Pheasantback Golf & Country Club Ltd. and Rise Resources Corp.

Pheasantback Golf & Country Club Ltd. and Rise Resources Corp. have been under court-appointed receivership in Alberta since September 12, 2012, when MNP Ltd. was appointed receiver on the application of Royal Bank of Canada under section 243 of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act and section 65(7) of the Personal Property Security Act, court file 1203 12953. RBC holds a first secured interest in the golf course assets by agreement with Canadian Western Bank, which ranks first on the assets outside the receivership, and is owed $1,462,216.58 exclusive of accrued interest and costs. Other secured claims include the County of Stettler for $24,231.25 in municipal taxes and CRA for approximately $17,000, with Golf Lease Inc. and Kubota Canada Ltd. also asserting security. Golf course assets were valued at $2,028,988 as at December 31, 2011, on an approximate basis. The receivership remains active.