Subscriptions

Subscriptions. Upon the terms and subject to the conditions of this Agreement, the Company shall issue to the Investor, and the Investor shall subscribe for: (a) at the First Closing, the First Instalment Note, free and clear of any Liens, for an aggregate consideration of US$5,000,000 in cash (the " First Subscription Price "); (b) at the Second Closing, the Second Instalment Note, free and clear of any Liens, for an aggregate consideration of US$5,000,000 in cash (the " Second Subscription Price "); and (c) at the Third Closing, the Third Instalment Shares, free and clear of any Liens, for an aggregate consideration of US$30,000,000 in cash (the " Third Subscription Price "; and together with the First Subscription Price and the Second Subscription Price, the " Aggregate Subscription Price ").