Don't know where you got your info from, but this is straight from the NIR audited FS:
In March 1998 the company completed a private placement of 1,570,000 special warrants for net proceeds of $317,000. The special warrants were convertible into 1,570,000 common shares at no additional cost and 785,000 share purchase warrants exercisable at $0.23 per warrant until March 16,1999. All of the special warrants were converted during the year.
******** there were 1,570,000 special warrants which were already converted into shares before July 31, 1998. This leaves the 785,000 share purchase warrants. They have until today to excercise these warrants into shares for $0.23 / share. Tomorrow is too late. They may have already been converted before now.************************
In April 1998 the company completed a private placement of 1,920,000 special warrants for net proceeds of $576,000. The special warrants were convertible into 1,920,000 common shares at no additional cost and 960,000 share purchase warrants exercisable at $0.40 per warrant until March 31,2003. All of the special warrants were converted during the year.
******* this also means that the 1,920,000 warrants were converted into common stock before July 31,1998. Holders of the 960,000 warrants have until March 31,2003 to convert to common shares at $0.40 / share. ****************************************************
In July 1998 the company completed a private placement consisting of 435,900 special warrants, including a finders fee of 4,400 special warrants, for net proceeds of $970,875. The special warrants are convertible into 435,900 common shares at no additional cost until July 3, 1999. As at July 31, none of the special warrants have been converted.
The price for these warrants is not mentioned, but if they were issued in July 98 then they must be for over $2.00.
If one were to assume that none of the warrants were converted before today, and they were to all hit the market tomorrow, there would be only 785,000 shares comming at us ( which would still hurt if they all came at once )
Hope this helps, Al |
