Rare Element Resources Ltd.

0001052918-15-000363.txt : 20150807 0001052918-15-000363.hdr.sgml : 20150807 20150806175047 ACCESSION NUMBER: 0001052918-15-000363 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150807 DATE AS OF CHANGE: 20150806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RARE ELEMENT RESOURCES LTD CENTRAL INDEX KEY: 0001419806 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34852 FILM NUMBER: 151034416 BUSINESS ADDRESS: STREET 1: 225 UNION BLVD STREET 2: SUITE 250 CITY: LAKEWOOD STATE: CO ZIP: 80228 BUSINESS PHONE: 720-278-2460 MAIL ADDRESS: STREET 1: 225 UNION BLVD STREET 2: SUITE 250 CITY: LAKEWOOD STATE: CO ZIP: 80228 10-Q 1 rer10qaug415ev2.htm RARE ELEMENT RESOURCES LTD FORM 10-Q Rare Element Resources Ltd.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2015
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-34852

[rer10qaug415ev2002.gif]

RARE ELEMENT RESOURCES LTD.

(Exact Name of Registrant as Specified in its Charter)


BRITISH COLUMBIA		N/A
(State of other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

225 Union Blvd., Suite 250
Lakewood, Colorado		80228
(Address of Principal Executive Offices)		(Zip Code)

(720) 278-2460

(Registrant’s Telephone Number, including Area Code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). x Yes o No

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 o

Accelerated filer x

Non-accelerated filer o (Do not check if a smaller reporting company)

Smaller reporting company o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

o Yes x No

Number of issuer’s common shares outstanding as of August 6, 2015: 52,940,838

TABLE OF CONTENTS

Page

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCUSSION ABOUT MARKET RISK

ITEM 4. CONTROLS AND PROCEDURES

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

ITEM 4. MINE SAFETY DISCLOSURES

ITEM 5. OTHER INFORMATION

ITEM 6. EXHIBITS

SIGNATURES

Reporting Currency, Financial and Other Information

All amounts in this report are expressed in thousands of United States (“U.S.”) dollars, unless otherwise indicated.

Financial information is presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

References to “Rare Element,” the “Company,” “we,” “our,” and “us” mean Rare Element Resources Ltd., our predecessors and consolidated subsidiaries, or any one or more of them, as the context requires.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Such forward-looking statements concern our development plans for the Bear Lodge Rare Earth Element Project (“Bear Lodge REE Project” or the “Project”), anticipated timing and outcome of metallurgical and process test work, plans to complete a demonstration scale pilot plant, completion of a feasibility study (“FS”), projected timing for Project commissioning, future expenditures to comply with environmental and other laws and regulations, the impact of changes in foreign currency exchange rates on our financial statements, the viability and cost of proposed technology, and future capital and financing needs and our ability to meet these needs. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and the reasonable assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” “anticipates,” “plans,” “estimates” or “intends” (including negative or grammatical variations thereof), or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from our expectations and include, among others, the factors referenced in the “Risk Factors” section of our Annual Report on Form 10-K for the period ended December 31, 2014, including, without limitation, risks associated with:

our history of losses and need for additional financing;

our lack of production from our mineral properties, including the Bear Lodge REE Project;

numerous uncertainties that could affect the profitability or feasibility of the Bear Lodge REE Project;

the potential outcome of the planned FS that may indicate Bear Lodge REE Project economics are less favorable than is expected;

the exploration, development and operation of our Bear Lodge REE Project;

increased costs affecting the Bear Lodge REE Project and our financial condition;

volatile rare earth markets, including fluctuations in demand for, and prices of, rare earth products;

the establishment of adequate distribution channels to place our entire future product suite;

competition in the mining and rare earths industries, including an increase in global supplies or predatory pricing and dumping by our competitors;

technological advancements and the establishment of substitutes for rare earth products;

the specific product(s) from the Bear Lodge REE Project possibly having a limited number of customers, which could limit our bargaining power, product pricing, and profitability;

our proprietary, patent-pending, processing technology that could encounter unforeseen problems, unexpected costs or both in scaling up to commercial application;

mineral reserve and mineral resource estimation;

the permitting, licensing and regulatory approval processes for our planned operations;

continued compliance with current environmental regulations and the possibility of new legislation, environmental regulations or permit requirements adverse to the mining industry, including measures regarding the mining industry and climate change;

our dependence on and the potential difficulty of attracting and retaining key personnel and qualified management;

a shortage of equipment and supplies;

mining, chemical processing and resource exploration and development being potentially hazardous activities;

operating in the resource industry, which can be highly speculative and subject to forces including market forces outside of our control;

title to our properties or mining claims;

insurance for our operations that could become unavailable, unaffordable or commercially unreasonable or exclude from coverage certain exposures of our business;

increased competition affecting our ability to raise capital or acquire additional properties;

negative impacts to our business or operations from market factors;

our land reclamation and remediation requirements;

information technology system disruptions, damage or failures;

effects of proposed legislation on the mining industry and our business;

foreign currency fluctuations;

our executive officers, directors and consultants being engaged in other businesses;

costs associated with any unforeseen litigation;

enforcement of civil liabilities in the United States and elsewhere;

our common shares continuing not to pay cash dividends;

our securities, including in relation to both company performance and general security market conditions;

the requirements of the NYSE MKT for continued listing and the “penny stock” rules;

tax consequences to U.S. shareholders related to our potential status as a “passive foreign investment company”; and

other factors, many of which are beyond our control.

This list is not exhaustive of the factors that may affect our forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary, possibly materially, from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. We qualify all of the forward-looking statements contained in this Quarterly Report on Form 10-Q by the foregoing cautionary statements. We advise you to carefully review the reports and documents we file from time to time with the United States Securities and Exchange Commission (the “SEC”), particularly our Annual Report on Form 10-K. The reports and documents filed by us with the SEC are available at www.sec.gov.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


RARE ELEMENT RESOURCES LTD. CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. dollars, except shares outstanding)
	June 30, 2015	December 31, 2014
	(unaudited)	(audited)
ASSETS:
CURRENT ASSETS
Cash and cash equivalents	$ 8,396	$ 10,139
Interest receivable	23	6
Accounts receivable	16	21
Prepaid expenses	146	315
Total Current Assets	8,581	10,481

Equipment, net	269	344
Land	980	980
Mineral properties	27	27
Total Assets	$ 9,857	$ 11,832

LIABILITIES:
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$ 498	$ 1,098
Asset retirement obligation, current portion	164	164
Total Current Liabilities	662	1,262

Asset retirement obligation, non-current portion	202	202
Total Liabilities	864	1,464

Commitments and Contingencies

SHAREHOLDERS' EQUITY:
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216	103,638	100,652
Additional paid in capital	23,397	23,186
Accumulated deficit	(118,042)	(113,470)
Total Shareholders' Equity	8,993	10,368

Total Liabilities and Shareholders' Equity	$ 9,857	$ 11,832

See accompanying notes to consolidated interim financial statements


RARE ELEMENT RESOURCES LTD. CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in thousands of U.S. dollars, except share and per share amounts)
	Three months ended June 30,		Six months ended June 30,
	2015	2014	2015	2014

Operating income/(expenses):
Exploration and evaluation	$ (1,199)	$ (2,038)	$ (2,317)	$ (4,859)
Corporate administration	(919)	(1,199)	(1,929)	(2,547)
Depreciation	(30)	(51)	(75)	(103)
Total operating expenses	(2,148)	(3,288)	(4,321)	(7,509)

Non-operating income/(expenses):
Interest income	9	22	18	51
Gain/(loss) on currency translation	42	197	(269)	(149)
Gain on derivatives	-	9	-	116
Total non-operating income/(expenses)	51	228	(251)	18

Net loss	$ (2,097)	$ (3,060)	$ (4,572)	$ (7,491)

Other comprehensive income/(loss)
Realized loss on available-for-sale securities	$ -	$ -	$ -	$ -
Unrealized gain/(loss) on available-for-sale securities	-	-	-	-
Total other comprehensive income/(loss)	-	-	-	-

COMPREHENSIVE LOSS	$ (2,097)	$ (3,060)	$ (4,572)	$ (7,491)

LOSS PER SHARE - BASIC AND DILUTED	$ (0.04)	$ (0.06)	$ (0.09)	$ (0.16)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	51,272,134	47,707,216	49,499,523	47,705,891

See accompanying notes to consolidated interim financial statements


RARE ELEMENT RESOURCES LTD. CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. dollars)
	For the six months ended June 30,
	2015	2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$ (4,572)	$ (7,491)
Adjustments to reconcile net loss for the period to net cash and cash equivalents used in operating activities:
Depreciation	75	103
Asset retirement obligation	-	17
Realized gain on derivatives	-	(14)
Unrealized gain on derivatives	-	(103)
Stock-based compensation	121	318
	(4,376)	(7,170)
Changes in working capital:
Accounts receivable	5	2
Interest receivable	(17)	4
Prepaid expenses	169	116
Accounts payable and accrued liabilities	(600)	(703)
Net cash and cash equivalents used in operating activities	(4,819)	(7,751)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment	(2)	(33)
Proceeds from sale of equipment	2	-
Net cash and cash equivalents used in investing activities	-	(33)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs	3,076	(42)
Net cash and cash equivalents provided by (used in) financing activities	3,076	(42)

Decrease in cash and cash equivalents	(1,743)	(7,826)
Cash and cash equivalents - beginning of the period	10,139	23,902
Cash and cash equivalents - end of the period	$ 8,396	$ 16,076

See accompanying notes to consolidated interim financial statements

Rare Element Resources LTD.

Notes to Financial Statements

June 30, 2015

NATURE OF OPERATIONS

Rare Element Resources Ltd. (collectively, “we,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999.

We are focused on advancing the Bear Lodge Rare Earth Element (“REE”) Project located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The Bear Lodge REE Project is one of the highest grade REE deposits identified in North America and one of the highest grade europium deposits in the world. In addition, the Bear Lodge REE Project has a favorable distribution of the remaining critical rare earth elements (“CREEs”), which the Company defines as neodymium, praseodymium, dysprosium, europium, terbium and yttrium. At present, we are undertaking process confirmation, elemental separation test work, and technical studies while working toward obtaining the necessary permits and licenses to enable us to develop the Bear Lodge REE Project. Based on review of current permitting timetables and other factors, the Company anticipates receiving its permits in the second half of 2016. The Company is working in parallel (with permitting activities) to advance engineering in preparation for the feasibility study, to gain strategic partners and off-take customers, to design and engineer a larger-scale demonstration plant and to scale up its RE separation test work in pilot plant testing. Subject to the (i) availability of adequate capital, (ii) a positive FS, (iii) securing off-take customers, (iv) obtaining necessary permits, (v) board approval, and (vi) other factors, the Company will be able to begin construction activities on the Project.

Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the development, mining and processing of economic mineral reserves at the Bear Lodge REE Project, our ability to obtain the necessary permits and licenses to mine and process these mineral reserves, and on the future profitable production of these mineral reserves. In addition, development and start-up of the Bear Lodge REE Project are dependent upon our ability to obtain the necessary financing to construct and complete the Bear Lodge REE Project. Although we have been successful in raising capital in the past, there can be no assurance that we will be able to do so in the future.

BASIS OF PRESENTATION

In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2014, which were included in our Annual Report on Form 10-K for the period ended December 31, 2014. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of June 30, 2015, and the results of our operations and cash flows for the six months ended June 30, 2015 and 2014 in conformity with U.S. GAAP. Interim results of operations for the six months ended June 30, 2015 may not be indicative of results that will be realized for the full year ending December 31, 2015.

Recent Accounting Pronouncements

In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact that adoption of ASU 2014-15 will have on our financial statements and related disclosures.

In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (“ASC”) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing

Rare Element Resources LTD.

Notes to Financial Statements

June 30, 2015

the financial reporting distinction between development stage entities and other entities under U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity. This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company made the election to early adopt this amendment effective December 31, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for the Company. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any impact on the Company’s financial position or results of operations for the current or any prior reporting period.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our financial instruments can consist of cash and cash equivalents, marketable securities, accounts receivable, restricted cash, accounts payable and accrued liabilities. Included, at times, within cash and cash equivalents is an enhanced yield deposit account that contains an embedded derivative in the form of a foreign currency option. As of June 30, 2015, the Company had no such deposits. U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data, by correlation or by other means.

Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits.

The following table presents information about financial instruments recognized at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, and indicates the fair value hierarchy:


	June 30, 2015			December 31, 2014
	Level 1	Level 2	Total	Level 1	Level 2	Total
Assets
Cash and cash equivalents	$ 8,396	$ -	$ 8,396	$ 10,139	$ -	$ 10,139
Total financial assets	$ 8,396	$ -	$ 8,396	$ 10,139	$ -	$ 10,139

Liabilities
Accounts payable and accrued liabilities	$ 498	$ -	$ 498	$ 1,098	$ -	$ 1,098
Asset retirement obligation	-	366	366	-	366	366
Total financial assets and liabilities	$ 8,894	$ 366	$ 9,260	$ 11,237	$ 366	$ 11,603

Rare Element Resources LTD.

Notes to Financial Statements

June 30, 2015

EQUIPMENT


	June 30, 2015			December 31, 2014
	Cost	Accumulated Depreciation	Net Book Value	Cost	Accumulated Depreciation	Net Book Value
Computer equipment	$ 186	$ 174	$ 12	$ 189	$ 168	$ 21
Furniture	106	68	38	111	64	47
Geological equipment	488	356	132	488	319	169
Vehicles	221	134	87	221	114	107
	$ 1,001	$ 732	$ 269	$ 1,009	$ 665	$ 344

SHAREHOLDERS’ EQUITY

Common Shares


	Number of Shares Issued	Common Shares ($000’s)

As of December 31, 2014	47,707,216	$ 100,652

April 29, 2015 registered direct offering	5,230,770	2,985
Exercise of stock options - fair value	2,852	1

Issued during the six-months ended June 30, 2015	5,233,622	2,986

As of June 30, 2015	52,940,838	$ 103,638

On April 29, 2015, the Company closed its $3,400 offering of common shares and warrants in a registered direct offering in the United States resulting in net proceeds of $3,076 after expenses. The Company sold an aggregate of 5,230,770 common shares and 2,615,385 warrants at a price of $0.65 per unit.

Warrants

Each outstanding warrant is exercisable for one of the Company’s common shares and was issued to investors in connection with registered direct offerings of the Company that closed on September 27, 2013 and April 29, 2015. In addition, the Company issued warrants to a placement agent in connection with each offering, under the same terms as those issued to investors. The exercise price and exercise period are outlined below:


Financing	Investor Warrants	Placement Agent Warrants	Total Warrants	Exercise Price	Expiration Date
September 27, 2013 offering	1,338,688	133,869	1,472,557	$4.15	9/27/16
April 29, 2015 offering	2,615,385	261,539	2,876,924	$0.85	4/29/18
Total Warrants Outstanding as of June 30, 2015			4,349,481

The value of the warrants issued to the placement agent (non-employee) for its services in connection with the April 29, 2015 offering was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s stock of $0.72, an exercise price of $0.85, a 3.0-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91.

Rare Element Resources LTD.

Notes to Financial Statements

June 30, 2015

ADDITIONAL PAID-IN CAPITAL

Stock-based compensation

We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”).

The FSOP was originally approved by shareholders on December 11, 2002, and subsequently approved by shareholders on December 7, 2009 following certain amendments to the FSOP. The FSOP expired upon the adoption of the RSOP that was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. As of June 30, 2015, we had 1,290,000 options outstanding under our FSOP, as amended, and 3,298,900 options outstanding under our RSOP.

The fair value of each employee stock option award is estimated at the grant date using a Black-Scholes option pricing model and the price of our common shares on the date of grant. The significant assumptions used to estimate the fair value of stock options awarded during the six-months ended June 30, 2015 and 2014, using a Black-Scholes model are as follows:


	June 30,
	2015	2014
Risk-free interest rate	1.0% - 1.1%	0.93% - 0.99%
Expected volatility	73.4% - 79.7%	74.7% - 79.1%
Expected dividend yield	Nil	Nil
Expected term in years	3.4	3.25 – 3.28
Estimated forfeiture rate	3.4% - 3.6%	3.7%

The compensation expense recognized in our consolidated financial statements for the three and six months ended June 30, 2015 for stock option awards was $48 and $121, respectively, and $130 and $318 for the same periods in 2014. As of June 30, 2015, there was $199 of total unrecognized compensation cost related to 995,200 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of 0.86 years.

The following table summarizes our stock option activity for each of the six-month periods ended June 30, 2015 and 2014:


	2015		2014
	Number of Stock Options	Weighted Average Exercise Price	Number of Stock Options	Weighted Average Exercise Price
Outstanding, beginning of period	4,345,500	$ 5.16	4,700,500	$ 5.51

Granted	999,000	0.45	275,000	1.28
Cancelled/expired	(749,600)	3.16	(280,000)	6.74
Exercised	(6,000)	0.32	(150,000)	0.52

Outstanding, end of period	4,588,900	$ 4.25	4,545,500	$ 5.31

Exercisable, end of period	3,593,700	$ 5.28	3,852,500	$ 6.01

Weighted-average fair value per share of options granted during period	$ 0.24		$ 0.65

Rare Element Resources LTD.

Notes to Financial Statements

June 30, 2015

COMMITMENTS AND CONTINGENCIES

Our commitments and contingencies include the following items:

Potential environmental contingency

Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive over time. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis of the consolidated financial results and condition of Rare Element Resources Ltd. (collectively, “we,” “us,” “our,” “Rare Element” or the “Company”) for the three-month and six-month periods ended June 30, 2015, has been prepared based on information available to us as of August 6, 2015. This discussion should be read in conjunction with the unaudited Consolidated Financial Statements and notes thereto included herewith and the audited Consolidated Financial Statements of Rare Element for the period ended December 31, 2014, and the related notes thereto filed with our Annual Report on Form 10-K, which have been prepared in accordance with U.S. GAAP. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set forth elsewhere in this report. See “Cautionary Note Regarding Forward-Looking Statements.”

All currency amounts are expressed in thousands of U.S. dollars, unless otherwise noted.

Introduction

We are focused on advancing the Bear Lodge REE Project in Wyoming. We completed a pre-feasibility study (“PFS”) on our Bear Lodge REE Project in 2014 and continue to advance the permitting process and plans to develop the Project.

Outlook

We have sufficient cash on hand to diligently execute our development plans through 2015 as well as the ability to defer certain activities and reduce our rate of expenditures, if market or other conditions dictate. Major planned activities through 2015 include:

Continue to support the United States Forest Service’s efforts to prepare an Environmental Impact Statement (“EIS”) on the Project in accordance with the National Environmental Policy Act. The draft EIS is currently anticipated in the second half of 2015. The final EIS and draft record of decision (“ROD”) are expected in the second quarter of 2016, with the final ROD anticipated in the second half of 2016;

Confirm positive results of bench-scale, elemental separation test programs in larger-scale pilot plant testing directed at creating advanced purification of individual rare earth elements into products that meet end-users’ specific needs and maximize value to the Company;

Support activities related to the applications for the mine permit with the Wyoming Department of Environmental Quality, the license to possess source material with the U.S. Nuclear Regulatory Commission, and other federal and State permits;

Initiate certain engineering studies, including geotechnical confirmation and condemnation drilling within the proposed Physical Upgrade (“PUG”) plant site, to support the next phase of engineering for the FS;

Continue to cultivate relationships with potential off-take partners, including supplying separated product samples and providing Project progress updates; and

Exercise responsible cash management, while seeking additional funding to finance construction of a planned larger-scale demonstration plant and ensure timely progress toward Project construction.

Certain planned activities and potential strategic initiatives that could commence in 2015, but are subject to additional financing and other factors, include:

Design, construct and operate the planned larger-scale demonstration plant; and

Initiate engineering studies, including rheology studies, final geotechnical confirmation of waste rock and tailings characteristics, to support the next phase of engineering for the FS.

Results of Operations

Summary

Our consolidated net loss for the three-month period ended June 30, 2015 was $2,097, or $0.04 per share, compared with our consolidated net loss of $3,060, or $0.06 per share, for the same period in 2014. Our consolidated net loss for the six-month period ended June 30, 2015 was $4,572, or $0.09 per share, compared with our consolidated net loss of $7,491, or $0.16 per share, for the same period in 2014.

For the three-month period ended June 30, 2015, the decrease in consolidated net loss of $963 from the respective prior period was primarily the result of a decrease in exploration and evaluation expenses of $839 and a decrease in corporate administration expenses of $280. These decreases were offset by an unfavorable variance in currency translation of $155.

For the six-month period ended June 30, 2015, the decrease in consolidated net loss of $2,919 from the respective prior period was primarily the result of a decrease in exploration and evaluation expenses of $2,542 and corporate administration expenses of $618. These decreases were offset by unfavorable variances in currency translation and unrealized gains on derivatives of $120 and $116, respectively.

Exploration and evaluation

Exploration and evaluation costs were $1,199 for the three-month period ended June 30, 2015, compared with $2,038 for the same period in 2014. The decrease of $839 from the prior period was mostly the result of decreased activities on the Bear Lodge REE Project, specifically work related to the PFS, pilot plant metallurgical work, exploration, and site administration, accounting for reductions of $285, $275, $162 and $250, respectively, partially offset by increased permitting activities accounting for $137 as the Company shifted its focus to ongoing permitting and separation studies.

Exploration and evaluation costs were $2,317 for the six-month period ended June 30, 2015, compared with $4,859 for the same period in 2014. The decrease of $2,542 from the prior period was mostly the result of decreased activities on the Bear Lodge REE Project, specifically work related to the pre-feasibility study, pilot plant metallurgical work, exploration and site administration, accounting for reductions of $673, $1,320, $210 and $362, respectively, as the Company shifted its focus to ongoing permitting and separation studies.

Corporate administration

Corporate administration costs decreased to $919 for the three-month period ended June 30, 2015, compared with $1,199 for the same period in 2014. The decrease of $280 from the prior period was due to the Company’s cost containment efforts as well as a decrease in stock-based compensation expense. The decrease in stock-based compensation expense of $82 was primarily the result of historically declining stock prices, which determine the strike price of the grant and are a significant driver of the expense to be incurred (as measured on the grant date).

Corporate administration costs decreased to $1,929 for the six-month period ended June 30, 2015, compared with $2,547 for the same period in 2014. The decrease of $618 from the prior period was due to the Company’s cost containment efforts as well as a decrease in stock-based compensation expense. The decrease in stock-based compensation expense of $197 was primarily the result of historically declining stock prices, which determine the strike price of the grant and are a significant driver of the expense to be incurred (as measured on the grant date).

Non-operating income and expenses

Gain/(loss) on currency translation

We report our financial statements in U.S. dollars. Therefore, any foreign currencies owned at the end of the period are converted to U.S. dollars at the current exchange rate. We hold Canadian dollars in Canadian and U.S. banks as a result of past financings that were denominated in Canadian dollars. While the majority of our expenses are in U.S. dollars, a significant amount of our metallurgical test work incurs costs in Canadian dollars, and we continue to hold Canadian dollars due to higher investment returns and ongoing Canadian expenses. A strengthening Canadian dollar will result in gains and a weakening Canadian dollar will result in losses, as long as we continue to hold Canadian dollars.

The gain on currency translation was $42 for the three-month period ended June 30, 2015, compared with a gain of $197 for the same period in 2014. The Canadian dollar strengthened by 2.3% and 3.7% against the U.S. dollar over the three-month periods ended June 30, 2015 and 2014, respectively. The average Canadian cash and cash equivalent balances during the three-month periods ended June 30, 2015 and 2014 were CAD $4.2 million and CAD $7.0 million, respectively.

The loss on currency translation was $269 for the six-month period ended June 30, 2015, compared with a loss of $149 for the same period in 2014. The Canadian dollar weakened by 5.9% against the U.S. dollar over the six-month period ended June 30, 2015. For the comparable period in 2014, the Canadian dollar was relatively flat (strengthened by 0.2%) against the U.S. dollar based on spot prices as of December 31, 2013 and June 30, 2014. However, the month of January 2014 saw a 4.3% weakening, when the Company’s Canadian dollar balances were the highest, resulting in translation losses that were not fully recovered as Canadian dollar balances declined while the Canadian dollar strengthened against the U.S. dollar in the remaining five-month period. The average Canadian cash and cash equivalent balances during the six-month periods ended June 30, 2015 and 2014 were CAD $4.3 million and CAD $7.4 million, respectively.

Financial Position, Liquidity and Capital Resources

Operating Activities

Net cash used in operating activities was $4,819 for the six-month period ended June 30, 2015, compared with $7,751 for the same period in 2014. The decrease of $2,932 in cash used is mostly the result of (a) decreased exploration and evaluation activity, accounting for a decreased use of approximately $2,550, (b) the Company’s continual focus on cost containment within corporate administration expenses, accounting for a decreased use of approximately $421, (c) timing in vendor payments affecting accounts payable accounting for a decreased use of approximately $100, and (d) foreign currency fluctuations on our bank accounts held in Canadian dollars, which accounted for a negative variance of $120.

Financing Activities

Net cash provided by financing activities was $3,076 for the six-month period ended June 30, 2015, compared with net cash used of $42 in the same period during 2014. The cash received in 2015 was the result of the Company’s April 29, 2015 registered direct offering. The cash payment in the 2014 period was the result of a cashless stock option exercise where the Company was required to withhold and remit associated taxes on behalf of the exercising participant, a Canadian resident. The participant was issued the remaining net shares upon consideration of the necessary exercise and tax amounts withheld.

