Did any one read this? Talk about shareholder dilution.
From 8-K on Edgar:
Item 9. Sales of Equity Securities Pursuant to Regulation S.
On October 14, 1997, Grand Havana Enterprises, Inc. (the "Company") concluded a Regulation S offering of 3,229,267 units, to a total of 10 non-U.S. investors, each unit consisting of one share of Common Stock and a warrant to purchase 1/2 share of Common Stock exercisable at $1.50 per share of Common Stock for aggregate gross proceeds to the Company of approximately $2,650,000.In connection with this offering, the Company paid a placement fee to Baytree Associates, Incorporated, the selling agent, of 10%, a non-accountable expense allowance of 3%, and, in addition, delivered a warrant to purchase 600,000 shares of Common Stock exercisable at $.85 per share as a finder's fee. This
offering was exempt from registration under the Securities Act of 1933, as amended, pursuant to Regulation S promulgated thereunder. |
