Voyager Token Whitepaper

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The Voyager Token Democratizing Crypto Asset Trading Stephen Ehrlich Shingo Lavine Voyager Digital (Canada) Ethos Founder & CEO, Voyager Limited Co-Founder & Chief Chief Innovation Officer Executive Officer “The future is already here, it’s just not evenly distributed” William Gibson, The Economist, 2003 Version: 3.0.0 Last Updated: _______,

Table of Contents Introduction, Vision & Mission, Problems & Solutions, Team 1. Ethos and Voyager Merger — Uniting Custody and Execution 1.1 About Ethos 2. Solving for Custody & Liquidity 2.1 Why Custody? 2.2 Why Liquidity? 3. Disruptive Product with a Rich Feature Set 3.1 Best-Execution Crypto Order Routing 3.2 Advanced Charting, Research & Reporting 4. Introducing VGX — Save Network Fees, Collect Cashback, Earn Interest 4.1 Fee Savings & Instant Transactions 4.2 Cashback Rewards Program 4.3 Earn Interest 4.4 Elevated Status and Data Curation 5. Team 6. A  Unique Public Offering 6.1 Operating Like a Financial Institution 7. Welcome to the New Economy

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING Introduction exchange fees are high and the markets are highly fragmented leading to large price disparities across exchanges. With over 200 When Voyager’s CEO, Stephen Ehrlich, first exchanges in the crypto markets, the space is started off in the financial services industry in ripe for a regulated crypto broker to disrupt the the mid-1990’s, online trading as we know it status quo. today did not exist. At the time, trades needed Voyager is an online brokerage dedicated to to be executed by calling your broker on the crypto and digital assets. Voyager is a telephone. Your broker would then call floor regulated crypto broker that gives investors brokers who would negotiate a trade through the the same easy, safe and convenient experience “open-outcry” method on the floor of the stock that made online equities trading the force it exchange to execute the order. In 1999, Steve is today. Voyager executes orders across mul- was a member of the TIR Securities Company tiple exchanges, offering “Best Execution” and that was acquired by E*TRADE, a brand new giving customers access to an extremely player in the brokerage space pioneering the liquid market. revolutionary new idea of online trading. With our trading apps and industry-leading At the time, most brokers didn’t understand crypto infrastructure, we’re excited to offer how online trading would be relevant, but Steve investors a fast, secure, commission-free and E*TRADE knew it was time for a change. gateway to the crypto market — the broker E*TRADE changed the game by bringing more that crypto deserves. power and access to customers and made it cheap and easy to trade. Where the traditional brokers such as Shearson, Citigroup and Merryl Lynch were stuck in the fragmented “call your broker” method, 1999’s E*TRADE was just Vision & Mission getting started disrupting the way people Our vision is to provide individuals and traded securities. institutions with the best way to transfer, trade Today, we see a similar opportunity brewing in and store digital assets. Our mission is to make the crypto market. Dozens of companies are crypto markets accessible, open, safe, and fair launching their own crypto exchanges or liquidity for everyone. We believe that by giving customers venues leading to a highly fragmented and access to the crypto markets without having confusing market for consumers. The barriers to go through hundreds of exchanges, we are to entry which exist for new customers in the leveling the playing field for customers and exchange-based crypto market are similar to helping them become more informed. The crypto the barriers that existed in the “call your broker” market is ready for a change. market in 1999, hurting customers looking for a cheap and easy execution. In today’s crypto market, customers have to open accounts at dozens of exchanges, every exchange is competing for liquidity, exchanges are potentially dangerous due to hacks/fraud, November 12, 2019 5

Problems & Solutions With big challenges come big opportunities. We believe that a Regulated Crypto Broker is desperately needed to fill the execution and accessibility gap around lack of liquidity, high fees, inaccessibility and consumer protection. We plan to address the following problems: LACK OF LIQUIDITY Liquidity is the foundational economic Solution: Voyager has built a next generation protocol for the future of money and it Dynamic Smart Order Router and Custody solution still remains largely unsolved. Crypto to tackle liquidity issues. Orders are routed markets are fragmented, custodied funds and split between exchanges to offer best are often illiquid or inaccessible and execution for consumers. The platform lets you consumers pay high execution fees while custody your way with funds that are always never getting best execution. The lack of secure and liquid ensuring that your funds are liquid and fair execution can often cause safe and available when you need them. variances of several percentage