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| | June 24, 2010
Private Placement Financing Closed
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| | The Company is pleased to announce that it has closed its private placement of 2,030,000 units at $0.08 per unit for total gross proceeds of $162,400, first announced April 29, 2010. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share at a price of $0.20 per share until June 8, 2011.
The Company issued units to the following finders for their efforts in finding certain placees:
Wolverton Securities Ltd. received 24,500 units;
Ken Lum received 7,000 units.
Each finder's unit consists of one common share and one share purchase warrant, each warrant exercisable into one additional common share at a price of $0.20 per share until June 8, 2011.
All securities issued under the placement are subject to hold periods expiring on October 9, 2010.
Proceeds of the placement will be used for general working capital.
The CNSX has not approved or disapproved the contents of this news release.
Michael E. Schuss
President and Chief Executive Officer |
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