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Re: Steelyd3 post# 42891

Sunday, 06/26/2011 10:15:49 PM

Sunday, June 26, 2011 10:15:49 PM

Post# of 98509
Does any one know the conversion rate for the preferred shares? Seems I recall an earlier post stating that 500K preferred is convertible to 400K common shares at $30,000 (.075). Is that accurate or is it an unknown?

At the moment .075 would put the market cap at around 110 million (.075 x 1.45 Billion shares) or so. If that is the conversion rate, then Leonard clearly has high initial expectations.

.075 is currently 30x .0025.