Reported Earnings • Apr 26
Full year 2025 earnings released: CA$0.02 loss per share (vs CA$0.035 loss in FY 2024) Full year 2025 results: CA$0.02 loss per share (improved from CA$0.035 loss in FY 2024). Revenue: CA$12.1m (up 22% from FY 2024). Net loss: CA$1.84m (loss narrowed 34% from FY 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 23
Third quarter 2025 earnings released: CA$0.006 loss per share (vs CA$0.005 loss in 3Q 2024) Third quarter 2025 results: CA$0.006 loss per share (further deteriorated from CA$0.005 loss in 3Q 2024). Revenue: CA$2.57m (down 5.5% from 3Q 2024). Net loss: CA$528.4k (loss widened 36% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Oct 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Market cap is less than US$10m (CA$11.1m market cap, or US$7.92m). Aankondiging • Oct 21
Herbal Dispatch Inc. announced that it has received CAD 2.078211 million in funding On October 20, 2025, Herbal Dispatch Inc. closed the transaction. The company issued 41,564,220 units at a price of CAD 0.05 per Unit for gross proceeds of up to CAD 2,078,211. In connection with the closing of the private placement, the company incurred finder's fees to qualified arm’s length finders (the “finders”) as follows: (a) an aggregate cash payment of CAD 103,495; and (b) the issuance of 599,900 Warrants. Such finder’s fees were paid only to Finders who executed finder’s fee agreements with the Company and who successfully introduced investors that participated in the Private Placement. The transaction included participation from new investors Roderick W. Law Corporation, EPC Holdings Ltd., and ADH Holdings Ltd., for an aggregate of 6,814,420 Units, representing approximately 16.39% of the total Units permitted to be subscribed for under the Private Placement. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.008 loss per share (vs CA$0.001 profit in 2Q 2024) Second quarter 2025 results: CA$0.008 loss per share (down from CA$0.001 profit in 2Q 2024). Revenue: CA$2.74m (down 25% from 2Q 2024). Net loss: CA$666.0k (down CA$724.6k from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Aankondiging • Jul 30
Herbal Dispatch Inc. announced that it expects to receive CAD 1 million in funding Herbal Dispatch Inc. announced a non-brokered private placement of up to 20,000,000 units at a price of CAD 0.05 per Unit for gross proceeds of up to CAD 1,000,000. Each Unit shall consist of one common share and one-half common share purchase warrant with each Warrant transferable and exercisable for one common share at a price of CAD 0.08 per share for a period of 24 months after the closing date. The Private Placement shall be completed on a best-efforts basis from eligible purchasers that shall be restricted to accredited investors or other investors meeting exemption requirements for a non-brokered private placement. The closing of the Private Placement is expected to occur before August 29, 2025, and is subject to receipt of all necessary regulatory approvals, including the approval of the CSE. Should the Private Placement be oversubscribed, the Company reserves the right to accept additional funds, subject to the approval of the Canadian Securities Exchange (“CSE”). All securities issued pursuant to the Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws. New Risk • May 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$609k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$609k free cash flow). Market cap is less than US$10m (CA$4.09m market cap, or US$2.98m). Minor Risk Share price has been volatile over the past 3 months (18% average weekly change). Aankondiging • Apr 08
Herbal Dispatch Inc., Annual General Meeting, Jun 10, 2025 Herbal Dispatch Inc., Annual General Meeting, Jun 10, 2025. Aankondiging • Mar 25
Herbal Dispatch Inc. announced that it has received CAD 0.6 million in funding Herbal Dispatch Inc. announced that it will receive CAD 600,000 in a round of funding on March 25, 2025. The company will also issue 3,000,000 warrants in the transaction. Each warrants are convertible to common stock of the company at an exercise price of $0.065 per share. The warrants will expire on March 19, 2029. The company has received debt in the transaction which incurs interest rate of 18% p.a. and is repayable in equal monthly instalments of $29,955. The warrants carry a hold period of four months. The company has incurred a closing fee of $12,000 in the transaction. The transaction included participation from Philip Campbell representing one of the Lenders, and via a wholly owned company, and provided $100,000 of the debt and will receive 500,100 of the warrants issued. Reported Earnings • Nov 21
