It looks like Nordic thinks the price of the private placement to be .03, so mhan went ahead and granted them the put warrant to purchase shares at .03, they now have 217 million, hence the filing. Nordic can dumb these shares at anytime they like. Here is an excerpt from the end of the filling.
2 "Based on 114,079,527 shares of Common Stock outstanding as of March 23, 2010, plus the additional 183,333,333 shares Nordic would receive if it exercised the Put Option immediately and the 33,333,333 shares of the Common Stock Nordic would receive if the Warrant is exercised." Not Good.
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