sweet pay-day aheadjust one more run-up on next promising assay NR and big payday for brokers holding 1.87mil warrants....10% cshand 10% warrants issued..Frank sure knows how to grease the wheels of financiers
18,700,00 @ 21.5 cents
18,700,000 @ 30 cents
1.87 mil brokers warrants @ 30 cents
all waiting on the next run-up
March 29, 2010 -
The Company announces that it has amended the terms of a non-brokered private placement (the “Private Placement”) announced on March 16, 2010.
The Company has amended the terms of the Private Placement to increase the number of units (the “Units”) for sale from 15,000,000 Units to a maximum of 18,700,000 Units, at a price of
.215 per Unit, for gross proceeds of up to $4,020,500. Each Unit will consist of one common share in the capital of the Company and one-half of a transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of two years from the date of issuance, at a purchase price of
.30 per share.
The Company will pay finder’s fees to arm’s length parties (“Finders”) in connection with the Private Placement, equal to 10% of the gross subscription proceeds realized from the sale of Units by the respective Finder, payable in cash and in addition, at the discretion of the Company, will issue non-transferable share purchase warrants (“Finder’s Warrants”) equal to 10% of the number of Units sold by the respective Finder. Each Finder’s Warrant will entitle the holder to purchase an additional common share in the capital of the Company for a period of two years from the date of issuance, at a purchase price of
.30 per share. Certain directors, officers and insiders of the Company may participate in the Private Placement. The securities issued will be subject to a hold period of four months and one day.