Plastic2Oil Inc (PTOI)

[loanranger]

As of the latest filing there were 91M outstanding shares and 7M shares worth of convertible instruments, so the issuance that you describe would cut existing shareholders investment value by a third while adding $2.5M to the company's book value, but I think there's a potentially more important issue. There are 150,000,000 authorized common shares, so your offering of 50M would cut that very close...even though the 7M haven't been issued I believe they must be considered to have been for this purpose.

Is the organizational structure as it stands capable of increasing the authorized share amount? Is it possible that this issue will be addressed and voted upon via a motion at the meeting? This question can't be safely answered without knowing the status of the letter agreement. I'm not sure how the shareholders meeting can close without having addressed that status, unless Heddle thinks that this statement, which implies some kind of open-ended, infinite waiver, is as transparent as he needs to be:
"In terms of the Board of Directors, let’s talk briefly about the side letter that was included in our May 2012
financing between John Bordynuik and our investors. Through the side letter waivers that we disclosed in our
recently filed proxy and temporary waivers by additional parties to the side letter, we have been able to expand
the scope of our search for Board of Directors candidates and have been allocated additional time for our search. We continue to remain focused on seating a Board of Directors for JBI that will not only continue to validate and complement our technology; but one that will have a continued focus on transparency, building shareholder value, and ethics. The search and due diligence process on both ends is very dynamic and can be lengthy, but we are currently in talks with several individuals."

It's ironic that he lacked transparency in a statement in which he proclaimed his ongoing commitment to it.