If the exercise price of each ISO granted under an employer's plan is equal to the fair market value of the underlying shares of stock at the time of grant (a common situation, although ISOs with exercise prices in excess of current fair market value are obviously permissible), then compliance can be tested by comparing $100,000 to the product of (i) the number of shares with respect to which ISOs of an employee first become exercisable
in a particular year and (i) the exercise price per share.
Also, incentive warrants to purchase 5 million shares of Common Stock will be granted to Norman Haber and are exercisable
only if the closing price of Common Stock price equals or exceeds $0.
As described in the Prospectus relating to the Units dated May 12, 1993, the Warrants cannot become exercisable
unless at the time of exercise the company has a current Prospectus to provide to the Warrant holders.
The 7% Senior Secured Convertible Debentures, which mature on April 3, 2008, are convertible to common shares at the lower of 75% of the volume weighted average trading price for the 20 days prior to issuance of a notice of conversion by a holder of a Debenture, or, if while these Debentures remain outstanding, we enter into one or more financing transactions involving the issuance of common stock or securities convertible or exercisable
for common stock, the lowest transaction price for those new transactions.
before 26 November 2015 have been cancelled in
Each Agents' Option issued in connection with the non flow-through units is exercisable
for one year form closing and entitles the holder to purchase one unit of the Issuer at a price of $0.
ordinary shares 409,091 Unlisted options exercisable
There will also be approximately 1,159,667 warrants exercisable