Insiders of March have subscribed for 250,000 Units of the private placement.
After giving effect to the private placement, March has 60,525,333 common shares issued and outstanding.
The Corporation is pleased to announce that the operations in relation to the spudding of the first well on our Pica North Block in Northern Chile have begun. The construction of roadways and drill sites is under way and the mobilization of equipment from Canada is underway and that it is anticipated that the initial well will spud on or around October 1, 2007.
Concurrent with the closing of the financing, the Corporation has also approved the grant of 1,225,000 stock options to directors, officers and consultants of the Corporation. The options will be granted at an exercise price of $0.75 per Common Share and expire on July 26, 2012. The options will vest over the next twelve months. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options and insider participation in the private placement.
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