con note, page-2

The VWAP is lower now (2.7c) - so we can probably expect another 31 mill shares to be issued for the $1.15 mill.
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Using a VWAP of 2.7 x 30% gives discount of .81 cents which means the c/notes could be converted at 1.89 cents each.At that price 61 million shares would be issued,not 31.
This will be a total in excess of 85 million shares.
Also notes converted does not raise money but rather is debt canceled.
RC Johnson the previous note holder loaned the company $2 million when they were cash strapped on much more favorable terms prior to their having an IP or deals with Tincom etc.
If you trace back the slide in the SP you will see it began straight after the cap/raising was announced.I did not like the timing and the terms & neither did the market.