points, costing customers exorbitant amounts. HIGH FEES Buying or selling cryptocurrency can Solution: Voyager operates a commission-free incur high spreads and fees. Often trading service. Consumers are able to trade consumers don’t know how to get the with peace of mind knowing that they are getting best price or if their exchange is trading the best execution possible without extraneous for them or against them. Many cryp- fees. Prices are up-front so you know the price tocurrency providers operate both retail and all fees prior to executing a trade. Bitcoin purchasing operations and their own exchanges, creating conflicts of interest in pricing. Some may even trade against their customers using activity and trade data. In addition to poor execution, consumers are often paying high transaction fees. 6 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING TOO INACCESSIBLE Exchange interfaces can be intimidating Solution: The Voyager team has extensive for new customers, and even experienced experience building highly successful consum- traders can’t easily find the best price er-centric applications such as Uber, Apple and across multiple exchanges. Additionally, E*TRADE which are used by millions of people mobile access tends to be an afterthought. around the world. The team plans and builds Cryptocurrency wallet interfaces often require every feature with accessibility and ease of advanced technical or cryptographic use in mind. Simple and accessible wallet and knowledge to use and understand. To trading interfaces will be built using this same truly unlock the transformative power of design mentality. blockchain and cryptocurrency, it’s critical to build for accessibility now, not later. POTENTIALLY DANGEROUS It is hard to know who to trust in crypto. Solution: The Voyager team has an extensive Billions of dollars worth of crypto have track record in the traditional financial industry been lost in hacks over the years. Market as well as within the crypto industry. Voyager leaders who were previously trusted have builds trust by prioritizing security and acces- disappeared due to hacks or fraud. Many sible self-custody options for customers and crypto platforms have inadequate service through a public equity building transparency and security leaving customers vulnerable. and trust with consumers. We work with industry leaders such as Ledger Vault to implement highly secure, state-of-the-art custody solutions. Voyager aims to be the safest and most consumer-oriented place to transfer, custody and trade crypto. Team Voyager’s team consists of finance and technology industry veterans dedicated to empowering and servicing investors in the most exciting asset class to date – crypto. Our founders have combined their decades worth of experience from leading organizations like E*TRADE, Uber, TradeIt, Lightspeed Financial and more, to bring you Voyager. November 12, 2019 7

1. Voyager and Ethos Transaction – Uniting Custody and Execution Voyager and Ethos were founded around the same time, but ended up taking two different paths towards the same goal. While Voyager focused on the financial and trading aspects of crypto by building a consumer trading application and an Order Management System (OMS), Ethos focused on blockchain technology and abstracting the underlying protocols that powered crypto through their Universal Wallet application and Bedrock architecture. When the Ethos and Voyager teams first met, the synergy was immediately obvious. The technology platform, teams, market vision and even company cultures were highly complementary and synergistic and a joint organization would be extremely well positioned to challenge the incumbents in the crypto space. In 2019, the Voyager and Ethos teams agreed 1.1 ABOUT ETHOS to a transaction to bring the technology together, Ethos is a leading cryptocurrency technology with a shared vision of making the organization and service provider with two core products, a force in the crypto industry through deep, the Ethos Universal Wallet and Ethos Bedrock. unparalleled trading and cryptocurrency technology offerings. Voyager and Ethos saw The Ethos Universal Wallet is the easiest way the opportunity to disrupt incumbents in the to store, track, send and receive digital assets. space while expanding the market through a The Ethos Universal Wallet is self-custodied combined sophisticated technological capability using a unique digital SmartKey or 24 word to build a superior offering. phrase that gives you complete control over all of your addresses across multiple assets types The two organizations have a shared vision of and blockchains. Using the Universal Wallet, building crypto markets that are accessible, you can broadcast and verify transactions to open, safe and fair for everyone, and saw an multiple blockchains directly from your mobile opportunity to come together to create some- device. The Universal Wallet also has in-depth thing greater than each individual organization. pricing, charting, ratings, reviews and portfolio Voyager will bring the first true end-to-end reporting so you can learn about different digital solution to the crypto market — a solution that assets and track their performance. the crypto market deserves. 