The Company issued an aggregate of 4,520,000 units (each a "Unit") at a purchase price of $0.40 per Unit. Each Unit consists of one common share and one transferable common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to acquire one additional common share at a purchase price of $0.50 per share until December 28, 2008. The Company intends to apply to the TSX Venture Exchange (the "Exchange") to list and post the Warrants for trading on the Exchange. The net proceeds received by the Company will be used to fund on-going work programs on the Company's properties and for general working capital purposes.
Canaccord received a cash commission equal to 8% of the gross proceeds of the sale of Units under the Offering and agent's warrants entitling it to subscribe for that number of common shares equal to 8% of the aggregate number of Units sold under the Offering at a purchase price of $0.50 per share until December 28, 2008. In addition, Canaccord received a corporate finance fee payable by the issuance of 71,000 Units and an administration fee.
The Company anticipates closing the second tranche of the Offering of 480,000 Units to raise aggregate gross proceeds to the Company of $192,000 during the first two weeks of January.
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