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Thursday, June 06, 2019 7:09:09 AM
The Convertible Secured Promissory Note shall have a maturity date of 12 months following the date of closing, and be convertible, on the maturity date, at the option of Spring Oaks, into common shares of GGB at a conversion rate equal to the greater of (i) USD$5.00 (CAD $6.73) per common share and (ii) the closing market price of a GGB common share on the CSE on the trading day immediately prior to the Note's maturity date, less fifteen percent. The Consideration Shares shall be subject to lock-up agreement for 16 months following the date of closing
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