posted on
Feb 22, 2013 03:00PM
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Message: Re: 8K Out
Looks like Omniview gets ~17M shares now (depending on how many shares outstanding) and agrees to raise $100k by the end of the month. Then if they raise $5M over the next year, they get another 17M shares (more, probably, if dilution occurs). The agreement can be extended for another year by SFMI- presumably if they haven't raised the $5M yet. But I'm not sure why SFMI would do that if Omniview doesn't raise the money. Though if Omniview does raise the money, maybe SFMI would want them to continue raising money above $5M, and would have to pay Omniview's expenses ("promptly reimburse Omni View for all out-of-pocket expenses incurred by Omni View"). Not sure I like the part about reimbursing Omniview's expenses the first year, I would think the shares would be enough- especially if the money they raise is used to increase the share price.
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