Copper North definition
Examples of Copper North in a sentence
Western Amalco will not acquire ownership of or any other interest in such Copper North Shares or NorthIsle Shares and will receive same solely as agent for Copper North and NorthIsle for the purpose of delivering the Copper North Shares and NorthIsle Shares to the person who has exercised the Western Copper Warrant.
Western Copper hereby covenants and agrees that it shall take such remaining steps and do all such remaining acts and things, as may be necessary to transfer the Carmacks Property and the Redstone Property to Copper North on the Effective Date.
No holder of Western Copper Shares shall receive fractional securities of Western Amalco, NorthIsle or Copper North and no cash will be paid in lieu thereof.
Western Copper, NorthIsle, Copper North and the Depositary shall be entitled to deduct and withhold from the consideration or other amounts payable to any Shareholder such amounts as Western Copper, NorthIsle, Copper North or the Depositary is required or permitted to deduct and withhold with respect to such payment under the Tax Act, the U.S. Tax Code or any provision of any applicable federal, provincial, state, local or foreign tax law or treaty, in each case, as amended.
Copper North hereby covenants and agrees that it shall use its commercially reasonable efforts following the completion of the Arrangement to apply for and obtain a listing of the Copper North Shares on the TSXV or other stock exchange or quotation system.
Western Copper, NorthIsle and Copper North wish to complete a reorganization of Western Copper, NorthIsle and Copper North pursuant to a plan of arrangement (the “Plan of Arrangement”) and involving Casino Mining, Carmacks, Carmacks Mining, Lurprop, CRS, Moraga, North Island Mining and Redbed under Section 288 of the Business Corporations Act (British Columbia) (the “Act”) on the terms of the Plan of Arrangement annexed hereto as Exhibit I.
If the approval of the Arrangement as set forth in the Interim Order is obtained, Western Copper, NorthIsle and Copper North shall take the necessary steps to submit the Arrangement to the Court and apply for the final order (the “Final Order”) in such fashion as the Court may direct and, as soon as practicable thereafter, and subject to satisfaction or waiver of any other conditions provided for in this Agreement.
The foregoing conditions in this Section 6.4 are inserted for the exclusive benefit of Copper North and may be waived by it in whole or in part at any time.
Western Amalco will receive that portion of the exercise price in paragraph (i) above as Copper North’s agent for the purpose of delivering to Copper North payment for the Copper North Shares to be issued on exercise of a Western Copper Warrant and will receive that portion of the exercise price in paragraph (ii) above as NorthIsle’s agent for the purpose of delivering to NorthIsle payment for the NorthIsle Shares to be issued on exercise of a Western Copper Warrant.
It is intended that the provisions of subsection 7(1.4) of the Tax Act apply to the exchange of a Western Copper Stock Option for a New Western Amalco Stock Option, a Copper North Stock Option and a NorthIsle Stock Option.