Foreign Private Placement
Smartlinx Inc. (the "Company") announced that on March 11, 2010 its Board of Directors approved a private placement offering (the "Foreign
Offering") of up to 5,000,000 units (the “Units”) at a price of $0.40 US per Unit, with each Unit consisting of one share of the Company’s
common stock and one share purchase warrant. Each warrant entitles the holder to purchase an additional share of common stock exercisable at a
price of $0.50 US per share for a two-year period from the date of issuance. The Foreign Offering will be made to persons who are not “U.S.
Persons” as defined in Regulation S of the Securities Act of 1933.[p]
Imagine that....within a couple days of the "foreign" private placement the stock plummets.
IMO...this may (used loosely) be the bottom, that said, I would expect that they will be selling into any buying pressure above the .50c level.
The chart clearly shows what happened when a few hundred thousand shares were dropped....one can only imagine the result if up to 5 Million being dropped would have.
