On May 29, 2015, the Company accepted a $2,500,000 subscription for the sale of 7,575,757 common stock at a price of $0.33 (CAD $0.41) per share on a non-brokered private placement basis. The funds were held in escrow, as the closing of the private placement was subject to approval of the new insider by the TSX- Venture Exchange, as required under stock exchange rules. The funds were thus reflected as restricted cash for the quarter ended May 31, 2015. Subsequent to the quarter, in June 2015, the Company received approval from the TSX-Venture exchange and funds were released from escrow.