InterestingMr. James McDonald, the President, Chief Executive Officer and a director of the Company and a related party to the Company within the meaning of MI 61-101, subscribed for 1,000,000 Units. Mr. McDonald now beneficially owns, or exercises control or direction over, 4,028,200 Common Shares or approximately 1.12% per cent of the issued and outstanding Common Shares (or approximately 1.89% per cent of the issued and outstanding Common Shares on a partially diluted basis including all convertible securities of the Company owned or controlled by Mr. McDonald).
Mr. Raj Kang, the Chief Financial Officer and Corporate Secretary of the Company and a related party to the Company within the meaning of MI 61-101, subscribed for 81,000 Units. Mr. Kang now beneficially owns, or exercises control or direction over 497,500 Common Shares or approximately 0.14% per cent of the issued and outstanding Common Shares (or approximately 0.49% per cent of the issued and outstanding Common Shares on a partially diluted basis including all convertible securities of the Company owned or controlled by Mr. Kang).
This explain in part why they raised money at a 52 week low.