8 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING Ethos Bedrock is a high performance institutional abstraction layer that makes it easier for developers and institutions to build sophisticated blockchain-based applications. Bedrock enables developers to programmatically create blockchain addresses, broadcast and verify transactions and monitor blockchain addresses, all through an easy API using GraphQL which is the same technology Facebook uses to let developers access their social graph. The Ethos Universal Wallet is built 100% on Bedrock, demonstrating that the platform works at scale and can support thousands of users worldwide. With Ethos merging into Voyager, the Ethos Universal Wallet and Ethos Bedrock product offerings become official product offerings of Voyager. These two products give Voyager sophisticated crypto functionality and proto- col-level connections to build the best possible products for customers. 2. Solving For Liquidity, Custody and Accessibility The two biggest unsolved problems in the crypto space are Liquidity, Custody, and Accessibility. Nobody has built a retail agency broker in the crypto space that can guarantee that an individual or institutional market participant is getting Best Execution across all the coins that they want to trade. No company has built a blended custody/self-custody solution that can service both audiences while remaining fast, liquid, competitive and secure. Giving customers proper liquidity and custody services, best-execution, an accessible interface, international support and broad access to coins is the missing link for many cryptocurrency traders and investors. We’re bridging the gap. November 12, 2019 9

2.1 WHY LIQUIDITY? space encourage or sometimes even require separation between the broker, exchange and Despite all the technical progress, the crypto custodian roles due to the inevitable conflicts markets today look much like the fragmented of interest that can arise. This verticalization and inefficient “call your broker” equities markets often prevents consumers from getting quality that existed back in the 1990’s, but with even service and value, since the exchange sources fewer investor protections. Best Execution and from their own liquidity instead of serving the National Best Bid and Offer (NBBO) are core to customer’s interest by sourcing liquidity from those protections. anywhere it exists. Even if you’ve traded stocks your entire adult With Voyager’s Smart Order Router, orders life, you may have never heard of NBBO or Best are always guaranteed best execution. The Execution. That’s because it’s not something Smart Order Router aggregates liquidity across that your broker typically advertises. In the dozens of exchanges and liquidity providers in traditional stock market, offering best order to find the optimal execution to maximize execution is not a differentiator, it’s the law. the buying power of every consumer or insti- Best Execution is guaranteed by National Best tutional investor. Voyager’s routing technology Bid and Offer (NBBO), a regulation that requires gives the same benefit that a customer would brokers to execute trades at the best available get if they opened multiple accounts across ask or bid price when buying securities on multiple exchanges, searched for the best behalf of their clients. FINRA defines best price and placed orders - except it’s all done execution as “a significant investor protection from a single account through a convenient requirement that essentially obligates a mobile application. broker-dealer to exercise reasonable care to execute a customer’s order in a way to obtain the most advantageous terms for the customer.” 2.2 WHY CUSTODY? A broker’s purpose is non-negotiable — provide Part of the reason institutional capital has the customer with the best execution as quickly stayed on the sidelines in the cryptocurrency as possible. arena is the lack of an institutional custody The New York Attorney General’s pointed out in a solution that can offer the “custody trifecta”: September 2018 Virtual Markets Integrity Report Liquidity, Speed, and Security. A custodian is report that conflicts of interest often arise in a financial institution that holds customers’ exchanges that have become “verticalized” securities for safekeeping in order to minimize meaning the same group who is operating the risk of loss or theft. Crypto custodians as an exchange is also operating as a broker often store funds on paper wallets to make and a custodian. Regulators in the traditional hacking and theft extremely difficult. This 10 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING “cold” storage makes deposits and withdrawals 2.3 WHY ACCESSIBILITY? slow and illiquid especially during times of high Accessibility is one of the biggest barriers customer activity. Alternatively, funds can be to entry for the crypto market. Whether it is stored in online “hot” storage, but this often because new traders find