Posted On: 02/23/2016 7:09:38 AM
Post# of 30070
This is a positive...
On February 19, 2016 pursuant to that certain Securities Purchase Agreement, the Company sold $3,000,000 of its 12% Series H Preferred Stock to an institutional investor. The investor agreed to purchase up to an additional $5,000,000 shares of the Company’s 12% Series H Preferred Stock, provided certain conditions are met, including the approval and adoption of an increase in the Company’s authorized common stock to 500,000,000. The increase in the authorized common stock would allow the Company to have sufficient shares available to reserve for issuance upon conversion of the Series H Preferred Stock.
On February 19, 2016 pursuant to that certain Securities Purchase Agreement, the Company sold $3,000,000 of its 12% Series H Preferred Stock to an institutional investor. The investor agreed to purchase up to an additional $5,000,000 shares of the Company’s 12% Series H Preferred Stock, provided certain conditions are met, including the approval and adoption of an increase in the Company’s authorized common stock to 500,000,000. The increase in the authorized common stock would allow the Company to have sufficient shares available to reserve for issuance upon conversion of the Series H Preferred Stock.
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