RE:Financing is step 1 to production expansion .......The Details............
underwriters led by Cantor Fitzgerald Canada Corporation (“CFCC”), as lead agent and sole bookrunner, and including PI Financial Corp., Echelon Wealth Partners Inc. and Haywood Securities Inc. (collectively with CFCC, the “Underwriters”)
--->to sell 4,900,000 Offered Units at a price to the public of $2.05 per Offered Unit (the “Offering Price”)
--->for gross proceeds of C$10,045,000.
Each Offered Unit is comprised of:
--->one ordinary share in the capital of the Company (each, an “Ordinary Share”)
--->and one-half of one Ordinary Share purchase warrant (each whole warrant, a “Warrant”).
--> Each Warrant shall entitle the holder to purchase one Ordinary Share at $2.60
--> at any time on or before the date which is 36 months after the Closing Date (as defined below).
The Company has granted to the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part, in the sole discretion of the Underwriters, for a period of 30 days from and including the closing of the Offering, to purchase up to an additional 735,000 Offered Units at the Offering Price. If the Over-Allotment Option is exercised in full, the total gross proceeds to the Company will be approximately $1,506,750.