Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2006material agreement● NeutralMajor
Now filing as Universal Energy Corp., the company issued 10,000,000 shares on August 14, 2006 under a stock purchase agreement (dated July 27, 2006) with an individual accredited investor, named in the exhibit as Isaac Rotnemer. The shares sit in escrow with the transfer agent until the agreement's conditions are met; the exhibit sets a price of $0.25 per share, and the investor has no minimum number of shares he must buy.
Filed under the name Universal Tanning Ventures, Inc., the company agreed around May 12, 2006 with Rhino Island Capital, Ltd. (a BVI company) that Rhino can buy up to 35,000,000 restricted shares in a private offering. The company has already issued 2,000,000 shares in anticipation of Rhino's purchase. Issuance is capped until stockholders approve raising the authorized share limit, currently 10,000,000 shares, so the full deal would dilute existing holders if completed.