Sofame Technologies (SFMGF) 0.0120 $SFMGF
Sofame Reaches Non-binding Agreement to Acquire New England-based Power Engineering and Services Firm
CNW Group - Thu Mar 20, 3:03PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reached a non-binding agreement (LOI) to complete the arm's-length acquisition of 100 per cent of the common shares of a group of New England-based power engineering and services firms (the "Group") for a maximum of $5 million. The Group to be acquired specializes in steam generation at industrial and institutional boiler plants, utility power generating stations, cogeneration facilities, hydroelectric power generation, pulp & paper, and water or waste water treatment plants generating roughly, in the aggregate, $7 million of sustainable revenues and mainly having intangible assets. Through the proposed transaction Sofame would effectively acquire expertise in process controls, boilers, boiler room auxiliary equipment, steam and condensate distribution, combustion controls, burner management, emissions monitoring, waste heat recovery and field servicing and start-up of systems throughout North America. The acquisition would enable Sofame to provide comprehensive customer support in areas of engineering, systems integration, field service, mechanical fabrication, and equipment supply for boiler room applications.
Sofame Reports Q1 2014 Earnings Results
CNW Group - Tue Mar 04, 11:23AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $367,179 for the first quarter of fiscal 2014 ended December 31, 2013, and a net loss of ($ 21,534). EBITDA was $40,525 for the quarter.
Aline Belanger Joins Sofame Technologies Board
CNW Group - Wed Feb 26, 11:35AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) is pleased to welcome Aline Belanger to its Board of Directors. Ms. Bélanger has over 20 years of experience in finance and accounting at companies including enGlobe, AVESTOR, CAE Inc., Bell Canada International, Pricewaterhouse Coopers, Ernst & Young and Cycle Capital Management.
Dril-Quip IncCorporate Event Announcement Notice
Wall Street Horizon - Thu Feb 20, 8:05PM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is raising $85,000 to close-out its $250,000 objective via the issue of a non-brokered private placement of units at a price of $0.02 per unit.Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents.$165,000 of units has been sold so far in tranches of $5,000, with shares subject to a 12-month hold period.Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities. The private placement is subject to the TSX Venture Exchange's Notice to Issuers dated August 17, 2012, regarding Temporary Relief from Certain Pricing Requirements.Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV'
Sofame Reports 2013 Annual Earnings Results
CNW Group - Thu Feb 13, 4:03PM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $1,603,413 for the 2013 fiscal year ended September 30(th), and a net loss of ($ 296,398) for the year.
Sofame Receives Order to Design Heat Recovery System
CNW Group - Mon Feb 03, 9:25AM CST
Sofame Technologies Inc. (TSXV:SDW) (OTC:SFMGF) has received an order from a major energy services company (ESCO) to design a flue gas heat recovery system for a pharmaceutical manufacturing plant. The design-build project is expected to reduce energy and water consumption through the installation of state-of-the-art technology at the facility's cogen plant. The design phase of the project has started, and once the build phase of the project is completed in 2014, the flue gas heat recovery system is expected to save more than half a million dollars per year in fuel costs, reduce CO2 emission by over 4,000 tons annually, and produce over 4 million gallons of water through condensation.
Sofame to Report 2013 Annual Results by February 12, 2014
CNW Group - Fri Jan 31, 8:02AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) will file its audited annual financial statements for the year ended September 30, 2013, management discussion and analysis ("MD&A") and related CEO and CFO certifications on February 12, 2014. These reports (collectively, the "Annual Financial Filings") were not released as scheduled on January 28, 2014.
Sofame Ships New Percofrac(TM) Mobile Water Heating Unit
CNW Group - Fri Nov 08, 9:02AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has shipped its new PercofracTM water heating system. The PercofracTM water heater will be integrated into mobile trailer configurations used in hydraulic fracturing to extract natural gas from shale. This system is designed to use either propane or natural gas as fuel, and has a heating capacity of up to 30 million BTU's per hour. Fracking trailers include electrical generators and other equipment to support field operations in the oil and gas industry. The PercofracTM offers 99% fuel to water energy efficiency to reduce both operating costs, CO2, NOx and other emissions for those customers in the oil patch who are already sensitive to environmental considerations.
TCA Global Master Fund Approves $3 Million Credit Facility for Sofame
CNW Group - Wed Nov 06, 10:11AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has concluded a senior secured revolving credit facility agreement of up to US$ 3,000,000 with TCA Global Credit Master Fund, LP. Under the credit agreement, advances bear interest at the rate of 12% per annum and are secured by all assets of the company. An initial disbursement of a $ 400,000 note was completed on September 23, 2013 and the use of proceeds is for working capital. Additional disbursements will serve to finance future growth of accounts receivable as Sofame pursues its business development plan in 2014. Revenue growth in 2014 is expected to come from sales of the new 99% efficient 10 and 30 million BTU frac heaters, sales of Sofame's core industrial energy efficiency systems, and incremental revenues from the acquisition of compatible companies in the HVAC field.
