XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
11. Subsequent Events
12 Months Ended
Mar. 31, 2018
Notes  
11. Subsequent Events

11. SUBSEQUENT EVENTS

 

On June 28, 2018, the Company announced that it had entered into an agreement with a private equity investment fund (the “Investor”) to install a committed equity purchase facility, which allows the Company, at its sole option, to direct the Investor to make multiple common share purchases that in aggregate can be up to $25 million (the “Aggregate Amount”) during the term of the facility, which will be up to 36 months. As compensation for providing their commitment with respect to this equity purchase facility, the Company agreed to issue to the Investor common shares representing a dollar value equal to 1.6% of the Aggregate Amount, or $400,000, at a price per share that is equal to the average of the closing sale prices of the common shares for the ten (10) consecutive business days prior to the closing date of the transaction. The size and purchase price for each future drawdown is governed by the purchase facilities agreement and is predicated on trading volumes as well as the average trading and closing prices of the common stock on the day of drawdown and the prior ten (10) trading days, such that the purchase price is always fixed and know at the time the Company elects to sell shares to the Investor.

On July 11, 2018, 278,973 shares had been issued under this facility (see below).

 

Issuance of Shares

 

Subsequent to year end through July 11, 2018, the Company issued an aggregate of 141,500 common shares to consultants in connection with media and marketing services provided during the year ended March 31, 2018. During the same period, 1,940,126 exchangeable shares were converted to the Company’s common stock. Also during the same period, 62,838 warrants to purchase the Company’s common stock were exercised. Also, as part of its common share financing facility, the Investor purchased 128,750 shares of common stock of the Company, at a price of $4, for gross proceeds of $515,000. As compensation for providing their commitment with respect to this equity purchase facility, the Company agreed to issue to the Investor 121,344 common shares representing a dollar value equal to 1.6% of the Aggregate Amount, or $400,000. Up to and including July 11, the Investor had purchase a further 28,879 shares for gross proceeds of $78,407.