""for the private placement of $1.063 million to professional investors in two separate tranches of which $362,500 was raised at 2 cents per share and $700,000 at 7 cents per share"
So $362,500 worth were placed at 2 cents which = 18,125,000 new shares PLUS
$700,000 worth were placed at 7 cents which = 10,000,000 new shares for a combined total of 28,125,000 NEW SHARES were issued for a total of $1.063 million so the average paid per share is...
28,125,000 divided by $1.063 = .03779555555 each new share
GCN Price at posting:
5.6¢ Sentiment: None Disclosure: Not Held