Cashless Exercise/Conversion. Subject to all of the terms and conditions hereof, if by October 19, 2007 the Effective Date shall not have occurred, the Holder shall have the right to convert this Warrant, in whole or in part, with respect to the Warrant Shares, at any time and from time to time until 5:00 p.m., Eastern Time, on the earlier to occur of (x) the Effective Date or (y) the Expiration Date, by surrender of this Warrant to the Company at its principal office, accompanied by a conversion notice substantially in the form attached hereto, executed by the Holder. Thereupon, the Holder shall be entitled to receive a number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares equal to: (i) (A) (x) the number of Warrant Shares (subject to adjustment as provided in Section 3 hereof) which such Holder would be entitled to receive upon exercise of such Warrant for the number of Warrant Shares designated in such conversion notice (without giving effect to any adjustment thereof pursuant to this subsection), multiplied by (y) the Fair Market Value of each such Warrant Share so receivable upon such exercise
Appears in 1 contract
Sources: Securities Agreement (Particle Drilling Technologies Inc/Nv)
Cashless Exercise/Conversion. Subject to all of the terms and conditions hereof, if by October 19, 2007 the Effective Date shall not have occurred, the Holder shall have the right to convert this Warrant, in whole or in part, with respect to the any Warrant Shares, at any time and from time to time until during the period commencing on the Initial Exercise Date and ending at 5:00 p.m., Eastern Time, on the earlier to occur of (x) the Effective Date or (y) the Expiration Date, by surrender of this Warrant to the Company at its principal office, accompanied by a conversion notice substantially in the form attached hereto, executed by the Holder. Thereupon, the Holder shall be entitled to receive a number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares equal to:
(i) (A) (x) the number of Warrant Shares (subject to adjustment as provided in Section 3 hereof) which such Holder would be entitled to receive upon exercise of such Warrant for the number of Warrant Shares designated in such conversion notice (without giving effect to any adjustment thereof pursuant to this subsection), multiplied by (y) the Fair Market Value of each such Warrant Share so receivable upon such exercise
Appears in 1 contract