25 Apr 2012capital raising announcement● NeutralMajor
On April 19, 2012 the company issued 6,500,000 shares to Ironridge Global IV, Ltd. to settle $1,648,554.39 of its accounts payable that Ironridge had bought from creditors, under a court-approved settlement. The settlement allows more shares to be issued later depending on trading volume and share price (capped at 9.99% ownership by Ironridge), so existing shareholders may be diluted further.