RE: InnoMed Tech Ltd3 Feb 2022 00:17
Just received an email from Stuart.
Nice post on LSE good to see shareholder doing good research and detailing facts.
Go to Innomed Tech web site again down load 2020 Audited Financials View Item 8 shares issued to CIC Capital Ltd.
Again Item 8 look at “"Shares Issued for No Consideration”
These shares are to create a shareholder base from CIC Fund share holder base.
Look closely at item 10 and foot note.
Kind Regards Stuart J. Bromley
I looked and this is what I found..................Everyone please look at https://www.innomedtec.com/copy-of-about
I also noticed that the Long Form Prospectus is dated December 12, 2021, so they could be close to listing.
FROM ITEM 8
"On April 15, 2020, the Company issued 3,103,448 common shares plus a full warrant
exercisable for one common share at $0.29 per common share on or before December 31,
2025 as consideration for professional services of $900,000 received from CIC Capital Ltd."
"Shares Issued for No Consideration
During the year ended December 31, 2020, the Company issued 6,927,826 common shares
to certain individual and institutional investors for no consideration, but these investors are
required to purchase 5 common shares on the market for each common share issued to them
when the Company is listed on a designated exchange. The shares issued were recorded at
fair value, with corresponding increase in deficit. The fair value of the shares was based on
most recent arm’s length financing transactions."
FROM ITEM 10
"Purchase of professional services
from CIC Capital Ltd., a shareholder in 2020 (i) $ 1,000,700"
"Purchase of professional services from two
minority shareholders 47,125"
"(i) Of the professional services, $900,000 was paid through the issuance of common shares and
warrants. See Note 8."