Frank,
You are correct the value of the 4 million shares went from 14 million to 2 million, BUT read the press release issued by PRTI discussing the transaction. PRTI has "augmentation agreement" of 14 million or 3.50 a share. I understand if the price is not $3.50 a share then MVPH MUST issue more shares in order to make up the difference......
Joe
LITTLETON, Colo.--(BUSINESS WIRE)--March 11, 1997--Phoenix Resources Technologies Inc.(OTC:PRTI) Tuesday announced the following: that the unsolicited offer received by company management for its oil and gas operations, from MVP Holdings Inc., has been accepted by the board of directors.
The board of directors stated, "The offer is from MVP Holdings Inc. of Fountain Hills, Arizona. The offer made, consisted of shares and assumption of any and all liabilities of oil and gas operations.
"The offer accepted is in the amount of PRTI's historical cost of $12.7 million, which management agreed to accept 4 million shares with an augmentation agreement of $3.50 per share or $14 million, the assumption of all debts by MVPH and registration rights within one year.
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