<SEC-DOCUMENT>0000950123-11-089716.txt : 20111227
<SEC-HEADER>0000950123-11-089716.hdr.sgml : 20111226
<ACCEPTANCE-DATETIME>20111012184004
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-089716
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20111012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFC Industrial Ltd.
		CENTRAL INDEX KEY:			0000016859
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				131818111
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1620 - 400 BURRARD
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6
		BUSINESS PHONE:		604-683-5767

	MAIL ADDRESS:	
		STREET 1:		SUITE 1620 - 400 BURRARD
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERRA NOVA ROYALTY Corp
		DATE OF NAME CHANGE:	20100330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KHD HUMBOLDT WEDAG INTERNATIONAL LTD.
		DATE OF NAME CHANGE:	20051103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFC BANCORP LTD
		DATE OF NAME CHANGE:	19970313
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1000 Cathedral Place<BR>
925 West Georgia Street<BR>
Vancouver, British Columbia<BR>
Canada V6C 3L2 <BR><BR>
Telephone: (604) 662-8808<BR>
Facsimile: (604)&nbsp;669-8803<BR>
www.sangramoller.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Reply Attention of:</B><BR>
H.S. Sangra<BR><BR>
<B>Our File No.:</B><BR>
6963 019<BR><BR>
<B>Direct Line:</B><BR>
(604)&nbsp;692-3022<BR><BR>
<B>Email:</B><BR>
hsangra@sangramoller.com</TD>
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</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">October&nbsp;12, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>VIA EDGAR AND COURIER</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Attention:Jorge Bonilla, Staff Accountant</B></U>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Sirs/Mesdames:
</DIV>


<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
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<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>MFC Industrial Ltd. (formerly, Terra Nova Royalty Corporation) (the &#147;Company&#148;)</B><br>
<B>Form&nbsp;20-F for the year ended December&nbsp;31, 2010 &#151; Filed March&nbsp;31, 2011</B><br>
<B>File No.: 001-04192</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We act as counsel for the Company and write in connection with the letter dated September&nbsp;29, 2011
(the &#147;<B>Comment Letter</B>&#148;) from the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) commenting on
the Company&#146;s Form 20-F (the &#147;<B>20-F</B>&#148;) for the year ended December&nbsp;31, 2010 filed with the Commission
on March&nbsp;31, 2011 (File No.&nbsp;001-04192). On behalf of the Company, we provide the following response
to your comments. For your ease of reference, we have reproduced the numbering in the Comment
Letter and have set out below, in italics, the text of your questions followed by the Company&#146;s
responses thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Capitalized terms that are not defined herein shall have the meanings ascribed thereto in the 20-F.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Chairman&#146;s Letter, page 1</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>1)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We note your presentation of &#147;2011 Projected revenues with Mass.&#148; Please tell us how
you considered the guidance in </I><I>Item 10(b)</I><I> of Regulation&nbsp;S-K in presenting this information
without additionally presenting a projection of income.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Item&nbsp;10(b) of Regulation&nbsp;S-K provides the Commission&#146;s guidelines for projections included in a
filing, providing, in part, that &#147;consideration must be given to, among other things, the
financial items to be projected, the period to be covered, and the manner of presentation to be
used.&#148; Such guidelines do not require registrants to provide projections on any particular
financial item. Instead, they caution management to give careful consideration to assure that the
financial items being projected are &#147;not susceptible of misleading inferences.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 2

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company included the projected revenues range for 2011 for illustrative purposes solely in
connection with its acquisition of Mass and generally does not provide such projections with its
annual or quarterly financial disclosure. The Company included an explanatory note to such
effect, which also provided that such range was based on:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:4%; margin-right:0%; font-size: 10pt">&#147;various assumptions made by management, including that the financial results of the
businesses remain consistent with the preceding year and is based on current economic
and operating conditions.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the projected revenue, the Company also provided <U><I>pro forma </I>disclosure</U> as if
the business of Mass had been acquired and consolidated as of January&nbsp;1, 2010 at page 2 of the
20-F and we refer to the same. This disclosure included, among other things, revenues <U>and net
income</U> for the Company and Mass on a combined basis. The 2011 revenue projection was
provided, together with the <I>pro forma </I>financial disclosure commencing at page 2 of the 20-F, in
