BETA ENERGY CORP. Each Preferred Share is convertible, without payment of additional consideration, into one common share (a 'Common Share') in the capital of the Company subject to certain conversion dates. Simple interest will accrue at a rate of 10% per annum on the principal value of each outstanding Preferred Share starting from the date of issuance until the fifth anniversary of the date of issuance, payable to the subscriber in cash annually in arrears as a dividend. Upon conversion of a Preferred Share, the holder will be entitled to receive one Common Share for each Preferred Share so converted and accrued unpaid interest on the Preferred Share, which will be payable in cash or in Common Shares. In the event a Preferred Share is converted in accordance with its terms at any time during the 18-month period following the date of issuance, the holder will be entitled to receive, in addition to any Common Shares issuable to the holder pursuant to such conversion, one-half of one Common Share purchase warrant (each whole warrant, a 'Warrant').
Each Warrant will be exercisable for one Common Share (a 'Warrant Share') at a price of
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This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipates', 'expects' and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law
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