Standard Instructions for Filing Forms under the Securities Act of 1933, Securities Exchange Act of 1934, and Energy Policy and Conservation Act of 1975
Regulation S-K
Item 505 -- Determination of Offering Price
Common equity. Where common equity is being
registered for which there is no established public trading market for purposes
of paragraph (a) of Item 201 of Regulation S-K
or where there is a material disparity between the offering price of the common
equity being registered and the market price of outstanding shares of the
same class, describe the various factors considered in determining such offering
price.
Warrants, rights and convertible securities.
Where warrants, rights or convertible securities exercisable for common equity
for which there is no established public trading market for purposes of paragraph
(a) of Item 201 of Regulation S-K are being registered, describe the various
factors considered in determining their exercise or conversion price.
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