"Sitoa will purchase IRIS Renewable Energy Asset plus waste-to-energy assets owned by other third parties in exchange for common shares in Sitoa. On completion of the acquisitions, IRIS will become the majority shareholder of Sitoa as a result of the share exchange."
That's right. Will purchase assets and NOT MERGING with IRIS.
Sadly, IRIS will become a major shareholder to do with the shell as they please.
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