Upon completion of the first tranche of the Private Placement, the Company’s previously issued contingent value rights certificates and promissory notes were exchanged for a new class of contingent value rights certificates (“Replacement CVRs”). Under the terms of the 2025 CVRs and Replacement CVRs, the Company is permitted to issue (a) up to US$1,000,000 of additional 2025 CVRs at any time on or after July 30, 2027 and (b) if the Board determines that additional funds are required to fund resubmission or collection costs up to US$7,000,000 of new contingent value rights (“Resubmission CVRs”) entitling holders to receive, in the aggregate, up to 20% of the Remainder (as defined below). In addition, the Company will be entitled to incur up to US$6,000,000 of senior debt and US$4,000,000 of subordinated debt.
  
Under the terms of the 2025 CVRs and Replacement CVRs, any proceeds received by the Company in connection with the arbitral proceedings (“Claim Proceeds”) shall be distributed or retained in the following order of priority: