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8. Equity
 9 Months Ended
Sep. 30, 2014
Notes  
8. Equity

8.             Equity

 

Common Stock issued for Cash

A private placement was completed by the Company in the first quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant, each warrant exercisable for one share of the Company’s stock at $0.15 through March 2017. At closing of the private placement in March 2014, 3,000,000 units consisting of 6,000,000 shares and 3,000,000 warrants were sold for net proceeds of $405,000 after deducting the 10% commission.

 

A private placement was completed by the Company in the third quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant for $0.20; each warrant is exercisable for one share of the Company’s stock at $0.20 through August 2017; 6,000,000 units were sold for net proceeds of $1,080,000 after deducting the 10% commission. In addition to the 10% cash commission 1,200,000 warrants were issued to the placing broker. These warrants are exercisable at $0.10 through August 11, 2019.

 

Stock Purchase Warrants Outstanding

Transactions in common stock purchase warrants for the period ended September 30, 2014 are as follows:

 

 

 

 

Number of Warrants

 

Exercise Prices

Balance December 31, 2013

 

11,000,000

$

0.15

Issued in connection with private placement

 

10,200,000

 

0.10-0.20

Balance September 30, 2014

 

21,200,000

 

0.10-0.20

 

 

These warrants expire as follows:

 

 

Shares

Exercise Price

Expiration Date

11,000,000

$0.15

May 31, 2015

3,000,000

$0.15

March 4, 2017

6,000,000

$0.20

August 11, 2017

1,200,000

$0.10

August 11, 2019