Looks like a takeover is comingIn the event that EnviroMatrix subscribes for the full amount of the EnviroMatrix subscription, EnviroMatrix will hold 45.39 million common shares in the company, representing 35.14 per cent of the issued and outstanding common shares of the company (assuming the company receives subscriptions for the full amount of the private placement).
In the event that EnviroMatrix exercises all of the warrants it will acquire as a result of its investment in the private placement and previous acquired warrants pursuant to previous private placements of the company, it will hold 88.5 million common shares, representing 43.2 per cent of the company's common shares (assuming all other warrants issued pursuant to the private placement are exercised by other holders of the warrants), thereby resulting in a change of control of the company.