Biomass Secure Power Inc. (BMSPF)

[PhillipD]

The entire bond financing issue is all over the map when it comes to what it's going to cover. If you read their Sedar filings, they are talking about equity financing (ie issuing new shares) which dilutes our investments. This is what prevents me from investing any more than I already have. My only comfort is that they dilute the shares they hold also except they could issue shares to themselves as backpayment to make up for additional dilution.

From the company's MD&A filing:
"The Company proposes to meet any additional financing requirements through equity financing and short term loans from directors and officers."

From the company's interim financial statements:
Subsequent to December 31, 2012 the following significant event occurred:
"a) The Company issued 44,536,351 common shares to settle $545,409 due to related parties and $78,100 of trade accounts payable due to a partnership of which our CFO is a member."

Phillip