order to provide readers information regarding the &#147;combined&#148; Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Item&nbsp;10(b) of Regulation&nbsp;S-K further provides, among other things, that &#147;Revenues, net income
(loss)&nbsp;and earnings (loss)&nbsp;per share usually are presented together in order to avoid any
misleading inferences that may arise <U>when the individual items reflect contradictory
trends</U>&#148;. The Company advises that the revenue and net income items do not reflect
contradictory trends.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acknowledges the Commission&#146;s guidelines under Item 10(b) of Regulation&nbsp;S-K, but
believes that the projected 2011 revenue disclosure, together with the <I>pro forma </I>financial
disclosure on the combined Company, <U>including net income</U>, is not selective in nature or
reasonably susceptible of misleading inferences.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Note 3. Acquisition of Subsidiaries, page 81</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>2)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us how you accounted for the business combination with Mass Financial. In
your response, please address the following, in addition to any other information
necessary to provide a clear understanding of the transaction:</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us who the accounting acquirer was, and show us the analysis that you
performed to come to that determination. Please specifically address each of the
factors outlined in paragraphs B13 through B18 of IFRS 3.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company was the accounting acquirer in the business combination with Mass. In coming to this
conclusion, the Company considered the guidance provided by the International Accounting Standards
Board in International Financial Reporting Standard (&#147;<B>IFRS</B>&#148;) 3 <I>&#150; Business Combinations</I>. For your
reference, the following is a summary of specific factors considered by the Company under each of
paragraphs B13 to B18 of IFRS 3.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 3
</DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Paragraph&nbsp;B13 of IFRS 3 provides that the guidance in International Accounting
Standard (&#147;<B>IAS</B>&#148;) 27 &#150; <I>Consolidated and Separate Financial Statements </I>shall be used to
identify the acquirer &#150; the entity that obtains control of the acquire. Paragraphs 12
and 13 of IAS 27 provide that consolidated financial statements shall include all
&#147;controlled&#148; entities. Control is presumed to exist when the parent owns, directly or
indirectly through subsidiaries, more than half of the voting power of an entity
unless, in exceptional circumstances it can be clearly demonstrated that such ownership
does not constitute control. As the Company, through its subsidiary, acquired 100% of
the voting power of Mass, the Company determined that it controlled Mass for the
purposes of IAS 27.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company also performed additional analysis, summarized below, under paragraphs
B13 to B 18 of IFRS 3 to confirm its determination that the Company was the
&#147;accounting acquirer&#148; in the business combination with Mass.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Not applicable. The acquisition of Mass was not effected primarily by
transferring cash or other assets or by incurring liabilities.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Paragraph&nbsp;B15 of IFRS 3 provides that in a business combination effected
primarily by exchanging equity interests, the acquirer is usually the entity that
issues its equity interests. We note that the Company was the only issuer of equity
interests in the business combination with Mass. Accordingly, based on the foregoing,
the Company would be the acquirer.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Paragraph&nbsp;B15 of IFRS 3 also provides that in some business combinations the issuing
entity may be the acquirer. Such paragraph provides that the following factors
should also be considered in identifying the acquirer in a business combination
effected by exchanging security interests:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The relative voting rights in the combined entity after the
business combination </I>- The Company, through its subsidiary, acquired 100% of the
voting rights of Mass pursuant to the combination transaction. Upon completion
of the business combination in December&nbsp;2010, the shareholders of the Company
prior to the transaction continued to hold approximately 61% of the common
 shares of the Company, while the former shareholders of Mass held approximately
39% of the Company&#146;s common shares. Accordingly, shareholders of the Company
prior to the transaction continued to hold the majority of the voting rights of
the Company after the business combination was completed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The existence of a large minority voting interest in the combined
entity if no other owner or organized group of owners has a significant voting
interest &#150; </I>As stated above, shareholders of the Company prior to the
transactions continued to hold approximately 61% of the Company&#146;s common shares
