Replies to post #11953 on Foothills Exploration Inc (FTXP)

[Big Rae]

"progress is a slow process"

[Mister Silver]

You are correct. Of the roughly 8 mentions in financials from Q3 2021, the last 2 mentions of Wind River Basin state it's a leasehold. I did not catch that; thanks for pointing it out.

I'm curious to see what others think of the financials; specifically where it provides a fixed rate, but then goes on to state that it's a changing rate.

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"As part of this transaction the Company also issued Labrys warrants having a five-year term to purchase 42,771,084 shares of theCompany’s restricted common stock, at a fixed exercise price of $0.0083 per share, with a cashless exercise feature."

It then goes on to state....

"The exercise price is subject to adjustment if the Company...while this warrant is outstanding...sell or grant any option to purchase.. (including but not limited to under the Labrys Note), at an effective price per share less than the then exercise price"

They are just calling things 'fixed rate' and then providing terms that make them not convertible at a fixed rate....

"On August 27, 2021, the Company closed on a fixed-rate convertible loan transaction with Labrys Fund, L.P., a Delaware limited accrued and unpaid interest of the Labrys Note due into fully paid and non-assessable shares of common stock at a fixed conversion price equal to $0.0018 per share"

So this "fixed rate" at 0.0083, is actually equal to 0.0018 (as of Q3 financials)