crypto exchange or means limited checks on what comes in wallet interfaces too daunting, that fees too and out and has been one of the predominant high or simply that the product or coin isn’t causes of many of the major crypto exchange available, there are a lot of reasons for new hacks that have occurred and resulted in billions crypto investors to find the space difficult and of dollars worth of losses. Because cold storage frustrating. To us accessibility means product is much more secure than hot storage, it’s not availability, coin tradability and ease of use. uncommon for a crypto custodian to keep up to 98% of their funds in cold storage. However, Navigating regulations as an individual, this means only 2% of funds are immediately institution or business in the crypto space can accessible and liquid, causing them to be often be frustrating, but despite this, Voyager overleveraged. Comparing these numbers to is rapidly expanding product availability both “reserve ratios” that are set in place by gov- domestically and internationally. Product avail- ernments to protect consumers from run on ability often limits a customer’s choices as well banks, it becomes immediately obvious as their access to the markets. If you live in a why existing crypto providers often become country where only a few exchanges are accessible inaccessible during active market periods. to you, then you are only getting access to a fraction of the crypto market. Voyager is able Voyager is blending hardware-secured treasury to straddle multiple jurisdictions and handles with self-custody options giving consumers the regulatory issues for you so that the only complete control over how they want to secure thing you need to focus on trading. their digital assets. As a Regulated Crypto Broker, Voyager wants to make sure that every Furthermore, even once you get onto a trading customer has full access to the market when platform, their coin selection is often very they need it without any downtime or caveats. limited, but for us at Voyager, coin availability is a top priority. We want to give customers the opportunity to trade any asset, whenever or wherever they want. November 12, 2019 11

3. A Disruptive Product with a Rich Feature Set The crypto markets are at an inflection point where more and more exchanges are being launched, while markets are simultaneously becoming less and less accessible. Market leaders in the space are vulnerable due to verticalization and high costs to consumers with poor customer service. A Regulated Crypto Broker that can simultaneously solve liquidity, custody and accessibility for individuals and institutions has yet to emerge. Voyager is ready to disrupt the status quo and set a new standard for how traders and investors should access the crypto markets. 3.1 BEST-EXECUTION CRYPTO Reliability — Interacting with digital ORDER ROUTING exchanges for the average consumer can Best execution focuses on maximizing often be dangerous. Voyager actively delivery on four pillars of trading: manages reputable exchange connections Price, Speed, Liquidity, and Reliability. to give customers a safe and reliable trading experience. Price — Voyager’s Dynamic Smart Order Voyager’s Dynamic Smart Order Router takes Router searches multiple exchanges for all of these factors into account when achieving the best possible price. Voyager is con- best execution for trading customers. nected to a growing number of exchanges and liquidity providers to maximize price execution in the fragmented and crossed 3.2 ADVANCED CHARTING, RESEARCH crypto markets. & REPORTING Liquidity — Depending on the size, your Voyager offers a wealth of advanced research order may need to be routed to multiple options directly from your mobile device. Multiple exchanges or liquidity providers in order charting options, professional research, coin to achieve superior execution. You can specific news feeds and the ability to compare worry about trading, while we handle multiple coin charts at once gives an immense the rest. amount of flexibility and information so trad- ers never miss a beat in the fast paced crypto Speed — Voyager executes and settles markets. Advanced reporting features such trades within milliseconds so that you as profit/loss tracking and aggregate holding can maximize your earning opportunities. views gives customers the ability to grow their portfolios with all the information they need at their fingertips. 12 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING 4. Introducing VGX – Save Network Fees, Collect Cashback, Earn Interest Voyager’s Native Broker Token (VGX) is a liquid, functional token that will provide value and utility across Voyager’s entire ecosystem includ- ing the trading, custody and wallet products. Tokens may be staked or consumed for a variety of utility that greatly enhances the experience for customers. By holding VGX, consumers can reap the benefits of holding their own keys to their crypto funds (“your keys, your coins”) while also being able to swiftly trade their crypto assets. 