All Sold Out

• This PP appears to be all spoken for mostly by Swedish investors and institutions.
• Citigroup is the lead sponsor. However, this PP without a filed prospectus cannot be sold to US investors due to SEC regulations.

• The new shares will be legended by Computershare and cannot be re-sold for 4 months plus one day in Canada. In other words, the new shares will not be listed on TSX-V until the holdback is released.

• It is rumoured 3 parties took up most of the PP shares and they will likely be non-active investors. That's good for control of the shares.
• Any buyer buying up or adding to a "toe-hold" interest - below 10% of total outstanding shares (O/S) - will not need to file an Early Warning Report. Otherwise, a filing will be needed if any buyer exceeds10% of O/S shares due to the new shares issued. This rule is to stop any stealth takeover.
• It is of some interest how many shares the Lundin holding companies will be buying under this PP

• Currently, AOI has about 253 million shares o/s; OMX First North has about 78 million shares listed and TSX-V has about 175 million shares listed. Post PP, there will be about 310 million shares o/s. The new shares subscribed for by Swedish investors will trade under OMX, but cannot be transferred to Canada due to the hold