They turned down the money is the way I read it (they only accepted 750 of the 2.5 million offered).. however they will use the offering docs to raise 5,000,000, which I expect at new terms, hopefully at a much higher share price.
Note 12. Subsequent Event
In September, 2007, the Company had received subscriptions in the aggregate amount of $2,500,000 through the offering of shares of the Company's common stock (the "Offering"). The subscriptions are for shares common stock at a purchase price of $0.50 per share and warrants to purchase 0.30 shares of common stock at an exercise price of $1.00 per share; which warrants may be exercised at any time and expire in three years. In accordance with the Offering, on September 21, 2007, the Company sold 1,500,000 shares of common stock and warrants to purchase 450,000 shares of common stock at an exercise price of $1.00 per share for a purchase price of $750,000. The warrants may be exercised at any time and expire in three years. It is anticipated that these funds should enable the Company to support operations through the end of its fiscal year ending June 30, 2008. The Company anticipates raising an aggregate of $5,000,000 in the Offering.
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