A little disappointed with not finding juicy details on restricted shares. Only about 65 million of the mystery shares are explained. Guess we have to wait for a formal share cancellation action to know
for sure. 215 million restricted shares is a large number to explain and I propose that it was left out on purpose and for saving the surprise for later!
Only a little bit we already knew is included:
The first Closing on July 15, 2009 (the “Initial Closing”) was for the sale of Notes in the aggregate principal amount of $15,382,271 and an aggregate of 55,586,157 shares of the Common Stock of the Company, evidencing not less than 39.895% of the outstanding the common stock determined on a fully diluted basis, and was consummated simultaneously with the execution of the Agreement (the “Closing Date”).
I2BF was required to make an additional investment in Notes with an aggregate principal amount of $1,725,000 and be issued 10,238,381 additional shares of Common Stock, and an additional Closing shall be held with respect to such investment (the “Balance Closing”) if and as soon as practicable following the closing of the credit facility currently under negotiation between the Company and Banco Internacional del Perú S.A.A. (“Interbank”) and evidenced by that certain letter of intent dated May 29, 2009 (the “Interbank Facility”), provided that the Interbank Facility shall provide credit to the Company and its subsidiaries of not less than $15,000,000. The obligation (but not the right) of I2BF to participate in the Balance Closing shall cease in the event that the Interbank Facility was not closed by October 15, 2009.
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