Subsequent Events

3 Months Ended

Mar. 31, 2012

15. Subsequent Events

Under the provisions of the Earn-in Right Agreement, the Company agreed to perform certain activities, referred to as adjustment triggering events, by specified dates ending on April 30, 2012. Because the adjustment triggering events remain outstanding, Invecture's Earn-in Right has been increased to 62.5% effective May 1, 2012. Accordingly, the Company's interest has been decreased to 37.5% effective May 1, 2012.

On April 19, 2012, the Company announced that it filed a final short form base shelf prospectus with the securities commissions in each province and territory of Canada (other than Quebec) and that its shelf registration statement on Form S-3 filed with the SEC was brought effective (collectively, the "Offering Documents"). The Offering Documents allow Vista to make offerings of common shares, warrants, subscription receipts or units for aggregate proceeds of up to US$200,000 during the next three years to potential purchasers in the United States and, upon issuance of a receipt by the applicable Canadian securities regulators, during the next 25 months to potential purchasers in each province and territory of Canada (other than Quebec)

During April 2012, the Company received proceeds of $1,100 due to the exercise of 478,261 warrants at an exercise price of $2.30 per common share.