from edgar filing:
sec.gov
On October 23, 1998, the Company granted, for no consideration to
holders of its Common Stock, Preferred Stock and warrants, transferable
rights (the "Rights") to subscribe for units (the "Units") at a subscription
price of $0.22 per Unit. Each Unit consisted of one share of Common Stock and
one redeemable Class E Warrant exercisable for one share of Common Stock at
an exercise price for one year (through October 23, 1999) of $0.25 per share;
then through October 23, 2000 at $0.35; then through October 23, 2001 at
$0.50 per share; then through October 23, 2002 at $0.70 per share; then
through October 23, 2003 (at which time the Class E Warrants expire) at $0.90
per share. Each holder of record as of October 16, 1998, of Common Stock and
Warrants received one Right for every four shares of Common Stock or Warrants
held, and each holder of Preferred Stock received 2.5 Rights for each share
of Preferred Stock held. An aggregate of 8,976,962 Rights were issued. An
aggregate of 7,678,679 Rights were exercised as of the close of the offering
on December 22, 1998, resulting in gross proceeds to the Company of
$1,689,309 and the issuance of 7,678,679 shares of Common Stock and a like
number of Class E Warrants. |
