During the quarter ended May 31, 2013, the Company issued a total of 19,465,524 shares (including 2,64 2,857 shares pursuant to a conversion notice dated January 28, 2013 as previously disclos ed) of its common stock to the holders of promissor y notes dated February 6, 2012 upon conversion of principal and accrued interest in acc ordance to the terms of such notes. The issuances o f these shares are exempt from the registration requirements of the Securities Act, pu rsuant to Section 4(2) thereof as a transaction by an issuer not involving a public offering.
"The stock market is simply the transfer of wealth from the impatient to the patient."
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.