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Well it was pretty easy to figure out why 600 mil was added ... you didn't know why ?
January 8, 2015, Categories: Minerco, Minerco Resources, Inc. (OTC:MINE), announces today that as of this week, the company has completely satisfied its obligations under all existing, mature Convertible Promissory Notes. All mature Minerco convertible notes have a zero balance as the company completes the transition to more traditional, non-dilutive financing.
V. Scott Vanis commented, “After years of heavily discounted convertible notes from less than friendly lenders, we finally turned the corner in 2014. Now, we start 2015 with a zero balance on mature convertible notes. With our explosive product lines, our world class management and now, our non-toxic balance sheet, we believe our company will explode and evolve into a monster in 2015!”
Minerco also reports their Chief Executive Officer, V. Scott Vanis, and Chief Financial Officer, Sam J. Messina III, exchanged all of their Class B Preferred Stock for non-interest bearing (no dividend) Class C Preferred Stock. The transactions were an even monetary exchange; however, the Class C Preferred Stock holders are not entitled to any dividends.
“Neither Sam nor I believe our shareholders should be responsible for paying us a dividend. To correct this oversight, we have forgiven all accrued interest earned under our Class B Preferred Stock in the exchange to Class C. The zero balance of mature convertible notes, our switch from Class B to Class C Stock and many more upcoming events have and will continue to evidence the company’s commitment to our loyal shareholders,” stated V. Scott Vanis.
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