Broker Units definition
Examples of Broker Units in a sentence
In addition, the Agent will receive Broker Warrants which will entitle the Agent to purchase that number of Broker Units as is equal to 10% of the number of Offered Securities sold, exercisable at a price of $0.10 per Broker Unit at any time during the 24 month period after the Closing Date.
No fractional common shares of the Corporation will be issued upon exercise of the Broker Units, nor shall any compensation be made for such fractional common shares, if any.
The undersigned hereby represents and warrants to the Corporation that the undersigned is not a U.S. Person and the Broker Units are not being exercised within the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States.
No failure on the part of any party hereto at any time to require the performance by any other party of any term of this Agreement shall be taken or held to be a waiver of such term or in any way affect such party's right to enforce such term, and no waiver on the part of either party of any term of this Agreement shall be taken or held to be a waiver of any other term hereof or the breach thereof.
The Broker Units represented by this certificate and all rights granted hereunder are non-transferable.
The Underwriters acknowledge that none of the Broker Warrants, the Broker Units, the Broker Unit Shares, the Broker Unit Warrants or the Broker Shares (collectively, the “Broker Securities”) have been registered under the U.S. Securities Act or the securities laws of any state of the United States.
As additional compensation, the Corporation agrees to issue to the Underwriters that number of non-transferable Broker Unit purchase warrants (the “Compensation Warrants”) entitling the Underwriters to purchase such number of Broker Units as is equal to 6.0% of the aggregate number of Units and the Additional Securities, if any, sold under the Offering, each Broker Unit consisting of one Common Share (a “Broker Unit Share”) and one half of one Warrant (a “Broker Unit Warrant”).
The Broker Units may be exercised in whole or in part and, if exercised in part, the Corporation shall issue within three (3) business days of exercise, without charge therefore, another certificate representing the balance of the Broker Units remaining unexercised, provided that any such Broker Units shall terminate on the Expiry Date.
The Corporation will ensure that upon their issuance in accordance with the terms of the Broker Warrants and payment therefor, the Broker Units shall be duly and validly issued as Broker Unit Warrants and Broker Unit Shares.
Upon compliance with the terms and conditions as aforesaid, the Corporation will cause to be issued to the person or persons in whose name or names the Broker Units so subscribed for are to be issued the number of fully paid and non-assessable Common Shares and Broker Warrants subscribed for and such person or persons shall be deemed upon presentation and payment as aforesaid to be the holder or holders of record of such Common Shares and Broker Warrants.