Common use of Transaction Steps Clause in Contracts

Transaction Steps. 4.1 Scheme (a) Papillon must propose the Scheme to Papillon Shareholders. (b) If the Scheme becomes Effective, then on the Implementation Date: (i) all of the Papillon Shares held by Scheme Participants on the Record Date will be transferred to B2Gold; (ii) in exchange, each Scheme Participant will receive the Scheme Consideration for each Papillon Share held by them at the Record Date; and (iii) B2Gold will ensure that each holder of Papillon Options that has agreed to the cancellation of his or her Papillon Options will receive the Cancellation Consideration in respect of the Papillon Options held by him or her and that those Papillon Options will be cancelled.