Item 3.02 Unregistered Sales of Equity Securities On February 27, 2007, Littlefield Corporation agreed to sell 400,000 shares of its restricted common stock to an affiliate of Value Fund Advisors, LLC, of Tulsa, Oklahoma, for $1.19 per share, which represents a fifteen percent (15%) premium over the company's average closing price on the OTC Bulletin Board for the last five trading days. The investor has also agreed to purchase an additional 100,000 shares of Littlefield's common stock in open market purchases over the next three months.
The sale was made in a privately negotiated transaction in reliance on the exemption from federal securities laws contained in Section 4(2) of the Securities Act of 1933.
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