Liquidity and Capital Resources

At June 30, 2015, our total current assets were $8,581, compared with $10,481 as of December 31, 2014, which is a decrease of $1,900. The decrease in total current assets is primarily due to a decrease in the combination of cash and cash equivalents of $1,743. A decrease in prepaid assets accounted for an additional $169.

Our working capital as at June 30, 2015 was $7,919, compared with $9,219 at December 31, 2014.

Our plans for 2015 are to continue moving forward with the EIS and permitting processes, and evaluating the feasibility of incorporating downstream separation of rare earths into our Project, while limiting expenditures in other areas. Additional financing in the near term is necessary to continue the pace of project spending for further permitting, evaluation and development to be in a position to begin construction of the Bear Lodge Project upon the completion of these activities.

As of August 6, 2015, we have effective shelf registration statements in the U.S. and Canada, with remaining capacities of $30.0 million in the U.S. and CDN$50.0 million in Canada; however, our ability to access our shelf capacity in the U.S. may be substantially limited by applicable shelf eligibility rules.

We expect that we will require between $5 million and $10 million of additional funding over the next two years to fully support the EIS and permitting processes, advanced metallurgical and elemental separation test work, conduct engineering to inform the FS, and other corporate expenses. Should sufficient financing become available from strategic partners or other sources and subject to a positive FS and Board approval, we could quickly advance the Project to the construction phase. The actual amount of the funding required prior to receiving all of the necessary operating approvals will depend on the timing of such approvals as well as the level of expenditures as approved by the Company’s board of directors. There is no assurance that such financing will be available, or available on terms acceptable to the Company.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Contractual Obligations

There were no material changes to the contractual obligations disclosed in Item 7 of Part II in our Form 10-K for the period ended December 31, 2014.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk. Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Our market risk is comprised of three types of risk: interest rate risk, foreign currency exchange rate risk and other price risk.

Interest rate risk. Our cash and cash equivalents consist of cash held in bank accounts and, at times, guaranteed investment certificates that earn interest at variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates did not have a significant impact on estimated fair values as of June 30, 2015. Future cash flows from interest income on cash and cash equivalents will be affected by interest rate fluctuations. We manage interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity.

Foreign currency exchange rate risk. We are exposed to foreign currency exchange rate risk as certain monetary financial instruments are denominated in Canadian dollars. We have not entered into any foreign currency contracts to mitigate this risk. We attempt to mitigate this risk by holding six to 12 months of U.S.-based spending in U.S. dollars as a natural hedge against currency fluctuations. At June 30, 2015, a 1% increase/decrease in the Canadian dollar to U.S. dollar exchange rate would have decreased/increased our consolidated net loss by $33.

Other price risk. Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from interest rate risk or foreign currency exchange rate risk.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision of, and with the participation of, our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, the CEO and the CFO have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective in ensuring that: (i) information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There has been no change in our internal control over financial reporting during the quarter ended June 30, 2015, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not aware of any material pending or threatened litigation or of any proceedings known to be contemplated by governmental authorities that are, or would be, likely to have a material adverse effect upon us or our operations, taken as a whole.

ITEM 1A. RISK FACTORS

The risk factor outlined below should be considered along with the risk factors disclosed in Item 1A of Part I in our Annual Report on Form 10-K for the period ended December 31, 2014.

Market factors outside of the Company’s control could have significant adverse impacts on our business, operations and/or prospects.

Operating in the volatile and cyclical natural resource industry subjects the Company to numerous market factors outside of our control that could have significant and sometimes adverse impacts on our business. Such factors could include significant price declines for key rare earth materials, inflationary impacts on capital and operating costs, poor financial and operating performance of other companies in the same industry sector, environmental incidents from resource projects, major technological advances that reduce demand for key rare earth products, unforeseen regulation or geopolitical factors that broadly impact the industry, etc. To the extent that such factors affect attitudes toward investments in the natural resource sector generally or the rare earths industry specifically, they could affect our ability to raise the additional capital needed to continue to advance our project and business plan.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

We consider health, safety and environmental stewardship to be a core value for Rare Element.

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities under the regulation of the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). During the period ended June 30, 2015, the Bear Lodge REE Project was not yet in production and as such, was not subject to regulation by MSHA under the Mine Act.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS


Exhibit Number	Description of Exhibits
10.1	Professional Services Agreement between Rare Element Resources, Inc. and Kelli C. Kast-Brown, dated May 15, 2015 and effective as of June 1, 2015
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14 promulgated under the Securities and Exchange Act of 1934, as amended
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14 promulgated under the Securities and Exchange Act of 1934, as amended
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	RARE ELEMENT RESOURCES LTD.


	By:	/s/ Randall J. Scott
		Randall J. Scott
		President, Chief Executive Officer and Director
		(Principal Executive Officer )

	Date:	August 6, 2015





	By:	/s/ Paul H. Zink
		Paul H. Zink
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer
		and Principal Accounting Officer)

	Date:	August 6, 2015

EX-10 2 ex101.htm PROFESSIONAL SERVICES AGREEMENT Independent Contractor Agreement

Rare Element Resources Inc.

Exhibit 10.1

Professional Services Agreement

This Professional Services Agreement dated this 15th day of May 2015, and made effective as of June 1, 2015, is by and between Rare Element Resources Inc. a Wyoming corporation ("RER" or “Company”), and Kelli C. Kast-Brown whose address is 2339 Woodbury Lane, Evergreen, CO 80439 (the “Consultant”).

Whereas, RER desires to retain Consultant to perform professional consulting services; and

Whereas, Consultant represents that she is qualified and desires to perform the professional services requested by RER, and that she has the professional business skills to bring to RER on a contracted, non-exclusive basis; and

Whereas, the Consultant agrees to perform services for RER upon the terms and conditions set forth in this Agreement.

NOW THEREFORE, the parties hereby enter into this Agreement to set forth their mutual promises and understandings, and mutually acknowledge the receipt and sufficiency of valuable consideration in addition to the mutual promises, conditions and understandings set forth below.

The parties hereby agree as follows:

Performance of Services. The Consultant shall perform the professional consultancy services described on the attached Exhibit A: Description of Services and such other services as are requested by RER from time to time (the “Services”). All Services performed by Consultant shall be in strict accordance with Exhibit A and any written instructions to Consultant from RER from time to time. Upon request of RER, Consultant shall prepare and deliver to RER a progress report or final report of findings and recommendations, and such other reports as RER may, from time to time, request.

Fees and Reimbursable Services. RER shall pay the Consultant for the Services at a rate set forth on Exhibit A: Description of Services. All compensation shall include all overhead profit.

As further set forth in Exhibit A: Description of Services, all reimbursable expenses, including pre-approved travel, mileage, meals and other engagement-related expenses will be reimbursed at actual cost only with no mark-up. Examples of reimbursable expenses are set forth in the attached Exhibit A. Expenses must be approved by RER in advance and will be billed separately from Consultant service invoices. The Consultant shall neither purchase any equipment necessary to provide the Services which has a cost in excess of $25.00, nor enter into any agreements to subcontract the Services without the prior written approval from RER.

Invoices. The Consultant shall establish a procedure for time and cost accounting, which assures that direct labor hours and allowable direct costs are properly charged to the Company pursuant to this Agreement. The Consultant shall invoice RER monthly using a labor and expense invoice organized by tasks and shall submit back-up in the form of weekly timesheets, expense forms, and receipts. Consultant shall submit reimbursable expenses on the RER approved expense reimbursement form at all times; a copy of which

Rare Element Resources Inc.

will be provided to Consultant upon retainer and again as amended from time-to-time. RER will pay the Consultant within twenty working days following invoice approval, which shall be no longer than 5 days following receipt. Consultant may charge a 15% late fee if payment is not received within thirty days of invoice receipt.

Standard of Services. The Consultant shall perform the Services with that degree of care, skill and judgment, which is customarily exercised by professionals in the performance of services of a similar nature in the same geographical area.

Consultant agrees to abide by all Health and Safety policies and procedures as set forth in the Bear Lodge Health and Safety Plan and any amendments or updates thereto as to any site visits or other engagement at the Bear Lodge project area. RER agrees to timely provide Consultant all updates to the plan. Consultant further agrees to comply with all applicable Occupational Safety and Health Administration (OSHA) laws and/or Mine Safety and Health Administration (MSHA) laws.

Permits and Licenses. It is understood that Consultant shall provide business consultancy based upon prior experience with RER. These services include advising on strategic relationships, financings, and other management consulting as desired. Consultant shall not serve as the legal advisor to RER, handle RER funds as legal counsel or represent RER in any legal proceeding or process. In performing the Services, the Consultant shall comply with any and all applicable federal, state, and local laws, rules, regulations, and interpretations of all regulating agencies, including, but not limited to, statutes, ordinances, regulations, rules, building codes, permits, requirements, decree orders, and directives from any lawful public agency or authority.

Insurance. The Consultant hereby confirms that it is an independent Consultant, not an employee of RER, for any purpose including worker’s compensation statutes. Further, the Consultant hereby waives and agrees to indemnify and hold harmless RER from any and all worker’s compensation claims, damages, losses, and expenses arising out of, or resulting from bodily injury, including personal injury, sickness, disease, or death of any and all employees of Consultant who would otherwise be covered by Consultant’s worker’s compensation insurance. This waiver and agreement to indemnify does not relieve RER from any liability for injury to Consultant to the extent caused by the negligent acts of RER, its agents, employees or representatives.

Indemnification. The Consultant shall indemnify and hold harmless RER and its officers, directors, affiliates, employees and agents from and against all claims, damages, losses and expenses, including but not limited to reasonable attorney fees, arising out of or resulting from the negligence, knowingly wrongful acts, errors or omissions of the Consultant.

Disclosure of Information and Non-Competition.

(a)

All materials, data, specifications, plans, inventions, documents or other information prepared, developed or delivered to RER, or obtained by Consultant or his employees, if any, pursuant to and as a result of this Agreement shall remain or become the property of RER. Notwithstanding the above, Consultant’s unique ideas as to process, inventions, or the like, however, shall remain the property of Consultant, subject to a license to use as applied by RER as part of the Services provided hereunder. Consultant shall ensure the confidentiality of

Rare Element Resources Inc.

such information. Consultant shall not disclose to any third party any type of information described in this section or any other information of any description whatsoever (expressly including any technical process, geological findings or data and property claims and land boundaries) regarding plans, programs, plants, processes, products, costs, equipment, operations, or customers of RER or its clients that may come within the knowledge of Consultant in the performance of this Agreement or is known to Consultant upon entering into this Agreement if obtained through prior consulting or employment, except:

(i)

Technical information which is or becomes part of the public domain other than by acts or omissions of Consultant; or

(ii)

Technical information which was lawfully in the possession of the Consultant at the time she initially became involved with the Services and was not acquired by Consultant directly from RER or any of its clients or anyone acting directly or indirectly for or on behalf of RER.

The Consultant will not, without the prior written consent of RER, disclose to any third party information developed or obtained by the Consultant in the performance of the Agreement except to the extent that such information falls within one of the categories described in (i) or (ii) above.

In addition, the Consultant acknowledges that from time to time additional confidentiality agreements may be imposed due to requirements of clients of RER. Consultant agrees to sign and abide by any such confidentiality agreements.

(b)

In the event of a breach or threatened breach by the Consultant of section 8(a) above, RER shall be entitled to an injunction restraining the Consultant from disclosing, in whole or in part, any such confidential or technical information, or from rendering any services to any person or entity to whom such confidential or technical information has been disclosed or is threatened to be disclosed. Nothing herein shall be construed as prohibiting RER from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages from the Consultant. Consultant specifically acknowledges and agrees that if she breaches this section, RER shall be entitled to recover all costs and expenses incurred by it, including reasonable costs, expenses and liabilities, as a result of such breach or in pursuing any available remedy at law or in equity.

(c)

From and after the Effective Date until the date two (2) years after the Effective Date, Consultant will not, either alone or in partnership or jointly or in conjunction with any person, or in any other manner whatsoever, directly or indirectly acquire any interest in any mining or millsite claims or otherwise acquire any interest in minerals, real property, royalties or water within ten (10) miles from the outside boundaries of any of the properties of Company.

Consultant acknowledges that due to the nature of RER’s business and interest in the properties, the restrictions set out in section of this provision are necessary and reasonable. Any interest acquired in violation of this paragraph shall, at RER’s request and at no cost to RER, be conveyed to RER.

Rare Element Resources Inc.

Independent Consultant. Consultant represents that she is fully experienced, properly qualified, equipped, organized, and financed to perform the Services. In the performance of the Services, the Consultant is and shall remain an independent Consultant. The Consultant shall not be deemed the servant, employee, or agent of RER, and therefore, Consultant shall not be entitled to worker's compensation benefits or unemployment insurance benefits. Except as otherwise expressly provided herein, the Consultant shall have the exclusive authority and responsibility for performing the Services and accomplishing the objectives of the Services, RER being interested only in the results obtained. RER shall not make any deductions, withholdings or contributions with respect to any payments to Consultant under this Agreement on account of social security, unemployment compensation, income tax, or otherwise under any federal, state, local or foreign law applicable to employer/employee relationships. Any and all compensation earned and payable to Consultant under the terms of this Agreement shall be earned by him solely as, and in the capacity of, an independent Consultant.

10.

Conflicts of Interest and Priority. Consultant has disclosed that it intends to engage in services for other rare earth and/or mining companies and is not exclusive to RER in its engagement of consultant services. Notwithstanding the above, Consultant shall take all precautions to secure confidential treatment of RER information in full adherence to section 8 above, and shall disclose in writing to RER any potential real or potential conflicts of interest relating to its engagement by any other company or individual that is in the same or similar geographic or competitive position with RER, relating to the Services under this Agreement. In the event RER determines, in its sole judgment, that any relationship which Consultant has, is against the best interests of RER, RER has the right to request that Consultant not engage with the other party for the term of this Agreement.

Consultant has agreed to provide priority of work load to RER should the engagement time become unavailable or limited due to other clients of Consultant.

11.

Term and Termination.

(a)

This Agreement shall become effective on the Effective Date set forth above and terminate with 30 days’ notice by either party but no later than December 31, 2015, subject, however, to termination during such period as provided in this section and any extension of this Agreement by the parties per (b) below. Sections 4, 7, 8 and 10 of this Agreement shall survive termination of this Agreement.

(b)

The parties, by mutual agreement, may extend the term of this Agreement for successive six month periods following December 31, 2015.

(c)

This Agreement may be terminated by the Consultant, or RER, on thirty days’ written notice to the other party. Upon conclusion of the Services, the Consultant shall promptly discontinue all Services and shall deliver to RER all information and materials obtained in the performance of this Agreement. RER shall pay Consultant for Services performed to the effective date of termination. Final invoice for Services shall be paid following receipt of a final report outlining all open and ongoing Services.

Rare Element Resources Inc.

12.

No Assignment. The Consultant shall not assign this Agreement nor any sum payable under this Agreement without the prior written consent of RER.

13.

Arbitration. All claims, disputes and other matters arising out of, or relating to, this Agreement or an alleged breach of this Agreement shall be subject to final and binding arbitration in Denver, Colorado pursuant to the Commercial Rules of the American Arbitration Association and judgment may be entered on the arbitration award in any court of competent jurisdiction. Should the parties fail to agree upon an arbitrator, then each party shall select one arbitrator, and the two chosen arbitrators shall select a third arbitrator to form a panel. Each party shall bear its own respective costs of the arbitration and shall be responsible for one-half of the arbitrator’s fees.

14.

Notices. All notices, consents and communications required or permitted under this Agreement shall be in writing and shall be deemed effective when delivered personally, by certified mail, by a courier or delivery service, or by fax or electronic transmission to the parties at the following address or fax numbers or at such other address or fax number for a party as shall be specified by like notice given at least five days prior thereto:

If to RER:

Randall Scott

Rare Element Resources, Inc.

225 Union Blvd, Suite 250

Lakewood, CO 80228

Fax: 720-278-2490

rscott@rareelementresources.com

If to Consultant:

Kelli C. Kast-Brown

2339 Woodbury Lane

Evergreen, CO 80439

kkast@ctdinc.com

15.

Miscellaneous

(a)

Colorado Law. Notwithstanding the arbitration venue set forth in section 13 above, this Agreement shall be governed in all respects, including validity, interpretation and effect by the laws of the State of Colorado.

(b)

Entire Agreement and Modifications. The parties acknowledge that this Agreement constitutes the entire agreement between the parties and supercedes all prior representations, warranties, agreements and understandings, oral or written, between the parties with respect to its subject matter, including Consultant’s prior employment agreement with RER, which has been mutually terminated. No modification or amendment of this Agreement or the waiver of any terms, conditions, rights or remedies hereunder shall be binding upon any party hereto unless signed in writing by both parties. A waiver of any term or provision shall not be construed as a waiver of any other term or provision.

(c)

Benefit. This Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and permitted assigns.

Rare Element Resources Inc.

(d)

Headings and Severability. If any clause or provision of this Agreement shall be adjudged invalid or unenforceable, it shall not affect the validity of any other clause or provision, which shall remain in full force and effect. In the event any provision of this Agreement is found to be unenforceable for any reason, the parties shall attempt to modify that portion in a manner to preserve the intent of the parties in entering into this Agreement. The headings in the Agreement are for convenience and reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

In Witness Whereof, the parties have executed this Agreement as of the day and year first above written.

Consultant: Kelli C. Kast-Brown

RER:

Tax I.D. # ___________

Rare Element Resources, Inc.

/s/Kelli C. Kast-Brown

/s/ Randall Scott

Kelli C. Kast-Brown

Randall Scott, President & CEO

Rare Element Resources Inc.

Exhibit A

Description of Services

Consultant’s Responsibilities shall include:

Consultant shall provide business consulting services to RER.

Consultant shall be available two working days per week, on average, for a minimum of eight (8) days per month for consultancy to the CEO and executive management team and Board of RER. This includes attendance at Board meetings for taking of minutes and other inputs as desired. Consultant may work from her home office or RER offices as warranted, or mutually agreed. Consultant shall maintain an email address and monitor it on a regular basis for business concerns to be communicated to RER personnel or handling per the request of RER.

Services Fee:

Consultant shall be compensated at the monthly retainer rate of $5,500 per month which will include eight (8) full days of Consultant time per month, estimated at two (2) days per week on average. Any additional (over eight days per month) time approved by RER and completed in a month will be at the billing rate of $750 per day. Consultant shall invoice RER monthly for billable time in excess of the retainer. Any partial days shall be prorated to the ½ day.

Reimbursable Expenses include:

All approved expenses shall be actual, with no mark-up to RER.

Expenses shall only be reimbursed if set forth with specificity on the RER expense reimbursement form. Reimbursement will be made timely by RER, and no later than 20 days after submittal and approval, or 30 days from invoice receipt at latest.

RER shall pay the Consultant for reimbursable actual mileage documented on a Consultant’s mileage log at a rate of 56¢ or at the current rate published by the IRS.

EX-31 3 ceocert311.htm CERTIFICATION CERTIFICATION

Exhibit 31.1

CERTIFICATIONS

I, Randall J. Scott, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Rare Element Resources Ltd.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Randall J. Scott

Date: August 6, 2015

Randall J. Scott

President, Chief Executive Officer and Director

(Principal Executive Officer)

EX-31 4 cfocert312.htm CERTIFICATION CERTIFICATION

Exhibit 31.2

CERTIFICATIONS

I, Paul H. Zink, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Rare Element Resources Ltd.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Paul H. Zink

Date: August 6, 2015

Paul H. Zink

Senior Vice President and Chief Financial Officer

(Principal Accounting and Financial Officer)

EX-32 5 ceo906cert321.htm CERTIFICATION CERTIFICATION

Exhibit 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Rare Element Resources Ltd. (the “Company”) does hereby certify, based on my knowledge, with respect to the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2015 (the “Report”) that:

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Randall J. Scott

Date: August 6, 2015

Randall J. Scott

President, Chief Executive Officer and Director

(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code). It shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. Section 78r) or otherwise subject to the liability of that section. It shall also not be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.

EX-32 6 cfo906cert322.htm CERTIFICATION CERTIFICATION

Exhibit 32.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Paul H. Zink

Date: August 6, 2015

Paul H. Zink

Senior Vice President and Chief Financial Officer

(Principal Accounting and Financial Officer)

GRAPHIC 7 rer10qaug415ev2002.gif begin 644 rer10qaug415ev2002.gif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

