Rim Semiconductor Company (fka RSMI)

[Hound]

Spoke:

I have not re-read the 8K from the $3.5MM debentures but thought they were cashless and would not have resulted in proceeds to the company. For example, when the stock was trading at .25, the warrant holders could have converted and earned .10/share without proceeds to the company or any additional investment.

The amendment which lowered the strike price to .05 cents also appears to have changed the cashless requirement to requiring cash. If I recall the original 8-K correctly.

It appears that the same 40,000,000 warrants/shares which were not going to result in one cent to the company may have fetched up to $2MM.