Initial Financing. The Parent shall have received fully executed subscription agreements with respect to a common stock offering pursuant to Rule 506 of the Securities Act in the aggregate amount of at least Two Million Five Hundred Thousand Dollars (US$2,500,000)(the “Proceeds”) at $0.25 per share of common stock of the Parent (the “Initial Financing”). The Proceeds (less expenses incurred in the Initial Financing) shall be in an escrow account pending release to the Parent upon the Closing. All such subscription agreements shall be with Accredited Investors only (as such term is defined under the Securities Act).
Appears in 3 contracts
Sources: Stock Purchase and Recapitalization Agreement (WES Consulting, Inc.), Stock Purchase and Recapitalization Agreement (Liberator, Inc.), Stock Purchase and Recapitalization Agreement (Remark Enterprises Inc)