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Gold/Mining/Energy : American International Petroleum Corp
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To: CMon who wrote (4760)11/6/1997 5:43:00 PM
From: DRRISK  Read Replies (1) of 11888
 
Cmon,
*****The transaction was financed by significant institutional investors in the form of one-year 14% convertible Notes which are redeemable by the company on April 15, 1998. After April 15, 1998 the Notes are convertible according to a set formula. However, if the company's stock exceeds $8.33/share, the Notes may be convertible after Feb. 12, 1998 at $6.25/share. In connection with the placement of the Notes, the company issued three year warrants to purchase approximately 1,700,000 shares of the company's common stock at $6.25 per share.*******

This is the best financing this company has recieved in five years. The deal is to continue to finance this period until AIPN can get married to a Major. The reality of running this company now is that Dr.Faris needs to keep the balls in the air to supply the refinery with crude,and to pay Wavetech. These are hard tasks to accomplish with no revenues. I would like to see you go borrow from the Hunts under these terms. It is not ideal but the loan from the Hunts is very bullish IMO and clearly raises the bar on AIPN. We are all too anxious for the pot of gold. The market clearly favored this news and I think the decks are almost clear for the final negotiations on JV. We now need the final piece to clear which is the Kasak royalty news. I believe that AIPN is amazingly in control considering the pressure they must be feeling on this deal. There is no mention of the RegS debentures from OCT. and I wonder if this vehicle replaces them or is in addition? Less than one year ago Dr.Faris was issuing RegS debentures for .50cents so lets get some perspective!

DrRisk long and steady as she goes
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