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## 9. FINANCIAL INSTRUMENTS (CONTINUED): 

Risks (continued): 

(d) Liquidity risk (continued): 

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(i) Based on notional amounts as presented above. 

 The convertible unsecured subordinated debentures of $110.0 million have been excluded from the above due to the Company’s option to satisfy the obligations at redemption or maturity in shares. 

The Company’s revolving credit facility of $200.0 million expired on June 30, 2013. On June 28, 2013, the Company entered into a new revolving credit facility of $150.0 million of available working capital from which it can borrow at prime rate, Libor rate or under Bankers’ Acceptances. 

It is the Company’s intention to keep a debt level under its revolving credit facility between $50.0 million to $80.0 million. All other non-derivative financial liabilities are expected to be financed through the collection of trade and other receivables and cash flow generated from operations. 

