Salamon Group, Inc. (fka SLMU)

[iwondertoo]

I was finally reading through the 10K, a lot of questions arose in my mind, but there is one that I find rather confusing, perhaps someone here understands better than I.

in regards to the purchase of Sunlogics shares:

(b)

On January 9, 2012, the Company entered into a share purchase agreement the CEO of the Company to purchase 13,248,342 common shares of Sunlogics PLC for a purchase price of $22,522,181. The purchase price is payable in the form of a convertible debenture.

(c)

On January 9, 2012, the Company issued a convertible note in the sum of $22,522,181 with a maturity date of January 9, 2013 to the president of the Company in regards to the purchase of the shares of Sunlogics PLC (See Note 13(b)). The note bears no interest and is to be paid in full on the maturity date, unless previously paid or converted into the Company’s common stock. The Note holder has the right from the issue date to convert any unpaid principal portion, at a conversion price per share equal to 100% of the average of the five lowest closing bid prices of the Company’s common stock for the 20 trading days preceding a conversion date. The maximum conversion price is set at $0.20 per share.

so, as I understand it, SLMU owns some 11MM shares of PLC, and as payment they are promising them at least 100MM shares of SLMU ($22MM purchasing shares at .20). Who is it that owns whom?

FWIW, I still think his salary is outrageous, and for him to be claiming 400+ for rent on top of that, stinks. IMO


Still don't trust here, but I hope that it comes out well for you that have purchased.

Oh, I would beware of pumpers here, it would appear that there are several shareholders that have a vested interest in the company now, in the way of convertible loans.

Please be careful, as always.