The line that you have highlighted in bold simply means that the transfer agent was given direction by the company to issue up to that many shares to St. George.
There is no percentage discount like most OTC companies do.. it's simply the average price from the previous 20 days.
Considering they blocked St George from converting due to a disagreement in share price, I believe they are trying to protect us. I can't see how they have to issue anywhere near 18 million shares and any DD will show that.
I pointed that out as well no one wants to hear it... look if this company was so great they wouldn't be PRing a NON Binding LOI .. they would have DEALS SIGNED ... they've been claiming malls want them since 2015.. in their investor presentation from 2015 they listed they had 100s of people interested in opening a location ALL AROUND THE WORLD .. yet NOTHING but they sold shares... also this isn't a dream company it's a kids play place that is ran by a millionaire wife as a pet project.. enough said.. Good luck but at .07 it's still up THOUSANDS OF PERCENTS... it goes lower
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