after completion thereof. The Company was not able to identify an owner or
group of owners holding a large minority voting interest that would affect this
factor. Accordingly, the Company determined that this factor was not
applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The composition of the governing body of the combined entity &#150;</I>
Prior to completion of the transaction the Company&#146;s board of directors was
comprised of four members, one of whom also served as a director of Mass. Upon
completion of the transaction, the board of
directors of the Company remained the same. Nothing in the terms of the
agreements underlying the combination transaction provided shareholders of Mass
any rights to appoint directors other than through their voting rights as holders
of common shares of the Company. As stated above, the shareholders of the Company
prior to completion of the transaction continued to hold approximately 61% of the
Company after completion thereof.</DIV></TD>
</TR>

</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 4
</DIV>
<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The Composition of the senior management of the combined entity &#150;</I>
The board of directors and senior management of the Company remained unchanged
upon completion of the business combination with Mass.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The terms of the exchange of equity interests &#150; </I>As at September
30, 2010, the Company had shareholders&#146; equity of $331&nbsp;million, whereas Mass had
an identifiable net asset value of $251&nbsp;million at the acquisition date. This
represents a ratio of 57% to 43% respectively. Accordingly, the Company
represented a larger proportion of the net assets of the combined entity.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Not applicable. In this case, the Company formed a new subsidiary to acquire the
outstanding shares of Mass. However, based on the foregoing considerations, the Company
remained the acquirer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Therefore, based upon its overall analysis of all of the foregoing factors, the Company determined
that it was the &#147;accounting acquirer&#148; under the business combination with Mass.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please confirm that you and Mass Financial were not under common control at the time
of the combination, and clarify whether any related parties were significant
shareholders in Mass Financial. We note that your CEO occupied a similar position with
Mass Financial.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company confirms that it was not under common control with Mass at the time of combination.
The Company notes that, as previously disclosed in the Company&#146;s management information circular
dated September&nbsp;29, 2010, a copy of which is included in the Company&#146;s Form 6-K dated October&nbsp;7,
2010 (the &#147;<B>Circular</B>&#148;), based on filings with the Securities and Exchange Commission and other
publicly records, Peter Kellogg indirectly held, through various entities, called I.A.T.
Reinsurance Syndicate Ltd., the J.C. Kellogg Foundation and the Peter R. Kellogg &#038; Cynthia K.
Kellogg Foundation, approximately 16.6% of the shares of the Company. However, in his public
filing in relation to the Company on Schedule&nbsp;13-D, Mr.&nbsp;Kellogg disclaims beneficial ownership of
the vast majority of the Company&#146;s common shares held.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Furthermore, Mr.&nbsp;Kellogg and the other entities included in his Schedule&nbsp;13-D filings: (i)&nbsp;do not
and have not had representation on the board of directors of the Company or its management; (ii)
do not and have not had significant influence over the Company; (iii)&nbsp;do not participate and have
not sought participation in financial or other operating decisions of the Company; (iv)&nbsp;did not
participate in the initiation, negotiation or completion of the combination transaction with Mass;
and (v)&nbsp;did not and do not have any other involvement with the Company.
Accordingly, based upon the overall &#147;factual matrix&#148;, the Company does not consider Mr.&nbsp;Kellogg as
a related party.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 5
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;Kellogg did not receive any consideration under the combination with Mass other than as all
other shareholders. The combination was completed by way of a &#147;tender offer&#148; made by the Company
to all Mass shareholders pursuant to a Form F-4, which became effective on November&nbsp;8, 2011 (the
&#147;<B>F-4</B>&#148;). The tender offer was made to all shareholders of Mass at the same time, on an equal basis
and on the same terms, all such shareholders were free to accept and reject the Company&#146;s offer
and no shareholder received additional consideration in connection therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In respect of Mass, there was no generally available public information as to its shareholders.
However, the Company believes, based solely on information received, that Mr.&nbsp;Kellogg indirectly,
through other entities, held approximately 19.5% of the common shares of Mass and disclaims
beneficial ownership of the vast majority of the Mass common shares held. Furthermore, Mr.
