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To: StockDung who wrote (282)	6/7/2003 6:41:31 PM
From: scion	Read Replies (1) of 544

REINK CORP filed this 10QSB on 11/15/2002 In May 2002, the Company entered into an agreement with The Thornwater Company, L.P. ("Thornwater") to raise up to $2 million in secured convertible promissory notes. The notes are to be sold in units of $50,000 per unit with a minimum offering of five units and a maximum offering of 40 units. The notes will bear interest at eight percent (8%) per annum with the option to convert into common shares of the Company at $0.30 per share (originally $0.55 per share). The Company will pay a fee of twelve percent (12%) of gross proceeds from each issuance if the investor is referred by Thornwater, and five percent (5%) of gross proceeds if the investor is referred by the Company. In addition, in accordance with the agreement, the Company will issue warrants to Thornwater at a strike price of $0.66 per share to purchase the Company's stock at a rate equal to ten percent (10%) of the number of shares that the notes being issued are convertible. As of September 30, 2002, the Company has not sold the minimum offering of five units. 10kwizard.com

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