He won't get a million dollars for 10 million shares. If he's doing a 504, the million dollars is the maximum you can raise in a year without restrictions, so that's where the million dollars comes from. It will be a convertible note, and when word gets out, the buyers will run away and the sellers will rush to the exit. It'll most likely take 500 million shares to raise the million dollars, unless he hires a professional pump crew to come in here and rip off the public.
Ngas, with all due respect (some of what you said makes sense) who in their right mind would pay $1 mil for a 50% interest in a truly crappy worthless company?
You miss the point (as most of the others do too) that its the EDEX Prez that's the problem...not the solution.
Even Ole Tom admits "I'm snake bit". No your not snake bit Tom...you're totally incompetent.
Now, if you want to conjecture miracles, here's a miracle that could benefit the company and all of its shareholders.
Tom offers INCREMENTS of UP TO 2/3ds of his preferred stock as a CONDITIONAL incentive to a REAL oil and gas man PROVIDED the new boss brings in a well that's commercially successfuL. Another increment of preferred for another successful well.
The beauty to this plan is that it wouldn't require any reverse stock split or any money. The company could leverage itself up from each successful well and build itself into a real company.
Would Tom do it? Of course not! Why not you say? Its very simple...he's too selfish and too arrogant...like most American managers.
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