Kellogg and the other entities: (i)&nbsp;did not have representation on the board of directors of Mass
or its management; (ii)&nbsp;did not have significant influence over Mass; (iii)&nbsp;did not seek
participation and did not participate in financial or other operating decisions of Mass; and (iv)
did not have any other involvement with Mass.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information regarding Mr.&nbsp;Kellogg&#146;s ownership in the Company and Mass was disclosed by the Company
at pages iii, 1, 31 and 78 of the F-4 and pages 10, 51 and 70 of the Circular.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While the Chief Executive Officer of the Company held a similar position with Mass, the companies
did not share other officers and directors. Both the Company and Mass had boards of directors,
the majority of the members of which were independent at the time of the transaction. The
Company&#146;s board of directors was comprised of four members, three of whom did not serve as
officers or directors of Mass. Similarly, Mass&#146;s board of directors was comprised of three
members, two of whom did not serve as officers or directors of the Company. As disclosed at Page
iii of the F-4, the Chief Executive Officer of the company abstained from voting on the
transaction as a director of each company.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us how you determined the value of the transaction, and tell us how you
determined this was an appropriate valuation, referring to any applicable accounting
literature. Additionally, tell us how you calculated the aggregate cost of the
consideration transferred ($209,527), and why this number is different than the fair
value of shares issued ($200,139).</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company followed the guidance provided under IFRS 3 to determine the value of the transaction.
Paragraph&nbsp;18 of IFRS 3 provides that &#147;the acquirer shall measure the identifiable assets acquired
and the liabilities assumed at their acquisition-date fair values.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We refer you to page 49 of the F-4 and page 16 of the Circular, copies of which are enclosed for
your ease of reference, for detailed disclosure respecting how the offer ratio for the transaction
was determined. As set forth in the F-4, for the purposes of the combination transaction, the
Company and Mass determined that the offer ratio would be based the fully-diluted adjusted net book
value per share of each company, with adjustments to fair value of certain resource property
interests and certain significant post period matters that would better reflect the value of each
company. The adjusted pro forma net book value per common share of the Company and Mass, as of June
30, 2010, was determined to be $8.91 and $9.00 per share. The Company determined that the pro forma
net book value best represented the fair value of the transaction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As the combination was to be completed as a share exchange, the exchange ratio was determined to be
&#147;one for one&#148; based on the foregoing adjusted pro forma net book values. However, the &#147;market
price&#148; at the time for the Company&#146;s common shares did not reflect such adjusted net book value and
the Company&#146;s common shares traded below $8 per share between the date of the Circular and the
completion of the acquisition. On the acquisition date, the fair value (which was the product of
the market price of the Company&#146;s common shares on the acquisition date multiplied by the numbers
of common shares issued) was $200.1&nbsp;million, which was lower than the fair value of $209.5&nbsp;million
representing the identifiable net assets acquired from Mass. This was a &#147;bargain purchase&#148; under
IFRS 3.34-36, and was recognized as a gain in the Company&#146;s statement of operations for the year
ended December&nbsp;31, 2010.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 6
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please see our further responses below for a discussion regarding the methods the Company used to
determine the fair values of each of the major assets acquired.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us how you calculated the loss you recognized related to the 4.6% equity
interest you held in Mass Financial prior to the acquisition date.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to the combination, the Company held approximately 4.6% of the outstanding common shares of
Mass. The Company classified these shares as held at fair value through profit or loss. On the
acquisition date, such shares were marked at their fair value again and the fair loss was recorded
through the statement of operations. This complies with paragraph 42 of IFRS 3, which states that
&#147;in a business combination achieved in stages, the acquirer shall remeasure its previously held
equity interest in the acquiree at its acquisition-date fair value and recognise the resulting gain
or loss, if any, in profit or loss.&#148;
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us what methods you used for determining the fair values of each type of
asset acquired, and what significant assumptions were made.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The majority of the assets acquired by the Company through the acquisition of Mass were in the
financial instrument category. The Company followed IAS 39 &#150; <I>Financial Instruments: Recognition and
Measurement </I>in determining the fair value of such assets. Paragraph&nbsp;48 of IAS 39 states that &#147;in
determining the fair value of a financial asset or a financial liability for the purpose of
applying this Standard, IAS 32 or IFRS 7, an entity shall apply paragraphs AG69&#150;AG82 of Appendix
A&#148;. The primary principle thereunder is that if there is an active market for a financial
instrument asset, quoted price will be used. Otherwise, a valuation technique applies. The
following is a discussion of the valuation of other major asset classes on the acquisition date:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Cash &#151; </I>The cash amounts were measured at their stated amounts as credit risk was minimal.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Securities &#151; </I>Marketable securities were measured at their quoted prices.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Receivables &#150; </I>The Company used the present values of the amounts to be received, determined
at appropriate current interest rates, less allowances for uncollectibility and collection
costs, if necessary. Discounting is not required for short-term receivables when the
difference between the nominal and discounted amounts is not material.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Inventories &#151; </I>Raw materials were measured at their current replacement costs.
