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The underwriter satisfied the share portion of the over allotment by market purchases. The underwriters initially placed 8,196,722 units plus the potential over allotment of 1,229,508 units prior to the initial May 7 closing. Prior to the second closing on May 21 the underwriters bought 1,299,508 shares in the market to support the stock price per the process described in the Prospectus. As a result the Company issued warrants, with an expiry date of May 7, 2012, to purchase 614,754 shares at $3.75 per share. The Company received gross proceeds of $135,246 for these warrants.
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