Transaction Details

Footnotes

Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. The filing of this Form 4 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. | EPIM is the investment advisor to Equinox Partners, L.P., Equinox Partners Precious Metals Master Fund, LP, and Mason Hill Partners, LP (collectively, the "Funds"). Mr. Fieler is the president of EPIM. By virtue of these relationships, each of EPIM and Mr. Fieler may be deemed to beneficially own the securities owned directly by the Funds. | The Reporting Persons acquired units ("Units") from the Issuer consisting of one share of common stock and one common share purchase warrant for a price of $0.25 per Unit. | The common share purchase warrants held by the Reporting Persons (the "Warrants") are subject to a beneficial ownership limitation set forth in the Warrant Certificate governing the Warrants such that the Warrants are exercisable for Common Shares by a holder only to the extent the holder, together with its affiliates and any other person acting as a group with the holder, would not beneficially own more than 19.99% of the outstanding Common Shares after giving effect to such exercise, as such percentage ownership is determined in accordance with the Warrant Certificate (the "Beneficial Ownership Limitation"), except that upon at least 61 days' prior notice from the holder to the issuer, the holder may terminate the Beneficial Ownership Limitation. The Reporting Persons disclaim beneficial ownership of any Common Shares into which the Warrants would be exercisable but for the application of the Beneficial Ownership Limitation.