Interesting that only one director is investing $100,000 in the capital raising and the others are investing zero.
Also, read P17, Section 1.19. Author Project Disclosure.
Sections (a) and (b).
Glen Eagle has obligations to Quebec Inc (QI) which it has not satisfied.
Upon Sayona acquiring the tenements from Glen Eagle, SYA is exposing the company to liability arising out of Glen Eagle's non-performance to QI. This is a "potential" mess and perhaps another reason for the $4M price tag?
I suggest shareholders read P17 in its entirety very carefully. Despite legal transfer to Glen Eagle and then onto SYA, QI still has access rights, termination rights and clawback rights over the project.
The directors are asking shareholders for the money but only one director is prepared to stump up any cash to participate.
Ann: Non Renounceable Rights Issue Prospectus-SYA.AX, page-2
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