Debt Conversion. As of this date, all EST Debt shall be converted into the right to receive Acquirer equity securities. Lender shall have the right to receive one "Unit" of Acquirer equity securities for every two dollars of EST Debt held by Lender. A "Unit" of Acquirer equity securities shall equal two shares of Acquirer common stock and a warrant to purchase one share of Acquirer common stock at $1.00 per share but may only be exercisable if the public trading price is at least $1.50. Following such conversion the Company shall have no liability to the Lender for any monetary payment, including without limitation any loan, promissory note or advance. In addition, the EST Debt shall then have no further force or effect and the Lender shall no longer have any right to receive any payment from the Company as a result of the EST Debt. Under this Agreement, the Lender shall have no other rights or remedies other than the right to acquire that number of "Units" of Acquirer determined in accordance with the amount of EST Debt that Lender holds.
Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into ___________ shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $____ per share (the “Conversion Price”). Upon receipt of the Conversion Shares, Lender agrees that the Note is cancelled and of no further force and effect. Lender agrees to promptly file any necessary UCC termination statements or other documentation that may be needed to terminate any security interests that may have been granted to Lender that are related to the Note. Lender further authorizes borrower to take any action needed to reflect the cancellation of the Note and the termination of any related security interests.
Debt Conversion. The Holder shall have the option to convert the principal and interest due under this note into shares of the Company's common stock at any time, pursuant to the terms of the form of the Debt Conversion Agreement attached hereto as Exhibit "A".
Debt Conversion. The conversion of the aggregate debt owed by the Company to the former shareholders of Vexigo Ltd. to warrants to acquire the Company's ordinary shares shall have been consummated.
Debt Conversion. All indebtedness of Company, Equachem, LLC, Equalan LLC and Biozone Laboratories, Inc. to Seller shall be forgiven at closing, provided $250,000 of such indebtedness owing to Xxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company audit.
Debt Conversion. (a) The Holder agrees, subject to the conditions set forth herein, to convert the principal and accrued but unpaid interest on the Note (“Debt Conversion”) into shares of Common Stock ("Conversion Shares") at a conversion price equal to the per share offering price of the Company’s shares in its proposed secondary offering with Aegis Capital, as further described in Section 4(a)(v), and subject to the approval of the TSX Venture Exchange (“TSXV”).
Debt Conversion. (a) Xxxxxxx, agrees, subject to the conditions set forth herein, to convert the principal amount of his Note into 955,856 ($119,482 / $.125) shares of the Company’s Common Stock (the “Conversion Shares”).
Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into 466,598 shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $1.04 per share (the “Conversion Price”).
Debt Conversion. 1. The Creditor and the Company shall settle the Debt by converting the Debt into 2,500,000 units of the Company (the “Units”) at a price of $0.005 per Unit. Each Unit shall consist of one common share in the capital of the Company (a “Share”) and one-half of one share purchase warrant with each whole warrant exercisable at $1.50 per Share for a period of three (3) years from the date of issuance. Such conversion shall eliminate the obligation of the Company to repay the Debt to the Creditor.
Debt Conversion. All debts of Buyer existing as of the Closing shall either be waived in a writing acceptable to Seller, or converted into equity of the Buyer effective no later than the Closing.
