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Under the terms of the private placement, the company will offer for sale a maximum of 1,865,384 units at CAD0.65 per unit.
Each unit will consist of one common share of the company and one half of one share purchase warrant, with each whole warrant allowing the subscriber to purchase one additional common share of the company at CAD0.85 for a period of two years from the closing date.
The units issued upon the closing of the private placement will be subject to a four-month hold period.
Sacre-Coeur said that it may, at its discretion, pay a cash finders fee of up to 7% of the total gross proceeds of the offering plus Finder's Warrants in the amount equal to 8% of the total number of units sold in the offering.
The private placement is subject to the acceptance of the TSX Venture Exchange.
This new private placement is in addition to the proposed CAD3.25m private placement announced on 9 July 2009.
(USD1=CAD1.104)
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