As at December 31, 2012 the following warrants were outstanding:

Number Historical Exercise

of Warrants Fair Value ($) Price ($) Expiry Date

Warrants 1,295,558 279,660 0.29 July 21, 2014

Warrants 2,157,348 284,635 0.34 June 8, 2015

Warrants 2,770,044 365,143 0.34 June 22, 2015

Warrants 1,554,000 208,972 0.34 July 31, 2015

Warrants 6,272,087 856,893 0.34 September 7, 2015

Warrants 5,369,000 744,240 0.34 September 13, 2015

Warrants 5,000,000 687,082 0.35 September 27, 2015

Warrants 14,400,000 3,825,178 0.75 February 14, 2015

Compensation warrants 220,734 38,642 0.22 June 8, 2016

Compensation warrants 285,289 49,943 0.22 June 22, 2016

Compensation warrants 155,400 27,708 0.22 July 31, 2016

Compensation warrants 522,209 94,597 0.22 September 7, 2016

Compensation warrants 536,900 98,681 0.22 September 13, 2016

Compensation warrants 500,000 91,102 0.22 September 27, 2016

Compensation warrants 1,440,000 483,114 0.50 February 14, 2016

42,478,569 8,135,590 0.48

These warrants were issued in Canadian dollars and are exercisable at prices ranging from $0.23 CAD and $0.75 CA