Posted by: GordonGecko
In reply to: screamingeagle who wrote msg# 1911 Date:2/18/2008 8:35:49 PM
Post #of 1913
Better yet, Private Placement was done at 8 cents and we are at 3.9 cents.hmm...can u say bargain?
Posted by: cargo_hauler
In reply to: None
Date:2/15/2008 11:32:18 PM
Post #of 1911
Private placements at .088 and the price is .039??? What's wrong with this picture... from the last 10Q SEC filing..
ITEM 2 – RECENT SALES OF UNREGISTERED SECURITIES
In February 2007, we entered into a securities purchase agreement with accredited investors in a private placement. In connection with the private placement, we sold an aggregate of 2,764,423 shares of common stock, at a share price of $.104 per share and warrants (the “February 2007 Warrants”) to purchase up to 2,764,423 shares of common stock, for an aggregate subscription amount of $287,500. In a subsequent private placement, we sold an aggregate of 1,704,545 shares of common stock at a share price of $.088 and warrants (the “February 2007 Warrants”) to purchase up to 3,409,091 shares of common stock, for an aggregate subscription amount of $150,000.
The February 2007 Warrants have an exercise price of $.20 per share of common stock, are exercisable immediately and expire on the third year anniversary of the initial warrant date. The exercise price of the February 2007 Warrants is subject to adjustment in the event of specified dilutive or accretive events, such as stock splits and stock combinations. The exercise price, as well as the per share price of the common stock sold in the private placement, is subject to further adjustment if we issue any shares of common stock or securities convertible or exercisable into common stock (subject to customary exceptions such as securities issued pursuant to equity incentive plans) through February 2008 at a price per share less than the per share price of the common stock and/or the exercise price of the February 2007 Warrants, in which case the per share price and/or the exercise price, as applicable, will be adjusted to equal the price of the securities in the new issuance. Due to the subsequent February private offering entered into at a share price of $.088, the Company issued an additional 502,622 shares of common stock and adjusted the February 2007 Warrants’ exercise price to $.088 per share pursuant to anti-dilution provisions contained in the February 2007 securities purchase agreement.
In April 2007 , the Company collected $12,500 in additional subscriptions from the February 2007 private placement. The Company issued an additional 142,045 shares of common stock at a share price of $.088 and warrants to purchase 120,192 shares of common stock at an exercise price of $.088 under the same terms as the February 2007 private placement. The finder who assisted with the private placement was issued a warrant to purchase 24,038 shares of common stock at an exercise price of $.088 under the same terms as the investors.
In May 2007, the Company collected $250,000 in additional subscriptions from the February 2007 private placement. The Company issued an additional 2,840,909 shares of common stock at a share price of $.088 and warrants to purchase 5,681,818 shares of common stock at an exercise price of $.088 under the same terms as the February 2007 private placement. The finder who assisted with the private placement was issued a warrant to purchase 1,136,364 shares of common stock at an exercise price of $.088 under the same terms as the investors.