The facts M'am, just the facts...
I will begin this lesson in third grade arithmetic with an unsolicited small apology on behalf of Freestone's Spellchecking and Grammar department. In your quote and in the one to follow it would have been more clear if the words "comprising a total" had been used in place of the word "consisting". This is in fact is more clearly reflective of the true facts.
So let's try making the substitution of wording in the follow up notice:
SEC Filing April 21, 2010
Item 3.02 Un-Registered Sales of Equity Securities
In accordance with Rules of the Securities Act of 1933, as amended (the “Securities Act”), Freestone Resources, Inc. (OTCBB: FSNR) (the “Company”), announced today it had completed the second closing of a private placement to accredited investors of units consisting of 3,300,000 shares of the Company’s common stock. In the second closing, the Company sold the remaining 66 units and received net proceeds of approximately $330,000. To date, the Company has sold all 100 (out of 100) units of the private placement for a total of $500,000. The net proceeds from the private placement will be used by the Company to provide working capital and pay certain liabilities in connection with the acquisition of Earth Oil Services, Inc. The units have not been registered under the Securities Act of 1933, as amended (the “Securities Act), or any state securities laws, and were issued in a private placement transaction pursuant to the exemptions from registration provided under Section 4(2) of the Securities Act and Regulation D and may not be transferred or resold except as permitted by the Securities Act.
Now for the arithmetic: $500,00 divided by 100 units = $50,000 per unit. Now if you are still with me here and if your misinformation abacus has not overloaded yet, that comes out @ 10 cents a share to 5 million shares ( which is the amount of increase in published outstanding shares since the offering). NOT 57 plus million shares. And a reminder to all that these shares are regulated and restricted. You can not short as a hedge or sell them outright until the hold period expires. Usually a year or longer.
Maybe you just thought that the the entire outstanding stock amount as published everyday on every stock quoting page was comprised of these 'accreddited investors'. Gee, that wouldn't leave many shares for us tarballs, would it.
Nice try...
We'll be back tomorrow to keep an eye on you...