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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.11 13:19:00 -
[1]
This is a revised version of the previously published Mineral Market Manipulation (MinMa) prospectus.
SUMMARY OF CHANGES
1) Two new corporations ôBlock Mineral Reserveö (BMR) and ôBlock Mineral Reserve Dividendsö (BMRD).
2) BMR shares will replace ôEve Mineral Reserveö Shares There will be a one time, 1:1, share exchange that will take place this weekend (Jan 11-13, 2008). Please, do not return your ôEVE Mineral Reserveö shares until you have received your new ôBlock Mineral Reserveö shares. You donÆt have to worry if you accidentally return your ôEVE Mineral Reserveö shares to me before receiving your new shares. We maintain a stock ledger to verify the integrity of your shares.
3) 60% NAV buy-back on both BMR and BMRD shares.
4) Portfolio options; Convert, Dividends, and Cash. Investors will have the opportunity to manage their own portfolios by selecting options that fit their investment needs.
Description of the New Shares
ôBlock Mineral Reserveö (BMR) shares These are the ôofferö shares. Shares will be non-tradable and will be recorded in a stock ledger. Capital earnings will be distributed in the form of BMRD shares.
ôBlock Mineral Reserve Dividendö (BMRD) shares These are the ôdistributionö shares from BMR capital earnings. Shares will be tradable in the stock exchange, will pay ISK dividends based on mineral trades, and will not be recorded in a stock ledger. BMRD shares can be ôconvertedö into BMR shares.
Portfolios and Options
Create your own portfolio by selecting from one or a combination of account distribution options. Read the prospectus for details.
Convert option: This is the default account setting. BSAC will automatically exchange your BMRD shares for BMR shares.
Dividend option: BSAC will deliver BMRD shares to the shareholder according to their account type.
Cash option: BSAC will buy-back your most recently earned BMRD shares at 60% NAV.
MinMa Prospectus (Jan 8, 2008)
Previous MinMa prospectus and status report
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.11 13:19:00 -
[2]
Reserved
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Kaylon Vale
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Posted - 2008.01.11 14:54:00 -
[3]
Edited by: Kaylon Vale on 11/01/2008 14:56:34
I have some questions after reading the prospectus.
1. The EVE Mineral Shares (EMS) we first recieved, are converted to Block Mineral Reserve Shares (BMR). The EMS were sold at the price of 100,000 ISK. But when you convert them into BMR shares, the value will be reduced to 1,000 ISK per share (Page 7 under "1. Block Mineral Reserve Shares"). Thus reducing the value of the shares we bought with 99,000 ISK per share. Whats up with that?
2. Isn't quarterly distribution's of the profit a little to long time frame for distributions? Why not every month?
More questions will surely come up.
Thanks!
// K
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.11 15:16:00 -
[4]
Originally by: Kaylon Vale Edited by: Kaylon Vale on 11/01/2008 14:56:34 1. The EVE Mineral Shares (EMS) we first recieved, are converted to Block Mineral Reserve Shares (BMR). The EMS were sold at the price of 100,000 ISK. But when you convert them into BMR shares, the value will be reduced to 1,000 ISK per share (Page 7 under "1. Block Mineral Reserve Shares"). Thus reducing the value of the shares we bought with 99,000 ISK per share. Whats up with that?
The BMR share price is 100,000 ISK, and is clearly stated in the front page and in page 7.
The 1,000 ISK par value ôCommon Stockö you are quoting is only used for weighting voting rights. Except for BSAC Preferred Stock (No par value), all BSAC shares have a par value of 1,000 ISK.
Originally by: Kaylon Vale
2. Isn't quarterly distribution's of the profit a little to long time frame for distributions? Why not every month?
The quarterly distribution is the maximum time between BMR share distributions, not BMRD ISK distributions. That does not mean that I could distribute shares every month. In fact, with the upcoming share exchange, every investor will received earned shares as BMR shares this weekend.
