Actually I believe the first time I figured the date, i was correct(I don't think they used "business days") thus today restriction should be gone...sorry for all the confusion(to much snow shoveling)
"A. Right to Convert; Conversion Rate. The Holder of this Debenture
shall be entitled to convert the entire principal amount of this Debenture at
any time during the period beginning forty-five (45) days after the date hereof
and prior to the Maturity Date into that number of Shares calculated in
accordance with the following formula:
Would like to hear opinions on what the bellow really says(I love studying this stuff<g>)I take this to mean there is a cap of 2.5m on the conversion.. Do you all agree? DD
ÝÝÝÝÝÝÝÝÝÝÝ
SECTION 5. RESERVATION OF SHARES ISSUABLE UPON CONVERSION OR
REDEMPTION. The Company shall at all times reserve and keep available out of
its unissued Shares, solely for the purpose of effecting the conversion or
redemption of the entire principal amount of this Debenture, such number of its
Shares as shall from time to time be sufficient to effect the conversion or
redemption of this Debenture; and if at any time the number of authorized but
unissued Shares shall not be sufficient to effect the conversion or redemption
of this Debenture, the Company will immediately take such corporate action as
may be necessary to increase its authorized but unissued Shares to such number
of shares as shall be sufficient for such purpose. If such action shall not be
taken within sixty (60) days after notice from the Holder, then the Company
shall only at the option of the Holder deliver full payment in U.S. Dollars of
the
-4-
<PAGE> 5
outstanding principal amount of this Debenture and all accrued interest thereon
to the Holder within thirty (30) days following the expiration of such sixty
(60) day period; provided, however, that the Company, as soon as is practicable
following the issuance of the Debenture, shall deliver 2,500,000 shares of
Common Stock in escrow, to an escrow agent acceptable to the Company, and
further provided that, upon such delivery, the provisions of this section shall
be deemed satisfied if the shares issuable upon conversion shall be less than
or equal to 2,500,000.<i/> |
