I'm not happy that I have 75% of what I used to have between the shares issued after the last filing, this 10:1 reverse split, and the subsequent issuance of another 12 million shares at a 75% discount ($0.025 AFTER the 10:1 reverse split). This is absolutetly sticking it to the current shareholders. It's stealing the equity I have in the company to sell it to someone else.
I also question the $150,000 in promissory notes that are to be paid off. Since the filings say the Directors have been funding operations through loans they've made to the company, my take on this is they've taken care of themselves in this transaction and we get the short end of the stick with the money we've put in.
As far as selling my postion, you're right. I sold 200,000 shares at the end of the day today. It's not my entire position, but it gets me into a comfort zone that I can live with. I have never seen a reverse split benefit the existing shareholders. NEVER. If you're right and things keep going up from here, my profit will be less than it once was. If I'm right and shares plummet to reflect a $0.0025 valuation based on the post split price of $0.025 being sold in the private placement, then I have nice profit to jump back in to buy back the equity that was just taken from me. Personally though, I can't see why anyone would knowingly buy shares right now at this price when they know every dollar that they will put in will be worth $0.75 after the split with the hope that some day they will get back their dollar.
Phillip
