RE:RE:RE:RE:RE:The new managementI converted this to a word document to get rid of the merged words so I could understand it. I believe the 3rd party is management and they've put up several million dollars. I don't know enough to comment only that I've heard the new management has put up a lot of money in exchange for shares.
Rewritten....................
The proposed transaction shall be structured as a reverse triangular merger, pursuant to which the Company shall merge with and into the third party, from which the third party shall be the surviving corporation (the “Merger”). The third-party stockholders will receive $2,000,000 upon closing of the merger and$2,000,000 additional cash upon the earlier to occur of closing of IPO financing or listing on an additional United States exchange or closing of private or public financings raising an aggregate of $10,000,000. As a result of the Merger, the outstanding shares of MergerCo 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 at USD 12,000,000 upon an effective listing of the Company on the Toronto Stock Exchange (“TSX”).In the event the Company fails to list on the TSX within 18months after completion of the Merger then the third party may, at its option,(i) convert its IZON Preferred into 12,000,000 of common stock in IZON at $0.02 per share,(ii)receive additional IZON Preferred stock convertible into 2,000,000 of common stock at $0.02pershare, (iii)extend the period for the Company to list on the TSX, or(iv)regain control over the 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.