Pacific Sands Inc (fka PFSD)

[joev2]

From the 10k:

In June 2014, the Company issued $63,000 of convertible debentures to certain investors. The Convertible Debentures accrue interest at a rate of 8% per annum. The debentures mature on March 20, 2015. The Investors are entitled to convert the accrued interest and principal of the Convertible Debentures into common stock of the Company at a conversion price equal to 60% of the average of the lowest three trading prices of the common stock during the previous 10 day trading period.

Wish I had seen this before my little buying spree. Assuming today's closing price, these guys can get well over 9 million shares for their little transaction with Mr. Michie and company. But it will get even better for them if the avg closing price becomes lower.