I don't really understand this part:

The first tranche is exercisable at $0.15 or at the average price of
the
last ten trading days, if lower, upon the conclusion of the roll-back,
expected by the end of May. The last two tranches are under the form
of
warrants exercisable either at the exercise price ($0.20 for the first
tranche
and $0.50 for the second tranche) or at the average price of the last
10 trading days, if lower.

Is it like they are emitting new shares? Or are they selling shares
they had kept for them?

An investment of 3 X 0.5 M will be made.

The first 0.5M investment will be made at the end of May after the
10:1 roll back at a price of $0.15 OR at the last 10 days average
price IF the price is lower than $0.15.

The other 2 X 0.5 M investements will be made at $0.20 and $0.50, but
IF the investor decides to exercise his warrants at a different price
they will be done at the last 10 days average price. A warrant is not
an obligation to invest.

Now the anonymous 9 million shares buyer COULD be Lyrtech themselves !
They bought those shares at $0.01 and $0.015.... So they get 0.5 M for
each tranche that is exercised by the investor and are giving up
shares that they paid much lower than they are worth at the time the
warrants are exercised. And this is how money is made !

Since I have only been in the stock market for about a year, I don't
understand the whole dynamics yet so if someone else that knows more
than I do reads, can you please tell me If I got this right ?

Strob a écrit :