Okay this is confusing....which of the various CD terms shown in filings, have the CD terms been modified to?
The last 10K says:
"As discussed elsewhere in this report, all of the convertible debentures that we have sold have been under the same terms, or have all now been modified to be under the same terms:
Principal and accrued interest are convertible at any time, in any proportions, prior to Golden Eagle given notice of its intent to repurchase the debenture, at 50% of the average closing price for the previous three trading days, or $0.03, whichever is GREATER.
From the 08/14/02 10Q
"In January and February 2002, the Company issued convertible debentures totaling $905,000. The debentures are due in a two years; interest accrues at 10% per annum; conversion of loan amount and any accrued interest, or any part of those sums, at the election of the holder, to shares of common stock of the Company; at a conversion rate of the LESSER of $.03 per share or one-half of the average closing price during the last three days prior to conversion."
From the 10Q 5/20/02
"a conversion rate of $.03 per share or one-half of the average closing price during the last three days prior to
conversion, whichever is LESS"
From the 10Q 11/19/01
"a conversion rate of $.03 per share or one-half of the average closing price during the last three days prior to conversion, whichever is less. However, the minimum exercise price is FIXED at $.03." |
