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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: kollmhn who wrote (82671)	12/26/2000 1:09:26 PM
From: jim_p	Respond to of 95453

"The current common shareholders, option holders, and warrant holders of record on July 24, 2000, received approximately 3,667,000 warrants allowing them to increase their ownership from 22% to up to 40% of the outstanding common stock. The new warrants are for a perpetual term with an exercise price of $4.21 per share, subject to adjustment for certain customary anti-dilution stock splits, stock dividends and other recapitalization events. The exercise price must be paid in cash". Post merger the adjusted strike price will be adjusted based on the price of the PEX stock used in the merger. My guess is that there is probably a 20 or so day time period set X days prior to the closing that will be used to price the deal. Jim