The purchaser, and all persons acting jointly or in concert with the purchaser, previously held 3,854,850 common shares, warrants to purchase up to an additional 1,712,500 common shares, representing approximately 9.6% of the then issued and outstanding common shares of the Company. After the recent purchases described above, the purchaser now holds or has control or direction over a total of 4,354,850 common shares and 1,962,500 warrants, representing approximately 10.7% of the total issued and outstanding common shares of the Company on a diluted basis (assuming the exercise of the Warrants jointly held). The purchaser intends to hold the Shares and Warrants for investment purposes. Depending upon market conditions and other factors, the purchaser may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities it holds in the Company, or will hold or may continue to hold its current position.
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