Don't have a cluePre-Closing Capitalization of United Reef
As of the date hereof, United Reef has 89,109,980 United Reef shares outstanding and it is expected at closing that United Reef will have no more than 93,000,000 shares outstanding and options and warrants to acquire an aggregate of 5,790,000 United Reef shares at an exercise price of
.10 per United Reef share. Upon completion of the Transaction and, by way of example; assuming a
.15 Issue Price and a $3.0 million Offering, and United Reef having a working capital deficiency of $100,000 at February 15, 2012, shareholders of United Reef will receive 4,666,667 Resulting Issuer Shares and the options and warrants will be adjusted to acquire an aggregate of 290,531 Resulting Issuer Shares at an exercise price of $1.99 per Resulting Issuer Share, based on a United Reef Exchange Ratio of 19.929 United Reef shares for every one Resulting Issuer Share. A total of 59,666,667 Resulting Issuer Shares would then be issued and outstanding of which 7.8% of the Resulting Issuer Shares would be held by the United Reef shareholders