Subsequent event

6 Months Ended

Jun. 30, 2012

Subsequent event

16. Subsequent event

On July 6,2012, the Company closed a public offering and issued 12,261,562 units at US$1.28 per unit, each unit comprising one common share and one half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of US$1.85 per share for a period of 18 months following the closing of the public offering, subject to acceleration provisions. The gross proceeds of the financing of US$15,694,799 were allocated first to the fair value of the warrants at US$1,969,112 with the residual amount of US$13,725,687 to common shares.