4.1 FEE SAVINGS & INSTANT 4.3 EARN INTEREST TRANSACTIONS ­– WITHDRAWALS Voyager is one of the only brokers that offers & LIVE TRADING interest bearing accounts with no lockups When using the VGX native broker token, you alongside a competitive trading offering. Users get significant value and benefits. As part of are given baseline interest rates with the option Live Trading, the ability to trade from the self to enhance the interest experience through custody Vault, the VGX token will be enabling token functionality. instant blockchain transactions, letting users get split-second trade execution directly from 4.4 ADDITIONAL REWARDS self-custody wallets. As part of Live Trading, VGX holders can utilize tokens to pay for fees In addition, the VGX token will give users addi- and get discounted fees. tional rewards and benefits. As Voyager adds products such as debit cards, margin, loans and integrates the Universal Wallet into the 4.2 CASHBACK REWARDS PROGRAM Voyager applications the VGX token holders In addition to the discounts customers receive will obtain additional benefits. for the Withdrawal Fees and Live Trading Fees, customers will be given access to a unique rewards system based on VGX token holdings. Customers can not only trade commission free, but can also earn money back every time they trade. November 12, 2019 13

5. Team Voyager has a strong team with deep experience in crypto and traditional finance with a track record of venture-backed success. STEPHEN EHRLICH - CEO & Director BIP32/39/44 compatible wallet that can securely send, receive, store and review hundreds Stephen Ehrlich is Chief Executive Officer of of coins and tokens that rapidly grew to over the Company and the US Subsidiaries. Steve 100,000 users worldwide. The Ethos Universal was previously CEO of Tradier, Inc., a Charlotte, Wallet is powered by Ethos Bedrock, a program- North Carolina based financial technology firm. matic Blockchain Finance Platform designed to Prior to Tradier, Inc, Steve was a founder and bridge the worlds of finance and blockchain. the CEO of Lightspeed Financial, LLC – a US based retail broker-dealer, which in 2009 exe- cuted on average 450k trades per day making OSCAR SALAZAR - Co-Founder it the 3rd largest brokerage firm in the United Oscar Salazar is a global leader in building States. In 2006, Steve founded a company consumer driven mobile applications and called Lightspeed Financial which disrupted experiences. He is well known for his involvement the professional and active trader space by as a co-founder of Uber as its founding Architect delivering a product focused on that segment and Chief Technology Officer building the very of traders and in 3 short years was the 3rd largest first version of the Uber application. Oscar online broker in the US. Prior to Lightspeed, Salazar is an active investor and is also the Steve was CEO of E*TRADE Professional Trading co-founder and CTO of Pager, a venture-backed LLC, the professional trading arm of E*TRADE digital healthcare startup. FINANCIAL. Steve was also Vice President of Brokerage Strategy handling all the Business Development at E*TRADE, GASPARD DE DREUZY - Co-Founder & Director SHINGO LAVINE - Founder of Ethos, Chief Gaspard De Dreuzy is a serial entrepreneur who Innovation Officer & Director founded well known firms Pager, TradeIt and Kapitall. Gaspard started his career in enter- Shingo is a recognized expert and thought tainment as an advisor to Warner Music, then leader in cryptocurrency and blockchain as an executive producer of video game software. technology. Shingo studied at Brown University He worked with several game developers and under Maurice Herlihy, a distributing computing publishers, including Atari, THQ and Mattel, on expert and Gödel and Dijkstra award winner. popular franchises such as Ready 2 Rumble Shingo founded Ethos.io at age 19 and wrote Boxing for the Xbox, PlayStation and Nintendo the original Ethos whitepaper “Democratizing consoles. In 2008, Gaspard started and served Cryptocurrency”. He then led the team that as CEO of Kapitall, the first online broker for created the Ethos Universal Wallet, a 14 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING millennials, that he built in partnership with JARRETT LILIEN - Director Bank of New York Mellon’s Pershing. Gaspard Jarrett Lilien is a long term Capital Market also co-founded and is a Director at fintech Executive who is is currently the President and startup Trade.it, a leading investing platform. Chief Operating Officer of Wisdom Tree Invest- In 2014, Gaspard co-founded and served as ments, Inc. (NASDAQ:WETF) Prior to Wisdom the CEO of Pager, a digital health startup Tree, Jarrett was the managing partner at pioneering the on-demand care model in the Bendigo Partners, a private business providing US, for which he raised more than $45 million financial services which he founded in 2008. in venture and strategic funding. Mr. Lilien also serves on the boards of The Bar- ton Group, and Investment Technology Group PHILLIP EYTAN - Co-Founder, Chairman (NYSE: ITG) (where he was interim CEO from & Director August 2007 through January 2008). He was Phillip