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<BODY style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; MARGIN-LEFT: 10px; MARGIN-RIGHT: 10px"><A id=TOCLINK2155  href="#TOC">Table Of Contents</A>
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<P id=PARA7 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As filed with the Securities and Exchange Commission on&nbsp;February 17, 2015</FONT></P>
<P id=PARA8 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registration No. __________</FONT></P>
<P id=PARA9 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">U.S. SECURITIES AND EXCHANGE COMMISSION</FONT></P></TD></TR>
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<P id=PARA14 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Washington, D.C.&nbsp;&nbsp;20549</FONT></P></TD></TR></TABLE>
<P id=PARA16 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA17 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">FORM S-1</FONT></P>
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<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></P></TD></TR></TABLE>
<P id=PARA23 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">APPLIED MINERALS, INC.</FONT></P></TD></TR>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Name of small business issuer in its charter)</FONT></P></TD></TR></TABLE>
<P id=PARA29 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA30 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Delaware</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA32 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1044</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">82-0096527</FONT></P></TD></TR>
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<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State of jurisdiction of</FONT></P></TD>
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<P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Primary Standard Industrial</FONT></P></TD>
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<P id=PARA39 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(I.R.S. Employer</FONT></P></TD></TR>
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<P id=PARA40 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">incorporation or organization)</FONT></P></TD>
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<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Classification Code Number)</FONT></P></TD>
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<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</FONT></P></TD></TR></TABLE>
<P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA47 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">110 Greene Street, Suite 1101, New York, NY&nbsp;10012</FONT></P></TD></TR>
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<TD style="WIDTH: 101.2%; VERTICAL-ALIGN: top">
<P id=PARA48 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(212) 226-4265</FONT></P></TD></TR>
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<TD style="WIDTH: 101.2%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<P id=PARA49 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address and telephone number of principal executive offices</FONT></P></TD></TR>
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<TD style="WIDTH: 101.2%; VERTICAL-ALIGN: top">
<P id=PARA50 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and principal place of business)</FONT></P></TD></TR></TABLE>
<P id=PARA52 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA56 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">William Gleeson</FONT></P></TD></TR>
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<P id=PARA57 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">General Counsel</FONT></P></TD></TR>
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<P id=PARA58 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Applied Minerals, Inc.</FONT></P></TD></TR>
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<P id=PARA59 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">110 Greene Street &#8211; Suite 1101, New York, NY&nbsp;&nbsp;10012</FONT></P></TD></TR>
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<TD style="WIDTH: 101.2%; VERTICAL-ALIGN: top">
<P id=PARA60 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(212) 226-4251</FONT></P></TD></TR>
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<P id=PARA61 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Name, address and telephone number of agent for service)</FONT></P></TD></TR></TABLE>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA66 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<TD style="WIDTH: 95.1%; VERTICAL-ALIGN: top">
<P id=PARA71 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Approximate date of proposed sale to the public:</FONT></P></TD></TR></TABLE>
<P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA75 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">From time to time after this Registration Statement becomes effective.</FONT></P></TD></TR></TABLE>
<P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA78 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. &#9746;</FONT></P>
<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA80 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&#9744;</FONT></P>
<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2023  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK2023  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2023  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2023.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;o</FONT></P>
<P id=PARA83 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act Registration Statement number of the earlier effective Registration Statement for the same offering.&nbsp;o</FONT></P>
<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA88 style="TEXT-ALIGN: left; MARGIN: 0pt 12.95pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Large accelerated filer&nbsp;&nbsp;&nbsp;&#9744;</FONT></P></TD>
<TD style="WIDTH: 36.6%; VERTICAL-ALIGN: top">
<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt 12.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&#9746;</FONT></P></TD></TR>
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<TD style="WIDTH: 64.7%; VERTICAL-ALIGN: top">
<P id=PARA90 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 36.6%; VERTICAL-ALIGN: top">
<P id=PARA91 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 64.7%; VERTICAL-ALIGN: top">
<P id=PARA92 style="TEXT-ALIGN: left; MARGIN: 0pt 12.95pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Non-accelerated filer (Do not check if a smaller reporting company)&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT></P></TD>
<TD style="WIDTH: 36.6%; VERTICAL-ALIGN: top">
<P id=PARA93 style="TEXT-ALIGN: left; MARGIN: 0pt 12.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT></P></TD></TR></TABLE>
<P id=PARA95 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA96 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">CALCULATION OF REGISTRATION FEE</FONT></B></P>
<P id=PARA97 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA98 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Title of each class </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">of securities to be registered</FONT></B></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">
<P id=PARA99 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></B></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top">
<P id=PARA100 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amount to be </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">registered(1)</FONT></B></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">
<P id=PARA101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></B></P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top">
<P id=PARA102 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Proposed maximum </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">offering price per share (4)</FONT></B></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">
<P id=PARA103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></B></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top">
<P id=PARA104 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Proposed maximum </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">aggregate offering price</FONT></B></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">
<P id=PARA105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></B></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top">
<P id=PARA106 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amount of </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">registration fee</FONT></B></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA107 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common Stock,</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.001 par value per</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA109 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">21,574,441(2)</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA111 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.65</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA113 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$14,023,387</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA115 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1,630</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA116 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common Stock,</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.001 par value per</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA118 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">19,356,652</FONT></U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA120 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.65</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA122 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$12,581,824</FONT></U></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA124 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1,462</FONT></U></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA125 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA127 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U style="BORDER-BOTTOM: #000000 1px solid"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">40,931,093</FONT></U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA128 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA131 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U style="BORDER-BOTTOM: #000000 1px solid"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$26,605,211</FONT></U></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA133 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U style="BORDER-BOTTOM: #000000 1px solid"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$3,092</FONT></U></P></TD></TR></TABLE>
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL2106  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA2118 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2110><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2111><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In addition, pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of stock splits, stock dividends or similar transactions which occur during this continuous offering.</FONT></P></FONT></TD></TR></TABLE>
<TABLE id=TBL2107  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA2119 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2112><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2113><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Represents the shares that are issuable as of the issue date on the conversion of&nbsp;10% PIK-Election Convertible Notes due 2018&nbsp;(&#8220;Series A Notes&#8221;) that were issued on November 3, 2014. PIK refers to payment-in-kind; that is, interest paid by means of increasing the principal of the Notes</FONT></P></FONT></TD></TR></TABLE>
<TABLE id=TBL2108  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA2120 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2114><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2115><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Represents the maximum number of additional shares that may be issued on conversion of the Series A Notes over the amount indicated in the text at footnote 2. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company&#8217;s financial condition, it is likely that interest payments will be made only in the form of payment-in-kind</FONT></P></FONT></TD></TR></TABLE>
<TABLE id=TBL2109  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA2121 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2116><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2117><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) of the Securities Act based on the average of the high and low prices of our Common Stock, as reported on the OTCBB quotation service on February 13, 2015.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA146 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.</FONT></P>
<P id=PARA148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK153  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR153  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM153  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK153  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR153  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA153.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<TABLE id=TBL160  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 98.2%; VERTICAL-ALIGN: top">
<P id=PARA157 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">PROSPECTUS</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 98.2%; VERTICAL-ALIGN: top">
<P id=PARA159 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">APPLIED MINERALS, INC.</FONT></P></TD></TR></TABLE>
<P id=PARA161 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA162 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">40,931,093 shares of Common Stock</FONT></P>
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This prospectus relates to the offer and sale, from time to time, by the sellers (&#8220;Selling Stockholders&#8221;) of up to 40,931,093 shares of Common Stock, par value $.001 (&#8220;Common Stock&#8221;) issuable on conversion of 10% PIK-Election Convertible Notes due 2018 (&#8220;Series A Notes&#8221; or the &#8220;Notes&#8221;) issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of&nbsp;the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company&#8217;s financial condition, it is likely that interest payments will be made only in the form of payment-in-kind. The shares of Common Stock that may be issued on conversion of the Series A Notes are referred to as the &#8220;Shares.&#8221; </FONT></P>
<P id=PARA165 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Selling Stockholders&#8221; includes the persons listed in the table under &#8220;Selling Stockholders,&#8221; and also donees, pledgees, transferees or other successors-in-interest, selling Shares or interests in Shares received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution, or other transfer.&nbsp;&nbsp;The Selling Stockholders may sell all or any portion of their Shares in one or more transactions on any stock exchange, market or trading facility on which the shares are traded or in private, negotiated transactions.&nbsp;&nbsp;Each Selling Stockholder will determine the prices at which the Selling Stockholder&#8217;s Shares will be sold.&nbsp;&nbsp;Although the Company will incur expenses in connection with the registration of the Shares offered under this prospectus, the Company will not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholders.</FONT></P>
<P id=PARA167 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA168 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Common Stock is quoted on the OTCBB under the symbol &#8220;AMNL.&#8221;&nbsp;&nbsp;On&nbsp;February 13, 2015, the closing bid quotation of our Common Stock was $ 0.65. Our principal executive offices are located 110 Greene Street, Suite 1101, New York, NY 10012.&nbsp;&nbsp;Our telephone number is (212) 226-4265.</FONT></P>
<P id=PARA169 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA170 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We may amend or supplement this prospectus from time to time by filing amendments or supplements as required.&nbsp;&nbsp;You should carefully read this entire prospectus and any amendments or supplements to this prospectus as well as material incorporated by reference into this prospectus before you make your investment decision.</FONT></P>
<P id=PARA171 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA172 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The shares of Common Stock offered under this prospectus involve a high degree of risk.&nbsp;&nbsp;See &#8220;Risk Factors&#8221; beginning at page&nbsp;7&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and the risk factors that are incorporated by reference in this prospectus from our filings made with the Securities and Exchange Commission.</FONT></P>
<P id=PARA173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA175 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.&nbsp;&nbsp;ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</FONT></P>
<P id=PARA176 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA177 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The date of this prospectus is February 17, 2015</FONT></P>
<P id=PARA178 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK181  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR181  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM181  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK181  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR181  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA181.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA183 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=TOC  name="TOC"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">TABLE</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">OF CONTENTS</FONT></P>
<P id=PARA184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL217  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<P id=PARA185 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top">
<P id=PARA186 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Page</FONT></P></TD></TR>
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<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA187 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2122  href="#BKMK2139"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Note Regarding Forward Looking Statements</FONT></A></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.8%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff">
<P id=PARA188 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2</FONT></P></TD></TR>
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<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA189 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2123  href="#BKMK2140"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prospectus Summary</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA190 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA191 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2124  href="#BKMK2141"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Business</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA192 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA193 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2125  href="#BKMK2142"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Risk Factors</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA194 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">8</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA195 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2126  href="#BKMK2143"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Series A Notes </FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA196 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 91.4%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff">
<P id=PARA197 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><A id=LINK2127  href="#BKMK2144"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Offering</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">15</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA198 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2128  href="#BKMK2145"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Use of Proceeds</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">15</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA199 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2129  href="#BKMK2146"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Price Range of Our Common Stock and Other Stockholder Matters</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">16</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA200 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2130  href="#BKMK2147"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Description of Capital Stock</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA201 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA202 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2131  href="#BKMK2148"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SEC Position of Indemnification for Securities Act Liabilities</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">18</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2132  href="#BKMK2149"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Selling Stockholders</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA204 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">19</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2133  href="#BKMK2150"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Plan of Distribution</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA206 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;21</FONT></P></TD></TR>
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<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Related Party Transactions</FONT></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA208 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2135  href="#BKMK2151"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Legal Matters</FONT></A></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.8%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff">
<P id=PARA210 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2136  href="#BKMK2152"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Experts</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA212 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA213 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2137  href="#BKMK2153"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporation of Certain Documents by Reference</FONT></A></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.8%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff">
<P id=PARA214 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2138  href="#BKMK2154"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Where You Can Find More Information</FONT></A></P></TD>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA216 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">25</FONT></P></TD></TR></TABLE>
<P id=PARA218 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We have not authorized any person to give you any supplemental information or to make any representations for us.&nbsp;&nbsp;You should not rely upon any information about our Company that is not contained in, or incorporated by reference into, this prospectus or a supplement thereto.&nbsp;&nbsp;Information contained in this prospectus may become stale.&nbsp;&nbsp;You should not assume that the information contained in this prospectus or any prospectus supplement is accurate as of any date other than their respective dates, regardless of the time of delivery of this prospectus or of any sale of the shares.&nbsp;&nbsp;Our business, financial condition, results of operations and prospects may have changed since those dates.</FONT></P>
<P id=PARA220 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA221 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders are offering to sell, and seeking offers to buy, shares of the Shares only in jurisdictions where offers and sales are permitted.</FONT></P>
<P id=PARA222 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA223 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Unless otherwise specified or the context otherwise requires, references in this prospectus to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Applied Minerals, Inc., a Delaware corporation, and its consolidated subsidiary.</FONT></P>
<P id=PARA2000.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK2000  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2000  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2000  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2000  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2000  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2000.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA227 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2139  name="BKMK2139"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>REGARDING FORWARD LOOKING STATEMENTS</B></FONT></P>
<P id=PARA228 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA229 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This prospectus, any supplement thereto, and the documents incorporated by reference contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.&nbsp;&nbsp;These forward-looking statements are based on our current expectations, assumptions, estimates and projections about our business and our industry.&nbsp;&nbsp;Words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," and other similar expressions identify forward-looking statements.&nbsp;&nbsp;In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.&nbsp;&nbsp;These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.</FONT></P>
<P id=PARA230 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2001  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2001  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2001  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">2</DIV>
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<A id=TOCLINK2001  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2001  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2001.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA233 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2140  name="BKMK2140"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PROSPECTUS</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SUMMARY</B></FONT></P>
<P id=PARA234 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA235 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">You should read this summary in conjunction with the more detailed information and financial statements in this prospectus and any supplement thereto as well as incorporated by reference into this prospectus or any supplement. This summary does not contain all of the information you should consider before investing in our securities.&nbsp;&nbsp;You should read all of the information in this prospectus and any supplement thereto and incorporated in this prospectus carefully, especially the risks of investing in our securities (see &#8220;Risk Factors&#8221;) before making an investment decision.</FONT></P>
<P id=PARA236 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA238 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Securities Being Offered</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This prospectus relates to the offer and sale, from time to time, by the sellers (&#8220;Selling Stockholders&#8221;) of up to 40,931,093 shares of Common Stock, par value $.001 (&#8220;Common Stock&#8221;) issuable on conversion of 10% PIK-Election Convertible Notes due 2018 (&#8220;Series A Notes&#8221; or the &#8220;Notes&#8221;) issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of&nbsp;the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company&#8217;s financial condition, it is likely that interest payments will be made only in the form of payment-in-kind. &nbsp;The shares of Common Stock that may be issued on conversion of the Series A Notes are referred to as the &#8220;Shares.&#8221; </FONT></P>
<P id=PARA240 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;The Series A Notes,&#8221; &#8220;The Offering,&#8221; and &#8220;Selling Stockholders.&#8221;</FONT></P></TD></TR></TABLE>
<P id=PARA243 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL254  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA244 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Use of Proceeds</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA245 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company will receive none of the proceeds for the sale of the Shares.&nbsp;&nbsp;The proceeds will go to the Selling Stockholders.&nbsp;&nbsp;</FONT></P>
<P id=PARA246 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA247 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Use of Proceeds&#8221;</FONT></P></TD></TR>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA248 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Plan of Distribution</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA249 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Selling Stockholders&#8221; includes the persons listed in the Selling Stockholders table and also donees, pledgees, transferees or other successors-in-interest, selling Shares or interests in Shares received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.&nbsp;&nbsp;The Selling Stockholders may, from time to time, sell any or all of their Shares on any stock exchange, market or trading facility on which the shares are traded or in private transactions.&nbsp;&nbsp;These sales may be at fixed or negotiated prices.&nbsp;&nbsp;The Selling Stockholders may also engage in puts and calls and other transactions in our Common Stock or derivatives of our Common Stock and may sell or deliver the Shares in connection with these trades.</FONT></P>
<P id=PARA250 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales.&nbsp;&nbsp;Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated.&nbsp;&nbsp;</FONT></P>
<P id=PARA252 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Plan of Distribution.&#8221;&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGNUM2002  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
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<A id=TOCLINK2002  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2002  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
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<P id=PARA256 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Business</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA257 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company owns the Dragon Mine, located in Eureka, Utah.&nbsp;&nbsp;For reporting purposes under the rules of the U.S. Securities and Exchange Commission, the Company is classified as an exploration-stage company. The Dragon Mine contains deposits of halloysite clay as well as deposits of mixed clays containing various levels of halloysite and also deposits of iron oxide.&nbsp;&nbsp;In addition,&nbsp;there are approximately 50,000 tons of iron oxide above ground and already mined. This consistent&nbsp;grade consists of over 94% pure iron oxide. &nbsp;Finally, there are also five waste piles at the Dragon Mine resulting from the mining operations of former owners and the clay minerals in waste piles may have potential for commercialization.</FONT></P>
<P id=PARA258 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA259 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015 , the Company has not classified the halloysite or the other clay deposits at the Dragon Mine as reserves according to Industry Guide No. 7 of the U.S. Securities and Exchange Commission.&nbsp;&nbsp;</FONT></P>
<P id=PARA260 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA261 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015, the Company is marketing its halloysite clay products under the tradename Dragonite for the purpose of enhancing the performance of a range of high-end commercial applications, many of which have not previously utilized halloysite.&nbsp;&nbsp;It is also marketing the halloysite clay for certain traditional uses of halloysite clay. The Company is not marketing the other clays.</FONT></P>
<P id=PARA262 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA263 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is also marketing its iron oxide, but as of February 13, 2015 has not classified the iron oxide deposit as a reserve according to Industry Guide No. 7.&nbsp;&nbsp;</FONT></P>
<P id=PARA264 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA265 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has not yet begun to market the mineralization in the waste piles and as of February 13, 2015, has not classified that mineralization in the waste piles as a reserve according to Industry Guide No. 7.&nbsp;&nbsp;</FONT></P>
<P id=PARA266 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA267 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015 sales of halloysite and the iron oxide have been minimal.</FONT></P>
<P id=PARA268 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA269 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Under Industry Guide 7, a &#8220;reserve&#8221; is &#8220;that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.&#8221; Generally speaking, a company may not declare reserves, unless, among other requirements, competent professional engineers conduct a detailed engineering and economic study and prepare a &#8220;bankable&#8221; or &#8220;final&#8221; feasibility study that &#8220;demonstrates that a mineral deposit can be mined profitably at a commercial rate.&#8221; </FONT></P>
<P id=PARA270 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA271 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company commissioned a study of &#8220;resources&#8221; under the JORC Code of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. That study indicated the existence of JORC &#8220;resources&#8221; of halloysite clay and iron oxide. A JORC resource is defined as a &#8220;mineral deposit in such form, grade . . . and quantity that there are reasonable prospects for eventual economic extraction,&#8221; a lower standard than that used for a final feasibility study.</FONT></P>
<P id=PARA272 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA273 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Significant additional steps, including the demonstration of the ability of the Company to penetrate markets, would be necessary before a &#8220;bankable&#8221; or &#8220;final&#8221; feasibility study can be prepared. </FONT></P>
<P id=PARA274 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA275 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Despite the fact that the Company has not established reserves, the Company has mined, processed and sold, and intends to continue to mine, process, and sell, halloysite clay and iron oxide from the Dragon Mine. </FONT></P>
<P id=PARA276 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA277 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">A consequence of the absence of reserves under Industry Guide 7 is that the mining company, such as the Company, is deemed to lack an objective basis to assert that it has a deposit with mineralization that can be economically and legally extracted or produced and sold to produce revenue.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA278 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In November 2014, the Company raised $12.5 million in capital financing through the issuance of the Series A Notes.</FONT></P>
<P id=PARA279 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA282 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At September 30, 2014, December 31, 2013 and December 31, 2012, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, respectively, in addition to unprofitable operations. &nbsp;For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses&nbsp;from continuing&nbsp;operations of $5,969,679, $13,063,526 and $9,732,399, respectively.&nbsp;&nbsp;&nbsp;The Company&#39;s future is contingent upon its ability to obtain additional financing and/or to generate revenue and cash flow to meet its obligations on a timely basis. &nbsp;The Company has historically been unable to generate enough revenue and cash flow to fund its operating expenses and capital expenditures. &nbsp;</FONT></P>
<P id=PARA283 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA284 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Business.&#8221;</FONT></P></TD></TR></TABLE>
<P id=PARA286 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2004  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2004  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
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<A id=TOCLINK2004  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2004  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2004.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA287 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA288 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Risk Factors</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA289 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">An investment in our Common Stock is very speculative and involves a high degree of risk. If you decide to buy our Common Stock, you should be able to afford a complete loss of your investment.</FONT></P>
<P id=PARA290 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA291 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In order to meet operating expenses, the Company has had to raise funds from investors through the issuance of equity and convertible debt securities. If the Company is unable to fund its operations through the commercialization of the Dragon Mine, and/or the sale of equity, debt, or a combination of both, it may have to file bankruptcy.&nbsp;&nbsp;</FONT></P>
<P id=PARA292 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA293 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Risk Factors.&#8221;</FONT></P></TD></TR></TABLE>
<P id=PARA295 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA296 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Common Stock Rights</B></FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA297 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Holders of Common Stock are entitled to one vote per share. Holders of Common Stock have no cumulative voting rights in the election of directors. Two shareholders have certain rights, which are described in the 4<SUP style="vertical-align: baseline; position: relative; bottom: .33em">th</SUP> footnote of the Selling Stockholders&nbsp;table&nbsp;to nominate directors.</FONT></P>
<P id=PARA298 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA299 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Holders of Common Stock are entitled to receive ratably dividends if, as, and when dividends are declared from time to time by our Board of Directors out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock or series Common Stock.&nbsp;&nbsp;The Series A Notes prohibit dividends without the approval of the holders of a majority of the principal amount of the Series A Notes. The Company has never paid a dividend and does not anticipate paying one in the future.</FONT></P>
<P id=PARA300 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA301 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Description of Common Stock.&#8221;</FONT></P></TD></TR></TABLE>
<P id=PARA303 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA304 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Market for Our </B></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Common Stock</B></FONT></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; WIDTH: 83.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA305 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Common Stock is traded on the OTCBB.&nbsp;&nbsp;On&nbsp;&nbsp;February 13, 2015, the closing market price on the OTCQB was $0.65.&nbsp;&nbsp;&nbsp;</FONT></P>
<P id=PARA306 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA307 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See &#8220;Price Range of our Common Stock.&#8221;</FONT></P></TD></TR></TABLE>
<P id=PARA309 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<DIV id=PGNUM2003  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
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<A id=TOCLINK2003  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2003  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2003.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA312 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2141  name="BKMK2141"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>BUSINESS</B></FONT></A></P>
<P id=PARA313 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA314 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is a mining company that owns the Dragon Mine, located in Eureka, Utah.&nbsp;&nbsp;For reporting purposes under the rules of the U.S. Securities and Exchange Commission, the Company is classified as an exploration-stage company. The Dragon Mine contains deposits of halloysite clay as well as deposits of mixed clays containing various levels of halloysite and also deposits of iron oxide.&nbsp;</FONT>In addition,&nbsp;there are approximately 50,000 tons of iron oxide above ground and already mined. This consistent&nbsp;grade consists of over 94% pure iron oxide. &nbsp;Finally, there are also five waste piles at the Dragon Mine resulting from the mining operations of former owners and the clay minerals in waste piles may have potential for commercialization.</P>
<P id=PARA315 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA316 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015 , the Company has not classified the halloysite or the other clay deposits at the Dragon Mine as reserves according to Industry Guide No. 7 of the U.S. Securities and Exchange Commission.&nbsp;&nbsp;</FONT></P>
<P id=PARA317 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA318 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015, the Company is marketing its halloysite clay products under the tradename Dragonite for the purpose of enhancing the performance of a range of high-end commercial applications, many of which have not previously utilized halloysite.&nbsp;&nbsp;It is also marketing the halloysite clay for certain traditional uses of halloysite clay. The Company is not marketing the other clays.</FONT></P>
<P id=PARA319 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA320 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is also marketing its iron oxide, but as of February 13, 2015 has not classified the iron oxide deposit as a reserve according to Industry Guide No. 7.&nbsp;&nbsp;</FONT></P>
<P id=PARA321 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA322 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has not yet begun to market the mineralization in the waste piles and as of February 13, 2015, has not classified that mineralization in the waste piles as a reserve according to Industry Guide No. 7.&nbsp;&nbsp;</FONT></P>
<P id=PARA323 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA324 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of February 13, 2015, sales of halloysite and the iron oxide have been minimal.</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is classified as an exploration stage company for purposes of Industry Guide 7 of the U.S. Securities and Exchange Commission.</FONT></P>
<P id=PARA326 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA327 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Under Industry Guide 7, companies engaged in significant mining operations are classified into three categories, referred to as &#8220;stages&#8221; exploration, development, and production. Exploration stage includes all companies engaged in the search for mineral deposits (reserves) which are not in either the development or production stage. In order to be classified as a development or production stage company, the company must have already established reserves. Unless a company has established reserves, it cannot be classified as a development or production stage company, notwithstanding the nature and extent of development-type or production- type activities that have been undertaken or completed. </FONT></P>
<P id=PARA328 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>&nbsp;</I></FONT></P>
<P id=PARA329 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Under Industry Guide 7, a &#8220;reserve&#8221; is &#8220;that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.&#8221; Generally speaking, a company may not declare reserves, unless, among other requirements, competent professional engineers conduct a detailed engineering and economic study and prepare a &#8220;bankable&#8221; or &#8220;final&#8221; feasibility study that &#8220;demonstrates that a mineral deposit can be mined profitably at a commercial rate.&#8221; </FONT></P>
<P id=PARA330 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company commissioned a study of &#8220;resources&#8221; under the JORC Code of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. That study indicated the existence of JORC &#8220;resources&#8221; of halloysite clay and iron oxide. A JORC resource is defined as a &#8220;mineral deposit in such form, grade . . . and quantity that there are reasonable prospects for eventual economic extraction,&#8221; a lower standard than that used for a final feasibility study.</FONT></P>
<P id=PARA332 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA333 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Significant additional steps, including the demonstration of the ability of the Company to penetrate markets, would be necessary before a &#8220;bankable&#8221; or &#8220;final&#8221; feasibility study can be prepared. </FONT></P>
<P id=PARA334 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2005  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2005  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2005  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">6</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2005  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2005  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2005.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA335 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Despite the fact that the Company has not established reserves, the Company has mined, processed and sold, and intends to continue to mine, process, and sell, halloysite clay and iron oxide from the Dragon Mine. </FONT></P>
<P id=PARA336 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA337 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">A consequence of the absence of reserves under Industry Guide 7 is that the mining company, such as the Company, is deemed to lack an objective basis to assert that it has a deposit with mineralization that can be economically and legally extracted or produced and sold to produce revenue.</FONT></P>
<P id=PARA338 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA339 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following table indicates the amount of tons extracted by the Company from the Dragon Mine and the amount of products produced by the Company in the 12 month periods ended December 31, 2013 and 2014:</FONT></P>
<P id=PARA340 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<TABLE id=TBL357  style="FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; BORDER-RIGHT: #000000 1px solid; WIDTH: 80%; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 10%; BORDER-LEFT: #000000 1px solid; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
<P id=PARA341 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>2013</B></FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA342 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>2014</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA343 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Tons extracted</B></FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA344 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Halloysite clay</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA345 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">450</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA346 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">650</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA347 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Iron oxide</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA348 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,300</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA349 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,200</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA350 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Products produced</B></FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA351 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Halloysite clay</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA352 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">22</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA353 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">69</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA354 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Iron oxide</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA355 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA356 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">166</FONT></P></TD></TR></TABLE>
<P id=PARA358 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA359 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following table indicates the revenues by categories in 2013 and 2014. Samples represent revenues for sales where our products are used for laboratory testing ; scale-ups are amounts used by our customers to determine whether our products perform successfully on the customer&#8217;s production line; commercial product are amounts used by customers in the customers&#8217; commercial products for sale to third parties. Other indicates that the Company is not aware of the use to which the Company&#8217;s products are being put. The various percentages are approximate: </FONT></P>
<P id=PARA360 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL2175  style="FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; BORDER-RIGHT: #000000 1px solid; WIDTH: 80%; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 10%; BORDER-LEFT: #000000 1px solid; MARGIN-RIGHT: 10%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="HEIGHT: 0px; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" colSpan=2>
<P id=PARA2156 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Percentages of Sales Classified by </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Customer Use</FONT></B></P></TD></TR>
<TR>
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
<P id=PARA2157 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2013</FONT></B></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA2158 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2014</FONT></B></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2159 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Sales for: </I></FONT></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2160 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commercial Production</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA2161 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">69%</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA2162 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">70%</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Scale-Ups</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA2164 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">17%</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA2165 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">26%</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Testing </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA2167 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4%</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA2168 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2%</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2169 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA2170 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10%</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA2171 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2%</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 37%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2172 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 29%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA2173 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">100%</FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA2174 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">100%</FONT></P></TD></TR></TABLE>
<P id=PARA376 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA377 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In November 2014, the Company raised $12.5 million in capital financing through the issuance of the Series A Notes.</FONT></P>
