The company has raised gross proceeds of C$5 million through the issuance of 100 million units. Each unit consists of one common share and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable into one common share at a price of C$0.10 for a period of 24 months from the date of issuance of the share purchase warrant.
All securities issued under the private placement will have a hold period expiring on October 21, 2008.
The proceeds from the financing will be used by the company to fund research, development and working capital.