I agree.
Continuing the discussion from Medinah Minerals
(MDMN) - 2016 Q3 - General
Discussion:
[quote=“cornhuskergold, post:332,
topic:1377”]
15c-211, pg 18-19: “Between February and
March 2012, the Company offered and sold 7,350,000 shares of Class C
Redeemable, Convertible Preferred Stock to a total of eighteen individuals. …
The issuances were made to the following individuals: Juan José Quijano
Fernández, Larry Regis, Ian Dow, Vittal Karra, Pamela Fitzpatrick, Christopher
M. Day, Paul Donnelly, Mick Shindell, Donald R. Johnson, David Dessecker,
Anthony Arrigoni, John A. Toyer, Jr., Cynthia R. Shindell, Richard Bengard,
Gregory A. Chapin, Leslie Price.”
[/quote]
Now, when the document is brought out in discovery it should have some features resembling the structure of previous Class C Preferred stock that was issued.
Between February and March 2012, the Company offered and
sold 7,350,000 shares of Class C Redeemable, Convertible Preferred Stock to a
total of eighteen individuals. The shares were issued at $1 per share, and are
convertible to Common Stock at the ratio of 5 cents for each share of Common
Stock in year one, 10 cents for each share of Common Stock in year two, and
20 cents for each share of Common Stock in year three. They bear no voting rights,
and accrue interest at ten percent per annum. The issuances were made to the
following individuals:
Based on previous conversions, there is no way $100K is going to purchase and convert to 1.5 B common shares, regardless of conversion rate and terms of the conversion in the contract.