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Mr Osvaldo Iadarola reports
The company has completed a private placement of a total of 110,000 units to one investor at a price of 44 cents, to raise a total of $48,400. 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. The exercise price is 55 cents during the initial year and 64 cents during the second year.
The private placement is subject to acceptance of the Canadian Venture Exchange.
Shares acquires by placees and share 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 21, 2001, except as permitted by the B.C. Securities Act and regulations thereunder.
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