RE:RE:RE:RE:RE:Some little birdie whispering to FARMPipinoCuevas, they only used C$501,000 to purchase Innovation Metals/RapidSX. And C$500,000 of that was an intercompany loan. From the press release:
Under the terms of the Purchase Agreement, Ucore has agreed to acquire 100% of the issued and outstanding shares of IMC for an aggregate purchase price of C$5,801,000 (the "Acquisition Consideration"). The Acquisition Consideration will be made up of 45,383,412 common shares of the Company (the "Acquisition Shares") and C$1,000 in cash. In accordance with the Purchase Agreement, the Acquisition Shares were deemed to have a value of C$0.1278 per common share, which is equal to the 5-day volume weighted average price (VWAP) of the Company's common shares on the TSX Venture Exchange ("TSXV") as at the close of trading on April 24, 2020 with no discount being applied. Additionally, upon the closing of the Acquisition, Ucore will provide IMC with a C$500,000 non-interest-bearing intercompany loan for the immediate continued development of RapidSXTM. IMC is expected to have no other liabilities upon the closing of the Acquisition.
They also borrowed C$2,800,000 at the same time. Read the press release dated A[r 27. 2020 again.