Cashless Exercise Right. In lieu of exercising this Warrant as specified in Section 1.2, Holder may from time to time, in its sole discretion, exercise this Warrant in whole or in part as to the portion of the Warrant that is exercisable and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise for the aggregate Warrant Price pursuant to Section 1.2, elect instead to receive upon such exercise the “net number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): X = Y (A – B) Where:
Cashless Exercise Right. In lieu of exercising this Warrant as specified in Article 1.2, Holder may from time to time, following satisfaction of the Exercise Condition, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate Warrant Price pursuant to Article 1.2, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): Net Number = (A x B) - (A x C) For purposes of the foregoing formula: A= the total number of shares with respect to which this Warrant is then being exercised.
Cashless Exercise Right. In addition to any rights that the Holder may have to offset the Exercise Price against the outstanding indebtedness under the Loan, the Holder of this Warrant may elect to exercise this Warrant by means of a “cashless exercise” (the “Cashless Exercise Right”) in which the Holder shall, upon surrender of this Warrant Certificate with the annexed Notice of Exercise Form duly executed, be entitled to receive that number of Warrant Shares as is equal to the number obtained by the following formula:
Cashless Exercise Right. The Holder of this Warrant may elect to exercise this Warrant by means of a “cashless exercise” (the “Cashless Exercise Right”) in which the Holder shall, upon surrender of this Warrant Certificate with the annexed Notice of Exercise Form duly executed, be entitled to receive that number of Warrant Shares as is equal to the number obtained by the following formula: (A-B)C A Where: A = If the Common Stock is listed or quoted on a national securities exchange, the OTC Bulletin Board or the OTCQB or OTCQX market tiers of the inter-dealer quotation system maintained by OTC Markets Group Inc. (or any successors to the forgoing), the volume weighted average price of the Common Stock for the trading day immediately preceding the date of exercise; if the Common Stock is not so listed or quoted, but the Common Stock is quoted on the OTC Pink market tier of the electronic inter-dealer quotation system maintained by OTC Markets Group Inc. (or any successor to the forgoing), the closing bid price per share for the Common Stock for the trading day immediately preceding the date of exercise; and if the Common Stock is not so listed, quoted or reported, the fair market value per share of the Common Stock on the date of exercise, as determined by an independent appraiser selected in good faith by the Lender and reasonably acceptable to the Company (the fees and expenses of which shall be paid by the Company). B = the Exercise Price.
Cashless Exercise Right. Upon exercise of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment of the Exercise Price) that number of shares determined as follows: X = Y [(A-B)/A] where: X = the number of Warrant Shares to be issued to the Holder; Y = the total number of Warrant Shares with respect to which this Warrant is being exercised; A = the average of the Common Stock’s Closing Sale Prices (as determined below) for the five (5) consecutive Trading Days ending on the date immediately preceding the Exercise Date; and B = the pro-rata Exercise Price per Warrant Share then in effect at the time of such exercise. For the purposes of this Warrant:
Cashless Exercise Right. (a) Subject to Section 1.1(b), at any time or from time to time, in lieu of the payment of the Exercise Price, the Warrantholder shall have the right (but not the obligation), to require the Company to convert this Warrant, in whole or in part, into Common Stock (a "Cashless Exercise Right") as provided for in this Section 1.2. Upon exercise of the Cashless Exercise Right, the Company shall deliver to the Warrantholder within five Business Days after receipt of the Exercise Form by the Company (without payment by the Warrantholder of any of the Exercise Price) in accordance with Section 1.1 that number of shares of Common Stock equal to the quotient obtained by dividing (i) the value of the Warrant at the time the Cashless Exercise Right is exercised (determined by subtracting, the Aggregate Exercise Price of the Warrant Shares in effect immediately prior to the exercise of the Cashless Exercise Right from the aggregate Market Price (as defined below) of the Warrant Shares in effect immediately prior to the exercise of the Cashless Exercise Right) by (ii) the Market Price of one share of Common Stock immediately prior to the exercise of the Cashless Exercise Right.
Cashless Exercise Right. In lieu of exercising a Yearly Option for cash, IIM may elect to exercise all or any portion of a Yearly Option by means of a cashless exercise (the “Cashless Exercise Right”). Upon exercise of the Cashless Exercise Right, IIM shall (1) surrender its right to that portion of the Yearly Option so exercised by means of the Cashless Exercise Right; and (2) be entitled to receive from BVNR that number of Option Shares that is equal to the number obtained by the following formula: ( X - Y )Z X Where: X = the market price, on a per share basis, of I-Minerals’ common shares (the “Market Price”), calculated based on (a) if the common shares are then traded on the TSX Venture Exchange or the Toronto Stock Exchange, the average closing price of I-Minerals’ common shares as quoted by the TSX Venture Exchange or the Toronto Stock Exchange for the 5 trading days immediately preceding the date the Notice of Exercise is delivered to BVNR indicating IIM’s election to exercise the BVNR Options by means of the Cashless Exercise Right (the “Exercise Date”), converted into USD based on the Bank of Canada noon rate for the trading day immediately preceding the Exercise Date, (b) if the common shares are not traded on the TSX Venture Exchange or the Toronto Stock Exchange but are traded on another securities exchange or active public market, the average closing price of I-Minerals’ common shares as quoted by that other securities exchange or active public market for the 5 trading days immediately preceding the Exercise Date,or (c) if there is no active public market for I-Minerals’ common shares, the value thereof as of the Exercise Date, as determined in good faith by the Board of Directors of the Company, taking into account any illiquidity and lack of marketability of the common shares. Y = the Option Price. Z = the number of Option Shares that IIM would otherwise have been entitled to receive upon exercise of the Yearly Option had IIM elected to pay the Option Price in cash.
Cashless Exercise Right. In lieu of exercising this Warrant as specified in Section 1.2, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.4.
Cashless Exercise Right. In lieu of paying the Warrant Price for the Shares as specified in Section 1.1, Holder may satisfy its obligation to pay the Warrant Price through a “cashless exercise,” in which event the Company shall issue to the Holder the number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share as of the exercise date. The fair market value of the Shares shall be determined pursuant to Section 1.3.
Cashless Exercise Right. In lieu of exercising this Warrant as specified in Article 1.2, Holder may from time to time, following satisfaction of the Exercise Condition, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate Warrant Price pursuant to Article 1.2, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): Net Number = (A x B) - (A x C) B For purposes of the foregoing formula: A= the total number of shares with respect to which this Warrant is then being exercised. B= the fair market value of each Share shall be the average for the five Trading Days immediately prior to the date of determination thereof of the last reported sale price regular way on each such day, or, in the case no such sale takes place on any such day, the average of the reported closing bid and asked prices regular way of the shares of Common Stock on such day, in each case as quoted on The NASDAQ Stock Market, as reported by Bloomberg or such other principal securities exchange or inter-dealer quotation system on which the shares of Common Stock are then traded. C= the Warrant Price then in effect for the applicable Shares at the time of such exercise.
