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SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2012
SUBSEQUENT EVENTS

NOTE 13 SUBSEQUENT EVENTS

 

From April 1, 2012 to May 9, 2012, the Company issued 561,112 shares of its common stock to consultants for an aggregate value of $17,500 based on the quoted market price of the shares at time of issuance.

 

On April 2, 2012, the Company issued 1,463,426 shares of its common stock to holders of Series B Convertible Preferred Stock for accrued dividends of $60,000 through March 31, 2012.

 

Such issuances of securities of the Company were made pursuant to the exemptions from registration contained in Rule 4(2) of the Securities Act of 1933, as amended (the “Securities Act”).

 

Subsequent to March 31, 2012, the Company paid $175,000 CAD on the loan payable to a director and the Company and the director agreed that the remaining balance of $75,000 CAD plus accrued interest was due and payable on or before July 1, 2012.