<P id=PARA378 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA379 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At September 30, 2014, December 31, 2013 and December 31, 2012, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, respectively, in addition to unprofitable operations. &nbsp;For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses&nbsp;from continuing&nbsp;operations of $5,969,679, $13,063,526 and $9,732,399, respectively.&nbsp;&nbsp;&nbsp;The Company&#39;s future is contingent upon its ability to obtain additional financing and/or to generate revenue and cash flow to meet its obligations on a timely basis. &nbsp;The Company has historically been unable to generate enough revenue and cash flow to fund its operating expenses and capital expenditures. &nbsp;</FONT></P>
<P id=PARA380 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA381 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For a full description of our business, see the filings incorporated by reference into this prospectus and any information relating to our business in any supplement to this prospectus.</FONT></P>
<P id=PARA2176 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Open SEC Comment Letter</FONT></B></U></P>
<P id=PARA2179 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA2180 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Division of Corporation Finance of the Securities and Exchange Commission is required by statute to review at least every three years the filings of each company that files reports under Section 13 of the Securities Exchange Act of 1934. The Company files reports under such act. Typically, after such review, the staff sends out "comment letters" noting issues the staff has identified, asking for the filing company to respond. On November 21, 2014, after a tri-annual review of the Company&#39;s filings, the staff of the Division of Corporation Finance of the Securities and Exchange Commission sent a comment letter to the Company. </FONT></P>
<P id=PARA2181 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA2184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">An exchange of letters between the Company and the staff regarding the staff&#39;s comments focused on the Company&#39;s capitalization of the costs related to the Company processing plant constructed in 2012, 2013, and 2014. The Company is currently engaged in discussions to provide any additional deliverables to satisfy the staff&#8217;s request.</FONT></P>
<P id=PARA2185 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT>&nbsp;</P>
<DIV id=PGBK2006  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2006  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2006  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">7</DIV>
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<A id=TOCLINK2006  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2006  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2006.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA382 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2142  name="BKMK2142"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>RISK</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FACTORS</B></FONT></P>
<P id=PARA383 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA384 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">AN INVESTMENT IN OUR COMMON STOCK IS VERY SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK FACTORS, ALONG WITH THE OTHER MATTERS REFERRED TO IN THE DOCUMENTS INCORPORATED BY REFERENCE INTO THIS PROPSPECTUS AND ANY INFORMATION RELATING TO OUR BUSINESS IN ANY SUPPLEMENT TO THIS PROSPECTUS BEFORE YOU DECIDE TO BUY OUR COMMON STOCK. IF YOU DECIDE TO BUY OUR COMMON STOCK, YOU SHOULD BE ABLE TO AFFORD A COMPLETE LOSS OF YOUR INVESTMENT.</FONT></P>
<P id=PARA385 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA386 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our business activities are subject to significant risks, including those described below. Every investor or potential investor in our Common Stock should carefully consider these risks. If any of the future-oriented risks actually occurs, our business, financial position and results of operations could be materially adversely affected. The risks below are not the only ones we face and additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business. </FONT></P>
<P id=PARA387 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA388 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SPECIFIC RISKS APPLICABLE TO APPLIED MINERALS</B></FONT></P>
<P id=PARA389 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA390 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>FINANCIAL HISTORY</B></I></FONT></P>
<P id=PARA391 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA392 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Losses.</I> We have experienced annual operating losses and unprofitable operations since our reactivation in September, 1997. For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses&nbsp;from continuing&nbsp;operations of $5,969,679, $13,063,526 and $9,732,399, respectively.&nbsp;&nbsp;&nbsp;. </FONT></P>
<P id=PARA393 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA394 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Accumulated Deficits</I>. In the period since current management took over on January 1, 2009, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, at September 30, 2014, December 31, 2013 and December 31, 2012, respectively,</FONT></P>
<P id=PARA395 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA396 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>NO SIGNIFICANT SALES</B></I>&nbsp;</FONT></P>
<P id=PARA397 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA398 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Since January 1, 2009, the date when current management took over, the Company has sold only $428,207 of clay and iron oxide and for the nine months ended September 30, 2014, the Company had sales of only $114,688. </FONT></P>
<P id=PARA399 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA400 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>RELIANCE OF EQUITY AND DEBT SALES TO FINANCE OPERATIONS</B></I></FONT></P>
<P id=PARA401 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>&nbsp;</B></I></FONT></P>
<P id=PARA402 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has had to rely mainly on the proceeds from the sale of stock and convertible debt to fund its operations. There is no assurance that we will be able to raise additional funds through the sale of equity or debt to finance operations if the Company is unable to fund its operations through the commercialization of its minerals at the Dragon Mine. If so, we may have to file bankruptcy.</FONT></P>
<P id=PARA403 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA404 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>SUCCESS IS DEPENDENT ON PENETRATING MARKETS</B></I></FONT></P>
<P id=PARA405 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA406 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In order for the Company to survive, we must penetrate our target markets and achieve sales levels and generate sufficient cash flow to break even and to be a success we must do better than that. As outlined below, there is uncertainty that we will be able to do so.</FONT></P>
<P id=PARA407 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2007  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2007  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2007  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">8</DIV>
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<A id=TOCLINK2007  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2007  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2007.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA408 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Many of the applications for which we are selling for our halloysite-based material are applications for which halloysite has not been used previously. As a result, there are a number of special obstacles that we need to overcome to achieve sales in these markets. It is necessary to convince manufacturers to change their manufacturing processes and substitute our halloysite-based material for the product they are currently using, and in some cases, to use our halloysite-based material where no product was used before. Generally speaking, the process beginning with introducing our halloysite-based material to manufacturers and ending with the manufacturer using our products can encounter inertia, skepticism, and different corporate priorities; requires educating potential customers on the benefits of our material and how to use our material (how much to add, when to add, and so forth); and often requires working with potential customers (which some potential customers may be reluctant to do) to assure that the potential customers test our products under proper conditions. While we believe that our halloysite-based material often adds significant value, the process that ends with manufacturers using our halloysite-based material is typically characterized by both of the following: it can take a long time and there is no certainty that we will be able to convince enough manufacturers to use our halloysite-base material. Moreover, since our halloysite-based materials have not been used in large-scale commercial production, there is an element of uncertainty as to whether it will demonstrate significant value in that context. To the extent that we are offering our iron oxide, which is natural, as a substitute for synthetic iron oxide, we face problems similar to those for halloysite described above. </FONT></P>
<P id=PARA409 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA410 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other applications for which we are selling for our halloysite-based material are applications for which halloysite has been used previously. Similarly, some applications for which we are selling our iron oxides are applications for which iron oxides have been used previously. To penetrate these markets, we face the difficulties encountered by any company trying to enter an established market competing against established players, who may be in better financial condition that we are and/or who may be already familiar to, and in many cases may have relationships with, the potential customers, any of which can make such competitors more attractive than us. While we believe that in many cases, our products are superior to those already in the market, there is uncertainty that we will be able to penetrate those markets to a sufficient degree.</FONT></P>
<P id=PARA411 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA412 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>COMPETITION </B></I></FONT></P>
<P id=PARA413 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA414 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><I>Dragonite</I></U><I>.</I></FONT></P>
<P id=PARA415 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA416 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We market our halloysite products under the trademark &#8220;Dragonite.&#8221; The existence and the extent of competition are important because we intend to a large extent to price our halloysite opportunistically based on value-added.</FONT></P>
<P id=PARA417 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA418 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The major producer of halloysite is Imerys, a large French minerals company that owns the only other mine to produce significant tonnage of halloysite. Imerys&#8217; mine is located in New Zealand and produces about 18,000 tons of halloysite per year. To the best of our knowledge, Inmerys does not market its halloysite to the advanced-application markets we are targeting and does not market it in the United States to the traditional markets we are targeting. It is our understanding that given the level of purity of Imerys&#8217; of halloysite, Imerys would face processing costs that we do not have to bear if it decided to compete in markets for advanced applications. There are small producers of halloysite, in Turkey and China and elsewhere, but to our knowledge only the producer in Turkey sells (approximately 1,000 tons per year) in the advanced application markets we are marketing to. In addition, in order for our Dragonite to penetrate our target markets, we face significant competition as we compete against non-halloysite solutions sold by larger, more established companies.&nbsp;&nbsp;The basis for competition can be performance and/or price.</FONT></P>
<P id=PARA419 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA420 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If we are successful in penetrating our target markets, we may face competition from operators of halloysite clay deposits in other locations around the world.&nbsp;&nbsp;The extent of the deposits and the extent to which halloysite from any of these deposits will compete with our halloysite-based products, or the extent to which they can compete, is not known to us. It may be that if we are successful, other deposits of halloysite, not now deemed commercial, will be deemed to be commercial and competitive.</FONT></P>
<P id=PARA421 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2008  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2008  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2008  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">9</DIV>
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<A id=TOCLINK2008  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2008  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2008.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA422 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Iron oxide</I></FONT></U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I> </I></FONT></P>
<P id=PARA423 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA424 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We expect to compete with companies many of which that are much larger and better capitalized than we are.</FONT></P>
<P id=PARA425 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA426 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pigments.</FONT></U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> There is significant competition within the iron oxide pigment market.&nbsp;&nbsp;&nbsp;&nbsp;We produce natural iron oxide and will try to compete directly with synthetic iron oxide pigments in the coatings markets and certain other markets by selling our pigments at a lower price. In other iron oxide pigment markets, there is very little product differentiation with competition focused primarily on price.&nbsp; </FONT></P>
<P id=PARA427 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA428 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Technical and Other Markets.</FONT></U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> There is significant competition in the technical markets based on performance and price.</FONT></P>
<P id=PARA429 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA430 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>PRICING</B></I></FONT></P>
<P id=PARA431 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>&nbsp;</B></I></FONT></P>
<P id=PARA432 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Because we have not yet penetrated any market on a continuing basis, we cannot predict whether we will be able to sell our products at the prices we predict or whether we will have to reduce the prices, perhaps substantially, to be able to make sales in significant amounts.</FONT></P>
<P id=PARA433 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA434 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>THE COMPANY&#8217;S SUCCESS DEPENDS ON</B></I><B> OUR CEO</B></FONT></P>
<P id=PARA435 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA436 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Andre Zeitoun is the President and CEO of Applied Minerals, Inc.&nbsp;&nbsp;Mr. Zeitoun has played a critical role in leading the effort to commercialize our halloysite-based products and iron oxide products. If the Company loses the services of Mr. Zeitoun, there is no assurance that the Company would be able to attract and retain a qualified replacement.</FONT></P>
<P id=PARA437 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA438 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>OUR ASSETS AND OPERATIONS MAY BE ADVERSELY AFFECTED BY RISKS AND HAZARDS THAT MAY NOT BE FULLY COVERED BY INSURANCE</B></I></FONT></P>
<P id=PARA439 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>&nbsp;</I></FONT></P>
<P id=PARA440 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We maintain insurance to protect against losses that may result from some of the risks of the mining business, such as property loss and business interruption, in amounts we believe to be reasonably consistent with industry practice and circumstances surrounding each identified risk. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Insurance specific to environmental risks or to timber on our Idaho properties is generally either unavailable or, we believe, too expensive for us, and we therefore do not maintain environmental or timber insurance for such risks. Occurrence of events for which we are not insured may have an adverse effect on our business and financial condition.</FONT></P>
<P id=PARA441 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA442 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>COMMON STOCK: MARKET, PRICING AND VOLATILITY</B></I></FONT></P>
<P id=PARA443 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>&nbsp;</I></FONT></P>
<P id=PARA444 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our common stock is traded on the OTCBB. In recent years, the number of shares traded on a daily basis has often not been significant. As a result, the price of the stock has often been quite volatile. There is no assurance that trading will become active of a consistent basis. The market price of our stock at any given point in time may not accurately reflect our value and may prevent investors from realizing a profit on their investment.</FONT></P>
<P id=PARA445 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA446 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>TENDER OFFERS OR TAKEOVER ATTEMPTS</B></FONT></P>
<P id=PARA447 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA448 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain provisions in our Certificate of Incorporation, our ByLaws and Delaware law could make it more difficult for a third party to acquire control of us, even if that transaction could be beneficial to stockholders. These impediments include:</FONT></P>
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<DIV id=PGNUM2009  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">10</DIV>
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<A id=TOCLINK2009  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2009  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA452 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA453 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Delaware Business Combinations with Interested Stockholders Act generally operates to prevent a wide variety of transactions between the Company, on one hand, and an &#8220;interested shareholder&#8221; and its affiliates, on the other hand.&nbsp;&nbsp;It generally prohibits a publicly held Delaware corporation from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a period of three years after the date of the transaction in which the person became an interested stockholder, unless (i) prior to such date the Board of Directors of the corporation approved either the business combination or the transaction in which the person became an interested stockholder, (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owns at least 85% of the outstanding voting stock of the corporation excluding shares owned by officers or directors of the corporation and by certain employee stock plans, or (iii) on or after such date the business combination is approved by the Board of Directors of the corporation and by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the corporation that is not owned by the interested stockholder.&nbsp;&nbsp;A &#8220;business combination&#8221; generally includes mergers, asset sales and similar transactions between the corporation and the interested stockholder, and other transactions resulting in a financial benefit to the stockholder.&nbsp;&nbsp;An &#8220;interested stockholder&#8221; is a person who, together with affiliates and associates, owns 15% or more of the corporation&#8217;s voting stock or who is an affiliate or associate of the corporation and, together with his affiliates and associates, has owned 15% or more of the corporation&#8217;s voting stock within three years.</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA457 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA458 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Articles of Incorporation prohibit shareholders from acting by written consent</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA462 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA463 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The ByLaws contain advance notice provisions for nominations and for presentation of business at stockholder meetings</FONT></P></TD></TR></TABLE>
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<P id=PARA465 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>TAX REFORM</B></I></FONT></P>
<P id=PARA466 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA467 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">There has been significant activity in Congress moving toward tax reform. If tax reform takes place, certain provisions of current law that are favorable to the Company, particularly percentage depletion and net operating loss carryforwards, could be limited or eliminated. </FONT></P>
<P id=PARA468 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA469 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA470 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MORE GENERALIZED RISKS.</B> We are subject to the risks that affect other mining companies and industrial companies in general. Among these risks are the following.</FONT></P>
<P id=PARA471 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA472 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>DEVELOPMENT PROSPECTS RELATING TO A MINE ARE UNCERTAIN AND WE MAY INCUR HIGHER COSTS AND LOWER ECONOMIC RETURNS THAN ESTIMATED </B></I></FONT></P>
<P id=PARA473 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>&nbsp;</B></I></FONT></P>
<P id=PARA474 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Mine development projects typically require a number of years and significant expenditures during the development phase. Such projects could experience unexpected problems and delays during development. Our decision to develop the Dragon Mine is based on the results of studies and expertise. The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: </FONT></P>
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<P id=PARA477 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA478 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Changes in tonnage, grades and characteristics of clay and iron oxide to be mined and processed; </FONT></P></TD></TR></TABLE>
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<P id=PARA481 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA482 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Higher labor costs; </FONT></P></TD></TR></TABLE>
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<P id=PARA485 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA486 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The quality of the data on which engineering assumptions were made; </FONT></P></TD></TR></TABLE>
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<P id=PARA489 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA490 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Adverse geotechnical conditions; </FONT></P></TD></TR></TABLE>
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<P id=PARA493 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA494 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Availability of adequate and skilled labor force and supply and cost of water and power; </FONT></P></TD></TR></TABLE>
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<P id=PARA497 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA498 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fluctuations in inflation and currency exchange rates; </FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA501 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA502 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Availability and terms of financing; </FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
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<P id=PARA505 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA506 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; </FONT></P></TD></TR></TABLE>
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<P id=PARA509 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA510 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Changes in tax laws; </FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA513 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA514 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Weather or severe climate impacts; and </FONT></P></TD></TR></TABLE>
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<P id=PARA517 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA518 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages. </FONT></P></TD></TR></TABLE>
<P id=PARA519 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2010  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2010  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">11</DIV>
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<A id=TOCLINK2010  href="#TOC">Table Of Contents</A>
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<P id=PARA2010.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA521 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>MINING ACCIDENTS OR OTHER ADVERSE EVENTS AT AN OPERATION COULD DECREASE OUR ANTICIPATED PRODUCTION</B></I></FONT></P>
<P id=PARA522 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 32pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA523 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exploration development and/or production may be reduced as a result of mining accidents; unfavorable ground conditions; work stoppages or slow-downs; lower than expected ore grades; unexpected regulatory actions; or because our equipment or facilities fail to operate properly or as expected.</FONT></P>
<P id=PARA524 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA525 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>OUR OPERATIONS MAY BE ADVERSELY AFFECTED BY RISKS AND HAZARDS ASSOCIATED WITH THE MINING INDUSTRY</B></I></FONT></P>
<P id=PARA526 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 28pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA527 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our business is subject to a number of other risks and hazards including:</FONT></P>
<P id=PARA528 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 28pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA529 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA530 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA531 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">environmental hazards;</FONT></P></TD></TR>
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<P id=PARA532 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA533 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA534 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">unusual or unexpected geologic formations;</FONT></P></TD></TR>
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<P id=PARA535 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA536 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA537 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">rock bursts and ground falls;</FONT></P></TD></TR>
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<P id=PARA538 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA539 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA540 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">seismic activity;</FONT></P></TD></TR>
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<P id=PARA541 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA542 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA543 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">underground fires or floods;</FONT></P></TD></TR>
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<P id=PARA544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA545 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA546 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">unanticipated hydrologic conditions, including flooding and periodic interruptions due to inclement weather conditions;</FONT></P></TD></TR>
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<P id=PARA547 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA548 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA549 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">political and country risks;</FONT></P></TD></TR>
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<P id=PARA550 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA551 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA552 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">process issues and equipment malfunctions in our mining and milling operations; </FONT></P></TD></TR>
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<P id=PARA553 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA554 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA555 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">industrial accidents; and</FONT></P></TD></TR>
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<P id=PARA556 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA557 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA558 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">labor disputes or strikes.</FONT></P></TD></TR></TABLE>
<P id=PARA560 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA561 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Such risks could result in:</FONT></P>
<P id=PARA562 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA563 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA564 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA565 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">personal injury or fatalities;</FONT></P></TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: middle">
<P id=PARA566 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA567 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA568 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">damage to or destruction of mineral properties or processing facilities;</FONT></P></TD></TR>
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<P id=PARA569 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA570 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA571 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">environmental damage and financial penalties;</FONT></P></TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: middle">
<P id=PARA572 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA573 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA574 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">delays in exploration, development or mining;</FONT></P></TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: middle">
<P id=PARA575 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA576 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA577 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">monetary losses;</FONT></P></TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: middle">
<P id=PARA578 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA579 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA580 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">legal liability; and</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: middle">
<P id=PARA581 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1.3%; VERTICAL-ALIGN: top">
<P id=PARA582 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="WIDTH: 94.6%; VERTICAL-ALIGN: top">
<P id=PARA583 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">temporary or permanent closure of facilities.</FONT></P></TD></TR></TABLE>
<P id=PARA585 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA586 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I><B>THERE IS COMPREHENSIVE FEDERAL, STATE AND LOCAL REGULATION OF THE EXPLORATION INDUSTRY THAT COULD HAVE A NEGATIVE IMPACT OUR MINING OPERATIONS</B></I></FONT></P>
<P id=PARA587 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA588 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exploration and mining operations are subject to federal, state and local laws relating to the protection of the environment, including laws regulating removal of natural resources from the ground and the discharge of materials into the environment. Exploration and mining operations and the products we sell are also subject to federal, state and local laws and regulations which seek to maintain health and safety standards by, among other means, regulating the design and use of exploration methods and equipment and disclosure of risks. We cannot assure you that all permits that may be required in the future will be received. No assurance can be given that environmental standards imposed by federal, state or local authorities will not be changed or that any such changes would not have material adverse effects on our activities. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on our financial position. Additionally, we may be subject to liability for pollution or other environmental damages that we may elect not to insure against due to prohibitive premium costs and other reasons. </FONT></P>
<P id=PARA589 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA590 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For a full description of risk factors, see the filings incorporated by reference into this prospectus and any supplement to this prospectus.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV id=PGBK2011  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2011  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2011  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">12</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2011  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2011  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2011.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA592 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2143  name="BKMK2143"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>THE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SERIES A NOTES</B></FONT></P>
<P id=PARA593 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA594 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On November 4, 2014 (&#8220;Issue Date&#8221;), the Company issued, in a private placement pursuant to investment agreements, $19,848,486 principal amount of 10%&nbsp;PIK-Election Convertible&nbsp;Notes due 2018 ("Series A Notes") in exchange for $12,500,000 in cash and the cancellation of warrants held by one investor. </FONT></P>
<P id=PARA595 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA596 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I></I>&#8220;Stated Maturity Date&#8221; means November 3, 2018, provided that the Stated Maturity Date may be extended to November 3, 2019 at the option of the Company (the &#8220;Extension Option&#8221;) if (i) the Company has delivered written notice of its exercise of the Extension Option to the Holder not more than ninety (90) nor less than thirty (30) days prior to November 3, 2018 and (ii) the Company has delivered a certificate, dated as of November 3, 2018, certifying that no Default or Event of Default has occurred and is continuing; <U>provided</U>, <U>further</U> that the Stated Maturity Date shall be extended to the maturity date of the Series 2023 Notes or any Replacement Financing, as applicable, upon the occurrence of a Specified Event (&#8220;Specified Extension&#8221;). </FONT></P>
<P id=PARA597 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA599 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company will pay in kind interest for each interest period on the Note by adding the full amount of interest due on each interest payment date to the principal amount of the Note on each interest payment date, unless it elects to pay interest entirely in cash. Given the Company&#8217;s financial position, it is likely that the Company will pay interest in the form of payment-in-kind.</FONT></P>
<P id=PARA600 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA601 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The principal amount of the Series A Notes bears interest at the rate of 10% payable semiannually in arrears, <U>provided</U> that the interest rate shall be reduced to 1% per annum on the principal amount of the Note upon the occurrence of the Specified Event, as defined below.</FONT></P>
<P id=PARA602 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA603 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Specified Event&#8221; means the event that will occur after the second anniversary of the Issue Date if: (i) any amounts under the Series 2023 Notes (as defined below) or any Replacement Financing (as defined below) are outstanding, (ii) the VWAP (volume weighted average price) for the preceding 30 consecutive trading days is in excess of the Exercise Price (as defined below), (iii) the closing market price of the Common Stock is in excess of the Exercise Price on the date immediately preceding the date on which the Specified Event occurs, and (iv) no default or event of default under the Series A Notes has occurred and is continuing.</FONT></P>
<P id=PARA604 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA605 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Series 2023 Notes&#8221; means the series of 10% PIK-Election Convertible Notes due 2023 issued by the Company on August 2, 2013 in the initial principal amount of $10,500,000.</FONT></P>
<P id=PARA606 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA607 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Replacement Financing&#8221; means unsecured indebtedness of the Company in a principal amount not to exceed $10,500,000 <U>plus</U> any accrued interest thereon (including any interest paid in kind) so long as (1) no default or event of default under the Series A Notes shall have occurred and be continuing or would result therefrom, (2) all outstanding amounts under each Series 2023 Note shall have been converted into the Common Stock of the Company pursuant to the terms of such Series 2023 Note prior to the date on which such Indebtedness is incurred, (3) the maturity date of such Indebtedness shall not be earlier than the maturity date under the Series 2023 Notes, (4) such indebtedness is not subject to scheduled amortization, redemption, sinking fund or other payment in cash prior to the maturity date of such Indebtedness, (5) such indebtedness does not include any terms that are more restrictive or onerous on the Company or its Subsidiaries in any respect than any comparable term in the Series A Note, (6) such indebtedness shall only be guaranteed by a party that is providing a guarantee of the Series A Notes (the Series A Notes are not guaranteed), (7) such indebtedness shall have an interest rate less than or equal to 10% and (8) if applicable, the exercise price, strike price or similar term with respect to the conversion of such indebtedness into the Common Stock of the Company shall be greater than or equal $1.40 and shall be subject to the adjustments on the same terms as the Series 2023 Notes.</FONT></P>
<P id=PARA608 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2012  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2012  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2012  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">13</DIV>
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<A id=TOCLINK2012  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2012  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2012.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA610 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The number of Shares to be issued upon conversion of a Note is obtained by: (i) adding (A) the principal amount or portion thereof of the Note to be converted and (B) the amount of any accrued but unpaid interest on the portion of the Note to be converted; and (ii) dividing the result obtained pursuant to clause (i) above by the per share Exercise Price (as defined below) then in effect.</FONT></P>
<P id=PARA611 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Exercise Price&#8221; means initially $0.92 per share and will be (i) adjusted from time to time pursuant antidilution provisions and (ii) reduced by $0.10 per share if the Company elects to exercise its Extension Option.</FONT></P>
<P id=PARA613 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA614 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Series A Notes may be voluntarily converted at any time. </FONT></P>
<P id=PARA615 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA616 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The entire principal amount of the Series A Notes and accrued interest thereon shall be mandatorily converted into Shares on the earliest date that is not earlier than two years after the Issue Date that all of the following conditions are satisfied and appropriate notice given:</FONT></P>
<P id=PARA617 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB619  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 17pt">&nbsp;</TD>
<TD style="WIDTH: 19pt; VERTICAL-ALIGN: top">
<P id=PARA620 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(A)<U></U></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA621 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the VWAP for the preceding 30 consecutive trading days is at or greater than $1.00 <U>or</U> (2) the VWAP for the preceding 10 consecutive trading days as determined is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any; </FONT></P></TD></TR></TABLE>
<P id=PARA622 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB624  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 16pt">&nbsp;</TD>
<TD style="WIDTH: 20pt; VERTICAL-ALIGN: top">
<P id=PARA625 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(B)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA626 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the closing market price of the Common Stock is at or greater than $1.00 or (2) the closing market price of the Common Stock is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any, in each case, on the date immediately preceding the date on which the mandatory conversion notice is received; </FONT></P></TD></TR></TABLE>
<P id=PARA627 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB629  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 16pt">&nbsp;</TD>
<TD style="WIDTH: 20pt; VERTICAL-ALIGN: top">
<P id=PARA630 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(C)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA631 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">all outstanding amounts under each Series 2023 Note or Replacement Financing, if any, shall have been converted into the Common Stock pursuant to the terms of such Series 2023 Note or the Replacement Financing, if any; and </FONT></P></TD></TR></TABLE>
<P id=PARA632 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB634  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 16pt">&nbsp;</TD>
<TD style="WIDTH: 20pt; VERTICAL-ALIGN: top">
<P id=PARA635 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(D)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA636 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">either (x) a registration statement is effective and available for the resale of all of the Shares to be issued on conversion on the conversion date and each of the five (5) trading days prior to the Conversion Date and on the conversion date the holder is not restricted from selling or distributing any of such its Shares to be issued on conversion pursuant to the provisions of the Registration Rights Agreement between the holder and the Company or (y) the Holder may sell all such Conversion Shares immediately under Rule 144 under the Securities Act.</FONT></P></TD></TR></TABLE>
<P id=PARA637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA638 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The number of shares issuable under the Notes may be affected by the antidilition provisions of the Notes. The antidilition provisions adjust the Exercise Price of the Notes in the event of stock dividends and splits, issuance below the market price of the Common Stock, issuances below the conversion price of the Notes, pro rata distribution of assets, rights plans, tender offers, and exchange offers.</FONT></P>
<P id=PARA639 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2013  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2013  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2013  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">14</DIV>
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<A id=TOCLINK2013  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2013  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2013.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA640 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The anti-dilution provisions may be characterized as &#8220;broad-based, weighted-average.&#8221; Broad-based refers to the fact that the antidilution formulas take into account convertible securities as well as Common Stock. Weighted-average refers to the fact that the adjustment takes into account the number of shares of shares before and after the event in question. By way of example, if the Company issues shares of Common Stock or convertible securities at an effective consideration per share that is less than the Exercise Price of the Notes then in effect (other than issuances to directors, officers, employees or consultants of the Company as compensation for services), then the conversion price will be adjusted pursuant to the following formula:</FONT></P>
<P id=PARA641 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 67.5pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA642 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 84pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">N<SUB>0</SUB> + C/E</FONT><SUB><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0</FONT></SUB></P>
<P id=PARA643 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">E = E<SUB>0</SUB> x -------------</FONT></P>
<P id=PARA644 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 85.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">N<SUB>0</SUB> + N</FONT><SUB><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">A</FONT></SUB></P>
<P id=PARA645 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA646 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">where: E = the Exercise Price in effect immediately after such issuance; E0 = the Exercise Price in effect immediately prior to such issuance; N0 = the number of shares of Common Stock outstanding immediately prior to the open of business on the trading day of such issuance; NA = the number of shares of Common Stock issued and/or issuable upon exercise, conversion or exchange of any convertible securities, full physical settlement assumed; and C = the total consideration receivable by the Company on issuance and/or the exercise, conversion or exchange of any convertible securities, full physical settlement assumed.</FONT></P>
<P id=PARA647 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA648 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If any single action would require more than one adjustment of the Exercise Price under the antidilution provisions, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest absolute value.</FONT></P>
<P id=PARA649 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA651 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">21,574,441 shares were issuable as of the Issue Date on the conversion of&nbsp;the Series A Notes that were issued on November 3, 2014. </FONT></P>
<P id=PARA652 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA653 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This amount assumes that the Company pays interest only in the form of payment-in-kind, the maturity date is extended form 2018 to 2019 (causing an adjustment in the Exercise Price) and is further extended to 2023, all in accordance with the terms of the Notes.</FONT></P>
<P id=PARA654 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA655 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Shares of Common Stock issuable on conversion of the Series A Notes, when issued upon conversion in accordance with the terms of the Notes and upon payment of the exercise price, will be, fully paid and non-assessable.</FONT></P>
<P id=PARA656 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA657 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA658 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2144  name="BKMK2144"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>THE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OFFERING</B></FONT></P>
<P id=PARA659 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA660 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This prospectus relates to the offer and sale, from time to time, by the sellers (&#8220;Selling Stockholders&#8221;) of up to 40,931,093 shares of Common Stock, par value $.001 (&#8220;Common Stock&#8221;) issuable on conversion of 10% PIK-Election Convertible Notes due 2018 (&#8220;Series A Notes&#8221; or the &#8220;Notes&#8221;) issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of&nbsp;the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company&#8217;s financial condition, it is likely that interest payments will be made only in the form of payment-in-kind. &nbsp;&nbsp;&nbsp;</FONT></P>
<P id=PARA661 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA662 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA663 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2145  name="BKMK2145"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>USE </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OF PROCEEDS</B></FONT></P>
<P id=PARA664 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA665 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company will receive none of the proceeds for the sale of the Common Stock.&nbsp;&nbsp;The proceeds will go to the Selling Stockholders.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P id=PARA666 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2014  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2014  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2014  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">15</DIV>
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<A id=TOCLINK2014  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2014  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2014.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA669 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2146  name="BKMK2146"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PRICE </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>RANGE OF OUR COMMON STOCK AND OTHER STOCKHOLDER MATTERS</B></FONT></P>
<P id=PARA670 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA671 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Common Stock is quoted on OTCQB under the symbol &#8220;AMNL&#8221;.</FONT></P>
<P id=PARA672 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA673 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following table sets forth the high and low bid quotations per share of our Common Stock for the periods indicated. The high and low bid quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.</FONT></P>
<P id=PARA674 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL690  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 99%; MARGIN-LEFT: 1%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top">
<P id=PARA675 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2013</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA676 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">High</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA677 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Low</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA678 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">First Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA679 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.72</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA680 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.40</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA681 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Second Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA682 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.47</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA683 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.11</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA684 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Third Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA685 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.19</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA686 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.98</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA687 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fourth Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA688 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.22</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA689 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.00</FONT></P></TD></TR></TABLE>
