Common use of Requested Registrations Clause in Contracts

Requested Registrations. Commencing at any time following six (6) months after the date hereof, one or more Stockholders may request, in writing, that the Company effect the registration under the Securities Act of Registrable Shares owned by one or more Stockholders, so long as the anticipated aggregate gross proceeds in any such registration are anticipated to exceed CDN$5,000,000 (based upon the average of the last sale prices of the Common Stock for the 15 trading days immediately prior to the date of the written notice of the Stockholders requesting such registration); provided, however, that the Company may delay any such demand registration for up to ninety (90) days if the Board of Directors of the Company determines that such delay is required to avoid disclosure of material nonpublic information until the expiration of such period of time; and provided, further, that the Company may not exercise this deferral right more than once in any twelve (12)-month period. Upon receipt of any such request, the Company shall promptly give written notice of such proposed registration to all Stockholders. Such other Stockholders shall have the right, by giving written notice to the Company within ten (10) days after the Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such Stockholders may request in such notice of election. Thereupon, the Company shall, as expeditiously as possible, use all reasonable efforts to effect the registration of all Registrable Shares that the Company has been requested so to register. If available, the Registrable Shares will be registered on a Form S-3 to be filed by the Company. The Company shall not be required to effect more than one (1) such registration statement in any twelve (12)-month period.