ZNext Mining Corporation, Inc (ZNXT)

[Jim Bishop]

I got corporate action notice in the mail today from TDW regarding PAIM cd's. I added the bold.

Security Held: Pearl Asian Mining Industries
CUSIP: 704755107
Corporate Action Event: Mandatory Exchange
Effective Date: June 15,2006
Anticipated Payable Date: Upon Receipt


"Please be advised that the company announced that effective June 15, 2006 it intends to buy back 90% of its outstanding common shares. As a result, five-year convertible debentures (704755AA5) will be issued in denominations of $0.001 USD. These debentures will be exchanged for 90% of all common shares outstanding as of June 15, 2006, at a rate of one new debenture for each common share held. If held to maturity, the convvertible debentures are to be paid on the fifth year without interest. However, the debentures can be converted back to common shares at a fixed rate of $0.01 USD per share at any time on or before maturity."