The conversion for the Preferred is not detailed. These shares aren't even registered yet. If and when they are registered we should see a Form S-1 Filing with all the details. IMO this is a very long term investment from TNKE primarily to help support them grow their own business, but the language used in this recent 8K filing indicates the company has some flexibility for use of the capital.
My total assumption for my post is that when and if an S-1 Filing is produced, the conversion will be at 08 PPS as detailed in the original 8K describing the deal (converts to 8.125M shares of regular common). Following is the link to the original filing about the deal:
The investment part of the agreement calls for investment of $650,000 into the Company via newly issued common stock priced at $0.08 per share. The agreement is binding on the parties and further details will be contained in an investment agreement to be executed by the parties within 30 days.
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