As at March 31 2017, Avnel Gold Mining Limited had the following capital structure:


Ordinary Shares Outstanding 376,993,300


In addition, Avnel Gold has the following share purchase warrants, stock options and similar instruments outstanding:

Quantity Exercise Price
Share Purchase Option Plan (Note 1) 5,135,000 C$0.44
Other Stock Option Plan (Note 2) 2,500,000 US$0.275
Employee Performance Units (Note 3) 5,000,000 C$0.50
Share Purchase Warrants (Note 4) 21,450,000 C$0.40
Broker Compensation Warrants (Note 5) 2,378,000 C$0.27


If all of the warrants, options, and units were to be exercised, Avnel Gold would have 413,456,300 common shares outstanding.


Notes to Table:

1 – The weighted average exercise price is C$0.442 per share purchase option.

2 – Exercise price of US$0.275 per share purchase option that expire February 23, 2023.

3 – Employee Performance Units, whose release date will be the following day that the closing price of the Company’s ordinary shares on the Toronto Stock Exchange has exceeded C$0.50 for ten consecutive trading days. On the release date 50% of the performance units will be released with the remaining 50% one year after the release date.

4  – Each share purchase warrant has a term of two years expiring 7 May 2017.

5 – Each broker compensation warrant has a term of two years expiring 7 May 2017.