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Microcap & Penny Stocks : nhmcf
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To: R. Brinks who wrote (606)7/18/1998 4:26:00 PM
From: R. Brinks  Read Replies (2) of 702
 
Selling pressure on NHMCF

Remembering NHMCF release dated Feb 28, 1998 regarding Convertible debenture of two offshore funds:

"The Company has also reached a tentative agreement
with the second fund whereby the fund will only convert up to a
maximum 10% per month until the position has been depleted."

from NHMCF release dated Oct 02, 1997:

"National Healthcare Manufacturing Corporation (NHMC) is pleased to announce the completion of a US $ 5 million private placement through the issuance of Convertible Notes..."

are they 'pleased" now?!

"The Convertible Debentures are convertible into shares of the company's Common Stock at a conversion price equal to the lower of the average closing bid price of a share of Common Stock over the five consecutive trading days prior to (a) the October 1st closing date or (b) 85% of average closing price on conversion date."

Worry about (b). What a can't lose deal, uh?

"The Notes, issued to two European funds, are convertible into units consisting of Convertible Debentures and Warrants entitling the holders to purchase up to 250,000 shares of Common Stock of the Company upon registration with the US Securities and Exchange Commission and a receipt being issued for the company's prospectus by the B.C. Securities Commission."

Worry about the Warrants to purchase 250,000 shares.

Sorry but NHMCF is headed LOWER
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