Third quarter 2024 earnings released: CA$0.005 loss per share (vs CA$0.008 loss in 3Q 2023) Third quarter 2024 results: CA$0.005 loss per share (improved from CA$0.008 loss in 3Q 2023). Revenue: CA$2.72m (up 132% from 3Q 2023). Net loss: CA$388.2k (loss narrowed 27% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Aankondiging • Oct 09
Herbal Dispatch Inc., Annual General Meeting, Dec 16, 2024 Herbal Dispatch Inc., Annual General Meeting, Dec 16, 2024. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: CA$0.001 (vs CA$0.006 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.001 (up from CA$0.006 loss in 2Q 2023). Revenue: CA$3.65m (up 215% from 2Q 2023). Net income: CA$58.6k (up CA$460.2k from 2Q 2023). Profit margin: 1.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Reported Earnings • May 30
First quarter 2024 earnings released: CA$0.011 loss per share (vs CA$0.011 loss in 1Q 2023) First quarter 2024 results: CA$0.011 loss per share (in line with 1Q 2023). Revenue: CA$1.27m (up 330% from 1Q 2023). Net loss: CA$797.5k (loss widened 16% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Board Change • May 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Drew Malcolm was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Market cap is less than US$10m (CA$4.09m market cap, or US$2.99m). Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Revenue is less than US$5m (CA$4.7m revenue, or US$3.5m). Aankondiging • May 10
Herbal Dispatch Inc. Announces Board Changes Herbal Dispatch Inc. announces that effective May 8, 2024, Jeremy South has resigned as a Director and Chairman of the Company. The Company is grateful to Mr. South for his contribution throughout the yearsand wishes him all the best in his future endeavors. The Honourable Herb Dhaliwal, a Director the Company, has agreed to be appointed as interim Chairman of the Company until a permanent successoris appointed. Reported Earnings • May 01
Full year 2023 earnings released: CA$0.029 loss per share (vs CA$0.092 loss in FY 2022) Full year 2023 results: CA$0.029 loss per share (improved from CA$0.092 loss in FY 2022). Revenue: CA$4.74m (up CA$4.43m from FY 2022). Net loss: CA$2.07m (loss narrowed 55% from FY 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Aankondiging • Mar 21
Herbal Dispatch Inc. announced that it expects to receive CAD 1 million in funding Herbal Dispatch Inc. announced on best-effort basis a non-brokered private placement of up to 20,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 1,000,000 on March 20, 2024. Each Unit shall consist of one common share and one common share warrant with each Warrant exercisable for one common share at a price of CAD 0.06 per share for a period of 24 months after the closing date. Should the Private Placement be oversubscribed, the Company reserves the right to accept additional funds, subject to the approval of the Canadian Securities Exchange and is also subjected to regulatory approvals. The closing of the Private Placement is expected to occur before April 5, 2024. All securities issued pursuant to the private placement will be subject to a four month hold period in accordance with applicable Canadian securities laws. Aankondiging • Dec 16
Herbal Dispatch Inc. announced that it expects to receive CAD 0.938 million in funding Herbal Dispatch Inc. announced that it has issued an unsecured convertible debenture in the principal amount of CAD 938,000 for gross proceeds of CAD 938,000 on December 15, 2023. The transaction included participation from directors. The company also amended the terms of a convertible debenture in the principal amount of CAD 438,000 owing to another director of the company. The debenture bears interest at an annual rate of 14% per annum, payable monthly, and matures on January 31, 2025. The transaction is subject to the approval of the Canadian Securities Exchange. The debenture will also be convertible, at the holder’s option into common shares of the company at a price of CAD 0.05 per share, and at the it’s election, during any period where the trading price of the it’s common shares is CAD 0.10 or greater for a period of 20 consecutive trading days.
