Micro Identification Technologies, Inc. /quotes/comstock/11k!mmtc (MMTC 0.02, 0.00, -4.17%) (MIT) announces that it has entered into a Securities Purchase Agreement in the form of an 8% convertible note with a New York-based privately held investment banking firm. The Note matures on May 18, 2011 and is convertible into common shares. The firm may convert any or the entire unpaid principal note prior to the maturity date, commencing 180 days following the date of the Note.
Odd - it doesn't say how much the note is for? The real questions: How much dilution there will be if the note is converted. And, at 8%. It is criminal that the IH board continues to say this is not a development-stage company - with zero sales and 8% convertible notes. sheesh. if you believe anything over there you are an idiot.