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Mr. Osvaldo Iadarola reports
The company has closed a private placement of a total of 610,000 units to 18 investors at a price of 50 cents, to raise a total of $305,000. Each unit includes one common share and one detachable non-transferable share purchase warrant entitling the purchaser to purchase an additional share in the capital of the company over a term of two years at an exercise price of 50 cents.
The private placement is subject to the acceptance of the Canadian Venture Exchange.
Shares acquired by placees, and shares which may be acquired upon the exercise of the share purchase warrants, are subject to a hold period and may not be traded in British Columbia until March 22, 2001, except as permitted by the B.C. Securities Act and regulations thereunder.
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