2021.
At Closing, in consideration for the purchase of the designated subsidiaries of SOLI , LFER will issue to SOLI or as designated by SOLI at Closing, (i) for redistribution to certain designated SOLI shareholders, (to be scheduled at and as part of Closing) on the basis of one LFER common share for each common share of SOLI outstanding at Closing and held by such designated shareholders of SOLI (up to 50,000,000 LFER common shares); (ii) for redistribution to SOLI’s remaining designated shareholders, (to be scheduled at and as part of Closing) one non-voting convertible preferred share of LFER for each 10 common shares of SOLI held by such remaining designated shareholders of SOLI outstanding at Closing), with final terms of convertibility of the preferred shares to be agreed on and included in the SPA, but not less than ten shares of LFER common stock for each share of such preferred stock; and, (iii) shares of Series A convertible voting preferred stock to the current majority shareholder of the Company as part of the consideration at Closing.
