"Saean spent $905,000 for another 5% stake in EMPM"
By the facts in the 8k, it looks like they will actually get at least 13% of the company at the fixed conversion price of $0.03 per share, assuming no share consolidation, reverse split occurs.
$905,000 (1)/$0.03 (2) fixed conversion price = 30,166,666
195,837,336 current OS + 30,166,666 = 226,004,002 total after conversion (not counting accrued interest)
30,166,666/226,004,002 = 0.1334 x 100 = 13.34%
(1) On or about August 11, 2019, the Company entered into a “Convertible Promissory Note Purchase Agreement” (hereinafter referred to as the “Agreement”) with Saean, Inc., a Nevada corporation (hereinafter referred to as “Saean Nevada”). Pursuant to this Agreement, Saean Nevada has agreed to issue and sell to the Company two (2) individual convertible promissory note payables totaling $905,000 USD (hereinafter referred to as the “Note Payable” or “Note Payables”). The initial Note Payable in the amount of $305,000 USD shall be received within three (3) business days of the execution of the Agreement and the second Note Payable in the amount of $600,000 USD to be received by the Company within sixty (60) days of the receipt by the Company of the execution and purchase of the initial Note Payable.
(2) (b) Conversion Price
The Exercise Price is $0.03 per share of Common Stock of the Company (e.g. see “Notice of Conversion” attached hereto as Exhibit “D”). The Exercise Price shall not be affected by a reverse or forward split of the Common Stock of the Company, or any other corporate capital reorganization that may have a similar effect as set forth under section 3.3 below.
(c) Adjustments for Stok Splits and Combinations
If the Company shall at any time or from time to time effectuate a reverse or forward split or subdivision of the issued and outstanding Common Stock, the Exercise Price as set forth under subsection 2(b) above shall not be proportionately increased or decreased accordingly. In short, the Exercise Price shall not be affected by a reverse or forward split of the Common Stock of the Company or any other corporate capital reorganization that may have a similar effect.
"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854
