As Posted: The company currently has a share structure of 50 million common shares authorized and 20 million preferred shares authorized. The company's plans as previously announced describes a payout of 26,688,155 million restricted common shares for the acquisition of Rockford-Montgomery Labs with a public float of approximately 5.3 million shares.
The company plans to raise the balance of its previously announced 13.5 million dollars through private placements without increasing its authorized common shares. The private placements will utilize the balance of the yet to be issued common shares in its treasury and will be priced at $1.00 per share. The shares will be restricted and will not affect the current public float.
I am sure their is an explanation. I am not sure what it is. Can anyone enlighten me?
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