It is not clear to me - the filing doesn't outright say they got 11m shares, even though it has a 'proposed' maximum offering price of .0352 - based on the 10 prior trading days, and with the 20% discount yes, under 3 cents. Why have that unless that is what was used? So, maybe it is typical language when the deal has actually gone through. Strange to me how they word it.
But there is also language that seems to allow the company to choose the dates that they get the financings:
<<We will not receive any proceeds from the sale of the shares of our common stock by GHS. However, we will receive proceeds from our initial sale of shares to GHS pursuant to the Financing Agreement. We will sell shares to GHS at a price equal to 80% of the lowest trading price of our common stock during the ten (10) consecutive trading day period beginning on the date on which we deliver a put notice to GHS (the “Market Price”).>>
That flexibility - if I'm reading it right - is a good thing. So far nobody can complain about convertible debt selling off in June as I had feared might happen.
Usually convertible debt such as they have can really hurt, so I'm wary but recently the movement has only been upwards so maybe some of these financers are hanging on - which would be quite unusual.
News 
Market Data 
Discover 
