Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : XSNI - X-Stream Network -- Ignore unavailable to you. Want to Upgrade?

To: Jacalyn Deaner who wrote (1780)	7/5/1999 12:03:00 PM
From: Jon C	Read Replies (1) \| Respond to of 3519

Jacalyn, 1) I have just reread the circular that I sent to you and according to that: On 5th February 1998 we increased the authorised share capital from 20m to 50m common shares. On 2nd September 1998 we further increased the the authorised capital from 50m to 100m and 10 preferred shares to allow for future financings. That circular is signed by J R Manning and G Sukornyk. 2) The 30th April 1998 financial statements confirm the increase from 20m to 50m. They also confirm the issued capital at 32.6m. Note 14 says "The Companys subsidiaries, Mega Com Group Plc and Nethead Ltd entered into a voluntary arrangement with certain of their creditors on 8th October 1997. The company has guaranteed to issue no more than 1.5m of its shares to realise an estimated $735,000 which would be paid to those creditors in the voluntary arrangement. (I would surmise therefore that the 32.6m plus the 1.5m is where the 34m issued comes from.) The FS go on to say that at the 30th April 1998 there were 2.33m options outstanding to staff all of which expire in 1999/2000 at price ranges of $0.1 to $0.5. It says that at 30-4-98 there were a total of 10m common shares on which such options could be granted. The FS also give the transfer agents details and I got their phone number through directory enquiries. Regards Jon C