In connection with certain subscriptions of the private placement, the company paid cash finder's fees to arm's-length parties in the total amount of $359,319.43, representing 10 per cent of the gross proceeds raised through them in the private placement. In addition, the company issued a total of 1,056,356 non-transferable broker warrants to Allyson Taylor Partners, RWS Capital Services, Jordan Capital Markets Inc. and MacDougall, MacDougall & Mactier Inc. Each broker warrant entitles the holder to purchase one common share of the company for a period of two years from the date of issuance, at a purchase price of 30 cents per share.