X0306 4 2014-01-07 0 0001302084 Energizer Resources, Inc. ENZR 0001508563 VR Global Partners, L.P. DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE, BLDG. 4, SUITE 402 DUBAI C0 506755 UNITED ARAB EMIRATES 0 0 1 0 0001348145 VR Advisory Services Ltd DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE, BLDG. 4, SUITE 402 DUBAI C0 506755 UNITED ARAB EMIRATES 0 0 1 0 0001662251 VR Capital Participation Ltd. DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE, BLDG. 4, SUITE 402 DUBAI C0 506755 UNITED ARAB EMIRATES 0 0 1 0 0001660514 VR Capital Group Ltd. DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE, BLDG. 4, SUITE 402 DUBAI C0 506755 UNITED ARAB EMIRATES 0 0 1 0 0001662446 VR Capital Holdings Ltd. DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE, BLDG. 4, SUITE 402 DUBAI C0 506755 UNITED ARAB EMIRATES 0 0 1 0 0001660515 Deitz Richard NIDDRY LODGE 51 HOLLAND STREET, FIRST FLOOR LONDON W8 7JB TURKEY 0 0 1 0 Common Stock, $0.001 2014-01-07 4 P 0 4250000 0.1137 A 6511904 I See Footnote Common Stock, $0.001 2014-01-15 4 S 0 500000 0.135 D 18567309 I See Footnote Common Stock, $0.001 2014-02-12 4 S 0 500000 0.16 D 18067309 I See Footnote Common Stock, $0.001 2014-08-27 4 S 0 802000 0.1605 D 17265309 I See Footnote Common Stock, $0.001 2014-08-29 4 S 0 239500 0.16 D 17025809 I See Footnote Common Stock, $0.001 2014-09-12 4 S 0 1500000 0.1788 D 15525809 I See Footnote Common Stock, $0.001 2014-09-19 4 P 0 3620000 0.14 A 19145809 I See Footnote Common Stock, $0.001 2015-07-31 4 X 0 3334000 0.00 A 22479809 I See Footnote Warrants to Purchase Common Stock 0.18 2014-01-07 4 P 0 7250000 0.0126 A 2014-01-07 2017-01-14 Common Stock, $0.001 7250000 8678571 I See Footnote Warrants to Purchase Common Stock 0.18 2014-01-07 4 P 0 2125000 0.0126 A 2014-01-07 2017-01-14 Common Stock, $0.001 2125000 2839285 I See Footnote Special Warrants(Right to acquire Common Stock and Warrants) 0.00 2015-04-24 4 P 0 3334000 0.12 A See Footnote 5 3334000 I See Footnote Special Warrants(Right to acquire Common Stock and Warrants) 0.00 2015-07-31 4 X 0 3334000 0.00 D See Footnote 5 0 I See Footnote Warrants to Purchase Common Stock 0.14 2015-07-31 4 X 0 1667000 0.00 A 2015-07-31 2018-05-04 Common Stock, $0.001 1667000 8917000 I See Footnote The filing of this Form 4 shall not be construed as an admission that VR Advisory Services Ltd ("VR"), VR Capital Participation Ltd. ("VRCP"), the sole shareholder of VR, VR Capital Goup ("VRCG"), the sole shareholder of VRCP, VR Capital Holdings Ltd. ("VRCH"), the sole shareholder of VRCG, or Richard Deitz, the principal of VR, VRCP, VRCG and VRCH, is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Common Stock, $0.001 (the "Common Stock"), or warrants exercisable to purchase Common Stock of Energizer Resources Inc. (the "Issuer") purchased by VR Global Partners, L.P. Pursuant to Rule 16a-1, VR, VRCP, VRCG, VRCH and Mr. Deitz disclaim such beneficial ownership except to the extent of its or his spective pecuniary interest therein. VR Global Partners, L.P., for which VR is the general partner, currently holds 22,479,809 shares of Common Stock of the Issuer and warrants exercisable to purchase 8,917,000 shares of Common Stock of the Issuer. VRCP is the sole shareholder of VR. VRCG is the sole shareholder of VRCP. VRCH is the sole shareholder of VRCG. Richard Deitz reports the Common Stock and warrants exerciable to purchase Common Stock held indirectly by VR, VRCP, VRCG and VRCH because, as the principal of VR, VRCP, VRCG and VRCH at the time of purchase, he controlled the disposition and voting of the securities. VRCP currently holds 6,511,904 shares of Common Stock of the Issuer and warrants exercisable to purchase 2,125,000 shares of Common Stock of the Issuer. VRCG reports the Common Stock and warrants exerciable to purchase Common Stock held VRCP because it is the sole shareholder of VRCP. VRCH reports the Common Stock and warrants exerciable to purchase Common Stock held VRCP because it is the sole shareholder of VRCG, the sole shareholder of VRCP. Richard Deitz reports the Common Stock and warrants exerciable to purchase Common Stock held VRCP because, as the principal of VRCP, VRCG and VRCH at the time of purchase, he controlled the disposition and voting of the securities. The Special Warrants will be deemed to be exercised without payment of additional consideration or further action on the earlier of (i) the third business day following the day upon which the Issuer obtains a receipt for a final prospectus qualifying the Common Stock and warrants exercisable to purchase Common Stock from the securities regulatory authority in of the provinces of British Columbia, Ontario, Alberta and certain other jurisdictions in which the Special Warrants are sold and further provided that the Issuer has filed (and has in effect) a resale registration statement in the United States with the Securities and Exchange Commission relating to the Common Stock and warrants exercisable to purchase Common Stock and (ii) October 28, 2015 (the "Automatic Conversion Date"). The Automatic Conversion Date was satisfied pursuant to (i) above on July 31, 2015. The Special Warrants are automatically convertible on the Automatic Conversion Date into 3,334,000 shares of Common Stock and warrants exercisable to purchase 1,667,000 shares of Common Stock. /s/ Richard Deitz, Authorized Person of VR Advisory Services Ltd, the general partner of VR Global Partners, L.P. 2015-12-29 /s/ Richard Deitz, Authorized Person of VR Advisory Services Ltd 2015-12-29 /s/ Richard Deitz, Authorized Person of VR Capital Participation Ltd. 2015-12-29 /s/ Richard Deitz, Authorized Person of VR Capital Group Ltd. 2015-12-29 /s/ Richard Deitz, Authorized Person of VR Capital Holdings Ltd. 2015-12-29 /s/ Richard Deitz 2015-12-29