"The Company has negotiated a Convertible Debenture in the principal amount of $3 million, and bearing interest at the rate of 10% per annum, in favor of Commander Smallcap Holdings Limited, a British Virgin Islands corporation ("Commander"). The Company has not yet executed the Convertible Debenture, but expects to execute it in the near future."
The unpaid principal amount of the Convertible Debenture will be convertible into shares of the Company's common stock at the lesser of:
* 120% of the lowest closing bid price of our common stock in the 10 trading days immediately preceding the date of escrow closing; or
* 80% of the lowest closing bid price of our common stock in the five trading days preceding the date of conversion.
Check with the transfer agent, find out if he's gagged yet. If he's not, he soon will be as they have to gag him in order to dilute to all get-out to pay off Commander for shorting their shares on the 15th.
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