Exhibit 10.1
WHISPERING OAKS INTERNATIONAL,
INC.
(d/b/a/
BioCurex)
BRIDGE UNIT PURCHASE AND INVESTOR SUBSCRIPTION
AGREEMENT
THIS
BRIDGE UNIT PURCHASE AND INVESTOR SUBSCRIPTION AGREEMENT (the
“Agreement”) is dated as of __________, 2009 between
WHISPERING OAKS INTERNATIONAL, INC., a Texas corporation, (the
“Company”) and the person whose signature appears below
as an Investor (the “Investor” and, together with
persons so executing similar agreements, the
“Investors”).
The
Company has authorized the issuance and sale (the
“Placement”) of up to 18 Units, but not fewer than 14
Units (the “Minimum Units”), each Unit consisting of
one Note of $25,000 in principal amount substantially in the form
attached to the Memorandum (as defined below) as Exhibit D (each a
“Note” and, collectively, the “Notes”); and
that number of shares of common stock, par value $.001 per share of
the Company (“Common Stock”) as is equal to the
principal balance of the Note divided by $0.07 (the “Primary
Equity Consideration”). The Notes and the Primary Equity
Consideration are herein referred to, collectively, as the
“Securities”. The Investor desires to purchase the
number of Units set forth on the signature page hereof, and the
Company desires to issue and sell such Units to the Investor, on
the terms and conditions set forth herein.
The
parties therefore agree as follows:
1.
Subscription . The Investor, by execution of this Agreement,
subscribes for and agrees to purchase from the Company, the number
of Units set forth on the signature page hereof for a purchase
price of $25,000 per Unit and the Company, by acceptance of this
Agreement, agrees to issue and sell that number of Units to the
Investor, in each case subject to the terms and conditions of this
Agreement.
2.
Scope of Agreement; Resolution of Inconsistencies . The
principal terms described in this Agreement are amplified, and
additional terms are contained in Annex A attached hereto and
incorporated herein by reference and intended to be a binding part
of this Agreement. In the event of a discrepancy between the terms
set forth in this Agreement and any provision of Annex A, the terms
set forth in this Agreement shall govern and the provisions of
Annex A shall be deemed modified to the extent necessary to cause
them to be consistent with the terms hereof.
IN WITNESS WHEREOF, this Agreement is hereby
duly executed by each party
hereto as of the date first written above.
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INVESTOR:
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Number of Units Subscribed
for:
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Exact name in which certificates
are to be issued:
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Signature
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Date:
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(Print Name of Investor)
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Address:
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SSI/Tax ID No.
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Acceptance Dated:
____________, 2009
WHISPERING OAKS INTERNATIONAL,
INC.
2
WHISPERING OAKS INTERNATIONAL,
INC.
(d/b/a/
BioCurex)
BRIDGE UNIT PURCHASE AND INVESTOR SUBSCRIPTION
AGREEMENT
ANNEX A
This
Annex A sets forth additional terms applicable to the Bridge Unit
Purchase and Investor Subscription Agreement to which it is
attached (the “Agreement”). Capitalized terms used
herein and not herein defined have the meanings ascribed to them in
the Agreement.
ARTICLE 1
SUBSCRIPTION
To
solicit the Company’s acceptance of the Investor’s
subscription, the Investor should provide an executed copy of the
Agreement and a certified or bank cashier’s check in the
amount of the purchase price, or concurrently with a wire transfer
of the purchase price, in either case as provided in the
Instructions attached to the Agreement as Schedule A. Funds so
received will be deposited in escrow under the terms of the Escrow
Agreement attached to the Memorandum as Exhibit E (the
“Escrow Agreement”).
ARTICLE 2
CLOSING; DELIVERY; ADDITIONAL
CONSIDERATION
Section
2.1 Closing . The first closing of the purchase and sale of
the Units under the Agreement shall take place on the second
business day following acceptance by the Company of subscriptions
for not less than the Minimum Units and the satisfaction of the
other conditions described herein. Subsequent subscriptions will
close promptly following acceptance by the Company of such
subscriptions at one or more additional closings (the Closing
applicable to the Agreement being referred to as the
“Closing”). The Company may reject any subscription for
any reason or no reason in its sole discretion.
