The Company announces that it has closed its 2,000,000 unit private placement announced October 16, 2003, each unit consisting of one share and one share purchase warrant which entitles the holder to purchase an additional share of the Company at a price of $0.13 per share until October 27, 2005. In addition, the Company issued 10,000 common shares and paid the sum of $5,000 as compensation in connection with its private placement. The shares and any shares to be issued upon exercise of the warrants will be subject to a hold period and shall not trade until the expiry of February 27, 2004.
The Company also announces that Mr. Derek A.S. Huston has resigned as Vice President of Corporate Communications. Mr. David Lorne Goldman of Toronto, Ontario has been appointed in his place.
The Company has entered into a management services agreement with Mr. Goldman wherein Mr. Goldman has agreed to provide management services to the Company for a fee of $4,000 per month and entitled to receive incentive stock options. The agreement is for an initial term of six months.
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