Phoenix Associates Land Syndicate (fka PBLSQ)

[WarEagle]

"He was also offered another option, as he wanted to spread his capital gain across as many years as possible. The language is clear, he can convert 15% or 60,000 share after he has held them for 1 year, the price per share would be the price posted on the stock exchange as of the post mark date. So he can convert his 60,000 preferred share for 60,000 common stock shares."

This is what this means. He can convert 60,000 preferred shares at $10 per share, which is $600,000, into common shares
using a current market price. If the price per share of common stock is still at .015 when the conversion takes place, then he will be able to convert those 60,000 preferred shares into 40 million common shares.