Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Cash and cash equivalents and short-term investments

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Cash and cash equivalents and short-term investments
 12 Months Ended
Dec. 31, 2011
Cash and cash equivalents and short-term investments
3. Cash and cash equivalents and short-term investments

 

The Company’s cash and cash equivalents consist of the following:

 

    As of     As of  
    December 31,     December 31,  
    2011     2010  
    $     $  
             
Cash on deposit at banks     595,982       265,168  
Guaranteed investment certificates     -       287,500  
Money market funds     15,573,497       28,166,147  
                 
      16,169,479       28,718,815  

 

The Company’s short term investments consist of the following:

 

    As of     As of  
    December 31,     December 31,  
    2011     2010  
    $     $  
             
Guaranteed investment certificates     4,925,267       5,122,289  
Certificates of deposit     2,002,256       -  
                 
      6,927,523       5,122,289  

 

Cash and cash equivalents and short term investments bear interest at annual rates ranging from 0.30% to 1.35% and mature at various dates up to October 12, 2012. The instruments with initial maturity over ninety days have been classified as short-term investments.