<P id=PARA691 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL707  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 99%; MARGIN-LEFT: 1%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top">
<P id=PARA692 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2014</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA693 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">High</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA694 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Low</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA695 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">First Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA696 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$1.09</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA697 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.69</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA698 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Second Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA699 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.85</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA700 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.60</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA701 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Third Quarter</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA702 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.86</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA703 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.67</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA704 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fourth Quarter </FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA705 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.78</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA706 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$0.59</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">2015</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">First Quarter through February 13, 2015</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">$0.73</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">$0.64</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">Source:&nbsp;&nbsp;<U>http://www.yahoofinance.com</U>.</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR></TABLE>
<P id=PARA708 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA713 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has about 1,094 record stockholders.&nbsp;&nbsp;</FONT></P>
<P id=PARA714 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA715 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At February 13, 2015, our authorized capital stock consisted of 200,000,000 shares of Common Stock, par value $0.001 per share and 10,000,000 shares of preferred stock, par value $0.001 per share.&nbsp;&nbsp;As of&nbsp; February 13, 2015, 95,331,128 shares of Common Stock were issued and outstanding and no shares of preferred stock were issued and outstanding.&nbsp;&nbsp;As of February 13, 2015, 79,088,872 shares were reserved for issuance upon the exercise of options and warrants and upon the conversion of the Series 2023 and the Series A Notes issued in August 2013 and November 2014, respectively.</FONT></P>
<P id=PARA716 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA717 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA718 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2147  name="BKMK2147"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>DESCRIPTION</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OF CAPITAL STOCK</B></FONT></P>
<P id=PARA719 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA720 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Set forth below is a description of certain provisions relating to our capital stock.&nbsp;&nbsp;For additional information regarding our capital stock please refer to our Certificate of Incorporation and Bylaws.</FONT></P>
<P id=PARA721 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA722 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>COMMON STOCK</B></FONT></P>
<P id=PARA723 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA724 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Each share of Common Stock entitles the holder to one vote on each matter that may come before a meeting of the stockholders.&nbsp;&nbsp;There is no right to cumulative voting; thus, except as noted below, the holders of fifty percent or more of the shares outstanding can, if they choose to do so, elect all of the directors. Samlyn Onshore Fund, LP&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> and Samlyn Offshore Masterfund Ltd</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> are referred hereafter to as the &#8220;Samlyn Stockholders.&#8221; Until the Samlyn Stockholders, together with their respective affiliates, cease to beneficially own at least 9,700,000 shares of Common Stock (they beneficially own 30,621,770 shares of Common Stock prior to this offering), the Samlyn Stockholders jointly shall have the right to designate one person to be nominated for election to the Board (an &#8220;Initial Nominee&#8221;), and the Samlyn Stockholders jointly shall exercise this right, in their sole discretion, anytime and from time to time by providing written notice to the Company. Until the earlier of (i) the Samlyn Stockholders, together with their respective affiliates, ceasing to beneficially own at least 9,700,000 shares of Common and (ii) December 22, 2016, if Andre Zeitoun ceases to serve as a named executive officer of the Company or as chairman of the Board, the Samlyn Stockholders jointly, during such period in which Mr. Andre Zeitoun is not serving in such capacity, shall be entitled to designate a number of additional nominees (each an &#8220;Additional Nominee,&#8221; and together with the Initial Nominee, the &#8220;Nominees&#8221;) who, together with the Initial Nominee, shall comprise at least 20% of the total number of Directors, and the number of Directors representing such 20% shall be rounded up to the nearest whole number.&nbsp;&nbsp;The Stockholders jointly shall exercise the rights in their sole discretion, anytime and from time to time by providing written notice to the Company.</FONT></P>
<P id=PARA725 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2015  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2015  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2015  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">16</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2015  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2015  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2015.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA726 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In the event of a voluntary or involuntary liquidation, all stockholders are entitled to a pro rata distribution after payment of liabilities and after provision has been made for each class of stock, if any, having preference over the Common Stock.&nbsp;&nbsp;</FONT></P>
<P id=PARA727 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA728 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The holders of the Common Stock have no preemptive rights with respect to future offerings of shares of Common Stock except that the Samlyn Stockholders have preemptive rights by contract under investment agreements (&#8220;Investment Agreements&#8221;) as follows. If the Company proposes to issue any (i) equity securities or (ii) securities convertible into or exercisable or exchangeable for equity securities, other than any Excluded Securities (the &#8220;Dilutive Securities&#8221;), the Company shall deliver to each Samlyn Stockholder a written notice (which notice shall state the number of Dilutive Securities proposed to be issued, the purchase price thereof and any other material terms or conditions of the proposed Dilutive Securities and of their issuance, including any linked or grouped securities which comprise Dilutive Securities) of such issuance (the &#8220;Preemptive Offer Notice&#8221;) at least 5 business days prior to the date of the proposed issuance (such period beginning on the date that the Preemptive Offer Notice is delivered to the Investors and the 5 Business Days following such date being the &#8220;Preemptive Offer Period&#8221;). Each Investor shall have the option, exercisable at any time during the Preemptive Offer Period by delivering a written notice to the Company (a &#8220;Preemptive Offer Acceptance Notice&#8221;), to subscribe for up to a number of such Dilutive Securities, equal to the number of such Dilutive Securities proposed to be offered&nbsp;multiplied by&nbsp;a fraction, the numerator of which is the total number of shares of Common Stock beneficially owned by such Investor and any of its affiliates at the time the Company proposes to issue any the securities and the denominator of which is the total number of shares of Common Stock issued and outstanding at such time (&#8220;Pro Rata Portion&#8221;). The preemptive rights do not apply to the following securities issued by the Company at any time in compliance with the Investment Agreements (the &#8220;Excluded Securities&#8221;): (i) equity securities or securities convertible into or exercisable or exchangeable for equity securities, in each case issued to directors, officers, employees, or consultants of the Company as compensation for services rendered by such directors, officers, employees, or consultants; (ii) shares of Common Stock issued as a dividend on shares of Common Stock or upon any stock split, reclassification, recapitalization, exchange or readjustment of shares or other similar transaction; (iii) securities issued as consideration in a merger, consolidation, acquisition of all or substantially all of the another person&#8217;s assets or any similar transaction involving the Company and a Person (other than the Investors or an Affiliate of the Company), in each case to the extent that such transaction is conducted in compliance with this Agreement; and (iv)&nbsp;securities issued upon the exercise, conversion or exchange of any options, warrants or other derivative securities of the Company issued in compliance with (or otherwise not in violation of) the Investment<U>&#8206; </U>Agreements.</FONT></P>
<P id=PARA729 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA730 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Holders of Common Stock are entitled to dividends if, as, and when declared by the Board out of the funds legally available therefore.&nbsp;&nbsp;The Series A Notes prohibit dividends without the approval of the holders of a majority of the principal amount of the Series A Notes. It is our present intention to retain earnings, if any, for use in our business.&nbsp;&nbsp;The payment of dividends on our Common Stock is unlikely in the foreseeable future.&nbsp;&nbsp;</FONT></P>
<P id=PARA731 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK2016  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2016  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2016  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">17</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2016  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2016  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2016.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA732 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Board of Directors is not classified.</FONT></P>
<P id=PARA733 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA734 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company&#8217;s Certificate of Incorporation and Bylaws have no restrictions on alienability of the Common Stock and do not contain any provision discriminating against any existing or prospective holder of such Common Stock as a result of such security holder owning or acquiring a substantial amount of Common Stock.</FONT></P>
<P id=PARA735 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA736 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Delaware General Corporation Law (&#8220;GCL&#8221;) has a provision called &#8220;Business Combinations with Interested Stockholders Act,&#8221;&nbsp;by which the Company has elected to be governed.</FONT></P>
<P id=PARA737 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA738 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Delaware Business Combinations with Interested Stockholders Act generally operates to prevent a wide variety of transactions between the corporation, on one hand, and an &#8220;interested shareholder&#8221; and its affiliates, on the other hand.&nbsp;&nbsp;It generally prohibits a publicly held Delaware corporation from engaging in a &#8220;business combination&#8221; with an&#8221; interested stockholder&#8221; for a period of three years after the date of the transaction in which the person became an interested stockholder, unless (i) prior to such date the Board of Directors of the corporation approved either the business combination or the transaction in which the person became an interested stockholder, (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owns at least 85% of the outstanding voting stock of the corporation excluding shares owned by officers or directors of the corporation and by certain employee stock plans, or (iii) on or after such date the business combination is approved by the Board of Directors of the corporation and by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the corporation that is not owned by the interested stockholder.&nbsp;&nbsp;The term &#8220;business combination&#8221; generally includes mergers, asset sales, and similar transactions between the corporation and the interested stockholder, and other transactions resulting in a financial benefit to the stockholder.&nbsp;&nbsp;An &#8220;interested stockholder&#8221; is a person who, together with affiliates and associates, owns 15% or more of the corporation&#8217;s voting stock or who is an affiliate or associate of the corporation and, together with his affiliates and associates, has owned 15% or more of the corporation&#8217;s voting stock within three years.</FONT></P>
<P id=PARA739 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA740 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><A id=BKMK2148  name="BKMK2148"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SEC</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</B></FONT></P>
<P id=PARA741 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA742 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As permitted by the Delaware General Corporation Law, the Bylaws of the Company provide that (i) the Company is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, (ii) the Company is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to certain very limited exceptions, (iii) the Company may indemnify any other person as set forth in the Delaware General Corporation Law, and (iii) the indemnification rights conferred in the Bylaws are not exclusive.</FONT></P>
<P id=PARA743 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA744 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers, and controlling persons pursuant to the provisions described above or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment of expenses incurred or paid in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the Common Stock being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>
<P id=PARA2017.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK2017  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2017  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2017  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">18</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2017  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2017  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2017.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA747 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2149  name="BKMK2149"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SELLING</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>STOCKHOLDERS</B></FONT></P>
<P id=PARA748 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA749 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders are named in the table below.&nbsp;&nbsp;Each beneficial holder acquired the Common Stock in a private transaction(s) offered and sold by the Company in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act or in open market transactions.</FONT></P>
<P id=PARA750 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA751 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Selling Stockholders&#8221; includes persons listed in the table below and also includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock, or interests in shares of Common Stock, received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.&nbsp;&nbsp;The Selling Stockholders may sell all or any portion of their shares of Common Stock in one or more transactions on any stock exchange, market or trading facility on which the shares are traded or in private, negotiated transactions.&nbsp;&nbsp;Each Selling Stockholder will determine the prices at which the Selling Stockholder&#8217;s shares will be sold.&nbsp;&nbsp;</FONT></P>
<P id=PARA752 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA753 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information below is based in part on information provided by or on behalf of the Selling Stockholders. Except as noted below, ownership is deemed to be beneficial ownership as determined in accordance with the rules under Section 13(d) of the Securities Exchange Act. Under those rules, voting or investment power is deemed to be to be beneficial ownership and a person is deemed to beneficially own securities of which the person has a the right to acquire beneficial ownership within sixty (60) days. The ownership amounts below include shares that may be acquired through conversion of the Series A Notes and the Series 2023 Notes (including notes issued as interest thereon). The number of shares issuable on conversion of the Series A Notes have been calculated using a conversion price of $.82 and the extension of the maturity of the Series A Notes to August 1, 2023 and the payment of interest in the form of payment-in-kind. No estimate can be given as to the amount or percentage of our Common Stock that will be held by the Selling Stockholders after any sales or other dispositions made pursuant to this prospectus because the Selling Stockholders are not required to sell any of the Shares being registered under this prospectus. The table below assumes that the Selling Stockholders will sell all of the Shares to be acquired on conversion of the Series A Notes listed in this prospectus.</FONT></P>
<P id=PARA754 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA755 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Unless otherwise indicated in the footnotes to the table, the Selling Stockholder has voting or investment power over the Shares to be sold and has not held any position or office or had any material relationship with our Company or any of its subsidiaries within the past three years.</FONT></P>
<P id=PARA756 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK757  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR757  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM757  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">19</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK757  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR757  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA757.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<TABLE id=TBL773  style="FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; BORDER-RIGHT: #000000 1px solid; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA759 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Selling Stockholder</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" colSpan=4>
<P id=PARA760 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Shares Owned </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">before the </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Offering</FONT></P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA761 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Maximum number </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">of Shares to be </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Sold After </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Conversion of </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Series A Notes (1)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">
<P id=PARA762 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Shares Owned</FONT></P>
<P id=PARA763 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">after the </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Offering (2)</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA764 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Percentage </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ownership after the </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Offering</FONT></P>
<P id=PARA765 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(* indicates less </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">than 1%) (2)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA766 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Samlyn Offshore </FONT></P>
<P id=PARA767 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Masterfund Ltd (3)(4)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">19,595,394</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA769 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA770 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13,445,394&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA771 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,150,000 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA772 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6.5%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA774 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Samlyn Onshore Fund, LP (3)(4)</FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">11,026,376</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA775 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA776 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">7,176,376&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA777 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,850,000&nbsp;&nbsp; </FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA778 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.0%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA779 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">IBS Turnaround Fund </FONT></P>
<P id=PARA780 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(A Limited Partnership) (5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">8,218,624</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA782 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA783 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,662,115&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA784 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,556,509 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA785 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6.9%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA787 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">IBS Turnaround Fund QP </FONT></P>
<P id=PARA788 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(A Limited Partnership) (5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">17,273,378</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA790 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA791 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,493,328&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA792 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13,780,050&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA793 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">14.5%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA795 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">IBS Opportunity Fund, Ltd.(5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">3,088,173</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA797 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA798 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,093,579&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA799 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,994,594 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA800 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.1%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA802 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Koyote Capital (6)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">3,968,103</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA804 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA805 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,562,256&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA806 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,405,847 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA807 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.5%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA809 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Joseph Mark (7)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">2,566,088</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA811 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA812 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,171,692&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA813 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,394,396 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA814 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.5%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA816 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dune Road LLC (7)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">2,416,510</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA818 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA819 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,171,692&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA820 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,244,818 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA821 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.3%&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA823 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Kingswood Partners (8)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">1,562,256</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA825 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA826 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,562,256&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA827 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">- &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA828 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA830 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bernard T. Selz 2008 </FONT></P>
<P id=PARA831 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">15&#8208;year CLAT dtd 7/25/08; Ann </FONT></P>
<P id=PARA832 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Diamond &amp; Anita M. Pagliaro Ttees (9)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">1,171,692</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA834 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA835 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,171,692&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA836 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">- &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA837 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA839 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bernard T. Selz 2008 </FONT></P>
<P id=PARA840 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">20&#8208;Year CLAT Dtd 7/25/08; Ann Diamond </FONT></P>
<P id=PARA841 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&amp; Anita M. Pagliaro Ttees (9)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">1,171,692</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA843 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA844 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,171,692&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA845 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">-&nbsp; </FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA846 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA848 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Kingdon Associates (10)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">2,550,103</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA850 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA851 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,812,216&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA852 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">737,887 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA853 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA855 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">M. Kingdon Offshore Master </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fund, LP (10)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">4,062,569</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff" colSpan=3>
<P id=PARA858 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA859 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,936,884&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA860 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">125,685 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">
<P id=PARA861 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*&nbsp; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA863 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Kingdon Family Partnership, LP (10)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">1,605,099</TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 6%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" colSpan=3>
<P id=PARA865 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD>
<TD style="WIDTH: 17%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA866 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">499,921&nbsp; </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff">
<P id=PARA867 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,105,178 &nbsp;</FONT></P></TD>
<TD style="WIDTH: 18%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA868 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.1%&nbsp; </FONT></P></TD></TR></TABLE>
<P id=PARA870 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA871 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<TABLE id=MTAB2002  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">(1)&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">The number of Shares owned in this column assumes: (1) the election of the Extension Option on November 3, 2018 to extend the maturity of the Series A Notes to November 3, 2019, reducing the exercise price to $0.82 per share and (2) the occurrence of a Special Event, as defined in the Series A Notes, extending the maturity to the full maturity of the 2023 Notes, August 1, 2023; (3) the payment of all interest in the form of payment-in-kind and (4) the sale of all shares of Common Stock registered pursuant to this prospectus, although the Selling Stockholders are under no obligation known to us to sell any shares of Common Stock at this time.</TD></TR>
<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2003 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2004 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At February 13, 2015, 95,331,128 shares of Common Stock were issued and outstanding. The denominator in the percentage ownership calculation includes the common shares outstanding; any vested unexercised options held by the selling securityholder; and any accrued interest on the Series 2023 Notes held by the selling securityholder not yet converted.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB2006  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2007 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2008 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Robert Pohly, the managing member of&nbsp;Samlyn Partners LLC, which is the general partner of&nbsp;Samlyn Onshore Fund, LP&nbsp;and Samlyn Capital, LLC, which is the investment manager of&nbsp;Samlyn Offshore Master Fund, Ltd.,&nbsp;has sole investment and voting power over the shares. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV id=PGBK1999  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1999  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1999  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">20</DIV>
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<A id=TOCLINK1999  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1999  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1999.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA886 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA887 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Samlyn Onshore Fund, LP&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> and Samlyn Offshore Masterfund Ltd</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> are referred to as the Samlyn Stockholders. Until the Samlyn Stockholders, together with their respective affiliates, cease to beneficially own at least 9,700,000 shares of Common Stock, the Samlyn Stockholders jointly shall have the right to designate one person to be nominated for election to the Board (an &#8220;Initial Nominee&#8221;), and the Samlyn Stockholders jointly shall exercise this right, in their sole discretion, anytime and from time to time by providing written notice to the Company. The Company shall use commercially reasonable efforts to cause the election or appointment, as the case may be, of such nominee as a director, manager or otherwise, as applicable, of each such subsidiary. Until the earlier of (i) the Samlyn Stockholders, together with their respective affiliates, ceasing to beneficially own at least 9,700,000 shares of Common and (ii) December 22, 2016, if. Andre Zeitoun ceases to serve as a named executive officer of the Company or as chairman of the Board, the Samlyn Stockholders jointly, during such period in which Mr. Andre Zeitoun is not serving in such capacity, shall be entitled to designate a number of additional nominees (each an &#8220;Additional Nominee,&#8221; and together with the Initial Nominee, the &#8220;Nominees&#8221;) who, together with the Initial Nominee, shall comprise at least 20% of the total number of Directors, and the number of Directors representing such 20% shall be rounded up to the nearest whole number.&nbsp;&nbsp;The Stockholders jointly shall exercise the rights in their sole discretion, anytime and from time to time by providing written notice to the Company.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA890 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA891 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">David Taft, a current member of the Company&#8217;s Board of Directors, is President of IBS Capital LLC, which is deemed to be the beneficial owner of shares held by the funds it manages by virtue of the right to vote and dispose of such Common Stock.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA894 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA895 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Koyote Capital is the managing member of Koyote Trading LLC. Includes 2,107,724 shares owned by Koyote Trading LLC, a broker dealer, and 298,123 shares collectively owned by three partners of Koyote Capital (Rick Schottenfeld through Schottenfeld Associates, Bryan Weiss and Lucas Rosen).</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB897  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA898 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA899 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Joseph Mark is a managing member of Dune Road LLC. Mr. Mark&#39;s shares beneficially owned after the offering include 1,094,007 shares in his name and 300,389 shares in an IRA under his name.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB901  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA902 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(8)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA903 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The natural person who exercises voting or investment control with respect to the shares being registered for resale pursuant to this registration statement is Jason Karp.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA906 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(9)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA907 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In addition to the two funds listed, Bernard Selz also owns 1,000,000 common shares held in Bernard Selz&#39; Roth IRA; 700,000 common shares held in Selz Family 2011 Trust; and 300,000 common shares held in Bernard T. Selz Revocable Trust dtd 12/18/12. Don&#8217;t the trustees have voting power?</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA910 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(10)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA911 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The natural person who exercises voting or investment control with respect to the shares being registered for resale pursuant to this registration statement is Mark Kingdon.</FONT></P></TD></TR></TABLE>
<P id=PARA912 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA914 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA915 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2150  name="BKMK2150"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PLAN</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OF DISTRIBUTION</B></FONT></P>
<P id=PARA916 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA917 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Selling Stockholders&#8221; includes the persons listed in the table under &#8220;Selling Stockholders&#8221; and also includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock or interests in shares of Common Stock received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.</FONT></P>
<P id=PARA918 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA919 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Each Selling Stockholder will determine the prices at which the Stockholder&#8217;s Shares will be sold. These sales may be at fixed or negotiated prices.</FONT></P>
<P id=PARA920 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA921 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders may sell all or any portion of their Shares in one or more transactions on any stock exchange, market or trading facility on which the Shares are traded or in private transactions.</FONT></P>
<P id=PARA922 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2011  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2011  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2011  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">21</DIV>
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<A id=TOCLINK2011  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2011  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2011.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA923 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders may use any method or combination of methods for sale of the Shares to the extent permitted by law.&nbsp;&nbsp;Such methods may include:</FONT></P>
<P id=PARA924 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">
<P id=PARA2055 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2037><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2038><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA2056 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2037><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2038><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</P></FONT></TD></TR></TABLE>
<P id=PARA2025 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P><BR>
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<TR>
<TD style="WIDTH: 18pt">
<P id=PARA2057 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2039><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2040><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">block trades in which the broker-dealer will attempt to sell the Shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</P></FONT></TD></TR></TABLE>
<P id=PARA931 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">
<P id=PARA2058 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2041><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2042><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</P></FONT></TD></TR></TABLE>
<P id=PARA2028 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA2059 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2043><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2044><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">an exchange distribution in accordance with the rules of the applicable exchange;</P></FONT></TD></TR></TABLE>
<P id=PARA938 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">
<P id=PARA2060 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2045><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2046><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">privately negotiated transactions;</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA2031 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA2061 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2047><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2048><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">short sales;</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA945 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">
<P id=PARA2062 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2049><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2050><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">broker-dealers may agree with the Selling Stockholders to sell a specified number of such Shares at a stipulated price per share;</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA2034 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA2063 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2051><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2052><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">a combination of any such methods of sale; and</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA952 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">
<P id=PARA2064 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA2053><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2054><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">puts and calls and other transactions in our Common Stock or derivatives of our Common Stock, which may involve the sale or delivery of the Shares in connection with these transactions</P></FONT></TD></TR></TABLE>
<P id=PARA956 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA957 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders may also sell the Shares under exemptions for registration under Section 5 of the Securities Act of 1933, including sales under Rule 144 under the Securities Act, if available, rather than under this prospectus.</FONT></P>
<P id=PARA958 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA959 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales.&nbsp;&nbsp;Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of the Shares, from the purchaser) in amounts to be negotiated.&nbsp;&nbsp;The Selling Stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved.</FONT></P>
<P id=PARA960 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA961 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders and any broker-dealers or agents that are involved in selling the Shares may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales.&nbsp;&nbsp;In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</FONT></P>
<P id=PARA962 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA963 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the Shares against certain liabilities, including liabilities arising under the Securities Act.</FONT></P>
<P id=PARA964 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA965 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders may from time to time pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Shares from time to time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) (or other applicable rule or provision under the Securities Act) amending the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as a Selling Stockholder under this prospectus.</FONT></P>
<P id=PARA966 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA967 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders also may transfer the Shares in other circumstances, in which case the transferees, or other successors in interest will be the Selling Stockholders for purposes of this prospectus and may sell the Shares from time to time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) (or other applicable rule or provision under the Securities Act) amending the list of Selling Stockholders to include the transferee or other successors in interest as Selling Stockholders under this prospectus.</FONT></P>
<P id=PARA968 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<A id=TOCLINK2010  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2010  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2010.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA969 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Each Selling Stockholder has advised the Company that it acquired or will acquire the Shares in the ordinary course of such Selling Stockholder&#8217;s business, that it has not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their Shares, and there is no underwriter or coordinating broker acting in connection with a proposed sale of the Shares by any Selling Stockholder.&nbsp;&nbsp;If we are notified by any Selling Stockholder that any material arrangement has been entered into with a broker-dealer for the sale of the Shares, we will file a supplement, if required, to this prospectus disclosing the material facts relating to the arrangement and the related transactions.</FONT></P>
<P id=PARA970 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA971 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If the Selling Stockholders use this prospectus for any sale of the Shares, they will be subject to the prospectus delivery requirements of the Securities Act.</FONT></P>
<P id=PARA972 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA973 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company has advised each Selling Stockholder that it may not use the Shares registered on the registration statement of which this prospectus is a part to cover short sales of the Shares made prior to the date on which the registration statement (if which this prospectus is a part) shall have been declared effective by the SEC.</FONT></P>
<P id=PARA974 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA975 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Selling Stockholders and other persons participating in the sale or distribution of the Shares will be subject to the applicable provisions of the Securities Act and Securities Exchange Act, and the rules and regulations thereunder promulgated, including, without limitation, Regulation M, as applicable to such Selling Stockholders in connection with resales of their respective Shares under this registration statement.</FONT></P>
<P id=PARA976 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA977 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In order to comply with the securities laws of some states, if applicable, the Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</FONT></P>
<P id=PARA978 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA979 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Although we will incur expenses in connection with the registration of the Shares offered under this prospectus, we will not receive any proceeds from the sale of the Shares by the Selling Stockholders.</FONT></P>
<P id=PARA980 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA981 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We have agreed to indemnify certain Selling Stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the Shares offered by this prospectus.</FONT></P>
<P id=PARA982 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA983 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA984 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2151  name="BKMK2151"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>LEGAL</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MATTERS</B></FONT></P>
<P id=PARA985 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA986 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Unless otherwise indicated in the applicable prospectus supplement, the validity of the Common Stock being offered hereby has been passed upon for us by William Gleeson, Esq., the General Counsel of the Company.&nbsp;&nbsp;Mr. Gleeson owns options to purchase 1,572,406 shares of Common Stock.</FONT></P>
<P id=PARA987 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGHDR2012  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2012.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA988 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2152  name="BKMK2152"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXPERTS</B></FONT></A></P>
<P id=PARA989 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA990 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The consolidated financial statements and financial statement schedule of Applied Minerals, Inc. as of December 31, 2013 and 2012 and for the years then ended, and for the period from January 1, 2009 (beginning of exploration stage) to December 31, 2013 appearing in Applied Minerals, Inc.&#8217;s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated by reference in this prospectus and Registration Statement of which this prospectus is a part have been audited by EisnerAmper, LLP,&nbsp; an independent registered public accounting firm, as stated in their report, which is included therein and incorporated herein by reference, which report (1) expresses an unqualified opinion on the financial statements and financial statement schedule, and (2) expresses an unqualified opinion on the effectiveness of internal control over financial reporting. Applied Minerals, Inc. financial statements for the period from January 1, 2009 to December 31, 2011 were audited by PMB Helin Donovan, LLP (&#8220;PMB&#8221;) whose report, dated March 15, 2012 expressed an unqualified opinion on those statements. The financial statements for the period from January 1, 2009 to December 31, 2011 reflect a net loss of $19,016,551 that is included in the related total for the period from January 1, 2009 to December 31, 2013. PMB&#8217;s report has been furnished to EisnerAmper, LLP, and their opinion, insofar as it relates to the amounts included for such prior period, is based solely on the report of PMB. Such financial statements and financial statement schedule have been incorporated herein by reference in reliance on the report of EisnerAmper, LLP given upon their authority as experts in accounting and auditing.</FONT></P>
<P id=PARA991 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA992 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The consolidated financial statements of Applied Minerals, Inc. for the year ended December 31, 2011, and the cumulative period from January 1, 2009 (Inception) through December 31, 2011 (not presented separately therein) and for each of the annual periods from Inception through December 31, 2011, incorporated in this prospectus by reference to our Annual Report on Form 10-K, for the year ended December 31, 2013, have been so incorporated in reliance on the report of PMB Helin Donovan, LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></P>
<P id=PARA993 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA995 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA996 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2153  name="BKMK2153"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>INCORPORATION</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></P>
<P id=PARA997 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA998 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Common Stock is registered under Section 12(g) of the Exchange Act and pursuant to the requirements of the Securities Exchange Act we file reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy materials pursuant to Section 14(a) of the Exchange Act.&nbsp;&nbsp;We are incorporating the following documents by reference:</FONT></P>
<P id=PARA999 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA1002 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA1003 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Annual Report on Form 10-K for the year ended December 31, 2013;</FONT></P></TD></TR></TABLE>
