All depends on the basis of calculation:

  • Number Shares Issued / Issued + Outstanding / Fully Diluted
  • Beaty’s direct control /  + including options to acquire additional common shares or direct / + indirect (via Lumina Capital Limited Partnership)

According to the “Early Warning Report Pursuant to National Instrument 62-103”, dated December 5, 2011 (please refer to http://www.sedar.com – no direct link to document), Mr. Beaty acquired an additional 354,000 common shares in December 2011, leading to a total of 10,053,225 common shares.

Additionally, Mr. Beaty has options to acquire an additional 280,000 common shares.

On December 8, 2011, a total of 1,002,500 common shares have been subscribed by Lumina Capital Limited Partnership.

So, taking into consideration the “Fully Diluted” number of 45,678,225 common shares, the control of Mr Beaty is as follows:

  • Direct Control = 10,053,225 common shares = 22.01 %
  • Including options = 10,333,225 common shares = 22.60%
  • Including LCLP = 11,335,725 common shares = 24.82%

Consequently, there was no change since December 2011 (the modifications in the percentage is related to the basis of calculation + dilution - cf the latest private placement).

Keep the faith…