(a) Subject to the terms and conditions of this Agreement and on the basis of the representations and warranties set forth herein, the Company agrees to sell to the Investor and the Investor agrees to purchase from the Company at the Initial Closing 897,312 Shares for a purchase price of CDN$ 0.835829741 per share, (or .75US) for an aggregate price of CDN$750,000 (the “ Initial Purchase Price ”). In connection with the Investor’s purchase of Shares, the Investor will receive a Warrant at the Initial Closing to purchase the number of additional common shares in the capital of the Company set forth in such Warrant attached hereto as Exhibit A .
Date Purchase Price Number of Shares
November 21, 2005 CDN$750,000 897,312
January 23, 2006 CDN$500,000 598,208
March 23, 2006 CDN$200,000 239,283
So is this guy selling is 75 cent shares for 1.42 today? what a bargian for him - management is screwing EXISTING shareholders!
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