That's correct. Another Private Placement, dear shareholders...more DILUTION. The CEO has managed YDX so poorly the company was almost downgraded by TSX (hence this sudden RTO): "As per the LOI, it is anticipated that before or concurrently with the closing of the RTO Transaction, the Company will complete a private placement (the "Financing") to raise gross proceeds agreed by the parties, to satisfy the minimum listing requirements of the TSX-V concerning working capital requirements and public distribution applicable to the Resulting Issuer."
Remember to 'reverse multiply' YDX shares times 8 (which is what the recent reverse split did). These are all 'hindsight' signs of an inept CEO and executive board without the courage to speak up against Daniel. The entire BOD should be terminated.
Unfortunately, I suspect Daniel is staying on as CEO...but either way, YDX shareholders once again get stuck paying for his inept generosity and a decade of failed leadership. In other words, for YDX, this reverse takeover wasn't neccessary. There is no benefit whatsoever, if Daniel remains. Just more dilution of a brilliant company run by Simple Jack. Or in this case, Simple Dan.
Think about it...Simple Dan actually thinks this RTO will help YDX. He's so tone deaf and arrogant that he doesn't realize that HE'S THE ONE for the market proving how much it dislikes YDX.
Points in today's news release:
$275,000 paid to an agent for a 'finder's fee' which, at .16/share, is another 1,718,750 share dilution. The question is...was a RTO needed? I say no...not a RTO but instead, a new CEO. The company isn't broken, it's the CEO that's been head of YDX for over a decade.
"As per the LOI, it is anticipated that before or concurrently with the closing of the RTO Transaction, the Company will complete a private placement (the "Financing") to raise gross proceeds agreed by the parties, to satisfy the minimum listing requirements of the TSX-V concerning working capital requirements and public distribution applicable to the Resulting Issuer."
Look at what companies YDX 'owns'...when was the last time any of these companies reported anything materially and solidly beneficial to YDX shareholders?
Simple Dan must step down.