The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced March 18, 2016.
Convertible debentures: $2,327,000
Conversion price: convertible into shares at 40 cents of principal per share until maturity
Maturity date: five years from issuance
Interest rate: 10.5 per cent per year
Warrants: 465,400 detachable share purchase warrants to purchase 465,400 shares
Warrant exercise price: 40 cents for a two-year period
Number of placees: 51 placees
Total pro group involvement: $310,000 (six placees)
Agents' fees: an aggregate of $129,590 plus 323,975 broker warrants (each exercisable into one common share at a price of 40 cents for a two-year period), payable to Gravitas Securities Inc., P.S. Securities (USA) Inc. and Echelon Wealth Partners Inc.
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