I have been examining the KWG/Cliffs Option Agreement trying to determine if there is an expiry date?

As I read it the Option cost Cliffs $150,000 USD. The agreement allows Cliffs to buy 50.5M "units" at $.049 USD equaling 15% of the shares. (all figures are approx).Total cost to Cliffs is $3.5M USD.

Each "unit" consists of 1 common share and .44 warrants. This equals 22M warrants or 15% of outstanding warrants. Each warrant is exercisable at $.05 USD for the first year and $.10 thereafter but terminating after 5 years.

Under the option, Cliffs will also purchase a debenture of $1M USD. (I assume this goes to KWG to complete the deal.

As I read it the agreement is conditional upon approval of the TSXV and the KWG shareholders by April 15, 2009??????

Am I reading this correctly that the agreement is dead if the option is not exercised by April 15, 2009?

Please correct any misunderstandings I may have about the details of this agreement.