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Ray McCormack
hirr
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Posted - 2008.01.11 17:46:00 -
[5]
Originally by: BSAC MMM Capital earnings will be distributed in the form of BMRD shares.
What happens when capital growth exceeds the amount of available BMRD shares? Or is that a theoretical impossibility?
Originally by: BSAC MMM 60% NAV buy-back on both BMR and BMRD shares.
If this applies to redemptions on a Growth Portfolio you need to adjust your figures. Unless you can redeem at 100% NAV value, you'll never realise your full growth return.
What are the batch release limits now? They were 20b last time around.
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.11 18:25:00 -
[6]
Originally by: Ray McCormack What happens when capital growth exceeds the amount of available BMRD shares? Or is that a theoretical impossibility?
If the capital growth exceeds the amount of available BMRD shares, which is extremely likely to happen as we only have 1,000 BMRD at the present time, BMRD will issue a vote to create the difference.
Originally by: Ray McCormack If this applies to redemptions on a Growth Portfolio you need to adjust your figures. Unless you can redeem at 100% NAV value, you'll never realise your full growth return.
A 95% buy-back option will be put in place when the fund is fully subscribed. The current buy-back will increase gradually as the fund reaches full subscription. I realize the 60% buy-back is not the greatest offer but it allows investors to cash some of the earnings without significantly affecting the Funds performance.
Originally by: Ray McCormack
What are the batch release limits now? They were 20b last time around.
Yes, next release will very likely be 20 B. However, there is no deadline on the next release date. It will take place when the market reaches certain benchmarks (mineral prices, spreads, etc.) I should point out that current BSAC investors have the right to reserve shares before they are released to the public.
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Ray McCormack
hirr
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Posted - 2008.01.11 20:43:00 -
[7]
Originally by: BSAC MMM I should point out that current BSAC investors have the right to reserve shares before they are released to the public.
Someone sell me one BMR share so I can reserve the next batch.
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Kaylon Vale
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Posted - 2008.01.11 21:34:00 -
[8]
Originally by: Ray McCormack Someone sell me one BMR share so I can reserve the next batch.
I can sell you one BMR share this weekend Ray.
// K
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Ray McCormack
hirr
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Posted - 2008.01.11 21:41:00 -
[9]
Originally by: Kaylon Vale I can sell you one BMR share this weekend Ray.
They're non-transferable. But I was just kidding around. 20b was a figure I established based on the last prospectus that would allow me a Trustee position. It also tied in nicely with the advertised size of the batches. But I'd be equally happy to pick up the remainder after first refusal.
Either way, Block, you have a demand now that you can work with.
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Kaylon Vale
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Posted - 2008.01.11 21:47:00 -
[10]
Ah, just noticed that in the prospectus. Sorry Ray ;).
Thanks for the answers as well, Block.
// K
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Raskor
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Posted - 2008.01.11 22:23:00 -
[11]
Edited by: Raskor on 11/01/2008 22:24:18
Originally by: BSAC MMM
Originally by: Ray McCormack What happens when capital growth exceeds the amount of available BMRD shares? Or is that a theoretical impossibility?
If the capital growth exceeds the amount of available BMRD shares, which is extremely likely to happen as we only have 1,000 BMRD at the present time, BMRD will issue a vote to create the difference.
Originally by: Ray McCormack If this applies to redemptions on a Growth Portfolio you need to adjust your figures. Unless you can redeem at 100% NAV value, you'll never realise your full growth return.
A 95% buy-back option will be put in place when the fund is fully subscribed. The current buy-back will increase gradually as the fund reaches full subscription. I realize the 60% buy-back is not the greatest offer but it allows investors to cash some of the earnings without significantly affecting the Funds performance.
Originally by: Ray McCormack
What are the batch release limits now? They were 20b last time around.
Yes, next release will very likely be 20 B. However, there is no deadline on the next release date. It will take place when the market reaches certain benchmarks (mineral prices, spreads, etc.) I should point out that current BSAC investors have the right to reserve shares before they are released to the public.
