We've talk about this at great lengths. This is old news. There was shares converted from old debts from last year. There are only 2 debts left that can be converted into shares. It just so happens Today is the last day the shares can be converted and put onto the market. After May 6, the next convertible isn't due until August. You better lock in your shares because we are about to go on a ride to mine opening, production and revenues.
Here's the specifics from the 10q:
On August 2, 2012, the Company entered into another agreement with Asher Enterprises for $27,500, less $2,500 for legal related costs, together with an interest rate of eight percent (8%) and with the maturity of May 6, 2013. On November 1, 2012, the Company entered into another agreement with Asher Enterprises for $42,500, less $2,500, for legal related costs, together with an interest rate of eight percent (8%) and with the maturity of August 5, 2013. The original issue discount note, as described in ASC 480-55, may not be prepaid in whole or in part.
If the Note is not paid in full with interest on the maturity date, Asher has the right to convert this Note into restricted common shares of the Company. The Company at its option may elect to convert all or part of the principal and any accrued unpaid interest on these notes at any time or times on or before the maturity based on a conversion price. The conversion price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower) shall equal to 58% multiplied by the average of the three lowest closing prices during the ten (10) trading days prior to conversion notice.
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