ENP Newswire -
Release date- 27052014 -
The company expects the remaining portion of the Financing, representing gross proceeds of
Each Unit was comprised of one common share and one-half of one common share purchase warrant of Pinetree. Each whole warrant entitles the holder to purchase one common share of the company, at a price of
The proceeds of the Financing will be used for working capital purposes, which may include the purchase for cancellation of a portion of the company's outstanding convertible debentures.
Officers and directors of Pinetree (and their associates) purchased an aggregate of 3,933,333 units under the Financing, representing approximately 21% of the total number of units sold today and 17% of the total number of units anticipated to be sold upon completion of the entire Financing.
Pinetree paid finders' fees in the form of an aggregate of 976,001 units to third parties who assisted the company in the Financing. The units have the same terms and conditions as the units sold in the Financing.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value added partner.
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