five (5) years after the date of this Agreement (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall expire. Each Warrant shall entitle its holder to purchase from the Company one share of Common Stock (each an "Exercise Share") at an exercise price of $0.01 per share, subject to adjustment as set forth below ("Exercise Price"). The Company shall not be required to issue fractional shares of Common Stock upon the exercise of this Warrant or to deliver Warrant Certificates which evidence fractional shares of capital stock. In the event that a fraction of an Exercise Share would, except for the provisions of this paragraph 2, be issuable upon the exercise of this Warrant, the Company shall pay to the Holder exercising the Warrant an amount in cash equal to such fraction multiplied by the current market value of the Exercise Share. For purposes of this paragraph 2, the current market value shall be determined as follows:
(a) if the Shares are traded in the over-the-counter market and not on any national securities exchange and not in the NASDAQ Reporting System, the average of the mean between the last bid and asked prices per share, as reported by the National Quotation Bureau, Inc., or an equivalent generally accepted reporting service, for the last business day prior to the date on which the Warrant is exercised, or, if not so reported, the average of the closing bid and asked prices for a Share as furnished to the Company by any member of the National Association of Securities Dealers, Inc., selected by the Company for that purpose.
(b) if the Shares are listed or traded on a national securities exchange or in the NASDAQ Reporting System, the closing price on the principal national securities exchange on which they are so listed or traded or in the NASDAQ Reporting System, as the case may be, on the last business day prior to the date of the exercise of the Warrant. The closing price referred to in this Clause (b) shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, in either case on the national securities exchange on which the Shares are then listed on in the NASDAQ Reporting System; or
(c) if no such closing price or closing bid and asked prices are available, as determined in any reasonable m...
Right to Exercise Warrants. The rights represented by this Warrant may be exercised for any number of Warrant Shares represented by this Warrant at any time from the date hereof until May 25th, 2012.
Right to Exercise Warrants. Each Warrant maybe exercised from the date of this Agreement until 11:59 P.M . (Los Angeles time) on the date that is three years after the date of this Agreement (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall expire. Subject to the provisions of this Warrant Agreement, including Section 10 hereof, the holder of each Warrant shall have the right to purchase from the Company, and the Company shall issue and sell to each such Warrantholder, at an initial price of $1.00 per Share, subject to adjustment as provided herein (the "Exercise Price"), one fully paid and nonassessable Share upon surrender to the Company of the Warrant Certificate evidencing such Warrant with the form of election to purchase duly completed and signed and evidence of payment of the Exercise Price. Upon surrender of such Warrant Certificate and payment of the Exercise Price, the Company shall cause to be issued and delivered promptly to the Warrantholder a Certificate for the Shares issuable upon the exercise of the Warrant or Warrants evidenced by such Warrant Certificate. The Warrants evidenced by a Warrant Certificate shall be exercisable at the election of the Warrantholder thereof, either as an entirety or from time to time for less than all of the number of Warrants specified in the Warrant Certificate.
Right to Exercise Warrants. Each Warrant may be exercised from the date hereof until five (5) years after the Issuance Date (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall expire. Each Warrant shall entitle its holder to purchase from the Company the number of shares of Common Stock indicated in the Warrant (each such share being an “Exercise Share) at the per share exercise price set forth on the warrant certificate, subject to adjustment as set forth below (the “Exercise Price”). The Company shall not be required to issue fractional shares of Common Stock upon the exercise of the Warrants or to deliver Warrant Certificates which evidence fractional shares of capital stock. In the event that a fraction of an Exercise Share would, except for the provisions of this paragraph 2, be issuable upon the exercise of a Warrant, the Company shall round up to the nearest whole Share.
Right to Exercise Warrants. Each Warrant may be exercised from the date of this Agreement until 11:59 P.M. (Eastern Standard Time) on the date that is ONE (1) year after the date of this Agreement (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall expire. Each Warrant shall entitle its holder to purchase from the Company one share of Common Stock (each an “Exercise Share”) at an exercise price of ONE CENT ($0.01) per share, subject to adjustment as set forth below ("Exercise Price"). The Company shall not be required to issue fractional shares of Common Stock upon the exercise of this Warrant or to deliver Warrant Certificates which evidence fractional shares of capital stock. In the event that a fraction of an Exercise Share would, except for the provisions of this paragraph 2, be issuable upon the exercise of this Warrant, the Company shall pay to the Holder exercising the Warrant an amount in cash equal to such fraction multiplied by the current fair market value of the Exercise Share. For purposes of this paragraph 2, the current market value shall be determined in good faith by the Board of Directors of the Company for similar securities, taking into account any recent valuations, sales, and the rights, preferences, and/or restrictions of resale on the securities.
