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Replies to post #118598 on Minerco Inc (fka MINE)
DugTown1
04/04/14 11:40 AM
#118608 RE: StockScout1 #118598
BeauBeau
04/04/14 11:54 AM
#118619 RE: StockScout1 #118598
On July 23, 2012, the Company entered into a Securities Purchase Agreement and Convertible Promissory Note between the Company and its former Chief Executive Officer for $588,299. The convertible notes carry a 5% rate of interest and are convertible into common stock at a variable conversion price of 50% of the market price which shall be calculated as the lowest day during the preceding 5 days before conversion. During the six months ended January 14, 2014, the holder converted $15,000 of the convertible note into common shares. (see footnote 6) . As of January 31, 2014, the total amount outstanding is $543,999.