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Biotech / Medical : Swissray Intl. Inc. (SRMI)
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To: George Yorg who wrote (439)5/24/1998 2:30:00 AM
From: incomep  Read Replies (2) of 763
 
"On March 16, 1998, the Company issued $5,500,000 aggregate principal amount of 6% convertible debentures (the "Convertible Debentures"), convertible into Common Stock of the Company. After deducting fees, directly attributable to such offering the Company received a net amount of $4,915,000. All Convertible Debentures were issued to accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Act ("Regulation D") and the Company has received written representations from each investor to that effect. One Hundred percent of the face amount of the Convertible Debentures are convertible into shares of Common Stock of the Company at the earlier of the effective date of the Registration Statement or May 15, 1998. at a conversion price equal to 80% of the average Closing bid price for the ten trading days preceding the date of conversion. Any Convertible Debentures not so converted are subject to mandatory conversion by the Company on the 24th monthly anniversary of the date of issuance of the Convertible Debentures."

IT SEEMS TO ME THE DEBENTURE STARTED TO CONVERT TO COMMON SHARES FROM MAY 15. MY QUESTION IS HOW MUCH DID THESE GUYS PAY FOR THE ORIGINAL DEBETURE? IF THE CONVERSION RATE IS 80% OF THE CURRENT STOCK PRICE, THEN THEY PAY ONLY 40 CENTS FOR A SHARE AND WE STOCKHOLDERS SEE OUR STOCKS DROPS 75% SINCE FEBUARY.
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