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<P id=PARA1006 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA1007 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014</FONT></P></TD></TR></TABLE>
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<P id=PARA1010 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA1011 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our 2014 Proxy Statement, as amended, filed on November 5, 2014</FONT></P></TD></TR></TABLE>
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<P id=PARA1014 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
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<P id=PARA1015 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Our Current Reports on Form 8-K filed on January 7, 2014, January 30, 2014, February 5, 2014, June 12, 2014, November 5, 2014, December 10, 2014 and December 12, 2014 (except for information deemed furnished).</FONT></P></TD></TR></TABLE>
<P id=PARA1016 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1017 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All of the documents incorporated by reference may be accessed on our website, www.appliedminerals.com.</FONT></P>
<P id=PARA1018 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1019 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Any statement contained in a document we incorporate by reference will be modified or superseded for all purposes to the extent that a statement contained in this prospectus or any supplement modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this prospectus or any supplement except as so modified or superseded.</FONT></P>
<P id=PARA1020 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1021 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated by reference in the prospectus contained in the&nbsp;registration statement but not delivered with the prospectus;</FONT></P>
<P id=PARA1022 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1023 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">You may request a copy of such documents at no cost (other than exhibits unless such exhibits are specifically incorporated by reference) by oral request or by writing or telephoning us at the following address and telephone number:</FONT></P>
<P id=PARA1024 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1025 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nat Krishnamurti</FONT></P>
<P id=PARA1026 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Applied Minerals, Inc.</FONT></P>
<P id=PARA1027 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">110 Greene Street, Suite 1101</FONT></P>
<P id=PARA1028 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">New York, NY 10012</FONT></P>
<P id=PARA1029 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Phone: (212) 226-4232</FONT></P>
<P id=PARA1030 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fax: (917) 591-6397</FONT></P>
<P id=PARA1031 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<A id=TOCLINK2013  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2013  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2013.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1032 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2154  name="BKMK2154"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>WHERE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>YOU CAN FIND MORE INFORMATION</B></FONT></P>
<P id=PARA1033 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1034 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We are subject to the informational requirements of the Securities Exchange Act of 1934 and, in accordance therewith, file reports, proxy statements and other information with the SEC.&nbsp;&nbsp;Our reports, proxy statements and other information filed pursuant to the Securities Exchange Act of 1934 are available to the public over the Internet from the SEC&#8217;s website at http://www.sec.gov and may be inspected and copied at the public reference facilities maintained by the SEC at 100 F. Street, N.E., Room 1580, Washington, D.C. 20549.&nbsp;&nbsp;&nbsp;&nbsp;The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC and the address of that site is http://www.sec.gov.</FONT></P>
<P id=PARA1035 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1036 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We have filed with the SEC registration statements on Form S-1 under the Securities Act of 1933 with respect to the Common Stock offered by this prospectus.&nbsp;&nbsp;As permitted by the rules and regulations of the SEC, this prospectus, which is part of the registration statement, omits certain information, exhibits, and schedules. Please refer to the registration statements and the exhibits filed as part of the registration statements.</FONT></P>
<P id=PARA1037 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR1038  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1038  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">25</DIV>
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<A id=TOCLINK1038  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1038  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1038.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA1040 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">PART II</FONT></P>
<P id=PARA1041 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1042 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></P>
<P id=PARA1043 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1044 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ITEM 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</FONT></P>
<P id=PARA1045 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1046 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following table sets forth estimated expenses we expect to incur in connection with the resale of the shares being registered.&nbsp;&nbsp;All such expenses are estimated except for the SEC registration fee.</FONT></P>
<TABLE id=TBL1072  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1072.finRow.1 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1047 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registration Fee &#8211; Securities and Exchange Commission</FONT></P></TD>
<TD id=TBL1072.finRow.1.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1072.finRow.1.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1072.finRow.1.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">3,567</TD>
<TD id=TBL1072.finRow.1.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1072.finRow.2 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1052 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accounting Fees and Expenses</FONT></P></TD>
<TD id=TBL1072.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1072.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1072.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">10,000</TD>
<TD id=TBL1072.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1072.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1057 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Legal Fees and Expenses</FONT></P></TD>
<TD id=TBL1072.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1072.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1072.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-0-</TD>
<TD id=TBL1072.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1072.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1062 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Miscellaneous</FONT></P></TD>
<TD id=TBL1072.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1072.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1072.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,000</TD>
<TD id=TBL1072.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1072.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1067 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">TOTAL</FONT></P></TD>
<TD id=TBL1072.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1072.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1072.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">15,567</TD>
<TD id=TBL1072.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1073 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1074 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS.</FONT></P>
<P id=PARA1075 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1076 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As permitted by the Delaware General Corporation Law, the Bylaws of the Company provide that (i) the Company is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, (ii) the Company is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to certain very limited exceptions, (iii) the Company may indemnify any other person as set forth in the Delaware General Corporation Law, and (iii) the indemnification rights conferred in the Bylaws are not exclusive.</FONT></P>
<P id=PARA1077 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1078 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers, and controlling persons pursuant to the provisions described above or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment of expenses incurred or paid in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the Common Stock being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>
<P id=PARA1079 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1080 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We currently maintain liability insurance for our directors and officers. In connection with this offering, we expect to obtain additional liability insurance for our directors and officers. Such insurance would be available to our directors and officers in accordance with its terms.</FONT></P>
<P id=PARA1081 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1082 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RECENT SALES OF UNREGISTERED SECURITIES.</FONT></P>
<P id=PARA1083 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1084 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.&nbsp;&nbsp;Offerings to investors for cash to raise working capital.</FONT></P>
<P id=PARA1085 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1086 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">No underwriter or placement agent was used and no underwriting, placement agent fee or commission was paid. All of the issuances described in this section were exempt from registration pursuant to&nbsp;Section 4(2) of the Securities Act, as transactions&nbsp;not involving a public offering. The sales were separate transactions and were not part of a continuous offering.&nbsp; With respect to each transaction listed above, no general solicitation was made by either the Company or any person acting on our behalf; the number of purchasers was limited; the securities sold are subject to transfer restrictions; each purchaser was an accredited investor and sophisticated; each purchaser had access to the Company&#8217;s public filings and could ask questions of management; and the certificates for the shares contained an appropriate legend stating such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom.</FONT></P>
<P id=PARA1087 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2014  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2014  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">26</DIV>
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<A id=TOCLINK2014  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2014  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2014.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1088 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)&nbsp;&nbsp;&nbsp;August 2, 2013.&nbsp;&nbsp;Private placement of&nbsp;&nbsp;$10,500,000 of 10%&nbsp;PIK&#8211;Election Convertible Notes due 2023 (&#8220;2023 Notes&#8221;).&nbsp;&nbsp;The purchasers were one investment fund of a family office ($4 million), an investment fund and two related family funds ($2.5 million) and an investment fund ($4 million).</FONT></P>
<P id=PARA1089 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1090 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The 2023 Notes bear interest at the rate of 10% per annum, payable (including by issuance of additional October 2010 Notes) semi-annually in arrears on February1 and August 1 with payments commencing on February 1, 2014. The 2023 Notes were convertible at the option of the noteholder at any time. The 2023 Notes were mandatorily convertible on the earliest date that is one year after the Issue Date when each of the following conditions have been satisfied:&nbsp;&nbsp;(i) the average closing bid price or market price of Company common stock for the preceding 5 trading days is above the Strike Price (as defined below), and (iii) a registration statement is effective and available for resale of all of the converted shares or the noteholder may sell such shares under Rule 144 under the Securities Act.</FONT></P>
<P id=PARA1091 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1092 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The number of shares issued on conversion of the 2023 Notes was derived by dividing the principal and accrued interest on the 2023 Notes by $1.40 (the &#8220;Strike Price&#8221;). The Strike Price was subject to adjustment in the event of a dividend or distribution on Company&#8217;s common stock in shares of common stock, subdivision or combination of Company outstanding common stock, or reclassification of Company&#8217;s outstanding common stock.&nbsp;&nbsp;After issuance of the Series A Notes, the 2023 Notes currently have an exercise price of $1.34 per share. The note holders may accelerate the entire amount due under the 2023 Notes upon the occurrence of certain events of default.&nbsp;&nbsp;</FONT></P>
<P id=PARA1093 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1094 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b) November 3, 2014. </FONT></P>
<P id=PARA1095 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On November 3, 2014 (&#8220;Issue Date&#8221;), the Company issued, in a private placement pursuant to investment agreements, $19,848,486 principal amount of 10%&nbsp;PIK-Election Convertible&nbsp;Notes due 2018 ("Series A Notes") in exchange for $12,500,000 in cash and the cancellation of warrants held by one investor. </FONT></P>
<P id=PARA1096 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1097 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Maturity Date of the Series A Notes. </FONT></P>
<P id=PARA1098 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1099 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#8220;Stated Maturity Date&#8221; means November 3, 2018, provided that the Stated Maturity Date may be extended to November 3, 2019 at the option of the Company (the &#8220;Extension Option&#8221;) if (i) the Company has delivered written notice of its exercise of the Extension Option to the Holder not more than ninety (90) nor less than thirty (30) days prior to November 3, 2018 and (ii) the Company has delivered a certificate, dated as of November 3, 2018, certifying that no Default or Event of Default has occurred and is continuing; <U>provided</U>, <U>further</U> that the Stated Maturity Date shall be extended to the maturity date of the Series 2023 Notes or any Replacement Financing, as applicable, upon the occurrence of a Specified Event (&#8220;Specified Extension&#8221;). </FONT></P>
<P id=PARA1100 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Interest in the Series A Notes.</FONT></P>
<P id=PARA1102 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company will pay in kind interest for each interest period on the Note by adding the full amount of interest due on each interest payment date to the principal amount of the Note on each interest payment date, unless it elects to pay interest entirely in cash.</FONT></P>
<P id=PARA1103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1104 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The principal amount of the Series A Notes bears interest at the rate of 10% payable semiannually in arrears, <U>provided</U> that the interest rate shall be reduced to 1% per annum on the principal amount of the Note upon the occurrence of the Specified Event, as defined below.</FONT></P>
<P id=PARA1105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1106 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Specified Event&#8221; means the event that will occur after the second anniversary of the Issue Date if: (i) any amounts under the Series 2023 Notes (as defined below) or any Replacement Financing (as defined below) are outstanding, (ii) the VWAP (volume weighted average price) for the preceding 30 consecutive trading days is in excess of the Exercise Price (as defined below), (iii) the closing market price of the Common Stock is in excess of the Exercise Price on the date immediately preceding the date on which the Specified Event occurs, and (iv) no default or event of default under the Series A Notes has occurred and is continuing.</FONT></P>
<P id=PARA1107 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2015  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2015  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2015  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">27</DIV>
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<A id=TOCLINK2015  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2015  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2015.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Series 2023 Notes&#8221; means the series of 10% PIK-Election Convertible Notes due 2023 issued by the Company on August 2, 2013 in the initial principal amount of $10,500,000.</FONT></P>
<P id=PARA1109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Replacement Financing&#8221; means unsecured indebtedness of the Company in a principal amount not to exceed $10,500,000 <U>plus</U> any accrued interest thereon (including any interest paid in kind) so long as (1) no default or event of default under the Series A Notes shall have occurred and be continuing or would result therefrom, (2) all outstanding amounts under each Series 2023 Note shall have been converted into the Common Stock of the Company pursuant to the terms of such Series 2023 Note prior to the date on which such Indebtedness is incurred, (3) the maturity date of such Indebtedness shall not be earlier than the maturity date under the Series 2023 Notes, (4) such indebtedness is not subject to scheduled amortization, redemption, sinking fund or other payment in cash prior to the maturity date of such Indebtedness, (5) such indebtedness does not include any terms that are more restrictive or onerous on the Company or its Subsidiaries in any respect than any comparable term in the Series A Note, (6) such indebtedness shall only be guaranteed by a party that is providing a guarantee of the Series A Notes (the Series A Notes are not guaranteed), (7) such indebtedness shall have an interest rate less than or equal to 10% and (8) if applicable, the exercise price, strike price or similar term with respect to the conversion of such indebtedness into the Common Stock of the Company shall be greater than or equal $1.40 and shall be subject to the adjustments on the same terms as the Series 2023 Notes.</FONT></P>
<P id=PARA1111 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Conversion of the Series A Notes into Common Stock.</FONT></P>
<P id=PARA1113 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The number of Shares to be issued upon conversion of a Note is obtained by: (i) adding (A) the principal amount or portion thereof of the Note to be converted and (B) the amount of any accrued but unpaid interest on the portion of the Note to be converted; and (ii) dividing the result obtained pursuant to clause (i) above by the per share Exercise Price (as defined below) then in effect.</FONT></P>
<P id=PARA1115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1116 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The term &#8220;Exercise Price&#8221; means initially $0.92 per share and will be (i) adjusted from time to time pursuant antidilution provisions and (ii) reduced by $0.10 per share if the Company elects to exercise its Extension Option.</FONT></P>
<P id=PARA1117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1118 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Series A Notes may be voluntarily converted at any time. </FONT></P>
<P id=PARA1119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1120 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The entire principal amount of the Series A Notes and accrued interest thereon shall be mandatorily converted into Shares) on the earliest date that is not earlier than two years after the Issue Date that all of the following conditions are satisfied and appropriate notice given:</FONT></P>
<P id=PARA1121 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1122 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the VWAP for the preceding 30 consecutive trading days is at or greater than $1.00 <U>or</U> (2) the VWAP for the preceding 10 consecutive trading days as determined is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any; </FONT></P>
<P id=PARA1123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the closing market price of the Common Stock is at or greater than $1.00 or (2) the closing market price of the Common Stock is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any, in each case, on the date immediately preceding the date on which the mandatory conversion notice is received; </FONT></P>
<P id=PARA1125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2016  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2016  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2016  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">28</DIV>
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<A id=TOCLINK2016  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2016  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2016.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<TABLE id=MTAB1127  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1128 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1129 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">all outstanding amounts under each Series 2023 Note or Replacement Financing, if any, shall have been converted into the Common Stock pursuant to the terms of such Series 2023 Note or the Replacement Financing, if any; and </FONT></P></TD></TR></TABLE>
<P id=PARA1130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB1132  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1133 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1134 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">either (x) a registration statement is effective and available for the resale of all of the Shares to be issued on conversion on the conversion date and each of the five (5) trading days prior to the Conversion Date and on the conversion date the holder is not restricted from selling or distributing any of such its Shares to be issued on conversion pursuant to the provisions of the Registration Rights Agreement between the holder and the Company or (y) the Holder may sell all such Conversion Shares immediately under Rule 144 under the Securities Act.</FONT></P></TD></TR></TABLE>
<P id=PARA1135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Antidilution Provisions of the Series A Notes.</FONT></P>
<P id=PARA1137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The number of shares issuable under the Notes may be affected by the antidilition provisions of the Notes. The antidilition provisions adjust the Exercise Price of the Notes in the event of stock dividends and splits, issuance below the market price of the Common Stock, issuances below the conversion price of the Notes, pro rata distribution of assets, rights plans, tender offers, and exchange offers.</FONT></P>
<P id=PARA1139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1140 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The anti-dilution provisions are of the type known as &#8220;broad-based, weighted-average.&#8221; Broad-based refers to the fact that the antidilution formulas take into account convertible securities as well as Common Stock. Weighted-average refers to the fact that the adjustment takes into account the number of shares of shares before and after the event in question. By way of example, if the Company issues shares of Common Stock or convertible securities at an effective consideration per share that is less than the Exercise Price of the Notes then in effect (other than issuances to directors, officers, employees or consultants of the Company as compensation for services), then the conversion price will be adjusted pursuant to the following formula:</FONT></P>
<P id=PARA1141 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 67.5pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1142 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 84pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">N<SUB>0</SUB> + C/E</FONT><SUB><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0</FONT></SUB></P>
<P id=PARA1143 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">E = E<SUB>0</SUB> x -------------</FONT></P>
<P id=PARA1144 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 85.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">N<SUB>0</SUB> + N</FONT><SUB><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">A</FONT></SUB></P>
<P id=PARA1145 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1146 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">where: E = the Exercise Price in effect immediately after such issuance; E0 = the Exercise Price in effect immediately prior to such issuance; N0 = the number of shares of Common Stock outstanding immediately prior to the open of business on the trading day of such issuance; NA = the number of shares of Common Stock issued and/or issuable upon exercise, conversion or exchange of any convertible securities, full physical settlement assumed; and C = the total consideration receivable by the Company on issuance and/or the exercise, conversion or exchange of any convertible securities, full physical settlement assumed.</FONT></P>
<P id=PARA1147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If any single action would require more than one adjustment of the Exercise Price under the antidilution provisions, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest absolute value.</FONT></P>
<P id=PARA1149 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1150 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.&nbsp;&nbsp;Compensatory grants of shares or options</FONT></P>
<P id=PARA1151 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1152 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The grants were made in exchange for services and the services did not relate to raising capital.&nbsp;&nbsp;&nbsp;No payments of cash were made to the Company in connection with the grants.&nbsp;&nbsp;No underwriter or placement agent was used and no underwriting, placement agent fee or commission was paid. All of the issuances described in this section were exempt from registration pursuant to&nbsp;Section 4(2) of the Securities Act, as transactions&nbsp;not involving a public offering. With respect to each transaction listed above, no general solicitation was made by either the Company or any person acting on our behalf; the securities sold are subject to transfer restrictions; each purchaser was an accredited investor or sophisticated; each purchaser had access to the Company&#8217;s public filings and could ask questions of management; and the certificates for the shares contained an appropriate legend stating such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom.&nbsp;&nbsp;Only one person of those listed below has sold stock.</FONT></P>
<P id=PARA1153 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2017  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2017  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2017  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">29</DIV>
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<A id=TOCLINK2017  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2017  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2017.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1154 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(i)&nbsp;&nbsp;Issuances or Exercises by Third Parties</FONT></P>
<P id=PARA1155 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)&nbsp;&nbsp;On the dates set forth below, shares of common stock were issued to Amit Dharia, Ph.D&nbsp;&nbsp;pursuant to a consulting agreement for research and development and testing of halloysite clay (the Company&#8217;s product) in plastics.</FONT></P>
<P id=PARA1157 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1171  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1158 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date</FONT></P></TD>
<TD style="WIDTH: 3.8%; VERTICAL-ALIGN: top">
<P id=PARA1159 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top">
<P id=PARA1160 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares</FONT></P></TD>
<TD style="WIDTH: 3.8%; VERTICAL-ALIGN: top">
<P id=PARA1161 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top">
<P id=PARA1162 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date ($)</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1165 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/01/12</FONT></P></TD>
<TD style="WIDTH: 3.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1167 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,724</FONT></P></TD>
<TD style="WIDTH: 3.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1168 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1169 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.45</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1170 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA1172 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)&nbsp;&nbsp;&nbsp;On the dates set forth below, shares of common stock were issued to Yash Khanna, Ph.D&nbsp;&nbsp;pursuant to a consulting agreement for research and development into plastics, functional fillers, and additives using the Company&#8217;s halloysite clay.</FONT></P>
<P id=PARA1175 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1296  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1176 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1177 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA1178 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1179 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA1180 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date&nbsp;($)</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1181 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1182 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1183 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1184 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,414</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1185 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1186 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.45</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1187 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1188 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1189 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1190 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,397</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1191 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1192 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.46</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1193 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1194 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1195 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1196 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,365</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1197 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1198 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1199 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1200 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1202 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,872</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1204 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.87</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1206 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1208 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,258</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1210 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.55</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1212 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/02/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1213 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1214 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,593</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1216 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.35</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1217 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1218 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1220 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,518</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1221 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1222 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.39</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1223 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1224 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/12/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1225 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1226 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,536</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1227 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1228 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.38</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1229 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1230 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/01/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1231 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1232 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,692</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1233 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1234 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.30</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1235 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1236 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/05/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1238 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,121</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1240 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.65</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1242 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/03/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1243 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1244 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,071</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1245 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1246 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.69</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1247 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1248 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/04/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1249 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1250 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,273</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1252 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.54</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1254 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/07/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1256 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,215</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1257 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1258 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.58</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1259 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1260 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/01/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1261 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1262 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,121</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1263 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1264 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.65</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1265 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1266 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/01/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1267 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1268 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,500</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1269 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1270 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.40</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1271 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1272 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/01/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1273 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1274 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,448</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1275 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1276 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.43</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1277 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1278 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/03/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1279 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1280 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,713</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1281 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1282 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.29</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1283 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1284 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/01/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1285 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1286 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,941</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1287 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1288 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.19</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1289 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1290 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/01/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1291 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1292 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,500</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1293 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1294 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.00</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1295 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA1297 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2018  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2018  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2018  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">30</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2018  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2018  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2018.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1299 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(c)&nbsp;&nbsp;On the dates set forth below, shares of common stock were issued to Edward Volk, pursuant to an agreement relating to selling the Company&#8217;s products.</FONT></P>
<P id=PARA1300 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1433  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62.4%; MARGIN-LEFT: 0%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top">
<P id=PARA1301 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top">
<P id=PARA1302 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1303 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date ($)&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1305 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1306 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,414</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1307 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.45</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1309 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1310 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,397</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1311 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.46</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1313 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/12/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1314 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,365</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1315 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1317 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1318 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,872</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1319 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.87</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1321 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1322 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,258</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1323 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.55</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1325 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/02/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1326 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,593</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1327 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.35</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1329 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1330 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,518</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1331 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.39</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1333 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1334 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,536</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1335 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.38</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1337 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/01/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1338 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,692</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1339 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.30</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1341 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/05/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1342 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,121</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1343 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.65</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1345 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/03/12</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1346 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,071</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1347 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.69</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1349 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/04/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1350 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,273</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1351 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.54</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1353 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/07/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1354 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,215</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1355 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.58</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1357 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1358 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,121</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1359 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.65</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1361 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1362 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,500</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1363 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.40</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1365 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1366 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,448</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1367 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.43</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1369 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/03/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1370 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,713</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1371 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.29</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1373 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1374 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,941</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1375 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.19</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1377 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1378 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,500</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1379 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.00</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1381 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/03/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1382 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,302</FONT></P></TD>
<TD style="WIDTH: 4.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1383 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.06</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1385 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; 10/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1386 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;3,211</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1387 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.09</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1388 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;11/01/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1389 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;2,941</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1390 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.19</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1391 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;12/02/13</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1392 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,182&nbsp;</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1393 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.10</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1394 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;01/01/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1395 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,182&nbsp;</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1396 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.10</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1397 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/04/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1398 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,804</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1399 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.92</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1400 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/03/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1401 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,933</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1402 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.89</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1403 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/07/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1404 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,861</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1405 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.72</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1406 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/06/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1407 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5,147</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1408 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.68</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1409 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/06/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1410 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,217</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1411 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.83</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1412 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/01/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1413 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,118</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1414 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.85</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1415 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/03/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1416 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,321</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1417 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.81</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1418 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/01/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1419 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,375</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1420 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.80</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1421 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/06/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1422 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,861</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1423 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.72</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1424 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/05/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1425 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,667</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1426 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.75</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1427 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/05/14</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1428 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,545</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=2>
<P id=PARA1429 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.77</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1430 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/02/15</FONT></P></TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1431 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,795</FONT></P></TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1432 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.73</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">02/05/15</TD>
<TD style="WIDTH: 32.3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">5,000</TD>
<TD style="WIDTH: 37.3%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff" colSpan=2>0.70</TD></TR></TABLE>
<P id=PARA1434 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1435 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;(d)&nbsp;&nbsp;On the dates set forth below, shares of common stock were issued to Eric Wisnefsky, pursuant to an agreement relating to selling the Company&#8217;s products.</FONT></P>
