In addition to cash interest per annum equal to LIBOR plus 7.50%, the Company has granted the lender warrants to purchase 9.9 million common shares, exercisable for a period of 24 months at CAD $0.25 per share, payable by cashless exercise. The warrants are not assignable and any shares issued under the warrants may not be traded for four months following closing. The loan is repayable in equal monthly installments commencing March 31, 2007 and ending on August 8, 2008. The loan is secured by a first charge on all of the Companys assets.
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