RE: HUNHHH There was probably indications of this news already in February
The name and address of the eligible institutional investor.
GCIC Ltd. (“GCICL”)
One Adelaide Street East, 29
th Floor
Toronto, Ontario
M5C 2V9
(b) The net increase or decrease in the number or principal amount of securities,
and in the eligible institutional investor’s securityholding percentage in the
class of securities, since the last report filed by the eligible institutional
investor under Part 4 or the early warning requirements.
Since our last report filed on April 12, 2011, GCICL, on behalf of the portfolios
of investment funds and private client accounts managed by it, disposed of
3,559,500 common shares of Brownstone Energy Inc. (“Brownstone”). This
represents a decrease of GCICL’s position in Brownstone by 3.36% on an
undiluted basis and by 3.66% on a partially diluted basis, as at February 29, 2012.
(c) The designation and number or principal amount of securities and the
eligible institutional investor’s securityholding percentage in the class of
securities at the end of the month for which the report is made.
GCICL, on behalf of the portfolios of investment funds and private client
accounts managed by it, exercises control or direction over 8,161,000 common
shares and 3,380,000 purchase warrants of Brownstone. This represents an
approximate 6.29% interest, on an undiluted basis, or an approximate 8.67% interest,
on a partially diluted basis assuming the conversion of the purchase warrants into
common shares, as at February 29, 2012.
(d) The designation and number or principal amount of securities and the