Needs 3.5 Million Capital.Your problem is the that they need to raise 3.5 million. So far this has not happened. Talking about this property in Brazil doesn't mean much until the deal closes and parties are paid. They can't even trade until its all sorted out and the tsx-v is satisfied. This company is in a very difficult position.
As per the LOI, it is anticipated that prior to or concurrently with the closing of the Transaction, Pacific Arc or B.C. Ltd., as the case may be, will complete a private placement (the "Offering") to raise gross proceeds of $3,500,000, or such other amount as may be agreed by the parties, with a view to satisfying the minimum listing requirements of the TSX-V with respect to working capital requirements and public distribution applicable to the Resulting Issuer.
The Transaction is subject to a number of terms and conditions, including, but not limited to, the parties entering into a definitive agreement with respect to the Transaction on or before June 30, 2020, with such agreement to include representations, warranties, conditions and covenants typical for a transaction of this nature, the completion of satisfactory due diligence investigations, and the approval of the TSX-V and other applicable regulatory authorities.
Trading in Pacific Arc shares will remain halted pending the completion of the Transaction. Further details concerning the Transaction and other matters will be announced, if and, when a Definitive Agreement is reached.