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- التسجيل
- 27 فبراير 2006
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- 396
Pearl Asian Mining Industries Approaches Completion of the 90% Buy Back
Aug 4, 2006 9:45:00 AM
Copyright Business Wire 2006
MANILA, Philippines--(BUSINESS WIRE)--Aug. 4, 2006--
Pearl Asian Mining (OTC
AIM) announced today that it has completed more than 80% of the buyback of its 30 billion common shares bringing the outstanding below 5 billion common shares. However, the Company believes that regardless of the fact that NASD has only published 9 million shares of PAIM on the brand new short-interest list, the system is so new that it has not picked up the real short interest estimated to be in the billions. There may also be confusion from those that are responsible for providing the short interest data to NASD, due the fact that the buy back was not completed at the time of publication, and due to the possibility that preferred shares may have been used to cover up common share shorts. It has also come to light that many have miscalculated that the convertible debentures are convertible to common at .001 when in fact the conversion to common is at the cost of $.01 per share, and miscalculated that the preferred are currently convertible to common at 1,000 to 1 when the current convertibility is 10,000 preferred to 1 common.
Shareholders that opt to convert their CDs to common shares at the previously set conversion rate of $0.01 per common share, shall surrender their CD note/s to PAIM or its transfer agent. PAIM shall then effect transfer of common share certificates from its treasury to the CD holder and cancel the surrendered CD from its books.
In a similar manner, shareholders may also now convert their preferred shares to common shares. From today up to March 30th, 2007, shareholders may convert at the rate of 10,000 preferred shares for each common share by surrendering their preferred share certificates to PAIM or its transfer agent. PAIM shall then effect transfer of common share certificates from its treasury to the preferred shareholder and move the surrendered preferred shares into its treasury.
To reward long-term holders of preferred shares, shareholders who choose to convert their preferred shares to common may do so at the following conversion rates, with more favorable conversion rates for longer holding periods:
Period Conversion Rate
March 31, 2007-March 30, 2008 5,000 preferred for each common share
March 31, 2008-March 30, 2009 2,500 preferred for each common share
March 31, 2009-March 30, 2010 1,250 preferred for each common share
March 31, 2010-March 30, 2011 625 preferred for each common share
March 31, 2011 and after 500 preferred for each common share
All CD notes and preferred shares converted to common shares shall be retired. PAIM expects dilution from the aforementioned conversion to be minimal during the first years, considering the favorable terms for long-term holders of the CD notes and preferred shares, not to mention the potential development of separate markets for CD notes in Yellow Sheets and preferred shares under another stock symbol in the Other OTC Market.
FORWARD-LOOKING STATEMENTS;
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. The Factors that could cause actual result to differ materially from anticipated results includes risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks. The risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
Source: Pearl Asian Mining Industries Inc. - Philippines
نبي الترجمه
Aug 4, 2006 9:45:00 AM
Copyright Business Wire 2006
MANILA, Philippines--(BUSINESS WIRE)--Aug. 4, 2006--
Pearl Asian Mining (OTC
AIM) announced today that it has completed more than 80% of the buyback of its 30 billion common shares bringing the outstanding below 5 billion common shares. However, the Company believes that regardless of the fact that NASD has only published 9 million shares of PAIM on the brand new short-interest list, the system is so new that it has not picked up the real short interest estimated to be in the billions. There may also be confusion from those that are responsible for providing the short interest data to NASD, due the fact that the buy back was not completed at the time of publication, and due to the possibility that preferred shares may have been used to cover up common share shorts. It has also come to light that many have miscalculated that the convertible debentures are convertible to common at .001 when in fact the conversion to common is at the cost of $.01 per share, and miscalculated that the preferred are currently convertible to common at 1,000 to 1 when the current convertibility is 10,000 preferred to 1 common.Shareholders that opt to convert their CDs to common shares at the previously set conversion rate of $0.01 per common share, shall surrender their CD note/s to PAIM or its transfer agent. PAIM shall then effect transfer of common share certificates from its treasury to the CD holder and cancel the surrendered CD from its books.
In a similar manner, shareholders may also now convert their preferred shares to common shares. From today up to March 30th, 2007, shareholders may convert at the rate of 10,000 preferred shares for each common share by surrendering their preferred share certificates to PAIM or its transfer agent. PAIM shall then effect transfer of common share certificates from its treasury to the preferred shareholder and move the surrendered preferred shares into its treasury.
To reward long-term holders of preferred shares, shareholders who choose to convert their preferred shares to common may do so at the following conversion rates, with more favorable conversion rates for longer holding periods:
Period Conversion Rate
March 31, 2007-March 30, 2008 5,000 preferred for each common share
March 31, 2008-March 30, 2009 2,500 preferred for each common share
March 31, 2009-March 30, 2010 1,250 preferred for each common share
March 31, 2010-March 30, 2011 625 preferred for each common share
March 31, 2011 and after 500 preferred for each common share
All CD notes and preferred shares converted to common shares shall be retired. PAIM expects dilution from the aforementioned conversion to be minimal during the first years, considering the favorable terms for long-term holders of the CD notes and preferred shares, not to mention the potential development of separate markets for CD notes in Yellow Sheets and preferred shares under another stock symbol in the Other OTC Market.
FORWARD-LOOKING STATEMENTS;
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. The Factors that could cause actual result to differ materially from anticipated results includes risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks. The risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
Source: Pearl Asian Mining Industries Inc. - Philippines
نبي الترجمه