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[QUOTE]Originally posted by Duncan Idaho: [QB] Item 3.02 UNREGISTERED SALES OF EQUITY SECURITIES. On January 30, 2007 (the "Closing Date") we sold to five investors (the "Investors") an aggregate of 4,444,444 shares of our common stock, $.001 par value ("Common Stock"), at a price of $1.80 per share generating gross proceeds of $8,000,000, and warrants to purchase an aggregate of 3,777,778 shares of our Common Stock for a purchase price of $3.00 per share (the "Warrants"). The Warrants which are exercisable for a five year period commencing on the sixth month anniversary of the Closing Date, contain cashless exercise provisions, which apply in certain circumstances, and full ratchet anti-dilution provisions. Out of the gross proceeds of this Offering, we paid Midtown Partners & Co., LLC (the "Placement Agent") $640,000 in commissions and $160,000 for non-accountable expenses. We will also pay the Placement Agent commissions equal to 10% of the purchase price of Common Stock acquired on the exercise of the Warrants, if and when that occurs. We also issued to the Placement Agent, warrants to acquire 444,444 shares of our Common Stock for a purchase price of $3.00 per share (the "Placement Agent Warrants"), which warrants are substantially similar to the Warrants issued to the Investors, except they do not contain full ratchet anti-dilution provisions. [/QB][/QUOTE]
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