debentures converted at 0004-0006! march 31,2014
During the quarter ended March 31, 2014, the Company issued 370,895,682 common shares to retire $203,993 of
debenture debt and accrued interest to various debenture holders.
203,993 ÷ 370,895,682 = 0.00055000101
over $11,100,000 worth of shares given to retire $203k of debentures.
at 9 cents that would be 33 million dollars worth of shares. they converted the companies debts at 00055. as shareholders how can you be ok with them doing this?
370,000,000 shares times 0.03 = 11,100,000 dollars worth of shares
370,000,000 shares times 0.09 = 33,300,000 dollars worth of shares
they get to convert at 18 month or 360 day low. plus they get a 50 percent discount when they convert! thats insane. not only that but they did not give the names of these various debenture debenture holders. this should bring up a lot of questions about who these people are . why do they get such a HUGE discount when converting? recently they issued even more of these types of debentures. why do these select few get to convert at 0004-0006? why doesn't the company give that privilege to all shareholders?
Quote:
The debentures accrues interest at 10% per annum and can convert into the company’s common stock at 50% of the lowest closing bid price 360 trading days before the conversion date.
The debentures accrues interest at 10% per annum and will convert into the company’s common stock at 50% of the lowest closing bid price 18 months before the conversion date
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