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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: SSP who wrote (24811)8/28/2000 11:05:38 AM
From: jccodez  Read Replies (1) of 150070
 
PHOX, 3.5 million in debt will be converted into common at .45 per share of PHOX for 1 dollar of debt. That equates to $2.22 per share conversion.

Per the filings:

This approximate $ 3.5 million in debt will be given .45 shares of common
stock for every $1.00 of debt. Once the conversion of debt to equity is
completed, the debt holders will hold approximately 1,519,090 shares of
common stock or approximately 2.6% ownership of common stock of the post
acquisition Company.
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