Peter Lacey: The Man!
Prior to the offering, Mr. Lacey held 4,491,891 Common Shares, or approximately 7.80% of the total issued and outstanding Common Shares. Mr. Lacey also held 4,500,000 common share purchase warrants and 555,000 stock options. Mr. Lacey now controls 4,491,891 Common Shares, or approximately 7.80% of the total issued and outstanding Common Shares, the Debenture in the principal amount of $2,500,000, 10,750,000 common share purchase warrants (including the Debenture Warrants) and 555,000 stock options. Assuming the conversion of the Debenture and the exercise of the common share purchase warrants (including the Debenture Warrants) and the stock options, Mr. Lacey would own or control 22,046,891 Common Shares, or approximately 29.35% of the total issued and outstanding Common Shares.