The original prospectus didn't say anything about a partial buy-back, it just listed a redemption fee. Now you are saying that the buyback will start at 60% and eventually reach 95% --- and that redemption fee is still listed in the new prospectus.
When I bought into this, I expected that I could redeem my shares down the road for a small fee off of then current NAV. Now you are saying I would have to wait potentially months to get even my original amount back?
I can fully understand limiting the volume of redemptions so as not to cripple the business but this isn't what we agreed to.
Or am I just confused?!?!?
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.11 23:59:00 -
[12]
Edited by: BSAC MMM on 12/01/2008 00:01:55
Originally by: Raskor The original prospectus didn't say anything about a partial buy-back, it just listed a redemption fee. Now you are saying that the buyback will start at 60% and eventually reach 95% --- and that redemption fee is still listed in the new prospectus.
When I bought into this, I expected that I could redeem my shares down the road for a small fee off of then current NAV. Now you are saying I would have to wait potentially months to get even my original amount back?
I can fully understand limiting the volume of redemptions so as not to cripple the business but this isn't what we agreed to.
Or am I just confused?!?!?
You are correct, there was and there still is a 1.5% Redemption fee.
However, there was no guaranteed buy-back offer in the original prospectus. From the original prospectus:
"Redeeming Shares Future share redemptions will be decided by the Board of Directors".
The Board of Directors still hold this power.
What we added in the new prospectus is a guaranteed buy-back option. Meaning, that BSAC is required to cash your shares imediatley at 60% NAV. Remember, you can still sell your shares thru BSAC to other investors. I will be more than happy to arrange for the sales. And there will be plenty of time between share releases that will allow you to sell your shares at NAV.
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.12 00:04:00 -
[13]
Originally by: Kaylon Vale
Originally by: Ray McCormack Someone sell me one BMR share so I can reserve the next batch.
I can sell you one BMR share this weekend Ray.
// K
This is allowed as long as is recorded in the stockledger.
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Raskor
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Posted - 2008.01.12 00:09:00 -
[14]
Edited by: Raskor on 12/01/2008 00:11:17
Originally by: BSAC MMM
You are correct, there was and there still is a 1.5% Redemption fee.
However, there was no guaranteed buy-back offer in the original prospectus. From the original prospectus: "Redeeming Shares Future share redemptions will be decided by the Board of Directors". The Board the directors still hold this power.
What we added in the new prospectus is a guaranteed buy-back option. Meaning, that BSAC is required to cash your shares imediatley at 60% NAV. Remember, you can still sell your shares thru BSAC to other investors. I will more than happy to arrange for the sales. And there will be plenty of time between share releases that will allow you to sell your shares at NAV.
I guess I'll know better next time.
I apparently missed that part after seeing the redemption fee, and knowing that my investment in your other corp was repaid at NAV less the redemption fee (or at least I thought it was). I assumed this was no different.
However, it does seem a bit deceptive. You are already withholding 5% of the value (at the eventual 95% buyback) and then charging a fee on top of that? EDIT: What I mean here is I bought into this expecting that there was an implied 98.5% buyback given the usage of a redemption fee. I know I haven't been investing long but this is the first I've seen of a below NAV buyback AND redemption fee combined.
And the 95% isn't until it is fully subscribed? It has been a good month to sell the initial block of 20b worth of shares and there are another 280b worth to sell? Do you have a timeline for when we will be at 90+ buyback?
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.12 00:29:00 -
[15]
Originally by: Raskor
I apparently missed that part after seeing the redemption fee, and knowing that my investment in your other corp was repaid at NAV less the redemption fee (or at least I thought it was). I assumed this was no different.
Every BSAC Funds has a different redemption rule. Please read prospectus carefully before investing.
Originally by: Raskor
However, it does seem a bit deceptive. You are already withholding 5% of the value (at the eventual 95% buyback) and then charging a fee on top of that? EDIT: What I mean here is I bought into this expecting that there was an implied 98.5% buyback given the usage of a redemption fee. I know I haven't been investing long but this is the first I've seen of a below NAV buyback AND redemption fee combined.
