Private Placement detailsThe December news release included this paragraph:
The Company also announces a non-brokered private placement (the "Offering") to be completed concurrent with the Acquisition. Under the Offering, PLAN will offer a minimum of 9,000,000 units and a maximum of 13,500,000 units ("Units") at a price of $0.35 per Unit, for gross proceeds of $3,150,000. Each Unit will be comprised of one common share and one share purchase warrant (a "Warrant"), with each Warrant exercisable at $0.60 per share for a period of 2 year, subject to acceleration if PLAN's common shares trade at over $0.75 per share for a period of ten trading days or more after the first year. Agents of the Company will have an option to increase the size of the Offering by up to 50% at any time prior to the closing of the Offering.
Does this mean:
(a) 9 million units minimum, which can be increased at the Agent's option by 50% to a maximum of 13.5 million units,
or
(b) 13.5 million units, which can be increased at the Agent's option by 50% to a maximum of 20.25 million units?
This would be quite a difference depending on which interpretation of the paragraph is in fact correct.
Does anybody know with confidence if it is one way or the other?
Thanks.