SPROTT controls 14.6% of RAY shares and 11.5% of API shares
As at December 31, 2007, Offeror exercises control or direction, on behalf of accounts fully managed by it, over 3,925,000 common shares (the “Common Shares”) of the Issuer. Based on the number of currently issued and outstanding Common Shares (as reported by the Issuer) the Offeror exercises control or direction over 11.5% of the issued and outstanding Common Shares.