AMPD values its shares at $1.19, all the following below added together and divided by the total shares distributed = return to current shareholders of just over a buck per share. Sweetheart deals hurting current holders of shares.
($1,277,475/1,067,674 shares = $1.19)
wolff
In March of 1999, 900,000 shares were issued through a private placement. The Company received net proceeds of $915,746. The proceeds are net of legal fees, underwriting fees and other expenses of the offering totalling $88,375. An additional 71,862 shares were issued during the first quarter in exchange for deferred officer's salaries, commissions, and consulting fees totalling
$122,637.
On June 30, 1999, the Company issued 32,312 shares of common stock to Devendar
S. Bains (15,398), Tarlochan Bains (12,815) and Nirmal Bains (4,099). The shares
were issued in exchange of accrued salaries owed to such persons at June 30,
1999 ($27,424, $22,872, and $7,300, respectively) and were converted at a price
of $1.781, the market price at such date. The sales were made in reliance on
Section 4(2) of the Act. No underwriting discounts or commissions were paid.
In April 1999, the Company issued 62,500 shares of Common Stock in connection
with the exercise of outstanding warrants generating gross proceeds of $93,121.
The Company issued such shares in reliance on Section 4(2) of the Act. No
underwriting discounts or commissions were paid. |
