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EX-31.2 - CERTIFICATION - CENTAURUS DIAMOND TECHNOLOGIES, INC.ex312.htm
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Subsequent Events
12 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

 

NOTE 7.          SUBSEQUENT EVENTS

 

On June 5, 2012 (the "Closing Date"), we closed an asset acquisition pursuant to the terms of the Asset Acquisition Agreement (the "Acquisition Agreement") by and between us and Innovative Sales, a Nevada corporation ("Innovative"), whereby we purchased certain assets of Innovative consisting of a cultured diamond technology patent and related intellectual property (the "Assets") in exchange for:  (a) 43,850,000 shares (the "Consideration Shares") of our restricted common stock (the "Acquisition") (these shares were issued on June 7, 2012), (b) our assumption of certain debt of Innovative in an amount not to exceed $100,000, (c) the satisfaction of all of our debts and liabilities as of the Closing Date, and (d) our simultaneous close on a private placement (the "Private Placement") of our common stock and warrants to purchase shares of our common stock for total gross proceeds of at least $500,000, plus the amount necessary to pay any of our remaining pre-closing debts, including, but not limited to, all legal and accounting costs associated with the preparation and filing of our Annual Report on Form 10-K for the year ended March 31, 2012. For accounting purposes, this is being treated as a reverse merger.

 

The sole officer and director of Innovative is the new CEO and CFO of the Company, as of June 5, 2012.

 

On June 7, 2012 Jose Maddipilly returned and cancelled 45,000,000 restricted common shares. Also, on June  7, 2012 Jaiju Maliakal returned and cancelled 39,375,000 restricted common shares, bringing the total Issued and outstanding shares to 74, 200,000.

 

Effective July 9, 2012, the Company amended its Articles of Incorporation to change its name from “Sweetwater Resources, Inc.” to “Centaurus Diamond Technologies, Inc.” (the “Name Change”).

 

In connection with the Name Change described in Item 5.03 above, FINRA assigned the Company a new stock symbol, “CTDT.”  This new symbol took effect at the open of business on July 9, 2012.