The Company sold additional common shares and warrants on June 26, 1996.
The shares were sold to institutional investors, in private
transactions, on the following basis:
1) 733,334 shares of Common Stock at $2.75 per share;
2) Warrants, immediately exercisable, to purchase 733,334 shares of
Common Stock at an exercise price of $3.25 per share, at any time prior
to June 26, 2001; and
3) Warrants to purchase 333,334 shares of Common Stock at an exercise
price of $4.50 per share, of which the right to purchase 250,000 shares
is not immediately exercisable and is void after the 5th anniversary of
the date on which they first become exercisable and of which the right
to purchase 83,334 shares is immediately exercisable and void after June
26, 2001. |
