One director and officer of the Company acquired an aggregate of 3,700,000 Common Shares in the Offering. The participation of such director and officer in the Offering constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Sections 5.5(b) and Sections 5.7(b), respectively, of MI 61-101.
All Common Shares issued pursuant to the Offering are subject to a four (4) month and one (1) day statutory hold commencing from closing. The Offering is subject to
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