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(Expressed in thousands of United States dollars) 

## 9. Intangible Assets 

<img src='content_image/243823.jpg'>

Deferred licence renewal costs relate to negotiations with the Government for licences for the Company. Amortization of deferred licence renewal costs commenced upon conclusion of licence negotiations in April 2008 and extends over the life of the Licences. 

## 10. Short-Term Financing 

The Royal Bank of Canada (“RBC”) credit facility agreement provides for $38.5 million and the total available was $24.9 million at December 31, 2011 ($15.0 million at December 31, 2010). In November 2011 the Company executed a new credit facility agreement due to the restructuring of the RBC group. The only significant change to the agreement relates to the named lender, now both RBC Royal Bank (Bahamas) Limited and RBC Royal Bank (Cayman) Limited, with RBC Royal Bank (Cayman) Limited named as agent. 

<img src='content_image/243824.jpg'>

* Included in Accounts payable and accrued expenses. 

** Letters of Credit include those provided to the rental generation supplier of $5.5 million. These will be removed upon completion of the rental contracts. 

