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Thursday, April 17, 2008 9:45:35 AM
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5850615
TO BE DETERMINED- It seems >13B of shares are earmarked (6.4B for debt, 6.6B due employees).
GOOD - "The Investors have agreed to restrict their ability to convert their secured convertible notes or exercise their warrants and receive shares of our common stock such that the number of shares of common stock held by them in the aggregate and their affiliates after such conversion or exercise does not exceed 4.9% of the then issued and outstanding shares of common stock."
GOOD - I do find it honorable that the main employees have not been paid for some time(years). Admin costs from yesterday's 10k state only $119,300, confirming the issuance of warrants in lieu of salary. Many pinks would have crazy cash laid out for compensation as well as have issued warrants.
I hope an agreement is made so that both the principals of the company can realize their due insider holdings(stated as only 6.1% in the 10K) and mutually build shareholder value. I also find it interesting that insiders increased their inside holdings from 3.7% to the current 6.1% within the last 60 days. This is why I think the shareholders meetings have been continually delayed.
I think Itronics has great leadership and improving potential. I hope the share structure is settled soon and amicably. I also hope I have good timing for entry before this stock really takes off!
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