May 10, 2012
| SHARES OUTSTANDING* | 129,802,978 |
| FULLY DILUTED* | 147,345,003 |
|
WORKING CAPITAL (as of March 31, 2012) |
CDN $29.6M |
| Does not include recently announced transaction* | |
| Hebei Private Placement | CDN $88.0M |
| Liberty Metals & Mining Private Placement | CDN $13.0M |
| Options/Warrants | |
| Options | 12,902,500 |
| Investor Warrants ($2.80) | 4,202,612 |
| Broker Warrants ($2.20) | 291,275 |
| Total | 17,396,387 |
| Significant Holders* | ||
| Insiders | 5,927,800 | 4.6% |
| - includes Mark Morabito | 2,835,800 | 2.2% |
| Altius | 32,869,006 | 25.3% |
| Hebei Iron & Steel Group | 25,828,305 | 19.9% |
| Liberty Metals & Mining | 18,786,849 | 14.5% |
*Assumes the issuance of 25,828,305 shares to Hebei Iron & Steel Corp and 3,805,576 shares to Liberty Metals & Mining. These transactions have not yet closed and they are conditional upon approval of the Subscription and Definitive Agreements by the government of the People’s Republic of China, the TSX and the NYSE Amex.
