How is this legal
Furthermore, the Company announces it intends to complete a non-brokered private placement of up to 26,666,667 units of the company at a price of7.5 centsper unit for gross proceeds of$2-million. Each unit shall consist of one common share and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share of the company for a period of five years from closing at a price of10 centsper share.