The flow through gross proceeds component received from the sale to subscribers of the Charity Flow
Through Shares and Flow Through Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6)
of the Income Tax Act (Canada) (the "Tax Act") on the Company窶冱 properties in the Yukon Territory，
and renounced to such subscribers effective not later than December
31， 2021. Such Canadian exploration expenses will
also qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Tax
Act. The policy owner pays premium(s) into a contract， and the cash value grows income
tax deferred. He believes that investors have heterogeneous beliefs
about the intrinsic value of stocks. The intention of the private placement
system is to help listed companies to inject capital and assets
more quickly， introduce new strategic investors to listed companies，
and provide advanced management experience
and technical support. As an important equity refinancing method for listed companies， private placement has a series of advantages
such as less procedures， high efficiency and low cost. Using the
218 samples from both Shanghai and Shenzhen stock exchange from 2005 to 2007，with
standard event study method，this paper examines the difference between the
short-term performance of private equity placement and that of convertible bond financing.We find that the short-term
performance of private placement equity is better than that of convertible
bond issuing.These findings suggest that the regulators
should incorporate the preference of investors into the regulations of financing policy，
and thus provide suitable environment for the private placement equity.