Common use of Fractional Interests; Current Market Price Clause in Contracts

Fractional Interests; Current Market Price. The Company shall not be required to issue fractional Shares on the exercise of the Warrants. If any fraction of a Share would, except for the provisions of this Section 9, be issuable on the exercise of the Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the then Current Market Price multiplied by such fraction. For purposes of this Agreement, the term, "Current Market Price" shall mean the average of the per share closing bid prices of the Company's Common Stock quoted in the Over-the-Counter Market summary or the average of the per share closing prices quoted on the TSX, the TSX Venture Exchange, or the NASDAQ National Market or on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of the Wall Street Journal, or other Canadian national newspaper (or, if not so reported, as otherwise reported by the TSX Group or the NASDAQ System) for five (5) trading days prior to the date notice of exercise is given to the Company. If trading in the Common Stock is not reported by the NASDAQ system, the bid price referred to above shall be the average of the lowest bid price for five (5) trading days as reported in the "pink sheets" published by the National Quotation Bureau, Incorporated. If the Common Stock is quoted on the NASDAQ National Market or listed on any exchange, the closing price referred to above shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices.

Fractional Interests; Current Market Price. The Company shall not be required to issue fractional Shares on the exercise of the Warrants. If any fraction of a Share would, except for the provisions of this Section 9, be issuable on the exercise of the Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the then Current Market Price multiplied by such fraction. For purposes of this Agreement, the term, "Current Market Price" shall mean the average of the per share closing bid prices of the Company's Common Stock quoted in the Over-the-Counter Market summary or the average of the per share closing prices quoted on the TSX, the TSX Venture Exchange, or the NASDAQ Nasdaq National Market or on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of the Wall Street Journal, or other Canadian national newspaper Journal (or, if not so ------------------- reported, as otherwise reported by the TSX Group or the NASDAQ Nasdaq System) for five (5) trading days prior to the date notice of exercise is given to the Company. If trading in the Common Stock is not reported by the NASDAQ Nasdaq system, the bid price referred to above shall be the average of the lowest bid price for five (5) trading days as reported in the "pink sheets" published by the National Quotation Bureau, Incorporated. If the Common Stock is quoted on the NASDAQ Nasdaq National Market or listed on any exchange, the closing price referred to above shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices.

Fractional Interests; Current Market Price. The Company shall not be required to issue fractional Shares on the exercise of the Warrants. If any fraction of a Share would, except for the provisions of this Section 9, be issuable on the exercise of the Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the then Current Market Price multiplied by such fraction. For purposes of this Agreement, the term, "Current Market Price" shall mean the average of the per share closing bid prices of the Company's Common Preferred Stock quoted in the Over-the-Counter Market summary or the average of the per share closing prices quoted on the TSX, the TSX Venture Exchange, or the NASDAQ National Market or on any exchange on which the Common Preferred Stock is listed, whichever is applicable, as published in the Western Edition of the Wall Street Journal, or other Canadian national newspaper Journal (or, if not so reported, as otherwise reported by the TSX Group or the NASDAQ System) for five (5) trading days prior to the date notice of exercise is given to the Company. If trading in the Common Preferred Stock is not reported by the NASDAQ system, the bid price referred to above shall be the average of the lowest bid price for five (5) trading days as reported in the "pink sheets" published by the National Quotation Bureau, Incorporated. If the Common Preferred Stock is quoted on the NASDAQ National Market or listed on any exchange, the closing price referred to above shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices.