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Microcap & Penny Stocks : IMMM ( I'm Mad Monk)
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To: alchemy who wrote (881)5/20/1997 8:55:00 PM
From: Zeev Hed   of 1480
 
Marty: I do not think the problem is a Reg S per se. The last financing was on Feb 13, and from the few sentences in the press release it looks quite straight forward, a convertible debenture at fixed prices with attached warrants at and above market ($1.5 and $2.5). There would have been very little reason to turn around at once and within few months do another financing as a Reg S. There must be a lot of very cheap paper out there which is either being forced out or knows something which is generally not known to the public.

Someone has dished out $1.25 MM without major conversion concessions (and I have no idea how many warrants, but such warrants would bring additional money in upon conversion), such a financial entity certainly do more due dili than people on this thread, and avail themselves to more info than small share holders. Anyone knows who that source of funding is? By the way, anyone knows how many warrants were attached to that financing? Those guys must be quite upset with the situation and if one can find them, one could possibly get an idea of their stand on the situation and if they ever expect to see their money back. If they sound as if they have not lostfaith, and this company is a survivor, they tell a caller why they think so. It may be worth checking with the people that have funded that debenture.

Zeev
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