Impressive #'s from ADNW,gpg, put that one on the watch list for DD.
What do make of this private placement?
The company commenced a private placement of 6% Convertible Preferred Stock on July 18, 2003. This private placement finally closed on November 3, 2003 during which the company had sold an aggregate total of 5,328,300 shares of preferred stock, 500,000 were Series A-1 Convertible Promissory Note Preferred Stock and 4,828,300 were Series A-2 Preferred Stock. All of these sales were made in reliance upon exemptions from registration under the Securities Act of 1933, as amended (the "Act"). We sold all of these preferred shares for $2.50 per share. Each of these preferred shares is currently convertible into two (2) shares of our common stock.
In addition to selling those shares, we issued warrants to purchase up to 1,331,000 shares of our common stock to various investment advisors and consultants. These warrants are exercisable at the price of $1.25 per share. The registration statement for the offering became effective on November 21, 2003 pursuant to the SEC's acceptance of the company's SB-2 filing made on November 6, 2003. The estimated net proceeds from this private placement of Convertible Preferred Stock are $11,120,750.
Thx, |