<P id=PARA1436 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1506  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA1437 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1438 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA1439 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1440 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA1441 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date ($)&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1442 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1443 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/15/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1444 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1445 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">7,234</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1446 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1447 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.87</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1448 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1449 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/11/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1450 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1451 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,774</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1452 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1453 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.55</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1454 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1455 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/30/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1456 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1457 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">7,609</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1458 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1459 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.38</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1460 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1461 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/03/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1462 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1463 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,213</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1464 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1465 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.69</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1466 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1467 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/07/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1468 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1469 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,364</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1470 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1471 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.65</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1472 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1473 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/03/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1474 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1475 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">8,140</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1476 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1477 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.29</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1478 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1479 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/03/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1480 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1481 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">9,907</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1482 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1483 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.06</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1484 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1485 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/02/13</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1486 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1487 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;9,546</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1488 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1489 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.10</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1490 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1491 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">03/31/14</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1492 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11,798</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1493 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.89</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1494 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/09/14</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1495 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12,650</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1496 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.83</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1497 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/02/14</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1498 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13,125</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1499 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.80</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1500 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/05/14</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1501 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">13,636</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1502 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.77</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1503 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12/05/14</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1504 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,333</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1505 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">0.75</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR></TABLE>
<P id=PARA1507 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2019  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2019  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2019  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">31</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2019  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2019  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2019.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1508 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(e) On the dates set forth below, the Company issued shares to various parties pursuant to capital raises:</FONT></P>
<P id=PARA1509 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1510 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1543  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 97%; MARGIN-LEFT: 0%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1511 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Investor</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1512 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Issue Date&nbsp;</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1513 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1514 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date&nbsp;($)</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1515 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SLZ Capital</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1516 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">09/30/12</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1517 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,250,000</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1518 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.30</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1519 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overbrook Foundation</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1520 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1521 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">675,676</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1522 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1523 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overbrook Opportunity Fund</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1524 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1525 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">104,329</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1526 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1527 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Overbrook Opportunity Fund</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1528 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1529 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">301,076</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1530 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1531 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Andrew Goffe</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1532 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1533 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">675,676</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1534 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1535 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bernard Selz</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1536 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1537 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,000,000</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1538 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1539 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Selz Family Trust 2011</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1540 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/18/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1541 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,000,000</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1542 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR></TABLE>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1545 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(f) On May 25, 2012, a five-year option to purchase 30,000 shares of common stock&nbsp;was issued to Roger Rothon for serving on the Company&#8217;s technical board.</FONT></P>
<P id=PARA1546 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1547 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(g)&nbsp;&nbsp;On May 29, 2013, a five-year option to purchase 50,000 shares of common stock&nbsp;was issued to Crossways Consulting, the consulting vehicle for Tuvia Barak, for consulting services relating to sales leads.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1548 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(h) On the dates set forth below, common stock options were exercised by the named parties for various consulting services:</FONT></P>
<P id=PARA1549 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1568  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 68.2%; MARGIN-LEFT: 0%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1550 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consultant</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1551 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exercise Date</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1552 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1553 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cirrus Advisors</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1554 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/01/12</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1555 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,369</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1556 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Tim Clemensen</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1557 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/26/12</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1558 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">22,606</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1559 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rubenstein IR</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1560 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/09/12</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1561 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">44,444</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1562 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cirrus Advisors</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1563 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/20/12</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1564 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10,647</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1565 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">OTA LLC</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1566 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/09/12</FONT></P></TD>
<TD style="WIDTH: 33.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1567 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">39,724</FONT></P></TD></TR></TABLE>
<P id=PARA1569 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1570 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(ii)&nbsp;Grants to Directors in their capacity as such</FONT></P>
<P id=PARA1571 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1572 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a) On the dates set forth below, the Company granted the following common shares to directors as payment for director&#8217;s fees:</FONT></P>
<P id=PARA1573 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1610  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 91%; MARGIN-LEFT: 0%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1574 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1575 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1576 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1577 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stock Price on Grant Date&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1578 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1579 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/01/12</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1580 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,378</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1581 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1582 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1583 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/03/12</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1584 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,704</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1585 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.35</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1586 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1587 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/01/12</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1588 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3,846</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1589 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.30</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1590 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1591 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/04/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1592 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,464</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1593 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.54</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1594 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1595 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">04/01/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1596 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4,911</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1597 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.40</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1598 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1599 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">07/01/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1600 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5,777</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1601 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.19</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1602 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Evan Stone</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1603 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/01/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1604 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">6,307</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1605 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.09</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1606 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Mario Concha</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1607 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10/08/13</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1608 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">7,775</FONT></P></TD>
<TD style="WIDTH: 25.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1609 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.09</FONT></P></TD></TR></TABLE>
<P id=PARA1611 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)&nbsp;&nbsp;On the dates set forth below, the Company granted to John Levy, director of the Company and an accredited investor, the following options to purchase shares of common stock as payment for director&#8217;s fees (including service as chairman). </FONT></P>
<P id=PARA1613 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1632  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1614 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1615 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1616 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1617 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1618 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exercise price</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1619 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1620 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">01/24/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1621 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1622 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">100,000</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1623 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1624 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.24</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1625 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1626 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/20/12</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1627 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1628 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">100,000</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1629 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1630 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.66</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1631 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA1633 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2020  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2020  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">32</DIV>
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<A id=TOCLINK2020  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2020  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2020.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1634 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(iii)&nbsp;&nbsp;Option Grants to Employees</FONT></P>
<P id=PARA1635 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1636 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On the dates set forth below, the Company granted compensatory ten-year options to purchase shares of common stock to the named employees of the Company at the time, for the share amounts and the exercise prices set forth below:</FONT></P>
<P id=PARA1637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL1685  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 94%; MARGIN-LEFT: 0%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1638 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Optionee</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1639 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Grant Date</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1640 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number of Shares</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1641 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Exercise Price ($)</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top">
<P id=PARA1642 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1643 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chris DeArmitt</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1644 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/01/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1645 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">125,000</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1646 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.45</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1647 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1648 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nat Krishnamurti</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1649 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/17/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1650 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">300,000</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1651 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.55</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1652 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1653 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Andre Zeitoun</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1654 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/20/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1655 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1,742,792</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1656 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.66</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1657 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Christopher Carney</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1658 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/20/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1659 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">580,931</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1660 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.66</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1661 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Eric Basroon</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1662 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/20/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1663 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">580,931</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1664 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.66</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1665 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">William Gleeson</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1666 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11/20/12</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1667 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">72,405</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1668 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.66</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1669 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chris DeArmitt</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1670 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">02/01/13</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1671 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11,467</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1672 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.58</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1673 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nat Krishnamurti</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1674 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">05/29/13</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1675 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">65,000</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1676 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.35</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1677 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Yash Khanna</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1678 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">06/24/13</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1679 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">300,000</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA1680 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.15</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1681 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rogerio Galante</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1682 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">08/20/13</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1683 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">300,000</FONT></P></TD>
<TD style="WIDTH: 24.5%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA1684 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.10</FONT></P></TD>
<TD style="WIDTH: 3.2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR></TABLE>
<P id=PARA1686 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<DIV id=PGBK1689  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1689  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1689  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">33</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1689  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1689  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1689.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1690 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ITEM 16.</FONT></P>
<P id=PARA1691 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">INDEX TO EXHIBITS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<TABLE id=TBL1751  style="FONT-SIZE: 10pt; BORDER-TOP: #000000 1px solid; FONT-FAMILY: Times New Roman, Times, serif; BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0%; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1692 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exhibit </FONT></P>
<P id=PARA1693 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Number</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1694 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3.1</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1695 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Articles of Incorporation</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1696 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1697 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3.2</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1698 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bylaws, as amended</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1699 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1700 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1701 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of Investment Agreement used in connection with January, 2013 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1702 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1703 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1704 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of Investment Agreement used in connection with August, 2013 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1705 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1706 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.3</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1707 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of 10% PIK Election Convertible Note due 2023 used in connection with August, 2013 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1708 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1709 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.4 </FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1710 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of Investment Agreement used in connection with November, 2014 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1711 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1712 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.5</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1713 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of 10% PIK Election Convertible Note due 2018 used in connection with November, 2014 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1714 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1715 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.6</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1716 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of Warrant Cancellation Agreement used in connection with November, 2014 capital raise</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1717 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(8)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1718 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.7</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1719 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2013 Employment Agreement for Andre Zeitoun</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1720 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(9)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1721 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.8</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1722 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amended Employment Agreement for William Gleeson</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1723 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(10)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1727 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.10</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1728 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2012 Long Term Option Plan</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1729 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(11)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1730 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.11</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1731 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of Stock Option Agreement</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1732 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(12)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1733 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.12</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1734 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Short Term Incentive Plan</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1735 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(13)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1736 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.13</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1737 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Directors&#8217; Compensation</FONT></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 18pt; MARGIN-TOP: 0px">
<P id=PARA1738 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1739 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.14</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1740 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Terms of Private Placement of Securities</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1741 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(14)</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1742 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1743 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of EisnerAmper LLP, Independent Registered Public Accounting Firm</FONT></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 18pt; MARGIN-TOP: 0px">
<P id=PARA1744 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt">
<P id=PARA1745 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1746 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of PMB Helin Donovan LLP, Independent Registered Public Accounting Firm</FONT></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 9.7%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 18pt; MARGIN-TOP: 0px">
<P id=PARA1747 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt">
<P id=PARA1748 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.3</FONT></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 78.9%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA1749 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of William Gleeson</FONT></P></TD>
<TD style="WIDTH: 9.7%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">
<P id=PARA1750 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT></P></TD></TR></TABLE>
<P id=PARA1752 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 9pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">* filed herewith</FONT></P>
<P id=PARA1753 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB1755  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1756 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1757 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 3(i)(a) included in the Registrant&#39;s Current Report on Form 8-K, filed on November 26, 2012</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1759  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1760 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1761 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 3(i)(a) included in the Registrant&#39;s Current Report on Form 8-K, filed on November 26, 2012</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1763  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1764 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1765 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on January 23, 2013</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1767  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1768 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1769 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on August 5, 2013</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1771  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1772 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1773 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.2 included in the Registrant&#39;s Current Report on Form 8-K, filed on August 5, 2013</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1775  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1776 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1777 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 5, 2014</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1779  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1780 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1781 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.2 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 5, 2014</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1783  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1784 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(8)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1785 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.4 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 5, 2014</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1787  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1788 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(9)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1789 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on March 15, 2013</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1791  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1792 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(10)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1793 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibit 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on March 15, 2013</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1795  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1796 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(11)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1797 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibits 99.1 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 26, 2012</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1799  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1800 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(12)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1801 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibits 99.2 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 26, 2012</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB1803  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1804 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(13)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1805 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to exhibits 99.3 included in the Registrant&#39;s Current Report on Form 8-K, filed on November 26, 2012</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1808 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(14)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1809 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated by reference to Items 1.01 included in the Registrant&#39;s Current Report on Form 8-K, filed on January 23, 2013, August 5, 2013, and November 5, 2014</FONT></P></TD></TR></TABLE>
<P id=PARA1814 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2021  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2021  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2021  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">34</DIV>
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<A id=TOCLINK2021  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2021  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2021.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA1816 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS.</FONT></P>
<P id=PARA1817 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1818 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The undersigned registrant hereby undertakes:</FONT></P>
<P id=PARA1819 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 6.1%; VERTICAL-ALIGN: top">
<P id=PARA1820 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 95.2%; VERTICAL-ALIGN: top">
<P id=PARA1821 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:</FONT></P></TD></TR></TABLE>
<P id=PARA1823 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA1824 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">i.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA1825 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">include any prospectus required by section&nbsp;10(a)(3) of the Securities Act;</FONT></P></TD></TR></TABLE>
<P id=PARA1827 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA1828 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ii. &nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA1829 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</FONT></P></TD></TR></TABLE>
<P id=PARA1831 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 16.8%; VERTICAL-ALIGN: top">
<P id=PARA1832 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">iii.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 84.4%; VERTICAL-ALIGN: top">
<P id=PARA1833 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</FONT></P></TD></TR></TABLE>
<P id=PARA1835 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top">
<P id=PARA1836 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top">
<P id=PARA1837 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">that, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;bona fide&nbsp;offering thereof.</FONT></P></TD></TR></TABLE>
<P id=PARA1839 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top">
<P id=PARA1840 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">3.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top">
<P id=PARA1841 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">to remove from registration by means of post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P></TD></TR></TABLE>
<P id=PARA1843 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top">
<P id=PARA1844 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top">
<P id=PARA1845 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">that, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.&nbsp;Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</FONT></P></TD></TR></TABLE>
<P id=PARA1847 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 9.8%; VERTICAL-ALIGN: top">
<P id=PARA1848 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.&nbsp; &nbsp;</FONT></P></TD>
<TD style="WIDTH: 91.4%; VERTICAL-ALIGN: top">
<P id=PARA1849 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">that insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person to the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P></TD></TR></TABLE>
<P id=PARA1851 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1852 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2. &nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 95.6%; VERTICAL-ALIGN: top">
<P id=PARA1853 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information required to be presented by Article 3 of Regulation S-X are not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim financial information</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">.</FONT></P></TD></TR></TABLE>
<P id=PARA1856 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2022  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2022  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2022  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">35</DIV>
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<A id=TOCLINK2022  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2022  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2022.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA1861 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SIGNATURES</FONT></P>
<P id=PARA1862 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1863 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, New York, on February 17, 2015.</FONT></P>
<P id=PARA1864 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA1865 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1866 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 50.6%; VERTICAL-ALIGN: top; PADDING-LEFT: 54pt; MARGIN-TOP: 0px">
<P id=PARA1867 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">APPLIED MINERALS, INC .</FONT></P></TD></TR>
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<P id=PARA1868 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1869 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50.6%; VERTICAL-ALIGN: top">
<P id=PARA1870 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<TD style="WIDTH: 45%; VERTICAL-ALIGN: top">
<P id=PARA1871 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1872 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:</FONT></P></TD>
<TD style="WIDTH: 50.6%; VERTICAL-ALIGN: top">
<P id=PARA1873 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ ANDRE ZEITOUN</FONT></P></TD></TR>
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<P id=PARA1874 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1875 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50.6%; VERTICAL-ALIGN: top">
<P id=PARA1876 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Andre Zeitoun</FONT></P></TD></TR>
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<TD style="WIDTH: 45%; VERTICAL-ALIGN: top">
<P id=PARA1877 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA1878 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50.6%; VERTICAL-ALIGN: top">
<P id=PARA1879 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Executive Officer</FONT></P></TD></TR></TABLE>
<P id=PARA1881 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1882 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;<BR>KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Andre Zeitoun and William Gleeson, and each of them, with full power to act without the other, such person&#8217;s true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign this Registration Statement, any and all amendments thereto (including post-effective amendments), any subsequent Registration Statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and any amendments thereto and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>
<P id=PARA1883 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1884 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1885 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA1886 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>
<P id=PARA1887 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1888 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Signature</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1889 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Title</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1890 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1891 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1892 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1893 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1894 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1895 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director and Chief Executive Officer</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1896 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1897 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Andre Zeitoun</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1898 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1899 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1900 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1901 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1902 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1903 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1904 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Financial Officer</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1905 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1906 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Nat Krishnamurti</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1907 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Principal Financial and Accounting Officer)</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1908 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1909 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1910 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1911 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1912 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1913 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director, Chairman of the Board of</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1914 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1915 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ John F. Levy</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1916 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Directors</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1917 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1918 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1919 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1920 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1921 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1922 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1923 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1924 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ David Taft</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1925 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1926 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1927 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1928 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1929 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1930 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1931 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1932 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA1933 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Mario Concha</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA1934 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: top">
<P id=PARA1935 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA1936 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1937 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1938 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA1939 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1940 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Director</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1941 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA1942 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;/s/&nbsp;Robert Betz</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1943 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1944 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA1945 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1946 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Director</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1947 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA1951 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Ali Zamani</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1952 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1953 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<P id=PARA1957 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA1958 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;Director</FONT></P></TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<P id=PARA1959 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">February 17, 2015</FONT></P></TD></TR></TABLE>
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{"company-data": {"conformed-name": "Applied Minerals, Inc.", "cik": "0000008328", "assigned-sic": "1400", "irs-number": "820096527", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-202139", "film-number": "15625012"}, "business-address": {"street1": "110 GREENE STREET", "street2": "SUITE 1101", "city": "NEW YORK", "state": "NY", "zip": "10012", "phone": "212-226-4256"}, "mail-address": {"street1": "110 GREENE STREET", "street2": "SUITE 1101", "city": "NEW YORK", "state": "NY", "zip": "10012"}, "former-company": {"former-conformed-name": "ATLAS MINING CO", "date-changed": "19990716"}}
amnl20150126_s1.htm
Table Of Contents
As filed with the Securities and Exchange Commission on February 17, 2015
Registration No. __________
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
APPLIED MINERALS, INC.
(Name of small business issuer in its charter)
Delaware
1044
82-0096527
(State of jurisdiction of
(Primary Standard Industrial
(I.R.S. Employer
incorporation or organization)
Classification Code Number)
Identification No.)
110 Greene Street, Suite 1101, New York, NY 10012
(212) 226-4265
(Address and telephone number of principal executive offices
and principal place of business)
William Gleeson
General Counsel
Applied Minerals, Inc.
110 Greene Street – Suite 1101, New York, NY  10012
(212) 226-4251
(Name, address and telephone number of agent for service)
Approximate date of proposed sale to the public:
From time to time after this Registration Statement becomes effective.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Table Of Contents
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act Registration Statement number of the earlier effective Registration Statement for the same offering. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   ☐
Accelerated filer    ☒
Non-accelerated filer (Do not check if a smaller reporting company)    ☐
Smaller reporting company    ☐
CALCULATION OF REGISTRATION FEE
Title of each class
of securities to be registered
Amount to be
registered(1)
Proposed maximum
offering price per share (4)
Proposed maximum
aggregate offering price
Amount of
registration fee
Common Stock,
$0.001 par value per
21,574,441(2)
$0.65
$14,023,387
$1,630
Common Stock,
$0.001 par value per
19,356,652
(3)
$0.65
$12,581,824
$1,462
Total
40,931,093
$26,605,211
$3,092
(1)
In addition, pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of stock splits, stock dividends or similar transactions which occur during this continuous offering.
(2)
Represents the shares that are issuable as of the issue date on the conversion of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes") that were issued on November 3, 2014. PIK refers to payment-in-kind; that is, interest paid by means of increasing the principal of the Notes
(3)
Represents the maximum number of additional shares that may be issued on conversion of the Series A Notes over the amount indicated in the text at footnote 2. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company's financial condition, it is likely that interest payments will be made only in the form of payment-in-kind
(4)
Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) of the Securities Act based on the average of the high and low prices of our Common Stock, as reported on the OTCBB quotation service on February 13, 2015.
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.
Table Of Contents
PROSPECTUS
APPLIED MINERALS, INC.
