Pacific Gold Corp fka PCFG

[mortalmyth]

Looks like the expert is failing in his mission to rally the troops and at all costs keep the PCFG share price above $0.0004.

Why do I pick $0.0004? Well, the answer is found in the Convertible Note details (following link), which was inked less than three weeks ago.

http://www.sec.gov/Archives/edgar/data/1137855/000151597114000081/exhibit101.htm

In summary, it states the Note holders ...
1) get a conversion price for each share of Common Stock equal to a price which is a 45% discount from the lowest VWAP in the five (5) days prior to the day that the Holder requests conversion, and
2) can NO longer be constrained to only converting $10,500 worth of shares per week if the PCFG share price falls below $0.0004.

To give everyone an idea of what this Note means as far as being able to sell converted shares, at today's share price of $0.0004, this $10,500 amount equates to converting over 47 Million shares per week (0.0004 x 0.55 = $0.00022 per converted share, and then $10,500/week divided by $0.00022/share = 47,727,273 shares/week). At a share price lower than $0.0004, the weekly dollar conversion restriction amount is removed and let's them convert and sell unlimited shares weekly.

Bottom line, get ready to see much higher trading volumes and lower PCFG share prices, and likely the return of the NO-BID, as the company insiders/funders convert and sell as fast as they can, and however many shares the market can bear. Even at the current share price levels they can stand to make some decent money/profit since they get a discount to the market. Let's see if any experts step up and try to soak up the share tsunami that is heading towards the shore. I'm sure the funders would appreciate any and all help in this regard. :)

I guess the one good thing in all this fine print of the Note is that in no event shall the Conversion Price be less than $0.000055. Yep, that's four zeros.

Let me end in saying I can understand the company needs funding to get the mining efforts going, and that toxic financing is all that is typically available to high risk ventures such as this. That being said, the company officers do seem to burn through tons of cash with very little to ever show for it. I mean come on, two reverse splits last year and they were only able to complete and submit the cement pond design changes (maybe 80 hours of work by a competent engineer/designer). With the share price dropping so fast again, giving little proceeds to the principles, the next question is if another reverse split will be necessary? It sounds like most posters think so.