Addax Petroleum (fka AXC)

[Gremlin9999]

I agree these convertible notes are bad but what's done is done. Hopefully no more convertible notes. There are 3 notes including the one that matured last week maturing over the next few months for a total of $303,000 plus interest. If all those notes were converted @.0275 by my calculation that would be about 12M shares. A lot of shares but only about .015% of ERHC's total shares outstanding. Not a large dilution. If the note holders sell all 12M shares it may drive the price lower but at some point I think buyers will come in and the price could recover as fast as it went down especially if we get good news.


This is just my opinion. Please tell me if my calculations are correct.