Common use of Concurrent Financing Clause in Contracts

Concurrent Financing. The Parties hereby acknowledge that in advance of the Merger and other transactions contemplated herein, FLRish shall conduct an offering of subscription receipts of the Company (the “Subscription Receipt”). Each Subscription Receipt will entitle the holder to receive, automatically and with no further action on the part of the holder, one Unit of FLRish with each Unit consisting of (i) one share of Series D Common Stock at a per share price to be determined by the Parties (the “Concurrent Financing Price”) and (ii) up to one common share purchase warrants at a per share exercise price in excess of the Concurrent Financing Price (the “Concurrent Financing Warrants”) (which Concurrent Financing Price shall be subject to adjustment in the event of any equity split, reverse equity split, or equity dividend) for a period of 12 months from the date the warrants are issued, for subscription proceeds of at least CAD$10,000,000 and up to a maximum amount of CAD$70,000,000 (or such other amount as the Parties may agree), with an option to increase the maximum amount by no more than fifteen percent (15%). FLRish may agree to modify the terms of the Concurrent Financing, within its sole discretion, provided, however, such modifications shall not (i) reduce the Concurrent Financing Price below CAD$6.50, (ii) increase the warrant coverage, (iii) increase the exercise period of the warrants for more than two and one half times the exercise period; or (iv) reduce the per share exercise price of the warrants below the Concurrent Financing Price.” 2. Section 1.7 of the Merger Agreement is hereby amended and restated in its entirety with the following:

Appears in 1 contract

Sources: Merger Agreement

Concurrent Financing. The Parties hereby acknowledge that in advance of the Merger and other transactions contemplated herein, FLRish shall conduct an offering of subscription receipts of the Company (the “Subscription Receipt”). Each Subscription Receipt will entitle the holder to receive, automatically and with no further action on the part of the holder, one Unit of FLRish with each Unit consisting of (i) one share of Series D Common Stock at a per share price to be determined by the Parties (the “Concurrent Financing Price”) and (ii) up to one common share purchase warrants at a per share exercise price in excess of the Concurrent Financing Price (the “Concurrent Financing Warrants”) (which Concurrent Financing Price shall be subject to adjustment in the event of any equity split, reverse equity split, or equity dividend) for a period of 12 months from the date the warrants are issued, for subscription proceeds of at least CAD$10,000,000 and up to a maximum amount of CAD$70,000,000 (or such other amount as the Parties may agree), with an option overallotment option, exercisable in the sole discretion of the lead broker, of up to increase the maximum amount by no more than an additional fifteen percent (15%). FLRish may agree to modify the terms of the Concurrent Financing, within its sole discretion, provided, however, such modifications shall not (i) reduce the Concurrent Financing Price below CAD$6.50CAD$7.59, (ii) increase the warrant coverage, (iii) increase the exercise period of the warrants for more than two and one half times twice the exercise period; or (iv) reduce the per share exercise price of the warrants below the Concurrent Financing Price.” 2. Section 1.7 of the Merger Agreement is hereby amended and restated in its entirety with the following:

Appears in 1 contract

Sources: Merger Agreement