Company Insider Participation was a mere 358,583 units,working out to less than 6% of the financing..
Suach an embarrasment
As at Dec 31st they were down to less than one Mill in W/C
Preliminary financial data on an unaudited basis as of December 31, 2023 are as follows (all amounts are approximate and stated in U.S. dollars):
If the company doesn't come up with some serious funds to see them through the next 12-18 mos.
They are cooked..
Working Capital 600,000
Certain officers and directors of the Corporation have subscribed for an aggregate of 358,583 Units under the Offering for gross proceeds of approximately C$437,471 (US$322,725). Each subscription by an "insider" is considered to be a "related party transaction" for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders ("MI 61-101"). The Corporation did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and participation therein by each "related party" of the Corporation were not settled until shortly prior to the closing of the Offering and the Corporation wishes to close the Offering on an expedited basis for sound business reasons. The Corporation is exempt from the formal valuation requirement under section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Corporation's market capitalization. Additionally, the Corporation is exempt from the minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Corporation's market capitalization.