22nd Century Group Inc (XXII)

[Bubbster]

What a deal! ..... Not!

Shares outstanding: 71 million
5 million shares offered out at $1.10
Add a 5.5 year Warrant deal with 2.5 million shares at $1.19
Chardan picks up a total of $440,000 (6% + 2%) as the deal maker.

XXII “The net proceeds of the financing will be used for general corporate purposes, including working capital.”

In October 2015, XXII states we had enough bucks to get through June 2016.
But Feb 2016, XXII needs to make a deal like this ?
I want to hear how Henry will explain this “deal” at the quarterly meeting.

To me it appears as a desperation move for $$$.
What changed so drastically in the past 3 months?

The bigger “Elephant in the room” for me is where is BAT in XXII’s evident time of need ?

I would think XXII’s first effort for cash would have been to approach BAT.
Are they still backing XXII?