The Las Vegas Railway Express, which trades under the symbol XTRN and is known as the X-Train, earlier today issued a public announcement about another private placement of stock. Shares of XTRN closed down one and a half cents to 16 cents a share. Here is the statement:
LAS VEGAS, NV--(Marketwire - Sep 18, 2012) - Las Vegas Railway Express, Inc. ("X" Train) (OTCQB: XTRN)
The X Train announced that including sales previously disclosed in filings made by the Company with the Securities and Exchange Commission from May 3 2012 until September 13, 2012, the Company has sold an aggregate of 45,640,000 shares of its common stock for an aggregate purchase price (before deducting expenses of the private placements ) of $2,282,000 to accredited investors. The offering is officially closed to investors. The Company intends to use the net proceeds from the private placements in the amount of 2,186,880 to acquire the company's first railset, station site development costs and engineering, as well as general operating expenses.
"We are pleased with the interest on the part of investors in the private placement," stated Michael Barron, President and CEO of the Company. "We think we are prepared for the next phase of development of our project now," he remarked. The X Train was represented in the private placement by Sichenzia Ross Friedman Ference LLP.
It appears that the extra stock was sold at five cents a share?? Is that right??