Series 1 Shares - 70million Consolidable or notQuestion for the more astute on the PMS board?
With the recent stock consolidation we know that all Shares, Warrants and Options listed in the financials (431m S, 144m W&O) will be supject to the 60 to 1 ratio. This leaving less than 10 million shares including warrants and options.
My question is from the news release regarding the Series 1 preferred shares announced but not yet issued.
"Series 1 Shares are convertible at the option of the holder, in a 1:1 ratio, into the Company’s Common Shares (“Common Shares”). All outstanding Series 1 Shares shall automatically convert into Common Shares, at the effective conversion rate, upon the closing of one or more sales of equity securities resulting in at least US$30 million of gross proceeds to the Company."
It would seem, atleast the way I'm reading this, is that these 70 million shares may not be subject to the 60 - 1 consolidation!
What would be your take on this?
Any individuals (RC) with connections for a quick enquiry on these series 1 shares to put to rest my speculation on this trickery?