Not sure if I am understanding this right:Is some one trying to keep the share price below $0.50 intentionally? Or I am understanding the following line wrong?
"All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date. Following expiry of the holding period, Simberi shall have the right to call the warrants by giving 30 days notice at any time if the average closing sales price of the Company’s common shares exceeds $0.50 per share for 20 trading days within any 30 day period. The call price of the warrants is $0.01 per whole warrant."
Detail news info is posted on the Simberi website under: "MANAGEMENT DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THIRD QUARTER ENDED SEPTEMBER 30, 2006".
"1.11 Proposed Transactions
There is no imminent decision by the board of directors of the Corporation with respect to any transaction(s) other than as follows
Subsequent to the end of the Quarter on October 24, 2006 the Company undertook a private placement of $2.75 million. The placement was 27,500,000 units at a price of $0.10 per unit consisted of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $0.20 for a period of two years following the closing date. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date. Following expiry of the holding period, Simberi shall have the right to call the warrants by giving 30 days notice at any time if the average closing sales price of the Company’s common shares exceeds $0.50 per share for 20 trading days within any 30 day period. The call price of the warrants is $0.01 per whole warrant."