Greenbriar Sustainable Living Inc V.GRB

Water Rights

[shneps]

Anybody have an opinion related to the following MD&A statement - 

"During the year ended December 31, 2023, the Company entered into an option agreement to purchase up to 115 acrefeet of water rights at USD $29,260.56 per acre-feet and paid a non-refundable reservation fee of USD $1,010,000. During the year ended December 31, 2023, the Company has not purchased any water rights under this option agreement. During the year ended December 31, 2022, the Company acquired water rights for the Sage Ranch project by way of a debt settlement agreement. The debt of US$1,000,000 was settled in exchange of 925,926 units of the Company. Each unit consists of one common share plus one whole share purchase warrant. Each warrant is exercisable to acquire one common share at an exercise price of $1.46 until December 13, 2025."

Never heard anything about a non-refundable $1,010,000 USD reservation fee?

Have we not been told these water rights were purchased by shareholders of GRB? (Strasser and Morris to be exact)
And now as highlighted in "green" the company has not purchased any water rights under this agreement.

Is the company not involved in a lawsuit today in which they have submitted information saying the water rights are in Greenbriar's name, through the agreement from 2021 but 2-1/2 years later they have not purchased those rights and are on the hook over a million dollars that is non-refundable.

They are going to pay $3.365M for 115AF of water rights or they could have just had the City purchase those same rights for less then a million dollar (price as per the City's last water rights purchase agreement). This was something I brought up previously asking how is it the developer only has to use up their acquired water rights and then the City covers the remaining needs with the developer merely paying a fee.
How much is the City's fee for supplying this water per acre foot?
Why pay sooo much money for water rights from company executives?

[tylerreddick]

Of course that brings up yet one more unanswered question; What is the expiry date on that option agreement? Did it end on Dec 31st? Was that million bucks, US bucks no less, paid out with no return?  This is a very material event, so I will have to dig a little deeper to see if it was ever officially released. If anyone has that info, TIA.

[tylerreddick]

I don't see any other mention of it. Just adding to the list of questions.

[Ripple1]

Its not just too many questions.  You can't trust the answers because there's always more too it below the surface!  That's no way to invest when you know F-all. Too many layers and way too much drama.