OQI SASK EXCHANGEABLE SHARES AND PREFERRED STOCK

9 Months Ended

Jan. 31, 2012

OQI SASK EXCHANGEABLE SHARES AND PREFERRED STOCK [Abstract]

OQI SASK EXCHANGEABLE SHARES AND PREFERRED STOCK

10. OQI SASK EXCHANGEABLE SHARES AND PREFERRED STOCK

Holders of OQI Sask common shares received Exchangeable Shares which can be exchanged into shares of OQI common stock at any time at each holder's option or by the Company upon the occurrence of certain events or any time after on August 14, 2013 if still outstanding. Each Exchangeable Share provides the holder thereof with economic terms and voting rights which are, as nearly as practicable, equivalent to those of a share of OQI common stock. Transactions in Exchangeable Shares during the nine months ended January 31, 2012 are detailed below.  For voting purposes, holders of Exchangeable Shares are represented by one outstanding Series B preferred share which carries a number of votes equal to the number of Exchangeable Shares then outstanding.

	OQI Sask Exchangeable Shares			OQI Sask Exchangeable Shares issuable on exercise of OQI Sask options			Total Exchangeable Shares
Balance, April 30, 2011		19,129,237			7,791,069			26,920,306
OQI Sask options expired (note 9)		-			(7,791,069	)		(7,791,069	)
Exchangeable Shares exchanged into OQI common shares		(203,281	)		-			(203,281	)
Balance, January 31, 2012		18,925,956			-			18,925,956