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GZFX: The quiet before the storm... Don't miss it!!!
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[QUOTE]Originally posted by baseballmaster: [QB] On June 8, 2004, GameZnFlix entered into an Investment Agreement with Southern Securities, Inc., which is a completed private offering. That agreement provides that following notice to Southern Securities, GameZnFlix may put to Southern Securities up to $15,000,000 million in shares of common stock for a purchase price equal to 88% of the lowest closing bid price on the Over-the-Counter Bulletin Board of the common stock during the three day period following that notice. Each put will be equal to a minimum of whichever is less: (a) 200% of the average daily volume of our common stock for the 10 trading days prior to the put notice date, multiplied by the average of the three daily closing best bid prices immediately preceding the put; or (b) $10,000; provided that in no event will the put amount be more than $300,000 with respect to any single put. Southern Securities is an "underwriter" within the meaning of the Securities Act of 1933, as amended, in connection with the purchase of the common stock under the Investment Agreement and its resale. The number of shares outstanding prior to the offering (as of April 12, 2004): 556,157,882. The number of shares to be outstanding after this offering, assuming all of the shares offered under this prospectus are purchased under the investment agreement: 706,157,882. Based on the closing market price as of April 12, 2004 of $0.12, this would represent a purchase of 142,045,450 shares by Southern Securities, which would represent 20.34% of the combined total as of April 12, 2004. Southern Securities, Inc. may offer the stock purchased from GameZnFlix through public or private transactions, on or off the Over the Counter Bulletin Board, at prevailing market prices, or at privately negotiated prices. GameZnFlix will not receive any proceeds from these sales. Can somebody explain this to me. I mean did this already factor into the price? Adding more share cant be good correct? I got 8k shares today but didnt know about this news. Please explain if you can. Thanks [/QB][/QUOTE]
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