N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV#1VZ:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;N&#AVZ M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7?^[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM7/77'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=>@<\TUUUR# M#CKHH(,..NB@@\XYUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=>@@PXZZ*"# M#CK77'/--==<<\TUUUQSS377G'/.-==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#3KHG'/--==<<\TUUUS_ M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<_W/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSSC4 N7;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVKESZ-!=NW;MVK5KUZY=N_]V[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:^>N7;MV M[1HZ=.C0H4.'#MVU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV#1TZ=.C0H8,..NB@<\TUUUQS MS3777'/--==<N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HY=.C07;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MVS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS_\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 MH(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 MG'/--==<<\TUUUQSS3777'/--==<<__--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-->>@N7;MV[=HUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7',-.M=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUYQSS377 M7'/--==<<\TUUEP3S3777'/--=%<<\TUT5CSC#/--..,-==8<\TUU[1RS377 M7'/--=',@<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-.>C_H(,..N=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#3K77'/- M-==<=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\W_-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<<\TUUUQSS377H(,. M.NA<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777',-.NA<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M_S777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--0"Y=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NT:NFO7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M?]KUZY=NW;MVK5KUZY= MNW8MVC5KUZY=NW;MVK5KLZY=NQ:MFK-FJ9Q9NW;MVK5KUZY=NW;MVK5KUJY= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:__7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O6KEV[=NW:M6O7KEV[=LV:,V;,F(UB9JP9LV;.H%V[-NO:+&O7 MK%V[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M7/GKEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[AN[:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=LTUUUQSS37_UUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS37HG'/--==<<\TUUZ!SS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUZ%QSS377H(,..NB@<\XUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TU_]=<<\TUUUQSS3777',..M=<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--?_77'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS377H'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777&/--==<<\TUUEQSS3771 ,09\Z:,6MVC!DS9LR8&6MFK)FS M:M>N7;LVZ]JU:]?.7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[MJU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]?.7;MV[=JU:]>N7;O_=NW:M6O7KEV[=@T=NFO7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEU#A^[:M6O7KET[A^[:M6O7KEV[=NW: M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/-.==<<\TUZ*"##CKHH'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQS_\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3G77'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<__--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS377S'+--==<N7;MV[=JU:]>N7;MV[=JU:]?0G;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[1HZ=->N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[1JZ<]>N7;MV[=HU=.>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU_VO7KJ&[=NT:.G3HT*%#A^[:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O77'/--==<<\TUUUQS MS3777'/--=>@<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUU_]< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777',-.M=< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M,\LUUUQSS3777/-,,\PPPTPSS33###/.J-*,,B<<\TUUUQSS34 MN7;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZZ=0W?MVK5KUZY= MNW8-W;5KUZY=NW;MVK5K_]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HU=->NH4.'#ATZ=.>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[1RZ:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N77/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS?\UUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M8XTJSC###"K,,,,,,\PX<\TUUUC3##/,,-,,,\PPTXS_,]98<\TUUEQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/-.>A<<\TUUUQSS3777'/--==<<\TUUUQSS37H7'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/-_S777'/--==<<@\XUUP#D&KISZ-"ANW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KU\Z=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=N_]V[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MVS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=>@<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUES_8\TUSS3###/- M,,,,,\PX8XTLUUSC2"NS7.-,-@_W/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777',-.NA<<\TUUUQSS3777',-.N=<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS377H'/--==<<\TUYZ"#SC777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777/]SS3777'/--==< Y!KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK7_:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]2@<\XUUUQSS377 M7'/--==<<\TUUUQSS377H(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TU_]=<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TYUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUYQSSCG77'/--==<<\TUUZ!SS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<)#@08(<91+-LF:M6;-FS*0Q8]:LF;-KUZY=LW;MVK5KT:Y= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUUQSS3777(/.-==<<\TUUUQSS377 M7'/--==<<\TUYYQSSC777'/--==<<\TUUUQS_\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777',-.M=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\XUUUQSS3777'/-->>@<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-.==<<\TUUUQS#3KHH'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<__--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/_ MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--0"Y=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NV:M5G7KEV[9NW:M6O7KEV[ANZ:-6JH MF#%CQHP9LV?6KEV;-<:+@P0/$CR8@2C1M6O0FC5KQJP9,V:HJ*FZ=NW:M5G7 MKLVZ9NW:K&O7KLVR=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[_W;MVK5KU]!=NW;MVK5K MUZY=NW;MVK5KUZY=NW;NVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZZA.W?MVK5KUZY=<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQS#3K77'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUR#SC777'/--==<N7;MV_^W:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MN6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6OHKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7T*&[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M?]KUZY=NW;MVK5KUZY=NW;MVK5KUZY=0W?- M-==<<\TUUUQS#3KG7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS37GH'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\W_-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N74-W[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:__7KEV[AN[@<\TUUUQSS3777'/--==<<\TUUUQS MS2S77'/--==<N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N74-W[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=RY:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;O_=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O77'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU_]=< M<\TUUEQSS36R7'----6@T@PSS#3###/,.$/--=>TTDH."3SPP ,)T$ #*]=< M8\TLB#PP P(//(# #(+,N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M_VO7KEUSS3777',-.M=<<\TUUUQSS3777'/--==<<\TUUYQSS3767'/--;-< MA<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/-->>@@PXZUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/-.>A<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/_S3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS377G'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUP#DVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;M MVK5K_]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]68,6/&C!DS9LR<.:MV+5&K!P\L6:/&;!JS9M6N7;N& M:,:#!P\0/'C@9=:U:\ZF,4/%C!DS9LR<6;-F[=JU:]>N1;MVS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUZ%QSS3777'/--==<<\TUU_]<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSSC77 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS37HG'/--==<<\TUUUQSS3777'/--==<N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<@PXZUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUZ%QSS3777'/--==<<\TUUUQSS3777'/-.>A<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\W_-==<<\TUUUQSS377H(,..NA<<\TU MUUQSS377H'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'.-.==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-_S777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQCS3/5,),*,\TPPPPJS#A3S3777,/* S,\D ! 'CR8,>O:-6O5 MFDUKYHJ9-&:NG%&S=NV:%R\S$CQ(\. !*U:SK#5+Q4P:*F;-F*5BYO_,VK5H MUZQ=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVKEKUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KZ,Y=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZZ=NW;MVK5KUUQSS3777'/--==<<\TUUUS_@PXZUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<@<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-=8\@PHSS#####/,.%---==<@P@B,SR0P ,)=-'*+-=< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--=><<\TUUUQSS3777'/--==<<\TUUUQSS3777',..N=< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777 .0:]?0 MG;MV[=JU:]>N7;N&[MJU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV_^W:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:-73HT)V[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUU_]<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUR# MSC777'/--==<8\TUUW3A0 L.7)'(-==$\PPSJ##3##/,-.,,--9<N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:^?07;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N74-W[MJU M:]>N7;MV[=JU:__7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=@T= MNFO7KEV[=NV:%R\S'CQXD."!+%G7FC%CUHR9LV;6KEV[AFA&@@<)'LQ(X(75 MM6O5H#*--*XP(PTSTDC#C#32,$/---(P(PTSTDS#C#32,",--=1<A<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-_S77H'/--==<<\TUUUQSS377 MG'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7',-.M=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS?\U +EV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=HU=-?07;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]?0H;MV[=JU:]:NS9B1 ,$#! \<>/%BS5FS9LR:7;MVC967+@D>/'B0 M8$8B1+.N4:/&3!JS9M*D,9,FC9DT5-.J1;OVS)4T9JZ8,9/&C-DT9JZ85;MV M;1:-! \2)'B08 :K:]:N66N6BADS9LU0.7OVS-JU:]:N7;MV[=JU:]>N7;O_ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEUSS3777'/--==< M)#@P8P'K&95>U9MEJ N.AXD M>/#@"B(OLJX]JT9M&C-ITIA)D\9,VC1FU*A9LW;MVC5KUZQ5>T9-FC1ITJ0Q MDR;_C9FK:/*"1PPNK6="J-6O&C!DS9L::Q;H6[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]?07;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MVS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--=>@<\XYUUQSS3777'/--==<<\TU_^=<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777',-.M=<<\TUUUQSS3777',-.NA<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--?_77'/--==<<\TUUUQSS3777'/..==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777(/.->B@<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-.==<<\TUUSPP0P(//)# P_,,$,KUCQ3S3/6>"%(#@D\D, # M.7@A""O_LU13S3.O2,.,-,Q,(PTSTC C32K40%----9<,\LUT%13#372H"*- M-,Q((PTSTDCCS#356"-+*X)T\< ,"3PPPPQ>(!+-+-8T Q!FJ)@98\:LF;-K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;NVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K_]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JY<]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=HUUZ!SSC777'/--==<<\TUUUQSSC777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<__--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUYQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUZ%QS#3K77'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<N7;MV[=JU:]=<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777',-.N=<D''% PY D, ,#@AR32!>S(#(-==<4TTSTS C#3/22,., M--)(PXPTTE1SS3777'.--=90XXHTS$Q#S2S77'----980XTTS$@CC33,2,., M---(TPPUUUAS#2LYS/ @\D, ,KUUQ#33/',&.,,]=8<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3G77'/- M-==<<\TUUYQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377_UQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--0"Y=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW@<\TUUUQSS3777'/- M-==<8\TUU\R"2"(L.)# P^TPP@PSS#33S#777'/--==<<\TUU\QRS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]?_KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KET[=^W:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KJ&[=NW:M6O7KEV[=NV: MM6?5GEF;=0W1C <('K2R9NT:M533F$EC)JV9-&G2F+F:)LV:M6OGKEVK)HL: MM6G3FE&;)FW:-&G,IE&S=NW:M6O6H%&3)DT:,VG2F#63QDS:-%C6K%UKA4C0 M S-<<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS36M7'/--==<<\TUT5QS M32O6S!+-+-=<$\TULUPS2S377'/--;-<$\TLUUQSS36R!&+%%59X,PLKUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--?_77'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/-->=<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUT5QSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'.-+-= ,PLTLT#3"BNML,+*+-?, MN7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>L/6O6K%DS:]:NS7B0X$$K:M6F,9/&3!HS:T:-&;,FC%K=NW:M6O7KEV[=NW:-2LRK%BQ\D0&%!E/K+"P M(@.*E4"L6%V[=FW6M6O0KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O77'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377R'(-*U;(8(455EAA MA14R6"&#%5!8(8,54,A@A14R6&$%*]=<L78MV[=JT:N66/6C!FS9M>N7;MV[=HU6=>NG0MDA845*#*L M6+%B1885*U9D6)$!18:50->N7;LVZ]JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N15LEPXH5%O]6 M9%AA8<6*%1E6K%B18<4*"RM6K,B =NW:M4-69$"Q8H75K&O7KEF[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEUSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS377G(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TLUUQSS2RL0'/--;-<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--=<$PDH@703212"!=!%((('_!-)%((%T$4@@K%QSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS377_UQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUSC##/&,,/,*LY<<\4#"3P@2S.O,"--,],P(PTSTKC"C#335!.--==<8PTU MU5 #"S74P/(,-=0X0PTUSDPCS33-3".--*A((\TSUEQSS3776./,-*A(PXPT MTC C33/2,-.,-==<\\ ,U\QB#3/,,,-,,]=<N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HU M1%"LR+ B XH5&5"LR(!B1084*S*L6+'"PHH55M>N71-DQ8H5&5:NL;IV;=:U M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:^>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MVS3777'/--==< PTBU[!RS3777'/--==<<\W_-==<<\TUUUQSS377 M7'/--;)<<\TUK C212"!!-)%((%T$4@770022!>!!!((*[-<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/-_S777'/--==<<\TYUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--=>@<\TUUUQSS3777'/--=<\TPPS MS##C##77T/! @^T(@TSTC C#3/2,".-*\U0N7;MV M[=JU:]>N7;MV[=JU:]>N7;MVC5670%:LL+IV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=HA5H$"=0D4*%"70($"!0K4)5"70%T"L6)U[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=HUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<_W/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS37/,),*,\Q0X\PU M.23PP .L,",-,](P(PTSKCA#33777'/--==40PTUU#Q#C3/55&---=544TTU MU3A##374-#,-,])(PXPTS$C#C#2N4&--*]=<8PTTU4PC#3/2H"(-,])8<\TU M#\QPS376,-,,,\TT<\TUUUQSS3777'/--==88845,E@A Q0R6&&%#%988845 M5E@A@Q56R/]@A16F7'.--==$<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\XUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377K&(% M"U7(8$45,E@A@Q4R6&&%#%98(8,55LA@A156L'+--=<@8H455LA0Q36L7'-- M--=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUS_<\TUUUQS MS3777',-0*Y=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K5JQ8L?+$RC56UZY=NW;MVK5KUZY= MNW;MVK5KUZY=NW;MVK5KUZX)8M4E4* NK%BQ8L6*E:! @0(%ZA(H4*! K*Y= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY= MNW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K_]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]=<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUR#SC777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<=<<\TUK+!@A14L6"$# M%($$$D@@@0022""!!!)((($$$D@@LEQSS36!6"&#%5:P,,LUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS37_UUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==8884,5LA@!2O71'/--==<<\TUUUQS MS3777'/--==<<\TUUUQS#3377'/-(8($$H@7@;1RS3777'/--0"YUHI5H$![ MN@0*).C:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7_ZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVK5KUZY=.W?MVK5KUZY=NW;MVK5KUZY=NW;MVK5K MUZY=NW;MVK5KUZY=NW;MVC5TYZY=NW;MVK5GS)@Q8U;-V;4<"1X\8"6-F:MF MTJ0UFP;-6K1KU)Q-(XTSTU!#33746%.--=588XTUUEA3337/P$+---0T,XTT MTC C33/2-",-,](PX_],-==<N7;MV[?_:M6O7KEV[=NW:M6OGKEV[=NW:M6K,F#%C M]HP:NAD)'CAH)8V9-&;2I#%S%>W:M6JOF$F;-HT:-6?5JE6S9LV:M6O6H%FS M]JQ:M6;47DUC)DT:,VFHI#&3Q@R5-&;.KEV[9DT:,VG2F$F3!NW:M0K:M6O7KLVZ=NW:M6O7KEV[=NW:M6O79EV[=FW6M6O7K%V[=NW:M6NSKEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=JW5M6O7KEV[ M=NW:M6O_UZY=NV;MVK5KUZZ=N\;*BA495JI8L7+MVC776'/--==8<\TUUUQS MS3777'/--=<<8@4+5EAAQ2S77'/--==8<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777',-.NA<<\TUUUQSS3707'/--==<<\TUUUPSRS777'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777&.%%5988845K5QSS3777'/--==<<\TUUUQSS3777'/-_S777'/--==< M<\TUIB#212!=!,+*-==<<\TLUUQSS3777!-(%X($TL4ULUQSS3717'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSC3777'/--==<B@<\TUUUQSS3777'/--=N7;MV[=JU:U:LR(!BQ8J50->N7;MVC=6U:[*L M6($BPXJ5*JRN7;MV[=HU:]=8L2H5J(N>+GL"!0K$ZMJU:]>N7;MV[=JU:ZQ8 ML3+%BA4K5M?_6+$*%*A+H"Z!6+&Z=NW:M6O7KEUC%2C0'BY[ @42Q.K:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NWW:M6O7KEV[-NO:M5FL G4)9"50H$"L M6%V[=NW:M6O7KEV[=FV5(%:L6*&[=FU6H$!7 @7:K:M6O7KEV[=NW:M6O77'/--==PT@HK@I2"B"FLM#++-==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS2S5,,,,,\P\0\TU723PP .M M2,.,-,Q((PTSTEQSS3762".----,0PTUSE13S3/67&,---=88XTULE13C3/4 M4#/--,U((XTTTC CC33-,",-,\RHN7;MV[=JU:]>N7;LVZ]JU:]>N7;O&RDHW*S*L6+%R[=JU M6=>N7;MV[=JU:[.N7;MV[=JU:Z5D6+%BQN7;MV[=JU:]=86;%B!8H5 M*U9D6'DBP\H>0*VN7;MV[9JU:ZVL6)%AQ4JK:ZRL6+%BQ4H5&5:L[.D2[=HA M4U:L6+$B XH5&58"L;IV[=JL:]>N7;MF[5HT5JP 69%AQ8H5&55D6)%A_R70 MM6O7KEV[=NW:-4"!K%BQ8H45(BLLK%B18<6*C"I0K""Z=NW:M6O7 EF1846& M%2LRK%BQ8L6*%1E/K%R[=NW:M6C7KEV[=@T=NFO7KEV[=NW:-5.(N@3J$HB5 MM6O7KET3S3777'/--8%T$4@7@;!RS3767'/--==P8H45 M5LA@A0Q66,&"%5988447UP#DVK5KUZZQNL;*B@PK4+AN7;MF[=JU5M>NS6+%J@L4*U9D0+'" MPHH5*U8"7;MV[=JU:]>N7;L2R H+*U98L6)AQ0H+*S*@6+$BPTJ@:]>N7;MV MS90,*U"LR+!B!8H,*U:LR( BP\JU:]>N7;MV[=JU:]?0H4-W[=JU:]>N74-4 M*E @05VN7;MVS=JU:]:N7;MV35"@0(("M;IV[=JU:]>N76,5*%"@0($"=0D4 M*% @0=9:H;MV[MJU:]>NS3+5)5"@0%T"!>H2J(L@5M>N7;MV[=JU:]>NL0H4 MJ$N@0(&Z! H4*) @6=>N7;MV[=HU:(&Z! HDB-6U:__7KEF[=LTUUUS#"BM= M!!)((+-<<\TUU\P22""!"'+--:P@$D@@@0C212"!('+--==<<\TUK 022!>! M=!%((%T$$H@@A[1RS3777'/--==N M7;O62E:@0%X"=0D4*%"@0%T"!0K4BM6U:]>N76L5*%"@0(<$7;MV[=JU:]>N M7;N&R%2@0($"0;MV[=JU:X$"!0IT;9:@0($"!0H4*% @5M&N79,E*%"@+H$" M!0H4*%"@0%T"!0K$ZMJU:]>N76O5)5"@0($"!0H4J$N@0($$!6)U[=JU:]>N M76L5*%"@+H$"!0K4)5"@+H&BL;IV[=HUUUQSS3777',-.NB@@PXZZ*!SS377 M7'/--==<<\TUUSC###/,H%+-,]?,\, #"; BC33,2,.,--(T<\TUUU3#C#33 M-#/---104TTUU51C33766&,---7_5%---P8H45 M,E@A@Q56R&"%%3) 88455K# RC6M7'/--==<!!(((0 2M$M0E4!=6 MUZY=NW;MVK56@01U"10HD"!$IA %"A0H4)= @@+-NG;MVC56@0)U"21HU;5K MUZY=NW;-VK59K! %ZA(HT*QKT:Y=N]8E4"!!@@(%ZB(H$*) @0(=NG;M6JM M70)U"10H4"!!JP0=$A0H4)= UZY=NW:-%:M @0)Y"=1%4"!$@0)U"12H2Q=! MK*Y=NW8MVK5 70)U"10($:M AP(%"A3HVJQKUZY=NW;MVK5KUZY=0X<.'3IT MUZY=NW;MVK5KUZ[-NE:-&;-FS)Q1NY;_8T:"![.826,F31HS:=*N7;MF31HS M:=*F3:/FC!JU9]6J0:MFS5JU:L^H5:-&;=HT9M.D,9,F#94T9M*826/&K-FU M:]>L29,F;1HS:7AAA1566"&#%3)8804KUUS#RA567"&# M%3) 88455UAAA1566&'%-==<<\TUUEQSS3777'/-->=<<\TUUUQSS?\U@B 2 MB""!!-+*-==<<\TUUUQSS36!"!)((%T$8LHUUUQSS36L=!%((%T$@@@KUUQS MS3777#,+*X$$TD4@K%PSRS77L,)*%X$$$D@@K5QSS36RL,**(*Q<<\TULUQS MS36!!!)(((=$P\HUUUQSS370(")((%T$$D@@UUASS3777!%((($(PPDH@@032!3377'/--=?L$4@7@7012""L7'/--==<W:M6NL @4*U"50(%;7KEV[=JV5 M-4%= @4*%.C:M6O79+4*)"A0H%G7KEV[%@W_$:M AZY=BW;MVK5KUZY=NW8- M'3ITZ-"A0X?NVK5KUZY=NW;MVK5KSI@U8\:LFK-K,QXD>,!*&C-IJ:1)8^;J MVK5KU:1)8S:MV31GU*A1JU:M6K5JU:I5JU:MFC-JTZ8UFR:-F31IS*0QD]:, M&;-FS&!=NW:M&C-7S*1)8R;MVK5K#V9!7&&%%5;( (455L@02"#77'/- M-='(8(45,EAAA14R6&'%%8!8 845+%@A@Q566&&%%3)8T84>750A@Q566"&# M%5:P!!-(%*]=<<\TUB)@22"!=!"*(+-=!=!'(-=?,@ M@PXZZ*"##CKH7'/-.==<<\TUUUQSS375,,,,,\Q4X\PU.23PP .M2",-,])( MPXPTTEQSS375 $0:,VG2IDV#-8T:-6?4JE6K]JQ:-6?5J%&CUFS:M&G,I$EC M)DT:,VG,I#&3QLS9M6O7K$F3)DT:,VG,KEV[]F#&M6O6I#%KQJS9M6O7KEV[ M=NW:M6O7K,BP8D6&%2N!6+%BQ>I0ET!65EBQ D6&%2N"KLVZ=NW:M6O76+%B M%>W:K&O7KLVZ%LB*%1E6_V2P8G7MVK5KUP)!L2(#BA4K,JS,@C;KVK5KB*Y! MFW4-D14K,JQ4@=*%U;5KUV9=8\7*BA4K4&18L1;MVKEKUZY=NW;MVK5KUZY= MNW;MVK5KUUA!L2(#BA495JQ8D6'%"@LK5JQ8,87HVK5KUZY=NW8MD!495JQ8 MB3;KVK5KUZX%LL+"BA494 +-NG8MVC5KK5A9L2*#%5988<4UUUQSC2Q06!&# M%3) (8,5IP LTUUUQSS377(!)((%<$,LLUU\QR MS3777'--*ZP@$D@@@032RC777!--%X$$$D@IB%QSS3777'/--==$!!'+--==8 M$\TLUUQS32O7L'+--==<$TT@75P12""ML'+--==<<\TUUU@3S2&!="%((*RP MPC:M6O7K%V[=NT<*RM7K%B18875M6O7 MKLFP L6*%2M69EV[=LW:-5;1K+"P(J.*C$"!KEV[=BW:M4 RK,BP8L5*H&O7 MKEV[9O_%B@PK5F3LN7;MVK5KUZY=N\8*FA495JQ8"73MVK5K70)9L6(EAA56 MUZY=NW;MVK5K5@)9L6+%B@Q67'----=<N7;MV#9$5%E:LR+C&ZMJU:]<"69%AQ8J5:]>N7;MV[=JU:]>N76-U"(H, M*U8"7;N&CO^5%2M69%BQ8N7:M6O7KEV[=JU+%2M6H%AAQ>K:M6O7KEUC9<6* M%1E09.BY=NW:M596K%AA8<4*JVNSKEV[=NW:M6O7K@6"$L.*E2[7KEV[%LB* M%2LLK%B)=NW:M6O1KEV[QHH5%!E69%B!P8DH@7002""O77'/--==T M$4@7@5QSS3777'/--==<<\TUUP0B2""!L!+(-==<<\TUUUQSS3777'/--==< M<\TL@00B2""!7'/--==<<\TUUUQSS3777,.*(($$$D@7UUS#2BN!="%((-%< M<\TUUUQSS3777#/+-==<<\TUUUQSS377H(,..NB@@PXZZ*!SS3777'/--==< M<\TLUSC###/,,$/-,]?DD, ##[0B#3/2,".---*\A<<\TUUUQSS3777'/--8$(4H45 M4,@0R#777#.+%2Q888455EAQS3777'/--==N7;LVZUH@&5986+%R M[=JU:X$"R;!B18855M>N7;MVS=JU:ZQ8R;!BQ8J,*M>N7;MV[9H5*U9D6+'" MZMJU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;L6[=JU:X=,!0K4)5"70($"=0G4 M)5"@0($"!;IV[=JU:]>N76,5J$L@1->N7;MV[=JU:]>N7;MV+5"@0('_! 6Z M=HT5JT!= @5"9.W:M6O7KEV[=@W:M6O76+'J$BA0(%;7KEV[=NW:M6O7KEV[ M%BA0H"Z"T%V[UBI0H"Z!$)6Z=NW:M6O79EV[=HT5HD"!N@2*=NW:M6O7 @7J M(NC:+&C7KEV[=NW:M6O7!!T2% @1JVO7KEV[=NW:M6O7KEUSS3777'--(%T$ MTD4@UUQSS3777'/--=?,!!!+(+-?(PDH@@002R"S77'/--==< M<\TUUUQSS2S77'/--==<8(H,5 M5K!@Q36LG'/--==8P8(55LA@!2N"K,(*(JRP@H@IB+#"2B"!6"&#%598<W1A!10R6&$%*]=<<\TUUUQSS36LL&*%%2Q8 84,UUQSS3777&.%#%98 84, MU[!RS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS36"(!)(%X$$$HC_ M(($ )%"@0($"=0G4BM6L:]>NL;IV[=HU1($"!3+%BA4K5JQ8L6+%BA4K5JP" M!>H2*%"@:]=D14,4*%"70()8L;IV[=JU:]>N7;MV+1"B0(&Z!&IU[=JU:]>N MR;IV[=JU:ZRZ! JTZMJU:[("=0D4*!"B:]>N7;MV[=JU:]=8L>H2*%"@6=>N M7;MV+5"70(&L7;MV[=JU:]>N7;MV+5"@+H%:L;IF[=JU:]>N7;MV[=JU:]>N ML6*U)U @08%:L6+%BA4K5JQ8L6+%BI4@08$"!0K$ZEJT:X@"!0H4"!$K5M>N M7;MV[=JU:]>N7;MV[=JU:^C0H4.'#ATZ=.C07;MV_^W:M6O7KEV[=LT9,V;- MF%%[=BU'@@S111>!!!)(%X$$$D@@@03212"!!!)( M(%T$N7;-V[=JU:]>N7;N&#ATZ=.C0H4.'[MJU:]>N7;MV[=JU M:]>J-6/&C-DS:NAF/$CPH)4T:J,9/&3!HS:=*829,F39HT M:=.829O&3!HS:=*829/&3)HT9M.826/&C!FS9LR8.;MV[5HU9M*826,FC9FU M:-<>/+AVS1HS9LV8-;MV;=:U:]>N7;MV[9H5*S*J6)%A)="L:]>N[;%BQ8J5 M&% "7;MV[=HUUUQSS36R0&,%"U98884,5E@A@Q566"&#%3% (8,55D!QS377 M7(-.(%!8884,5E@1R#777'/--?_77'/--==<$P@+5E@A Q0R6"&#%3)88044 M,EAAA0Q6R& %%#)8(<,UUUQSS3777'/--==<<\TUUUQSS3777',-*S)4884, M5CQAQ377S'+--==<PTHH5 M5E@A@Q4R6&&%#%;(8(45,EAAA0Q66"&#%59 8845UUQS#2M60&&%#%988<4U MUUQSS3777'.-%5:P8(45,K#"RC777'/--=>P8H4,5EAAA0R 7'/--==88845 M+%AA13=66 &%#%98P8(55LA@!10R6&&%%2M8<N';)BA845*RP$7;MV[=JU:]>N6;MVS8H5&5:@R+ "Q8H5*U9D6+'" MPHH5*U9D6+%BQN7;MV[=JU:]>N7;MV[=JU:]>N(8(B@X45*S)8<!"+((==<<\TUUYQSS3777(.(*8%T$4@@K5QS_\TUUUP3 M2""!('+--==<<\TUUUQSS377M!)((($$>@@PXZZ*"##CKHH'/--==<<\TYUUQS MS36S7%,-,\TPPTPUSER3PP,)/-"*--(P(XTTS$@CS3777&,-,](P(PTSTDC# MC"O22,.,--)((PTSTD@C#3/22,.,--(P,PTSTC##C#3,,,,,,\TPPXPSUUQS M3372,",-,P"1QHS9M6O7'CRX=LT:,V;2F/\UNW;MVK5KUZY=NW8-G14H,JQ8 ML2(CT+5KUZZQLF)%AA4K5JP@NG;MVK5KUZY=,W6(A14K5F18.61JUK5KK:Y= MLV(%B@PK5J)=NW;MFB K5JS(L&+ET+5KUZY=NQ;MVK5KU[I L6)%AA4K5F18 MD0'%R@HK5JS(@"+#"@LK5ZRTNG;MVK5KUZY=NW;MVK5KUZY=NW;M&BLK5JS( ML&)EQ;5KYZY=NW;MVK5KUZY=NW;MVC5KUZX)LB(#BA4KLJ!=N]:*E14K,EA8 ML2(#B@PH,JRPJ"(#BA4K,J#(L&+%2B!KUZ[-LF+%"@LK7:QN77.-%3)8884,5EAAQ1,R6 &% M%2Q8L8(5,EC!@A4R0"$#(+-<<\TU>P1B!10R6&$%*]=<<\TUUUQSS371R *% M%3)8884,UUQSS3777&.%#%988845TP@D@@@701R#777'/--=<$TD4@@5QS MS3777'/--==<<\TUUW012!>!7'/--==<<\TUUUQSS3777'/--==!!!)( M_R"LL'+--8$<$D@@@00RRS777'/--==<<\TUUUQS#2N!!!*((-=<L!'+--==8<\TUUUQSS36FL!)(%X$$TLHUUUQSS357!!*((-=<<\TUUUQS MS3777'/--8$$$D@@LUQSS3777'/--==<<\TUUUQSS377(,)*(%T$$H@@UUQS MS3777'/--==<<\TUUUQS32O77'/--==<$\TUUUQSS36M6--*(($$$D@@@0@2 MR#777'/-->B@@PXZZ*"##CKHH(,..M=<<\TUUUQSS3777'/--=4PPPPSS#Q# MS34SS)# ZU(PXPTS$C#C#3,7'/--=4PPXPTS$C#C/\TS$@C#3/2,".--,Q( M(PTSTDPC#3/2,..*-,PP(PTSS3####/,,-,,,\PX<\TULU@C#2K22,.,-,Q8 M<\TU#SQPS36R,,-,,\PT<\TUUUQSS3777'/--==<(8,5+%@A@Q5[7'/--==< MPPHK4,A@A14R0 '('M=P M8H45,E@A0Q567'/--==<,\O_-==<<\TUU\QRS3777'/--=<((H,5,E@A0S2R M7'/--=?(8(45+%@1R#777'/--==<<\TUUUP#D&O7KEV[=NW:M6O7KEUC8<6* M#"M6K%R[=NW:M6O7K@&R(L.*#"BL6%V[=NW:M6NL9%BQPL**#$#7KEV[%DB& M%2M6 @6Z=NW:M5G7KEV[=NW:M6O79EV[=NW:-6O7 @6"8D6&%2NLKEV[=NW: MM6O7KK&R8@6*%2LQKEV[=NW:-2M6K%BQ(B/:K&O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=LW:M6O73"$*%*A+(%;7KEV[=NW:-59= GD)%&B6M6O7KEV[9BI0 MET"(_ZY=NW;-VK5KUJY=NW;MVK5KUV9=NW;M6K1KUZQ=NW;MVK5KUP(%ZA(H M4"!!UZZ50A1(4)= T*Y=NW;MVK5KUZY=NW8-4: N@0Y=NW:M5: N@0()"G3M MVC777'/-+-=<!=!'(-:Q<<\TUUUQSS3777'/--==<<\TUK+022""!=!&(-==<N79-A1885%E:N0;MV[=JU:]>N7;MV M[=JU:]>N_UV[=NW:M6O7KEV[=NV0H$!=! 5B=>W:-6O7KEUC%2A0H$"!HLVZ M=NW:M6N' @4*).C:M6O7KEV[=NW:-6O7KEV[=NW:M6O7KEV[=NW:M6O7KD&[ M9DU0ET!> @4*=.T:HE)= @4*-.O:M6O7KEV[9NW:M6O7! 4*%$C0M6O76 4* M%*A+*437KEV[=NV:M6O7KB%BU250ET#1KEV[=FU6H$"!!%V[=NW:M6O7KEV[ M=NU:H$"! K6Z=NW:M6O7KEV[=NW:M6O7KEUCQ2I0H"Z!!%V[=NW:M6O7K%V[ M9NW:M6O7K%V[9NW:M6O7KEV[=NW:M6O7K@D*%"A0%T&!7'/--?_77'/-->B@ M@PXZZ*"##CKHH'/--==<<\TUUUQSS36S7/-,,\PPPXPSU: SPP,)/-"*-,RX M(@TSTC CS3777&,-*LPPPXPTS# S#3/2,",-,](P(PTSTC C#3/2,",-,](P M(PTSKC####/-,,,,,\P8PXPSUUQSC37,-#,-,](P(\TUUUR3P /77&,-,\PT MPTPJUUPSRS777'/--==<,EAAA157 M7'/--==<<\TUUUQSS3777&/--==<<\TUUUQS32M66&$%"U988<4UUUQSS377 M7',-%]U8884,5K#"RC777'/--=>P(@,45EC!