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Carpathian - Status Updates

May 2, 2016

On May 2, 2016, the Receiver issued its Certificate terminating the Proceedings and discharging the Receiver.

April 22, 2016

On April 22, 2016, the Receiver filed a motion, returnable April 29, 2016, requesting the granting by the Court of:
(a) An approval and vesting order (the “AVO”) contemplated in the Share and Asset Purchase Agreement dated as of April 22, 2016, entered into, subject to Court approval, between the Receiver as Vendor and Brio as Purchaser (the “Sale Agreement”) pursuant to which Brio will acquire the right, title and interest of the Receiver and Carpathian in the Limited Receivership Assets (the “Brio Transaction”); and
(b) An Order discharging the Receiver and terminating the Receivership, each effective upon the filing with the Court by the Receiver of a certificate confirming completion of the Receiver’s remaining obligations (the “Receiver’s Completion Certificate”).

April 22, 2016

1. On April 22, 2016, FTI Consulting Canada Inc. was appointed as receiver (in such capacity, the “Receiver”) without security, of certain of the assets, undertakings and properties of Carpathian Gold Inc. (“Carpathian”) pursuant to the order of the Honourable Mr. Justice Newbould (the “Receivership Order”) granted upon the application of Brio Finance Holdings B.V. (the “Brio”) pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”). A copy of the Receivership Order is attached as hereto as Appendix A.
2. The assets of Carpathian subject to the Receivership Order are limited to the following (collectively, the “Limited Receivership Assets”):
(a) All shares of Ore-Leave Capital (Brazil) Limited (“OLC Brazil”) issued to Carpathian;
(b) The memberships of Carpathian in OLV-Coöperatie U.A. (“OLV”) including all of Carpathian’s right, title and interest in and to such memberships as well as all rights of Carpathian in connection with such memberships including, without limitation, Carpathian's entitlement to any account held by, and rights to receive payment from, OLV under OLV’s articles of association; and
(c) All indebtedness owing by any of Mineração Riacho Dos Machados Ltda. (“MRDM”), OLC Brazil, OLV or OLC Holdings B.V. to Carpathian (the “Carpathian Intercompany Debt”).
3. The Receivership does not involve any other assets of Carpathian or its subsidiaries. None of the employees or creditors of Carpathian, other than Brio, are affected by the Receivership.

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