The $8.5 Million financing is a staged, two year credit facility. At its discretion, when and as required, Nanopierce has the right to require the purchaser to purchase up to 150,000 Series B Preferred Shares for a total of $1,500,000.00 and up to 700,000 Series C Preferred Shares for $7,000,000.00. ("at it's discretion"!!!)
Both Series of Preferred Shares are convertible into the Common Stock of Nanopierce Technologies, Inc. The conversion price of the Series B Preferred Shares is the lesser of 110% of the average of the Closing Bid Price for the Common Stock of Nanopierce on the Date of Closing or 80% of the average of the Closing Bid Price for the five days preceding the Date of Conversion.
As I previously stated, I feel NPCT is the long term winner here. THEY, NPCT, own the patents. They also have more patents in the pipelines. An investment firm will gladly give the patent holder $$$, imo, than the "wannabe" holders.
Let's discuss further as I may be misreading this.
Joe PTG&LI !!! |
