Per the Form F-1 (File No. 333-217548) filed on June 28, 2017, the Issuer has 104,160,648 Common Shares issued and outstanding as of June 7, 2017 (the "
Outstanding Shares
").
As of July 6, 2017, each Reporting Person may be deemed to beneficially own in the aggregate 39,409,741 Common Shares, which consists of: (i) 14,029,654 Commons Shares issued and outstanding to MF Ventures, (ii) 4,545,454 Common Shares issuable under the March 2017 Warrant—assuming no 4.99% Blocker, and (iii) 20,834,633 Common Shares issuable under certain warrants, the One-Year Warrants, and the Five-Year Warrants (the "
Warrant Shares
").
As of July 6, 2017, assuming the 4.99% Blocker is effective, each Reporting Person may be deemed to beneficially own in the aggregate 34,864,287 Common Shares, which consists of: (i) 14,029,654 Commons Shares issued and outstanding to MF Ventures, and (ii) the Warrant Shares.
Further, as of July 6, 2017, each Reporting Person may be deemed to beneficially own 30.4% of the class of Common Shares, assuming 129,540,735 Common Shares outstanding, which consists of (i) the Outstanding Shares, (ii) 4,545,454 Common Shares issuable under the March 2017 Warrant—assuming no 4.99% Blocker, and (iii) the Warrant Shares.
In addition, as of July 6, 2017 assuming the 4.99% Blocker is effective, each Reporting Person may be deemed to beneficially own 27.9% of the class of Common Shares, assuming 104,160,648 Common Shares outstanding, which consists of (i) the Outstanding Shares, and (ii) the Warrant Shares.
No Reporting Person has the sole power to vote or direct the vote or sole power to dispose or direct the disposition of the Common Shares. Each Reporting Person has the shared power to vote or to direct the vote or shared power to dispose or direct the disposition of the Common Shares.
Other than for purposes of Rule 13d-3, the foregoing statements will not be deemed to constitute an admission by each Reporting Person that such Reporting Person is the beneficial owner of any Common Shares disclosed under this Statement, and such beneficial ownership is expressly disclaimed.
The Reporting Persons have effected the following transactions in Common Shares through open market sales since May 19, 2017: