Unlimited supply of shares
“Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.075 for a period of 24 months following the closing of the Offering.
On March 14, 2014, the Company completed a further non-brokered private placement by issuing 8,275,001 units (the “Units”) at a price of $0.06 per Unit, for gross proceeds of up to $496,500 (the “Offering”). Each Unit will consist of one common share (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.075 for a period of 24 months following the closing of the Offering.
“ During the year ended October 31, 2013
The Company completed a non-brokered private placement of 14,168,712 units at a price of $0.07 per unit for gross proceeds of $991,810. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire, for a period of two years, one common share at a price of $0.12 per common share. The Company paid a total of $50,981 as finder’s fees and issued 738,320 finder’s warrants with a fair value of $28,867. Each finder’s warrant is exercisable into one common share at $0.12 for one year.
The Company completed a further non-brokered private placement by issuing 12,600,000 units at $0.05 per unit for gross proceeds of $630,000. Each unit consists of one common share and one common share purchase warrant, exercisable for a period of two years at $0.10 per common share. In connection with the private placement, the Company paid $5,950 in cash commissions and issued 119,000 finder’s warrants with a fair value of $2,858. Each finder’s warrant is exercisable into one common share at $0.10 for two years.