Registered Direct Equity Offerings |
6 Months Ended | |
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Nov. 30, 2019 | ||
Registered Direct Equity Offerings |
Note 11 – Registered Direct Equity Offerings During the six months ended November 30 , 2019, the Company entered into subscription agreements with certain investors for the sale of 19,100,333 shares of common stock at purchase prices ranging between $0.30 and $0.40 per share in registered direct offerings, pursuant to a registration statement on Form S-3. The investors in these offerings also received warrants to purchase 11,987,250 shares of common stock with an exercise price of $0.45 per share and a five -year term. The Company received net proceeds from the offerings of approximately $6.3 million. In addition, the placement agent received warrants covering 655,305 shares of common stock (or 1.3% of total shares sold to investors) with per share exercise prices ranging between $0.40 and
$0.444 , a five -year term and a cashless exercise provision. |
X | ||||||||||
- Definition Registered direct equity offering. No definition available.
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