Wednesday, May 11, 2022 10:50:04 AM
The Series C preferred shareholders of New America Energy Corp. have agreed to a 90-day standstill on any conversions of their preferred shares. Third Bench, a subsidiary of NECA, hopes to increase shareholder value during this time as it seeks additional acquisitions that add assets, revenue, and cashflow..
If it wasn't the Series C holders who was diluting?
1) The company since it needs to raise money to make it's acquisitions?
2) Was it previously converted preferred stock?
3) Or was it Hicks and Canouses' loan to the company? Remember $300,000 only represents 25% of the loan before interest. Pursuant to the Regulation A filing mentioned in Note 16 above, the Company issued 1,500,000,000 shares
as follows:
Date Purchaser Shares Amount
3-11-22 JP Carey Limited Partners LP 500,000,000 $ 100,000
3-21-22 Trillium Partners LP 1,000,000,000 200,000
1,500,000,000 $ 300,000
Option 3 only lets Canouse/Hicks recoup about $190,000 out of the $300,000 loan so far but if they can sell the remaining 600-700 million shares at .0003 they can come out ahead.
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