40,931,093 shares of Common Stock
This prospectus relates to the offer and sale, from time to time, by the sellers ("Selling Stockholders") of up to 40,931,093 shares of Common Stock, par value $.001 ("Common Stock") issuable on conversion of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes" or the "Notes") issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company's financial condition, it is likely that interest payments will be made only in the form of payment-in-kind. The shares of Common Stock that may be issued on conversion of the Series A Notes are referred to as the "Shares."
The term "Selling Stockholders" includes the persons listed in the table under "Selling Stockholders," and also donees, pledgees, transferees or other successors-in-interest, selling Shares or interests in Shares received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution, or other transfer.  The Selling Stockholders may sell all or any portion of their Shares in one or more transactions on any stock exchange, market or trading facility on which the shares are traded or in private, negotiated transactions.  Each Selling Stockholder will determine the prices at which the Selling Stockholder's Shares will be sold.  Although the Company will incur expenses in connection with the registration of the Shares offered under this prospectus, the Company will not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholders.
Our Common Stock is quoted on the OTCBB under the symbol "AMNL."  On February 13, 2015, the closing bid quotation of our Common Stock was $ 0.65. Our principal executive offices are located 110 Greene Street, Suite 1101, New York, NY 10012.  Our telephone number is (212) 226-4265.
We may amend or supplement this prospectus from time to time by filing amendments or supplements as required.  You should carefully read this entire prospectus and any amendments or supplements to this prospectus as well as material incorporated by reference into this prospectus before you make your investment decision.
The shares of Common Stock offered under this prospectus involve a high degree of risk.  See "Risk Factors" beginning at page 7
and the risk factors that are incorporated by reference in this prospectus from our filings made with the Securities and Exchange Commission.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus is February 17, 2015
Table Of Contents
TABLE
OF CONTENTS
Page
Note Regarding Forward Looking Statements
2
Prospectus Summary
3
Business
6
Risk Factors
8
The Series A Notes
13
The Offering
15
Use of Proceeds
15
Price Range of Our Common Stock and Other Stockholder Matters
16
Description of Capital Stock
16
SEC Position of Indemnification for Securities Act Liabilities
18
Selling Stockholders
19
Plan of Distribution
21
Related Party Transactions
Legal Matters
23
Experts
24
Incorporation of Certain Documents by Reference
24
Where You Can Find More Information
25
We have not authorized any person to give you any supplemental information or to make any representations for us.  You should not rely upon any information about our Company that is not contained in, or incorporated by reference into, this prospectus or a supplement thereto.  Information contained in this prospectus may become stale.  You should not assume that the information contained in this prospectus or any prospectus supplement is accurate as of any date other than their respective dates, regardless of the time of delivery of this prospectus or of any sale of the shares.  Our business, financial condition, results of operations and prospects may have changed since those dates.
The Selling Stockholders are offering to sell, and seeking offers to buy, shares of the Shares only in jurisdictions where offers and sales are permitted.
Unless otherwise specified or the context otherwise requires, references in this prospectus to the "Company," "we," "us," and "our" refer to Applied Minerals, Inc., a Delaware corporation, and its consolidated subsidiary.
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NOTE
REGARDING FORWARD LOOKING STATEMENTS
This prospectus, any supplement thereto, and the documents incorporated by reference contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on our current expectations, assumptions, estimates and projections about our business and our industry.  Words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," and other similar expressions identify forward-looking statements.  In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements.
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PROSPECTUS
SUMMARY
You should read this summary in conjunction with the more detailed information and financial statements in this prospectus and any supplement thereto as well as incorporated by reference into this prospectus or any supplement. This summary does not contain all of the information you should consider before investing in our securities.  You should read all of the information in this prospectus and any supplement thereto and incorporated in this prospectus carefully, especially the risks of investing in our securities (see "Risk Factors") before making an investment decision.
Securities Being Offered
This prospectus relates to the offer and sale, from time to time, by the sellers ("Selling Stockholders") of up to 40,931,093 shares of Common Stock, par value $.001 ("Common Stock") issuable on conversion of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes" or the "Notes") issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company's financial condition, it is likely that interest payments will be made only in the form of payment-in-kind.  The shares of Common Stock that may be issued on conversion of the Series A Notes are referred to as the "Shares."
See "The Series A Notes," "The Offering," and "Selling Stockholders."
Use of Proceeds
The Company will receive none of the proceeds for the sale of the Shares.  The proceeds will go to the Selling Stockholders.
See "Use of Proceeds"
Plan of Distribution
The term "Selling Stockholders" includes the persons listed in the Selling Stockholders table and also donees, pledgees, transferees or other successors-in-interest, selling Shares or interests in Shares received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.  The Selling Stockholders may, from time to time, sell any or all of their Shares on any stock exchange, market or trading facility on which the shares are traded or in private transactions.  These sales may be at fixed or negotiated prices.  The Selling Stockholders may also engage in puts and calls and other transactions in our Common Stock or derivatives of our Common Stock and may sell or deliver the Shares in connection with these trades.
Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales.  Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated.
See "Plan of Distribution."
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Business
The Company owns the Dragon Mine, located in Eureka, Utah.  For reporting purposes under the rules of the U.S. Securities and Exchange Commission, the Company is classified as an exploration-stage company. The Dragon Mine contains deposits of halloysite clay as well as deposits of mixed clays containing various levels of halloysite and also deposits of iron oxide.  In addition, there are approximately 50,000 tons of iron oxide above ground and already mined. This consistent grade consists of over 94% pure iron oxide.  Finally, there are also five waste piles at the Dragon Mine resulting from the mining operations of former owners and the clay minerals in waste piles may have potential for commercialization.
As of February 13, 2015 , the Company has not classified the halloysite or the other clay deposits at the Dragon Mine as reserves according to Industry Guide No. 7 of the U.S. Securities and Exchange Commission.
As of February 13, 2015, the Company is marketing its halloysite clay products under the tradename Dragonite for the purpose of enhancing the performance of a range of high-end commercial applications, many of which have not previously utilized halloysite.  It is also marketing the halloysite clay for certain traditional uses of halloysite clay. The Company is not marketing the other clays.
The Company is also marketing its iron oxide, but as of February 13, 2015 has not classified the iron oxide deposit as a reserve according to Industry Guide No. 7.
The Company has not yet begun to market the mineralization in the waste piles and as of February 13, 2015, has not classified that mineralization in the waste piles as a reserve according to Industry Guide No. 7.
As of February 13, 2015 sales of halloysite and the iron oxide have been minimal.
Under Industry Guide 7, a "reserve" is "that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination." Generally speaking, a company may not declare reserves, unless, among other requirements, competent professional engineers conduct a detailed engineering and economic study and prepare a "bankable" or "final" feasibility study that "demonstrates that a mineral deposit can be mined profitably at a commercial rate."
The Company commissioned a study of "resources" under the JORC Code of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. That study indicated the existence of JORC "resources" of halloysite clay and iron oxide. A JORC resource is defined as a "mineral deposit in such form, grade . . . and quantity that there are reasonable prospects for eventual economic extraction," a lower standard than that used for a final feasibility study.
Significant additional steps, including the demonstration of the ability of the Company to penetrate markets, would be necessary before a "bankable" or "final" feasibility study can be prepared.
Despite the fact that the Company has not established reserves, the Company has mined, processed and sold, and intends to continue to mine, process, and sell, halloysite clay and iron oxide from the Dragon Mine.
A consequence of the absence of reserves under Industry Guide 7 is that the mining company, such as the Company, is deemed to lack an objective basis to assert that it has a deposit with mineralization that can be economically and legally extracted or produced and sold to produce revenue.
In November 2014, the Company raised $12.5 million in capital financing through the issuance of the Series A Notes.
At September 30, 2014, December 31, 2013 and December 31, 2012, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, respectively, in addition to unprofitable operations.  For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses from continuing operations of $5,969,679, $13,063,526 and $9,732,399, respectively.   The Company's future is contingent upon its ability to obtain additional financing and/or to generate revenue and cash flow to meet its obligations on a timely basis.  The Company has historically been unable to generate enough revenue and cash flow to fund its operating expenses and capital expenditures.
See "Business."
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Risk Factors
An investment in our Common Stock is very speculative and involves a high degree of risk. If you decide to buy our Common Stock, you should be able to afford a complete loss of your investment.
In order to meet operating expenses, the Company has had to raise funds from investors through the issuance of equity and convertible debt securities. If the Company is unable to fund its operations through the commercialization of the Dragon Mine, and/or the sale of equity, debt, or a combination of both, it may have to file bankruptcy.
See "Risk Factors."
Common Stock Rights
Holders of Common Stock are entitled to one vote per share. Holders of Common Stock have no cumulative voting rights in the election of directors. Two shareholders have certain rights, which are described in the 4
th
footnote of the Selling Stockholders table to nominate directors.
Holders of Common Stock are entitled to receive ratably dividends if, as, and when dividends are declared from time to time by our Board of Directors out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock or series Common Stock.  The Series A Notes prohibit dividends without the approval of the holders of a majority of the principal amount of the Series A Notes. The Company has never paid a dividend and does not anticipate paying one in the future.
See "Description of Common Stock."
Market for Our
Common Stock
Our Common Stock is traded on the OTCBB.  On  February 13, 2015, the closing market price on the OTCQB was $0.65.
See "Price Range of our Common Stock."
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BUSINESS
The Company is a mining company that owns the Dragon Mine, located in Eureka, Utah.  For reporting purposes under the rules of the U.S. Securities and Exchange Commission, the Company is classified as an exploration-stage company. The Dragon Mine contains deposits of halloysite clay as well as deposits of mixed clays containing various levels of halloysite and also deposits of iron oxide.
In addition, there are approximately 50,000 tons of iron oxide above ground and already mined. This consistent grade consists of over 94% pure iron oxide.  Finally, there are also five waste piles at the Dragon Mine resulting from the mining operations of former owners and the clay minerals in waste piles may have potential for commercialization.
As of February 13, 2015 , the Company has not classified the halloysite or the other clay deposits at the Dragon Mine as reserves according to Industry Guide No. 7 of the U.S. Securities and Exchange Commission.
As of February 13, 2015, the Company is marketing its halloysite clay products under the tradename Dragonite for the purpose of enhancing the performance of a range of high-end commercial applications, many of which have not previously utilized halloysite.  It is also marketing the halloysite clay for certain traditional uses of halloysite clay. The Company is not marketing the other clays.
The Company is also marketing its iron oxide, but as of February 13, 2015 has not classified the iron oxide deposit as a reserve according to Industry Guide No. 7.
The Company has not yet begun to market the mineralization in the waste piles and as of February 13, 2015, has not classified that mineralization in the waste piles as a reserve according to Industry Guide No. 7.
As of February 13, 2015, sales of halloysite and the iron oxide have been minimal.
The Company is classified as an exploration stage company for purposes of Industry Guide 7 of the U.S. Securities and Exchange Commission.
Under Industry Guide 7, companies engaged in significant mining operations are classified into three categories, referred to as "stages" exploration, development, and production. Exploration stage includes all companies engaged in the search for mineral deposits (reserves) which are not in either the development or production stage. In order to be classified as a development or production stage company, the company must have already established reserves. Unless a company has established reserves, it cannot be classified as a development or production stage company, notwithstanding the nature and extent of development-type or production- type activities that have been undertaken or completed.
Under Industry Guide 7, a "reserve" is "that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination." Generally speaking, a company may not declare reserves, unless, among other requirements, competent professional engineers conduct a detailed engineering and economic study and prepare a "bankable" or "final" feasibility study that "demonstrates that a mineral deposit can be mined profitably at a commercial rate."
The Company commissioned a study of "resources" under the JORC Code of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. That study indicated the existence of JORC "resources" of halloysite clay and iron oxide. A JORC resource is defined as a "mineral deposit in such form, grade . . . and quantity that there are reasonable prospects for eventual economic extraction," a lower standard than that used for a final feasibility study.
Significant additional steps, including the demonstration of the ability of the Company to penetrate markets, would be necessary before a "bankable" or "final" feasibility study can be prepared.
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Despite the fact that the Company has not established reserves, the Company has mined, processed and sold, and intends to continue to mine, process, and sell, halloysite clay and iron oxide from the Dragon Mine.
A consequence of the absence of reserves under Industry Guide 7 is that the mining company, such as the Company, is deemed to lack an objective basis to assert that it has a deposit with mineralization that can be economically and legally extracted or produced and sold to produce revenue.
The following table indicates the amount of tons extracted by the Company from the Dragon Mine and the amount of products produced by the Company in the 12 month periods ended December 31, 2013 and 2014:
2013
2014
Tons extracted
Halloysite clay
450
650
Iron oxide
3,300
2,200
Products produced
Halloysite clay
22
69
Iron oxide
13
166
The following table indicates the revenues by categories in 2013 and 2014. Samples represent revenues for sales where our products are used for laboratory testing ; scale-ups are amounts used by our customers to determine whether our products perform successfully on the customer's production line; commercial product are amounts used by customers in the customers' commercial products for sale to third parties. Other indicates that the Company is not aware of the use to which the Company's products are being put. The various percentages are approximate:
Percentages of Sales Classified by
Customer Use
2013
2014
Sales for:
Commercial Production
69%
70%
Scale-Ups
17%
26%
Testing
4%
2%
Other
10%
2%
Total
100%
100%
In November 2014, the Company raised $12.5 million in capital financing through the issuance of the Series A Notes.
At September 30, 2014, December 31, 2013 and December 31, 2012, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, respectively, in addition to unprofitable operations.  For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses from continuing operations of $5,969,679, $13,063,526 and $9,732,399, respectively.   The Company's future is contingent upon its ability to obtain additional financing and/or to generate revenue and cash flow to meet its obligations on a timely basis.  The Company has historically been unable to generate enough revenue and cash flow to fund its operating expenses and capital expenditures.
For a full description of our business, see the filings incorporated by reference into this prospectus and any information relating to our business in any supplement to this prospectus.
Open SEC Comment Letter
The Division of Corporation Finance of the Securities and Exchange Commission is required by statute to review at least every three years the filings of each company that files reports under Section 13 of the Securities Exchange Act of 1934. The Company files reports under such act. Typically, after such review, the staff sends out "comment letters" noting issues the staff has identified, asking for the filing company to respond. On November 21, 2014, after a tri-annual review of the Company's filings, the staff of the Division of Corporation Finance of the Securities and Exchange Commission sent a comment letter to the Company.
An exchange of letters between the Company and the staff regarding the staff's comments focused on the Company's capitalization of the costs related to the Company processing plant constructed in 2012, 2013, and 2014. The Company is currently engaged in discussions to provide any additional deliverables to satisfy the staff's request.
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RISK
FACTORS
AN INVESTMENT IN OUR COMMON STOCK IS VERY SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK FACTORS, ALONG WITH THE OTHER MATTERS REFERRED TO IN THE DOCUMENTS INCORPORATED BY REFERENCE INTO THIS PROPSPECTUS AND ANY INFORMATION RELATING TO OUR BUSINESS IN ANY SUPPLEMENT TO THIS PROSPECTUS BEFORE YOU DECIDE TO BUY OUR COMMON STOCK. IF YOU DECIDE TO BUY OUR COMMON STOCK, YOU SHOULD BE ABLE TO AFFORD A COMPLETE LOSS OF YOUR INVESTMENT.
Our business activities are subject to significant risks, including those described below. Every investor or potential investor in our Common Stock should carefully consider these risks. If any of the future-oriented risks actually occurs, our business, financial position and results of operations could be materially adversely affected. The risks below are not the only ones we face and additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business.
SPECIFIC RISKS APPLICABLE TO APPLIED MINERALS
FINANCIAL HISTORY
Losses.
We have experienced annual operating losses and unprofitable operations since our reactivation in September, 1997. For the nine months ended September 30, 2014, and the twelve months ended December 31, 2013 and 2012, the Company sustained net losses from continuing operations of $5,969,679, $13,063,526 and $9,732,399, respectively.   .
Accumulated Deficits
. In the period since current management took over on January 1, 2009, the Company had accumulated deficits during the exploration stage of $47,782,155, $41,812,476 and $28,748,950, at September 30, 2014, December 31, 2013 and December 31, 2012, respectively,
NO SIGNIFICANT SALES
Since January 1, 2009, the date when current management took over, the Company has sold only $428,207 of clay and iron oxide and for the nine months ended September 30, 2014, the Company had sales of only $114,688.
RELIANCE OF EQUITY AND DEBT SALES TO FINANCE OPERATIONS
The Company has had to rely mainly on the proceeds from the sale of stock and convertible debt to fund its operations. There is no assurance that we will be able to raise additional funds through the sale of equity or debt to finance operations if the Company is unable to fund its operations through the commercialization of its minerals at the Dragon Mine. If so, we may have to file bankruptcy.
SUCCESS IS DEPENDENT ON PENETRATING MARKETS
In order for the Company to survive, we must penetrate our target markets and achieve sales levels and generate sufficient cash flow to break even and to be a success we must do better than that. As outlined below, there is uncertainty that we will be able to do so.
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Many of the applications for which we are selling for our halloysite-based material are applications for which halloysite has not been used previously. As a result, there are a number of special obstacles that we need to overcome to achieve sales in these markets. It is necessary to convince manufacturers to change their manufacturing processes and substitute our halloysite-based material for the product they are currently using, and in some cases, to use our halloysite-based material where no product was used before. Generally speaking, the process beginning with introducing our halloysite-based material to manufacturers and ending with the manufacturer using our products can encounter inertia, skepticism, and different corporate priorities; requires educating potential customers on the benefits of our material and how to use our material (how much to add, when to add, and so forth); and often requires working with potential customers (which some potential customers may be reluctant to do) to assure that the potential customers test our products under proper conditions. While we believe that our halloysite-based material often adds significant value, the process that ends with manufacturers using our halloysite-based material is typically characterized by both of the following: it can take a long time and there is no certainty that we will be able to convince enough manufacturers to use our halloysite-base material. Moreover, since our halloysite-based materials have not been used in large-scale commercial production, there is an element of uncertainty as to whether it will demonstrate significant value in that context. To the extent that we are offering our iron oxide, which is natural, as a substitute for synthetic iron oxide, we face problems similar to those for halloysite described above.
Other applications for which we are selling for our halloysite-based material are applications for which halloysite has been used previously. Similarly, some applications for which we are selling our iron oxides are applications for which iron oxides have been used previously. To penetrate these markets, we face the difficulties encountered by any company trying to enter an established market competing against established players, who may be in better financial condition that we are and/or who may be already familiar to, and in many cases may have relationships with, the potential customers, any of which can make such competitors more attractive than us. While we believe that in many cases, our products are superior to those already in the market, there is uncertainty that we will be able to penetrate those markets to a sufficient degree.
COMPETITION
Dragonite
.
We market our halloysite products under the trademark "Dragonite." The existence and the extent of competition are important because we intend to a large extent to price our halloysite opportunistically based on value-added.
The major producer of halloysite is Imerys, a large French minerals company that owns the only other mine to produce significant tonnage of halloysite. Imerys' mine is located in New Zealand and produces about 18,000 tons of halloysite per year. To the best of our knowledge, Inmerys does not market its halloysite to the advanced-application markets we are targeting and does not market it in the United States to the traditional markets we are targeting. It is our understanding that given the level of purity of Imerys' of halloysite, Imerys would face processing costs that we do not have to bear if it decided to compete in markets for advanced applications. There are small producers of halloysite, in Turkey and China and elsewhere, but to our knowledge only the producer in Turkey sells (approximately 1,000 tons per year) in the advanced application markets we are marketing to. In addition, in order for our Dragonite to penetrate our target markets, we face significant competition as we compete against non-halloysite solutions sold by larger, more established companies.  The basis for competition can be performance and/or price.
If we are successful in penetrating our target markets, we may face competition from operators of halloysite clay deposits in other locations around the world.  The extent of the deposits and the extent to which halloysite from any of these deposits will compete with our halloysite-based products, or the extent to which they can compete, is not known to us. It may be that if we are successful, other deposits of halloysite, not now deemed commercial, will be deemed to be commercial and competitive.
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Iron oxide
We expect to compete with companies many of which that are much larger and better capitalized than we are.
Pigments.
There is significant competition within the iron oxide pigment market.    We produce natural iron oxide and will try to compete directly with synthetic iron oxide pigments in the coatings markets and certain other markets by selling our pigments at a lower price. In other iron oxide pigment markets, there is very little product differentiation with competition focused primarily on price.
Technical and Other Markets.
There is significant competition in the technical markets based on performance and price.
PRICING
Because we have not yet penetrated any market on a continuing basis, we cannot predict whether we will be able to sell our products at the prices we predict or whether we will have to reduce the prices, perhaps substantially, to be able to make sales in significant amounts.
THE COMPANY'S SUCCESS DEPENDS ON
OUR CEO
Andre Zeitoun is the President and CEO of Applied Minerals, Inc.  Mr. Zeitoun has played a critical role in leading the effort to commercialize our halloysite-based products and iron oxide products. If the Company loses the services of Mr. Zeitoun, there is no assurance that the Company would be able to attract and retain a qualified replacement.
OUR ASSETS AND OPERATIONS MAY BE ADVERSELY AFFECTED BY RISKS AND HAZARDS THAT MAY NOT BE FULLY COVERED BY INSURANCE
We maintain insurance to protect against losses that may result from some of the risks of the mining business, such as property loss and business interruption, in amounts we believe to be reasonably consistent with industry practice and circumstances surrounding each identified risk. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Insurance specific to environmental risks or to timber on our Idaho properties is generally either unavailable or, we believe, too expensive for us, and we therefore do not maintain environmental or timber insurance for such risks. Occurrence of events for which we are not insured may have an adverse effect on our business and financial condition.
COMMON STOCK: MARKET, PRICING AND VOLATILITY
Our common stock is traded on the OTCBB. In recent years, the number of shares traded on a daily basis has often not been significant. As a result, the price of the stock has often been quite volatile. There is no assurance that trading will become active of a consistent basis. The market price of our stock at any given point in time may not accurately reflect our value and may prevent investors from realizing a profit on their investment.
TENDER OFFERS OR TAKEOVER ATTEMPTS
Certain provisions in our Certificate of Incorporation, our ByLaws and Delaware law could make it more difficult for a third party to acquire control of us, even if that transaction could be beneficial to stockholders. These impediments include:
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●
The Delaware Business Combinations with Interested Stockholders Act generally operates to prevent a wide variety of transactions between the Company, on one hand, and an "interested shareholder" and its affiliates, on the other hand.  It generally prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless (i) prior to such date the Board of Directors of the corporation approved either the business combination or the transaction in which the person became an interested stockholder, (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owns at least 85% of the outstanding voting stock of the corporation excluding shares owned by officers or directors of the corporation and by certain employee stock plans, or (iii) on or after such date the business combination is approved by the Board of Directors of the corporation and by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the corporation that is not owned by the interested stockholder.  A "business combination" generally includes mergers, asset sales and similar transactions between the corporation and the interested stockholder, and other transactions resulting in a financial benefit to the stockholder.  An "interested stockholder" is a person who, together with affiliates and associates, owns 15% or more of the corporation's voting stock or who is an affiliate or associate of the corporation and, together with his affiliates and associates, has owned 15% or more of the corporation's voting stock within three years.
●
The Articles of Incorporation prohibit shareholders from acting by written consent
●
The ByLaws contain advance notice provisions for nominations and for presentation of business at stockholder meetings
TAX REFORM
There has been significant activity in Congress moving toward tax reform. If tax reform takes place, certain provisions of current law that are favorable to the Company, particularly percentage depletion and net operating loss carryforwards, could be limited or eliminated.
MORE GENERALIZED RISKS.
We are subject to the risks that affect other mining companies and industrial companies in general. Among these risks are the following.
DEVELOPMENT PROSPECTS RELATING TO A MINE ARE UNCERTAIN AND WE MAY INCUR HIGHER COSTS AND LOWER ECONOMIC RETURNS THAN ESTIMATED
Mine development projects typically require a number of years and significant expenditures during the development phase. Such projects could experience unexpected problems and delays during development. Our decision to develop the Dragon Mine is based on the results of studies and expertise. The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others:
●
Changes in tonnage, grades and characteristics of clay and iron oxide to be mined and processed;
●
Higher labor costs;
●
The quality of the data on which engineering assumptions were made;
●
Adverse geotechnical conditions;
●
Availability of adequate and skilled labor force and supply and cost of water and power;
●
Fluctuations in inflation and currency exchange rates;
●
Availability and terms of financing;
●
Delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development;
●
Changes in tax laws;
●
Weather or severe climate impacts; and
●
Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages.
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MINING ACCIDENTS OR OTHER ADVERSE EVENTS AT AN OPERATION COULD DECREASE OUR ANTICIPATED PRODUCTION
Exploration development and/or production may be reduced as a result of mining accidents; unfavorable ground conditions; work stoppages or slow-downs; lower than expected ore grades; unexpected regulatory actions; or because our equipment or facilities fail to operate properly or as expected.
OUR OPERATIONS MAY BE ADVERSELY AFFECTED BY RISKS AND HAZARDS ASSOCIATED WITH THE MINING INDUSTRY
Our business is subject to a number of other risks and hazards including:
•
environmental hazards;
•
unusual or unexpected geologic formations;
•
rock bursts and ground falls;
•
seismic activity;
•
underground fires or floods;
•
unanticipated hydrologic conditions, including flooding and periodic interruptions due to inclement weather conditions;
•
political and country risks;
•
process issues and equipment malfunctions in our mining and milling operations;
•
industrial accidents; and
•
labor disputes or strikes.
Such risks could result in:
•
personal injury or fatalities;
•
damage to or destruction of mineral properties or processing facilities;
•
environmental damage and financial penalties;
•
delays in exploration, development or mining;
•
monetary losses;
•
legal liability; and
•
temporary or permanent closure of facilities.
THERE IS COMPREHENSIVE FEDERAL, STATE AND LOCAL REGULATION OF THE EXPLORATION INDUSTRY THAT COULD HAVE A NEGATIVE IMPACT OUR MINING OPERATIONS
Exploration and mining operations are subject to federal, state and local laws relating to the protection of the environment, including laws regulating removal of natural resources from the ground and the discharge of materials into the environment. Exploration and mining operations and the products we sell are also subject to federal, state and local laws and regulations which seek to maintain health and safety standards by, among other means, regulating the design and use of exploration methods and equipment and disclosure of risks. We cannot assure you that all permits that may be required in the future will be received. No assurance can be given that environmental standards imposed by federal, state or local authorities will not be changed or that any such changes would not have material adverse effects on our activities. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on our financial position. Additionally, we may be subject to liability for pollution or other environmental damages that we may elect not to insure against due to prohibitive premium costs and other reasons.
