http://finance.yahoo.com/news/almaden-minerals-ltd-announces-closing-205032542.html

"Duane Poliquin, Chairman of the Board of the Company, as to 21,299 Units, Joseph Montgomery, a Director of the Company, as to 100,000 Units, Barry Smee, a Director of the Company, as to 10,000 Units, and Ernesto Echavarria, a greater than 10% shareholder of the Company, as to 334,000 Units, acquired Units under the private placement. Such participation in the private placement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to, nor the consideration paid by, such persons exceeds 25% of the Company's market capitalization."