@A567'/--=>P(@,45E@A@Q77 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUP#2"!6R&"%%59 <\TUUYQSS377 M7#,+-#)8804+_U;(<,TUUUQSS3566&&%%598(4LKUUQSS3777'/--==<NL2H7*%"70*RN7;MV[5JT:]>B7;LV*U"@+H$0 M7;MV;5:@+H("(0IT[=JU:]&N7;MV[1HK4X$"!>H2[=JU:]>N!>H2"-&U:]>N M7;MV[=JU:]>N!1+4)1 B5M>L7;MV[=JL:]>N7;MV[=HU:+,"!?(2*/\0JVO7 MKEV[=NU:M&O7KEF[=NW:M6O7KEV[=NV:M6O7KEV[=NW:M4"!N@0*%&C6M6O7 MKEU#APX=.G3HT*%#APX=NFO7KEV[=NW:M6O7KE%CQHP9,VK.KN5(\. !*VG, MI#&3QDQ:JFO7KCUK)HV9-&;2F$EC)HV9-&;2I#&3)HV9-&;2F$UCQDP:,V;- MFC%CAHI9LV;,F#5S=LV:-6O2I$DC#3/2,'/--=<\,,,UUUC#3#/,,-/,-=9< M<\TUT5QSS3777'.%%59 88455@1RS3777'/--==88X4,55@A@Q566''--==< MP022""L7'/--==<<\TUUUQSS36L!!)(((&P!="&((-=<<\TUUUQSS377S"+((8$$$D@@LEQSS3777!-((($(N7;MV+5"@ M0(&Z"+IV[=JU:]>N7;LVZ]JU:]>N7;MV[=JU:]>N7;MV[9JU:]=F74,D*%"@ M+H%87;MV[1HZ=.C0H4.'#ATZ=.C07;MV[=JU:]>L7;MV[=HS9LR8-7-6#=V, M!PD>M)+&3)HT9M*82;MV[5HU9LR8,6O&3!HS:N7:LFS14S:N66/&C!FS M9M>N7;MV;=:U:]>N7;,BPXH5&598!+IV[=JU:]?_HET+9(6%%2LRK%A!=.W: MM6M7K,BP(L-*H%G7KEV[=NU:*RM69%B1806*K&O7KJ$+9$6&%2LRK 2Z=NW: MM6O7KEV#=LTUUUP!114L6&&%%8+(P H4,5EC!@A56L,(**ZRPP@HKK+#""BNL ML,(**XA<<\TYU[ B@Q4L6&$%*ZQ<<\TUUUQCA0Q66&&%%7H@!=!&((-=<<\TUUUQSS3777'.-+-=<<\TUK 2R1Q>!!#(+ M*[-<<\TUUUQSS3777-.*-==<<\TUU\QRS377S'+--==<<\TUUUP32"!=!!)( M(-=<<\TUZ*"##CKHH(,..NB@@PXZZ*!SS3777'/.-==<<\TUUSC#3#/,,$.- M,]?,\, #"; BC33,2",-,]), Q!KUZ[%8L:,&3-IS)@QD\:,F31FTIA)8R:- MF;1FTIA)8\:,&3-FS)@Q2\6,62IFS)@=B/9AQ M[9HU9LV8,6MV[=HU:]>N7;-V[=HU*U:LR+#RQ$J@:]>NS;IF;=:U0$]D6(%B MQ0J+5=>N7;MFQ8H5*U:L!(IV[1HZ=->NL;)BQ8H5*%9D1+MV[=JU0%:L6)%A MQ4J@:]>N7;LVZ]JU6=>N7>-B1885&4]DE&IU[=JU:]>N7;N&R(H55M>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU0%:LL+!BQ8H55JQ8L6+%BA4K5JQ8L6+% MBA6K:]>N70MDA445*S)8L;IV[=HU:%:LR+!BQNH4-W[=HUU[2RBB!< M7'/--==<<\TUK%AA!0M6R*#'_Q777'/--==<<\TU>LA@!10R6,$**]=<<\TU MUUS#BA4R6&&%%58$TR!R#77H'/--==<<\TUUUQSS3777',-*X%T$4@7@;#"RC777'/- M-==<<\TUUUS3RC777'/--==<B@@PXZZ*"##CKHH(,..M=<<\TUUUQS33377'/--=4PPPPSS#Q#S34Y/)# M [,P(PTSTS CC32H7'/--=9,TTPSJ###C#3-,#,-,](P(PW_,\Q(PXPTS$C# M##/,,,,,,\TPPPPSS#!C3#/,,,,,*LRLN7;N&R(J5%3*LQ+!BQ8J5*X&L M7+%B1885*ZRN7;MV[=JU:S*L6+$"A8N5:]>N7;MV[=JU+E"LR+!BA16K:]>N M7;MVC144*S*LR(#"Y=JU:]>NM9(%1885&5986+%B94^70%:L6+%BIN M7;MV[5J@+E:L0)$!1=:U:]>N7;MV[9JU5E988845,D!QS3777'/--8+(8(45 M,D 1@Q567,'%'E9T<@<\TUUUQSS3777%,*(H$$$D@@ MK%QSS3777'.--==<,\LUJW012!>!"'+--=9!L#++-==<<\TU MUUS#2B"!L/]RS3777'/--=<$$@@KK,ARS3777"-(%X%T$4@@@B@@PXZZ*"#SC777'/--==<<\TUU\QRC3/,,,,,,]0\<\T,#R3_\ KTC C M#3/2,"/---98$\TUT%SC3#/,,,,,,](TPPPSS3 C#3/,,,,,,\PPPTPSS### M##/,-,-,,\PPPXPQS*323#767'/--=6D(HTTS4C#C#377'.- S-<PPHH55EAA MA0Q06'&%-=<$P@H+5EAAA14L6&&%%5:P (455EAAA0Q06&%%(-=<<\TUAUAA MA1566&&%(-=<<\TUUUQSS3777 /--=>PPHH5,D!AA156R&"%%2Q8884,5E@A M Q0QL'+--==<<\TUUUQSS3777'/--==<_W/--==<@\XUK,A@!10 D6'%BA49 M4*S(@"+#BA4K+*S(L +%BA56UZY=0V3%BA465JQ8884.W;5KUP(%LF)%AA46 M,JS(L&)%AA4K5J#(L&+EVK5KUZY=:V7%B@PK5JQHB*% @08%8"1*$*%"@ M+H$$7;MV[=HU5JP"=1%(%X$((@@B@0022""!!,(**]=<<\TLU[ 22"!=!!)( M(((@PHHI@7012!>!=!%((-=<<\TUUUS#2BN!!-)%(%T$$@@B@2 22"!=!!*( M(($(TD4@UUQSS3777--%(%T("=!%( M%X((PHH@K 022"!=!'+--==<$PTK@@3212"!=!&((($(@D@@@@022!>!"'+- M-==$,E@A Q0R0!'(-==<<\TUUUQSS3777&.*#%!8(8,55<@0 MR#77L&*%%5!8(8,55L@ A0Q66"&#%8$$8H455EAA!2O77(-.(#)8884,5L@0 MR#777'/--==<<\TUUUQSS36S7,.*%5;(8(4,_U#(8(45,E@!A0Q66"&#%:Q< M<\TUUUQSS3777'/--==<<\TUUUQSS377L'(-*U!8(8,55L@ A156Q&"%%5;( M8(4,5EAAA0Q6R& %*^A<P8H455LA@A0R .3:M6O7KEV[QLJ*%2LLK%B1 <6* M#"LRK$"Q(L-*H$#7KEV[=NU:H$ RK%B18875M6O7KEF[=NV:M596K%BQ(L/* MM6O7KEV[=BV0%2M6K/_(L&)%QA,K5O1PP8H4,5LA@A0Q0R&"%%3)8884,5LA@A14R6"&#%3*P MIF#%CQHP9,V;,F#%CQHS9,6;,F#%C=HP9,V;-GEF[=FW6M6K4 M7#&3QDR:-&G,I#&3=NW:M00SKEV#QHP9,V;-KEV[=NW:M6O7_ZY=N\:*%2M6 MK%BQ8G7MVK5KUZY=NW;MVK5KL[#""B*LL,(**ZQ<<\TUU[#"2B"!7,%%((&T MPLHUUUQS#2M7!!*((-=<<\TUK+#""BNLL,(**]=<<\TUUUQSS3777'/--==< M<\TLUUQS#2*!!'(%(%<$$D@@K+1RS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS36LL,(**ZRPP@HKK+#""BNLL,(**ZRPP@HKK+#""BO77'/--=>P MTD4@5P3""BO77'/--==<<\TUUUS#2BNK!-+%'EWH$4@@@;#2BBS77'/--==< M<\TUU[#""BNLL,(**]=<<\TUUUQSS?\UK+#""BNLL-**-==<<\TUUUQS#2NL ML,(**ZRPA<TN7;MV[=JU:]>N77O6S!@S9L^H7N7;MF[5JS5,R:,3O&C!DS9LR8,6/&S%@S8\R:_S%[=NW: MM6O7JCF3)HV9M&G,I*%B)HV9-&?69EU[,./:M6JIF#%CI@K:-6O7KEV[=@T= MNG/7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEUSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS3777/]SS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUS_<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777',-.NB@@PXZ MZ*"##CK77'/--==<<\TUUUQSC3/,,-,,*LZH@@X-#R3P "+76'.-,])(_\-, M*M(P(PTSTD@C#3/44'/--==<N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[?_:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=LTUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS37_UUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS#CKHH(,..NB@<\TU M_]=<<\TUUUASS36R7/,,,\PPPTPUSEQSQ0,)/(#(-==80\TKS$C#C#322,., M--(PXPHUU%QSS3777/-,,\XPTXPQS!S#3#/-&,,,,\R@TLPST5ASS3767!,+ M-=)(PXPKTC C#3/2-#--,]988\TUUUSSP S77!---=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==< Y!KUZY=NW;MVK5KUZY=NW;MVK5KUZY=NW;MVO^U:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]?_KEV[=NW:-==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQS_\TUUUQSS3777'/--==<<\TUUUQSS377H(,..NB@@PXZZ*!SS3777'/- M-=?,N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]=<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS377_UQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/- M-==<<\TUUUQSS3777'/--==<<\TUUZ"##CKHH(,..M=<<\TUUUQSS3777'/- M-<^@T@PSS:CBC#6ST### RP\\, 5K5QSC375-#,-*M(P,PTSTC C#3/24$.- M-==<<\TUUE3S3#/,,,,,,\U TTTUUQS33353#.--,TP(XTTS$@S#3/,-&.- M-;-N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N77/- M-==<<\TUUUQSS3777',-.NB@@PXZZ*"##CKHH(/.-==<<\TUUT1SS3/,,',, M,\PP\\PULUR#R ,/)/# #%YX,S'+--=0T(XTT MS$B#BC322",-,](T0PTUS4@C#3/2,",-*M)(@\HTU#QSC2RM5/# PD\D$ 7 M7LQRC3714,,,,\PPXXPUU\PB0P(.//! @ZT,,LUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TU +EV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV M[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=K_M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[ M=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEUSS3777'/--==< M<\TUUUQSS3777'/--==<<\TUUUQSS377_UQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUU_]<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUR##CKHH(,..NB@@PXZYUQSS3777'/--==<<\TU MUS333#/,,,,,,\TTTXPUUEQS32(S/)# P\D\$ 7LUQSC3/32".--,Q(PXPT MTC CC33-4./,--(P(PTSTC CC332,-/,--9N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N_UV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7 MKEV[=NW:M6O7KEV[=NW:M6O7KEV[=LTUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS377 M7'/--==<<\TUUUQSS?\UUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/-->B@@PXZZ*"##CKHH(/.->A<<\TUUUQSS3777'/.-=9<\PPS MJ##3##.I,--,-;-8N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU M:]>N7;MV[=JU:]>N7;MV[?_:M6O7KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW: MM6O7KEV[=NW:-==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUUQSS37HH(,..NB@@PXZZ*"#SC777'/--==<<\TUUUQSS36S7&.-,\XPPPPS MS*#"##/-5'/--=<@T@4""#SPP PSL&+--==4TXPTS$@CC33,2".--,Q((PTS MTC S#2K4.&/--;/,@L@#"3R0P R"(#++-=9<0PTSS33###/---/,,]=<<\TU ML[3_@H@@L[1RS3777'/--=>@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@_X,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,.0-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'?\Z=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.' M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.' M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.' M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.' M#ATZ=.C0H4.'#ATZ=.C0H;MV[=JU:]>N7;MV[=RU:]>N7;L&K1DS9LPPPPPS MS#1CC3777(-((C,D\$ "#GC1RC776/,,-)'C@P,NL6=>L4:,FC9DT9M*D,9/63)HT:N59O&#%4S9LR8,6O&#-JU:]>N6;MV+=JL:]>N M7;MV#1TZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H8,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"#_PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@_\..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH 0=.G3H MT*%#APX=.G3HT*'_0X<.'3ITZ-"A0X<.'3ITZ-"A0W?MVK5KUZY=NW;MVK5K MUZ[-NG8-6K-FS)@U2\6L&3-FSJY=NW9-T(,'"68\>"!HUC5KUIQ):\9L&C-I MS)@U>U7MVK59LG0D>/"@Q0,O7JQ=LU:M&3-FS)@Q0\4L%35HUJQ=LV;MVK5K MUZY=NW9-UK5KU\ZA0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<._QTZ M=.C0H4.'#ATZ=.C0H4.'#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ/^@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NC_H(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*!SSC777'/--==<<\TUUUQSS377 M7'/--=9<8\TSS3##C#3,,-/,-*A0XXPUUR""R ,)*$!# C,@@L@UUUAC#36H M2,,,,]5<8\TUK&#A0 (S/)! CH@8LTUUC0#$&:HI#%CQHP9,VK.K$6[=NW: MM6O79EV[=NW:M6O7KEV[A@X=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX= M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX= M_SITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3KHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##O\ZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@P[_.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@<\TUUUQSS3777'/--==<<\TUUEQSS36S M7'.--@_X,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ M $&'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H?]#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*&##CK_Z*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@\XUUUQSS3777'/--==<<\TUUUQSS2S77'.--;-<<\TUT#C###/, M,",-,Z@T4XTSUUR#""LS/)# P\DT(47K5QSS377(#(##0D\\( ##W0QRRS7 M6/.,-,TPPPPS_\PPT\PSU$1SS3777'/--==<<\TUUUQSS3777'/--==<<\TU MUYR##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..O_HH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..N@ !!TZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#AW_.G3HT*%#APX=.G3HT*%#APX= M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX= M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX= M.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX= M.G3HT*%#APXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH M7'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--=<\4XTSS#####/, M2-.,,]9<$XTU7CPP_P,"#SR0P .(7',-(@D\\$ "#]# 2BNS6%---N7;MV[=JU:]>N_UV[=NW:M6O7KEV[=NW:M6O7KEV[=NU9M6;,F#%C MQLR5,VK59EUKU2K'@P0.6CR8(2/!@P0/9B"Z=NT:-&?,F#&;QHQ9,]148\TU MUUQSS3777'/--==<<\TUUUQSS377H(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ/^@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NC_H(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,.0-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A M0X<.'3ITZ-"A0X<.'3ITZ-"A_T.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0 MH4.'#ATZ=.C07;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:-:L M/9.6BADJ9LR8-8/E[-HU1+-H/$CP(,&#&3(>.'B0((>@6=>N6:/&3!HS9LR8 MH6H&K1JT:]>N7;-V[=JU:]>N7;MV[=HU=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0 MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0 MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.B@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##O\ZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@P[_.NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,._SKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(/.-==<<\TUUUQSS3777'/--==<<\TUUUQSS34 N7;MVC5K MLZY=FW7MVC5HUIPU8\:,&3-FS:99NW;M&J(9,R @>/#@08(N75A=N^:,6K-F MS)HQ8]:LV3-KUZY=NV;MVK5KUZY=NW;MVK5KUZZA0X<.'3ITZ-"A0X<.'3IT MZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3IT MZ-"A0X<.'?\Z=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ M=.C0H4.'#ATZ=.C0H8,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*#_@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@_X,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ%QSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3767'/--==< M,XLUUT1C33/-,-,,,\R@PDPSS3QSS2S7(#+# PG,,,LUUUA##2K,,,,,,Z@P MTTPSU3QSS3777#/+-=?,@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH/^##CKHH(,..NB@@PXZZ $'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<. M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-#_H4.' M#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.' M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ_^B@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@ M@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..M=< M<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUEQSC3776'/--=9< M XTUS3####/,-,,,,\TX XTUU\R"""+77//,,ZDPTPPSS3####/,P!+--==< M<\TUUEQS33377'/--?_77'/--==<IFJ%B MQLP8LV;,F!ECQHP9JE3.KEV[=NW:M6O7KEV[=NW:M6O7KEV[=NW:M6O7T*%# MAPX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APXZZ*"##CKH MH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKH MH(,..NB@@PXZZ*#_@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@_X,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH/^##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH ,0=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H;MV[=JU:]>N M7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N7;MV[=JU:]>N M7;MV[=HS9LR8&6MFC%DS8\R:-8-V[=JU:]?074.'#ATZ=.C0H4.'#ATZ=.C0 MH4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0H4.'#ATZ=.C0 MH4.'#ATZ=.C0H4.'#AW_.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.G3H MT*%#APX=.G3HT*%#APX=.G3HT*%#APX=.NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ MZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZ M_^B@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,. M.NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..O_HH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"# M#CKHH(,..NB@@PXZZ*"##CKHH(,..NB@@PXZZ*"##CKHH'/--==<<\TUUUQS MS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQSS3777'/--==<<\TUUUQS MS3777'/-- EX-101.INS 8 ree-20150630.xml 0001419806 2015-01-01 2015-06-30 0001419806 2015-08-06 0001419806 2015-06-30 0001419806 2014-12-31 0001419806 2014-01-01 2014-06-30 0001419806 2013-12-31 0001419806 2014-06-30 0001419806 REE:Level1Member 2015-06-30 0001419806 REE:Level2Member 2015-06-30 0001419806 REE:Level1Member 2014-12-31 0001419806 REE:Level2Member 2014-12-31 0001419806 us-gaap:ComputerEquipmentMember 2015-06-30 0001419806 us-gaap:FurnitureAndFixturesMember 2015-06-30 0001419806 us-gaap:EquipmentMember 2015-06-30 0001419806 us-gaap:VehiclesMember 2015-06-30 0001419806 us-gaap:ComputerEquipmentMember 2014-12-31 0001419806 us-gaap:FurnitureAndFixturesMember 2014-12-31 0001419806 us-gaap:EquipmentMember 2014-12-31 0001419806 us-gaap:VehiclesMember 2014-12-31 0001419806 REE:FixedStockOptionsPlanMember 2015-06-30 0001419806 REE:RollingStockOptionsPlanMember 2015-06-30 0001419806 2015-04-01 2015-06-30 0001419806 2014-04-01 2014-06-30 0001419806 us-gaap:MinimumMember 2014-01-01 2014-06-30 0001419806 us-gaap:MaximumMember 2014-01-01 2014-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure Rare Element Resources Ltd 0001419806 10-Q 2015-06-30 false --12-31 No No Yes Accelerated Filer Q2 2015 52940838 269000 344000 12000 38000 132000 87000 21000 47000 169000 107000 0.00 0.00 0 0 52940838 47707216 1001000 1009000 186000 106000 488000 221000 189000 111000 488000 221000 732000 665000 174000 68000 356000 134000 168000 64000 319000 114000 8581000 10481000 146000 315000 16000 21000 23000 6000 8396000 10139000 23902000 16076000 8396000 0 10139000 0 9857000 11832000 27000 27000 980000 980000 662000 1262000 164000 164000 498000 1098000 864000 1464000 202000 202000 9857000 11832000 8993000 10368000 -118042000 -113470000 23397000 23186000 103638000 100652000 -4572000 -7491000 -2097000 -3060000 -251000 18000 51000 228000 0 116000 0 9000 -269000 -149000 42000 197000 18000 51000 9000 22000 -4572000 -7491000 -2097000 -3060000 -0.09 -0.16 -0.04 -0.06 49499523 47705891 51272134 47707216 0 0 0 0 0 0 0 0 121000 318000 0 103000 0 -14000 0 17000 Rare Element Resources Ltd. (collectively, we, Rare Element or the Company) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999.   We are focused on advancing the Bear Lodge Rare Earth Element (REE) Project located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The Bear Lodge REE Project is one of the highest grade REE deposits identified in North America and one of the highest grade europium deposits in the world. In addition, the Bear Lodge REE Project has a favorable distribution of the remaining critical rare earth elements (CREEs), which the Company defines as neodymium, praseodymium, dysprosium, europium, terbium and yttrium. At present, we are undertaking process confirmation, elemental separation test work, and technical studies while working toward obtaining the necessary permits and licenses to enable us to develop the Bear Lodge REE Project. Based on review of current permitting timetables and other factors, the Company anticipates receiving its permits in the second half of 2016. The Company is working in parallel (with permitting activities) to advance engineering in preparation for the feasibility study, to gain strategic partners and off-take customers, to design and engineer a commercial-scale demonstration plant and to scale up its RE separation test work in pilot plant testing. Subject to the (i) availability of adequate capital, (ii) a positive FS, (iii) securing off-take customers, (iv) obtaining necessary permits, (v) board approval, and (vi) other factors, the Company will be able to begin construction activities on the Project.   Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the development, mining and processing of economic mineral reserves at the Bear Lodge REE Project, our ability to obtain the necessary permits and licenses to mine and process these mineral reserves, and on the future profitable production of these mineral reserves. In addition, development and start-up of the Bear Lodge REE Project are dependent upon our ability to obtain the necessary financing to construct and complete the Bear Lodge REE Project. Although we have been successful in raising capital in the past, there can be no assurance that we will be able to do so in the future.   In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2014, which were included in our Annual Report on Form 10-K for the period ended December 31, 2014. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of June 30, 2015, and the results of our operations and cash flows for the six months ended June 30, 2015 and 2014 in conformity with U.S. GAAP. Interim results of operations for the six months ended June 30, 2015 may not be indicative of results that will be realized for the full year ending December 31, 2015.   Recent Accounting Pronouncements   In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 is intended to define managements responsibility to evaluate whether there is substantial doubt about an organizations ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact that adoption of ASU 2014-15 will have on our financial statements and related disclosures.   In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (ASC) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities under U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity. This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entitys financial statements have not yet been issued. The Company made the election to early adopt this amendment effective December 31, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for the Company. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any impact on the Companys financial position or results of operations for the current or any prior reporting period.   Our financial instruments can consist of cash and cash equivalents, marketable securities, accounts receivable, restricted cash, accounts payable and accrued liabilities. Included, at times, within cash and cash equivalents is an enhanced yield deposit account that contains an embedded derivative in the form of a foreign currency option. As of June 30, 2015, the Company had no such deposits. U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">·</td><td style="text-align: justify; padding-right: 0.2pt">Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">·</td><td style="text-align: justify; padding-right: 0.2pt">Level 2 Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data, by correlation or by other means.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">·</td><td style="text-align: justify; padding-right: 0.2pt">Level 3 Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.</td></tr></table>   The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits.   The following table presents information about financial instruments recognized at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, and indicates the fair value hierarchy:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2014</td></tr> <tr style="background-color: white"> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2 </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2 </td> <td style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Assets </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Cash and cash equivalents</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    8,396</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,396</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  10,139</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 10,139</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">  Total financial assets</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    8,396</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,396</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  10,139</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 10,139</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Liabilities </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Accounts payable and accrued liabilities</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$       498</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      498</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    1,098</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt">$         -</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   1,098</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Asset retirement obligation</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt">366</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 16pt">366</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">  Total financial assets and liabilities</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,894</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      366</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   9,260</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  11,237</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    366</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 11,603</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> June 30, 2015 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> December 31, 2014 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Cost </td> <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Accumulated Depreciation </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Net Book Value </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Cost </td> <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Accumulated Depreciation </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Net Book Value </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Computer equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           186</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             174</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           12</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          189</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             168</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           21</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Furniture</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">106</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">111</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Geological equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">488</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">356</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">132</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">488</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">319</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">169</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Vehicles</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">221</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">87</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">221</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">114</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">107</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$         1,001</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             732</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           269</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$        1,009</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$            665</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           344</td></tr> </table> Common Shares   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td nowrap="nowrap" style="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Shares Issued</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Common Shares ($000s)</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">As of December 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47,707,216</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$              100,652</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">April 29, 2015 registered direct offering</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,230,770</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,985</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercise of stock options - fair value</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,852</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Issued during the six-months ended June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,233,622</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,986</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">As of June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">52,940,838</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              103,638</td></tr> </table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"></td><td style="text-align: justify">On April 29, 2015, the Company closed its $3,400 offering of common shares and warrants in a registered direct offering in the United States resulting in net proceeds of $3,076 after expenses. The Company sold an aggregate of 5,230,770 common shares and 2,615,385 warrants at a price of $0.65 per unit.