Ho hum, more of the same but an even more dangerous agreement...

Ho hum, more of the same but an even more dangerous agreement than Duchess, I think, as it seems the time and amount and price to convert to shares is completely in the control of the noteholder.

For example, for a few hundred dollars the price can be pushed down to .003 on any day at close of business. The conversion price is then .0027 on the next day, for the lot if they wanted. Price just pushed down to .003 for a purchase of $591 this morning after holding at .004 yesterday. Surprise surprise.

For aproximately $124,000 on the current list of buyers, the price can be pushed down to .001 at the end of day. Our noteholder could then elect to convert all his $900,000 to shares the next day at a price of $.0009 and obtain aproximately 1/3 of the company shares for just on a million dollars.

Whilst our new noteholder may not have the gall to do this openly as it might possibly be illegal, it still leaves open the possibility that someone "unrelated" could do it and push the price down if they had the shares to sell and our noteholder "just takes advantage of the market situation". I doubt this is the intention of the management, and one would hope nor the new noteholder, but it leaves the situation wide open.

And they dispensed with an offer of 1mil at .005?

And they expect to do a cap raising for $6mil from current share holders?

What are they thinking? It brings one close to despair!

Somebody please correct me if I am reading this wrongly.