Enforcement by Investors of Civil Liabilities
The enforcement by investors of civil liabilities under United States federal securities
laws may be adversely affected by the fact that the Company is organized under the
laws of Canada, that most of its officers and directors are residents of Canada, and that
a substantial portion of the Company’s assets and the assets of a majority of the
Company’s directors and officers named in the 2008 Annual Information Form are
located outside the United States. Furthermore, it may not be possible to enforce
against the Company or its directors or officers, judgments contained in U.S. courts.
The Company believes that a monetary judgment of a Canadian court predicated solely
on the Canadian civil liability regime would likely be enforceable in the U.S. if the
Canadian court in which the judgment was obtained had a basis for jurisdiction in the
matter that was recognized by a U.S. court for such purposes, but this area of the law is
not free from doubt and there is a risk that such a judgment will not be enforceable.