RE:RE:RE:PP NewsRead the news release carefully -
"non-brokered private placement offering of five million units at a price of $1 per unit for gross proceeds of $5-million"
"The offering is expected to close immediately upon TSX Venture Exchange approval"
They are not out shopping this around - it's done. They will announce closing as soon as the exchange signs off. Considering we knew it had to happen, this isn't too bad. Could have been a much larger placement, and a long, drawn out campaign to sell it to multiple brokerages - that didn't happen here. This quick move will enable them them to keep up the interest and momentum in this play. It also suggests that if they need to go back to the well for more down the road, they think they will be able to get a higher price. This is a smarter financing arrangement than many venture companies are doing these days.