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Microcap & Penny Stocks : Arcon Energy .... Another Sleeper
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To: Ga Bard who wrote (162)1/30/1998 6:48:00 PM
From: Andrew H  Read Replies (2) of 626
 
Thanks, Gary. Seems like quite a steal if they got Arcon for 21MM shares. I had just assumed they paid a lot more shares than 140,000 x 150 =21MM shares or about $10.5MM at current prices at the time of the announcement. The announcement says they paid $50MM and their stock was selling for about .50--that comes out to about 100MM shares. There were no clarifications in the release. So I am glad to hear the company told you the purchase price was only 140K preferred B shares at a conversion rate of 150/share. And that there is a 2 year conversion restriction of the Bs.
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