While they said 'long term', for a placement of shares the shareholder would have to have been what is called a sophisticated investor. A sophisticated investor needs to be certificated as such by an accountant and have income of at least $250K pa for the past 2 years or net assets of at least $2.5m. A company is able to place shares with sophisticated investors without the need for a prospectus.
Ann: Anteo Raises $1M to Advance Energy Products, page-26
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