4 1 d27996_form-4.txt FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [_] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* Thorn Tree Resources LLC -------------------------------------------------------------------------------- (Last) (First) (Middle) 888 Seventh Avenue, Suite 1608 -------------------------------------------------------------------------------- (Street) New York, New York 10106 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Emex Corporation (EMEX) ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year February 2002 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 10% Owner [_] Officer (give title below) [_] Other (specify below) ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by one Reporting Person [_] Form filed by more than one Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================
6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2. Code ------------------------------- Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Response) (Over) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ Convertible Note $3.01 1/23/02 J(1) $628,000 Immed. -- Common 208,637 $628,000 $628,000 D Stock ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $3.01 1/23/02 J(2) 53,525 Immed. 1/23/07 Common 53,525 $3.01 53,525 D Warrants Stock (Right to Buy) ------------------------------------------------------------------------------------------------------------------------------------ Convertible Note $3.00 2/11/02 J(3) $2,034,100 Immed. -- Common 678,033 $2,034,100 $2,034,100 D Stock ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $3.00 2/11/02 J(4) 170,000 Immed. 2/11/07 Common 170,000 $3.00 170,000 D Warrants (Right Stock to Buy) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: (1) Thorn Tree Resources LLC, a Delaware limited liability company ("Thorn Tree"), loaned to Emex Corporation (the "Issuer") the principal amount of $628,000 in January 2002. The outstanding principal amount of the loan accrues interest at a rate of the Prime Rate at J.P. Morgan Chase & Co. as of January 23, 2002 plus 3 percent per annum. The outstanding principal and interest are due on April 23, 2002. From and after January 23, 2002, Thorn Tree had the right to cause the outstanding debt to be converted to the Issuer's Common Stock at $3.01 per share. The number of underlying shares in item 7 above represents the number of shares of the Issuer's Common Stock that Thorn Tree would receive upon conversion of the entire principal amount. The number does not take into account shares that would be received upon conversion of accrued interest. (2) In consideration of the loan in the principal amount of $628,000, Thorn Tree was granted warrants to purchase 53,525 shares of the Issuer's Common Stock at $3.01 per share. The warrants are exercisable at any time and expire on January 23, 2007. The number of underlying shares in item 7 above represents the number of shares of the Issuer's Common Stock that Thorn Tree would receive upon exercise of the warrants. (3) Thorn Tree loaned to the Issuer the principal amount of $2,034,100 in February 2002. The outstanding principal amount of the loan accrues interest at a rate of the Prime Rate at J.P. Morgan Chase & Co. as of February 11, 2002 plus 5 percent per annum. The outstanding principal and interest are due on June 1, 2002. From and after February 11, 2002, Thorn Tree has the right to cause the outstanding debt to be converted to the Issuer's Common Stock at $3.00 per share. The number of underlying shares in item 7 above represents the number of shares of the Issuer's Common Stock that Thorn Tree would receive upon conversion of the entire principal amount. The number does not take into account shares that would be received upon conversion of accrued interest. (4) In consideration of the loan in the principal amount of $2,034,100, Thorn Tree was granted warrants to purchase 170,000 shares of the Issuer's Common Stock at $3.00 per share. The warrants are exercisable at any time and expire on February 11, 2007. The number of underlying shares in item 7 above represents the number of shares of the Issuer's Common Stock that Thorn Tree would receive upon exercise of the warrants. /s/ David H. Peipers February 15, 2002 --------------------------------------------- ----------------------- **Signature of Reporting Person Date David Peipers, Manager ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.