Tuesday, May 21, 2019 6:13:17 PM
Per Note 1, the Company has the ability to further increase its ownership interest in KUB Holdings from 35%
to 40% on meeting certain benchmarks and optional payments. The Company can earn an additional 2.5%
ownership interest when the majority owner of KUB Holdings has received a cumulative $25,000 in dividends
from KUB Holdings of which they have received $16,873 as at March 31, 2019. The Company also has an
option to purchase, within one year of the above-mentioned 2.5% transfer from the majority owner, a further
2.5% ownership interest in KUB Holdings at a price equal to 2.5% of the net present value of 2P reserves of
KUB-Gas at a 10% discount at the time of exercise.
Another note to follow given the excess of cash in the bank for KUB.V:
During the year ended December 31, 2018 and the three months ended March 31, 2019, the Company
purchased Guaranteed Investment Certificates with a Canadian financial institution with annual interest rates
between 2.26% and 2.5% that are redeemable at any time
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