Common use of Description of the Transaction Clause in Contracts

Description of the Transaction. Transaction Structure: (a) On or before November 30, 2021 or such other date that the Parties may mutually agree to (the Closing Date), the Buyer will purchase all of the Sold Shares from the Seller, free and clear of any and all liens, encumbrances and adverse claims thereon of any nature whatsoever. The consideration payable for the Sold Shares will be a payment of CAD$1,500,000 to be made by the Buyer to the trust account of the Seller’s legal counsel on the Closing Date (the Cash Payment) and the delivery by the Buyer to the Seller of a promissory note in the principal amount of CAD$500,000 (the Promissory Note) in substantially the form attached hereto as Schedule “A”. The effective date of the purchase of the Sold Shares will be as at the date of original issuance to the Seller of the same.