Item (b) below was probably the compensation to Onyx Consulting.
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10. SUBSEQUENT EVENTS
a) In October 2006, the Company issued a total of 1,995,000 units for proceeds of $997,500, which were recorded as common stock subscribed as at September 30, 2006. See Note 8(a).
b) In October 2006, the Company issued 225,000 shares of common stock and 150,000 warrants with an exercise price of $0.85 per share expiring on October 20, 2008 and paid $75,000 to a consultant for services to be rendered.
c) In October 2006, the Company issued 90,000 shares of common stock to settle debt of $32,431.
Note 8 to the financial statements included as part of this report lists the
shares of the Company's common stock which were issued during the nine-months ended September 30, 2006.
The shares described in subparagraphs (d), (e), (l), (o), and (p) of Note 8 were registered by means of a registration statement on Form S-8.
The Company relied upon the exemption provided by Section 4(2) of the Securities Act of 1933 in connection with the issuance of the other shares described in Note 8 during the nine-months ended September 30, 2006.
