On January 20, 2010, we issued 250,000 shares of our common stock in a private placement at a purchase price of $0.20 raising gross proceeds of $50,000. We have issued all of the shares to non-US persons (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.
On April 1, 2010, the Company entered into a Financing Agreement with Intosh, whereby the Company has the right to request Intosh to purchase up to $1,400,000 of the Company's securities until March 31, 2011, unless extended by either the Company or Intosh for an additional twelve (12) months.
Under the terms of the Agreement, the Company may from time to time request a purchase from Intosh up to $200,000 (each, an "Advance") per request for operating expenses, acquisitions, working capital and general corporate activities. Following receipt of any Advance, the Company shall issue shares of its common stock at $0.70 per share. The Company has received its first tranche of $200,000 which will be used for additional property acquisitions and operating expenses.