The 4,756,000 shares of Series B Preferred stock held by UPDA, is currently convertible into an aggregate of 118,900,000 shares of the Registrant's common stock. Each share of Series B Preferred also has a liquidation preference over the Registrant's common stock in the amount of one
(1) dollar per share. The shares of the Registrant's common stock issuable to UPDA upon conversion of the Series B Preferred would be restricted stock upon issuance and would be subject to Rule 144 under the Act, and, therefore, generally could not be resold for a period of twelve months from the date of issuance of the Series B Preferred.
This now gives UPDA 118million cheque in 12 months. Hence the stock moving up today. 118mil would be around .13/share
Hog has 9,770,211 as of Jul 25, 2007
This would give them around 130mil SO (nothing crazy) they need to start pumping some of that gas out of the ground.
This will produce 118mil cash for future.......
ER is right read over the board we have posted a ton of info. most of us are in watch mode now.
This sec is new
