Monday, January 31, 2022 2:10:32 PM
Pursuant to the Purchase and Sale Agreement, the total consideration for the purchase of the Sale Shares payable by the Buyer to the Seller in cash as follows:
(a) $47.50 million (Canadian Dollars) (approximately US$37,402,000 on the Completion Date) to be paid on or prior to on the date that is one hundred twenty (120) calendar days after the Completion Date (or if such date is not a Business Day, the next Business Day following such date) (the “Initial Payment Deadline”); and
(b) $16.5 million (Canadian Dollars) (approximately US$12,992,000 on the Completion Date) additional penalty if the Consideration is paid after the Initial Payment Deadline, but no later than a date that is two hundred forty (240) days after the Initial Payment Deadline (the “Final Payment Deadline”).
In the event that the Consideration has not been paid (the “Non-Payment Event”) on the date of either:
Harmel S. Rayat had invested approx $30,000,000 so he has a nice profit.
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