'Joe Kernan'
I copied and pasted from Goldy's post, appended below.
Earlier we discussed the partial settlement and I told you that was because it was a large amount of money and they did not expect the price to hold up if they did it in a lump for the whole amount. As you can see in the example below, they only took 1/5 of the amount. They do not obviously expect the price to hold for selling the 10 million shares. The next conversion will be for more shares and continuing as these shares hit the market. This is why they call it death spiral financing, good luck. Derb
On August 7, 2008, a legal action was filed against the Company for $250,000 in principal plus interest for amounts owing pursuant to mineral exploration services provided to the Company. The Company does not dispute the amount owing and has recorded the appropriate amount owing as of April 30, 2008 in accounts payable. The Company has been unable to pay the amount owed due to lack of funds. The Company has agreed to settle $45,000 of the debt by issuing 10,500,000 shares of common stock.
Thats $0.004285714 per share Joe, thats where your bid should be.
