The TSX Venture Exchange has accepted for filing the documentation with respect to a brokered private placement, announced on Nov. 18, 2010.

Shares:  11.5 million

Price:  40 cents

Warrants:  5.75 million warrants to purchase 5.75 million common shares

Exercise price:  50 cents over the 18 months following the closing of the private placement

Hidden placees:  14

Agents' fee:  Industrial Alliance Securities Inc. and Versant Partners Inc. collectively received $321,000 in cash as well as 662,400 warrants where each warrant entitles the holder to purchase one common share at a price of 40 cents per share over a period of 18 months from the closing of the private placement.

The company has confirmed the closing of the private placement via the issuance of a news release dated Dec. 16, 2010.