The net proceeds of the offering will be used to identify and evaluate assets of businesses for acquisition with a view to completing a ‘qualifying transaction’ under the capital pool company program of the TSX Venture Exchange.
At the closing of the offering, the company has also granted stock options to its directors and officers to acquire an aggregate of 385,000 common shares at a price of $0.20 per share exercisable until December 20, 2012. Canaccord Capital Corporation acted as agent for the offering.
