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Microcap & Penny Stocks : Environmental Remediation Hldg Corp. (ERHC)
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To: Jack Kanak who wrote (86)8/23/1997 10:59:00 AM
From: GrnArrow   of 671
 
The company filed an ammended 10Q yesterday. I haven't had time to look throught the whole thing, but I checked immediately to see if they changed the paragraph i posted earlier. They did:

"The Company is contingently liable to issue up to three million shares
of restricted stock in total to 3 officers and directors of the Company
for their efforts in closing the Sao Tome & Principe contract. These
shares will be issued upon the joint venture oil production level of
20,000 barrels a day being attained. The Company is contingently liable
to issue up to two million shares of restricted stock to two officers
and directors of the Company for their efforts in closing the M III
contract in Utah upon the joint venture oil production level of 4,000
barrels a day being attained. This two million shares includes the
500,000 shares the Company is to issue to MIII.The Company contingently
liable to issue an additional two million shares upon the joint venture
attaining production of a total of 6,000 barrels a day."

So it looks like there will be dilution of at least 4 million shares ( 7 million if STP works out), instead of 13 million. Much better, but still not something I like to see.

regards,
Mike
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