It's exactly the same what Offor himself is doing, to protect his 43% share and protect the company from going belly up. Smaller investors don't have to come up with $250K to protect their sharecount against dilution, while saving the company at the same time.
I would certainly buy even more if I were new.
That is true for sure. Only one false assumption is made by you, ERHC hasn't gone belly up. ERHC will never go belly up, Offor will step in to protect his investment when push comes to shove. If he did not, he would lose potentially (that is: potential!) a few billion dollars, when oil is found. So far he kept ERHC alive with $250K, as much as he spent on the fight against Polio in 2013.
Management will ultimately do the things they need to do to keep the company from going belly up, so your statement that ERHC already has gone belly up is false, and fearmongering.
Your conclusions cannot be labelled as facts. Your facts are heavily intertwisted with scare tactics, it seems.
If Offor wants, funding is no issue anymore tommorrow. Then we still have Deloitte, heavy cost cutting, EEZ MOU, Chad sale among others... so more options available than you probably want. All options to keep ERHC from going 'belly up'.
Just imagine if ERHC ends up issuing twice the current max of 3BB shares. That would mean that you need 8 times as much shares as the number you had pre-convertible notes. Imagine you had 500.000 shares. That means that you have to buy another 4 million shares on the open market now, to position yourself into a pre-dilution situation.
What would that cost you? Let's take a share price of 1/10th of a cent. That would ask for an additional investment of $4000,-
If they stop at 3BB shares, that figure comes down to $2000,-
I think I don't have to tell you how much more $$$ a lot of posters here have invested before the convertible drama, right?
While you try to claim:
I consider this to be a bad attempt to give away free investment advice...
With that 4K one not only protects him/herself against dilution, one is still in the race for making, if Lucky, an incredible amount of profit, when oil is hit. But thanks for the free advice, which could turn out to be a very expensive advice. Lol.