RE: RE: Financing ..who said they couldn't do it? They have huge problems to raise money and they are in serious capital deficency .
On June 8, 2012, the Company announced a private placement to raise up to $15,000,000 through 12% convertible debentures, subject to acceptance by the TSX Venture Exchange ("TSX-V"). Subscribers will have the right to convert the principal amount and any accrued but unpaid interest into common shares of the Company for a period of 3 years from the date of issuance of the debentures, at a conversion price of
.10 per share for the principal and the greater of
.10 and the last closing price of the Company’s shares prior to the issuance for the interest component.
On July 19, 2012 the Company announced a private placement to raise up to $1,500,000, subject to acceptance by the TSX-V. The Company will issue up to 20,000,000 non flow-through units at a price of
.05 per unit, with each unit consisting of one common share and one share purchase warrant. Each warrant allows the purchase one common share and is exercisable for a period of one year from the date of issuance at a price of
.10 per share. The Company will also issue up to 10,000,000 flow-through units at a price of
.05 per unit, with each unit consisting of one flow-through common share and one share purchase warrant. Each warrant allows the purchase of one non flow-through common share and is exercisable for a period of one year from the date of issuance at a price of
.10 per share.
To date, the Company’s ongoing operations have been financed predominantly