said May 4 thatit is undertaking a nonbrokered private placement to raise C$4 million of securitiesto finance its exploration activities on its properties in Canada.
The companywill issue 7,200,000 units at 35 cents apiece and 3,600,000 common flow-throughunits at 42 cents per flow-through unit.
Each unit willconsist of 1 common share and 1 common share purchase warrant allowing the holderto purchase additional common shares at an exercise price of 50 cents within a two-yearperiod after the issuance.
The warrantallows the company to accelerate the expiry date of the warrants to 20 days if theclosing price of the company's common shares is higher than 75 cents for 20 consecutivedays. The acceleration provision will commence four months after the closing.
Each flow-throughunit consists of 1 flow-through common share and 0.5 non-transferable non-flow-throughcommon share purchase warrant. The common share purchase warrant entitles the holderto purchase 1 additional common share at an exercise price of 60 cents per warrantshare for a period of two years from the closing. The warrant terms also containsthe same acceleration provision.