Peeling Back Layered Stock I can explain. No, I can't. Very convoluted. I shall try anyway. Here goes:
Lund Enterprises (Lund) was a dormant dead TSX Venture company with an inactive gold claim. A private BC numbered co "116" and insiders undertook in 2018 a reverse takeover (RTO) of Lund in order to get listed without doing an IPO. The Namibia oil prospects were vended in. It is like the movie in "The invasion of a body snatcher" on a zombie stock. Concurrently, Lund completed a 2-old-for-1-new share consolidation to shrink the share cap, and raised millions of shares at $0.20 with warrants @$0.50.
Craig Steinke was the CEO of Renaissance Oil Corp (ROE) holding 40 million warrants/options and 6 million shares directly and 30 million shares indirectly through Renaissance Energy Corp. ROE owned some worthless Mexican shale oil and Botswana oil leases, but in hock on millions in royalties owing to Pemex.
Renaissance Africa Energy (Reco) subsequently bought out ROE. The deal was valued at $155 million.
So far, Reco has found no oil in Namibia and is committed to spend 400 thousands over 4 years to drill for oil there.
They all become multi-millionaires.