S.MG IPO succeeded. Other statements.
The third and final share sale was completed hours ago. In total 88`096`605 shares were sold, and thus S.MG current float is 88`096`605. The IPO brought in 8`799.0657479 BTCi, and thus S.MG current capital is 8`799.0657479 BTC. This is above the 10% minimum as specified in the IPO agreement 3.2(a) and consequently the IPO has succeeded.
As per 3.1(e) a Special Stock Warrant is hereby issued, as follows :
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Under the terms of the S.MG Initial Public Offering Agreement is
hereby issued this
Special Stock Warrant #1
Today the 11th of June, 2013 at 1:00 AM GMT, stipulating that on
or after June 10th, 2014 6160E1CAC8A3C52966FD76998A736F0E2FB7B452
shall be issued 88`096`605 new S.MG shares upon payment of
8`809.6605 BTC to S.MG.
S.MG will not process or administer any assignments of this Warrant
by or among third parties. The administration of any such contracts
remains the sole responsibility of the respective parties involved.
S.MG will honor partial conversion into shares of this Warrant,
under the reservation that conversions of less than 1 million
shares will be charged a 1 BTC processing fee.
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Consequently the SSW Table is updated as follows :
| # | Fingerprint | Shares | BTC | Par |
|---|---|---|---|---|
| 1 | 6160E1CAC8A3C52966FD76998A736F0E2FB7B452 | 88`096`605 | 8`809.6605 | 0.0001 |
With regards to the Ancillary Agreement signed with MPEx at the time of listing (3.3(c) ), on the strength of the offering we have managed to avoid any listing or contract drafting fees. S.MG will be however charged :
- 1 BTC per warrant execution, indifferent of the number of shares thus issued. To protect ourselves we have taken the step of passing this fee to the beneficiaries of those shares, but only in those cases where the fee would constitute a significant portion of the total transaction.
- 8 BTC per voting process as described in 3.2(c), plus 0.1 BTC per valid vote cast.
Outside of these fees S.MG owes nothing to MPEx. Furthermore, S.MG is currently under no obligations to any third parties or in any way encumbered or indebted. It is the management's desire to maintain this situation, and never issue S.MG debt as bonds, secured loans or similar, but instead raise any required capital principally through cash flow and exceptionally through offering stock. There is currently no plan to offer further stocks until such a time as S.MG acquires a revenue stream by launching a revenue generating product. Should this goal become unfeasible or impractical S.MG will be dissolved with remaining assets being distributed to shareholders. For all intents and purposes this is the last capital raising before actually hitting the market.
Because S.MG is well capitalised, of the alternative plans prepared we will proceed with the most extensive, which is creating a RCE based MMORPG as a flagship title as well as developing and publishing other titles on the side. There will be further announcements on the topic, all conveniently grouped together under this same category.
Stay tuned, and thanks for all the fishies.
———- 8`816.6991462 less 0.2% MPEx fees. [↩]
