Use and Disposition of Proceeds. The Company will use the proceeds from the sale of the Initial Shares (excluding amounts paid by the Company for legal fees, finder's fees and escrow agent fees in connection with the sale of the Initial Shares) for general capital purposes and acquisition, but shall not, directly or indirectly, use such proceeds for investment in any other affiliate or to repay debt to affiliates.
Use and Disposition of Proceeds. The Company will use the proceeds from the sale of the Common Stock (excluding amounts paid by the Company for legal fees and finder's fees in connection with the sale to Purchaser) but shall not, directly or indirectly, use such proceeds for investment in any other affiliate or to repay debt to affiliates.
Use and Disposition of Proceeds. Purchaser acknowledges and agrees that if the Company accepts the Agreement, there shall be no escrow of the Purchase Price paid by the Purchaser, and the Company shall be entitled to use the Purchase Price funds upon their receipt by the Company, and that such funds shall be used by the Company according to the Company’s management’s discretion. The Purchaser acknowledges that there is no minimum subscription amount which the Company must receive prior to any subscription funds becoming available to the Company.
Use and Disposition of Proceeds. The Company intends to use the gross proceeds from the Shares for working capital, for acquisition activities, to fund its ongoing research and development activities, and for the payment of general and administrative expenses. Purchaser acknowledges and agrees that the Company shall have immediate access to the funds paid by Purchaser pursuant to this Agreement according to the discretion of management of the Company.
Use and Disposition of Proceeds. The gross proceeds of this ------------------------------- transaction will be Five Million Dollars ($5,000,000). The Company agrees to use the proceeds as shall be determined or directed by its Board of Directors as constituted from time to time following the Closing, or as shall be determined or directed pursuant to authority delegated by such Board.
Use and Disposition of Proceeds. The Loan proceeds will be used in the manner directed by the Company's Board of Directors, or as shall be determined or directed pursuant to authority delegated by the Board.
Use and Disposition of Proceeds. Purchaser acknowledges and agrees that if the Company accepts the Agreement, the Company shall have immediate access to such funds and that such funds shall be used by the Company according to the Company's management's discretion.
Use and Disposition of Proceeds. The gross proceeds of this transaction will be Three Million Dollars ($3,000,000). The Company intends to use the proceeds as follows: Approximate Application of Proceeds Dollar Amount Percentage Promote BriteSMILE products $1,500,000 50% Equipment and improvements 300,000 10% Research and development 500,000 17% Working capital and payment of offering expenses 700,000 23% ========== ==== Total $3,000,000 100% The foregoing represents the Company's present intention and best estimates with respect to the use of the offering proceeds. Pending use of the net proceeds for the above purposes, the Company intends to invest the funds in certificates of deposit or other fully-insured investment grade securities. Any funds received from the exercise of the New Options will be added to working capital. Purchasers acknowledge and agree that the Company shall have immediate access to such funds, according to the Company's management's discretion, following the Closing and delivery of the Common Shares and the New Options to Purchasers.
Use and Disposition of Proceeds. The Company will use the proceeds from the sale of the Debentures pursuant thereto (excluding amounts paid by the Company for legal fees, finder's fees and escrow agent fees in connection with the sale of the Debentures) for general company purposes and acquisitions, but shall not, directly or indirectly, use such proceeds for investment in any other affiliate or to repay debt to affiliates other than debt to former stockholders of Superior Pharmaceutical.
Use and Disposition of Proceeds. The gross proceeds of this transaction will be between Three Million Dollars ($3,000,000) (the "Minimum Proceeds) and Four Million Dollars ($4,000,000) (the "Maximum Proceeds"). If it receives no more than the Minimum Proceeds, the Company intends to use said proceeds as follows: Approximate Application of Proceeds Dollar Amount Percentage ------------------------------------------- ------------- ------------- Partial payment of demand promissory notes owing to SMD, LLC ("SMD") $1,500,000 50.00% Partial payment of demand promissory notes owing to fonix corporation 200,000 6.67% Reserve for purchase of one (1) additional drilling rig and associated equipment and inventory 537,000 17.90% Operating Capital and offering expenses 763,000 25.43% Total $3,000,000 100.00% If it receives the Maximum Proceeds, the Company intends to use said proceeds as follows: Approximate Application of Proceeds Dollar Amount Percentage --------------------------------------- ----------------- ---------- Full payment of demand promissory notes owing to SMD $2,180,000 54.50% Partial payment of demand promissory notes owing to fonix corporation 200,000 5.00% Reserve for purchase of two (2) additional drilling rigs and associated equipment and inventory 1,074,000 26.85% Operating capital and offering expenses1 546,000 13.65% Total $ 4,000,000 100.00% ------------------------ The foregoing represents the Company's present intention and best estimates with respect to the use of the Minimum Proceeds and Maximum Proceeds. Proceeds in excess of the Minimum Proceeds, but less than the Maximum Proceeds, shall be allocated, first, toward full payment of the demand promissory notes owing to SMD and, second, toward purchase of one (1) additional drilling rig and associated equipment and inventory. Pending use of the net proceeds for the above purposes, the Company intends to invest the funds in certificates of deposit or other fully-insured investment grade securities. Purchasers acknowledge and agree that the Company shall have immediate access to such funds, according to the Company's management's discretion, following the Closing and delivery of the Shares to Purchasers.