</td></tr></table>   Warrants   Each outstanding warrant is exercisable for one of the Companys common shares and was issued to investors in connection with registered direct offerings of the Company that closed on September 27, 2013 and April 29, 2015. In addition, the Company issued warrants to a placement agent in connection with each offering, under the same terms as those issued to investors. The exercise price and exercise period are outlined below:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 36%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Financing</td> <td style="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investor Warrants</td> <td style="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Placement Agent Warrants</td> <td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total Warrants</td> <td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Exercise Price</td> <td style="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">September 27, 2013 offering</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,338,688</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">133,869</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,472,557</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$4.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9/27/16</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">April 29, 2015 offering</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,615,385</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">261,539</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,876,924</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$0.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4/29/18</td></tr> <tr> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Warrants Outstanding as of June 30, 2015</td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,349,481</td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table>   The value of the warrants issued to the placement agent (non-employee) for its services in connection with the April 29, 2015 offering was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Companys stock of $0.72, an exercise price of $0.85, a 3.0-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91. Stock-based compensation   We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (FSOP) and the 10% Rolling Stock Option Plan (RSOP).   The FSOP was originally approved by shareholders on December 11, 2002, and subsequently approved by shareholders on December 7, 2009 following certain amendments to the FSOP. The FSOP expired upon the adoption of the RSOP that was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. As of June 30, 2015, we had 1,290,000 options outstanding under our FSOP, as amended, and 3,298,900 options outstanding under our RSOP.   The fair value of each employee stock option award is estimated at the grant date using a Black-Scholes option pricing model and the price of our common shares on the date of grant. The significant assumptions used to estimate the fair value of stock options awarded during the six-months ended June 30, 2015 and 2014, using a Black-Scholes model are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 30,</td></tr> <tr style="background-color: white"> <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2015</td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2014</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Risk-free interest rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.0% - 1.1%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.93% - 0.99%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">73.4% - 79.7%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">74.7% - 79.1%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected dividend yield</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Nil</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Nil</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected term in years</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.4</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.25 3.28</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Estimated forfeiture rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.4% - 3.6%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.7%</td></tr> </table>   The compensation expense recognized in our consolidated financial statements for the three and six months ended June 30, 2015 for stock option awards was $48 and $121, respectively, and $130 and $318 for the same periods in 2014. As of June 30, 2015, there was $199 of total unrecognized compensation cost related to 995,200 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of 0.86 years.   The following table summarizes our stock option activity for each of the six-month periods ended June 30, 2015 and 2014:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2014</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Stock Options</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Stock Options</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Outstanding, beginning of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,345,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.16</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,700,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.51</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Granted</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">999,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.45</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">275,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.28</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Cancelled/expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(749,600)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(280,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.74</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> (6,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 0.32</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> (150,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 0.52</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Outstanding, end of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,588,900</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      4.25</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,545,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.31</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercisable, end of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,593,700</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.28</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,852,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      6.01</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted-average fair value per share of options granted during period</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.24                </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.65                </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table> Our commitments and contingencies include the following items:   Potential environmental contingency   Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive over time. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain. <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> June 30, 2015 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> December 31, 2014 </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Cost </td> <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Accumulated Depreciation </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Net Book Value </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Cost </td> <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Accumulated Depreciation </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> Net Book Value </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Computer equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           186</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             174</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           12</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          189</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             168</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           21</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Furniture</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">106</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">111</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Geological equipment</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">488</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">356</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">132</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">488</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">319</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">169</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Vehicles</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">221</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">87</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">221</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">114</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">107</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$         1,001</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             732</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           269</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$        1,009</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$            665</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           344</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: white"> <td nowrap="nowrap" style="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Shares Issued</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Common Shares ($000s)</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">As of December 31, 2014</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47,707,216</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$              100,652</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">April 29, 2015 registered direct offering</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,230,770</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,985</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercise of stock options - fair value</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,852</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Issued during the six-months ended June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,233,622</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,986</td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">As of June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">52,940,838</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$              103,638</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 30,</td></tr> <tr style="background-color: white"> <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2015</td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2014</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Risk-free interest rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.0% - 1.1%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.93% - 0.99%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected volatility</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">73.4% - 79.7%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">74.7% - 79.1%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected dividend yield</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Nil</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Nil</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Expected term in years</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.4</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.25 3.28</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Estimated forfeiture rate</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.4% - 3.6%</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.7%</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2014</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Stock Options</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Number of Stock Options</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Weighted Average Exercise Price </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Outstanding, beginning of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,345,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.16</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,700,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.51</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Granted</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">999,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.45</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">275,000</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.28</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Cancelled/expired</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(749,600)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.16</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(280,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.74</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercised</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> (6,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 0.32</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> (150,000)</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 0.52</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Outstanding, end of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,588,900</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      4.25</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,545,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.31</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt">Exercisable, end of period</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,593,700</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      5.28</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,852,500</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      6.01</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 1in"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted-average fair value per share of options granted during period</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.24                </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                0.65                </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table> 8396000 10139000 8396000 0 10139000 0 366000 366000 0 366000 0 366000 498000 1098000 498000 0 1098000 0 9260000 11603000 8894000 366000 11237000 366000 -6000 -150000 -749600 -280000 999000 275000 4588900 4345500 4700500 4545500 1290000 3298900 3593700 3852500 0.32 0.52 3.16 6.74 0.45 1.28 4.25 5.16 5.51 5.31 5.28 6.01 0.24 0.65 -600000 -703000 -169000 -116000 17000 -4000 -5000 -2000 -4819000 -7751000 0 -33000 2000 0 2000 33000 3076000 -42000 3076000 -42000 -1743000 -7826000 .01 .0093 .011 .0099 .734 .747 .797 .791 0.00 0.00 <table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 36%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Financing</td> <td style="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investor Warrants</td> <td style="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Placement Agent Warrants</td> <td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total Warrants</td> <td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Exercise Price</td> <td style="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expiration Date</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">September 27, 2013 offering</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,338,688</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">133,869</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,472,557</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$4.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9/27/16</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">April 29, 2015 offering</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,615,385</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">261,539</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,876,924</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$0.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4/29/18</td></tr> <tr> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Warrants Outstanding as of June 30, 2015</td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,349,481</td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table> 2317000 4859000 1199000 2038000 1929000 2547000 919000 1199000 75000 103000 30000 51000 4321000 7509000 2148000 3288000 52940838 47707216 2986000 5233622 1000 2852 995200 P10M10D <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">June 30, 2015</td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2014</td></tr> <tr style="background-color: white"> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2 </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2 </td> <td style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Total</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Assets </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Cash and cash equivalents</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    8,396</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,396</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  10,139</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 10,139</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">  Total financial assets</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    8,396</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,396</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  10,139</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$          -</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 10,139</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Liabilities </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Accounts payable and accrued liabilities</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$       498</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$           -</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      498</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    1,098</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt">$         -</td> <td style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   1,098</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Asset retirement obligation</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt">366</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt">366</td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt">  Total financial assets and liabilities</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   8,894</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$      366</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$   9,260</td> <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  11,237</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    366</td> <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 11,603</td></tr> </table> 3.4% - 3.6% 3.7% P3Y4M22D P3Y3M P3Y3M11D 0 0 0 0 121000 318000 48000 130000 199000 unlimited shares authorized EX-101.SCH 9 ree-20150630.xsd 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - 1. NATURE OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - 2. BASIS OF PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 4. EQUIPMENT link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 5. SHAREHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 6. ADDITIONAL PAID IN CAPITAL link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 4. EQUIPMENT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - 5. SHAREHOLDERS' EQUITY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Tables) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - 4. EQUIPMENT (Details) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - 5. SHAREHOLDERS' EQUITY (Details) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Details) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - 6. ADDITIONAL PAID IN CAPITAL (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 ree-20150630_cal.xml EX-101.DEF 11 ree-20150630_def.xml EX-101.LAB 12 ree-20150630_lab.xml Level 1 Financial Instruments Owned and Pledged as Collateral by Type [Axis] Level 2 Computer equipment Property, Plant and Equipment, Type [Axis] Furniture Geological equipment Vehicles FSOP Plan Name [Axis] RSOP Subsequent Event Subsequent Event Type [Axis] Minimum Range [Axis] Maximum Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash and cash equivalents Interest receivable Accounts receivable Prepaid expenses Total Current Assets Equipment, net Land Mineral properties Total assets LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities Asset retirement obligation, current portion Total Current Liabilities Asset retirement obligation, non-current portion Total liabilities Commitments and contingencies SHAREHOLDERS' EQUITY: Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216 Additional paid in capital Accumulated deficit Total Shareholders' Equity Total Liabilities and Shareholders' Equity Common Stock, Par Value Common Stock, Shares Authorized Common Stock, Shares Issued Common Stock, Shares Outstanding Income Statement [Abstract] Operating income (expenses): Exploration and evaluation Corporate administration Depreciation Total operating expenses Non-operating income (expenses): Interest income Gain/(loss) on currency translation Gain/(loss) on derivatives Total non-operating income (expense) Net loss Other comprehensive loss Realized loss on available-for-sale securities Unrealized (gain)/loss on available-for-sale securities Total other comprehensive income/(loss) COMPREHENSIVE LOSS LOSS PER SHARE - BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net loss for the period Adjustments to reconcile net loss for the period to net cash and cash equivalents used in operating activities: Depreciation Asset retirement obligation Realized gain on derivatives Unrealized (gain)/loss on derivatives Stock-based compensation Changes in non-cash working capital Accounts receivable Interest receivable Prepaid expenses Accounts payable and accrued liabilities Net cash and cash equivalents used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of equipment Proceeds from sale of equipment Net cash and cash equivalents used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Cash received for common shares, net of share issuance costs Net cash and cash equivalents used in financing activities Decrease in cash and cash equivalents Cash and cash equivalents - beginning of the period Cash and cash equivalents - end of the period Organization, Consolidation and Presentation of Financial Statements [Abstract] NATURE OF OPERATIONS Accounting Policies [Abstract] BASIS OF PRESENTATION Fair Value Disclosures [Abstract] FAIR VALUE OF FINANCIAL INSTRUMENTS Property, Plant and Equipment [Abstract] EQUIPMENT Equity [Abstract] 5. SHAREHOLDERS' EQUITY Additional Paid in Capital [Abstract] ADDITIONAL PAID IN CAPITAL Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES SCHEDULE OF FAIR VALUE OF INSTRUMENTS SCHEDULE OF EQUIPMENT SCHEDULE OF OPTION ACTIVITY SCHEDULE OF WARRANT ACTIVITY Fair value assumptions Stock option activity Statement [Table] Statement [Line Items] Assets Total financial assets Liabilities Accounts payable and other accrued liabilities Asset retirement obligation Total financial assets and liabilities Cost Accumulated depreciation Net book value Number of shares issued, beginning Shares issued amount, beginning Exercise of stock options - fair value, shares Exercise of stock options - fair value, amount Shares issued, shares Shares issued, amount Number of shares issued, ending Shares issued amount, ending Risk free interest rate (min) Risk free interest rate (max) Expected volatility (min) Expected volatility (max) Expected dividend yield Expected term in years Estimated forfeiture rate Additional Paid-in Capital Details 1 Number of Stock Options Outstanding, beginning of period Granted Cancelled Exercised Outstanding, end of period Exercisable, end of period Weighted Average Exercise Price Outstanding, beginning of period Granted Cancelled Exercised Outstanding, end of period Exercisable, end of period Weighted-average fair value per share of options granted during period Options outstanding Compensation Expense Unrecognized compensation cost related to unvested stock options Unvested stock options Unrecognized compensation cost, Period for Recognition Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Exploration Expense, Mining General and Administrative Expense Operating Expenses Nonoperating Income (Expense) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Unrealized Gain (Loss) on Derivatives Increase (Decrease) in Accounts Receivable Increase (Decrease) in Interest and Dividends Receivable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Machinery and Equipment Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities TotalFinancialAssets Asset Retirement Obligation Shares, Issued Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price FairValueOfFinancialInstrumentsDetailsAbstract EX-101.PRE 13 ree-20150630_pre.xml EXCEL 14 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`&PX!T=]NN!1C`$``!