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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: Juli who wrote (6859)7/20/1998 9:00:00 AM
From: Art Vandelay  Read Replies (2) of 19331
 
Hi Juli,

Well Series F was issued after or around the same time as the last dividend and after the first dividend and buyback. From DCI's 10K:

In April, 1998 the Company issued $3,000,000 of Series F 8% non -voting
convertible preferred shares . The shares are convertible to common stock 90
days from the issue date at the lesser of 75% of the average closing bid
price of the common stock for the ten days prior to conversion or $4. The
securities must be converted into common shares within two years of the issue
date. In connection with this offering 50,000 warrants exercisable at $1.56
for a period of five years from the issue date were granted to these
preferred shareholders and 50,000 warrants, at the same terms, were granted
to certain individuals as finder fees for the placement of the preferred
shares with investors.

I do not know enough about this type of financing to know how bad this is. (if it is bad at all) but I am looking into it further

AV
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