Intellect Neurosciences Inc. (fka ILNS)

[Dubb10]

Is this their first time mentioning a liquidity event in a 8-K for financing?

I didn't see a mention in the 2 8-K's from last year.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10795438
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11052278

“ Liquidity Event ” means the receipt by Borrower directly or indirectly, beneficially or otherwise of cash, equity, debt instruments, tangible or intangible personal property, royalties, earn out payments, real property, proceeds from the deployment, conveyance, or transfer of any of Borrower’s assets or rights, or receipt of any other thing of value (excluding proceeds derived from the sale of equity or issuance of debt which sale or issuance has been approved by a Majority in Interest, as defined in 5.5 of the Securities Purchase Agreement) (collectively “ Liquidity Proceeds ”) derived from the sale or grant of a right to use intangible property, license arrangements, participation rights, or deployment of any asset or right adhering to Borrower, whether permanent, temporary, contingent or fixed, which generates or may result in Liquidity Proceeds in the amount or value of $4,000,000 or more, whether in a single or multiple payments or over time. The proceeds of any such transaction which includes the payment of Liquidity Proceeds to or on behalf of Borrower and also includes proceeds derived from the sale of equity or issuance of debt by Borrower shall be allocated entirely to and deemed Liquidity Proceeds and no part of which will be allocated to the equity or debt component of the transaction.

“ Major Liquidity Event ” means a major Liquidity Event (as defined above) of which gross proceeds are $7,500,000 or more.

“ Minor Liquidity Event ” means a minor Liquidity Event (as defined above) of which gross proceeds are more than $4,000,000 but less than $7,500,000.