Prior to listing, Buddy was an unlisted private company that DM and Jeff McDuff established with their own funds and funds of family members. Some smaller amount of funds did come from Lady Gaga and Bill Gates and other investors.
When the company was back door listed the shares that DM owned in Buddy , the private company, where exchanged for potash shares. THEREFORE, because DM bought his original % in the company with his personal finances that was changed into Potash shares he effectively paid for those shares.
The fact that the coy was valued at $50m has more to do with Bells, Ananda and the market place at the time of listing. At its peak at 42c it was valued by the market at $450m.
You really have no idea what you are talking about.
BUD Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
