The common shares were sold in a series of transactions through the facilities of the Toronto Stock Exchange during the period from February 25, 2014 to March 12, 2014 at prices ranging from $0.045 to $0.07 and at a weighted average price of $0.055 per common share.
After giving effect to the disposition of common shares, Cyprus River now beneficially owns an aggregate of 68,795,967 common shares representing approximately 9.91% of the issued and outstanding common shares of Carpathian. This percentage shareholding represents a decrease of 5.91% over the percentage of common shares of Carpathian previously held by Cyprus River. The common shares of Carpathian beneficially owned by Cyprus River are held for investment purposes, and Cyprus River may increase or further decrease its holdings in Carpathian in the future.
As Cyprus River now beneficially owns less than 10% of the issued and outstanding common shares of Carpathian, it has ceased to be a 'reporting insider' as defined in National Instrument 55-104 and is also no longer subject to early warning reporting obligations under National Instrument 62-103.