Sorry you are incorrect. They have been issued a warrant to purchase 16+ million at .107415. and they can convert the note into common shares at an exercise price of .0599 in lew of payment of the $4,857,142.86 note. Why would they exercise the warrant at .107415 when they can buy on the open market for .05 ? Second there is only one closing. The reference to closings refers to the signing of both parties at different locations and the paperwork considered as one. I too can read the filings and have a brain.
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