You totally misread it. He's paying .113 for those shares.. He just relieved them of a $340,000 debt in exchange for shares valued at a 100% premium
$340,000 / 3,000,000 = .113
HOUSTON, July 11, 2014 (GLOBE NEWSWIRE via COMTEX) -- NightCulture Inc. (the "Company") NGHT is pleased to announce that it closed on an agreement with a major debt holder to issue 3,000,000 shares of common stock in exchange for the total debt of $340,000 held by the debt holder. The closing reduces the debt to zero.
Michael Long, CEO of NightCulture, stated, "The agreement to eliminate this outstanding debt is another step in strengthening our balance sheet and will help the Company in its future growth and profitability.”
Who's ready for football?
