Calculated with the following info:
"...$10 million in principal amount of convertible unsecured subordinated debentures...
Each $1,000 principal amount of the Debentures will be convertible at the option of the holder into 3,448.2759 units (each a "Unit") of Woulfe, representing a conversion price of $0.29 per unit (the "Conversion Price"). Each Unit will comprise one common share and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.29 per share for a period of 24 months following the closing of the Offering.
The Company has granted to Dundee an option to offer up to an additional 15% of the Offering, being $1,500,000 in principal amount of Debentures, at the issue price, exercisable in whole or in part at any time up to 48 hours prior to the closing date for the Offering.
The Company has agreed to pay Dundee a commission of 6.0% of the gross proceeds from the sale of the Debentures forming the Offering and to issue warrants ("Agent's Warrants) equal to 6.0% of the principal amount of Debentures issued in the Offering. The Agent's Warrants will entitle the holder, on exercise to acquire 6.0% of the principal amount of the Debentures sold at the issue price for a period of 24 months following the closing of the Offering."