No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Shares upon the conversion of Debentures pursuant to this Article. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures to be converted. If any fractional interest in a Share would, except for the provisions of this Section, be deliverable upon the conversion of any principal amount of Debentures, the Corporation shall, in lieu of delivering any certificate representing such fractional interest, make a cash payment to the holder of such Debenture of an amount equal to the fractional interest which would have been issuable multiplied by the Current Market Price on the Date of Conversion of such fractional interest (less applicable withholding taxes, if any).
No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Shares upon the conversion of Debentures pursuant to this Article 5. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures to be converted. If any fractional interest in a Share would, except for the provisions of this Section 5.5, be deliverable upon the conversion of any principal amount of Debentures, the Corporation shall, in lieu of delivering any certificate representing such fractional interest, make a cash payment to the holder of such Debenture of an amount equal to the fractional interest which would have been issuable multiplied by the Current Market Price. Upon request by the Trustee, the Corporation shall provide, in writing to the Trustee, the price to be paid in respect of such fractional Shares.
No Requirement to Issue Fractional Shares. The Company shall not be required to issue fractional Common Shares upon the conversion rights pursuant to this Article 5. If any fractional interest in a Common Share would, except for the provisions of this Section 5.5, be deliverable upon the conversion of any principal amount of Debentures, the Company shall, in lieu of delivering any certificate of such fractional interest, satisfy such fractional interest by paying to the Holder of such surrendered Debentures an amount of lawful money of Canada equal (computed to the nearest whole cent, and one-half of a cent being rounded up) to the appropriate fraction of the deemed value of a Common Share.
No Requirement to Issue Fractional Shares. The Corporation shall not issue fractional shares upon conversion but shall issue the next highest whole number of shares otherwise to be issued after all necessary calculations in this ARTICLE 3 have been completed.
No Requirement to Issue Fractional Shares. The Company will not be required to issue fractional shares upon any exercise of a vested Option. If any fractional interest in a Share would, but for the provisions of this Section, be deliverable upon the exercise of a vested Option, the Company will, in lieu of delivering any certificate of such fractional interest, satisfy such fractional interest by paying to the Participant any amount in Dollars equal (computed to the nearest cent) to the appropriate fraction of the Current Market Price of a Share on the date of exercise of the Option.
No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Common Shares upon the conversion of this Debenture pursuant to this section 1. If any fractional interest in a Common Share would, except for the provisions of this subsection 1.5, be deliverable upon the conversion of any principal amount of this Debenture, the Corporation shall round up such fractional interest to the next highest whole number of Common Shares and deliver to the Holder a whole number of Common Shares.
No Requirement to Issue Fractional Shares. The Borrower shall not be required to issue fractional Shares upon conversion of part or all of the Principal Balance pursuant to the Lender's exercise of the Conversion Right. In lieu thereof, the Borrower shall be entitled to pay to the Lender in cash an amount equal (to the nearest cent) to the appropriate fraction of the value (which shall be the last reported sale price if a sale took place within 60 days of the applicable Notice of Exercise or, if none, a deemed value of CDN$0.15 per Share) of a Share on the date that the Borrower receives the Notice of Exercise. Schedule 3.15 Capitalization as of October 7, 1997 Common Shares Issued and Outstanding 25,757,297 Reserved for exercise of outstanding Warrants 3,274,000 Reserved for exercise of outstanding Options 2,140,000 Reserved for exercise of Options not yet approved* 935,000 Common Shares Fully Diluted before Private Placement and 32,106,297 Related Matters Announced September 14, 1997 Reserved for issuance in settlement of outstanding indebtedness 5,000,000 Reserved for issuance in consideration of Turbeco option 2,500,000 Issuable as part of Unit Private Placement 11,666,667 Reserved for issuance upon exercise of Warrants granted 11,666,667 as part of Unit Private Placement Reserved for issuance upon exercise of Detachable Warrants 7,000,000 granted as part of Convertible Loan Private Placement Reserved for issuance upon conversion of Convertible Loan 7,000,000 made as part of Convertible Loan Private Placement Reserved for finders' fees in connection with Unit Private 808,333 Placement and Convertible Loan Private Placement __________ Common Shares Fully Diluted After All of the Above 77,747,964 __________________________ * An option to purchase up to 300,000 shares is to be granted to William Jayroe in connection wixx xxx xxxxxxxx xxployment agreement and, under that agreement, he may by meeting certain performance goals, become entitled to grants of additional options exercisable to purchase a maximum of an additional 600,000 shares. In addition, options to purchase up to an aggregate of an additional 35,000 shares are reserved for grants to employees. These options are subject to acceptance by the Vancouver Stock Exchange.
No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Common Shares upon the conversion of Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same Holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Debentures to be converted. If any fractional interest in a Common Share would, except for the provisions of this section, be deliverable upon the conversion of any principal amount of Debentures, the Corporation may, at its option, in lieu of delivering any certificate of such fractional interest, satisfy such fractional interest by paying to the Holder of such surrendered Debentures an amount in lawful money of Canada equal (computed to the nearest cent) to such fractional interest multiplied by the Current Market Price of the Common Shares on the Date of Conversion.
No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Common Shares upon any Conversion. Where the aggregate number of Common Shares to be issued would result in a fraction of a Common Share being issuable, the number of Common Shares to be issued to the Lender shall be rounded down to the next whole number, and no cash or other consideration shall be paid or payable in lieu of such fraction of a Common Share.
No Requirement to Issue Fractional Shares. The Corporation shall not be required to issue fractional Common Shares upon the conversion of Notes. If more than one Note shall be surrendered for conversion at one time by the same Holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Notes to be converted. If any fractional interest in a Common Share would, except for the provisions of this section, be deliverable upon the conversion of any principal amount of Notes, the Corporation may, at its option, in lieu of delivering any certificate of such fractional interest, satisfy such fractional interest by paying to the Holder of such surrendered Notes an amount in lawful money of the United States of America equal (computed to the nearest cent) to such fractional interest multiplied by the Current Market Price of the Common Shares on the Business Day preceding the Date of Conversion provided it is not less than $5.00.
