Correct me if I'm wrong, but this piece of news from last October seems to give people imaginary shares to cash out at 5 cents a pop. Does that mean once the 14 million "bonus" warrants are all cashed out, and once these folks get their "loans" repaid, does the whole lie then collapse? I find it hard to believe the Heart Sentry is simply sitting in a drawer somewhere. Don't they have any obligation to tell us what's going on? Is there any way to find out? Is there an ombudsman, or something, to ask such a question to? The company is moot, so what is there to be done?
Isn't this simply designed to suck all funds until all LXGTF accounts are empty?
VANCOUVER, BRITISH COLUMBIA – October 4, 2019 – Lexington Biosciences, Inc. (CSE: LNB) (the “Company” or “Lexington”) announces that it has reached agreement with third parties as well as certain directors and officers (collectively the “lenders”) of the Company to convert previous advances and unpaid amounts for services received of $654,186, in aggregate, into unsecured demand loans bearing interest at 16% per annum. As a result of the interest being applied retroactively to the date the advances or services were made the Company owed these parties $744,203 as at September 30, 2019, which is the aggregate amount of the unsecured demand loans issued.
In consideration for the conversion of the advances into unsecured demand loans, the Company will issue a total of 14,880,465 bonus warrants (“Warrants”) to the lenders at a deemed price per share of $0.05. The Warrants will be exercisable for a period of 24 months into common shares of the Company at a price of $0.05 each.
On Behalf of the Board,
“Eric Willis”
Eric Willis
CEO & Director
