Convertible. The Lender may convert all or part of the loan including principal and interest due into Series B Preferred Shares as per the Board Resolution to be passed in a formal Board Meeting on 28 August, 2014 creating the Series B Preferred Shares. Notice of the Series B Preferred Shares will be filed with the State of Nevada. The company undertakes to file the Series B registration immediately after the Corporate Annual Filing is completed which is due August 31/2014. At termination date of loan, if the Borrower has not converted his Loan Agreement to shares of Series B Preferred OR if the Lender has not redeemed the Loan, the Borrower will automatically convert his loan to the Series B Preferred Shares. Such price per share shall be the lowest trading price of the Company's shares on the Stock Exchange which its’ Common Shares trade, by using the lowest share price of the preceding five business days prior to the termination date of the loan, with a minimum price of $0.20.
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Convertible. The Lender may convert all or part of the loan including principal and interest due into Series B Preferred Shares as per the Board Resolution planned to be passed in a formal Board Meeting on 28 August, 2014 creating the Series B Preferred Shares. Notice of the Series B Preferred Shares will be filed with the State of Nevada. The company undertakes to file the Series B registration immediately after the Corporate Annual Filing is completed which is due August 31/2014. At termination date of loan, if the Borrower has not converted his Loan Agreement to shares of Series B Preferred OR if the Lender has not redeemed the Loan, the Borrower will automatically convert his loan to the Series B Preferred Shares. Such price per share shall be the lowest trading price of the Company's shares on the Stock Exchange which its’ Common Shares trade, by using the lowest share price of the preceding five business days prior to the termination date of the loan, loan with a minimum price of $0.20.
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