Cannon Exploration Inc. (fka CNEX)

[ID Supermoney]

One problem with CNEX is a small convertible note, only like $36,834 but it converts at .0001 so that's 364 million shares.


Which can kill any drive at anytime!!!


Doesn't say:

http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=32207

NOTE PAYABLE
Since March 13, 2008, the Company has issued a note payable to unrelated parties for $860, $5,624, $38,432 and $3,600. The note payable for $860 has been converted to common shares at the option of the holder of the note payable. During the three month period ended March 31, 2010, $4,850 of the note for $5,624 was converted to common shares at the option of the holder of the note payable at $0.0001 per share. As at March 31, 2010, $774 of the note remains outstanding. During the three month period ended March 31, 2010, $5,972 of the note for $38,432 was converted to common shares at the option of the holder of the note payable at $0.0001 per share. As at March 31, 2010, $32,460 of the note remains outstanding. On January 6, 2010, the Company issued a note payable to an unrelated party for $3,600; the note is convertible at the holder’s option at $0.0001 per share, bears no interest and is due upon demand. The Company has a total note payable of $36,834 outstanding as at March 31, 2010. The notes payable do not bear any interest and is due upon demand and is convertible at the holder’s option into common shares of the Company at a conversion price of $0.0001.



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