28 July 2010capital raising announcement● Neutral
Laredo sold 1,000,000 shares and 750,000 five-year warrants (exercise price $0.50) to Seaside 88, LP for $500,000, or $0.50 per share, closing July 27, 2010; placement agent Sutter Securities received 225,000 similar warrants. This follows the June 2010 $300,000 convertible-note bridge and is a small equity raise. If Laredo fails to raise $5,000,000 in equity within six months, Seaside gets another 1,000,000 shares and the warrant price drops to $0.25, which would dilute other shareholders.