Eytan is also a serial entrepreneur and also CEO of E*Trade Financial from November investor having started highly successful 2007 to March 2008. companies such as Socure, Pager and an early investor in Uber. Philip started his career at Morgan Stanley in 2000 as an analyst in Telecom M&A. From 2002 to 2007, he helped manage a large distressed debt book at Cerberus Capital There are many more highly experienced team Management. After leaving Cerberus, Phillip members in addition to those listed here who started his own hedge fund. Phillip has been an are bringing Voyager to the world! Visit avid tech investor since 2007. He was a founding investvoyager.com/investorrelations/governance investor in Livestream (sold to IAC in 2017); to learn more about the team. a founding investor in Socure (cyber fraud prevention company); and an early investor in Uber. In 2014 Mr. Eytan co-founded Pager, a digital health startup at which he is currently the Chief Strategy Officer and a director. November 12, 2019 15

6. A Unique 7. Welcome to the Public Offering New Economy On February 11, Voyager Digital began trading Two established crypto companies with experi- as a public company on the Canadian mar- enced teams are joining forces to build a Reg- kets under the symbol VYGR, creating a lot ulated Crypto Broker worthy of the blockchain of “firsts” for the crypto industry. The public revolution. We firmly believe that cryptocurren- company is the first combined crypto broker cies are here to stay and that the blockchain and custody solution allowing consumers and industry is just getting started. Voyager is investors to get in on the ground floor of a committed to playing an integral role in build- disruptive new product. The level of trust and ing the vision of a smart economy — one that disclosure that comes with being a public is equitable, fair, safe and accessible. Achieving company is invaluable. New customers can meaningful mass adoption of cryptocurrencies trust that the company is legitimate service will require a lot of important infrastructure – provider. Voyager is delivering a full crypto and we’re here to help make sure it happens, ecosystem with the people-powered mentality and happens soon. that the company and products were founded We are incredibly excited about the vision and upon and everyone has the opportunity to be a the work our team is doing and has already part of that from the very beginning. done to bring it to fruition. While we are firm believers in what we are doing, we find the 6.1 OPERATING LIKE A FINANCIAL best way to convince someone is to show INSTITUTION them our product. Try out our product at Voyager complies with state, federal and investvoyager.com/app and see for yourself international regulations and actively collabo- what all the excitement is about. rates with regulators to adhere to the highest We’re just getting started and we hope you’ll standards of compliance. We have developed join us on the Voyager journey! a regulatory strategy that we believe is future proofed by obtaining state licenses, developing deep banking relationships, acquiring a FINRA Registered Broker/Dealer and actively seeking approval for the BitLicense in New York. As the regulatory landscape develops, we will be prepared to comply with new standards. Voyager will operate with the same level of rigor and trust that financial institutions afford. We take your money very seriously. You can expect only the highest quality products and services with around the clock support. This is how financial services should be. 16 Voyager is a trademark of voyager ip llc 2019.

THE VOYAGER TOKEN: DEMOCRATIZING CRYPTO ASSET TRADING www.investvoyager.com The cryptocurrency space is volatile. Please be careful and thoughtful when purchasing any cryptocurrency token, digital asset or token sale. This paper can be changed at any point with no prior notice. You are responsible for complying with local jurisdic- tional laws and regulations. We encourage and support reporting and paying taxes on your cryptocurrency gains. Neither the TSX Venture Exchange nor its Regulation Services Pro- vider (as that term is defined in the policies of the TSX Venture Ex- change) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release. Forward-Looking Information: This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking infor- mation’ within the meaning of applicable Canadian securities laws. Forward-looking statements in this news release include, without limitation: statements pertaining to the timing of any regulatory and stock exchange approvals therefore; Forward-looking state- ments involve known and unknown risks and uncertainties, most of which are beyond the Company’s control. For more details on these and other risk factors see the Company’s most recent Annual Infor- mation Form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading “Risk Factors”. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on these for- ward-looking statements. The forward-looking statements con- tained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement. November 12, 2019 17