Section
2.2 Delivery of Certificates for
Securities . Subject to
the terms and conditions hereof, at the Closing the Company will
deliver the Securities deliverable to the Investor against payment
of the purchase price therefor. Certificates for the Securities
will be issued in the name, and delivered by deposit thereof in
overnight mail to the address of Investor, set forth on the
signature page of the Agreement unless another name or method of
delivery is agreed. It is understood that such certificates may
bear the following legend:
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(a)
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“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN
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REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR
APPLICABLE STATE SECURITIES LAWS (“STATE ACTS”). SUCH
SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE
TRANSFERRED BY THE HOLDER, EXCEPT UPON THE ISSUANCE TO THE COMPANY
OF A FAVORABLE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY, OR THE SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS
MAY BE SATISFACTORY TO COUNSEL FOR THE COMPANY, TO THE EFFECT THAT
ANY SUCH TRANSFER WILL NOT VIOLATE OF THE SECURITIES ACT OR ANY
APPLICABLE STATE ACT.”
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(b)
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Any other legend reflecting a
restriction on transfer imposed or required by contract or
applicable federal or state securities laws.
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Section
2.3 Additional
Consideration .
(a) If
the Company shall not have paid entire principal and accrued
interest of the Note on or before the Maturity Date (as defined in
the Note), then the Company shall, on the day following the
Maturity Date, issue to the Investor, that number of additional
shares of Common Stock (the “Additional Securities”) as
is equal to the sum of the outstanding principal balance and
accrued and unpaid interest thereon as of the Maturity Date divided
by the Divisor (as defined below).
(b) The
“Divisor” shall initially be $0.07; provided, however,
in the event of any change in the number of outstanding shares of
Common Stock by reason of any stock splits, reverse stock splits,
stock dividends or the like, the Divisor shall be correspondingly
adjusted pro-rata (e.g., if the Company should declare a twenty
percent (20%) stock dividend the Divisor shall be decreased by 20%
and if the Company shall have done a 2 for 1 reverse stock split
the Divisor shall be increased by 100%, etc.)
ARTICLE 3
REPRESENTATIONS AND WARRANTIES
Section
3.1 Representations and Warranties of
the Company . The Company
hereby represents and warrants to the Investor as
follows:
(a)
Placement Memorandum. The information contained in the
Private Placement Memorandum, dated August 10, 2009, relating to
this Placement (the “Memorandum”) was true and correct
in all material respects as of the date thereof and did not omit
any information required to make such information not misleading.
Since the date of the Memorandum, to the Company’s best
knowledge, no event has occurred that has caused such information,
taken as a whole, not to present a fair and accurate description of
the Company’s business, financial condition and prospects in
all material respects.
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(b)
Authorization . The Company’s execution and delivery
of the Agreement, the Notes and the Primary Equity Considerations
and its performance of its obligations thereunder has been duly and
validly authorized by all required corporate action. The Agreement,
the Notes and the Primary Equity Consideration have been validly
executed and are legal, valid and binding obligations of the
Company, enforceable in accordance with their terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency
and similar laws relating to creditors’ rights generally and
by general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law).
The execution, delivery and performance of the Agreement, the Notes
and the Primary Equity Consideration by the Company did not require
the consent or approval of any other person, entity or governmental
agency that has not been obtained.
Section
3.2 Representations and Warranties of
the Investor . The
Investor represents and warrants to the Company as
follows:
(a)
Accredited Investor Status . The Investor is an
“accredited investor” within the meaning of Securities
and Exchange Commission Rule 501 of Regulation D, as presently in
effect by virtue of the reason(s) checked and initialed by the
Investor on Schedule B annexed hereto.
(2)
Purchase Entirely for Own Account . The Securities and the
Additional Securities, if any, to be received by the Investor will
be acquired for investment for the Investor’s own account,
not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Investor has no
present intention of selling, granting any participation in, or
otherwise di