Siberian Energy Group Inc (fka SIBN)

[FlatEarthSoc]

6. Subsequent Events:

In October 2010 the Company entered into Debt Conversion Agreements with its main creditors. Under the terms of the agreements the creditors agreed to convert amounts owed to them by the Company as of September 30, 2010 (“Debt”) into shares of newly issued restricted common stock of the Company, $0.001 par value per share, at a rate of one (1) share of stock for every $0.11 of Debt. The conversion price was determined by the average market price for the 6 months prior to September 30, 2010. Creditors have committed to convert an aggregate of $2,554,460 into debt to 23,222,359 common shares. Issuance of shares is anticipated to take place in November 2010.

Seems the creditors think the stock's worth at least 11¢/share

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