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Technology Stocks : MBIR MobiClear Personal Identification Verification solution
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To: Tadsamillionaire who wrote (18)8/16/2007 2:41:07 PM
From: Tadsamillionaire   of 42
 
very important section of the 10Q.

Equity Line with Private Investor Group

On May 1, 2007, MobiClear, Inc. entered into a private placement equity line
agreement (Equity Line) with a select group of institutional and accredited
investors. Under the terms of the agreement, the investors agreed to invest up
to $5,000,000 in the Company. The equity line investment can be converted to
unrestricted common stock in the Company at the sole discretion of the
investors. When converted, the stock will be priced based on the average of the
lowest 3 closing prices for the prior 10 trading days less a 12% discount until
the entire amount of the investment is subscribed. The shares are to be issued
immediately upon conversion. In order to facilitate the immediate issuance of
stock, the Company has issued shares to each of the investors' personal accounts
at the Company's investment bank, (Perrin Holden & Davenport Capital). Upon each
conversion transaction the equity balance is reduced by the amount tendered and
the shares are allocated based on the formula above. The Equity Line includes a
lock up provision that doubles the discount rate should the Company receive
investment funds from any other source prior to October 1, 2007.
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