Portex definition
Examples of Portex in a sentence
Debenture agreement containing customary representations, warranties, covenants and indemnities to be agreed upon by Portex and Aberdeen, including, without limitation, a negative covenant restricting Portex from incurring additional indebtedness.
Senior Unsecured Convertible Debenture Issuer: Portex Minerals Inc.
Portex will also issue one (1) option to acquire common shares of Portex for every four and one-half (4.5) options of SMI not exercised prior to the closing of the Acquisition, which options shall be exercisable on terms and conditions to be negotiated among the parties in good faith and in accordance with the terms and conditions of the existing stock option plan of Portex.
To the extent that Portex is required to issue Common Shares to satisfy the Second Instalment or Penalty Shares, as applicable, in excess of 7,700,000 Common Shares (or such other amount as determined by the TSXV), it shall, in lieu of issuing that number of excess Common Shares, satisfy such obligation by payment of the NSR Value Amount in accordance with Article III.
Each of GoldQuest and the GoldQuest Entities on the one hand and Portex on the other hand acknowledge that the other is entering into this Agreement relying upon the representations and warranties made by them or it herein.
The Debenture and accrued interest thereon may be converted into common shares of Portex at the option of Portex on the maturity date of the Debenture; provided, however, that if the maturity date of the Debenture occurs upon the completion of the Financing, the Debenture will be repaid in cash.
Each of Portex and SMI agrees that it will not pursue, solicit or discuss with any third party any alternative transaction to the Acquisition during the Due Diligence Period.
This Memorandum of Understanding shall terminate on the earlier of (a) the end of the Due Diligence Period in accordance with Section 7 hereof, (b) the entering into the Definitive Agreement, (c) any applicable regulatory authority having notified in writing either Portex or SMI that it will not permit the transactions contemplated herein to proceed and (d) such other date as may be mutually agreed among the parties in writing.
For greater certainty for the purposes of this Section 8.2(b), Party is deemed to refer to Portex on the one hand and GoldQuest and the GoldQuest Entities on the other hand.
If any of the conditions set forth in Section 7.1 have not been satisfied, Portex may waive the condition in writing and proceed with the completion of the transactions contemplated by this Agreement and, if any of the conditions set forth in Section 7.2 have not been satisfied, GoldQuest may waive the condition in writing and proceed with the completion of the transactions contemplated by this Agreement.