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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
----------------------------------------------------------------------------(unaudited)(thousands of U.S. dollars, except Currency number of common Common shares Share Contributed translation shares) (#) capital surplus reserve----------------------------------------------------------------------------Balance, March 31, 2011 51,526,901 1,162,319 63,037 (8,344)Options exercised 114,694 9,106 (2,284) -Share-based compensation expense (note 7) - - 38,885 -Net loss for the period - - - -Payment of dividends(1) - - - -Foreign currency translation - - - 9,953----------------------------------------------------------------------------Balance, December 31, 2011 51,641,595 1,171,425 99,638 1,609----------------------------------------------------------------------------Options exercised 250 14 (4) -Share-based compensation expense - - 5,330 -Net loss for the period - - - -Payment of dividends(1) - - - -Foreign currency translation - - - (3,703)----------------------------------------------------------------------------Balance, March 31, 2012 51,641,845 1,171,439 104,964 (2,094)----------------------------------------------------------------------------Share-based compensation expense (note 7) - - 14,655 -Issuance of shares 18,570,350 152,752 - -Issuance of convertible notes - - - -Deferred tax - - - -Conversion of convertible notes 3,716 43 - -Repayment of convertible debentures - - 14,765 -Net loss for the period - - - -Payment of dividends(1) - - - -Foreign currency translation - - - (1,286)----------------------------------------------------------------------------Balance, December 31, 2012 70,215,911 1,324,234 134,384 (3,380)--------------------------------------------------------------------------------------------------------------------------------------------------------(unaudited)(thousands of U.S. dollars, except Equity component number of common of convertible shares) debentures Deficit Total----------------------------------------------------------------------------Balance, March 31, 2011 14,765 (53,392) 1,178,385Options exercised - - 6,822Share-based compensation expense (note 7) - - 38,885Net loss for the period - (139,304) (139,304)Payment of dividends(1) - (9,360) (9,360)Foreign currency translation - - 9,953----------------------------------------------------------------------------Balance, December 31, 2011 14,765 (202,056) 1,085,381----------------------------------------------------------------------------Options exercised - - 10Share-based compensation expense - - 5,330Net loss for the period - (183,324) (183,324)Payment of dividends(1) - (3,146) (3,146)Foreign currency translation - - (3,703)----------------------------------------------------------------------------Balance, March 31, 2012 14,765 (388,526) 900,548----------------------------------------------------------------------------Share-based compensation expense (note 7) - - 14,655Issuance of shares - - 152,752Issuance of convertible notes 30,724 - 30,724Deferred tax (7,492) - (7,492)Conversion of convertible notes - - 43Repayment of convertible debentures (14,765) - -Net loss for the period - (214,404) (214,404)Payment of dividends(1) - (3,017) (3,017)Foreign currency translation - - (1,286)----------------------------------------------------------------------------Balance, December 31, 2012 23,232 (605,947) (872,523)----------------------------------------------------------------------------(1) The Company paid dividends of $0.18 per share in the nine months endedDecember 31, 2011 and $0.06 per share in the nine months ended December 31,2012.The accompanying notes are an integral part of these financial statements.
