 The US15 million private placement of Placement Shares will result in the issuance of approximately 11.6 million Placement Shares at a price of C1 .80 per Placement Share, equal to a 5 premium to the 20-day VWAP of the Companys common shares the Common Shares. The Debentures will be convertible at the holders option into approximately 8.9 million Common Shares at current exchange rates, with actual number of Common Shares to be issued dependent on exchange rate at time of conversion. 