Shares of United American Petroleum Corp. (OTC: UAPC), an exploration stage company engaged in the acquisition, exploration, development and production of oil and gas properties in the U.S., are seeing significant activity in trading today.
At last check, UAPC shares were trading at $1.26 on above average volume of 782,007. The stock has gained more than 9% this week.
According to 8K filing made by UAPC last week, the company issued 3,314,062 shares of its common stock to one foreign investor on June 7, 2012.
The company issued the shares after the investor elected to convert the outstanding principal amount of $1.59 million and all of the accrued interest due on Convertible Promissory Notes dated October 14, 2011, November 29, 2011, December 19, 2011, February 10, 2012, March 30, 2012 and June 4, 2012 at conversion price of $0.50 per share.
The filing also showed that on June 11, 2012, UAPC issued 300,481 shares of its common stock to one foreign investor, who chose to convert all of the accrued interest due on its Senior Secured Convertible Promissory Notes.
The notes were dated December 31, 2010, January 20, 2011, March 9, 2011, June 20, 2011 and June 30, 2011. The conversion price was $0.50 per share.
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