Seaniemac International Ltd (fka BETS)

[Sooah]

That is not what it means. In practice, this is a draw down agreement wherein $BETS can send in a draw down notice (call), maximum $200K per draw down. Against the drawdown of $200K max per call, the company is required to reserve (but not issue) shares needed for the agreement, and for the agreement it is 200MM or par. Hence, the maximum # of shares required for this particular financing is 200MM shares at 2.5c.

Hence the word "reserve" is to be understood as "register" with the SEC, otherwise Summit would be subject to Rule 144.

Hope this makes sense.