The company issued principal amount of CAD 500,000 to a director of the company in its first tranche. Reported Earnings • Nov 25
Third quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2022) Third quarter 2023 results: CA$0.001 loss per share (in line with 3Q 2022). Revenue: CA$1.17m (up CA$1.07m from 3Q 2022). Net loss: CA$533.0k (loss narrowed 32% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Aankondiging • Oct 07
Herbal Dispatch Inc., Annual General Meeting, Dec 15, 2023 Herbal Dispatch Inc., Annual General Meeting, Dec 15, 2023. Reported Earnings • Sep 01
Second quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.003 loss in 2Q 2022) Second quarter 2023 results: CA$0.001 loss per share (improved from CA$0.003 loss in 2Q 2022). Revenue: CA$1.16m (up CA$1.15m from 2Q 2022). Net loss: CA$401.7k (loss narrowed 71% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 02
First quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 1Q 2022) First quarter 2023 results: CA$0.001 loss per share (in line with 1Q 2022). Net loss: CA$685.8k (loss widened 23% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Aankondiging • May 27
Herbal Dispatch Inc. announced that it expects to receive CAD 1 million in funding Herbal Dispatch Inc. announced a non-brokered private placement of up to 100,000,000 units at a price of CAD 0.01 per unit for the gross proceeds of CAD 1,000,000 on May 25, 2023. Each unit consist of one common share and one common share warrant. Each warrant is exercisable for one common share at a price of CAD 0.05 per share for a period of 24 months after the closing date. All securities issued pursuant to the private placement will be subject to a four month hold period. The transaction is subject to the approval of all necessary regulatory approvals including the approval of the CSE. The transaction is expected to close on June 30, 2023. Reported Earnings • May 01
Full year 2022 earnings released: CA$0.009 loss per share (vs CA$0.006 loss in FY 2021) Full year 2022 results: CA$0.009 loss per share (further deteriorated from CA$0.006 loss in FY 2021). Net loss: CA$4.62m (loss widened 93% from FY 2021). Reported Earnings • Dec 02
Third quarter 2022 earnings released: CA$0.001 loss per share (vs CA$0.002 loss in 3Q 2021) Third quarter 2022 results: CA$0.001 loss per share (improved from CA$0.002 loss in 3Q 2021). Net loss: CA$778.0k (loss narrowed 7.3% from 3Q 2021). Aankondiging • Oct 07
Luff Enterprises Ltd., Annual General Meeting, Dec 08, 2022 Luff Enterprises Ltd., Annual General Meeting, Dec 08, 2022. Aankondiging • Sep 28
Luff Enterprises Launches National E-Commerce Platform Under Herbal Dispatch Brand Luff Enterprises Ltd. announced that it has commenced sales on its recently acquired cannabis marketplace herbaldispatch.com. LUFF has engaged over 50 licensed producers as potential suppliers with over 30 of them qualified as approved vendors with 127 SKUs approved for sale on the marketplace. It is expected that another 10 vendors and 170 SKUs will be added to the site in the coming weeks making Herbal Dispatch already one of the purveyors of medical cannabis products in Canada. Medical cannabis sales in Canada show a lot of promise, with Health Canada reporting 257,059 registered medical patients at the end of December 31, 2021. They placed a total of 859,581 orders in the same year1. Veterans Affairs Canada also reported annual medical cannabis coverage for veterans totaling $119,000,000 in fiscal 2020-2021 with it expected to grow to $321,500,000 by fiscal 2025-20262. The Company believes its capital-lean and highly-scalable business model will capture a meaningful portion of this market. Aankondiging • Aug 28
An unknown buyer entered into a definitive agreement to acquire Certain assets and licenses at Portland Oregon facility of Luff Enterprises Ltd. (CNSX:LUFF) for $0.12 million. An unknown buyer entered into a definitive agreement to acquire Certain assets and licenses at Portland Oregon facility of Luff Enterprises Ltd. (CNSX:LUFF) for $0.12 million in July 2022. Consideration will be paid in cash. This transaction is expected to close within the 3rd quarter of 2022. Reported Earnings • Aug 27
Second quarter 2022 earnings released: CA$0.003 loss per share (vs CA$0.004 loss in 2Q 2021) Second quarter 2022 results: CA$0.003 loss per share (up from CA$0.004 loss in 2Q 2021). Revenue: CA$9.3k (down 96% from 2Q 2021). Net loss: CA$1.37m (loss narrowed 2.6% from 2Q 2021). Aankondiging • Aug 24
Luff Enterprises Ltd. (CNSX:LUFF) acquired 1192515 BC Ltd. for CAD 2.1 million. Luff Enterprises Ltd. (CNSX:LUFF) acquired 1192515 BC Ltd. for CAD 2.1 million on August 23, 2022. Consideration for the Transaction was comprised of the issuance of 140,000,000 common shares of Luff with 20,000,000 common shares immediately distributed to the shareholders of Herbal Dispatch and the remaining 120,000,000 common shares being distributed following the achievement of certain milestone events during the four-year period after completion of the Transaction as follows: 30,000,000 common shares of Luff upon gross sales in Canada reaching CAD 300,000 in a three-month consecutive period; 40,000,000 common shares of Luff upon gross sales in Canada reaching CAD 750,000 in a three-month consecutive period; and 50,000,000 common shares of Luff upon gross sales in Canada reaching CAD 1,500,000 in a three-month consecutive period.
