GTXO became public via a reverse merger in March 2008. The owners of the acquired, 'operating company' received only 50% of the total stock - in other words they paid for the public shell with half of their company.
On March 14, 2008, GTXO "completed a $2,000,000 private placement of units of the Company at $0.75 per unit and converted a $1,000,000 GTX bridge loan and interest into units of the Company at $0.75 per unit."
"Before the Closing of the Exchange Agreement, we had approximately 2,176,000 common shares issued and outstanding. Upon completion of the Exchange Agreement on the Closing Date, we had approximately 36,040,963 common shares issued and outstanding based upon: (i) the cancellation of 1,500,000 pre-split common shares held by Jeffrey Sharpe; (ii) the 20.71 for 1 forward tock split; (iii) the issuance of 18,000,001 common shares to the Selling Shareholders at the Closing; (iv) the issuance of 2,666,668 common shares pursuant to the Financing; and (v) the issuance of 1,374,334 common shares pursuant to the conversion of the $1,000,000 bridge loan plus accrued interest of $30,750. The issuance of 18,000,001 common shares to the Selling Shareholders represents approximately 50% of our share capital as of the Closing of the Exchange Agreement."
So the original 2.18 million shares became .68 million, and then became 14.1 million. 18 million were issued to the private owners of Global Trek, and then more shares were issued at $0.75 to raise some cash.
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