For a full description of risk factors, see the filings incorporated by reference into this prospectus and any supplement to this prospectus.
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THE
SERIES A NOTES
On November 4, 2014 ("Issue Date"), the Company issued, in a private placement pursuant to investment agreements, $19,848,486 principal amount of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes") in exchange for $12,500,000 in cash and the cancellation of warrants held by one investor.
"Stated Maturity Date" means November 3, 2018, provided that the Stated Maturity Date may be extended to November 3, 2019 at the option of the Company (the "Extension Option") if (i) the Company has delivered written notice of its exercise of the Extension Option to the Holder not more than ninety (90) nor less than thirty (30) days prior to November 3, 2018 and (ii) the Company has delivered a certificate, dated as of November 3, 2018, certifying that no Default or Event of Default has occurred and is continuing;
provided
,
further
that the Stated Maturity Date shall be extended to the maturity date of the Series 2023 Notes or any Replacement Financing, as applicable, upon the occurrence of a Specified Event ("Specified Extension").
The Company will pay in kind interest for each interest period on the Note by adding the full amount of interest due on each interest payment date to the principal amount of the Note on each interest payment date, unless it elects to pay interest entirely in cash. Given the Company's financial position, it is likely that the Company will pay interest in the form of payment-in-kind.
The principal amount of the Series A Notes bears interest at the rate of 10% payable semiannually in arrears,
provided
that the interest rate shall be reduced to 1% per annum on the principal amount of the Note upon the occurrence of the Specified Event, as defined below.
The term "Specified Event" means the event that will occur after the second anniversary of the Issue Date if: (i) any amounts under the Series 2023 Notes (as defined below) or any Replacement Financing (as defined below) are outstanding, (ii) the VWAP (volume weighted average price) for the preceding 30 consecutive trading days is in excess of the Exercise Price (as defined below), (iii) the closing market price of the Common Stock is in excess of the Exercise Price on the date immediately preceding the date on which the Specified Event occurs, and (iv) no default or event of default under the Series A Notes has occurred and is continuing.
The term "Series 2023 Notes" means the series of 10% PIK-Election Convertible Notes due 2023 issued by the Company on August 2, 2013 in the initial principal amount of $10,500,000.
The term "Replacement Financing" means unsecured indebtedness of the Company in a principal amount not to exceed $10,500,000
plus
any accrued interest thereon (including any interest paid in kind) so long as (1) no default or event of default under the Series A Notes shall have occurred and be continuing or would result therefrom, (2) all outstanding amounts under each Series 2023 Note shall have been converted into the Common Stock of the Company pursuant to the terms of such Series 2023 Note prior to the date on which such Indebtedness is incurred, (3) the maturity date of such Indebtedness shall not be earlier than the maturity date under the Series 2023 Notes, (4) such indebtedness is not subject to scheduled amortization, redemption, sinking fund or other payment in cash prior to the maturity date of such Indebtedness, (5) such indebtedness does not include any terms that are more restrictive or onerous on the Company or its Subsidiaries in any respect than any comparable term in the Series A Note, (6) such indebtedness shall only be guaranteed by a party that is providing a guarantee of the Series A Notes (the Series A Notes are not guaranteed), (7) such indebtedness shall have an interest rate less than or equal to 10% and (8) if applicable, the exercise price, strike price or similar term with respect to the conversion of such indebtedness into the Common Stock of the Company shall be greater than or equal $1.40 and shall be subject to the adjustments on the same terms as the Series 2023 Notes.
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Table Of Contents
The number of Shares to be issued upon conversion of a Note is obtained by: (i) adding (A) the principal amount or portion thereof of the Note to be converted and (B) the amount of any accrued but unpaid interest on the portion of the Note to be converted; and (ii) dividing the result obtained pursuant to clause (i) above by the per share Exercise Price (as defined below) then in effect.
The term "Exercise Price" means initially $0.92 per share and will be (i) adjusted from time to time pursuant antidilution provisions and (ii) reduced by $0.10 per share if the Company elects to exercise its Extension Option.
The Series A Notes may be voluntarily converted at any time.
The entire principal amount of the Series A Notes and accrued interest thereon shall be mandatorily converted into Shares on the earliest date that is not earlier than two years after the Issue Date that all of the following conditions are satisfied and appropriate notice given:
(A)
(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the VWAP for the preceding 30 consecutive trading days is at or greater than $1.00
or
(2) the VWAP for the preceding 10 consecutive trading days as determined is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any;
(B)
(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the closing market price of the Common Stock is at or greater than $1.00 or (2) the closing market price of the Common Stock is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any, in each case, on the date immediately preceding the date on which the mandatory conversion notice is received;
(C)
all outstanding amounts under each Series 2023 Note or Replacement Financing, if any, shall have been converted into the Common Stock pursuant to the terms of such Series 2023 Note or the Replacement Financing, if any; and
(D)
either (x) a registration statement is effective and available for the resale of all of the Shares to be issued on conversion on the conversion date and each of the five (5) trading days prior to the Conversion Date and on the conversion date the holder is not restricted from selling or distributing any of such its Shares to be issued on conversion pursuant to the provisions of the Registration Rights Agreement between the holder and the Company or (y) the Holder may sell all such Conversion Shares immediately under Rule 144 under the Securities Act.
The number of shares issuable under the Notes may be affected by the antidilition provisions of the Notes. The antidilition provisions adjust the Exercise Price of the Notes in the event of stock dividends and splits, issuance below the market price of the Common Stock, issuances below the conversion price of the Notes, pro rata distribution of assets, rights plans, tender offers, and exchange offers.
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Table Of Contents
The anti-dilution provisions may be characterized as "broad-based, weighted-average." Broad-based refers to the fact that the antidilution formulas take into account convertible securities as well as Common Stock. Weighted-average refers to the fact that the adjustment takes into account the number of shares of shares before and after the event in question. By way of example, if the Company issues shares of Common Stock or convertible securities at an effective consideration per share that is less than the Exercise Price of the Notes then in effect (other than issuances to directors, officers, employees or consultants of the Company as compensation for services), then the conversion price will be adjusted pursuant to the following formula:
N
0
+ C/E
0
E = E
0
x -------------
N
0
+ N
A
where: E = the Exercise Price in effect immediately after such issuance; E0 = the Exercise Price in effect immediately prior to such issuance; N0 = the number of shares of Common Stock outstanding immediately prior to the open of business on the trading day of such issuance; NA = the number of shares of Common Stock issued and/or issuable upon exercise, conversion or exchange of any convertible securities, full physical settlement assumed; and C = the total consideration receivable by the Company on issuance and/or the exercise, conversion or exchange of any convertible securities, full physical settlement assumed.
If any single action would require more than one adjustment of the Exercise Price under the antidilution provisions, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest absolute value.
21,574,441 shares were issuable as of the Issue Date on the conversion of the Series A Notes that were issued on November 3, 2014.
19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This amount assumes that the Company pays interest only in the form of payment-in-kind, the maturity date is extended form 2018 to 2019 (causing an adjustment in the Exercise Price) and is further extended to 2023, all in accordance with the terms of the Notes.
The Shares of Common Stock issuable on conversion of the Series A Notes, when issued upon conversion in accordance with the terms of the Notes and upon payment of the exercise price, will be, fully paid and non-assessable.
THE
OFFERING
This prospectus relates to the offer and sale, from time to time, by the sellers ("Selling Stockholders") of up to 40,931,093 shares of Common Stock, par value $.001 ("Common Stock") issuable on conversion of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes" or the "Notes") issued on November 3, 2014. 21,574,441 of those Shares were issuable as of the issue date on the conversion of the Series A Notes. Payment-in-kind interest is interest paid by increasing the principal of the Series A Notes. 19,356,652 shares is the maximum number of additional shares that may be issued on conversion of Series A Notes. This number assumes that the Company elects to pays only payment-in-kind interest (not cash) and immediately prior to the 2018 maturity date, the maturity date to be extended from 2018 to 2023, the interest rate is lowered to 1% and the conversion price is reduced by $.10, all in accordance with the terms of the Notes. Given the Company's financial condition, it is likely that interest payments will be made only in the form of payment-in-kind.
USE
OF PROCEEDS
The Company will receive none of the proceeds for the sale of the Common Stock.  The proceeds will go to the Selling Stockholders.
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PRICE
RANGE OF OUR COMMON STOCK AND OTHER STOCKHOLDER MATTERS
Our Common Stock is quoted on OTCQB under the symbol "AMNL".
The following table sets forth the high and low bid quotations per share of our Common Stock for the periods indicated. The high and low bid quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
2013
High
Low
First Quarter
$1.72
$1.40
Second Quarter
$1.47
$1.11
Third Quarter
$1.19
$0.98
Fourth Quarter
$1.22
$1.00
2014
High
Low
First Quarter
$1.09
$0.69
Second Quarter
$0.85
$0.60
Third Quarter
$0.86
$0.67
Fourth Quarter
$0.78
$0.59
2015
First Quarter through February 13, 2015
$0.73
$0.64
Source:
http://www.yahoofinance.com
.
The Company has about 1,094 record stockholders.
At February 13, 2015, our authorized capital stock consisted of 200,000,000 shares of Common Stock, par value $0.001 per share and 10,000,000 shares of preferred stock, par value $0.001 per share.  As of  February 13, 2015, 95,331,128 shares of Common Stock were issued and outstanding and no shares of preferred stock were issued and outstanding.  As of February 13, 2015, 79,088,872 shares were reserved for issuance upon the exercise of options and warrants and upon the conversion of the Series 2023 and the Series A Notes issued in August 2013 and November 2014, respectively.
DESCRIPTION
OF CAPITAL STOCK
Set forth below is a description of certain provisions relating to our capital stock.  For additional information regarding our capital stock please refer to our Certificate of Incorporation and Bylaws.
COMMON STOCK
Each share of Common Stock entitles the holder to one vote on each matter that may come before a meeting of the stockholders.  There is no right to cumulative voting; thus, except as noted below, the holders of fifty percent or more of the shares outstanding can, if they choose to do so, elect all of the directors. Samlyn Onshore Fund, LP
and Samlyn Offshore Masterfund Ltd
are referred hereafter to as the "Samlyn Stockholders." Until the Samlyn Stockholders, together with their respective affiliates, cease to beneficially own at least 9,700,000 shares of Common Stock (they beneficially own 30,621,770 shares of Common Stock prior to this offering), the Samlyn Stockholders jointly shall have the right to designate one person to be nominated for election to the Board (an "Initial Nominee"), and the Samlyn Stockholders jointly shall exercise this right, in their sole discretion, anytime and from time to time by providing written notice to the Company. Until the earlier of (i) the Samlyn Stockholders, together with their respective affiliates, ceasing to beneficially own at least 9,700,000 shares of Common and (ii) December 22, 2016, if Andre Zeitoun ceases to serve as a named executive officer of the Company or as chairman of the Board, the Samlyn Stockholders jointly, during such period in which Mr. Andre Zeitoun is not serving in such capacity, shall be entitled to designate a number of additional nominees (each an "Additional Nominee," and together with the Initial Nominee, the "Nominees") who, together with the Initial Nominee, shall comprise at least 20% of the total number of Directors, and the number of Directors representing such 20% shall be rounded up to the nearest whole number.  The Stockholders jointly shall exercise the rights in their sole discretion, anytime and from time to time by providing written notice to the Company.
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Table Of Contents
In the event of a voluntary or involuntary liquidation, all stockholders are entitled to a pro rata distribution after payment of liabilities and after provision has been made for each class of stock, if any, having preference over the Common Stock.
The holders of the Common Stock have no preemptive rights with respect to future offerings of shares of Common Stock except that the Samlyn Stockholders have preemptive rights by contract under investment agreements ("Investment Agreements") as follows. If the Company proposes to issue any (i) equity securities or (ii) securities convertible into or exercisable or exchangeable for equity securities, other than any Excluded Securities (the "Dilutive Securities"), the Company shall deliver to each Samlyn Stockholder a written notice (which notice shall state the number of Dilutive Securities proposed to be issued, the purchase price thereof and any other material terms or conditions of the proposed Dilutive Securities and of their issuance, including any linked or grouped securities which comprise Dilutive Securities) of such issuance (the "Preemptive Offer Notice") at least 5 business days prior to the date of the proposed issuance (such period beginning on the date that the Preemptive Offer Notice is delivered to the Investors and the 5 Business Days following such date being the "Preemptive Offer Period"). Each Investor shall have the option, exercisable at any time during the Preemptive Offer Period by delivering a written notice to the Company (a "Preemptive Offer Acceptance Notice"), to subscribe for up to a number of such Dilutive Securities, equal to the number of such Dilutive Securities proposed to be offered multiplied by a fraction, the numerator of which is the total number of shares of Common Stock beneficially owned by such Investor and any of its affiliates at the time the Company proposes to issue any the securities and the denominator of which is the total number of shares of Common Stock issued and outstanding at such time ("Pro Rata Portion"). The preemptive rights do not apply to the following securities issued by the Company at any time in compliance with the Investment Agreements (the "Excluded Securities"): (i) equity securities or securities convertible into or exercisable or exchangeable for equity securities, in each case issued to directors, officers, employees, or consultants of the Company as compensation for services rendered by such directors, officers, employees, or consultants; (ii) shares of Common Stock issued as a dividend on shares of Common Stock or upon any stock split, reclassification, recapitalization, exchange or readjustment of shares or other similar transaction; (iii) securities issued as consideration in a merger, consolidation, acquisition of all or substantially all of the another person's assets or any similar transaction involving the Company and a Person (other than the Investors or an Affiliate of the Company), in each case to the extent that such transaction is conducted in compliance with this Agreement; and (iv) securities issued upon the exercise, conversion or exchange of any options, warrants or other derivative securities of the Company issued in compliance with (or otherwise not in violation of) the Investment
‎
Agreements.
Holders of Common Stock are entitled to dividends if, as, and when declared by the Board out of the funds legally available therefore.  The Series A Notes prohibit dividends without the approval of the holders of a majority of the principal amount of the Series A Notes. It is our present intention to retain earnings, if any, for use in our business.  The payment of dividends on our Common Stock is unlikely in the foreseeable future.
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Table Of Contents
The Board of Directors is not classified.
The Company's Certificate of Incorporation and Bylaws have no restrictions on alienability of the Common Stock and do not contain any provision discriminating against any existing or prospective holder of such Common Stock as a result of such security holder owning or acquiring a substantial amount of Common Stock.
The Delaware General Corporation Law ("GCL") has a provision called "Business Combinations with Interested Stockholders Act," by which the Company has elected to be governed.
The Delaware Business Combinations with Interested Stockholders Act generally operates to prevent a wide variety of transactions between the corporation, on one hand, and an "interested shareholder" and its affiliates, on the other hand.  It generally prohibits a publicly held Delaware corporation from engaging in a "business combination" with an" interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless (i) prior to such date the Board of Directors of the corporation approved either the business combination or the transaction in which the person became an interested stockholder, (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owns at least 85% of the outstanding voting stock of the corporation excluding shares owned by officers or directors of the corporation and by certain employee stock plans, or (iii) on or after such date the business combination is approved by the Board of Directors of the corporation and by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the corporation that is not owned by the interested stockholder.  The term "business combination" generally includes mergers, asset sales, and similar transactions between the corporation and the interested stockholder, and other transactions resulting in a financial benefit to the stockholder.  An "interested stockholder" is a person who, together with affiliates and associates, owns 15% or more of the corporation's voting stock or who is an affiliate or associate of the corporation and, together with his affiliates and associates, has owned 15% or more of the corporation's voting stock within three years.
SEC
POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
As permitted by the Delaware General Corporation Law, the Bylaws of the Company provide that (i) the Company is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, (ii) the Company is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to certain very limited exceptions, (iii) the Company may indemnify any other person as set forth in the Delaware General Corporation Law, and (iii) the indemnification rights conferred in the Bylaws are not exclusive.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers, and controlling persons pursuant to the provisions described above or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment of expenses incurred or paid in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the Common Stock being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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Table Of Contents
SELLING
STOCKHOLDERS
The Selling Stockholders are named in the table below.  Each beneficial holder acquired the Common Stock in a private transaction(s) offered and sold by the Company in reliance upon exemptions from registration pursuant to Section 4(2) of the Securities Act or in open market transactions.
The term "Selling Stockholders" includes persons listed in the table below and also includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock, or interests in shares of Common Stock, received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.  The Selling Stockholders may sell all or any portion of their shares of Common Stock in one or more transactions on any stock exchange, market or trading facility on which the shares are traded or in private, negotiated transactions.  Each Selling Stockholder will determine the prices at which the Selling Stockholder's shares will be sold.
The information below is based in part on information provided by or on behalf of the Selling Stockholders. Except as noted below, ownership is deemed to be beneficial ownership as determined in accordance with the rules under Section 13(d) of the Securities Exchange Act. Under those rules, voting or investment power is deemed to be to be beneficial ownership and a person is deemed to beneficially own securities of which the person has a the right to acquire beneficial ownership within sixty (60) days. The ownership amounts below include shares that may be acquired through conversion of the Series A Notes and the Series 2023 Notes (including notes issued as interest thereon). The number of shares issuable on conversion of the Series A Notes have been calculated using a conversion price of $.82 and the extension of the maturity of the Series A Notes to August 1, 2023 and the payment of interest in the form of payment-in-kind. No estimate can be given as to the amount or percentage of our Common Stock that will be held by the Selling Stockholders after any sales or other dispositions made pursuant to this prospectus because the Selling Stockholders are not required to sell any of the Shares being registered under this prospectus. The table below assumes that the Selling Stockholders will sell all of the Shares to be acquired on conversion of the Series A Notes listed in this prospectus.
Unless otherwise indicated in the footnotes to the table, the Selling Stockholder has voting or investment power over the Shares to be sold and has not held any position or office or had any material relationship with our Company or any of its subsidiaries within the past three years.
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Table Of Contents
Selling Stockholder
Shares Owned
before the
Offering
Maximum number
of Shares to be
Sold After
Conversion of
Series A Notes (1)
Shares Owned
after the
Offering (2)
Percentage
ownership after the
Offering
(* indicates less
than 1%) (2)
Samlyn Offshore
Masterfund Ltd (3)(4)
19,595,394
13,445,394
6,150,000
6.5%
Samlyn Onshore Fund, LP (3)(4)
11,026,376
7,176,376
3,850,000
4.0%
IBS Turnaround Fund
(A Limited Partnership) (5)
8,218,624
1,662,115
6,556,509
6.9%
IBS Turnaround Fund QP
(A Limited Partnership) (5)
17,273,378
3,493,328
13,780,050
14.5%
IBS Opportunity Fund, Ltd.(5)
3,088,173
1,093,579
1,994,594
2.1%
Koyote Capital (6)
3,968,103
1,562,256
2,405,847
2.5%
Joseph Mark (7)
2,566,088
1,171,692
1,394,396
1.5%
Dune Road LLC (7)
2,416,510
1,171,692
1,244,818
1.3%
Kingswood Partners (8)
1,562,256
1,562,256
-
*
Bernard T. Selz 2008
15‐year CLAT dtd 7/25/08; Ann
Diamond & Anita M. Pagliaro Ttees (9)
1,171,692
1,171,692
-
*
Bernard T. Selz 2008
20‐Year CLAT Dtd 7/25/08; Ann Diamond
& Anita M. Pagliaro Ttees (9)
1,171,692
1,171,692
-
*
Kingdon Associates (10)
2,550,103
1,812,216
737,887
*
M. Kingdon Offshore Master
Fund, LP (10)
4,062,569
3,936,884
125,685
*
Kingdon Family Partnership, LP (10)
1,605,099
499,921
1,105,178
1.1%
(1)
The number of Shares owned in this column assumes: (1) the election of the Extension Option on November 3, 2018 to extend the maturity of the Series A Notes to November 3, 2019, reducing the exercise price to $0.82 per share and (2) the occurrence of a Special Event, as defined in the Series A Notes, extending the maturity to the full maturity of the 2023 Notes, August 1, 2023; (3) the payment of all interest in the form of payment-in-kind and (4) the sale of all shares of Common Stock registered pursuant to this prospectus, although the Selling Stockholders are under no obligation known to us to sell any shares of Common Stock at this time.
(2)
At February 13, 2015, 95,331,128 shares of Common Stock were issued and outstanding. The denominator in the percentage ownership calculation includes the common shares outstanding; any vested unexercised options held by the selling securityholder; and any accrued interest on the Series 2023 Notes held by the selling securityholder not yet converted.
(3)
Robert Pohly, the managing member of Samlyn Partners LLC, which is the general partner of Samlyn Onshore Fund, LP and Samlyn Capital, LLC, which is the investment manager of Samlyn Offshore Master Fund, Ltd., has sole investment and voting power over the shares.
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Table Of Contents
(4)
Samlyn Onshore Fund, LP
and Samlyn Offshore Masterfund Ltd
are referred to as the Samlyn Stockholders. Until the Samlyn Stockholders, together with their respective affiliates, cease to beneficially own at least 9,700,000 shares of Common Stock, the Samlyn Stockholders jointly shall have the right to designate one person to be nominated for election to the Board (an "Initial Nominee"), and the Samlyn Stockholders jointly shall exercise this right, in their sole discretion, anytime and from time to time by providing written notice to the Company. The Company shall use commercially reasonable efforts to cause the election or appointment, as the case may be, of such nominee as a director, manager or otherwise, as applicable, of each such subsidiary. Until the earlier of (i) the Samlyn Stockholders, together with their respective affiliates, ceasing to beneficially own at least 9,700,000 shares of Common and (ii) December 22, 2016, if. Andre Zeitoun ceases to serve as a named executive officer of the Company or as chairman of the Board, the Samlyn Stockholders jointly, during such period in which Mr. Andre Zeitoun is not serving in such capacity, shall be entitled to designate a number of additional nominees (each an "Additional Nominee," and together with the Initial Nominee, the "Nominees") who, together with the Initial Nominee, shall comprise at least 20% of the total number of Directors, and the number of Directors representing such 20% shall be rounded up to the nearest whole number.  The Stockholders jointly shall exercise the rights in their sole discretion, anytime and from time to time by providing written notice to the Company.
(5)
David Taft, a current member of the Company's Board of Directors, is President of IBS Capital LLC, which is deemed to be the beneficial owner of shares held by the funds it manages by virtue of the right to vote and dispose of such Common Stock.
(6)
Koyote Capital is the managing member of Koyote Trading LLC. Includes 2,107,724 shares owned by Koyote Trading LLC, a broker dealer, and 298,123 shares collectively owned by three partners of Koyote Capital (Rick Schottenfeld through Schottenfeld Associates, Bryan Weiss and Lucas Rosen).
(7)
Joseph Mark is a managing member of Dune Road LLC. Mr. Mark's shares beneficially owned after the offering include 1,094,007 shares in his name and 300,389 shares in an IRA under his name.
(8)
The natural person who exercises voting or investment control with respect to the shares being registered for resale pursuant to this registration statement is Jason Karp.
(9)
In addition to the two funds listed, Bernard Selz also owns 1,000,000 common shares held in Bernard Selz' Roth IRA; 700,000 common shares held in Selz Family 2011 Trust; and 300,000 common shares held in Bernard T. Selz Revocable Trust dtd 12/18/12. Don't the trustees have voting power?
(10)
The natural person who exercises voting or investment control with respect to the shares being registered for resale pursuant to this registration statement is Mark Kingdon.
PLAN
OF DISTRIBUTION
The term "Selling Stockholders" includes the persons listed in the table under "Selling Stockholders" and also includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock or interests in shares of Common Stock received after the date of this prospectus from a Selling Stockholder as a gift, pledge, partnership distribution or other transfer.
Each Selling Stockholder will determine the prices at which the Stockholder's Shares will be sold. These sales may be at fixed or negotiated prices.
The Selling Stockholders may sell all or any portion of their Shares in one or more transactions on any stock exchange, market or trading facility on which the Shares are traded or in private transactions.
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Table Of Contents
The Selling Stockholders may use any method or combination of methods for sale of the Shares to the extent permitted by law.  Such methods may include:
•
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
•
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
•
block trades in which the broker-dealer will attempt to sell the Shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;
•
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
•
an exchange distribution in accordance with the rules of the applicable exchange;
•
privately negotiated transactions;
•
short sales;
•
broker-dealers may agree with the Selling Stockholders to sell a specified number of such Shares at a stipulated price per share;
•
a combination of any such methods of sale; and
•
puts and calls and other transactions in our Common Stock or derivatives of our Common Stock, which may involve the sale or delivery of the Shares in connection with these transactions
The Selling Stockholders may also sell the Shares under exemptions for registration under Section 5 of the Securities Act of 1933, including sales under Rule 144 under the Securities Act, if available, rather than under this prospectus.
Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales.  Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of the Shares, from the purchaser) in amounts to be negotiated.  The Selling Stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved.
The Selling Stockholders and any broker-dealers or agents that are involved in selling the Shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales.  In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.
The Selling Stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the Shares against certain liabilities, including liabilities arising under the Securities Act.
The Selling Stockholders may from time to time pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Shares from time to time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) (or other applicable rule or provision under the Securities Act) amending the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as a Selling Stockholder under this prospectus.
The Selling Stockholders also may transfer the Shares in other circumstances, in which case the transferees, or other successors in interest will be the Selling Stockholders for purposes of this prospectus and may sell the Shares from time to time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) (or other applicable rule or provision under the Securities Act) amending the list of Selling Stockholders to include the transferee or other successors in interest as Selling Stockholders under this prospectus.
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Each Selling Stockholder has advised the Company that it acquired or will acquire the Shares in the ordinary course of such Selling Stockholder's business, that it has not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their Shares, and there is no underwriter or coordinating broker acting in connection with a proposed sale of the Shares by any Selling Stockholder.  If we are notified by any Selling Stockholder that any material arrangement has been entered into with a broker-dealer for the sale of the Shares, we will file a supplement, if required, to this prospectus disclosing the material facts relating to the arrangement and the related transactions.
If the Selling Stockholders use this prospectus for any sale of the Shares, they will be subject to the prospectus delivery requirements of the Securities Act.
