Replies to post #11131 on Atlas Lithium Corp (ATLX)

[temeku999]

3 billion shares still in BMIX company hands? Yup just heard it here!!! With what we calculate of what was 600 mil to pay off all the debt, that puts us at a OS of 1.6 bil.We already know where 300 to 400 mil are at. BMIX is looking better and better. Thank you for the OS count. BMIX will rocket when the toxic debt is done!
But WAIT!!!!, Marc has an investor that might take that debt. That would mean our OS would only be 1 bil. and we would know where 40% of the OS are held. Making BMIX that much better!!!! If that is the case, two words, BMIX BOOOOMMMM!!!! stand back and watch a crazy L2. Thanks again for the current OS share count!!!!

[HIFI]

Company can't release all 4 billion shares Read, Read, Read

The primary reason for the Authorized Increase is to have additional shares of common stock to reserve ("Reserve Shares") for issuance upon conversion of currently existing convertible debt of the Company ("Existing Debt"). Existing Debt transaction documents require the Reserve Shares to be a number up to 4 times in excess of the actual number of the shares at any point in time needed for conversion of such Existing Debt, and therefore the necessary number of Reserve Shares fluctuates with the price of the Company's common stock. Once the Existing Debt is converted into common stock or repaid , the Reserve Shares are cancelled .

A second reason for the Authorized Increase is to issue additional shares to pledge as collateral ("Collateral Shares") to secure the Company's obligations in transactions involving the pre-sale of graded polished diamonds . The Collateral Shares are issued in the Company's name and are deposited with an escrow agent . The necessary number of Collateral Shares fluctuates with the price of the Company's common stock. Upon delivery of the diamonds any unused Collateral Shares will be returned to the Company's treasury .

The Authorized Increase will not have any immediate effect on the rights of existing stockholders, but may have a dilutive effect our existing stockholders if additional shares are issued.

We are not increasing our authorized shares of Common Stock to construct or enable any anti-takeover defense or mechanism on behalf of the Company or for any planned merger or acquisition.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10761497