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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Scientific Resources Inc (CE) | USOTC:ASFX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
Nevada
|
333-171789
|
14-1820954
|
||
(State
of Incorporation)
|
(Commission
|
(IRS
Employer
|
||
File
Number)
|
Identification
#)
|
·
|
The
maturity date of the promissory notes, dated October 12, 2010 and November
5, 2010, issued by the Company to Granite, was extended to April 12,
2011.
|
·
|
Granite
waived any adjustment to the conversion or exercise price of the
convertible debentures, dated May 13, 2010, and July 22, 2010, and the
warrants dated May 13, 2010 and July 22, 2010, as a result of the issuance
of 5,000,000 shares of common stock to Lanktree Consulting Corporation
(“Lanktree”), or the issuance of 32,000,000 shares of common stock to
Granite.
|
·
|
The
Company agreed to issue to Granite 32,000,000 shares of common
stock.
|
·
|
Southridge
agreed to purchase from the Company, from time to time in the Company’s
discretion (subject to the conditions set forth therein), for a period of
up to 24 months commencing on the effective date of the registration
statement to be filed by the Company for resale of the shares of common
stock issuable under the Purchase Agreement, up to $10,000,000 in the
Company’s common stock.
|
·
|
Pursuant
to a registration rights agreement between the Company and Southridge
entered into in connection with the Purchase Agreement, the Company agreed
to file a registration statement for the resale of not less than the
maximum number of shares of common stock allowable pursuant to Rule 415
under the Securities Act of 1933, as amended, of shares of common stock
issuable under the Purchase Agreement, within 45 days of execution of the
Purchase Agreement.
|
·
|
The
purchase price for the shares of common stock sold under the Purchase
Agreement will be equal to 92% of the average of the lowest 2 daily
closing prices for the 5 trading days immediately following the date on
which the Company is deemed to provide notice of a sale of common stock
under the Purchase Agreement.
|
·
|
The
maximum amount of common stock that Southridge shall be obligated to
purchase with respect to any single closing under the Purchase Agreement
will be the lesser of $500,000 or 250% of the average dollar trading
volume of the Company’s common stock for the 20 trading days immediately
preceding the date on which the Company provides notice of a sale under
the Purchase Agreement.
|
·
|
Upon
execution of the Purchase Agreement, the Company issued to Southridge a
five-year warrant to purchase 25,000,000 shares of common stock at an
exercise price of $0.00615, which may be exercised on a cashless basis if
there is no effective registration statement for the resale of shares of
common stock underlying the warrant six month following the
issuance.
|
·
|
The
Company agreed to issue to its management and directors a series of
preferred stock with voting rights sufficient to grant such holders the
ability to vote in favor of an increase in the Company’s authorized common
stock and/or a reverse split of the outstanding shares of common stock.
Accordingly, on February 4, 2011, the Company issued to each of its four
directors 12,500 shares of Series A Preferred
Stock.
|
Exhibit
Number
|
Description
|
|
10.1
|
Letter
agreement, dated February 7, 2011, between the Company and
Granite
|
|
10.2
|
Equity
Purchase Agreement, dated February 3, 2011, between the Company and
Southridge
|
|
10.3
|
Registration
Rights Agreement, dated February 3, 2011,l between the Company and
Southridge
|
|
10.4
|
Warrant,
dated February 3, 2011, issued by the Company to
Southridge
|
AMERICAN SCIENTIFIC RESOURCES, INCORPORATED | |||
Date:
February 7, 2011
|
By:
|
/s/ Christopher Tirotta | |
Christopher Tirotta, Chief Executive Officer | |||
1 Year American Scientific Reso... (CE) Chart |
1 Month American Scientific Reso... (CE) Chart |
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