Sofame Technologies Selected as Finalist in Green Building Category at Global Cleantech Awards for Later Stage Companies
CNW Group - Thu Oct 24, 11:51AM CDT
Sofame Technologies Inc. (TSX-V: SDW) (OTC.PK: SFMGF), a leading Canadian manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to be named as one of the top three finalists in the Green Building Category at the 2013 Global Cleantech Cluster Awards.
Investors Extend Sofame Bridge Loan Maturity for Two Months as Part of a Larger and More Complex Financing Deal
CNW Group - Tue Oct 22, 1:06PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to report that maturity of the $250,000 bridge loan was extended to December 19th, 2013, by a 100 percent vote of the lenders.
Sofame Reports $520,606 in Revenue and $128,077 EBITDA in Q3
CNW Group - Thu Aug 29, 2:13PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $ 520,606 for Q3 ended June 30th of the 2013 fiscal year ending September 30, 2013, a net profit of $ 23,453 and EBITDA of $ 128,077 (24.6%) for the period.
Sofame Nominated in the "Best in Green Building" Category for the 2013 Global Cleantech Cluster Association's Later Stage Company Awards
CNW Group - Thu Aug 22, 6:06PM CDT
Ten Best in Class company finalists will be honored at the Corporate Cleantech Venture Day on November 20, 2013 in Lahti, Finland.
Sofame Issues Guidance for 2013
CNW Group - Mon Jul 08, 10:05AM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that four orders scheduled to be completed in September are expected to result in total annual revenues of approximately $ 2,000,000 for the fiscal year ending September 30(th), 2013, compared to revenues of $ 1,802,080 in 2012. Gross profit margin on sales and net profit are expected to be in line with the prior year.
Sofame Confirms over $1,000,000 of New Orders
CNW Group - Mon Jun 17, 12:19PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce confirmation of new orders totaling over $ 1,000,000. A leading hospital in Montreal has ordered a second Percotherm® heat recovery system for its new expansion project. In a new development of strategic importance to the Company, several Percomax® systems have been ordered from western Canada to be used in the fracking process for extracting natural gas. The Sofame Percomax® water heater offers up to 100% fuel to water efficiency compared to other systems. The Sofame Percomax® is also controlled by a state-of-the-art control panel with remote monitoring capabilities which offer added value in remote field operations.
Sofame Reports $251,236 Revenue and $36,946 EBITDA in Q2
CNW Group - Mon Jun 10, 2:37PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $251,236 for Q2 ended March 31st of the 2013 fiscal year, a net loss of ($ 69,809) and EBITDA of $36,946 (14.7%) for the period.
Sofame Closes Initial $205,000 Tranche of Private Placement at $0.02
CNW Group - Thu May 30, 5:12PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has closed an initial tranche of $ 205,000 of its non-brokered private placement with accredited investors through the issue of units at a price of $0.02 per unit. Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents. 10,250,000 units have been sold in tranches of $ 5,000 with shares subject to a 4-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities as follows:
Sofame Plans $275,000 Private Placement at $0.02
CNW Group - Thu May 16, 3:29PM CDT
Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is seeking to raise $275,000 via the issue of a non-brokered private placement of units at a price of $0.02 per unit. Each unit will be comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents (13,750,000 common shares and 6,875,000 common share purchase warrants).Units will be sold in tranches of $5,000, and the shares will be subject to a 4-month hold period. Proceeds of the funding would be applied specifically to outstanding trade debts, interest, taxes, government liabilities and up to $50,000 for working capital. The private placement is subject to the TSX Venture Exchange's Notices to Issuers dated August 17, 2012, and April 12, 2013, regarding Temporary Relief from Certain Pricing Requirements.Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV's conditional acceptance of the Private Placement and granting relief from certain existing pricing requirements.
Allan Ghetler Named General Manager of Sofame Technologies
CNW Group - Wed Apr 17, 12:15PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce a new appointment to the management team.Allan Ghetler has accepted the position of General Manager.
