Phase 2 Option definition

Phase 2 Option. By completing a 43-101 compliant Preliminary Feasibility Study (“PFS”), by the 7th anniversary from when the Zlatusha Exploration Agreement is signed by the Bulgarian Ministry of Energy, as well as, meeting other conditions, ▇▇▇▇▇▇ has the option to earn into a 75% project level interest of the project. Upon Raiden obtaining a 75% project level interest in the project, QX shall have the option to: - Maintain its 25% interest within the project by financing its proportional share of further expenditure - Sell its remaining stake in the project, with ▇▇▇▇▇▇ having the first right of refusal - Dilute its remaining interest to a 2% Net Smelter Royalty (“NSR”), where ▇▇▇▇▇▇ will have the option to purchase an initial 0.5% of the total NSR for US$2.5m and a further 1% being purchasable for US$5m, prior to commencement of commercial production ASX RELEASE | 15th July 2019 Raiden Resources will be the manager and operator of the work program. The commencement of the Option agreement is subject to following conditions being met within the following 45 days (Conditions Precedent Satisfaction Date): - Raiden providing QX with a notification that it has completed a due diligence on the property and the holding Company (Zelenrok) - QX obtaining shareholder and Toronto Stock Exchange approval for the transaction - Raiden making a A$50,000 payment to QX for reimbursement of project acquisition costs FOR FURTHER INFORMATION PLEASE CONTACT: Managing Director

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Phase 2 Option means provision of an irrevocable offer by the Lessor as an option offerer to the Lessee as an option holder to make a preliminary lease agreement with respect to Premises 2 on the conditions provided for by the Agreement, except Clause 8.1, and the irrevocable offer being an integral part of the Agreement;

Phase 2 Option has the meaning given in Section 2.2; “Phase 2 Option Period” has the meaning given in Section 2.2;

Examples of Phase 2 Option in a sentence

In the event of a Change of Control of Solazyme where a Direct Competitor succeeds to the control (as defined in Section 1.2) of Solazyme (a “Direct Competitor Change of Control”) during Phase 2 or the Phase 2 Option Period, either Party may elect in its sole discretion to terminate immediately this Agreement by written notice to the other Party.
For clarity, all rights and obligations of the Parties under this Agreement, other than the Phase 2 Option and the covenant of the Company in Section 7.7, shall remain in force if the Purchasers do not exercise the Phase 2 Option.
Each P2 Unit shall consist of one Common Share and one half of a Common Share purchase warrant (each whole warrant, a “P2 Warrant”) and, if the Phase 2 Option is exercised, shall be issued at a price per P2 Unit equal to the 20-day volume-weighted average closing price of the Company’s Common Shares on the TSXV on the date prior to the date the Phase 2 Option is exercised (the “Phase 2 Purchase Price”).
The Company may move its listing to the Toronto Stock Exchange only if all of the Purchasers’ rights are preserved (including for certainty obtaining comfort from the Toronto Stock Exchange satisfactory to the Purchasers, acting reasonably, that the terms and conditions of the Phase 1 Option and Phase 2 Option as set out in this Agreement will be accepted by the Toronto Stock Exchange) and thereafter references to TSXV in this Agreement will mean and refer to the Toronto Stock Exchange.
With respect to Phase 2 and Phase 3, the Lessor has provided the Phase 2 Option and the Phase 3 Option, respectively.
If Cadiz so extends the Option, then Phase 2 of the Option Period will commence upon payment of the Phase 2 Option Fee and shall continue through the earlier of June 30, 2012, or the closing of a definitive Purchase and Sale Agreement by which Cadiz purchases the Pipeline Assets from Questar Southern Trails (the “Phase 2 Option Period”).
During the Phase 1 Option Period and the Phase 2 Option Period, Cadiz shall have the sole and exclusive right, but not the obligation, to purchase the Pipeline Assets.
The Company will remain a reporting issuer in good standing in Ontario, British Columbia and Alberta and will remain listed on the TSXV for a period of at least two years from the Phase 2 Closing Date or the date that the Purchasers determine not to exercise the Phase 2 Option.
The Parties further agree that the representations, warranties and agreements shall survive the purchase and sale of the Units and shall continue in full force and effect for a period of two years from the Phase 2 Closing Date or the date that the Purchasers determine not to exercise the Phase 2 Option, notwithstanding any subsequent disposition by any Purchaser of the Units or any termination of this Agreement.
Phase 2/ Option 1 (Exercised) Total Costs if All Options Exercised Government Share (90%) $3,022,501 $4,007,964 $7,030,465 Performer Share (10%) $335,834 $445,329 $781,163 Total Amount of the Agreement $3,358,334 $4,453,293 $7,811,627 To: Phase 1 Phase 2/ Option 1 (Exercised) Total Costs if All Options Exercised Government Share (90%) $3,022,501 $4,631,808 $7,654,309 Performer Share (10%) $335,834 $514,645 $850,479 Total Amount of the Agreement $3,358,334 $5,146,453 $8,504,788 5.

More Definitions of Phase 2 Option

Phase 2 Option has the meaning given in Section 7.3.1 hereof.

Phase 2 Option has the meaning set forth in Sub-Article 6B(B).

Phase 2 Option. Customer shall have the option ("Option"), exercisable at any time during the six month period commencing on the live date of the System (the "Option Period"), to add the feature sets described below, at the prices set forth below ("Phase 2 Option Prices"). Provided, however, that if Customer shall not have exercised the Option prior to the termination of the Option Period, the Option shall expire and be of no further force or effect.