Generex Biotechnology Corp. (fka GNBTQ)

[WeeZuhl]

Borrower previously sold and issued to Lender that certain Convertible Promissory Note dated September 11, 2019 in the original principal amount of $872,500.00

...

Pursuant to the Conversion Notice, Borrower is required, and hereby agrees, to issue to Lender 3,499,415 Conversion Shares in accordance with and in the manner and within the timeframes prescribed in Section 8 of the Note (the “Shares”). For the avoidance of doubt, in order for the Shares to be deemed to have been delivered to Lender, (a) all of the Shares or certificate(s) representing the Shares must have been cleared and approved for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm servicing such brokerage, and (b) all of the Shares must be held in the name of the clearing firm servicing Lender’s brokerage firm and must have been deposited into such clearing firm’s account for the benefit of Lender.

$872K / 3.5M shares = 24.9 cents/share


I wonder what Iliad will do with their 3.5 million shares purchased for .25 each and cleared for immediate resale.