Yep was reviewing this morning, it's in the cleansing prospectus 22/08/2019:
4.3 Additional Terms for Cannvalate Options
Set out below are additional terms that apply to the Cannvalate Options only. In the event of any inconsistency between the terms set out in Section 4.2 and this Section 4.3 in respect of the Cannvalate Options, the terms set out below prevail.
As noted in Section 4.2, there are vesting conditions that attach to the Cannvalate Options that must be satisfied before the relevant portion(s) of the Cannvalate Options may be exercised. These vesting conditions relate to the achievement of milestones with respect to the Four Trials being undertaken by the Company and Cannvalate. The Four Trials relate to Dronabinol for obstructive sleep apnoea syndrome, Synthetic Cannabidiol Oil for concussion in Australian Rules and Rugby Players, Cannabidiol Chewing Gum for severe gum disease and Cannabidoil Oil for TMJ Disorder and will be run as four separate randomised phase 1 clinical trials.
Exercise Price Vesting Condition Expiry Date Quantity
$0.02 The first of the Four Trials (in a chronological sense) to be accepted for registration with the relevant clinical trials registry 1 January 2020 10,000,000
$0.03 The second of the Four Trials (in a chronological sense) to be accepted for registration with the relevant clinical trials registry 1 May 2020 10,000,000
$0.04 The third of the Four Trials (in a chronological sense) to be accepted for registration with the relevant clinical trials registry 1 May 2020 12,000,000
$0.06 The first of the Four Trials in respect of which the relevant ethics approval is obtained (in a chronological sense) 1 December 2020 14,000,000
$0.08 The second of the Four Trials in respect of which the relevant ethics approval is obtained (in a chronological sense) 1 December 2020 16,000,000
$0.10 The third of the Four Trials in respect of which the relevant ethics approval is obtained (in a chronological sense) 1 December 2020 18,000,000
$0.12 The fourth of the Four Trials (in a chronological sense) to be accepted for registration with the relevant clinical trials registry. 1 December 2020 20,000,000
$0.14 The fourth of the Four Trials in respect of which the relevant ethics approval is obtained (in a chronological sense) 1 December 2020 20,000,000
Total 120,000,000
Once the relevant Vesting Condition has been satisfied, the relevant Options may be exercised at any time before the relevant Expiry Date by Cannvalate paying the relevant Exercise Price.
