<actually DD is so stupid that when he said a 70% discount rate, he probably meant a 30% discount rate. >
here is an example of a private placement...(no special filings-it's an 8 K)
"On December 23, 1997, the Company initiated a placement of 12%
Convertible Debentures Due December 31, 1998, with non-U.S.
entities, in the amount of $175,000. This placement was
arranged by Heyett Capital Ltd., which received a commission
of 10% for its services. The terms of the conversion rights are such
that the holder of these notes may convert all or a portion of
the principal and interest due at any time after 45 days and
before one year from the date of closing, into common stock of
the Company at a conversion price for each share of Common
Stock equal to the lower of (a) 65% of the five-day average
closing bid price prior to closing; or (b) 65% of the closing bid
price of the Common Stock for the date immediately preceding
the date of receipt by the Company of notice of conversion; or
(c) 65% of the five-day average closing bid price of the Common
immediately preceding the date of receipt by the Company of
notice of conversion, as reported by the National Association
of Securities Dealers ("NASDAQ"). As of December 31, 1997,
a total of $175,000 had been committed. This offering is
concluded.
edgar-online.com
Do you see how the discount reads? 65% DD
also notice the commission of 10%
PS: now you tell me why the company can't put out a filing that comprises one page.. |
