Well TOXICS effects are cumulative. For example, if the first one gets aggressive in selling the price could go down to .035 cents, and the second guy's exercise price could be as low as .021 cents. This could set the second convertible to be worth 4.75 million shares. And that would be enough to depress the price even further. I agree that the overall level of dilution would not be that great, but when only 200,000 a day are trading 3 or 4 million shares being sold aggressively could keep the price depressed for a long time.
BTW it will be interesting to follow the Salamander buy out effort to see how those assets are valued. The oil reserves appear to be 75 million barrels, and the gas about 70% operated interest in the Kerendan field which contains 120 Bcf of 2P reserves and a further 160 Bcf of contingent resource. Plus some undrilled prospects.
See erhclongtimers posts today on the other board. It seems like if CEPSA is interested in Salamander they should also be interested in Chad as ERHC"s assets there will compare favorably with Salamanders imo.
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