Each unit is comprised of one common share of the Company and one common share purchase warrant, with each warrant entitling its holder to purchase one additional common share of the Company at a price of Cdn$1.10 for a period of five years. The private placement was originally announced by news release dated October 2, 2000 and at that time the Company indicated a placement of up to 800,000 units, of which 595,000 units were ultimately sold. Directors, officers and other parties related to the Company subscribed for 320,000 of the units, which was the maximum number of units that such non-arms-length parties were permitted to acquire under applicable Toronto Stock Exchange rules and policies. A finder’s fee in the amount of Cdn$10,560 has been paid to Pacific International Securities Inc., representing 7.5% of the proceeds from arm’s length subscriptions for an aggregate of 160,000 units. The proceeds from the private placement will be used to fund the Company’s working capital requirements.
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