Work-in-progress were measured at the estimated selling prices of finished goods less the sum
of (1)&nbsp;costs to complete; (2)
costs of disposal and (3)&nbsp;a reasonable profit allowance for the completing and selling effort
based on profit for similar finished goods. Finished goods were measured at estimated selling
prices less the sum of (1)&nbsp;costs of disposal and (2)&nbsp;a reasonable profit allowance for the
completing and selling effort based on profit for similar finished goods.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 7
</DIV>
<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Properties held for sales and investment properties &#150; </I>Pursuant to IAS 40, the fair value of
properties held for and investment properties in accordance with guidance issued by the
International Valuation Standard Committee.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Property, plant and equipment &#150; </I>The Company estimated the fair values of property, plant and
equipment using a depreciated replacement cost approach.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Interest in resource properties &#150; </I>The fair value of interest in resource properties was
estimated based on the discounted cash flows model. Please see the response to question 3 of
the Comment Letter below for further information.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><DIV style="text-align: justify"><I>Deferred tax assets &#151; </I>The Company used the amount of the tax benefit arising from tax losses,
assessed from the perspective of the combined entity to determine the fair value of deferred
tax assets.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We note that you purchased the shares held by non-controlling interests in December
2010. Please tell us why fair value of ($5,313) has been allocated to non-controlling
interests in the allocation on page 82. Additionally, please tell us what method you used
for determining the value of the non-controlling interest.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November&nbsp;2010, approximately 93% of the shareholders of Mass accepted the Company&#146;s offer. In
December&nbsp;2010, through a compulsory acquisition procedure, the Company acquired the remaining
outstanding shares of Mass. While the Company acquired 100% of the equity of Mass, Mass had certain
subsidiaries which were not wholly-owned by it. The non-controlling interest amount of $5.3&nbsp;million
represented such non-controlling interests in non-wholly-owned subsidiaries of Mass, primarily MFC
China and Asia Ltd. and an oil and gas company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amount of $5.3&nbsp;million was computed by reference to the non-controlling interests&#146;
proportionate share of these non-wholly-owned subsidiaries&#146; identifiable net assets, as stipulated
in paragraph 19 of IFRS 3, which states that: &#147;For each business combination, the acquirer shall
measure at the acquisition date components of non-controlling interests in the acquiree that are
present ownership interests and entitle their holders to a proportionate share of the entity&#146;s
assets in the event of liquidation at either: (a)&nbsp;fair value; or (b)&nbsp;the present ownership
instruments&#146; proportionate share in the recognized amounts of the acquiree&#146;s identifiable assets.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Note 36. Reconciliation of Prior Periods&#146; Consolidated Financial Statements, page 114</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>3)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us how you determined the fair value of the Wabush mine resource property,
and tell us any significant assumptions you had to make in determining the fair value.
