Bioelectronics Corp (BIEL)

[4toSchool]

False (although I wish you were correct).

Why do you think that the company has the option to repay the debt and not issue shares?

The note is written giving the right to exercise the conversion of debt to shares to the noteholder, not the company.

Here is the actual language from the note:

2.1 At any time the Holder shall, at its option, be entitled to receive in lieu of payment of the indebtedness evidenced hereby, a number of shares of "Common Stock" (as defined below) equal to the quotient of (i) a sum equal to the entire outstanding principal and interest of this Convertible Promissory Note, divided by (ii) the "Conversion Price" of ($ BLANK ) per share.[/color]

KNOW WHAT YOU OWN