Details ........ "14. As of February 29, 2024, the Filer had purchased 40,511,792 Common Shares under the Current Bid, of which: (a) 39,311,492 Common Shares (or approximately 97%) were purchased through the facilities of the U.S. Markets; (b) 793,300 Common Shares (or approximately 2%) were purchased through the facilities of the TSX; and (c) 406,800 Common Shares (or approximately 1%) were purchased through Canadian published markets other than the TSX.
15. For the period ended February 29, 2024 and commencing on the NYSE Listing Date, an aggregate of 3,931,765,141 Common Shares were traded over published markets in Canada and the United States, with trading volumes having occurred as follows:
(a) 1,208,131,263 Common Shares (or approximately 31% of total aggregate trading) over the facilities of the TSX;
(b) 1,083,758,988 Common Shares (or approximately 28% of total aggregate trading) over published markets in Canada other than the TSX; and
(c) 1,639,874,890 Common Shares (or approximately 42% of total aggregate trading) over U.S. Markets.
16. For the period ended February 29, 2024 and commencing on the Ranger Acquisition Date, an aggregate of 3,030,765,842 Common Shares were traded over published markets in Canada and the United States, with trading volumes having occurred as follows:
(a) 842,452,230 Common Shares (or approximately 28% of total aggregate trading) over the facilities of the TSX;
(b) 759,849,956 Common Shares (or approximately 25% of total aggregate trading) over published markets in Canada other than the TSX; and
(c) 1,428,463,566 Common Shares (or approximately 47% of total aggregate trading) over U.S. Markets.
17. The Filer's daily trading volume of the Common Shares on the U.S. Markets was greater than the trading volume on the TSX for a significant majority of trading days. From the Ranger Acquisition date to February 29, 2024, the trading volume of the Common Shares on the U.S. Markets was greater than the trading volume on the TSX on approximately 92% of the dates on which both the TSX and NYSE were open for trading.
18. As a result of certain factors, including the Ranger Acquisition and a resulting increase in the number of Common Shares held by U.S. residents, the Filer expects that the trading volume of the Common Shares on the U.S. Markets will increase and that the trading volume of the Common Shares on the TSX will decrease going forward such that the future trading volume of the Common Shares on the U.S. Markets will be significantly greater than that on the TSX.
19. In addition, as a higher volume of Common Shares currently trades through the U.S. Markets, relative to the TSX, the Filer wishes to have the ability to make repurchases under the Exempt Bids over the U.S. Markets in excess of the maximum allowable in reliance on the Published Markets Exemption, up to the maximum authorized and approved by its board of directors and permissible by the TSX."