\0```3````6T-O;G1E;G1?5'EP97-= M+GAM;,U8RT[#,!#\E2I7U+@.4!YJ>Z%W!/B\@HD0&#AST0:T\39HS@.?-<*U*KHE5UJ,N2 MYU#H?"U#2NH#-5P$/!DLF/5/3(829"M(`^R?-(TX.0^A,Q98X2H`+T7J_$Z` MZ^+?(Q_,^39.`NJ,8VHF_*>,R-LVH MY;>,./_C6EJ;6$LQMVS#6P1U;VV*8RH95UVMVFB[>M-Z=+%V]#?[KOQ-:`_';&OS?M/ M36]`1YJA1Y,X24>&1,`5!+`P04 M````"`!L.`='2'4%[L4````K`@``"P```%]R96QS+RYR96QSK9++;L)`#$5_ M)9I]<4HE%A%AQ88=0OR`.^,\E,QXY#$B_?N.V(#"0ZW$TJ][CZZ\#JFL#C2B M]AQ2U\=43'X,JQW8OG*\M"_V/Z'D4X$G1H>)%]2-F`Q+M*;V"^GH`A3&^.R6:E((C M-Z."N[_8_`)02P,$%`````@`;#@'1P%O5.A$`0``GPX``!H```!X;"]?QTZ:WS;C3YY'WKC\^E] M(=H0QEQ*7[8X:+^Q(YIIM;9NT&%Z=(T<=7G7#4J5IIETRSGB-! M*AZD6(*V\:`M2]`N'K1C"=K'@_8L05D\*&,).L2##BQ!QWC0D27H%`\ZL01! M2LB8\B116/-H#037P.,U$&`#C]A`D`T\9@.!-O"H#03;P.,V$'`#C]Q`T`T\ M=@.!-_#HK0B]%8_>BM!;,9VUJ<,VC]YJH;=OMEP_99Y*-BRT#M-.*.?KZE_-//4S1/[Z%[U\`%!+`P04````"`!L.`='G1B: M66,"``"3!P``$````&1O8U!R;W!S+V%P<"YX;6R]54UOHS`4_"M6+ML]%!+Z M)44IDA?EY//.>9TQ@HLQP MG.BR$MI*8=#SNE!F#.#U8&5M-79=DZW$FAL'*`IVEZ5>"6RZ7,1%AF M3VNAK.L-AY>N>+9"Y2(_K;JF`W]23\%55$2VW\R<:.-R*SI7Z]IHT]]I;R,JLOW=PQ.)\9H'MN1%U> M#S9<2Z[L`!GY%Y;>H!W;HDU=5,9J_W>I'\U*"&LF;@FA?'22\,\UBP@O0EI7*0-@1J(C-!>] MFI&#(LP6O5G#N(_%K0!`SV$RX[J6#<`@) MP`%A9H)I"(-1@!/*\+17<>6@()[-**OGIPA'(:PC1J.?!`Y.#K&ULS9--3\,P#(;_"NJ]2]H)AJ*N!T"5K("6E5T0#+\6` M=SO?))@4!!K08#"08E*0K'XV6V-;4Y%17U?1<<,#+JQ4*P7RIAO+?J=B9P2O MPU$.IW3V9+.&)VRLGP[3';B;S2L^R'^K>,O@VF[J+"! M,W>;-#(M-WTFD(0@O'*HK#D+ES#?Q`D6=N\?(/!\4"],EVT+76N]#'6Z7V-T M>#EQ96OKNV/J1W3RJNI/4$L#!!0````(`&PX!T>97)PC$`8``)PG```3```` M>&PO=&AE;64O=&AE;64Q+GAM;.U:6W/:.!1^[Z_0>&?V;0O&-H&VM!-S:7;; MM)F$[4X?A1%8C6QY9)&$?[]'-A#+E@WMDDVZFSP$+.G[SD5'Y^@X>?/N+F+H MAHB4\GA@V2_;UKNW+][@5S(D$4$P&:>O\,`*I4Q>M5II`,,X?+&A`T%116F]?(+3E'S/X%/F7/Z3H=,H%N,!M8('_.;Z?D3EJ(X53"Q,!J M9S]6:\?1TDB`@LE]E`6Z2?:CTQ4(,@T[.IU8SG9\]L3MGXS*VG0T;1K@X_%X M.+;+THMP'`3@4;N>PIWT;+^D00FTHVG09-CVVJZ1IJJ-4T_3]WW?ZYMHG`J- M6T_3:W?=TXZ)QJW0>`V^\4^'PZZ)QJO0=.MI)B?]KFNDZ19H0D;CZWH2%;7E M0-,@`%AP=M;,T@.67BGZ=90:V1V[W4%<\%CN.8D1_L;%!-9ITAF6-$9RG9`% M#@`WQ-%,4'RO0;:*X,*2TER0UL\IM5`:")K(@?5'@B'%W*_]]9>[R:0S>IU] M.LYKE']IJP&G[;N;SY/\<^CDGZ>3UTU"SG"\+`GQ^R-;88C'(CN]WV6'WV3T=N(]>IP+,BUY1& M)$6?R"VZY!$XM4D-,A,_")V&F&I0'`*D"3&6H8;XM,:L$>`3?;>^",C?C8CW MJV^:/5>A6$G:A/@01AKBG'/F<]%L^P>E1M'V5;SCFED)O816:I^JAS0^J!XR"@7QN1X^Y7IX"C>6QKQ0KH)[`?_1VC?" MJ_B"P#E_+GW/I>^Y]#VATK\>WZV22$KYI9+2,6D$N!LT$DN/R+RO`JQ`GH9%LE"0AMNZ5/U2I77Y:^Y*+@\6^3IKZ%T/BS/^3Q?Y[3-"S-#MW)+ZK:4 MOK4F.$KTL@'37[]EUVY".E,%.70[@:0KX#;;J=W#HX MGIB1N0K34I!OP_GIQ7@:XCG9!+E]F%=MY]C1T?OGP5&PH^\\EAW'B/*B(>ZA MAIC/PT.'>7M?F&>5QE`T%&ULK"0L1K=@N-?Q+!3@9&`MH`>#KU$"\E)58#%; MQ@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF9;5NKREW&6TB4CG":9@39ZO*WF6QP54= MSU5;\K"^:CVT%4[/_EFMR)\,$4X6"Q)(8Y07IDJB\QE3ON>;G*YZ M(G;ZEW?!8/+]<,E'#^4[YU_T74.N?O;=X_INDSM(3)QYQ1$!=$4"(Y4U#VT%SU&\Z.9X!ZSAW.;>KC"1:S_6-8>^3+?.7#; M.MX#7N83+$.D?L%]BHJ`$:MBOKJO3_DEG#NT>_&!()O\UMND]MW@#'S4JUJE M9"L1/TL'?!^2!F.,6_0T7X\48JVFL:W&VC$,>8!8\PRA9CC?AT6:&C/5BZPY MC0IO0=5`Y3_;U`UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$ M%`````@`;#@'1[R01Z]2`@``>@H```T```!X;"]S='EL97,N>&ULS59=:]LP M%/TK0AFCA1';*77I:AM&(3#HRJ!YZ%N1;=D1Z,.3Y@P1#I.(-VS.5`TRT7`5PXL>`F[_K(7I'LWC MM?_JOC+D7I>@)"H$'_(T@PY(HOH9K!#5_H%QSP05$BA]$5J%13ABV'G<(DI2 M20Q8($;HVL$S`]B[Z_P8X4+:V"[";IRI/T2291I#O_N]/%PZL-O!'(]0NGT\ M#211A93"DL_U!'3V8EWIPW'!L1-I_0YXEQ*M@]GE:(,==-Q4R!S+/G(`-U`2 M45PHO4&2BRWNM@#.Q]RQ M#X%1L3%U(CIS*`.;5&_,YKC'M,?Q@K;H`^C=J*KH^@3NT M'+NJ4*H?@EM1-%F."]10]9NLA+*+,1SL.R,_"'NO14\1P\'^A7/2L&NK8'AM M)O\`4$L#!!0````(`&PX!T?^67!V"@,``)4(```/````>&PO=V]R:V)O;VLN M>&ULE97;.;IA]AL-M=JPC"I;;ED. M6[=7*O^F@MVSPH%8$*WVXAF;&`]"XL(JG20%5((HOR,0H^:KHX6:+N?F M)@96MPG`)Z[XD@NN?P^LLBV8R:3Q3RJE_&\MDI?B'*Z8T#PE0:Z!0L*\NCR0 MQL0`B\.T/+CHI44F'0TG@DUMO[$7#@,1W09#$".(BB/LI M"+F8401J(5#K/Z!%Y"W\T+3B!`8F081`;01J?Q;40:`.`G5.08Y-(B]9S`,R M'9'I+)A[20AL!.@B0/<4X-J@2!S&9O]L'L1!E)0(1.@A0N^4T++)R`OGY-X; M+\HP1F$$"H?>F(11G"#0)0)=GH+:-@E^+,(9*(EW7:%=5Z>[.C9AB%'>S46/A8(9]I MRL6Q1-BZ3HUWWY6H@F$4]K-38^BS$KE-_.QA8[L?,C9&.1B%K>W66/OL/W)T M<>[1:^R^%HVW.@&EDN#(N!LK>>46(\#[:IN-K MOQ*B7P4!/U2DQ?R)]J233TZ4M5C((3L'O&<$'[6I;0($0!*TN.[\LM!SKZPL MZ$4T=4=>F<L6]+QFG8>(Z>UOX&K M'4R41"M^UV3@-_>>2GY/Z;L:_#RN?:!R(`TY"!4"R\N5[$C3J$B2_-<&_60J MX^W]&/U9+U>FO\><[&CSISZ*2F8+?.](3OC2B#1)!:W,;D#6@R8#264-H#>%D@)%>J%*RID*(B-[W=LC8X^T/7;E9Q1;HT@>`V(G(-;V]![0 M:45L`$8!(YAG8`$F<6(2'22;68=1Y(\!J1.0FBR=6\42K&3!7LF@ETZ8?C'-3LUZ M@W3#^92718_/Y!=FY[KCWIX*V;9T=SE1*HA,`#S)1"IYG)@D)=9NJ#$V# M-0-!^_&\,!U:RO]02P,$%`````@`;#@'1X[Z\S,I`P``#@X``!@```!X;"]W M;W)K(K8WLFIM-I#YW) MY-">B2W;3``Y(,?IOZ_$RHZ=B#67\.%GETO,F"E'7II.^\JMM M^G%-4WBY?^K^8QBNUG\N>U'(^F^U5CMM&_K>6FS*0ZV>Y/&GL&.(3<.5K/OA MK[C9#7=J,7M;L'06O)D^5P@;D*5%QHG" M$MD9"?3UG1+L6@)//C"LSV_71]?U'.NCH3X*KQ7;`4EQ$(AD49Z,0P5"$$(T M084[53BJ@.LJ,:H@PJ)QI$`DN2T1.R5BE&"$!"+@O!M6`A$&MRT2IT6"%L0X MEX@`IS1L&XAO>Z1.CQ0;<,(#D2S.B'DK4OO?P;,)MR1SJF2H$A,JB+`D)TQL M&\YO>^1.CQP;$+=]B4B>.1\JZ_&5&?6`T"DRG-8F*6%BF<\9=67RE1DW`;<) MAEB4429@!QR3+D@!9!=/X+B..Q(!,W%*$($[%`'3C!,3N#PQ.3'J`DZQF$\( M>'#'(F"B<2H7+0,)\:06#FC7:')&"\<2HE M+<-"4N8K-.[B#DK`A.-44EHFHR7ZE%G*W`\`AAR?$/O@#CG`>*)>+DO+ M0!@EU)-?G+DPB2?<8.9..X8IQ:FTLPR+HIP*F3,&V81E`G-G'L.DXE3F6>:; MCK.0>F2*#S#BZ80W`F-N)V8CB7)")LMS:A%E*3.W4U:F[A1E&'XQM;:TS-AK MP2XN+>5Z+007*_=]N16_RVY;M;WW+)7^"!C6ZALIE=!MPCL]NIW^.#L?U&*C MS&YJAHV?*WB@Y/[T]77^!%S\!U!+`P04````"`!L.`='J+ZYTA<"```1!@`` M&````'AL+W=O1+4QW1QCO:U!,/TB.VCMF[U4@AF[50>L.P5LYTV"8Q+'!1:L::.J]+$W M597R:'C3PIM"^B@$4_^6P&6_B)+H''AO#K5Q`5R5>/3M&@&M;F2+%.P7T6LR M7U.G\(+?#?3ZZADY]HV4'V[S<[>(8H<`'+;&96!V.<$*.'>)[,%_AYR7(YWQ M^OF<_;NOUM)OF(:5Y'^:G:DM;!RA'>S9D9MWV?^`H83<)=Q*KOTOVAZUD>)L MB9!@GV%M6K_VX4U.!]NT@0P&,AK([*DA'0SI:$BRIX9L,&1W!AQ*\8U8,\.J M4LD>Z8ZYKR.96[ER26QF9*O7MK$^I_*MK^D/P-0W^]!:Q]1(:B@B2^+%B?:]XR)!-,F2! M(9MJ4Y`L!TD^!9$'S.PQ9E"L[Q4/,?-)S#PP%$\8!@GYEL6S=/8$)0@S2F-* MDN)KHB*Z9'$L;O_40"=+H)-MO.GT(*%W3/CJA@A0!S]J--K*8VO"MS5&QVFV M],/G/E[,5\5$?$GG*S\D\"5]57;L`+^8.C2M1AMI[+WVUV\OI0%+&[_8?M9V M/H\;#GOC'JEK=!A986-D=Q[`X[]`]1]02P,$%`````@`;#@'1Z2]4FK1`P`` MJ!$``!@```!X;"]W;W)K^V_=BW>K>5U[;(*_&MMIIK66;UGT@4\O9J$WL8^)Z?SFTWX.RV MSFAWR$M1-;FLK%H<7^TO9)-2MT-ZXO]12R*HO.D(O]"I_>8G>'C^>#]:R]7I?^6-2*6Q8_\T)Y5MJYM'<0Q MNQ;M=WG[1Z`&OW.XET73_UK[:]/*\ZH\W^"=PT4QO0-&`C@9C M'+V!AP;>W8`9#1@:L*41?#3P/T5P0'L_B]UGW]V*W?=_YP=9Y[_Q\0&B/1(B$TT@""!D)1\77)D%M703:F]/I M`#$0:]>0PZR3],G)9)K>QS0]F"L/[!?(9!_M&=@SL/^48M4C'&8"D!4A83A- MQ4A1UPNFJ62@/,*GJ10I%CS4%<*XB#($.0 MB..T$:9=62@)*8\&!BI!BGG4(#WE@W1WP?H+M'49@*[UO'VHG9<0[+55@O," MB&GQ`D&UQ8T3`@@QS%D*B+]@BR&N5DL_K,08@D3(,$.N,3(D-,Q*@M"*KDVE M.%"$+;C#A.AE08K[-8$NR;5I!Z@.F)7[XFH7:(#J[IAV MK@)4=\>TO2-`=2.VI#50?0>GT"ZYJ8,CXQ/**?$,%1@CR3AW%:K5B.MR($,6 MACXU[%'I@T\_>+J/SL-K:"GJ4_\!H+'V\EJU\&8UCHX?&;[0[C7VTWA$-C'1 MC"=DD\(GA+O[W?:2G<1_67W*J\9ZDZUZ>>[?<8]2MD(E[;ZHY,\B.XP7A3BV MW2GO5,&'!+AHY67X+C)^G-G]!5!+`P04````"`!L.`='QM./YV(#```0#P`` M&````'AL+W=OT?A3@]!L&P/;*V&A[XB77RGSWOVTK(Q_X0#*>>53M%:IL`AV$2M%7= M^46NQI[[(N=GT=0=>^Z]X=RV5?]WPQI^6?O(GP9^UH>C&`>"(@]FWJYN63?4 MO/-ZME_[3^BQQ,D(48A?-;L,5_?>*/Z%\]?QX?MN[8>C!M:PK1A#5/+RQDK6 M-&,D.?,?'?1CSI%X?3]%_ZK2E?)?JH&5O/E=[\11J@U];\?VU;D1/_GE&],Y MQ&/`+6\&]>MMSX/@[43QO;9ZAVO=J>L%_LE"33,3L";@F3#/8R8032`?A$AE M"LI47E\J415YSR_><*K&U4:/$MZ/061D3R8SR#JIF+VJ5)&_%2G-@[_ M,LSVAL&5J,T0-,:VWS3$J2+8;&X8S(VZ1#";&P97HK8WE\:0,+48>JE1J\C! MX;#9X3`8$[6]P#1F20SY#S%FD\/@3=3V$M,8:;>1Q0O+"99FV,'HL-GH,-@3 MM3C[1F-0B(C-6C0,$QJZU,=L=1C\B1JM3G_+:DQ&S%74W[(:A9+K-04YP56C MT;+^H!JPP=OR@"YA'YR;O"8^-RJ?QC6S^H%7["%/DI^K`?E3]H>X&[X4+ MV0:I;F7/N6!26?@@"W:4[>G\T+"]&&_3L9+0L,&#X*>I_YR;X.(?4$L#!!0` M```(`&PX!T>(*(&PO=V]R:W-H965T&ULA5/+;MLP$/P5@A\02K+3-H8L($X0M(<"00[MF996$A&2JY"4E?Y]^9`4 M.S"0B[B[FIF=Y:.N6''F*U[4-S>X`#:_VG1*.Y\:CIF M!P.\B20E69%EWYCB0M.JC+5G4Y4X.BDT/!MB1Z6X^7<`B=.>YG0IO(BN=Z'` MJI*MO$8HT%:@)@;:/;W/=X=M0$3`'P&3/8M)\'Y$?`W)KV9/LV`!)-0N*'"_ MG.`!I`Q"OO';K/G1,A#/XT7]*4[KW1^YA0>4?T7C>F\VHZ2!EH_2O>#T$^81 M;H-@C=+&+ZE'ZU`M%$H4?T^KT'&=TI\?V4R[3BAF0O&)P%*C:/.1.UZ5!B=B M!Q[.+M]YN`DB7IEX;]:/'35-'+PJ3]7=7<"DGB'!,E7!//B5SL4]!J] MB/3B:_KFDKY)!C>I>Y9]+;"]%-@F@>TLD%\;,6$."^:S2W:VI0I,%V^.)36. MVJ4=7:OKY;POXI%\P*MRX!W\YJ83VI(C.G^P^?79S2TGOG\^:2&A= M"+_[V*0;E1*'P_(^UD=:_0=02P,$%`````@`;#@'1Z4/=)FE`0``L0,``!@` M``!X;"]W;W)K!I"3+DN2>*2X&6I6A]JRK$BB'7^&W1_&CIB9?QJOXC3.O< MG[B!1Y1_16-[9S:AI(&63]*^X/P3EA%V7K!&:<*7U).QJ%8*)8J_QU4,89WC MGSQ=:+<)V4+(-L+W)!B/C8+-)VYY56J%PP&X(Y]9LM,GJ+G@5Z]C4]OZ;GT6&^."R^%BBN!8HH M4"P"NULC1LQQQ=Q_:L(N]E2![L+5,:3&:;!Q2[?J=CL?LG`F'_"J''D'O[GN MQ&#(":T[V7``+:(%USZYVU'2N_>S)1):Z\-O+M;Q2L7$XK@^D.V55O\!4$L# M!!0````(`&PX!T?OGS&?I@$``+$#```8````>&PO=V]R:W-H965T&ULA5/;;J,P$/T5RQ]0`TEO$4%JNJJZ#RM5?=A]=F``J[:'VB:T?U]? M"$U6D?J"9X9SSISQI9S0O-D>P)$/);7=TMZY8<.8K7M0W%[A`-K_:=$H[GQJ M.F8'`[R))"59D64W3'&A:57&VHNI2AR=%!I>#+&C4MQ\[D#BM*4Y/19>1=>[ M4&!5R19>(Q1H*U`3`^V6/N2;W3H@(N"O@,F>Q"1XWR.^A>1WLZ59L``2:A<4 MN%\.\`A2!B'?^'W6_&X9B*?Q4?TI3NO=[[F%1Y3_1.-Z;S:CI(&6C]*]XO0, M\PC70;!&:>.7U*-UJ(X42A3_2*O0<9W2G]7]3+M,*&9"L1#NLF@\-8HV?W'' MJ]+@1.S`P]GE&P\W0<0K$^_-^K&CIHF#5^6ARK/;DAV"T!DF$7#^TH@)LYLQ>?9?$W:RIPI, M%Z^.)36.VJ4M7:K+[7PHXIE\PZMRX!W\X:83VI(].G^R\0!:1`>^?79U34GO MW\^22&A="&]];-*52HG#X?A`EE=:?0%02P,$%`````@`;#@'1R#^^]>D`0`` ML0,``!@```!X;"]W;W)K;4# M@"/O2FI[H(-SXYXQVPR@N+W#$;3_TZ%1W/G4],R.!G@;24JR(LL^,<6%IG45 M:\^FKG!R4FAX-L1.2G'S^P@2YP/-Z5IX$?W@0H'5%=MXK5"@K4!-#'0'^I#O MCV5`1,!/`;.]B$GP?D)\#+@=76N\SROV#D(76$2\;A@-@3SZC=;%/06O8CTXM_TW35]EQSN%H?_ M(5!>"Y1)H%P$=K=&3)CCBBG_:L(N]E2!Z>/5L:3!2;NTI5MUNYT/13R3#WA= MC;R'']ST0EMR0N=/-AY`A^C`M\_N[BD9_/O9$@F="^%G'YMTI5+B<%P?R/9* MZS]02P,$%`````@`;#@'1X-;C`0``L0,``!D```!X;"]W;W)K&ULA5/;;J,P$/T5RQ]0`R%M%1&DIM5J]V&EJ@^[SPX,8-5F M6-N$[M_7%Z!)%;4O>&8XY\P97XH)]:OI`"QY4[(W>]I9.^P8,U4'BIL;'*!W M?QK4BEN7ZI:900.O`TE)EB7)+5-<]+0L0NU9EP6.5HH>GC4QHU)<_S^`Q&E/ M4[H47D3;65]@9<%67BT4]$9@3S0T>_J0[@ZY1P3`'P&3.8N)]WY$?/7)KWI/ M$V\!)%36*W"WG.`1I/1"KO&_6?.CI2>>QXOZCS"M13(OQHQ8@X+YNY3$W:V MIPIT&ZZ.(16.O8U;NE;7V_F0A3/Y@)?%P%OXS74K>D..:-W)A@-H$"VX]LG- MEI+.O9\UD=!8']ZY6,&ULA5/+;MLP$/P5 M@A\02K+3NH8L($X1M(<"00[MF996$A&2JY"4E?Y]^9`4NS"0B[B[FIF=Y:.< MT+S:'L"1=R6U/=#>N6'/F*U[4-S>X0#:_VG1*.Y\:CIF!P.\B20E69%E7YCB M0M.JC+5G4Y4X.BDT/!MB1Z6X^7L$B=.!YG0IO(BN=Z'`JI*MO$8HT%:@)@;: M`WW(]\=M0$3`;P&3O8A)\'Y"?`W)S^9`LV`!)-0N*'"_G.$1I`Q"OO';K/G1 M,A`OXT7]*4[KW9^XA4>4?T3C>F\VHZ2!EH_2O>#T`^81[H-@C=+&+ZE'ZU`M M%$H4?T^KT'&=TI_-;J;=)A0SH5@)NRP:3XVBS>_<\:HT.!$[\'!V^=[#31#Q MRL1[LW[LJ&GBX%5YKO)\5[)S$+K").)QQJP(YM5OMBCH+7H1Z<7G],TU?9,< M;F:'WSX7V%X+;)/`-@D4V:T1$^:X8/X?DEWLJ0+3Q:MC28VC=FE+U^IZ.Q^* M>"8?\*H<>`>_N.F$MN2$SI]L/(`6T8%OG]W=4]+[][,F$EH7PJ\^-NE*I<3A ML#R0]956_P!02P,$%`````@`;#@'1VAE@.&E`0``L0,``!D```!X;"]W;W)K M&ULA5/+;MLP$/P5@A\0RK+N6'/F*U[ M4-S>X0#:_VG1*.Y\:CIF!P.\B20E69YEWYCB0M.JC+474Y4X.BDTO!AB1Z6X M^7<$B=.!;NA2>!5=[T*!525;>8U0H*U`30RT!_JPV1^+@(B`WP(F>Q&3X/V$ M^!:2I^9`LV`!)-0N*'"_G.$1I`Q"OO'?6?.S92!>QHOZSSBM=W_B%AY1_A&- MZ[W9C)(&6CY*]XK3+YA'V`7!&J6-7U*/UJ%:*)0H_IY6H>,ZI3^[?*;=)N0S M(5\)]UDTGAI%FS^XXU5I<")VX.'L-GL/-T'$*Q/OS?JQHZ:)@U?EN=KD>@*DXC'&;,BF%>_V2*GM^AYI.=?T[?7]&URN)T=;K\6**X%BB10S`+%K1$3 MYKA@=O\U81=[JL!T\>I84N.H7=K2M;K>SH=XB.P37I4#[^"9FTYH2T[H_,G& M`V@1'?CVV=V.DMZ_GS61T+H0?O>Q25P)%W);4]T-ZY8<^8K7M0W-[A`-K_:=$H[GQJ.F8'`[R) M)"59GF4/3'&A:57&VHNI2AR=%!I>#+&C4MS\.X+$Z4`W="F\BJYWH<"JDJV\ M1BC05J`F!MH#?=KLCT5`1,!O`9.]B$GP?D)\"\G/YD"S8`$DU"XH<+^X#X(U M2AN_I!ZM0[50*%'\/:U"QW5*?XK=3+M-R&="OA)V632>&D6;W[CC56EP(G;@ MX>PV>P\W0<0K$^_-^K&CIHF#5^6YVN0/)3L'H2M,(AYGS(I@7OUFBYS>HN>1 MGG]-WU[3M\GA-G7/=E\+%-<"11(HYA$?;XV8,,<%\[D)N]A3!::+5\>2&D?M MTI:NU?5V/N7Q3#[@53GP#GYQTPEMR0F=/]EX`"VB`]\^N[NGI/?O9TTDM"Z$ MCSXVZ4JEQ.&P/)#UE5;_`5!+`P04````"`!L.`='%VO\0:Q-W5S.PL']6,YLT.`(Z\*ZGM MC@[.C5O&;#.`XO8&1]#^3X=&<>=3TS,[&N!M)"G)BBR[8XH+3>LJUEY,7>'D MI-#P8HB=E.+FSQXDSCN:TU/A5?2#"P565VSEM4*!M@(U,=#MZ'V^W9+,9)2UT?)+N%>UJ%CNN< M_I3Y0KM.*!9"L1*^9M%X:A1M?N>.UY7!F=B1A[/+MQYN@HA7)MZ;]6-'31,' MKZMCG1??*G8,0A>81-POF!7!O/K5%@6]1B\BO?@W?7-)WR2'F]0]_P^!\E*@ M3`)E$MADUT9,F/V"RV=*VNM_.^B&?R`:^KD??P M@YM>:$L.Z/S)Q@/H$!WX]MG-+26#?S]K(J%S(?SB8Y.N5$H&ULA539;IPP%/T5RQ\0LPQI-&*0,JFB]*%2E(?VV0,7L.*%VF9( M_SY>@,Q4J/."M[-=79MR4OK=]``6?0@NS0'WU@Y[0DS=@Z#F3@T@W4FKM*#6 M+75'S*"!-H$D.,F2Y)X(RB2NRK#WJJM2C98S":\:F5$(JO\>@:OI@%.\;+RQ MKK=^@U0E67D-$R`-4Q)I:`_X,=T?"X\(@%\,)G,Q1S[[2:EWO_C1''#B(P"' MVGH%ZH8S/`'G7L@9_YDUORP]\7*^J#^':EWZ$S7PI/AOUMC>A4TP:J"E([=O M:GJ!N820L%;Z$K3"0>9\R*($Y] MTR+#6_0LT+/;]/R:GL>$>71/[V\+[*X%=E%@-Y>8;948,<<%D]\V*39-BEE@ M]Q^3!5/\8T(N&B=`=^%^&E2K4=K8MW5W?0*/66C\%[PJ!]K!3ZH[)@TZ*>NN M3^ARJY0%9Y_<%1CU[I&N"PZM]=-O;J[CO8T+JX;E%:Z_@NH34$L#!!0````( M`&PX!T&PO=V]R:W-H965T?#T"3"2TW M^/2=?OTVQ:CTN^D`+/H47)H#[JSM]X28J@-!S9WJ0;J31FE!K5OJEIA>`ZT# M27"2)-3*#$%3_.0)7XP&G>-YX8VUG_08I"[+P M:B9`&J8DTM`<\%.Z/VX](@!^,1C-Q1SY[">EWOWB1WW`B8\`'"KK%:@;SO`, MG'LA9_PQ:7Y9>N+E?%;_%JIUZ4_4P+/BOUEM.QDQ`\&H68+]32LM!J1*:G MOG?IWL&U%W'*R&4SKNR@J4/A97$NT_R^(&7]/SF#"/[NGNML#F6F`3!393B0]K)4;,<<8\WC;9KIIL)X'=?TPFS";Y MQX1<-$Z`;L/]-*A2@[2Q;\ON\@2>LM#X+WA9]+2%GU2W3!IT4M9=G]#E1BD+ MSCZYVV+4N4>Z+#@TUD\?W%S'>QL75O7S*UQ^!>5?4$L#!!0````(`&PX!T?S M:2;A^@(``!8.```9````>&PO=V]R:W-H965T>'^R`8UGO:5L,=.]!._+-E?5MQ<=GO@N'0 MTVHS!K5-@,,P"=JJ[ORR&,>>^K)@1][4'7WJO>'8ME7_;TD;=EKXR)\&GNO= MGLN!H"R"<]RF;FDWU*SS>KI=^-_0_2..)#(2OVMZ&B[./6G^A;%7>?%SL_!# MZ8$V=,VE1"4.;W1%FT8JB9G_@NC'G#+P\GQ2_SZF*^R_5`-=L>9/O>%[X3;T MO0W=5L>&/[/3#PHYQ%)PS9IA_/76QX&S=@KQO;9Z5\>Z&X\G]4\:09@^`$,` M/@<@>P"!`.(:$$%`Y!H00T!\$Q"HW,?*/52\*HN>G;SA4,GUA.X%WDL1H>R) M<@WB3HR:_7@ORN*M1!$J@C"5I$F+Z.76'N/8O`2SPLDVF02$+#X M7"HFRC-++J`37D!&)ZG620HELQA1"$EL1?W,&'UD6A\95"2U&%%,CF\;\,H) M"(D5Z=!!N7\ED2LON9*8#T>A=GF,PXX]C)"V'`A9NAC*`# M';H/H#D_^$M^B+["Q+T#D?YY@B*''@3(WH23DE,7HECO)I[O0V!LB_\38O:A M?S"AQ*$/` MW"+FC4&H]8%#AR8$R&;D$V(V@K0UQ^6,)EO M/&#L;T`-9/:B?R3AR-9\L'<#R&`&]FX:2)D)+O;7AVI'?U7]KNX&[X5QL54? M=]1;QC@5(N&=,+L7'VGGBX9NN3Q-91;JLT5=<':8OL+.GX+E?U!+`P04```` M"`!L.`='7,"G.+`"```4#```&0```'AL+W=ON)]-Y*7*6*G8<#3WV?2T\LJAK$] M\=KM#UR>2)HZN<9MNX&,K*-C-)'=*OX"ERT"$E'$KXY`1)NINKYBCIMZHI>(';'L-EP*?)))1.9(%,/$?5(Y)W6G MFOKEDZ1,J"WABDSCXAABH#G MO7**5`&]-8SO&=,(@O,:"Z?&PFBD\PD@<&90I^=Z:R'@:ZZ%8$`U$+IE8$!_ M#514/A?#!+PRT#W0(`KHL(%2KXIFLC)`Q3W0H)UH(=6X1Q',0KJLH:SREO,_ M]%C&/8Y@'M)E#:6Y]Y$S$`P8*-`]VF`1TF<#>7\O+%2$R+C'&[3S+>`W![H' M$ZQ".FWF#O(4W3J@QS+N\007(9TV4.H;V!:"`>\`!*%'<02_7K0DQV7NZ6L M6"]:]0&G1[L&O_X1:/X!4$L#!!0````(`&PX!T>TV_D)_`$``!0&```9```` M>&PO=V]R:W-H965T8@,9@QG;"].WK&VFBL4@V^,+YS_H6!J`A+3Y1^<;F'\1E2+7A@5%AKN!P$I(-2TD` M!OQIQWXTXVSO%-"5^0N0*T"7@L@V;D&FS>]8XKKB;`9BPOKA11LEY]I$.0/5 MFU"QC2OJ7$=I5H5G;72CL86[19-?-*'R]T+0+22V$&0-HNR^07QKD%B# MV'50W'8Y&DUJN[2:),]ACAXA)5Y2XDBECY1;DM.HESQ%]SFIEY-:CPRN)+(: M5#Q"R;R4S%&BE31.Q&Y0Z"5(%:3HCC.T`-9"B^H<*!X)8O5H+)XX/F7 M7DKI*,E*G-+%*1-8Q,5]4@2]*+.M6>E*HD4$X^P+*KSZX"=\)+\P/_:C`'LF MU=EA/O&6,4F4#WQ2O7?JB+XL*&FEGN8ZE#VT[$*R:3F#+S^"^A]02P,$%``` M``@`;#@'1SL>YE5,`@``:0@``!D```!X;"]W;W)K&ULC5;!CILP$/T5BP]8L`F01`1I0U6UATJK/;1GAS@!+6!J.V'[][6-S6:S M#G")[>&]-V\8Y$G:4_;&2T($>&_JEN^\4HANZ_N\*$F#^1/M2"N?G"AKL)!' M=O9YQP@^:E)3^R@(8K_!5>MEJ8Z]L"RE%U%7+7EA@%^:!K-_>U+3?N=!SP9> MJW,I5,#/4G_D':N&M+RB+6#DM/.>X3:'H8)HQ.^*]/QF#Y3Y`Z5OZO#SN/," MY8'4I!!*`LOE2G)2UTI)9OYK1#]R*N+MWJI_U^5*^P?,24[K/]51E-)MX($C M.>%++5YI_X.8&B(E6-":ZU]07+B@C:5XH,'OPUJU>NV')ZO`T-P$9`AH)*!H MDA`:0GA'\`=GNJYO6.`L9;0'O,.JVW`KX4R)2&4@B^'R/6E-IM]4EEXS&,>I M?U5"GS!(8_8&,R)\J>Y,@3P7'6DZ>IP@'Q!Q,)\A_)QA-101FB(25XX!L[>8 M]6-,;C&;>2,KIY'5()`$$T8L!DX8L1@T;R1R&HF,0#AAQ&)6$T8L)IHW$CN- MQ$;`^7T9(Q8ST;[<8M;S1A*GD<0(;":,&,QZHGWY5\Q#(VNGD;41F.C_WF(6 M]'_C3+(Q`E/]MYBI_EO,@O[#P.E$AY5$O$`"NB7@_"O+1U"R(`]RYT%&8L%' M!MTW$0R76+6@^WO&O[G!&\+.>K)Q4-!+*X;;=8R.T_,9J0EP%]^KJ:HGPX=, MEG;X3'YA=JY:#@Y4R/FBQ\")4D&DK^`I\D`IY_YXJ,E)J&TB]VR8A,-!T,X. M]O'?1?8?4$L#!!0````(`&PX!T=SVENMY@(``%$+```9````>&PO=V]R:W-H M965T: M.`DJX"QVFNZW7[]PD\IQN01L_C/S\V,F4YW9],H/E(KH?>A'OHX/0ASODX1O M#G1H^8H=Z2B_[-@TM$(.IWW"CQ-MM]IHZ!,$0)8,;3?&=:7GGJ:Z8B?1=R-] MFB)^&H9V^O=(>W9>QS">)YZ[_4&HB:2N$F>W[08Z\HZ-T41WZ_@!WC>9.2_UNE'3&5X^3Y[ M_ZZ7*_%?6DX;UO_IMN(@:4$<;>FN/?7BF9U_4+L&HAQN6,_U;[0Y<<&&V22. MAO;=/+M1/\_F2PZMF=\`60/D#%P9( MFZ/;`1JCR,#7$=+K"&;R(;6+6("(KQU@XP!;!Y\@1ZTA9AE&@U-,"`"W=8W5 MY0!QA&U3@5 M65`S(/+CH%"2JC\2S6-48(6]=]7*FMG9"BW9G]0/E(;2U`$957IC@QR0D66K M'"\`\I=5B$-IZH"PW:'4>ZX.:)81M`#(7U8A"26J`S(JO$+A(R/V#J5+[I"_ ML,(LE*@.*+.1+BZ'#RBS1P:6`/D+*YPK:QG*L=P>!?+>M#G'9E5&/N$D%YW* M0*>][N!XM&&G49@NPLVZ+O$!J4[GT_RCZAYU!_3AIJZ.[9[^:J=]-_+HA0G9 M1^EV9\>8H!),WJ`X.LC^U@UZNA/J-5<5SW1\9B#8<6Y@71==_P=02P,$%``` M``@`;#@'1R`<3VZG`@``*PH``!D```!X;"]W;W)K&ULC9;9DJ(P&(5?A>(!&L*.A52UHLY<3%577\Q<1XU*-1`GB6W/VT\V<.FP MW`B)WSDY?Q(@V163#WI"B%E?==70N7UB[#QS'+H[H1K2%WQ&#?_G@$D-&6^2 MHT//!,&]%-65X[ENY-2P;.P\DWUO),_PA55E@]Z(12]U#;V*YAM@$0D\;M$5WIW;XGP6XP_1./G?FZ[ M(@.JT(X)"\@OGVB)JDHX\9'_:M/;F$)X?]^ZKV6Y//X64K3$U9]RSTX\K6M; M>W2`EXJ]X^L/I&L(A>$.5U3^6KL+9;AN);95PR]U+1MYO:I_XE9F%GA:X'4" M,"SPM<"_"8)!0:`%P4V0#`I"+0BGCA!I0315$&M!_"1PU.S*M2D@@WE&\-6B M9RAV+)AQG`@3[FSQ!:%\K:4GD:N=9Y\YWZ69\RF,'AA/,@O%A&D_4B@$=(3# M`QA3>+9I!$^EZ!]@J8AH(&8Q:K(:-UEKDZ0?V2@$!-YXM?YCM8&:\_U3EA@G+!` M3YAG&D@)%XH)DGYDJ1#@&_,JIM",9UP;Q:P4XX-DO)[06$^HZ_$'ZE$,2-.! ML-^9WB"1,4BD@P0#.U$Q:1I^>TD\;#`CUALG-L:)=9S0]/0IIFB9:'R0Q#A( MH@WB<8/4:)!.>'Q3O8WXPS8X:V:N-Q!PC8EDMX@T84<"8+8`$ZK2D.^EPV^1 MH@=4H9R[[U2-R%&>0:BUPY>&J5=FU]N=``!M8@``%````'AL+W-H87)E M9%-T&UL[5Q;<]O(E7X.?D77E*)M.%7GI)(UKI M$-\\1?'22_$QGI\FJUA[LV2A=;H,3MO-9O=TZ?GA=S_^D/@__I#^>!5-LZ4. M4^6%,S4,4S]=JU$H*_A1J$Y4LO!BG?QPFO[XPRG-D7E=]3X*TT6".3,]V_[V M/[.PH3I-5[6;K?/M+P?9O*&:W?HO3DU;[I-/:?CQ*[%5XZJ,.@I.?P^@E5&/M)5&H9VJ4))F._V-[VDVT M;Z$/40!Y]N(U*`MJ9N=C?YO@SE91G/KA7(U3+\T290Y5F?2GJJ2:#7D3=8E# MSZ.XWP[DY&[!"-:+J$5XS2:_NRJ,:N&NLW2)(7^@+Z=UVZX;V[_ M+1Y7"/UC^TNS^>YJYU[>WHQOKT=7@X?AE7HSN![<7`[5^*?A\&$,%7X<7ZFC M5\?JE?)#];"(L@345M:XTE.(7HOU\JRRP>/]_?#F00W&8ZQ9^=9+%FQ!IO2' M_B7SG[T`A%?V&(6I!LM2%>NIQJ!)4)%!7`49NF3/D+M8KSQ_IO0G&+RD>N4/ M40IN6<$?)(FN4C($D2MBKJM"G6Y_>XW#;#][[X>:C,(JAIV%-.[:UZO=SS+P M>C1X,[H>/8R&%2[F)U]Y:SHV<]2;3N,,4AGXWL0/_+IM^8!@5^K'8N*B2>#/ MV5ZZ:FJXP`I4-:";K+K^QDW"*#PY:*,]IQC_-+@?_G1[?36\'_]6#?_X.'KX MT^L*%T7_Q"?1ON!5K"!LF8:<9V'@+WW281F@O"Q=1+'_5SW[G7T4% M3;V5CR/77'*VS`*V-#/]Y$_]BO`)J]BX+*)@IN,$_("XIA6S)2-+M\8B<\C, M?0;CZ,ZCFUS@KF%UCG'P5^IT!PX@>VSDX0EF*O3"J4]V+DJ8'^K/@PDYYFGZ M7SNNTIA2;*D^T#7N'V8L[B"_U^WA?VY]8:,OV^P]4K27BX\W@\>K$?TU?L"# M]]#VL;I]JV[OAO>#AQ&&JL'-E;J\?7\'01_>C$X<#+HJ]OMV M1=Z-A-X/I]%2JR-K/(\K2C;\M`JB6/`?R9,F_:J%7Y=1O**1,%6SI1\R!JL; M=Z4!0R$8NPU#E-.WRZC?P,9$7W&*W-7(T.VOWP$%GQX%49(<*YQ3K-=TK0A% M)D$MI5M3H%YP3ZG_O,L1A/LH/JZ<#^:5UJ[<'!0Q5I@+%BXP$_O5CKO77D`R MRE\2?=ZSYP?D1TX`GT\2.&25:)RSUOH^AK&=?S3'.8]/OVD9K2M$Q6'3'H"15+L)J`Q;P;CT24KU-7H^A%:MSWCXW#T[B?2QL$'Z-^[H;IY M?/\&"T`C>0WHYN,#-/7F:G3S[IL4^W(P_DF]O;[]>+@&EZ:\O;]];VW#S3LU MN'P8?6!84)%D*QD*%Z#`6K5B%%GU07_)DI1L<:+2B.!3!&.,ZPKKY],@^FJZ M"[RI+-'LR@HAAB'WG_GF*U3N`0@[194D[0NJM%LP]TQB6W\R\8A^$D/(8+W] M6GCA'!8>5#"$(0:\1/'/=-0=_OOFFSGV)5D8W7P8CK\D"W<(71>Z>WH!LCB"V?BZ$'0/G8B(9UNP3S- M\((_*A_!)E"&QJ"D"K,/.\J3`)6]1P$`A.0E6K#<@?'-SD`(%F*BYWX8TJ8X MRVXUWK<$@O_]DUL-=3-X>(2%W``>%9\2S[W0_ZM![Y=1F$2!/RL\/@*L!%O* M@PU@E^.]9`^T.X`$RF"]3E;>5/_^NQ7M%C_K[_8D:AKJ:!H%@:;KTL':=3[_ M^J+=SW]7GW\M3\(#8^,^_PK>_'ZL7+V$'9-#*#)$"K`>/"[R7Q/(4 M:O/LDVCA\QMR<,G"N8R";#GQ/;#)"[T9_@5+)'!P5:O?[S?41\`?D/!$@3G6 M)A[.GHU\T;)O$+8[U]%LKI70ZL7I(C_F$4XP'!*5V/XO."!L]92)#"GX5%()^I^KB.@+WF#7@=V4N9O89#QRX)5Y``G?%)$_W,<6S@ MQ7/MJAD42F,!WA)S8%=7A-XEEO`XW(WH7(OU#-9$PR8&63RGT$"M`DJYP8], M]";5CZL4DN7L(2T_K4_&7-LK6/CS!8&V>>S-]"8Y_@SL\I]\4>$;.K\:+*$& M4X])K:[BR"HZPQ'\;%E:*N1A,/4!)&M$%R;QFYM?6`VEL+O@QY/W#"&B\'Q& M>->?9%9+:"I\'YP4^P\2(##)B>G.-=^Y#HSNX-(OL72":W?5R\*?+GBV$5D. M#$.*/!*P,YJMEZ#>Q4W`'.6?9NL$5Y/PW_:$(%_'$_SA$$/6*)5M?2BEM.-()LL04IW0UY2)=9GNKI(F1) M2-)L1O$GSA)HZT,="*X7XV8FJ6$*'3+4M!LE_F##EE;0`G_*0)ZD28?,WXP_ MS""N0;3:[#;2GV27JPL.PI*?8(!B^+$W>`_ MI!J!^0KR;--0C.`I-6-(-A*4$,B":GC!$VV*R*LKPFY6)VI@UEIJ&-S\*>G$UP]/"CP(C2:3T^,3ORYB?C,MA!W(SDO?A"0-60!9L,X)_S`',NFS(KBJDEBC=\1 M.;[-"/M`^,*,21<4B M2TRS`9KKC`-Z&R;!-?X`M&-+,UP4,QX\EGSZ<^9W(/A7/TFA3">0%")B=:P!-F4-GC*`M*_V/.34HACC=D*:(*E.2:)"DF,PXC2V5G,QBA= MX'I?M+,MXS-H?F07$98WU#8F;#/C7%#O1L,[ARRK:PK_M)>"/LXBWU=(SG3'#E3X%(S MD'@31IR#"C)`D2DY78ZEBA(K72W&,)Z8(K@%^Q*'>4TB%-*X(%C;)1C\>&&8 M89_:'<5'R#CRZ!&ITWKKA)`3/CS8'*SM:;+0@Q-/.68NSN74[I)`R((920'5 ME\U>?\E"42W>C*6]9L%ZLCVV6I6LN^L(.GHAH2RS@%8?"!ND.D@Z_Q:'5:WF MR1^V4QVDA;/JZJSI-`SH*30V80F8/]=B`?&50U+"MIU$LIY%]22BA;6; MI12:Q363_3(X,BI6WK[8NKJ74[?7TENSBDU(/F8`HPP$L)1=5URU0ZD:)#-<<,BL[QP'C,[I7EC MJCD`523J#8,+Q`%O!^,W%/U17@-TU0Y^7)&C!^)$&WT0-WNJ$;O'SK^5X MW=D1KY^\BVA1!/LP0J$Z`MY*(?93K'-^D$^K$_QF0)`LK5\M0Q#*?8IJ2'M M1=)-(6RQI2E*P!LM-,,Q\5M8+,DF5-I)Z?BS"*0]:MN2,#>S2BH\P MYR-,#:\,O"42%*89V,G@ MOISIZMH:M'K>/<8U)*C\7\)(U.R)`Z9?AE(_E"KL$]J5:YDH,5UT?G24J5 M]<]_X^1L"L*/VL<*<2KB^DW>;<(;X/)$.]M74Z:=ENH<6UW2/#"9QOZJG&&J MSBT%E#A,D4TRU^V3CYYCX(P=OG-T5MI""(XAB^P#=\Q'&!!$X9P3`KMH)]'$ MT.(":=\-8_?$74P.;?1E.W65I]Z,&0[!\%YX$U"Q28>B#=\*EL M@Y/"/C*VEQP/@\=M"ZQ*T-\\H1G;7"'O47O1;#4)CZQU*K&7F#TQ0S9-L*2\ M)*_&*6T*5R,QZ6*3Q6>4E"%G9+4O!6QRQ6L)XME,2)1OSS$:P;F%V`I![AA* M2K&B1%J4)<':*I[-F>'BR<0Y95M# M$!:Z%MM4XQ]5'V[09V\#F; M8:(C+W1,58+3M;NJ7BYD)_Y9\K:EQ@.7H_>M/D&*H2@E/^4`#0N51M7TU#FE M;C0"+1)T!R&M?>4_TBYX>ATN2+)G:NWK8&;+#'9O@5HF&I3Q4.`9 MMG**$G:>/J$(EGT$_M*4C\T[4T3&@9WK(KFRRB\\2BA0SF>1ESP:A=NUU07G M\Z\42TK.$##=$S6!).:YGB+&-\592O)JBF=#:7,D\9UHZ7FCQ"TUSSRQF["\ ME4B5%`*'#4Q_C2>94(LBY(8I.RYI=W:8DDE<:H]DE7598B#]R4^%R&/)52,3Z0=<^%"Z>+I8RV%8PW#7?S6`P@]7&4(W+ME1>E$V4@5+5):; MQJ(0M+6B#-J'1- M96$OZ&H37;<34E<#38DK!KB!B+!"J4G!&-7@550KI]>)BK6LJ7OMHZPP2[GH`4K MMT)^07;Y'9$N[#*\HT$.9W<*5E!/@V14IQ%"B8DI0\,5E@89-2"'Z=)7-%0' MGO4GD[4C^T``PO(==N@.[^1PD0BOK=91>>Z7C*M8Y/&DC)13R4>98%%%E1\. ML(IHI:1)924D[F1A0?5&N4OJS#,N-%$$"=5`D!J`!.Z)+:S_RK2QB!R)??`! M"#W.:)&--[6-6&N;:"(!XKP_EYNW37&%#HKF*7'J8+I/A1JIWQD'G?#&108, M$&0&N_(+ILC>[A:6)^K]-"OF&DCHIZ8Q!A1(=S^)%1FZ14QY^"A+F9V$>K?- M="*X"/^1+'@!.1&6-XH4@;[$9I=[B8PSPQ#]B8L@E*BA04]Z1C4,3@S279$( M+WW+EL)^V2H(X\!D(Q"2+$F]MZ:R$R2$$F=>6K:1-*^4N9QXB9_4Y1J9T379 M7<'XG+8S=KFT>&[!7SNTF),O9A=R[$*.M;+6JIG.Z+JGCKP0X.QNM'FE>FZG MW\6_)\7?#H+Q5J&9,R.$+E'JWG4/[_['"6;]G%N>_G);;S)_P MW\Z>=CR,ZG2[_%_^UZZ34,"XN77/[?7/\"]-?*7Z;KO;)`):;KMS81_3QVZS M4T&O9PUN[+\C`%G3L\9%2E?=Y37E_"6-/5!UYX*;\E>1/<1B">=T\W;\R MHD:R-U'TLX'-7S.8H[R,@MJ\XXZNI4?\:ET0[UIM?D"RT.K2O;5;SMLLAITB M"-)J=A6>=GJJU6JI[IDZNW#>Z2B(I.FF6/2LAU'G7=7JM.7O5A_K]9T/&J:) MVAS:[1:^/%.]"_D3T6*K>>&PC#1;V/>B0Y2TNWV1FR;]V^V>TSV>57K($?+5 MO:11]V8-3.B7._^YN\^YR5B3J;U)VNU'D@B748YY>/2JV6PBUCIV!O6%HM++ M&7269M/MGK>=`7Q^H-I](P0QOR>H8X+>C#6H.T"Z*\XAOTWWXJ*IVFZ_=^X, M/U'70\*I\(3:20W^3IR3LHEJN[WSMFHYANB9]!R8LL7)GK(%[==QN^TV[]=U M:E!]Z7T4/A*&=WK.;:@V3[7I53BM,W/(U[WJN&?-9G%$"K/*C96L8B]>''O& MIW@E!JEM!ODA^[''D,M?7%=(3(QKNE.H37-E.T^Q&?9O7G1-?LZ1]$2O4I'U]@7?>(?WWA2"FBZV(@/$!.;\HO8B:KZ9&D`WEQQIA6)*ICF6 M2+?4,IEX2TV-9LLBK5G'!9,@LGHD-\016_Y(\FN,E;,T$!BD@51>.V_S-HB1 M6<_);_+.TNX,F/;\"W'OQ8V;?1S&QOBX\DTW$KW[ZN1\=7*^YL+>LT5UZ<^B:!=M5S1`&7[:WJM1K-[VE4["<_GSQ1 M,!(;(]5L]%O?F]X-[I%9LF93@3"<&=FOO1QG[^7\4VZ#6NJ6C%)@2%[U6XW* MV_L--;BZ&E&SS.!:W0U&5VITHRX'=Z.'P?6>=QOOS+N-EZ9Q:+>//WCY^KSA MKA)K9._XG]&0G-K:21"8!R M:7Y\>T=E1ALDMIK?JWN$4E*;K)EP+Q/D]FFV*(<);:5>$4?/L.L([\O%)(JC MB@H(0YIF6Z)3*F?;&ED^7^V;S]8,4*Z(^FRALZB).$;\B,@2N9IL)''*-@1N MIM:UHA.:Y""5'`XAI\TBVI+3>`GG)5WG19O.#5M9FK,SMO=:>!NA\*?HA=K6 MYD^MK]0@*=TQDE7W7KB&S!M8*7`X.TIBH*C8'$BVU(PL^N:F M%)('`66%H9A/FK%/%.<&1;JQMOK("A*Y6A4]U>=L'>[0F\&SM/M-8.]FK5`+ M(Z@&3P>50H]4RH6A'1Z@N9ZC8W%I!,?E; M2^-V#F$;OLNI-J"Z4T#UO=U,[H[#FM/%W#LB2I=(QH)_R8/7X(CS/O0<` MNQ/R,@C%6PUX%/B5#GW`O_WO$8504QG?5XB5>M M=LMU3(.:\D>GU2O:S0C=VG(S")<^P5U%EUC+5JU^GPT29U$H`Y_G MR\J\<>B=-=L_1%+;[R/8@>YF#'+IE?,-665#R_&)O;;(E&/LZF3K()`OVI\O M,.#$H^;P>?D]%/O2GAS)8>C2Z\K%UV<'H5R`6%PHP:UMV03I-5@SN\KE]ER' M:'7QX*+9S!^G0! MV-YM-H^A-ECSJ-UCHW^LNHV+LSS=@'%=>=QL=-KJJ'7>M!_/VYNDFY^('7JDS4F4\*)VBT[);2*%T]WZ)`\MMW#@]YYVTSN-IHMY^.V@)5, M+!8Q[V9RJ5MNP7I;8V;-1J]P#@J`%$?IVZ#QHD&_CO!^]""O6,NO)=S0*['# MF\N:'TRA%)&?YLUHI@T1,)J[QDOMC'MR45^SWZWQ5^4]I^4]'=OGO5DT!&I8 M)J_5791J:4O4X;,?1Z$T/3C%$FMZ`\0IO7>ARS_%4+3Y$*^3XGT96RXP10"Q MFV14Y>U&^ACK>1:8QEH!2#9/!027ZO(;$4Z).C80R8YUN,NP*+2H*;U-;2G' M<4Q!8@)KM104$.N\0L]-NF2\J-2^^9BEO26U<:+$:ZXQQE[U$0:3[&IZ8UF$$K;.)5MB$&4:F., MXRVYL8";G*>!5WJ1P+R:).^])!"\DYBS)S*"7YDV3@2B2IT%TMZD/_GB)43V MG.)%(9^PN(D?*G'D8=THZNB!W[JK_.S#^/*GX=7CM02E#U)-ME\:^J!.TK!!TD'CNK/#N*$@GM'*0K[TP25 M0L:_*Q-?59G8Q^F/@_O[`?U\7#VKZY-`U1RPJN:`55T.6%5RP&H[!ZPV<\#J M'\X!U^3BOC('K+XA!_SES-Y)D7K;J11O"[$IQ=:["JK_SR/:VA^3V8Y_#A+@ M?\'X6LZU@1"'K`[U;N M;CG9-VL3.GPUFZB18_]O,N[^J3IJ\YA0F\?SCE\JW.KZJ)A9V^)1^66YFNZ. M[3&VJ>-@`%1B3;>20FN4?_?R,,[Q==5CI/S7F6SIL61T*N:T/,Y$,GN&[T0[ MJHQVW!T_3WGH;"%C+ZF[MM@:5+_23C;IVI^@K.=1_=@O>'PK!97?8(/G5C6> M^P@18&4PW'FSXA?9KQ^^K/>I9ME6[;+]RL,ZU%!+*4&)ZIH$*:I/ZQ>MH9-P M2*NX;_8RCHJSH.BNN[H0B(RMF:CMFLV];6:ZGJ'C=JWJVM_+YY2=/&UL+G)E;'-02P$"%`,4````"`!L.`=' MG1B:66,"``"3!P``$```````````````@`$G!```9&]C4')O<',O87!P+GAM M;%!+`0(4`Q0````(`&PX!T<@8DF^/@$``&D#```1``````````````"``;@& M``!D;V-097)PC$`8``)PG M```3``````````````"``24(``!X;"]T:&5M92]T:&5M93$N>&UL4$L!`A0# M%`````@`;#@'1[R01Z]2`@``>@H```T``````````````(`!9@X``'AL+W-T M>6QE&PO=V]R:V)O;VLN>&UL4$L!`A0#%`````@`;#@'1P6A/L=H M`@``P`@``!@``````````````(`!&A0``'AL+W=O.^O,S*0,```X.```8``````````````"` M`;@6``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`A0#%`````@`;#@'1Z2]4FK1`P``J!$``!@````````` M`````(`!9!P``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0# M%`````@`;#@'1Z4/=)FE`0``L0,``!@``````````````(`!W"4``'AL+W=O MC M`0``L0,``!D``````````````(`!;2L``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`;#@'1Q/3SY>F`0``L0,``!D````` M`````````(`!`#$``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`;#@'1RGGMT2R`0``%@0``!D``````````````(`!HC8` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M;#@'1[3;^0G\`0``%`8``!D``````````````(`!HSX``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`;#@'1R`<3VZG`@`` M*PH``!D``````````````(`!=D8``'AL+W=O``!M8@``%```````````````@`%4 M20``>&PO XML 15 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 16 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727