You bring a good point and I will discuss it with the Board of Directors.
Originally by: Raskor
And the 95% isn't until it is fully subscribed? It has been a good month to sell the initial block of 20b worth of shares and there are another 280b worth to sell? Do you have a timeline for when we will be at 90+ buyback?
Buy-backs were never an option in the original share offer and we have no timeline for when buy-backs will reach 90+. The idea is to tie buy-backs to the performance of long-term mineral sales. As the fund matures we will adjust the prospectus to better serve the shareholders (You).
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Atherin Gaius
Caldari Domini Umbrus VENOM Alliance
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Posted - 2008.01.13 16:38:00 -
[16]
very interesting! i need to read more but at this point I like what I see. Are there any puiblic shares available for either of the share types still available?
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OrcishMonkey
Caldari Domini Umbrus VENOM Alliance
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Posted - 2008.01.13 17:56:00 -
[17]
Interesting indeed. Same question as Ath. Are there public shares availible and if so how may one aquire them?
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Raskor
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Posted - 2008.01.13 20:24:00 -
[18]
Edited by: Raskor on 13/01/2008 20:24:25 Any idea what is happening with this?
I received shares of Block Mineral Reserve (ticker = BSAMR). The total shares represent my original investment plus a 19% stock dividend.
However, that corp is listed as closed. And the founder - BSAC MINMA - is now head of Block Mineral Reserve Dividends (ticker = BSAMT).
Was this an error on your part, or is someone else attempting to take advantage of your stated change; ie: is someone trying to scam us out of the original shares?
Note: I did NOT receive any eve-mail or chat request asking me to send my original shares anywhere.
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.13 23:53:00 -
[19]
Originally by: Raskor Edited by: Raskor on 13/01/2008 20:24:25 Any idea what is happening with this?
I received shares of Block Mineral Reserve (ticker = BSAMR). The total shares represent my original investment plus a 19% stock dividend.
However, that corp is listed as closed. And the founder - BSAC MINMA - is now head of Block Mineral Reserve Dividends (ticker = BSAMT).
Was this an error on your part, or is someone else attempting to take advantage of your stated change; ie: is someone trying to scam us out of the original shares?
Note: I did NOT receive any eve-mail or chat request asking me to send my original shares anywhere.
Sometimes I wonder if I wait my time writing detail information in the private investors blog, and every where in the forums.
READ the private investors blog, everything is explain in details there.
ATM no shares available.
If you read the prospectus you will notice that I listed BSAC MinMa as one of my alts.
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Raskor
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Posted - 2008.01.14 05:56:00 -
[20]
Originally by: BSAC MMM
Sometimes I wonder if I wait my time writing detail information in the private investors blog, and every where in the forums.
READ the private investors blog, everything is explain in details there.
ATM no shares available.
If you read the prospectus you will notice that I listed BSAC MinMa as one of my alts.
Well we already established I suck at reading. And looking over the prospectus and a few of the emails related to this venture I don't see any where that states the url to the private investor blog.
Yes, I used to know it but I didn't see the need to keep the bookmark when I closed my earlier position in another of your corps.
But either way, I don't feel the attitude is justified. I raised a legitimate concern and a warning in case someone was trying to scam; seeing as what I saw in game didn't mesh with what you posted here.
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.14 12:39:00 -
[21]
I distributed the new ôBlock Mineral Reserveö (BMR) shares, ticker BSAMR over the weekend. The Number of BMR shares that were deposited into your wallet should match your original ôEVE Mineral Reserveö share purchase and all capital gains distributions that you earn since inception. A stock ledger including details about capital gains distributions and their recorded date can be found in the ôSummary report and Stock ledgerö link above in post #2.
