XML 27 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS
6 Months Ended
Aug. 31, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Sale of Unregistered Securities

 

On October 4, 2013, we closed a $9.6 million financing transaction with 12 investors, each of which is and “accredited investor” within the meaning of the Securities Act of 1933 (the “Securities Act”). The investors purchased units of our securities at $0.40 per unit. Each unit consisted of 1 share of our common stock and a warrant to purchase 0.3 shares of our common stock. An aggregate of 23,875,000 shares of our common stock and warrants to purchase up to 7,162,500 shares of our common stock were purchased in the financing. The warrants have a five year term and an exercise price of $0.60 per share.

 

In connection with the financing, we also entered into a registration rights agreement with each investor pursuant to which we will file, and cause to become effective with the SEC, a registration statement covering the resale of all of the shares of common stock and shares of common stock underlying the warrants sold in the financing.