RE:RE:RE:RE:The new managementJust saw there's filings on sedar.com that I haven't seen before
Not sure what to think of this
OnMarch25,2019,theCompanyenteredintoanon-bindingletterofintenttoengageinareversetriangularmergerwith a third party. The proposed transaction shall be structured as a reverse triangular merger, pursuant to which the Company shallmergewithandinto the third party, from which the third party shall be the surviving corporation (the “Merger”). The third-party stockholders will receive$2,000,000 uponclosing ofthemerger and$2,000,000additional cash uponthe earliertooccurofclosingofIPOfinancing orlistingonanadditionalUnitedStatesexchangeorclosingofprivateorpublic financingsraisinganaggregateof$10,000,000. As a result oftheMerger, the outstanding shares ofMergerCo shall be converted into, and exchanged for a newly designated class of preferred stock of the Company ("IZON Preferred"), which will automatically convert into shares of common stock of the Company valued atUSD12,000,000 upon an effective listing oftheCompany on theToronto StockExchange (“TSX”).In the eventtheCompany failsto list on the TSX within 18months after completion ofthe Merger then the third party may, at its option,(i) convert itsIZON Preferred into 12,000,000 of common stock in IZON at $0.02 pershare,(ii)receive additionalIZON Preferred stock convertible into 2,000,000 of commonstockat$0.02pershare,(iii)extendtheperiodfortheCompanytolistontheTSX,or(iv)regaincontrol overthe third party’s technology and separate from the Company unless the Company has paid the entire cash balance of $4,000,000 or reasonably believes it is able to do so within 90 days of third party’s notice of its intent to separate. As at March 31, 2019 the transaction had not occurred and there is no effect to the financial statements of the Company