re:Sevenoaks Holdings Limited
AXIA GROUP INC/UT
Form: 10QSB Filing Date: 11/14/1997
ITEM 5. OTHER INFORMATION
Subsequent to the end of the third quarter, the Company issued shares of its Common Stock pursuant to the exemption from registration provided by Regulation S. All shares referenced in this Item have not been adjusted to account for the Company's 1-for-10 reverse stock split effected October 31, 1997. On October 22, 1997, the Company agreed to issue 500,000 shares of Common Stock to Pienne Chow, a resident of Hong Kong, pursuant to Regulation S. As consideration for the 500,000 shares, the Company received $20,000. On October 30, 1997, the Company issued a total of 2,400,000 shares of its Common Stock to four foreign persons pursuant to Regulation S. The Company issued 600,000 shares to Cellini Investments, SA, 600,000 shares to Heathfield Investments Limited, 600,000 shares to Sheffield Holdings Limited, and an additional 600,000 shares to Sevenoaks Holdings Limited. All four of these entities are organized and authorized under the laws of the Bahama Islands. The Company issued these shares to serve as collateral for a $100,000 loan the Company obtained from these collective entities pursuant to separate Note Agreements the Company executed with each of the four foreign entities. Each of the loans acquired by the Company pursuant to these Note Agreements bears a floating interest rate of 5% above the prime rate and each loan matures three years from the date the Note Agreements were executed. |
