[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR228.504]

[Page 337]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 228--INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS--Table of Contents
 
                        Subpart A--Regulation S-B
 
Sec. 228.504  (Item 504) Use of Proceeds.

    State how the net proceeds of the offering will be used, indicating 
the amount to be used for each purpose and the priority of each purpose, 
if all of the securities are not sold. If all or a substantial part of 
the proceeds are not allocated for a specific purpose, so state and 
discuss the principal reasons for the offering.

Instructions to Item 504: 1. If a material amount of proceeds will 
discharge debt, state the interest rate and maturity. If that debt was 
incurred within one year, describe the use of the proceeds of that debt 
other than short-term borrowings used for working capital.
    2. If any material amount of the proceeds is to be used to acquire 
assets or finance the acquisitions of other businesses, describe the 
assets or businesses and identify the persons from whom they will be 
bought. State the cost of the assets and, where such assets are to be 
acquired from affiliates of the small business issuer or their 
associates, give the names of the persons from whom they are to be 
acquired and set forth the principle followed in determining the cost to 
the small business issuer.