Sofame Closes Third and Final $60,000 Tranche of Private Placement Totaling $225,000
CNW Group - Fri Mar 15, 5:30PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has closed a third and final $60,000 tranche of its non-brokered private placement totaling $225,000 through the issue of units at a price of $0.02 per unit. Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents. $165,000 of units had been sold in 2012 in tranches of $5,000, with shares subject to a 12-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities as follows:
Sofame Reaches Non-binding Agreement to Acquire New England-based Power Engineering and Services Firm
CNW Group - Thu Mar 20, 3:03PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reached a non-binding agreement (LOI) to complete the arm's-length acquisition of 100 per cent of the common shares of a group of New England-based power engineering and services firms (the "Group") for a maximum of $5 million. The Group to be acquired specializes in steam generation at industrial and institutional boiler plants, utility power generating stations, cogeneration facilities, hydroelectric power generation, pulp & paper, and water or waste water treatment plants generating roughly, in the aggregate, $7 million of sustainable revenues and mainly having intangible assets. Through the proposed transaction Sofame would effectively acquire expertise in process controls, boilers, boiler room auxiliary equipment, steam and condensate distribution, combustion controls, burner management, emissions monitoring, waste heat recovery and field servicing and start-up of systems throughout North America. The acquisition would enable Sofame to provide comprehensive customer support in areas of engineering, systems integration, field service, mechanical fabrication, and equipment supply for boiler room applications.
Sofame Reports Q1 2014 Earnings Results
CNW Group - Tue Mar 04, 11:23AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $367,179 for the first quarter of fiscal 2014 ended December 31, 2013, and a net loss of ($ 21,534). EBITDA was $40,525 for the quarter.
Aline Belanger Joins Sofame Technologies Board
CNW Group - Wed Feb 26, 11:35AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) is pleased to welcome Aline Belanger to its Board of Directors. Ms. Bélanger has over 20 years of experience in finance and accounting at companies including enGlobe, AVESTOR, CAE Inc., Bell Canada International, Pricewaterhouse Coopers, Ernst & Young and Cycle Capital Management.
Dril-Quip IncCorporate Event Announcement Notice
Wall Street Horizon - Thu Feb 20, 8:05PM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is raising $85,000 to close-out its $250,000 objective via the issue of a non-brokered private placement of units at a price of $0.02 per unit.Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents.$165,000 of units has been sold so far in tranches of $5,000, with shares subject to a 12-month hold period.Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities. The private placement is subject to the TSX Venture Exchange's Notice to Issuers dated August 17, 2012, regarding Temporary Relief from Certain Pricing Requirements.Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV'
Sofame Reports 2013 Annual Earnings Results
CNW Group - Thu Feb 13, 4:03PM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $1,603,413 for the 2013 fiscal year ended September 30(th), and a net loss of ($ 296,398) for the year.
Sofame Receives Order to Design Heat Recovery System
CNW Group - Mon Feb 03, 9:25AM CST
Sofame Technologies Inc. (TSXV:SDW) (OTC:SFMGF) has received an order from a major energy services company (ESCO) to design a flue gas heat recovery system for a pharmaceutical manufacturing plant. The design-build project is expected to reduce energy and water consumption through the installation of state-of-the-art technology at the facility's cogen plant. The design phase of the project has started, and once the build phase of the project is completed in 2014, the flue gas heat recovery system is expected to save more than half a million dollars per year in fuel costs, reduce CO2 emission by over 4,000 tons annually, and produce over 4 million gallons of water through condensation.
Sofame to Report 2013 Annual Results by February 12, 2014
CNW Group - Fri Jan 31, 8:02AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) will file its audited annual financial statements for the year ended September 30, 2013, management discussion and analysis ("MD&A") and related CEO and CFO certifications on February 12, 2014. These reports (collectively, the "Annual Financial Filings") were not released as scheduled on January 28, 2014.
Sofame Ships New Percofrac(TM) Mobile Water Heating Unit
CNW Group - Fri Nov 08, 9:02AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has shipped its new PercofracTM water heating system. The PercofracTM water heater will be integrated into mobile trailer configurations used in hydraulic fracturing to extract natural gas from shale. This system is designed to use either propane or natural gas as fuel, and has a heating capacity of up to 30 million BTU's per hour. Fracking trailers include electrical generators and other equipment to support field operations in the oil and gas industry. The PercofracTM offers 99% fuel to water energy efficiency to reduce both operating costs, CO2, NOx and other emissions for those customers in the oil patch who are already sensitive to environmental considerations.
TCA Global Master Fund Approves $3 Million Credit Facility for Sofame
CNW Group - Wed Nov 06, 10:11AM CST
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has concluded a senior secured revolving credit facility agreement of up to US$ 3,000,000 with TCA Global Credit Master Fund, LP. Under the credit agreement, advances bear interest at the rate of 12% per annum and are secured by all assets of the company. An initial disbursement of a $ 400,000 note was completed on September 23, 2013 and the use of proceeds is for working capital. Additional disbursements will serve to finance future growth of accounts receivable as Sofame pursues its business development plan in 2014. Revenue growth in 2014 is expected to come from sales of the new 99% efficient 10 and 30 million BTU frac heaters, sales of Sofame's core industrial energy efficiency systems, and incremental revenues from the acquisition of compatible companies in the HVAC field.
