SPMC got in the volume is all time high when traders read the news this one should move big. 30:1 share exchange is a no brainer. Should go big once people realize what a great deal this is. You have to call in on this one and the volume is still all time high.
Converge Global and Sparrowtech Resources to Close Merger
Oct 21, 2009 9:00:00 AM
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View Additional ProfilesTORONTO, CANADA -- (MARKET WIRE) -- 10/21/09 -- Converge Global, Inc. ("Converge Global") (PINK SHEETS: CVRG) and Sparrowtech Resources, Inc. ("Sparrowtech") (PINK SHEETS: SPMC) stated that their proposed merger previously announced on October 15, 2009 is scheduled to close at the close of business on Friday, October 23, 2009.
The effect of this merger will cause Sparrowtech shareholders to receive one share of Converge Global for every thirty (30) shares of Sparrowtech. The shares of common stock of Converge Global to be issued to the Sparrowtech shareholders will have a restrictive legend and these new shares will be subject to a one-year holding period. The new shares of common stock of Converge Global will be issued and sent promptly to the shareholders of Sparrowtech as of the close of business on October 23, 2009, and all of the outstanding stock certificates of Sparrowtech will be cancelled.
Converge Global presently has 217,145,305 issued and outstanding shares of common stock. Upon the closing of the merger, Converge Global will issue approximately 4,918,151 shares of its restricted common stock to the shareholders of Sparrowtech. As a result, Converge Global will then have approximately 222,063,456 issued and outstanding shares of common stock.
Converge Global intends to move forward on the development of its Eagle Nest mining property in La Paz County, Arizona and will launch its work program in the near future.
