Examples of Qualifying Financing in a sentence
Upon closing of a Qualifying Financing, the Special Warrants automatically convert into Special Warrant Shares.
The Special Warrants are otherwise not convertible, and in the event the Lender does not participate in a Qualifying Financing on or prior to the maturity date, the Special Warrants will expire.
Conversion of the Special Warrants is subject to the Lender participating in a Qualifying Financing, as described above, for an aggregate subscription price of no less than the principal amount of their respective loan.
The Special Warrants are otherwise not convertible, and in the event the Lender does not participate in a Qualifying Financing on or prior to the maturity date, the Special Warrants will expire.On July 22, 2020, the Company completed a private placement of 5,180,000 units at a price of $0.20 per unit for total gross proceeds of $1,036,000.
This loan bears interest of 12% per annum and matures on the earlier of June 20, 2021 and the closing of a Qualifying Financing.