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interest rate of Canadian prime plus 3% (a decrease of 0.5% over the prior renewal). The senior credit facility is an interest-only, 364-day revolving loan that is due December 31, 2012. The facility carries a three- year term out option in the event the loan is not renewed. Therefore at December 31, 2011, no amount is recorded as a current liability as the first potential principal repayment would be in January 2013 and then only if the facility is not renewed in December 2012. At December 31, 2011, the Corporation met all of its covenants as required by the senior credit facility. Those covenants include a maximum debt to EBITDA of 1.7:1 (0.15:1 at December 31, 2011); minimum tangible net worth of $190.3 million ($236.5 million at December 31, 2011); and a minimum fixed charge coverage ratio of 1:1 (2.33:1 at December 31, 2011). Subsequent to December 31, 2011, the Corporation repaid another $2 million of the outstanding senior credit facility. 

The Corporation had 19.475 million voting common shares outstanding at December 31, 2011. The Corporation had working capital of approximately $4.0 million at December 31, 2011. In the year ended December 31, 2011, warrantholders exercised 531,850 warrants at $7.50, generating $4.0 million in cash proceeds that was used for general working capital purposes. Those warrants are now expired. Under the current terms of the various commitments, the Corporation has the ability to meet all current obligations as they become due. 

## WORKING CAPITAL 

The Company's working capital (defined as current assets less current liabilities) at December 31, 2011and 2010 is set forth in the tables below. 

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