A lot of work for an ingenious way to raise capital, rather than toxic debt and other negative dilution...
The following from today's filing (page 19) explains what the funds are to be used for:
Link - see page 19:
https://www.sec.gov/Archives/edgar/data/13008...19rega.htm
While this was "filed" and "accepted" as of today, think I read somewhere it still needs to be "approved" by SEC but these usually are... should be an interesting couple of days ahead to this week's quarterly filing pangaea
Very best to all with ONCI/HEXA !
The following from today's filing (page 19) explains what the funds are to be used for:
Quote:USE OF PROCEEDS TO ISSUER
The Use of Proceeds is an estimate based on the Company's current business plan. We may find it necessary or advisable to reallocate portions of the net proceeds reserved for one category to another, or to add additional categories, and we will have broad discretion in doing so.
The maximum gross proceeds from the sale of the Shares in this Offering are $1,080,000.00. The net proceeds from the offering, assuming it is fully subscribed, are expected to be approximately $1,055,000.00 after the payment of offering costs, but before printing, mailing, marketing, legal and accounting costs, and other compliance and professional fees that may be incurred. The estimate of the budget for offering costs is an estimate only and the actual offering costs may differ from those expected by management.
Management of the Company has wide latitude and discretion in the use of proceeds from this Offering. Ultimately, management of the Company intends to use a substantial portion of the net proceeds for general working capital. At present, management's best estimate of the use of proceeds, at various funding milestones, is set out in the chart below. However, potential investors should note that this chart contains only the best estimates of the Company's management based upon information available to them at the present time, and that the actual use of proceeds is likely to vary from this chart based upon circumstances as they exist in the future, various needs of the Company at different times in the future, and the discretion of the Company's management at all times.
A portion of the proceeds from this Offering may be used to compensate or otherwise make payments to officers or directors of the issuer. The officers and directors of the Company may be paid salaries and receive benefits that are commensurate with similar companies, and a portion of the proceeds may be used to pay these ongoing business expenses.
USE OF PROCEEDS
$100,000 $250,000 $500,000 $750,000 $1,080,000
Working Capital $100,000 $250,000 $400,000 $500,000 $500,000
Acquisition Capital $100,000 $250,000 $580,000
TOTAL $100,000 $250,000 $500,000 $750,000 $1,080,000
The Company reserves the right to change the use of proceeds set out herein based on the needs of the ongoing business of the Company and the discretion of the Company's management. The Company may reallocate the estimated use of proceeds among the various categories or for other uses if management deems such a reallocation to be appropriate.
Link - see page 19:
https://www.sec.gov/Archives/edgar/data/13008...19rega.htm
While this was "filed" and "accepted" as of today, think I read somewhere it still needs to be "approved" by SEC but these usually are... should be an interesting couple of days ahead to this week's quarterly filing pangaea
Very best to all with ONCI/HEXA !
