PPs 101Folks it's done already. Anyone saying they are getting in on it are full of poop.
A private placement is when the company is willing to issue shares to raise money. Typically they set a specific number of shares aside or a dollar amount they are looking to raise. Then a broker contacts accredited investors and investment houses and inquires whether they wish to participate. Once enough interest is raised the deal is set with the price per share being an average of the recent share price. After that, the deal is done and confirmed by the company.
A non-brokered private placement (which is what TNY released today) is when an investor, insider or investment house contacts the company to see if they'll do a deal with them. The customer proposes a deal, the company accepts and then it's closed. Upon closing its official after 3 days of the announcement and funds are transferred to the company (hence closing date of October 21).
Bottom line here is that someone approached the company, the company is taking the 2.5 million cash and carrying on with regular business. As several have mentioned the deal would have been negotiated weeks ago when the $0.17 seemed fair for both sides. The early morning price action was a knee-jerk reaction because many misunderstood this deal for a private placement. Read above again to understand the difference between the two types of structured financing deals companies use.