RE: RE: Huge News This diluion? They had better create lots of momentum soon.
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Number of shares: 9,626,000 shares in the second tranche
Purchase price: 20 cents per share
Warrants: 9,626,000 share purchase warrants to purchase 9,626,000 shares in the second tranche
Warrant exercise price: 30 cents for a two-year period
If the closing price of the company's shares is 60 cents or higher for 10 consecutive trading days, then the company may give notice to shorten the expiry of the warrants to within 30 days of the notice.
Number of placees: 52 placees in the second tranche
Insider participation: AlphaNorth Asset Management (Steven Palmer) 875,000
Pro group participation: Ronald White 200,000, Richard Newbury 88,000, Gail Taylor (Richard Newbury) 125,000, Chris Wardle 425,000, Marianne Wardle 375,000
Finders' fees: Mackie Research Capital Corp. will receive $18,000 cash and 90,000 finder's warrants. Canaccord Genuity Corp. will receive $20,800 cash and 104,000 finder's warrants. Haywood Securities Inc. will receive $84,016 cash and 420,080 finder's warrants. Jones, Gable & Company Ltd. will receive $14,400 cash and 72,000 finder's warrants.
The finder's warrants will have the same terms and conditions as the private placement Warrants