Need explanations please...1-
From NR:
Ottawa, Ontario/November 28, 2011 – PharmaGap Inc.(TSX-V: GAP; OTC.BB: PHRGF) (“PharmaGap” or “the Company”) announcedtoday that it has completed the conditional closing of a privateoffering of up to 10,000,000 equity units (the “Units”) for a netaggregate amount (if fully subscribed) of up to $700,000. A total of971,428 units have been subscribed in this conditional closing at aprice of
.07 per Unit, for gross proceeds of $68,000. The Company hasbeen advised of additional subscriptions for this placement andanticipates completing these orders in due course.
Each Unit consists of one common share and onewarrant to purchase one common share at an exercise price of
.10 percommon share with a three year warrant term. The conditional closing ofthis private placement is subject to the approval of the TSX VentureExchange and the shares and warrants issued pursuant to the privateplacement are restricted from trading for four months from the date ofclosing.
In connection with this conditional closing,$4,080 in cash fees will be paid to individuals dealing at arm’s lengthwith PharmaGap as finder’s fees.
Now for the questions:
1- What is a "conditionnal closing"?
2- from what I understand, they went for 700 000$ trying to sell 10M shares and ended up selling not even 1/10th of the target... Am I reading the situation right here?
3- If I am reading well, this would mean big investors do not see a future in this technology, wright?... How the hell is this good news!!
Micr1