Fair value of shares retained by former shareholders of the Company (5,159,209 post 1:0.9692 consolidation shares at $0.61 (CAD$0.85))

$

3,147,178

Fair value of replacement warrants of the Company

7,196,286

Total consideration

$

10,343,403

Net assets (liabilities) acquired of the Company:

Cash and cash equivalents

$

1,661,645

Accounts payable and accrued liabilities

(11,867,129

)

Promissory note payable (Note 9)

(3,000,000

)

Total net assets (liabilities)

$

(13,205,484

)

Reduction to additional paid in capital as a result of the recapitalization

$

23,548,887