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Friday, January 27, 2017 2:43:54 AM
When Kushtown and Finore first made the agreement, Finore was trading at $.02 on October 28. The deal was for the company to issue $1M of Finore stock to the Vendors and the valued was deemed to be $.15 (when Finore was trading without any asset and at $.02).
So this news release finalizing the deal is an improvement as they are only issuing 4M shares and are paying $750K in cash.
For those that do not know the true history of this deal...here is the first news release announcing the Letter of Intent in October when the stock was a shell and not trading much at $.02.
http://www.marketwired.com/press-release/finore-mining-announces-letter-agreement-acquisition-kushtown-usa-llc-leading-california-cse-fin-2170692.htm
October 28 News Release...Price on October 28 for Finore was around $.02 to .03 cents
Pursuant to the terms of the Letter Agreement, the Company will, within 14 days of signing of the Letter Agreement, pay the shareholders of Kushtown aggregate cash consideration of US$50,000 (the "Cash Payment") and shall advance a loan to Kushtown of US$50,000 (the "Loan"). The Cash Payment and the Loan will be evidenced by a promissory note(s) and will be secured by a pledge over in aggregate 20% of the issued and outstanding shares of Kushtown. In addition, upon closing of the Transaction, the Company will issue to Kushtown shareholders an aggregate of 8,440,845 common shares in the capital of the Company (the "Payment Shares") at a deemed price of CDN$0.15 per Payment Share for total share consideration of CDN$1,266,126.75 (US$950,000). The Payment Shares will be subject to escrow conditions and/or resale restrictions as required by applicable securities laws and the policies of the Canadian Securities Exchange (the "CSE").
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