9 Feb 2012capital raising announcement● NeutralMajor
The company signed a convertible note agreement with ISLV Partners, LLC, an unaffiliated party, for roughly $600,000 of gross proceeds. The note converts into shares at $0.20 each, and ISLV Partners also received a warrant for 3,000,000 shares at $0.40 exercisable through February 6, 2015, plus the right to lend at least $4,000,000 more on comparable terms by March 15, 2012. If converted, this would issue new shares, diluting existing holders.