As it pertains to OCI, a Convertible Promissory Note (“CPN”) is a debt instrument that promises to pay to the order of OCI the amount of principal advanced to, and owing by the Company. At the option of OCI, on the date on which the Company completes a Qualifying Transaction, the Note may be converted into Securities or common shares in the capital of the Company.
This is exclusive to the Market Readiness Customer Creation (MRCC II) program.