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MANAGEMENT’S DISCUSSION AND ANALYSIS
DRIVING GROWTH FROM WITHIN
Share Position and Outstanding Warrants and Options
The Company’s outstanding share position as at March 12, 2015 is 128,845,842 common shares. In addition,
2,636,146 incentive stock options are currently outstanding as follows:
Exercise
Price
Type of Security
No. of Shares
(CAD$)
Expiry Date
Incentive Stock Options:
245,000
$4.03
May 29, 2015
160,000
$1.35
February 5, 2016
10,000
$1.75
May 8, 2016
888,880
$3.38
May 29, 2016
103,800
$1.55
July 5, 2016
250,000
$2.22
January 11, 2017
49,084
$6.67
February 20, 2017
659,382
$4.30
March 23, 2017
250,000
$0.85
October 5, 2018
20,000
$0.85
November 5, 2018
Total Outstanding Options
2,636,146
Other Risks and Uncertainties
For further information regarding the Company’s operational risks, please refer to the section entitled “Description of the
Business – Risk Factors” in the Annual Information Form available at
and
Controls and Procedures
Disclosure Controls and Procedures
The Company’s management, with the participation of the Chief Executive Officer and the Chief Financial Officer, have
evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in the rules of the SEC
and the Canadian Securities Administrators (“CSA”) as of December 31, 2014, and have concluded that such disclosure
controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that
it files or submits under the Securities Exchange Act of 1934 and Canadian securities laws is (i) recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms and Canadian securities laws and (ii)
accumulated and communicated to them Company’s management, including its principal executive officer and principal
financial officer, to allow timely decisions regarding required disclosure.
Internal Control over Financial Reporting
The Company’s management, with the participation of its CEO and CFO, are responsible for establishing a system of
internal control over financial reporting to provide reasonable assurance regarding the reliability and integrity of the
Company’s financial information and the preparation of its financial statements in accordance with IFRS as issued by the
IASB.
The Company’s management, including its CEO and CFO, believe that due to its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements on a timely basis. Also, projection of any evaluation of the
effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures
may deteriorate.
There has been no change in the Company’s internal control over financial reporting that occurred during the year that
has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
Management concludes that, as of December 31, 2014, the Company’s internal control over financial reporting was
effective and no material weaknesses were identified.
