VG Life Sciences Inc. (VGLS)

[Eddie2468]

Since the T&T Convertible Debenture Amendment is in the Form 10, I'd like to know your thoughts. Am I reading it correct that T&T can not convert until the share price is over $1.

Here is why I'm thinking that, which I copied above the link.

The Holder and the Company realize that an orderly liquidation of the debenture will have a maximum beneficial effect on both parties.

SCHEDULE B

This schedule only effects the liquidation of the debt.


http://www.sec.gov/Archives/edgar/data/1091326/000101968714002510/vglife_ex10102.htm

SCHEDULE B

Release schedule base on stock price



Amount of convertible debt remaining under the



Agreement $ 862,500.00



Price per share is defined as 15 day weighted average at closing.



Mandatory quarterly conversion if price per share is $1.00 is $50,000.00 or greater as mutual agreed upon by the parties.



Mandatory quarterly conversion if price per share is $2.00 is $75,000.00 or greater as mutual agreed upon by the parties.



All other term as to price, definitions, terms and option stay the same. This schedule only effects the liquidation of the debt.



If the price is below a dollar then note is convertible 01/01/2020