(approximately 14.79% on a non-diluted basis)
13,354,742 Common Shares
(approximately 27% on a non-diluted basis)
Glen Gray
(approximately 7.83% on a non-diluted basis)
6,875,000 Common Shares
(approximately 13.9% on a non-diluted basis)
Stuart Gray
(approximately 4.3% on a non-diluted basis)
5,120,000 Common Shares
(approximately 10.3% on a non-diluted basis)
Note:
(1)
Assuming the settlement, in full, of all deferred share units held by Mr. Don Gray, and the closing of the transactions contemplated by the Purchase Agreement, Mr. Don Gray would own and control 13,894,310 Common Shares (approximately 27.8% of the then issued and outstanding Common Shares, on a non-diluted basis).
Each of the Purchasers may be considered to be “joint actors” solely for the purpose of completing the transactions under the Purchase Agreement. Such persons will cease to be joint actors with respect to the transactions under the Purchase Agreement upon the first to occur of the completion of transactions under the Purchase Agreement or upon termination of the Purchase Agreement. Except as it relates to the transactions under the Purchase Agreement, none of the Purchasers are otherwise “joint actors”.