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To: Zeev Hed who wrote (1307)7/25/1998 5:29:00 PM
From: BillyZoom  Read Replies (1) of 1539
 
On March 11, 1998 IPM and Omega restructured the "letter agreement" that if the property is not paid for by Dec 15, 1998 ($1,000,000US) the company will issue a promissary note that such amount and running balance will bear interest at prime + 2% until the said amount is paid in full. (IPM 10Q - March 31, 1998 filed May 20, 1998)

If a new company had to be formed to raise the funds due to Ch11 bankruptcy laws you are correct that the placement could not be issued in the US but could be done as a IPO (initial public offering) in Canada, as many US companies do to raise seed capital if they have no assets.

Rob
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