Ann: Extension of Voluntary Suspension, page-468

2-3 cent mark without doubt.

MTN is NOT worth $20m....where did you get that figure from????
Their first and only payment to date from MTN equates to around $10K a month. MTN have now finished their advertising spend on the platform so any growth now will be organic. It'll never be worth $20m, be very lucky to break $1m per annum!

.....and pretty clear on the guaranteed 100,000 subscribers.
You need to read the full ann....not pull out one line....
TIM guarantees a minimum of 100,000 subscribers will subscribe to the platform within 6 months
from launch date
● If the target is not reached, TIM will pay Emerge 50% of the cost of prizes put up by Emerge. If
the Agreement is terminated prior to the end of the 12 months and the target is not reached, TIM
will pay Emerge 50% of the cost of prizes put up by Emerge until the end of the contract

If target is not reached there is no guarantee....basically they have said "we'll get subscribers and pay you money but id we don't we'll give you back half the money you already spent betting on the fact we said we could get subscribers".

But, as we all know....CROWD1 owes money everywhere so good luck getting the $'s!

Basically EM1 has entered an agreement that the other party can cancel if they don't do anything and for this they have the pleasure of paying 50% of money spent on prizes that didn't need to be spent to start with.....2-3 may be generous!