Friday, September 23, 2011 10:06:41 AM
The 2008 round offered shares at $1 and same number of $1 warrants to be exercised in the next 2 years.Minimum investment was $20K.
Then in 2009, warrants holders were offered to convert them immediately at $0.50 and get another set of $1 warrant but for half the # shares (like convert20,000 warrants at $0.5 and get 10,000 $1 warrants).
Note that after conversion, shares are restricted and can only be sold after 6-months or converted to common stock after 1-year.
Hope this helps
best
*K
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