Common use of Effect of Exercise of the Warrant Clause in Contracts

Effect of Exercise of the Warrant. (a) Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable shares of the Corporation, free from all liens, charges and encumbrances and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment. (b) Within three (3) business days after surrender and payment as aforesaid, the Corporation shall forthwith cause the issuance of and make available for pick-up or, at the request of the holder, mail to the holder, a certificate for the Common Shares purchased as aforesaid. (c) Notwithstanding anything herein contained, including any adjustment provided for in Article 4, the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of fractional Common Shares, there shall be paid to the holder by the Corporation upon surrender of Warrant Certificate(s) for exercise of Warrants pursuant to Section 3.1 within ten

Effect of Exercise of the Warrant. (a) Upon surrender and payment as aforesaid the valid exercise of Warrants pursuant to Section 3.1, the Common Shares so subscribed for issued upon the exercise of the Warrants shall be issued as fully paid and non-assessable shares of the CorporationCommon Shares, free from all liens, charges and encumbrances encumbrances, and the holder shall become the holder of record of such Common Shares on the date of such surrender and paymentissue. (b) Within three five (35) business days Business Days after surrender and payment as aforesaidthe valid exercise of Warrants pursuant to Section 3.1, the Corporation shall forthwith cause the issuance of and make available for pick-up or, at the request of the holderWarrantholder, mail to the holder, a certificate for the Common Shares purchased as aforesaidpursuant to the valid exercise of the Warrants. (c) Notwithstanding anything herein contained, contained including any adjustment provided for in Article 4, the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of , and any fractional interest in a Common Shares, there Share a holder would otherwise be entitled to but for this Section 3.2(c) shall be paid deemed surrendered to the holder by the Corporation upon surrender of Warrant Certificate(s) for exercise of Warrants pursuant to Section 3.1 within tenno consideration.