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10. Subsequent Events
3 Months Ended
Jun. 30, 2017
Notes  
10. Subsequent Events

10. SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to August 14, 2017, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events:

 

On July 31, 2017, the Company announced its final closing of its private placement Unit Offering having raised a further $435,579 in gross proceeds subsequent to June 30, 2017, through the sale of a further 248,903 Units. On August 10, 2017, the Company accepted one additional subscription of $25,000 into its private placement Unit Offering, as a result of receiving wire funds that were previously in transit, such that the cumulative effect on common stock, including exchangeable shares, was that it increased to 30,624,424 shares, as at that date. The Unit Offering raised total gross proceeds of $6,527,997, including $2,455,000 initially raised as convertible Bridge Notes that were converted. After payment of Placement Agent fees and expenses but before the payment of other Unit Offering expenses such as legal and accounting expenses, we received net cash proceeds, from the commencement of the Unit Offering to August 10, 2017, of approximately $5,849,367, including the net cash proceeds of $2,274,800 received as a result of sale and subsequent conversion of the convertible Bridge Notes. Based on the multiple closings that were completed by August 10, 2017, the Company paid to the Placement Agent and its sub-agents an aggregate of approximately $678,630 in fees, and issued Placement Agent’s Warrants to purchase an aggregate of 301,528 shares of common stock. The offer and sale of the Units in the Common Share Offering were made in reliance on the exemption from registration afforded under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D under the Securities Act.