That's a good news release (8-K) - please read:
Form 8-K for AMERICAN ENERGY PRODUCTION INC
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28-Mar-2005
Other Events
Item 8.01 Other Events.
In January 2004, the Company's Board of Directors determined that it was necessary to raise additional capital to carry out the company's business plan and the Company filed a Form 1-E pursuant to the Securities Act of 1933 notifying the SEC of the Company's intent to sell up to $4,000,000 of the Company's common stock at prices between $0.01 and $0.10 per share, or 40,000,000 and 400,000,000 shares, respectively. On January 29, 2004, the 1-E filing notification with the SEC became effective and the Company is registered as an Investment Company under the Act and as such, is authorized to issue up to $4,000,000 in "free-trading" stock at prices ranging from $0.01 to $0.10 per share.
On February 22, 2005, the Company's Board of Directors determined that it was in the best interest of the Company to discontinue the offering discussed above and to investigate other financing alternatives. Accordingly, the Company has filed a Form 2-E pursuant to the Securities Act of 1933 notifying the SEC of the Company's termination of the offering. The Form 2-E filing discloses that the Company received $1,820,000 of proceeds from the offering, net of $30,000 of expenses, through the sale of 171,000,000 shares of the Company's $0.001 par value common stock. As of the date of this Form 8-K filing, the Company has approximately 249,152,155 shares of common stock outstanding.
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Getting away from equity based financing without exhausting it's originally filed potential and dilution.
I for once am glad to be still in.
Cheers
