RE:RE:3rd step completed In order to complete step 4 a lot has to happen by Oct 01 2021 , ( 7 days ).
The Convertible Debenture will have a 3 year term from the date of issuance (the “ Maturity Date ”) and will bear an interest rate of 10% per annum, calculated semi-annually, and payable on the Conversion Date (as defined below) or Maturity Date. The Convertible Debenture will be secured by a promissory note and a share pledge agreement, both in respect of the shares of Tonalli held by IFR or its subsidiaries. There will be no other security over the assets of IFR in relation to the Convertible Debenture. The Convertible Debenture will be convertible at PrivateCo’s option into post-Consolidation Common Shares of IFR (“ Resulting Issuer Shares ”) at any time prior to the Maturity Date at a conversion price equal to a 10% discount to the deemed price of the Resulting Issuer Shares on completion of the Proposed Transaction (the “ Conversion Price ”) provided that the minimum Conversion Price will equal $0.025 multiplied by the Consolidation ratio (being the number of pre-Consolidation Common Shares that will be exchanged for one post-Consolidation Common Share). At IFR’s Option, IFR may prepay without penalty the principal amount of the Convertible Debenture in cash or in Common Shares at the Conversion Price in whole or in part. If the Proposed Transaction does not close by October 1, 2021, or the LOI is Terminated, IFR has the option to satisfy all or a portion of the principal amount and accrued and unpaid interest under the Convertible Debenture by converting the same to services. Upon conversion of such principal and interest into services, IFR will have satisfied its obligations under the Convertible Debenture.