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Re: braised007 post# 44598

Monday, 11/09/2015 11:08:18 AM

Monday, November 09, 2015 11:08:18 AM

Post# of 63744
Looks like there are 8.4 million broker warrants expiring in 2017 at $6.65 strike price. This number is as good as zero as there is no way they will get exercised unless they get repriced.

2012 Debt Financing
In March 2012, the Company closed a brokered private placement
debt financing for total gross proceeds of US$175 million. The financing was conducted by a syndicate of investment
dealers comprising GMP Securities and BMO Capital Markets (as co-lead managers and co-book-runners) and CIBC World Markets Inc.
, Cormark Securities Inc. and Dundee Securities Ltd. as co-managers.
This debt financing involved an offering by the Company of 175,000 units consisting of US$175,000,000 aggregate principal amount of senior secured notes with an interest rate of 10% and a maturity date of March 1, 2017 and 8,400,000 warrants to purchase an aggregate of 8,400,000 common shares of the Company. Each
such unit consisted of US$1,000 principal amount of notes and 48 warrants, with each such warrant entitling the
holder to purchase one common share of the Company at a price of US
$6.65 for a period of five years from the date of issuance of the warrant.

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