Debenture Amendment Terms Inadequate Debentureholders will consider the following amendments ("Debenture Amendments"):
- To amend the conversion price applicable to the Debentures from $0.10 to $0.075 per share;
- To reduce the price per share for interest payments on the Debentures from $0.10 to $0.075 per share;
- To amend the price at which the Company may require a forced conversion of the Debentures from $0.15 to $0.10 per share, such conversion to be made at the amended Conversion Price of $0.075 per share;
- To extend the maturity date for the Debentures from September 14, 2022 to September 14, 2023
SUGGESTIONS:
1)conversion price should be amended to $.05 per share given the recent trading level of those shares.
2)price applied to shares as payment of interest be reduced to $0.05
IN ADDITION, THE COMPANY SHOULD PAY ALL PAST DUE INTEREST PAYMENTS TO SEPT 21,2022 ON SEPT 21,2022 IF ONLY AS A GESTURE OF GOOD FAITH .
3)COMPANY CAN REDUCE PRICE OF FORCED CONVERSION TO $0.075 AT AMENDED CONVERSION PRICE OF $O.O5
4)IF THE ABOVE CONDITIONS MET, DEBENTURE HOLDERS SHOULD ALLOW THE REQUESTED ONE YEAR MATURITY EXTENSION.
THE COMPANY SHOULD ALSO DO WHATEVER IT CAN TO FACILITATE A VENUE WHERE DEBENTURE HOLDERS CAN
ACTUALLY COMMUNICATE WITH EACH OTHER TO CONFIRM
THAT THEY HAVE HAD AN OPPORTUNITY TO DISCUSS THIS SUBJECT. AS IT STANDS, THE COMPANY CONTROLS THE CONVERSATION AND IS MAKING ALL THE PROPOSALS. DEB
HOLDERS ARE FORCED TO CONSIDER ONLY COMPANY PROPOSALS....NOT A REASONABLE BARGAINING POSITION TO START FROM !
ANY OTHER DEBENTURE HOLDERS OUT THERE WITH SUGGESTIONS?