Sofame Technologies Selected as Finalist in Green Building Category at Global Cleantech Awards for Later Stage Companies
CNW Group - Thu Oct 24, 11:51AM CDT
Sofame Technologies Inc. (TSX-V: SDW) (OTC.PK: SFMGF), a leading Canadian manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to be named as one of the top three finalists in the Green Building Category at the 2013 Global Cleantech Cluster Awards.
Investors Extend Sofame Bridge Loan Maturity for Two Months as Part of a Larger and More Complex Financing Deal
CNW Group - Tue Oct 22, 1:06PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to report that maturity of the $250,000 bridge loan was extended to December 19th, 2013, by a 100 percent vote of the lenders.
Sofame Reports $520,606 in Revenue and $128,077 EBITDA in Q3
CNW Group - Thu Aug 29, 2:13PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $ 520,606 for Q3 ended June 30th of the 2013 fiscal year ending September 30, 2013, a net profit of $ 23,453 and EBITDA of $ 128,077 (24.6%) for the period.
Sofame Nominated in the "Best in Green Building" Category for the 2013 Global Cleantech Cluster Association's Later Stage Company Awards
CNW Group - Thu Aug 22, 6:06PM CDT
Ten Best in Class company finalists will be honored at the Corporate Cleantech Venture Day on November 20, 2013 in Lahti, Finland.
Sofame Issues Guidance for 2013
CNW Group - Mon Jul 08, 10:05AM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that four orders scheduled to be completed in September are expected to result in total annual revenues of approximately $ 2,000,000 for the fiscal year ending September 30(th), 2013, compared to revenues of $ 1,802,080 in 2012. Gross profit margin on sales and net profit are expected to be in line with the prior year.
Sofame Confirms over $1,000,000 of New Orders
CNW Group - Mon Jun 17, 12:19PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce confirmation of new orders totaling over $ 1,000,000. A leading hospital in Montreal has ordered a second Percotherm® heat recovery system for its new expansion project. In a new development of strategic importance to the Company, several Percomax® systems have been ordered from western Canada to be used in the fracking process for extracting natural gas. The Sofame Percomax® water heater offers up to 100% fuel to water efficiency compared to other systems. The Sofame Percomax® is also controlled by a state-of-the-art control panel with remote monitoring capabilities which offer added value in remote field operations.
Sofame Reports $251,236 Revenue and $36,946 EBITDA in Q2
CNW Group - Mon Jun 10, 2:37PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $251,236 for Q2 ended March 31st of the 2013 fiscal year, a net loss of ($ 69,809) and EBITDA of $36,946 (14.7%) for the period.
Sofame Closes Initial $205,000 Tranche of Private Placement at $0.02
CNW Group - Thu May 30, 5:12PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has closed an initial tranche of $ 205,000 of its non-brokered private placement with accredited investors through the issue of units at a price of $0.02 per unit. Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents. 10,250,000 units have been sold in tranches of $ 5,000 with shares subject to a 4-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities as follows:
Sofame Plans $275,000 Private Placement at $0.02
CNW Group - Thu May 16, 3:29PM CDT
Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is seeking to raise $275,000 via the issue of a non-brokered private placement of units at a price of $0.02 per unit. Each unit will be comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents (13,750,000 common shares and 6,875,000 common share purchase warrants).Units will be sold in tranches of $5,000, and the shares will be subject to a 4-month hold period. Proceeds of the funding would be applied specifically to outstanding trade debts, interest, taxes, government liabilities and up to $50,000 for working capital. The private placement is subject to the TSX Venture Exchange's Notices to Issuers dated August 17, 2012, and April 12, 2013, regarding Temporary Relief from Certain Pricing Requirements.Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV's conditional acceptance of the Private Placement and granting relief from certain existing pricing requirements.
Allan Ghetler Named General Manager of Sofame Technologies
CNW Group - Wed Apr 17, 12:15PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce a new appointment to the management team.Allan Ghetler has accepted the position of General Manager.
Sofame Closes Third and Final $60,000 Tranche of Private Placement Totaling $225,000
CNW Group - Fri Mar 15, 5:30PM CDT
Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has closed a third and final $60,000 tranche of its non-brokered private placement totaling $225,000 through the issue of units at a price of $0.02 per unit. Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents. $165,000 of units had been sold in 2012 in tranches of $5,000, with shares subject to a 12-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities as follows:
