As announced previously, each unit is being sold at a price of $0.10 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase an additional common share at an exercise price of $0.15 for a period of one year from the date of closing. The common shares and the common shares underlying the common share purchase warrants, will each be subject to a four month hold period from the date of issuance of the units.
Insiders participating in this financing were: Peter Fitzgerald, Director 5,000,000 units;
Peter Scarth, Director 6,000,000 units
The Company will pay a finder’s fee to third parties in connection with this private placement in accordance with TSX Venture Exchange policies.
Founded in 1995, PhotoChannel operates PNI Digital Media to provide services for major retailers, wireless carriers and content providers. The PNI Digital Media Platform connects consumer ordered digital content with retailers that have on demand manufacturing capabilities for the production of merchandise. Currently PNI Digital Media generates transactions for retailers and their thousands of locations across North America. [May 29, 2006]
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