Also, tell us how you were able to determine this fair value given the limited access to
the Wabush operations and data as to the level of reserves at the mine, as disclosed on
page 6. Explain how you considered the guidance in IAS 39.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of the Wabush mine royalty interest was determined for the purposes of the Company&#146;s
audited consolidated financial statements for the year ended December&nbsp;31, 2010 using a discounted
cash flow model. As set out in the Company&#146;s management discussion and analysis for the nine
months ended September&nbsp;30, 2010, such valuation is based on current royalty rates and forecasted
demand.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 8
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company notes that the guidance under IAS 39 is not applicable to its royalty interest as IAS
39 references financial instruments. The Company followed the guidance set out in IAS 16 &#150;
<I>Property Plant and Equipment </I>in valuing the Wabush royalty asset. However, principles set out in
paragraphs AG74 and AG75 of the Application Guidance to IAS 39 can be applied to the Company&#146;s
royalty interest. Paragraph&nbsp;AG 74 provides that, where the market for a financial instrument is
not active, valuation techniques, including the discounted cash flow analysis model may be
utilized. Paragraph&nbsp;AG 75 states, in part, that the &#147;objective of using a valuation technique is
to establish what the transaction price would have been on the measurement date in an arm&#146;s length
exchange motivated by normal business considerations.&#148; The Company believes that the discounted
cash flow model would be the method used by third parties to value the royalty interest in an arm&#146;s
length exchange motivated by normal business considerations.<BR>
Paragraph&nbsp;33 of IAS 16 provides that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;If there is no market-based evidence of fair value because of the specialized nature
of the item of property, plant and equipment and the item is rarely sold, except as
part of a continuing business, an entity may need to estimate fair value using an
income or a depreciated replacement cost approach&#148;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Wabush royalty interest is an unique asset. Market-based indicators of value for the asset do
not exist. Accordingly, based on the guidance in IAS 16 and the principles set forth in paragraphs
AG 74 and AG75 of the Application Guidance to IAS 39, the Company utilized the discounted cash flow
model to determine the fair value of the Wabush mine resource property. The Company believes that
this valuation technique is the best indicator of the value placed on the asset by third parties in
an arm&#146;s length transaction on the measurement date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The key assumptions utilized by the Company in valuing the Wabush royalty are that iron ore prices
will remain consistent and the third party operator of the mine will maintain current production
levels.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We note that the Company has included a risk factor regarding: (a)&nbsp;the pricing of commodities,
including iron ore, at page 5 of the <font style="white-space: nowrap">20-F;</font> and (b)&nbsp;regarding its inability to control the operating
decisions of the third party operator at page 6 of the 20-F.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of the royalty interest was determined by the Company based on reserves data for the
Wabush mine publicly published by Cliffs Natural Resources Inc. (&#147;<B>Cliffs</B>&#148;), the third party owner
and operator of the mine, in its Annual Reports on Form 10-K. Additionally, the Company also
reviewed a reserves report published by the Government of Newfoundland and Labrador, Canada dated
March&nbsp;2006, which confirms the third party operator&#146;s disclosure.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a Canadian &#147;reporting issuer&#148;, pursuant to applicable Canadian securities laws, the Company is
subject to Canadian National Instrument 43-101 &#150; <I>Standards of Disclosure for Mineral Projects</I>, Part
4 of which at the time prohibited the disclosure of reserves data without also filing a geological
&#147;technical report&#148; that meets the prescribed standards and terms specified therein. As the
Company does not have such &#147;technical report&#148; nor
do the terms of its royalty with Cliffs provide it with a right to obtain such a technical report,
the Company was prohibited from disclosing such reserves data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;12.1 and 12.2 &#151; Certifications pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of
2002</B></U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>4)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We noted that the identification of the certifying individual at the beginning of the
certifications required by Exchange Act Rule&nbsp;13a-</I><I>14(a)</I><I> also includes the title of the
certifying individual. Considering that the certifications must be signed in a personal
capacity, please confirm to us that your officers signed such certifications in a personal
capacity and that you will revise your certifications in future filings to exclude the
title of the certifying individual from the opening sentence.</I></DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B><BR>
October&nbsp;12, 2011<BR>
Page 9
</DIV>
<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On behalf of the Company, we confirm that the officer signing Exhibits 12.1 and 12.2 of the 20-F
was making such certifications in a personal capacity. We confirm that the certifications for
future filings will be revised to exclude the title of the certifying individual from the opening
sentence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We trust you will find the foregoing to be in order but, should you have any questions or concerns,
please do not hesitate to contact the undersigned.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yours truly,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SANGRA MOLLER LLP</B>
</DIV>


<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Per:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>/s/ Harjit Sangra</I><br>
Harjit Sangra<br>
(604)&nbsp;692-3022</DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Per:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"> <I>/s/ Andrew Bond</I><br>
Andrew Bond<br>
(604)&nbsp;692-3059<br>
Washington State Bar No.&nbsp;39502<br>
California State Bar No.&nbsp;257763<br>
District of Columbia Bar No.&nbsp;994014</DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Per:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I> /s/ Rod Talaifar</I><br>
Rod Talaifar<br>
(604)&nbsp;692-3023</DIV></TD>
</TR>
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">HSS/RT/AB/cl
</DIV>


<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">MFC Industrial Ltd.<br>
Attention: <u>Michael J. Smith, Chairman</u></DIV></TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
