The more I look the more confused I get. GDW's last MD&A, posted on Sedar states, " Since August 2012, the Company has received $80,000 in respect of a hardship or temporary relief private placement ("Relief Offering") expected to raise gross proceeds of $325,000 by the end of fiscal 2012, by issuing up to 13 million common share units at a price of $0.025 per unit. Each unit will consist of one common share of the Company and one share purchase warrant. "
The TSX requires companies using this exemption to issue a press release at least five business days in advance of the closing of the transaction, disclosing the material terms of the transaction and that the listed issuer has relied upon this exemption. This press release must be pre-cleared with the TSX and is designed to give the market a specific window of advance notice of the completion of the transaction.
I am now thinking the review is triggered by the closing and the press release regarding a review will come from the TSX itself at that time. The MD&A makes one think they have received $80,000 already however I have not seen a 5 day advance notice of this closing. Regadless whenever they do close this financing we can expect to be put on review as to continued listing.