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Gold/Mining/Energy : American International Petroleum Corp

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To: Razorbak who wrote (93)	6/24/1997 12:25:00 AM
From: richard hawkins	of 11888

Here's another item I found at EDGAR - 13D filed by our company's chairman, Georgr N. Faris: Item 3. Source and Amount of Funds or Other Consideration. On April 22, 1997, in a privately negotiated transaction, the Reporting Person [George N. Faris] purchased certain convertible debentures originally issued by the Issuer [AIPN] in an offering pursuant to Regulation S under the Securities Act of 1933, as amended (the "Act"). The Reporting Person then converted the debentures into an aggregate of 895,349 Shares, pursuant to the terms of the debentures. The Reporting Person paid a total of $225,000 for the debentures from his personal funds, which amount was equal to the aggregate principal amount of the debentures. See: edgar.whowhere.com At least our chairman believes in the stock to the extent that he was willing to pay 25 cents/share for this addition to his personal stake which is now more than 9% of the outstanding shares. I view this as a good omen, but what a deal! Why didn't the holder of the debentures excercise and sell the stock for nearly twice what he was paid by Faris?

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