Replies to post #17574 on US Precious Metals (fka USPR)

[gitreal]

or they get financing and pay off the conversions and then file and become fully reporting again ...

Financing might indeed be possible - more of the toxic kind. Legit junior explorers find it next to impossible to obtain financing, and USPR is something less than legit with all the crap they have used to promote themselves.

[russo123]

yea. alleged financing.

when uspr is currently at .023. this to replace remaining debt that we have no idea how much remains, pay for lawyers because uspr is being sued, and pay for more drilling because uspr couldn't pay for their last 5000 meter drill program but rather only 4300 meters because they ran out of money.

yea. that's gonna be great financing.

the last 10q that uspr filed, you know, 5 months ago because they haven't filed their most recently sec required 10q, stated that they have $1.6 million in convertible debt.

even if 2/3rds of that has been converted ( i have no idea how much has been converted) that would leave $600k.

$600k alone at .023 with a 50% discount is still another 52 million shares. then add lawyer fees, because uspr is being sued, money for drilling, bod/management...

how much more dilution we talking about???

[I-Glow]

The problem is that the default penalties on the convertible notes are severe.

The chances of obtaining conventional financing are zero.

The latest excuse making the rounds is that these OTCM companies stopped filing so the toxic lenders can't convert the notes.

That is absurd because the toxic lenders can file a lawsuit and generally there is a settlement where the lender gets the full amount of the loan, plus default penalties and attorney fees in unrestricted free trading shares.

IG

[Pythia]

Or uspr gets loans then splits the loot up among each other! Be ready, the uspr Christmas dump is coming.

[Adrock]

Update please?