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The Company is also announcing that it is conducting a small private placement for gross proceeds of $300,000. The placement will involve the issuance of units, consisting of one common share at a purchase price of
.14 and one warrant, exercisable at a price of
.20 for a period of 12 months following the closing date except that, if prior to the expiry of such 12-month period, the volume weighted average trading price of the common shares on the TSX Venture Exchange is greater than
.30 per common share during a period of 20 consecutive trading days, the Company can accelerate the time of expiry of the common share purchase warrants upon 20 days' notice to the Subscriber. This placement will be completed with three subscribers: Sidex, Société de développement de la Baie-James and The Cree Mineral Exploration Board.
The private placement will be subject to final regulatory approval.
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