The purchase price for the shares or prefunded warrants was paid not in cash but with sovereign-issued .9999 fine gold coins valued at $4,069.18 per ounce based on the spot price of gold at the time of signing of the purchase agreement, delivered to the Company's depository. The Company intends to liquidate the purchase price into United States dollars in the near term.
In addition, in a concurrent private placement, the Company issued and sold unregistered warrants to purchase one share of its common stock for each share of common stock or pre-funded warrant purchased in the registered direct offering, for up to 12,110,203 shares of common stock. The unregistered warrants have an exercise price of $0.3303 per share of common stock, will be exercisable beginning on the effective date of, and subject to, approval by our stockholders of the issuance of the shares of common stock upon exercise of the unregistered warrants (the "Stockholder Approval") and will expire five years following the date of the Stockholder Approval. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") to register the resale of the shares of common stock underlying the unregistered warrants. If at the time of exercise of such warrants there is no effective ...
