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BLLD (.035) - Falling Fast, Possible Bounce Play soon
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[QUOTE]Originally posted by EverGreen: [QB] this complete the information on the dilution going on On February 24, 2006, the Company entered into an agreement with ten (10) investors (the "Note Holders") to sell an aggregate of $2,000,000 of the Notes which entitled the Note Holders to convert all or any part of the principal outstanding under the Notes into the Company's common stock at $1.00 per share, subject to adjustment according to the terms of the Notes agreement. The total principal of $2,000,000 is to be repaid in 14 monthly instalments of approximately $143,000 per month commencing on June 24, 2006. These repayments may be payable in cash or in shares of common stock at the market price, as further defined in the Notes agreement. All principal and interest on the February 2006 Notes shall be due on August 24, 2007. The Company paid the June 24, 2006 and July 24, 2006 principal instalments in cash. On August 24, 2006, the Company believed that a cash repayment of the principal payment due would not be in the best interest of the Company with respect of continuing operations. As a result, the Company was in default of the terms of the Notes. Rather than placing the Company in default of the Notes, the Note Holders agreed to restructure the terms of the Notes. In connection with the Amendment, the Company will issue to the Note Holders a total of 4,480,000 shares of the Company's registered common stock in satisfaction of the August 24, 2006 principal payment. In addition, the Company will adjust the conversion price of both the Notes and the August 2005 Convertible Notes (the "August Notes") to a price equal to the lesser of (i) $0.05 per share or (ii) 75% of the average of the VWAP for each of the ten (10) trading days immediately prior to the applicable conversion date or principal repayment date. $143000/4480000 = 0.032 so CD holder can sell until this price and make a profit anyway next month the conversion price will be +- .024-026 (75% of actual price) - so he will receive +- 5750000 and so on ... = dilution limited only by AS (100m) - they can stop only paying cash (!) [/QB][/QUOTE]
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