Brownstone Grants Options, Reports on Private Placement
Brownstone Ventures has granted 1,400,000 options to certain officers, directors and employees of Brownstone. The options are exercisable at $0.52 and are for a term of five years, expiring August 12, 2014.
Brownstone also announces that following the completion of the first tranche of its brokered private placement in May 2009, pursuant to which the company raised aggregate gross proceeds of $6,615,000, it has decided to not proceed with a second tranche financing. Brownstone is sufficiently capitalized to meet its ongoing working capital requirements for the foreseeable future and further equity capital raising activity is not currently desirable.
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