Jammin Java Corp (JAMN)

[petermic]

Looks to me like 8,850,000 shares to settle debt of $1,017,744. That's about $0.115 per share. Was the company unable to sell shares for cash at a price above that?

Interesting that Ironridge does not require that the shares be registered. I don't understand how they will get paid.

http://www.ironridgeglobal.com/life-program/


The Order and the Stipulation for Settlement of Claims, dated March 6, 2013, between the Company and Ironridge (the “Stipulation”), provides for the full and final settlement of Ironridge’s $1,017,744 claim against the Company (the “Claim Amount”) in connection with past due amounts owed to various creditors in connection with trade payables, the purchase of property and equipment, prior credit agreements, and attorney fees, which Ironridge purchased from such third parties pursuant to a Receivable Purchase Agreement, dated on or around March 5, 2013 (the “Claim”).

Pursuant to the terms of the Order and the Stipulation, the Company was required to issue and deliver to Ironridge 8,850,000 shares of the Company’s common stock (the “Initial Issuance”, which shares were issued to Ironridge and its assigns between March 7-8, 2013, the “Issuance Date”), par value $0.001 per share (the “Common Stock”) of the Company, in settlement of the Claim which shares are subject to adjustment provided below