DNAprint Genomics (DNAG)

[worktoplay]

frog...The document states that "the initial conversion price was calculated as of the date of this Memorandum. The Conversion Price is currently $0.061 per share, where it shall remain unless lowered at the next reset date."

That means that this was executed at a time in the recent past when the preceding 20 day moving average share price was 0.072. I understand from someone who e-mailed Athena today, that Round I of the placement is scheduled for completion by October 1, 2003 (only two weeks from today). If required, a second round would complete by November 1, 2003. Based on that, I'd say this has been in the works since July or August some time.

Actually, I believe this has been planned for much longer. I think I now understand what Dr. Frudakis was referring to when he made this statement in the January Newsletter:

How much could the warrants plan net the company? It would seem quite optimistic to expect this plan to bring more than $1M to the company, but if the increase in shares is approved, the shares will be available to bring much more. What would DNAPrint be worth if we had $10M in the bank?

Hhhhhmmmmm...$8M private placement coupled with $2M warrants to PP holders = $10M

Later,
W2P