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## 9. FINANCIAL INSTRUMENTS (CONTINUED): 

## Fair values of financial instruments (continued): 

The following describes the fair value determinations of financial instruments (continued): 

(v)  The fair value of convertible unsecured subordinated debentures was based upon market quotes for the identical instruments.The fair value of the conversion option has been marked-to-market using a model with various inputs. 

(vi) Refer to note 18 for finance lease obligations. 

 The following tables provide a comparison of carrying and fair values for each classification of financial instruments at year-end, and show a level within the fair values hierarchy in which they have been classified. 

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