I need some one to tell me exactly
or as close to possible that this
story means. I think I get it, but need to see if what I think it is is true and
what effect on a stock it would have.
Also any stock which FLME might of aquistioned?
Thanks for any help.
FLME: Closes $5M PIPE; 50M Shares of Restricted Common [delayed]via COMTEX
May 4, 2004 7:32:00 PM
Ridgeland, MS, MAY 04, 2004
Film &Music Entertainment Inc (FLME) reports that it has successfully concluded a $5M private placement of its common stock to Lesteron Limited, a private investment firm located in the British Virgin Islands. Under the terms of the agreement Lesteron received 50,000,000 shares of restricted common stock and the right to nominate 2 members to the Board of Directors. No other financial details were disclosed. The Co. was exploring a number of additional opportunities in new media and distribution channels and that it would continue to utilize off balance sheet finance to fund it's slate of productions.
[This message has been edited by Allstocks (edited May 18, 2004).]
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