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(iii) Non-cash transactions 

The consolidated statements of cash flows exclude the following non-cash transactions: 

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## 16. RECONCILIATION OF CANADIAN GAAP TO U.S. GAAP 

The consolidated financial statements of the Company are prepared in Canadian dol- lars in accordance with accounting principles generally accepted in Canada (“Canadian GAAP”). The following adjustments and disclosures would be required in order to present these consolidated financial statements in accordance with account- ing principles generally accepted in the United States (“U.S. GAAP”). 

(a) Reconciliation to accounting principles generally accepted in the United States 

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