selling may continue whenever the price is up
this selling may continue, found this as rereading the 10q that told us about the 5 cent pp. it looks like the management of Douglas Lake issued the private placement we have all talked about at a discount to the market while they were negotiating with IPP back in September 2010. The co received the money in September October November. The co then increased the size of the pp from 11,700,000 to 22,000,000 and closed the extra PP in January 2011. it gets worse. harp got 5,000,000 UNITS to settle his debt not shares, 5,000,000 shares and 5,000,000 warrants, probably cashless like all the other issue. and still worse, management also issued an additional 9,800,000 shares of a cashless options at 5 cent exercise about the same time. to who for what
from 10q files January18, 2011 from SEC EDGAR for quarter end novemebr 30, 2010
page 10f
8. Common Stock
a) As at November 30, 2010, the Company has received stock subscriptions for 11,700,000 units at
.05 per share pursuant to a September 1, 2010 private placement. At November 30, 2010, the Company had received proceeds of $585,000, which is included in common stock subscribed. Each unit consists of one common share of the Company's common stock and one purchase warrant entitling the holder to purchase one share of common stock at an exercise price of
.075 per share expiring two years from the date of issuance. The Company completed the private placement and issued the shares on January 10, 2011. Refer to Note 13(b).
b) On August 23, 2010, the Company issued 9,800,000 shares of common stock upon the cashless exercise of 9,800,000 stock options.
c) On September 20, 2010, the Company issued 5,000,000 units with a fair value of $3,785,505 to the Chief Executive Officer of the Company to settle debt of $616,186. Each unit consists of one share of common stock and one purchase warrant entitling the holder to purchase one share of common stock at an exercise price of
.25 per share expiring on September 20, 2012.
page f13
13. Subsequent Events
a) On January 7, 2011, the Company issued 20,000 shares of common stock upon the exercise of 20,000 stock options for proceeds of $6,000.
b) On January 10, 2011, the Company issued 22,000,000 units at
.05 per unit for proceeds of $1,100,000 pursuant to a private placement. Each unit consists of one share of common stock and one purchase warrant entitling the holder to purchase one share of common stock at an exercise price of
.075 per share until January 10, 2013.