The Company has advised each Selling Stockholder that it may not use the Shares registered on the registration statement of which this prospectus is a part to cover short sales of the Shares made prior to the date on which the registration statement (if which this prospectus is a part) shall have been declared effective by the SEC.
The Selling Stockholders and other persons participating in the sale or distribution of the Shares will be subject to the applicable provisions of the Securities Act and Securities Exchange Act, and the rules and regulations thereunder promulgated, including, without limitation, Regulation M, as applicable to such Selling Stockholders in connection with resales of their respective Shares under this registration statement.
In order to comply with the securities laws of some states, if applicable, the Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.
Although we will incur expenses in connection with the registration of the Shares offered under this prospectus, we will not receive any proceeds from the sale of the Shares by the Selling Stockholders.
We have agreed to indemnify certain Selling Stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the Shares offered by this prospectus.
LEGAL
MATTERS
Unless otherwise indicated in the applicable prospectus supplement, the validity of the Common Stock being offered hereby has been passed upon for us by William Gleeson, Esq., the General Counsel of the Company.  Mr. Gleeson owns options to purchase 1,572,406 shares of Common Stock.
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EXPERTS
The consolidated financial statements and financial statement schedule of Applied Minerals, Inc. as of December 31, 2013 and 2012 and for the years then ended, and for the period from January 1, 2009 (beginning of exploration stage) to December 31, 2013 appearing in Applied Minerals, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated by reference in this prospectus and Registration Statement of which this prospectus is a part have been audited by EisnerAmper, LLP,  an independent registered public accounting firm, as stated in their report, which is included therein and incorporated herein by reference, which report (1) expresses an unqualified opinion on the financial statements and financial statement schedule, and (2) expresses an unqualified opinion on the effectiveness of internal control over financial reporting. Applied Minerals, Inc. financial statements for the period from January 1, 2009 to December 31, 2011 were audited by PMB Helin Donovan, LLP ("PMB") whose report, dated March 15, 2012 expressed an unqualified opinion on those statements. The financial statements for the period from January 1, 2009 to December 31, 2011 reflect a net loss of $19,016,551 that is included in the related total for the period from January 1, 2009 to December 31, 2013. PMB's report has been furnished to EisnerAmper, LLP, and their opinion, insofar as it relates to the amounts included for such prior period, is based solely on the report of PMB. Such financial statements and financial statement schedule have been incorporated herein by reference in reliance on the report of EisnerAmper, LLP given upon their authority as experts in accounting and auditing.
The consolidated financial statements of Applied Minerals, Inc. for the year ended December 31, 2011, and the cumulative period from January 1, 2009 (Inception) through December 31, 2011 (not presented separately therein) and for each of the annual periods from Inception through December 31, 2011, incorporated in this prospectus by reference to our Annual Report on Form 10-K, for the year ended December 31, 2013, have been so incorporated in reliance on the report of PMB Helin Donovan, LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
Our Common Stock is registered under Section 12(g) of the Exchange Act and pursuant to the requirements of the Securities Exchange Act we file reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy materials pursuant to Section 14(a) of the Exchange Act.  We are incorporating the following documents by reference:
●
Our Annual Report on Form 10-K for the year ended December 31, 2013;
●
Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014
●
Our 2014 Proxy Statement, as amended, filed on November 5, 2014
●
Our Current Reports on Form 8-K filed on January 7, 2014, January 30, 2014, February 5, 2014, June 12, 2014, November 5, 2014, December 10, 2014 and December 12, 2014 (except for information deemed furnished).
All of the documents incorporated by reference may be accessed on our website, www.appliedminerals.com.
Any statement contained in a document we incorporate by reference will be modified or superseded for all purposes to the extent that a statement contained in this prospectus or any supplement modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this prospectus or any supplement except as so modified or superseded.
We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated by reference in the prospectus contained in the registration statement but not delivered with the prospectus;
You may request a copy of such documents at no cost (other than exhibits unless such exhibits are specifically incorporated by reference) by oral request or by writing or telephoning us at the following address and telephone number:
Nat Krishnamurti
Applied Minerals, Inc.
110 Greene Street, Suite 1101
New York, NY 10012
Phone: (212) 226-4232
Fax: (917) 591-6397
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WHERE
YOU CAN FIND MORE INFORMATION
We are subject to the informational requirements of the Securities Exchange Act of 1934 and, in accordance therewith, file reports, proxy statements and other information with the SEC.  Our reports, proxy statements and other information filed pursuant to the Securities Exchange Act of 1934 are available to the public over the Internet from the SEC's website at http://www.sec.gov and may be inspected and copied at the public reference facilities maintained by the SEC at 100 F. Street, N.E., Room 1580, Washington, D.C. 20549.    The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC and the address of that site is http://www.sec.gov.
We have filed with the SEC registration statements on Form S-1 under the Securities Act of 1933 with respect to the Common Stock offered by this prospectus.  As permitted by the rules and regulations of the SEC, this prospectus, which is part of the registration statement, omits certain information, exhibits, and schedules. Please refer to the registration statements and the exhibits filed as part of the registration statements.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 13.                      OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The following table sets forth estimated expenses we expect to incur in connection with the resale of the shares being registered.  All such expenses are estimated except for the SEC registration fee.
Registration Fee – Securities and Exchange Commission
$
3,567
Accounting Fees and Expenses
10,000
Legal Fees and Expenses
-0-
Miscellaneous
2,000
TOTAL
$
15,567
ITEM 14.                      INDEMNIFICATION OF DIRECTORS AND OFFICERS.
As permitted by the Delaware General Corporation Law, the Bylaws of the Company provide that (i) the Company is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, (ii) the Company is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to certain very limited exceptions, (iii) the Company may indemnify any other person as set forth in the Delaware General Corporation Law, and (iii) the indemnification rights conferred in the Bylaws are not exclusive.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers, and controlling persons pursuant to the provisions described above or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment of expenses incurred or paid in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the Common Stock being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
We currently maintain liability insurance for our directors and officers. In connection with this offering, we expect to obtain additional liability insurance for our directors and officers. Such insurance would be available to our directors and officers in accordance with its terms.
ITEM 15.                      RECENT SALES OF UNREGISTERED SECURITIES.
1.  Offerings to investors for cash to raise working capital.
No underwriter or placement agent was used and no underwriting, placement agent fee or commission was paid. All of the issuances described in this section were exempt from registration pursuant to Section 4(2) of the Securities Act, as transactions not involving a public offering. The sales were separate transactions and were not part of a continuous offering.  With respect to each transaction listed above, no general solicitation was made by either the Company or any person acting on our behalf; the number of purchasers was limited; the securities sold are subject to transfer restrictions; each purchaser was an accredited investor and sophisticated; each purchaser had access to the Company's public filings and could ask questions of management; and the certificates for the shares contained an appropriate legend stating such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom.
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(a)   August 2, 2013.  Private placement of  $10,500,000 of 10% PIK–Election Convertible Notes due 2023 ("2023 Notes").  The purchasers were one investment fund of a family office ($4 million), an investment fund and two related family funds ($2.5 million) and an investment fund ($4 million).
The 2023 Notes bear interest at the rate of 10% per annum, payable (including by issuance of additional October 2010 Notes) semi-annually in arrears on February1 and August 1 with payments commencing on February 1, 2014. The 2023 Notes were convertible at the option of the noteholder at any time. The 2023 Notes were mandatorily convertible on the earliest date that is one year after the Issue Date when each of the following conditions have been satisfied:  (i) the average closing bid price or market price of Company common stock for the preceding 5 trading days is above the Strike Price (as defined below), and (iii) a registration statement is effective and available for resale of all of the converted shares or the noteholder may sell such shares under Rule 144 under the Securities Act.
The number of shares issued on conversion of the 2023 Notes was derived by dividing the principal and accrued interest on the 2023 Notes by $1.40 (the "Strike Price"). The Strike Price was subject to adjustment in the event of a dividend or distribution on Company's common stock in shares of common stock, subdivision or combination of Company outstanding common stock, or reclassification of Company's outstanding common stock.  After issuance of the Series A Notes, the 2023 Notes currently have an exercise price of $1.34 per share. The note holders may accelerate the entire amount due under the 2023 Notes upon the occurrence of certain events of default.
(b) November 3, 2014.
On November 3, 2014 ("Issue Date"), the Company issued, in a private placement pursuant to investment agreements, $19,848,486 principal amount of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes") in exchange for $12,500,000 in cash and the cancellation of warrants held by one investor.
Maturity Date of the Series A Notes.
"Stated Maturity Date" means November 3, 2018, provided that the Stated Maturity Date may be extended to November 3, 2019 at the option of the Company (the "Extension Option") if (i) the Company has delivered written notice of its exercise of the Extension Option to the Holder not more than ninety (90) nor less than thirty (30) days prior to November 3, 2018 and (ii) the Company has delivered a certificate, dated as of November 3, 2018, certifying that no Default or Event of Default has occurred and is continuing;
provided
,
further
that the Stated Maturity Date shall be extended to the maturity date of the Series 2023 Notes or any Replacement Financing, as applicable, upon the occurrence of a Specified Event ("Specified Extension").
Interest in the Series A Notes.
The Company will pay in kind interest for each interest period on the Note by adding the full amount of interest due on each interest payment date to the principal amount of the Note on each interest payment date, unless it elects to pay interest entirely in cash.
The principal amount of the Series A Notes bears interest at the rate of 10% payable semiannually in arrears,
provided
that the interest rate shall be reduced to 1% per annum on the principal amount of the Note upon the occurrence of the Specified Event, as defined below.
The term "Specified Event" means the event that will occur after the second anniversary of the Issue Date if: (i) any amounts under the Series 2023 Notes (as defined below) or any Replacement Financing (as defined below) are outstanding, (ii) the VWAP (volume weighted average price) for the preceding 30 consecutive trading days is in excess of the Exercise Price (as defined below), (iii) the closing market price of the Common Stock is in excess of the Exercise Price on the date immediately preceding the date on which the Specified Event occurs, and (iv) no default or event of default under the Series A Notes has occurred and is continuing.
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The term "Series 2023 Notes" means the series of 10% PIK-Election Convertible Notes due 2023 issued by the Company on August 2, 2013 in the initial principal amount of $10,500,000.
The term "Replacement Financing" means unsecured indebtedness of the Company in a principal amount not to exceed $10,500,000
plus
any accrued interest thereon (including any interest paid in kind) so long as (1) no default or event of default under the Series A Notes shall have occurred and be continuing or would result therefrom, (2) all outstanding amounts under each Series 2023 Note shall have been converted into the Common Stock of the Company pursuant to the terms of such Series 2023 Note prior to the date on which such Indebtedness is incurred, (3) the maturity date of such Indebtedness shall not be earlier than the maturity date under the Series 2023 Notes, (4) such indebtedness is not subject to scheduled amortization, redemption, sinking fund or other payment in cash prior to the maturity date of such Indebtedness, (5) such indebtedness does not include any terms that are more restrictive or onerous on the Company or its Subsidiaries in any respect than any comparable term in the Series A Note, (6) such indebtedness shall only be guaranteed by a party that is providing a guarantee of the Series A Notes (the Series A Notes are not guaranteed), (7) such indebtedness shall have an interest rate less than or equal to 10% and (8) if applicable, the exercise price, strike price or similar term with respect to the conversion of such indebtedness into the Common Stock of the Company shall be greater than or equal $1.40 and shall be subject to the adjustments on the same terms as the Series 2023 Notes.
Conversion of the Series A Notes into Common Stock.
The number of Shares to be issued upon conversion of a Note is obtained by: (i) adding (A) the principal amount or portion thereof of the Note to be converted and (B) the amount of any accrued but unpaid interest on the portion of the Note to be converted; and (ii) dividing the result obtained pursuant to clause (i) above by the per share Exercise Price (as defined below) then in effect.
The term "Exercise Price" means initially $0.92 per share and will be (i) adjusted from time to time pursuant antidilution provisions and (ii) reduced by $0.10 per share if the Company elects to exercise its Extension Option.
The Series A Notes may be voluntarily converted at any time.
The entire principal amount of the Series A Notes and accrued interest thereon shall be mandatorily converted into Shares) on the earliest date that is not earlier than two years after the Issue Date that all of the following conditions are satisfied and appropriate notice given:
(1) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the VWAP for the preceding 30 consecutive trading days is at or greater than $1.00
or
(2) the VWAP for the preceding 10 consecutive trading days as determined is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any;
(2) if on or prior to November 3, 2019 and a Specified Extension has not occurred, the closing market price of the Common Stock is at or greater than $1.00 or (2) the closing market price of the Common Stock is in excess of the greater of (x) $1.40, (y) the strike price (or similar term) set forth in the Series 2023 Notes and (z) the strike price (or similar term) set forth in the Replacement Financing, if any, in each case, on the date immediately preceding the date on which the mandatory conversion notice is received;
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(3)
all outstanding amounts under each Series 2023 Note or Replacement Financing, if any, shall have been converted into the Common Stock pursuant to the terms of such Series 2023 Note or the Replacement Financing, if any; and
(4)
either (x) a registration statement is effective and available for the resale of all of the Shares to be issued on conversion on the conversion date and each of the five (5) trading days prior to the Conversion Date and on the conversion date the holder is not restricted from selling or distributing any of such its Shares to be issued on conversion pursuant to the provisions of the Registration Rights Agreement between the holder and the Company or (y) the Holder may sell all such Conversion Shares immediately under Rule 144 under the Securities Act.
Antidilution Provisions of the Series A Notes.
The number of shares issuable under the Notes may be affected by the antidilition provisions of the Notes. The antidilition provisions adjust the Exercise Price of the Notes in the event of stock dividends and splits, issuance below the market price of the Common Stock, issuances below the conversion price of the Notes, pro rata distribution of assets, rights plans, tender offers, and exchange offers.
The anti-dilution provisions are of the type known as "broad-based, weighted-average." Broad-based refers to the fact that the antidilution formulas take into account convertible securities as well as Common Stock. Weighted-average refers to the fact that the adjustment takes into account the number of shares of shares before and after the event in question. By way of example, if the Company issues shares of Common Stock or convertible securities at an effective consideration per share that is less than the Exercise Price of the Notes then in effect (other than issuances to directors, officers, employees or consultants of the Company as compensation for services), then the conversion price will be adjusted pursuant to the following formula:
N
0
+ C/E
0
E = E
0
x -------------
N
0
+ N
A
where: E = the Exercise Price in effect immediately after such issuance; E0 = the Exercise Price in effect immediately prior to such issuance; N0 = the number of shares of Common Stock outstanding immediately prior to the open of business on the trading day of such issuance; NA = the number of shares of Common Stock issued and/or issuable upon exercise, conversion or exchange of any convertible securities, full physical settlement assumed; and C = the total consideration receivable by the Company on issuance and/or the exercise, conversion or exchange of any convertible securities, full physical settlement assumed.
If any single action would require more than one adjustment of the Exercise Price under the antidilution provisions, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest absolute value.
2.  Compensatory grants of shares or options
The grants were made in exchange for services and the services did not relate to raising capital.   No payments of cash were made to the Company in connection with the grants.  No underwriter or placement agent was used and no underwriting, placement agent fee or commission was paid. All of the issuances described in this section were exempt from registration pursuant to Section 4(2) of the Securities Act, as transactions not involving a public offering. With respect to each transaction listed above, no general solicitation was made by either the Company or any person acting on our behalf; the securities sold are subject to transfer restrictions; each purchaser was an accredited investor or sophisticated; each purchaser had access to the Company's public filings and could ask questions of management; and the certificates for the shares contained an appropriate legend stating such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom.  Only one person of those listed below has sold stock.
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(i)  Issuances or Exercises by Third Parties
(a)  On the dates set forth below, shares of common stock were issued to Amit Dharia, Ph.D  pursuant to a consulting agreement for research and development and testing of halloysite clay (the Company's product) in plastics.
Grant Date
Number of Shares
Stock Price on Grant Date ($)
02/01/12
1,724
1.45
(b)   On the dates set forth below, shares of common stock were issued to Yash Khanna, Ph.D  pursuant to a consulting agreement for research and development into plastics, functional fillers, and additives using the Company's halloysite clay.
Grant Date
Number of Shares
Stock Price on Grant Date ($)
02/01/12
2,414
1.45
03/01/12
2,397
1.46
04/01/12
2,365
1.48
05/01/12
1,872
1.87
06/01/12
2,258
1.55
07/02/12
2,593
1.35
08/01/12
2,518
1.39
09/12/12
2,536
1.38
10/01/12
2,692
1.30
11/05/12
2,121
1.65
12/03/12
2,071
1.69
01/04/13
2,273
1.54
02/07/13
2,215
1.58
03/01/13
2,121
1.65
04/01/13
2,500
1.40
05/01/13
2,448
1.43
06/03/13
2,713
1.29
07/01/13
2,941
1.19
08/01/13
3,500
1.00
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(c)  On the dates set forth below, shares of common stock were issued to Edward Volk, pursuant to an agreement relating to selling the Company's products.
Grant Date
Number of Shares
Stock Price on Grant Date ($)
02/01/12
2,414
1.45
03/01/12
2,397
1.46
04/12/12
2,365
1.48
05/01/12
1,872
1.87
06/01/12
2,258
1.55
07/02/12
2,593
1.35
08/01/12
2,518
1.39
09/01/12
2,536
1.38
10/01/12
2,692
1.30
11/05/12
2,121
1.65
12/03/12
2,071
1.69
01/04/13
2,273
1.54
02/07/13
2,215
1.58
03/01/13
2,121
1.65
04/01/13
2,500
1.40
05/01/13
2,448
1.43
06/03/13
2,713
1.29
07/01/13
2,941
1.19
08/01/13
3,500
1.00
09/03/13
3,302
1.06
10/01/13
3,211
1.09
11/01/13
2,941
1.19
12/02/13
3,182
1.10
01/01/14
3,182
1.10
02/04/14
3,804
0.92
03/03/14
3,933
0.89
04/07/14
4,861
0.72
05/06/14
5,147
0.68
06/06/14
4,217
0.83
07/01/14
4,118
0.85
08/03/14
4,321
0.81
09/01/14
4,375
0.80
10/06/14
4,861
0.72
11/05/14
4,667
0.75
12/05/14
4,545
0.77
01/02/15
4,795
0.73
02/05/15
5,000
0.70
(d)  On the dates set forth below, shares of common stock were issued to Eric Wisnefsky, pursuant to an agreement relating to selling the Company's products.
Grant Date
Number of Shares
Stock Price on Grant Date ($)
05/15/12
7,234
1.87
06/11/12
6,774
1.55
08/30/12
7,609
1.38
12/03/12
6,213
1.69
03/07/13
6,364
1.65
06/03/13
8,140
1.29
09/03/13
9,907
1.06
12/02/13
9,546
1.10
03/31/14
11,798
0.89
07/09/14
12,650
0.83
09/02/14
13,125
0.80
12/05/14
13,636
0.77
12/05/14
1,333
0.75
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(e) On the dates set forth below, the Company issued shares to various parties pursuant to capital raises:
Investor
Issue Date
Number of Shares
Stock Price on Grant Date ($)
SLZ Capital
09/30/12
1,250,000
1.30
Overbrook Foundation
01/18/13
675,676
1.48
Overbrook Opportunity Fund
01/18/13
104,329
1.48
Overbrook Opportunity Fund
01/18/13
301,076
1.48
Andrew Goffe
01/18/13
675,676
1.48
Bernard Selz
01/18/13
1,000,000
1.48
Selz Family Trust 2011
01/18/13
1,000,000
1.48
(f) On May 25, 2012, a five-year option to purchase 30,000 shares of common stock was issued to Roger Rothon for serving on the Company's technical board.
(g)  On May 29, 2013, a five-year option to purchase 50,000 shares of common stock was issued to Crossways Consulting, the consulting vehicle for Tuvia Barak, for consulting services relating to sales leads.
(h) On the dates set forth below, common stock options were exercised by the named parties for various consulting services:
Consultant
Exercise Date
Number of Shares
Cirrus Advisors
05/01/12
6,369
Tim Clemensen
06/26/12
22,606
Rubenstein IR
07/09/12
44,444
Cirrus Advisors
07/20/12
10,647
OTA LLC
10/09/12
39,724
(ii) Grants to Directors in their capacity as such
(a) On the dates set forth below, the Company granted the following common shares to directors as payment for director's fees:
Director
Grant Date
Number of Shares
Stock Price on Grant Date
Evan Stone
04/01/12
3,378
1.48
Evan Stone
07/03/12
3,704
1.35
Evan Stone
10/01/12
3,846
1.30
Evan Stone
01/04/13
4,464
1.54
Evan Stone
04/01/13
4,911
1.40
Evan Stone
07/01/13
5,777
1.19
Evan Stone
10/01/13
6,307
1.09
Mario Concha
10/08/13
7,775
1.09
(b)  On the dates set forth below, the Company granted to John Levy, director of the Company and an accredited investor, the following options to purchase shares of common stock as payment for director's fees (including service as chairman).
Grant Date
Number of Shares
Exercise price
01/24/12
100,000
1.24
11/20/12
100,000
1.66
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(iii)  Option Grants to Employees
On the dates set forth below, the Company granted compensatory ten-year options to purchase shares of common stock to the named employees of the Company at the time, for the share amounts and the exercise prices set forth below:
Optionee
Grant Date
Number of Shares
Exercise Price ($)
Chris DeArmitt
02/01/12
125,000
1.45
Nat Krishnamurti
05/17/12
300,000
1.55
Andre Zeitoun
11/20/12
1,742,792
1.66
Christopher Carney
11/20/12
580,931
1.66
Eric Basroon
11/20/12
580,931
1.66
William Gleeson
11/20/12
72,405
1.66
Chris DeArmitt
02/01/13
11,467
1.58
Nat Krishnamurti
05/29/13
65,000
1.35
Yash Khanna
06/24/13
300,000
1.15
Rogerio Galante
08/20/13
300,000
1.10
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Table Of Contents
ITEM 16.
INDEX TO EXHIBITS
Exhibit
Number
3.1
Articles of Incorporation
(1)
3.2
Bylaws, as amended
(2)
10.1
Form of Investment Agreement used in connection with January, 2013 capital raise
(3)
10.2
Form of Investment Agreement used in connection with August, 2013 capital raise
(4)
10.3
Form of 10% PIK Election Convertible Note due 2023 used in connection with August, 2013 capital raise
(5)
10.4
Form of Investment Agreement used in connection with November, 2014 capital raise
(6)
10.5
Form of 10% PIK Election Convertible Note due 2018 used in connection with November, 2014 capital raise
(7)
10.6
Form of Warrant Cancellation Agreement used in connection with November, 2014 capital raise
(8)
10.7
2013 Employment Agreement for Andre Zeitoun
(9)
10.8
Amended Employment Agreement for William Gleeson
(10)
10.10
2012 Long Term Option Plan
(11)
10.11
Form of Stock Option Agreement
(12)
10.12
Short Term Incentive Plan
(13)
10.13
Directors' Compensation
*
10.14
Terms of Private Placement of Securities
(14)
23.1
Consent of EisnerAmper LLP, Independent Registered Public Accounting Firm
*
23.2
Consent of PMB Helin Donovan LLP, Independent Registered Public Accounting Firm
*
23.3
Consent of William Gleeson
*
* filed herewith
(1)
Incorporated by reference to exhibit 3(i)(a) included in the Registrant's Current Report on Form 8-K, filed on November 26, 2012
(2)
Incorporated by reference to exhibit 3(i)(a) included in the Registrant's Current Report on Form 8-K, filed on November 26, 2012
(3)
Incorporated by reference to exhibit 99.1 included in the Registrant's Current Report on Form 8-K, filed on January 23, 2013
(4)
Incorporated by reference to exhibit 99.1 included in the Registrant's Current Report on Form 8-K, filed on August 5, 2013
(5)
Incorporated by reference to exhibit 99.2 included in the Registrant's Current Report on Form 8-K, filed on August 5, 2013
(6)
Incorporated by reference to exhibit 99.1 included in the Registrant's Current Report on Form 8-K, filed on November 5, 2014
(7)
Incorporated by reference to exhibit 99.2 included in the Registrant's Current Report on Form 8-K, filed on November 5, 2014
(8)
Incorporated by reference to exhibit 99.4 included in the Registrant's Current Report on Form 8-K, filed on November 5, 2014
(9)
Incorporated by reference to exhibit 99.1 included in the Registrant's Current Report on Form 8-K, filed on March 15, 2013
(10)
Incorporated by reference to exhibit 99.1 included in the Registrant's Current Report on Form 8-K, filed on March 15, 2013
(11)
Incorporated by reference to exhibits 99.1 included in the Registrant's Current Report on Form 8-K, filed on November 26, 2012
(12)
Incorporated by reference to exhibits 99.2 included in the Registrant's Current Report on Form 8-K, filed on November 26, 2012
(13)
Incorporated by reference to exhibits 99.3 included in the Registrant's Current Report on Form 8-K, filed on November 26, 2012
(14)
Incorporated by reference to Items 1.01 included in the Registrant's Current Report on Form 8-K, filed on January 23, 2013, August 5, 2013, and November 5, 2014
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ITEM 5.                  UNDERTAKINGS.
The undersigned registrant hereby undertakes:
1.
to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:
i.
include any prospectus required by section 10(a)(3) of the Securities Act;
ii.
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
iii.
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
2.
that, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
3.
to remove from registration by means of post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
4.
that, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
5.
that insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person to the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
2.
The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information required to be presented by Article 3 of Regulation S-X are not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim financial information
.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, New York, on February 17, 2015.
APPLIED MINERALS, INC .
February 17, 2015
By:
/s/ ANDRE ZEITOUN
Andre Zeitoun
Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Andre Zeitoun and William Gleeson, and each of them, with full power to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign this Registration Statement, any and all amendments thereto (including post-effective amendments), any subsequent Registration Statements pursuant to Rule 462 of the Securities Act of 1933, as amended, and any amendments thereto and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
Director and Chief Executive Officer
February 17, 2015
/s/ Andre Zeitoun
Chief Financial Officer
February 17, 2015
/s/ Nat Krishnamurti
(Principal Financial and Accounting Officer)
Director, Chairman of the Board of
February 17, 2015
/s/ John F. Levy
Directors
Director
February 17, 2015
/s/ David Taft
Director
February 17, 2015
/s/ Mario Concha
Director
February 17, 2015
/s/ Robert Betz
Director
February 17, 2015
/s/ Ali Zamani
Director
February 17, 2015