On January 14, 2010, JBI, Inc., (the “Company”) consummated a confidential private placement (the “Private Offering”) with certain accredited investors for the issuance and sale of 8,260,842 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at per share price of $0.80 for aggregate offering proceeds of $6,608,673.
ACTION: TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF FROM 70,000,000 TO 150,000,000 (THE “SHARE INCREASE”)
On November 6, 2009, our Board of Directors approved, subject to receiving the approval of the holder of a majority of our outstanding capital stock, an amendment and restatement of our Articles of Incorporation (the “Restated Articles”), to increase the number of authorized shares of common stock we may issue from 70,000,000 to 150,000,000 (the “Share Increase”). The Majority Stockholder approved the Restated Articles pursuant to a written consent dated as of November 6, 2009. The Restated Articles effecting the share increase will become effective following filing with the Secretary of State of the State of Nevada, which will occur promptly following the 20th day after the mailing of this Information Statement to our stockholders as of the Record Date.
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