As at January 27 2017, Avnel Gold Mining Limited had the following capital structure:


Ordinary Shares Outstanding 375,193,300


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

Quantity Exercise Price
Share Purchase Warrants (Note 1) 1,800,000 C$0.20
Share Purchase Option Plan (Note 2) 5,135,000 C$0.44
Other Stock Option Plan (Note 3) 2,500,000 US$0.275
Employee Performance Units (Note 4) 5,000,000 C$0.50
Share Purchase Warrants (Note 5) 21,450,000 C$0.40
Broker Compensation Warrants (Note 6) 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 – Provided that in the event that the Common Shares trade on the TSX, or other recognized stock exchange or market, as applicable, at a volume weighted average price of C$0.30 or more for a period of at least 20 consecutive trading days, the Company shall be entitled to accelerate the exercise period to a period ending at least thirty days from the date that notice of such acceleration is provided. These warrants expire on February 19, 2017.

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

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

4 – 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.

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

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