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The TSX Venture Exchange has accepted for filing documentation with respect to a brokered and a non-brokered private placement of subscription receipts of the company which have been exchanged into the following securities.
Number of shares: 11 million common shares, on a postconsolidation basis
Purchase price: 50 cents per common share, on a postconsolidation basis
Warrants: 5.5 million share purchase warrants to purchase 5.5 million common shares, on a postconsolidation basis
Warrant exercise price: 75 cents per common share on a postconsolidation basis for a two-year period (subject to an acceleration clause)
Number of placees: 89 placees
Insider/pro group participation: not applicable
Agent: PI Financial Corp.
Agent's fee: 7 per cent of gross proceeds in cash and non-transferable warrants representing 7 per cent of the number of common shares issued pursuant to the offering, representing an aggregate of 770,000 broker warrants to purchase 770,000 common shares, on a postconsolidation basis (Each whole broker warrant is exercisable at any time for 24 months following the closing date of the RTO (subject to an acceleration clause) at an exercise price of 50 cents per share, on a postconsolidation basis.)
The company has confirmed the closing of that private placement by news releases dated Dec. 12, 2017, and Dec. 21, 2017.