Right to Exercise Warrants. Each Warrant may be exercised from the effective date of this Agreement until 4:59 P.M. (Pacific Time) on the date that is nine (9) years after the effective date of this Agreement (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall automatically expire. Each Warrant shall entitle its holder to purchase from Company one share of Common Stock (the "Exercise Shares") at an exercise price of One and 50/100 Dollars ($1.50) per Share, subject to adjustment as set forth below (the "Exercise Price").
Right to Exercise Warrants. Under no circumstances will any of the Series A Warrants or the Series B Warrants be exercisable unless and until:
Right to Exercise Warrants. Subject to prior redemption pursuant to Section 17, each Warrant may be exercised, on any business day on or after issuance (except that the Warrants included in the Underwriters' Units may not be exercised until the Underwriters' Warrants have been exercised) and on or before 5:00 p.m., Houston, Texas time on May 26, 1999 (the "EXPIRATION DATE"). The term of the Warrants may be extended in the sole discretion of the Company beyond May 26, 1999, upon written notice to the Warrant Agent at least five days prior to the date on which the Warrants were to have expired absent such an extension to a date determined by the Company, which date shall thereupon become the Expiration Date referred to above unless and until another date is substituted in accordance with this Section. Each Warrant not exercised on or before May 26, 1999, or any later Expiration Date shall thereupon expire. Subject to the provisions of this Agreement, including Section 11, the holder of either a Class A or Class B Warrant shall have the right to purchase from the Company (and the Company shall issue and sell to such holder(s) of a Class A or Class B Warrant) one fully paid and non-assessable share of Common Stock at the price of $3.50 or $4.50 per share, respectively (the exercise price of the Class A and Class B Warrants is hereinafter referred to as the "EXERCISE PRICE"). The Company may from time-to-time lower the Exercise Price of either the Class A or Class B Warrants, or both, for periods of at least 20 days upon ten day's prior written notice to the record holders of Warrants and the Warrant Agent. Each such Warrant shall be exercisable upon surrender to the Warrant Agent, at its office maintained for that purpose in Houston, Texas, of the Warrant Certificate evidencing such Warrant, with the form of election to purchase on the reverse thereof duly completed and signed, and upon payment to the Warrant Agent of the Exercise Price. Payment of the Exercise Price may be by cash or certified or official bank check payable to the order of the Warrant Agent. The Warrant Agent shall deposit all funds received on account of the exercise of any Warrant in an investment vehicle to be designated by Texoil and maintained in a trust account with the Warrant Agent. Except as expressly provided to the contrary in Section 11(f) hereof. no adjustments shall be made for any cash dividends or other cash distributions on Shares issuable upon the exercise of a Warrant. Upon such surrender of a Warrant...
Right to Exercise Warrants. The Warrants represented by this certificate may be exercised at any time commencing on the above Issuance Date and terminating at 5:00 p.m., Pacific Standard Time, on the date five (5) year thereafter.
Right to Exercise Warrants. The rights represented by this Warrant are exercisable for two years from the date hereof; provided that the Company shall have the right, upon sixty (60) days prior written notice, to redeem for $0.01 per Warrant all or any portion of this Warrant at any time after the first anniversary of the date of issuance of the Warrant if (i) the Company has filed a registration statement registering the Warrant Shares for resale (the "Registration Statement"), (ii) the Registration Statement has been effective during the ninety (90) day period immediately preceding the date that such notice is given by the Company (the "Notice Date"), and (iii) the closing bid of the Company's Common Stock quoted on NASDAQ or a national securities exchange for each of the twenty (20) consecutive business days ending on a date no earlier than five (5) days prior to the Notice Date is at least $10.00 per share.