The private investorÆs blog web address was included at the very end of the ôEVE Mineral Reserveö confirmation email that was sent to you after your investment. I apologize if it was not attached in your confirmation email. IÆm going to send you an email tonight with the web address.
ôBlock Mineral Reserveö shares ticker BSAMR is a closed corporation to discourage illegal trades. These shares are non-tradable, and must be recorded in our stock ledger to validate their authenticity.
In contrast, ôBlock Mineral Reserve Dividendsö shares ticker BSAMT, CEO BSAC MinMa are tradable shares, and will pay ISK dividends.
I hope this clears any misunderstanding I might have created about the various shares and I appreciate your concern about someone trying to scam the corporation.
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Raskor
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Posted - 2008.01.15 03:55:00 -
[22]
Originally by: BSAC MMM
I hope this clears any misunderstanding I might have created about the various shares and I appreciate your concern about someone trying to scam the corporation.
Yes it does, thank you.
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.15 12:50:00 -
[23]
Dear Investors, DonÆt forget to email me your account distribution preferences.
Default account distribution preferences are: Growth Portfolio Convert: 100% Dividend: 0% Cash: 0%
Portfolio examples
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Atherin Gaius
Caldari Domini Umbrus VENOM Alliance
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Posted - 2008.01.15 21:25:00 -
[24]
maybe I was readying the prospectus wrong, but I thought it read that there were going to be shares for sale....
Are there going to be shares for sale and if so, when will they be available?
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.16 11:29:00 -
[25]
Originally by: Atherin Gaius maybe I was readying the prospectus wrong, but I thought it read that there were going to be shares for sale....
Are there going to be shares for sale and if so, when will they be available?
Shares will be sold in no more than 200,000 share batch (20 B). Release dates will depend on market conditions. Our second batch (20 B worth) is tentatively scheduled for release Feb 1, 2008.
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Poison
House of Kobal
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Posted - 2008.01.16 21:22:00 -
[26]
Just in time for tax time! Good idea Block :)
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BSAC MMM
EVE Mineral Reserve
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Posted - 2008.01.17 14:46:00 -
[27]
Mineral Reserve Funds
We have two, completely independent and self-governing, Mineral Reserve Funds. The first one is BSAC Mineral Reserve Fund and the second one is Mineral Market Manipulation Fund (MinMa).
BSAC Mineral Reserve Fund Corporation Name: BSAC Common Stock Ticker: BSACC Shares are tradable in EGSEx and RESX. Keep these shares in your wallet as nothing has changed with recent events. These shares cannot be turn into MinMa shares.
Mineral Market Manipulation Fund (MinMa) Corporation Names: EVE Mineral Reserve Block Mineral Reserve Block Mineral Reserve Dividends
The original shares that were issued for this fund were ôEVE Mineral Reserveö shares. Recently, I deposited ôBlock Mineral Reserveö shares into the wallets of owners of ôEVE Mineral Reserveö shares. The number of shares that were deposited in your wallet included the original share purchased plus any earning you made since inception. At this time I am requesting the return of ôEVE Mineral Reserveö shares as they are obsolete.
If you own ôBlock Mineral Reserveö shares, ticker BSAMR, and have a minimum of 10,000 shares then you have a Premier account. An option to the holders of Premier accounts is to select how they would like to receive future share distributions. They can select between Convert, Dividend, and/or Cash. The default option is 100% Convert. Please send me an email if you would like change your portfolio preference. Details about the various options can be found in the prospectus, or by following my signature link.
If you own less than 10,000 BSAMR shares, then you have a Regular account, which is only eligible for Convert option. Regular account holders have the option to purchase additional shares to increase their stake to 10,000 BSAMR shares at any time. You donÆt need to wait for a share batch release.
DonÆt hesitate to ask questions.
BSAC MinMa Information Desk |
Atherin Gaius
Caldari Domini Umbrus VENOM Alliance
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Posted - 2008.01.17 21:24:00 -
[28]
count me in for a minimum of 500 mil on Feb 1. Please contact me when they are released.
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