One of the conditions in the acquisition is that they have to have $5 million in the bank. Perhaps they are working on cap raise now hence staying in halt?
Also did anyone notice the capital structure section?
Securities to be issued to Corporate Consultant:
Shares:
Tranche 1 23,437,500
Tranche 2 7,812,5002
Options: 200,000,000 (yes 200 million, exercisable at 10 cents to June 2020)
At completion: 354 million shares, 208 million options
This 'consultant' theoretically will control over 40% of the company if they wish and have the capital to convert their options. This is a very significant element in the transaction.
EUR Price at posting:
8.3¢ Sentiment: None Disclosure: Not Held
