smaller OS than thought! and the conversion old news from may22 10qsb-"(5) Through April 21, 2006, Xechem received convertible loans totaling $680,000 from Ms. Chassman and $25,000 from a related party. The notes for these loans are currently in negotiation and will include an interest rate, conversion to common stock features and with due dates of six months to two years.
(6) Xechem is negotiating to obtain a $3,000,000 to $4,000,000 convertible loan with Ms. Chassman and certain other investors. The convertible loans are expected to bear interest rate at 8%, will be convertible into shares of common stock at a conversion price to be determined, and mature in December 31, 2007. The Company shall also issue to the investors five year warrants to purchase shares of common stock equal to the initial conversion price. The closing of the funding by the investors shall be dependent upon the negotiation of mutually agreeable definitive documentation. This loan is subject to approval by the board of directors, which approval may not be granted, in which case the funding may not occur."
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