Making out better than Uncle Eric On January 27, 2022 (the “Closing Date”), the Issuer, the Acquiror and the Development
Bank of Mongolia (“DBM”) entered into a form of transfer (the “Transfer Agreement”).
Pursuant to the Transfer Agreement, DBM agreed to transfer to the Acquiror a convertible
debenture of the Issuer (the “Convertible Debenture”) held by DBM with a principal amount
of US$3,000,000 convertible into Shares at a price of US$0.68 per Share, with a maturity date
of January 27, 2024.
Prior to entering into the Transfer Agreement, the Acquiror held 6,003,859 Shares, representing approximately 8.70% of the issued and outstanding Shares on a undiluted basis. Assuming full conversion of the Convertible Debenture, the Acquiror would hold an aggregate of 10,415,624 additional Shares, representing approximately 14.08% of the issued and outstanding Shares on a diluted basis.
Remember how mngmnt shoved Debentures down the throat of shareholders....massive dilution and then they lowered the conversion price.
all this after....funded to production claims
JMHO