As at 18 April 2016, Avnel Gold Mining Limited had the following significant shareholders:


Common Shares % Ownership (basic)
Elliot Group (Note 1) 184,839,089 60.7%
Fern Trust (Note 2) 33,602,022 11.0%


Notes to table:

1 – Assuming the exercise of all 67,928,572 warrants held by the Elliott Group, the Elliott Group will hold an aggregate of 220,981,945 Ordinary Shares (representing approximately 60.4% of the issued and outstanding Ordinary Shares assuming the exercise by all other holders of all of their respective warrants, or approximately 67.5% of the issued and outstanding Ordinary Shares, assuming only the Elliott Group exercises its warrants).

2 – The family trust of Avnel Gold’s CEO and Chairman, Howard Miller.