The Preferred A Series shares are being processed through Tom Opper for Spooz Inc. So basically, Tom pulls togther the contracts for each accredited investor in the Preferred A Series...based on how much money the investor is putting in.
Based on Paul's most recent e-mail Spooz is not considering increasing the A/S, so when the Preferred shares come due, it shouldn't affect Spooz's current share structure.
Below is a post by martingale which pretty much sums up what is happening with this particular financing venture for Spooz. allie
Posted by: martingale
Yes, they are working on another source of financing. The are looking to do a private placement of $10M
in Series A Preferred shares convertible to common in one year
with Rule 144 restrictions. You must be an "accredited investor" with a net worth of $1M and take down a minimum of
$50K. This pool will buy on a floating scale a certain % of
the company which has been reduced just recently. They believe
it will be fully subscribed after the product is released.
This money will soon be flowing into the Spooz coffers, there
is no need for further dilution by the company is the word again. They have not PR'd the end of the 504 on advice of
counsel, I believe because they were unsure of how many shares
were still in the market.
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