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Microcap & Penny Stocks : nhmcf -- Ignore unavailable to you. Want to Upgrade?

To: Bernard Elbaum who wrote (609)	7/21/1998 2:23:00 PM
From: R. Brinks	Read Replies (1) \| Respond to of 702

The infamous first debenture (the relative no one talks about): "I spoke to Dexter at IR who ...also indicated that one set of convertible debentures had been converted at a rate of 20% per month starting 7 months ago" Really now, that's interesting. According to their NR dated Feb 27: "Also further to the February 4, 1998 news release, NHMC has reached a tentative settlement relating to the conversion of the convertible debenture. Under the terms of the proposed agreement with one of the Underwriters, the balance outstanding for this fund has been converted at the present market price and will be held in escrow and released at a maximum 20% per month. The Company has also reached a tentative agreement with the second fund whereby the fund will only convert up to a maximum 10% per month until the position has been depleted." Are sure Dexter isn't just referring to the settlement with just one of the debenture holders regarding released at a maximum 20% per month from escrow. Dexter gets confused when it comes to investment matters, you know? If you can find out, it would be interesting to know how many shares were converted and held in escrow for that debenture holder (last time I asked, NHMCF wouldn't say). Now the KILLER is the second fund which has the OPTION to convert "up to max of 10% per month until the position has been depleted". I suspect that the second fund did not convert the max if any per month because the stock already had enough negative momentum which they helped generate with their shorting through nominee accounts. Can you imagine how many shares they can convert into at 85% from CURRENT prices? Talk about dilution! because there is no min in the conversion price. Nice terms, don't you think? "--which implies the conversion was complete some 2 months ago" Rather than "implies", it would be more credible if NHMCF put it in a news release that the conversions of the first debenture has been completed. Then I would believe it. IR record of credibility leaves much to be desired if you've ever dealt with them in the past 2 years. The "explanation" for the current slump is so feeble. What will it be next? Summer is over? Oct effect? Halloween? Christmas break? Is their market sooo weak that selling from supposedly "margined accounts" brings a 70 cent drop? Tell them to start a new one. They won't have the VSE to kick on anymore. Do you really think US$6 million (or was it Cdn$, better check. It makes a difference.) is going to be enough for their sales to grow? They still need to buy supplies to make the kits. Yes they may get terms, give terms and hopefully roll the money but IF they're really getting all those big contracts, $6 million is going to be peanuts. They will need to raise more and you know what that means. Expecting to make positive earnings soon? Good Luck! P.S. Next time, try Alex. His credibility is not good either but he's a bit smoother with the sales pitch.