Luff Enterprises Ltd. (CNSX:LUFF) completed the acquisition of 1192515 BC Ltd. on August 23, 2022. Aankondiging • Jul 23
Luff Enterprises Ltd. (CNSX:LUFF) signed a a definitive agreement to acquire National Green Biomed Ltd. (NG Biomed) for CAD 4.1 million. Luff Enterprises Ltd. (CNSX:LUFF) signed a definitive agreement to acquire National Green Biomed Ltd. (NG Biomed) on July 21, 2022. Under the agreement, Luff Enterprises will acquire NG Biomed largely for share consideration. The acquisition of NG Biomed will be effected by way of a three-cornered amalgamation in accordance with the provisions of the Business Corporations Act (British Columbia) whereby the shareholders of NG Biomed will exchange their shares for up to 170 million common shares in Luff at a deemed price of CAD 0.025 per share. At closing, Luff will also assume up to a maximum of CAD 0.5 million in debt and up to CAD 0.2 million in other net liabilities. In a related transaction, Luff Enterprises has also entered into a definitive agreement to sell certain assets and licenses at its Portland Oregon facility for cash consideration on July 21, 2022. NG Biomed employees will join Luff Enterprises. Upon closing of the acquisition, Luff Enterprises plans to appoint the Honourable Herb Dhaliwal, NG Biomed’s Chairman to Luff’s Board of Directors.
The acquisition of NG Biomed remains subject to approval from NG Biomed’s shareholders, approval from the Canadian Securities Exchange, if needed, and completion of customary closing conditions. This transaction is expected to close within the next 3 months. Aankondiging • Jul 22
Luff Enterprises Ltd. Appoints Herb Dhaliwal to its Board of Directors Luff Enterprises Ltd. announced the signing of a definitive agreement to acquire a licensed producer in British Columbia. Luff plans to acquire, largely for share consideration, the National Green Biomed group of companies ("NG Biomed"). Upon closing of the acquisition, the Company plans to appoint the Honourable Herb Dhaliwal, NG Biomed's Chairman, to Luff's Board of Directors. Mr. Dhaliwal is a former member of Parliament and Minister of National Revenue, Minister of Fisheries & Oceans and Minister of Natural Resources. He is the former Vice-Chair of BC Hydro Power and Authority. Reported Earnings • May 28
First quarter 2022 earnings released: CA$0.001 loss per share (vs CA$0.002 loss in 1Q 2021) First quarter 2022 results: CA$0.001 loss per share (up from CA$0.002 loss in 1Q 2021). Revenue: CA$19.8k (down 72% from 1Q 2021). Net loss: CA$557.5k (loss narrowed 33% from 1Q 2021). Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Jeremy South is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 14
Full year 2021 earnings released: CA$0.006 loss per share (vs CA$0.018 loss in FY 2020) Full year 2021 results: CA$0.006 loss per share (up from CA$0.018 loss in FY 2020). Revenue: CA$684.2k (up CA$664.2k from FY 2020). Net loss: CA$2.40m (loss narrowed 63% from FY 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Aankondiging • Dec 17
The Pharmari Nevada, LLC completed the acquisition of Las Vegasfacility and Associated Licenses from Luff Enterprises Ltd. (CNSX:LUFF). The Pharmari Nevada, LLC entered into definitive agreement to acquire Las Vegasfacility and Associated Licenses from Luff Enterprises Ltd. (CNSX:LUFF) for CAD 6.1 million on May 14, 2021. The Agreements are subject to customary closing conditions in addition to approval by the Nevada Cannabis Compliance Board.
