On Thursday, the company put out news announcing that it has closed its previously announced unregistered brokered private placement of 40 million units for total gross proceeds to the company of US$12 million. Salman Partners Inc. acted as agent in the offering, which was effected in an offshore transaction pursuant to Rule 903 of Regulation S under the United States Securities Act of 1933, as amended (the US Securities Act). Salman Partners received a cash commission of US$600,000, equal to 5% of the gross proceeds of the offering, leaving net proceeds to the company of approximately $11.4 million.
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