Thursday, April 27, 2017 11:09:29 PM
"Pursuant to the Purchase Agreement, the Company shall issue to Seller convertible preferred stock convertible into common stock of the Company with a fair market value of up to $1,000,000 (“Convertible Preferred Stock”) valued by the closing price of the Company’s common stock on the day written notice of an Event of Default (as defined in the Note) under the terms of the Note are delivered to the Company (the “Default Notice”). The Convertible Preferred Stock may be converted solely upon an Event of Default and in an amount equal to the outstanding amount due under the Note triggering such Event of Default. The Convertible Preferred Stock shall be held by the Company in escrow and shall be released within ten (10) days of the Event of Default."
This was taken from a different company deal that just happened yesterday and the stock went up 300% today with more expected in the coming days... Just food for thought.
Another point as well. We know from communication with the company in Dec/Jan time frame they sold the bad debt that prevented the R/S from occurring two years ago. That fact invalidates the need for the R/S or further dilution because those shares are off the books. Makes this much easier to run, especially when a flurry of buys takes out the bag holders and flippers at 2 and 3. $60,000-100,000 takes this past .0003 and if it does that it goes MUCH higher. If a buyout then remove a zero or two IMO. $RMRK
Trade OTC's with charts, INVEST in big board stocks on fundamentals. Don't confuse the two!
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