Post by
Laphroig on May 10, 2023 9:06am
Mining company or .....
From May 6th announcement. InCor Holdings will lend Search Minerals $2.5M so that the company can meet its part of the required funds to build the demonstration plant, which is proving up Dresinger's separation technology - and which I believe he will maintain the patent on - maybe his 20th. In return InCoR will receive ~ 20 million "Bonus" shares and interest on the $2.5M at the rate of 22.5% per annum. Following the transaction, InCoR will hold ~24% of the outstanding shares of Search. Well, you might be a little concerned about the control InCoR has over Search with their large share position and the possible limitations that will be specified in the loan's General Security Agreement. Don't worry. The deal was approved by Search's Board of Directors minus the "non-independent" directors of Search , Dresinger, Molyvitis, and Bennett - who happen to be the owners, directors, of InCoR Holdings. Search Minerals - mining company, patent generator or just part of an entrepreneur's portfolio?