From the Raging Bull board....
By: dan7
Reply To: None Wednesday, 7 Jun 2000 at 1:37 PM EDT
Post # of 23411
bj: more warrants INCREDIBLE
Date: 6/7/00 1:37:00 PM Eastern Daylight Time
From: DanW103227
To: jmoynahan@xybernaut.com
In January 2000, the Company borrowed $3,025,000 pursuant to promissory
notes that require the Company to repay the borrowings by January 2001 unless
repaid earlier upon a public or private placement of common stock in excess of
$10,000,000. Interest on the notes accrues at 10% per annum. In connection with
these borrowings, the Company issued warrants to purchase 302,500 shares of
unregistered common stock at $0.10 per share. Based on the relative fair values
of the securities issued, these warrants were assigned a value of $921,452,
which amount has been recorded as a note discount to be amortized into interest
expense over the one-year lives of the notes. During the three months ended
March 31, 2000, the Company recorded interest expense of $63,020 and
amortization of note discount of $191,969.
Who was the lender? Was it an insider, family member, friend of xybr?Is it correct that they can exercise the warrants and pay $30,250 for 302500 shares of FREE TRADING STOCK that has a value of $3,327,000 today plus 10% interest and the principal back?? Has the warrants been exercised? Were the warrants exercised when the stock was at 29 and the $30,250 was worth $8,470,000 on a 10 cents a share purchase, with a profit of over 8 MILLION in an investment 6 months old??Who is getting these warrants?????
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