4. EQUIPMENT
6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

EQUIPMENT

June 30, 2015 December 31, 2014

Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value

Computer equipment $ 186 $ 174 $ 12 $ 189 $ 168 $ 21

Furniture 106 68 38 111 64 47

Geological equipment 488 356 132 488 319 169

Vehicles 221 134 87 221 114 107

$ 1,001 $ 732 $ 269 $ 1,009 $ 665 $ 344

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727

3. FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS
Our financial instruments can consist of cash and cash equivalents, marketable securities, accounts receivable, restricted cash, accounts payable and accrued liabilities. Included, at times, within cash and cash equivalents is an enhanced yield deposit account that contains an embedded derivative in the form of a foreign currency option. As of June 30, 2015, the Company had no such deposits. U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

· Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

· Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data, by correlation or by other means.

· Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits.

The following table presents information about financial instruments recognized at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, and indicates the fair value hierarchy:

June 30, 2015 December 31, 2014

Level 1 Level 2 Total Level 1 Level 2 Total

Assets

Cash and cash equivalents $ 8,396 $ - $ 8,396 $ 10,139 $ - $ 10,139

 Total financial assets $ 8,396 $ - $ 8,396 $ 10,139 $ - $ 10,139

Liabilities

Accounts payable and accrued liabilities $ 498 $ - $ 498 $ 1,098 $ - $ 1,098

Asset retirement obligation - 366 366 - 366 366

 Total financial assets and liabilities $ 8,894 $ 366 $ 9,260 $ 11,237 $ 366 $ 11,603

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 18 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

CURRENT ASSETS

Cash and cash equivalents $ 8,396 $ 10,139

Interest receivable 23 6

Accounts receivable 16 21

Prepaid expenses 146 315

Total Current Assets 8,581 10,481

Equipment, net 269 344

Land 980 980

Mineral properties 27 27

Total assets 9,857 11,832

CURRENT LIABILITIES

Accounts payable and accrued liabilities 498 1,098

Asset retirement obligation, current portion 164 164

Total Current Liabilities 662 1,262

Asset retirement obligation, non-current portion 202 202

Total liabilities 864 1,464

SHAREHOLDERS' EQUITY:

Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216 103,638 100,652

Additional paid in capital 23,397 23,186

Accumulated deficit (118,042) (113,470)

Total Shareholders' Equity 8,993 10,368

Total Liabilities and Shareholders' Equity $ 9,857 $ 11,832

X

- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

+ Details

Name: us-gaap_AccountsReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

+ Details

Name: us-gaap_AdditionalPaidInCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Current portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

+ Details

Name: us-gaap_AssetRetirementObligationCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

+ Details

Name: us-gaap_AssetRetirementObligationsNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.9)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

+ Details

Name: us-gaap_AssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.8)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_InterestReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before accumulated depletion of real estate held for productive use, excluding land held for sale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6812-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Land

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 25

-Article 7

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.21)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Mineral properties, net of adjustments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 360

-Section 25

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=56951519&loc=d3e64895-109465

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_MineralPropertiesNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6787-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 340

-SubTopic 10

-Section 05

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=51662447&loc=d3e5879-108316

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Assets

-URI http://asc.fasb.org/extlink&oid=6509628

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (g)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

+ Details

Name: us-gaap_PrepaidExpenseCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph a

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 8

-Article 7

+ Details

Name: us-gaap_PropertyPlantAndEquipmentNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 19 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727

1. NATURE OF OPERATIONS
6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF OPERATIONS

Rare Element Resources Ltd. (collectively, “we,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999.

