So, let me see if I understand this:
- Mr. Bendall paid $7M to a company he controls, for some unnamed technology, with $14M still to go. So, I am guessing no cash changed hands, but EEGC was diluted 50%?? And, when EEGC defaults on the remaining $14M (three times the company's market cap), he gets to keep the shares as the deposit is forfeited??
If cash in fact changed hands (or bank accounts), why wouldn't the company have preferred the cash for drilling, rather than some new technology?
Wonder what the technology is, since the October 26 PR said that the flare gas technology was being purchased with GMH, which is NOT a company he controls (at least, not per GMH's most recent filings, which state it is controlled by Mr. Villarreal).
