Each unit consists of one common share and one-half share purchase warrant, with each whole share purchase warrant exercisable to purchase one additional common share at an exercise price of $0.075 per share for a period of three years, subject to an acceleration provision whereby, if at any time after 4 months from the date of issue of the warrants the closing market price of the Company’s common shares on the TSX Venture Exchange is greater than $0.15 per share for 10 consecutive trading days, the Company may, within a further 5 days, give notice and accelerate the expiry date of the warrants, in which event the warrants will expire on the 30th day after the date on which such notice is given.
The private placement is subject to TSX Venture Exchange acceptance.
All securities issued as part of this financing include a legend restricting trading of the securities until May 1, 2015. Proceeds from the private placement will fund priority exploration on the Company’s projects and will also be used for working capital.
