RE: Too Big for FRR to handle !10 Apr 2019 16:41
On 18 October 2018, the Company and YA have agreed to resolve their differences as announced on 17 September 2018 and 19 September 2018 by way of restructuring the outstanding Series A Preferred Convertible Shares ("Series A shares") redemption schedule and retracting and releasing each other from mutual claims, as described below.
Pursuant to the terms of the settlement, the remaining outstanding 2,650 Series A shares will be redeemed commencing 1 November 2018, on a monthly basis, for which the Company will be making cash redemption payments to YA of US $ 64,900 per month up until 1 April 2019, then US $ 149,600 per month up until 1 July 2019, and then will make a lump sum redemption payment of US $ 2,141,700 on 1 July 2019 to redeem all remaining outstanding Series A shares. Once so redeemed, the Series A shares will be cancelled. The Company has also the right to convert Series A shares into ordinary shares instead of cash redemption and the right to pay down in cash the entire redemption amount for the outstanding number of Series A shares at any moment