Purchase and Sale Clause Example from Business Contracts

Purchase and Sale. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company the (i) Note in the original principal amount of $550,000.00, (ii) Warrant, and (ii) four hundred thousand Inducement Shares. (collectively the "Securities"). 1.1. Form of Payment. On the Closing Date, (i) the Buyer shall pay the purchase price of $500,000 (the "Purchase Price") at the Closing (as defined below) by wire transfer of immediately available funds to... a Company account designated by the Company, in accordance with the Company's written wiring instructions, against delivery of the Securities, and (ii) the Company shall deliver such duly executed Securities on behalf of the Company, to the Buyer, against delivery of such Purchase Price. 1.2. Closing Date. The date and time of the issuance and sale of the Securities pursuant to this Agreement (the "Closing Date") shall be on or about May 20, 2021, or such other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the "Closing") shall occur on the Closing Date at such location as may be agreed to by the parties. 1.3. Share Reservation. The Company shall at all times require its transfer agent to establish a reserve of shares of its authorized but unissued and unreserved Common Stock in the amount of 3,000,000 shares for purposes of exercise of the Warrant and conversion of the Note. The Company shall cause the Transfer Agent to agree that it will not reduce the reserve under any circumstances unless such reduction is pre-approved in writing by the Buyer. View More