Complainers/bashers read these PRs, use your brain to understand them. Your shares had been exchanged to the debentures.
1. Pearl Asian Mining Industries Will Buy Back 90% of its Issued and Outstanding Common Shares
Pearl Asian Mining Industries, Inc. (OTC: PAIM) will buy back approximately 27,000,000,000 or 90% of its issued and outstanding common shares using a convertible debenture.
PAIM will pay par value of $0.001 per share when issuing its convertible debentures. The debentures will be payable without interest in 5 years and be convertible back to common at the rate of $0.01 per share at any time before maturity.
As an example, a shareholder owning 1,000,000 common shares will keep 100,000 common shares and receive a debenture with a face value of $900 due and payable in 5 years without interest. Any time during the 5 years, the holder will be entitled to convert the debenture to 90,000 common shares.
Only shareholders of record on June 1st will be entitled to convert 9 out of every 10 common shares on the exchange date of the 15th of June, 2006 for a debenture.
The Company's Chairman of the Board, E. Pearl Asian commented, "We are so optimistic about the future of Pearl Asian Mining that we are taking this calculated risk, going into long-term debt, certain that when the debentures become payable, our earnings will far exceed the face value of this debt."
2. 90% Buy Back of Pearl Asian Mining Industries' Common Shares Will Be Automatic With The Exchange Date Effective June 15, 2006
Pearl Asian Mining Industries, Inc. (OTC: PAIM) announced that the exchange date will be effective June 15, 2006, for the company to buy back approximately 27,000,000,000 or 90% of its issued and outstanding common shares using a convertible debenture.
After a lengthy meeting with NASDAQ, DTC and our transfer agent, it had been confirmed that there is no X-Date or record date for this buy-back exchange.
Pearl Asian Mining Industries had announced last month that the record date for this action was June 1, 2006. However, no record date is required. The exchange date is going to be automatic for all shareholders holding common shares through DTC with the exchange date to be June 15, 2006.
The Shareholders holding through DTC will not have to do anything in this exchange, as this will be a mandatory exchange and automatically done through the same process. A stop transfer will be placed on shares outstanding on June 15, 2006, regarding shareholders that fail to surrender 90% of their common shares for exchange on June 15, 2006. The stop transfer will not be released until those shares are surrendered in exchange for the CDs.
The buy back rate is that for every common share surrendered, Pearl Asian will pay $0.001, the par value of the common shares in the form of convertible debentures, when held to the maturity of 5 years. The CD is to be paid on the 5th year without interest. The debentures can be converted back to common shares at a fixed rate of $0.01 per share at any time on or before maturity, upon surrender of the CD to the company or its transfer agent.
As an example, a shareholder owning 1,000,000 common shares will keep 100,000 common shares and receive a CD with a face value of $900 due and payable in 5 years without interest. In this example, any time during the 5 years, the holder will be entitled to convert that CD to 90,000 common shares.
Chairman of the Board, E. Pearl Asian, commented: "I am very optimistic about the future of Pearl Asian Mining (PAIM). The company is taking this calculated risk, going into long-term debt for the first time beginning June 15, 2006. I am certain that when the debentures become due and payable, the company's earnings will far exceed the face value of this debt. Furthermore, I also believe that this is the most creative and positive way of reducing the current outstanding public float, thus avoiding the negative impact and effect of a reverse split. We have to balance what is best for everyone concerned, for all of our shareholders and for the company as well."
AI