The Pharmari Nevada, LLC completed the acquisition of Las Vegasfacility and Associated Licenses from Luff Enterprises Ltd. (CNSX:LUFF) on December 16, 2021. Concurrent to the closing of the sale Luff has fully repaid its CAD 2 million secured loan and now has no third party debt outstanding. The net proceeds will be to continue to build out online sales channels across North America. Aankondiging • Sep 03
Luff Enterprises Ltd. announced that it expects to receive CAD 0.75 million in funding Luff Enterprises Ltd. announced a non-brokered private placement of 28,846,154 units at a price of CAD 0.026 per unit for gross proceeds of CAD 750,000 on September 2, 2021. Each unit shall consist of one common share of the Company and one common share purchase warrant. Each unit warrant will entitle the holder thereof to acquire a common share of the company at a price of CAD 0.05 on the date that is 36 months after the closing date. Reported Earnings • Aug 20
Second quarter 2021 earnings released: CA$0.004 loss per share (vs CA$0.005 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$1.41m (loss narrowed 28% from 2Q 2020). Reported Earnings • May 28
First quarter 2021 earnings released First quarter 2021 results: Net loss: CA$831.3k (loss narrowed 69% from 1Q 2020). Aankondiging • May 15
The Pharmari Nevada, LLC entered into definitive agreement to acquire Las Vegasfacility and Associated Licenses from Luff Enterprises Ltd. (CNSX:LUFF) for CAD 6.1 million. The Pharmari Nevada, LLC entered into definitive agreement to acquire Las Vegasfacility and Associated Licenses from Luff Enterprises Ltd. (CNSX:LUFF) for CAD 6.1 million on May 14, 2021. The Agreements are subject to customary closing conditions in addition to approval by the Nevada Cannabis Compliance Board. Reported Earnings • Apr 24
Full year 2020 earnings released: CA$0.018 loss per share (vs CA$0.07 loss in FY 2019) Full year 2020 results: Net loss: CA$6.44m (loss narrowed 71% from FY 2019). Aankondiging • Dec 24
Luff Enterprises Ltd. announced that it has received CAD 2 million in funding Luff Enterprises Ltd. (CNSX:LUFF) announced a private placement CAD 2 million of non-convertible secured loan on December 23, 2020. The transaction included participation from North American private investor group. The loan matures on on July 30, 2021, and can be extended for six months at the option of company. The lender will receive 12 million warrants with an exercise price of CAD 0.025 and an expiry of two years from the closing date of the transaction. The company paid 3% of advance fee's to the lender. Aankondiging • Sep 24
Luff Enterprises Ltd. announced that it has received CAD 0.434547 million in funding On September 22, 2020, Luff Enterprises Ltd. (CNSX:LUFF) closed the transaction. The company issued 27,159,203 shares for gross proceeds of CAD 434,547.248. The transaction included participation from directors, CEO, CFO, COO and other key employees of the company. All securities issued will be subject to a four month hold period expiring January 22, 2021. The company paid finder's fees of CAD 1,340. Aankondiging • Sep 09
Luff Enterprises Ltd. announced that it expects to receive CAD 0.5 million in funding Luff Enterprises Ltd. (CNSX:LUFF) announced a non-brokered private placement of 31,250,000 shares at a price of CAD 0.016 per share for gross proceeds of CAD 500,000 on September 8, 2020. The closing of the transaction is expected to occur on or about September 19, 2020 and is subject to receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the transaction will be subject to a four month hold period in accordance with applicable Canadian securities laws. The company reserves the right to accept additional funds in case the transaction is oversubscribed, subject to regulatory approval. 
