i found this hard to understand:
The issue of the equity in Triton may be undertaken in three (3) or more separate tranches, ensure that SQZG do not hold at any one time more than 19.99% equity in Triton.
TON already has 360M fun tickets
raising $100M at 50 cents is another 200M fun tickets of 33% of total shares
so how to they keep SQZG's holding under 20%?
Ann: LOI for Project Funding and Off-Take for Nicanda Hill, page-51
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