Does this sound about right??? or was there more???from jan to may 2014 there was a crap load of shares issued not just ir but obviously that was the worst one.. some were issued for debt some for salaries some for other stuff.. thats probably why they did a rs and didnt get anywhere..Hopefully they did the right thing and bounce back..
During the period from January 1, 2014 until May 6, 2014, we issued an aggregate of approximately 51,155,990 common shares, in relation to the convertible, redeemable Series A Preference Shares issued to Ironridge Global IV, Ltd. (“Ironridge”)
On June 3, 2014, NewLead filed in the United States District Court, Southern District of New York a Petition for Temporary Restraining Order and Injunction In Aid of International Arbitration Proceedings to prevent the conversion of any Preference Shares of NewLead into NewLead's common shares pursuant to conversion of its outstanding Preference Shares solely held by Ironridge as well as the issuing of any of the Company's common shares to Ironridge.
Previously, NewLead agreed to issue up to $25.0 million in Preference Shares over a period of time, subject to a number of conditions. NewLead subsequently came to believe that Ironridge breached material restrictions on its trading activity, among other things, and notified Ironridge that consequently the transaction documents were no longer valid. To date, Ironridge only advanced proceeds of $2.5 million, in exchange for $5.0 million of Preference Shares.
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