receipt of all regulatory approvals required for the Offering and the Consolidation. Post-Consolidation, each Special Warrant is exchangeable, for no additional consideration, into one unit of the Company (each a " Unit"), for a deemed price of $0.225 per Unit. Each whole Unit is comprised of one Common Share and one Common Share purchase warrant of the Company (each, a " Warrant"). Each Warrant entitles the holder thereof to purchase one post-Consolidation Common Share for a period of three (3) years after the closing date of the Offering at an exercise price of $0.30 per post-Consolidation Common Share. The Company shall use its reasonable best efforts to satisfy the Exercise Conditions. In the event that the Exercise Conditions are not satisfied on the date that is six months after the closing date of the Offering, the Special Warrants shall be redeemed at the Purchase Price for the Special Warrants.