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Related Party Transactions

9 Months Ended

Sep. 30, 2014

6.

Related Party Transactions

At September 30, 2014, accounts payable includes $111,111 due to directors, a company controlled by a director of the Company, and a company with directors in common, in respect of unpaid management fees, expenses incurred on behalf of the Company, and operating costs paid on behalf of the Company.

At September 30, 2014, accrued interest includes $404,838 due to companies controlled by directors of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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