We are focused on advancing the Bear Lodge Rare Earth Element (“REE”) Project located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The Bear Lodge REE Project is one of the highest grade REE deposits identified in North America and one of the highest grade europium deposits in the world. In addition, the Bear Lodge REE Project has a favorable distribution of the remaining critical rare earth elements (“CREEs”), which the Company defines as neodymium, praseodymium, dysprosium, europium, terbium and yttrium. At present, we are undertaking process confirmation, elemental separation test work, and technical studies while working toward obtaining the necessary permits and licenses to enable us to develop the Bear Lodge REE Project. Based on review of current permitting timetables and other factors, the Company anticipates receiving its permits in the second half of 2016. The Company is working in parallel (with permitting activities) to advance engineering in preparation for the feasibility study, to gain strategic partners and off-take customers, to design and engineer a commercial-scale demonstration plant and to scale up its RE separation test work in pilot plant testing. Subject to the (i) availability of adequate capital, (ii) a positive FS, (iii) securing off-take customers, (iv) obtaining necessary permits, (v) board approval, and (vi) other factors, the Company will be able to begin construction activities on the Project.

Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the development, mining and processing of economic mineral reserves at the Bear Lodge REE Project, our ability to obtain the necessary permits and licenses to mine and process these mineral reserves, and on the future profitable production of these mineral reserves. In addition, development and start-up of the Bear Lodge REE Project are dependent upon our ability to obtain the necessary financing to construct and complete the Bear Lodge REE Project. Although we have been successful in raising capital in the past, there can be no assurance that we will be able to do so in the future.

X

- Definition
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6003-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 2A

-URI http://asc.fasb.org/extlink&oid=51801978&loc=SL51803626-108592

+ Details

Name: us-gaap_NatureOfOperations

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 20 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727

6. ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2013

Options outstanding 4,588,900 4,545,500 4,588,900 4,545,500 4,345,500 4,700,500

Compensation Expense $ 48 $ 130 $ 121 $ 318

Unrecognized compensation cost related to unvested stock options $ 199 $ 199

Unvested stock options 995,200 995,200

Unrecognized compensation cost, Period for Recognition 10 months 10 days

FSOP

Options outstanding 1,290,000 1,290,000

RSOP

Options outstanding 3,298,900 3,298,900

X

- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 14.F)

-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section F

+ Details

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Unrecognized cost of unvested options awarded to employees as compensation.
+ References
No definition available.
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Number of options outstanding, including both vested and non-vested options.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of non-vested options outstanding.
+ References
No definition available.
+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Details

Name: us-gaap_PlanNameAxis=REE_FixedStockOptionsPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PlanNameAxis=REE_RollingStockOptionsPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 21 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 22 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727

2. BASIS OF PRESENTATION
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

BASIS OF PRESENTATION
In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2014, which were included in our Annual Report on Form 10-K for the period ended December 31, 2014. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of June 30, 2015, and the results of our operations and cash flows for the six months ended June 30, 2015 and 2014 in conformity with U.S. GAAP. Interim results of operations for the six months ended June 30, 2015 may not be indicative of results that will be realized for the full year ending December 31, 2015.

Recent Accounting Pronouncements

In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact that adoption of ASU 2014-15 will have on our financial statements and related disclosures.

In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (“ASC”) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities under U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity. This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company made the election to early adopt this amendment effective December 31, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for the Company. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any impact on the Company’s financial position or results of operations for the current or any prior reporting period.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
No definition available.
+ Details

Name: us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 23 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Jun. 30, 2015

Dec. 31, 2014

Statement of Financial Position [Abstract]

Common Stock, Par Value $ 0.00 $ 0.00

Common Stock, Shares Authorized ^[1] 0 0

Common Stock, Shares Outstanding 52,940,838 47,707,216

[1] unlimited shares authorized

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StatementOfFinancialPositionAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 24 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727

3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Assets

Cash and cash equivalents $ 8,396 $ 10,139 $ 16,076 $ 23,902

Total financial assets 8,396 10,139

Liabilities

Accounts payable and other accrued liabilities 498 1,098

Asset retirement obligation 366 366

Total financial assets and liabilities 9,260 11,603

Level 1

Assets

Cash and cash equivalents 8,396 10,139

Total financial assets 8,396 10,139

Liabilities

Accounts payable and other accrued liabilities 498 1,098

Asset retirement obligation 0 0

Total financial assets and liabilities 8,894 11,237

Level 2

Assets

Cash and cash equivalents 0 0

Total financial assets 0 0

Liabilities

Accounts payable and other accrued liabilities 0 0

Asset retirement obligation 366 366

Total financial assets and liabilities $ 366 $ 366

X

- Definition
Custom Element.
+ References
No definition available.
+ Details

Name: REE_TotalFinancialAssets

Namespace Prefix: REE_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Custom Element.
+ References
No definition available.
+ Details

Name: REE_TotalFinancialAssetsAndLiabilities1

Namespace Prefix: REE_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered.
+ References
No definition available.
+ Details

Name: us-gaap_AccountsPayableAndOtherAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Asset Retirement Obligation

-URI http://asc.fasb.org/extlink&oid=6505190

+ Details

Name: us-gaap_AssetRetirementObligation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis=REE_Level1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis=REE_Level2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 25 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727

Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Aug. 06, 2015

Document And Entity Information

Entity Registrant Name Rare Element Resources Ltd

Entity Central Index Key 0001419806

Document Type 10-Q

Document Period End Date Jun. 30, 2015

Amendment Flag false

Current Fiscal Year End Date --12-31

Is Entity a Well-known Seasoned Issuer? No

Is Entity a Voluntary Filer? No

Is Entity's Reporting Status Current? Yes

Entity Filer Category Accelerated Filer

Entity Common Stock, Shares Outstanding 52,940,838

Document Fiscal Period Focus Q2

Document Fiscal Year Focus 2015

X

- References
No definition available.
+ Details

Name: REE_DocumentAndEntityInformationAbstract

Namespace Prefix: REE_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
No definition available.
+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
No definition available.
+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

XML 26 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

4. EQUIPMENT (Details) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Cost $ 1,001 $ 1,009

Accumulated depreciation 732 665

Net book value 269 344

Computer equipment

Cost 186 189

Accumulated depreciation 174 168

Net book value 12 21

Furniture

Cost 106 111

Accumulated depreciation 68 64

Net book value 38 47

Geological equipment

Cost 488 488

Accumulated depreciation 356 319

Net book value 132 169

Vehicles

Cost 221 221

Accumulated depreciation 134 114

Net book value $ 87 $ 107

X

- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PropertyPlantAndEquipmentGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph a

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 8

-Article 7

+ Details

Name: us-gaap_PropertyPlantAndEquipmentNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 27 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Operating income (expenses):

Exploration and evaluation $ (1,199) $ (2,038) $ (2,317) $ (4,859)

Corporate administration (919) (1,199) (1,929) (2,547)

Depreciation (30) (51) (75) (103)

Total operating expenses (2,148) (3,288) (4,321) (7,509)

Non-operating income (expenses):

Interest income 9 22 18 51

Gain/(loss) on currency translation 42 197 (269) (149)

Gain/(loss) on derivatives 0 9 0 116

Total non-operating income (expense) 51 228 (251) 18

Net loss (2,097) (3,060) (4,572) (7,491)

Other comprehensive loss

Realized loss on available-for-sale securities 0 0 0 0

Unrealized (gain)/loss on available-for-sale securities 0 0 0 0

Total other comprehensive income/(loss) 0 0 0 0

COMPREHENSIVE LOSS $ (2,097) $ (3,060) $ (4,572) $ (7,491)

LOSS PER SHARE - BASIC AND DILUTED $ (0.04) $ (0.06) $ (0.09) $ (0.16)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 51,272,134 47,707,216 49,499,523 47,705,891

X

- Definition
This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

+ Details

Name: us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of unrealized gain (loss) on investments in debt and equity securities classified as available-for-sale securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

+ Details

Name: us-gaap_AvailableforsaleSecuritiesGrossUnrealizedGainLoss1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831223

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Exploration expenses (including prospecting) related to the mining industry would be included in operating expenses. Exploration costs include costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of mineral reserves.
+ References
No definition available.
+ Details

Name: us-gaap_ExplorationExpenseMining

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 20

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894

+ Details

Name: us-gaap_ForeignCurrencyTransactionGainLossBeforeTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.13(h))

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_GainLossOnSaleOfDerivatives

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of interest income earned from interest bearing assets not separately disclosed.
+ References
No definition available.
+ Details

Name: us-gaap_InterestIncomeOther

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_NonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLossAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after tax of other comprehensive income (loss) attributable to parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossTaxAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 28 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

7. COMMITMENTS AND CONTINGENCIES
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES
Our commitments and contingencies include the following items:

Potential environmental contingency

Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive over time. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727

6. ADDITIONAL PAID IN CAPITAL
6 Months Ended

Jun. 30, 2015

Additional Paid in Capital [Abstract]

ADDITIONAL PAID IN CAPITAL
Stock-based compensation

We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”).

The FSOP was originally approved by shareholders on December 11, 2002, and subsequently approved by shareholders on December 7, 2009 following certain amendments to the FSOP. The FSOP expired upon the adoption of the RSOP that was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. As of June 30, 2015, we had 1,290,000 options outstanding under our FSOP, as amended, and 3,298,900 options outstanding under our RSOP.

The fair value of each employee stock option award is estimated at the grant date using a Black-Scholes option pricing model and the price of our common shares on the date of grant. The significant assumptions used to estimate the fair value of stock options awarded during the six-months ended June 30, 2015 and 2014, using a Black-Scholes model are as follows:

June 30,

2015 2014

Risk-free interest rate 1.0% - 1.1% 0.93% - 0.99%

Expected volatility 73.4% - 79.7% 74.7% - 79.1%

Expected dividend yield Nil Nil

Expected term in years 3.4 3.25 – 3.28

Estimated forfeiture rate 3.4% - 3.6% 3.7%

The compensation expense recognized in our consolidated financial statements for the three and six months ended June 30, 2015 for stock option awards was $48 and $121, respectively, and $130 and $318 for the same periods in 2014. As of June 30, 2015, there was $199 of total unrecognized compensation cost related to 995,200 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of 0.86 years.

The following table summarizes our stock option activity for each of the six-month periods ended June 30, 2015 and 2014:

2015 2014

Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price

Outstanding, beginning of period 4,345,500 $ 5.16 4,700,500 $ 5.51

Granted 999,000 0.45 275,000 1.28

Cancelled/expired (749,600) 3.16 (280,000) 6.74

Exercised (6,000) 0.32 (150,000) 0.52

Outstanding, end of period 4,588,900 $ 4.25 4,545,500 $ 5.31

Exercisable, end of period 3,593,700 $ 5.28 3,852,500 $ 6.01

Weighted-average fair value per share of options granted during period $ 0.24 $ 0.65

X

- Definition
Custom Element.
+ References
No definition available.
+ Details

Name: REE_AdditionalPaidInCapitalDisclosure

Namespace Prefix: REE_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AdditionalPaidInCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727

5. SHAREHOLDERS' EQUITY (Details) - 6 months ended Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Equity [Abstract]

Number of shares issued, beginning 47,707,216

Shares issued amount, beginning $ 100,652

Exercise of stock options - fair value, shares 2,852

Exercise of stock options - fair value, amount $ 1

Shares issued, shares 5,233,622

Shares issued, amount $ 2,986

Number of shares issued, ending 52,940,838

Shares issued amount, ending $ 103,638

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

+ Details

Name: us-gaap_SharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Gross number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodValueNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Gross value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 31 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727

5. SHAREHOLDERS' EQUITY (Tables)
6 Months Ended

Jun. 30, 2015

Equity [Abstract]

SCHEDULE OF OPTION ACTIVITY

Number of Shares Issued Common Shares ($000’s)

As of December 31, 2014 47,707,216 $ 100,652

April 29, 2015 registered direct offering 5,230,770 2,985

Exercise of stock options - fair value 2,852 1

Issued during the six-months ended June 30, 2015 5,233,622 2,986

As of June 30, 2015 52,940,838 $ 103,638

SCHEDULE OF WARRANT ACTIVITY

Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date

September 27, 2013 offering 1,338,688 133,869 1,472,557 $4.15 9/27/16

April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18

Total Warrants Outstanding as of June 30, 2015 4,349,481

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(i))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 28

-Article 5

+ Details

Name: us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727

3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

SCHEDULE OF FAIR VALUE OF INSTRUMENTS

June 30, 2015 December 31, 2014

Level 1 Level 2 Total Level 1 Level 2 Total

Assets

Cash and cash equivalents $ 8,396 $ - $ 8,396 $ 10,139 $ - $ 10,139

 Total financial assets $ 8,396 $ - $ 8,396 $ 10,139 $ - $ 10,139

Liabilities

Accounts payable and accrued liabilities $ 498 $ - $ 498 $ 1,098 $ - $ 1,098

Asset retirement obligation - 366 366 - 366 366

 Total financial assets and liabilities $ 8,894 $ 366 $ 9,260 $ 11,237 $ 366 $ 11,603

X

- Definition
Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611

+ Details

Name: us-gaap_FairValueByBalanceSheetGroupingTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 33 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727

4. EQUIPMENT (Tables)
6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

SCHEDULE OF EQUIPMENT

June 30, 2015 December 31, 2014

Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value

Computer equipment $ 186 $ 174 $ 12 $ 189 $ 168 $ 21

Furniture 106 68 38 111 64 47

Geological equipment 488 356 132 488 319 169

Vehicles 221 134 87 221 114 107

$ 1,001 $ 732 $ 269 $ 1,009 $ 665 $ 344

X

- References
No definition available.
+ Details

Name: us-gaap_PropertyPlantAndEquipmentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph b

-Article 5

+ Details

Name: us-gaap_PropertyPlantAndEquipmentTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 34 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727

6. ADDITIONAL PAID-IN CAPITAL (Tables)
6 Months Ended

Jun. 30, 2015

Additional Paid in Capital [Abstract]

Fair value assumptions

June 30,

2015 2014

Risk-free interest rate 1.0% - 1.1% 0.93% - 0.99%

Expected volatility 73.4% - 79.7% 74.7% - 79.1%

Expected dividend yield Nil Nil

Expected term in years 3.4 3.25 – 3.28

Estimated forfeiture rate 3.4% - 3.6% 3.7%

Stock option activity

2015 2014

Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price

Outstanding, beginning of period 4,345,500 $ 5.16 4,700,500 $ 5.51

Granted 999,000 0.45 275,000 1.28

Cancelled/expired (749,600) 3.16 (280,000) 6.74

Exercised (6,000) 0.32 (150,000) 0.52

Outstanding, end of period 4,588,900 $ 4.25 4,545,500 $ 5.31

Exercisable, end of period 3,593,700 $ 5.28 3,852,500 $ 6.01

Weighted-average fair value per share of options granted during period $ 0.24 $ 0.65

X

- References
No definition available.
+ Details

Name: us-gaap_AdditionalPaidInCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727

6. ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Number of Stock Options

Outstanding, beginning of period 4,345,500 4,700,500

Granted 999,000 275,000

Cancelled (749,600) (280,000)

Exercised (6,000) (150,000)

Outstanding, end of period 4,588,900 4,545,500

Exercisable, end of period 3,593,700 3,852,500

Weighted Average Exercise Price

Outstanding, beginning of period $ 5.16 $ 5.51

Granted 0.45 1.28

Cancelled 3.16 6.74

Exercised 0.32 0.52

Outstanding, end of period 4.25 5.31

Exercisable, end of period 5.28 6.01

Weighted-average fair value per share of options granted during period $ 0.24 $ 0.65

X

- Definition
Custom Element.
+ References
No definition available.
+ Details

Name: REE_WeightedaverageFairValuePerShareOfOptionsGrantedDuringPeriod

Namespace Prefix: REE_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AdditionalPaidInCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(4)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Gross number of share options (or share units) granted during the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of options outstanding, including both vested and non-vested options.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average price at which grantees could have acquired the underlying shares with respect to stock options of the plan that expired.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of share options (or share units) exercised during the current period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28,29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

ZIP 36 0001052918-15-000363-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001052918-15-000363-xbrl.zip M4$L#!!0````(`!DP!T?4C$UG3D```#1<`P`0`!P``L``00E#@``!#D!``#L7>ESVSB6_[Y5^S]@/;53 M295DZ[(M.<>4XJ/+V]VVVTZZ9SY-020DH4,1:H*TK?GK][T'\!!%R:0D'W'2 M794H)(#WP\.[`9+O_W$_\=BM"+14_H>=YFYCAPG?4:[T1Q]VOMS4^S?'Y^<[ M[!\?__N_&/SW_G_J=78FA><>L1/EU,_]H7K'+OA$'+&?A"\"'JK@'?N=>Q%< M^>V?YWX(UYQ0W@JX:L@GMT-VZZT!*)QS3:>WA[P'4Z,@)38EQN&.R%LZG8@T9U:"4"Z23]'NXTWP$PX.5B='2G`-WUZ6G2 M/N"!\.#_B?##0&C2+;WKJ`GU0ZW:B?4$9>M(DP1?BR$CL3P:TV(%0M3C]KOW MVMVQ=Q'!AQTM)U,/1&PO'LFHC:/`$MR'3+H?=LX"-8F!-IJA,K\/ZBGYI!L` ME>$LN9I&4H1,`(IYC@92]SQ^<\['T&#FYUFK]LX>+^7[YR2VRND9ZE- M8164NX@"U"D(T?)\3*<3CY3>6^@F?#?3">>=DG?GNL37YP#$%RU+E_.YKR^' MAD87R'QCO#7&*OR83B`A8>]LFTG?H`#.,RDK28_"I$Z]V4+3\LTRR4[@<9AD MS5HG8]8ZWZ14S9FUSCIFK?,$9JW]K0MC^S&%,='8;U$`YS3V\=Q3-"\_KW4.Q\A5CS*,N']7B&]+-:] M8K#?A#N;6_?6CW5/F/#*U]U&`?]V(AVJR0^U?T%J_Z@!VHKE_Z']+T+[GV+Y M8ZMO>?;O8S691L".T[\B.<7IO`Y1N`H4L"F<77G`05C^9'J?9I]G4V&6/FZ\ MA`>OW`_D)>$L"GP91H$`=IW)>_REOT-A6,Z&[TP>OF>+\'U;@M_%6#K>=ZG] M\U-_Y>L>AX(_8H&7'`L\95+P(Q9X^;'`<\C#]VP1OF]+\",6^#XT/HX!;5D( MK)UP;T+E?+V73XT>=UW7\J/.RCA^EYR$ZK^L\1'4^/^IYB.7G3I(8YE?IRTDT>1UF[)K[ MHUR@,C>_I[9;+_RX3!GQX/>O6SRR\_LA'D<1Y/0D&U]N3A:6>R*XAC3_HSU- M?01MXL'B6_,D<+0EX]^,>2#T4A*6"=1H;1J`[VH)'5?>@IPM\A;[7N#9:GQ: M85',*O`@C[%HU`S1$^&KB?0?(OLP7_)TBP:.[\]QH01#KT3@@(@_L&I3^%E^ MS5PACTY);:[%2.HP@'`.0U%FY?,:#Y:O.A=^#;Q@I^;H.KN.SZZS7T+W_=ZR MP1>)'T/O`'?'77'_LYB5IIZU7TM'RY([40[MOF-.79I*LU'_S8R?[5XT[!6I M^JDQ!*7'SP9\2T?+DNO#71=;G'E\5)K,D'M:&`IS`V1'/HZ"`"]+[7#O7X(' M5>=2CRL"JT9;%(`_A.?][*L[_P9$5OG"/=\B%7MDJWGYG8=5N+L'CZU#FTF MLJWFL^%=5V0[S\?B:B+[]/9T+9%M-M9G:,9I7?'@,L"X1+CTU#:XMYL%ZL)9J]T^! MTGKMX+%IWL]0PHH0G),X!;@O04TZTE-,\.-C_YB>Z M'3]\V'EUC%C7*AYT7QTK*LE">__@U3&@4I&@_>WKPG;"FE>@"=L*E0Y>GTQ4 M,PK-WJMC0"6CT'PB`=!:A-KN@:X=P'7WN_,!Z-RPE6F6+$!TJA"]"L242_?T M?BI\+3:=<+.3S\<+1E\;0KDMO.9^=0@@1BKR0WTM'"%O^<`3%R+Y"ITF+9=?\^W/8=B<>3U:)?+,RJ2/N9Z#%8"_T)+<E9/EK,'A M[^84&,4YY* M.>/7[.8K<(5D?I7XZG//!I=2Z(W.1,U/K&CL=>F7BQ*JT_^%^R5WC`N7LC%' M$`7I+I4U?*-_94&Q:C0)_]0"Q;0$LYUVV M`###7)`K.H,R5IXK`HWQ1SC;7E3Q$*5M(%LS$JD*;8MLZO9Z\SG\MJB7-#7M M7#W\8?(@8!SB&/>4!SY$I'JN:CC$IP#79D8=EJ;1F5^;A\EM!V`I?@'`-IU? MW0A@WW4EJB5$@ERZY_XQG\J0>QM4@=J]7`1?3&$#(.4,4CM_]JDDD,P)N,W* M0"C0N3/Q^;'7H5WVM-K!?JL2;8C_SWU'3<0O^0,;*QZ%62VAG?W#>0QS-"H# M*/H$PVH`AYU>W(P^M_=QJ+".W$:[*8M+L/@&JRK+S5+RJ)E"MUIK,^@D<$XKT6/!ZVR?#T5PZK)5V]==IVI0,B13>V= MV>>`^QJ_4*C\>)!/8@AM/O/[+1FSW#,Y%0!L&7MUO]CLO!3LE<4V%Y(_*]>K MB78S%PIL`#W>X306]S(H_'DJJNMRH2 M/)46B#&^2N=6F'80_ET.MV8#%P+\%10W!+>%X/_QP&TA,7A4SFV:-%0`%Y<> MXH<3/W$MG;[OGD@O"G//^)65NV5/2M8;NXU>BO(!TEM`^J`0KD":?-IY8IZN%L]52-?GZ1_@>\=PO7\+V?JN=XE\/T.--:[6LKWB@=+_;:[[<::U6C&6/[S9;AZUFN_-RI[5:BTH_ M_KN=:?5ON?1P>Q#"5PV)VXUPHH"V-.AYK"]^(+B'SU_'@6YSVR6`Z@@>9PZ5 MHY87.(=-*@LO90Z58Z#'F0.D?#>+(USG^N=/^6Q3'THC>)PY;$4?GGD.6]&' MYU^'S?5A[3G$\9EP,;&`K().!FRG@I$[#%],:GU`E06XG:NIE`.T:%0N_4>L MF#]`;@OHJE?.&_-G$2I"3&]A\VS3;?-N.:7-,*U3U9WC6'E@2P_KX-DN>MQJ MF]N`94X)Y0EO%7%U62PXD[P.Z@N.ST->#B_-CIGRR[]R\N]>^&[*=#CSQ(>= M(70Z8MUIR#[+">C;A;ACUVK"_9JY4&,WL-;#=VS"@Y'TCUB#-79;T)S^WI?^ M.X9$ZZ!/([@+D4VX\_=1^`Z)[$WIU]^:;?O'(Q+^,]*A',Z(]O(W`>^R-X[R M/.&@Z'JSFH'%)]-W?VMV#M_=B5K\C^X[EE[/#IAIH`(6CD6F'9IA[L_2)F_9 M'==,^HX*ILJ\R33R76'Z>?Q.,S6DWU>!NH5F`O_]"3V@'A.V8^5!WB1YC1US MG[OP-_B2_XM\P=HUUNSU>KO/Q&A[4?KXEO8C5C=-S=*;Z1\T'D<(2@C`'X+A MB@WQ_:G`OHP%@T:JCL?E^\&5ICC4DJ?^0H&%5R'[(\9OGU[M,L^6_K,TH;1 M$4D\+"BQECHDP=`"4VH4WD(5^8%FF2DMHBT??.9L&"OX- M]\8S%]1?A-SS(F";`T-,\6%6@,@&8A[YEVFH?*,'*R`FLY8`S!>QU(XAPQ
<>]C/4.V`6`0E0 M)@3)A#`RH;-"<0QD=$8L:NQN+)TQC6BM`(`?2A^$&D#X0KFS"F8=DT_8YG#5,2P0!^$!!DUBP$V-%DE_5#Z"\TH`&"1LC)GH3\*\X`A@)# M1YY@*(,)-PRR^$$*M)ARXRV`!*P;L/-KC98C%,[8)TG18>3B.6>8CT<,QY$) M"0@X#V#E!J%E&$[6%TB1!S,&CF@2"Z,G'71:&B5.^,3[B/[AXM-#:KIBT789 M1;2HM(&XE6`08*'L*5^"8>B$!$"BE,/HAJJB_;$A=T+(KFMS:P'2+QTY!;G7 M,"P^RXG]$6X,VTJ8%L`\4"'N#9$P^,T#HQ"Q;4<(H`66,=@->0H^Q6-O[B2( M2P8?;L'>4CKS%B=OC!"(E0^V3(`NV/Y!NBQ#ZU.&8#0D'=Z=T8K,:CC`"!C/ M\.WUH0"U-MP`$?7QA>'$@.&P#J(`D0H]JR6("\AT#2:26L2D02T<-8$6^"GX M.KYP&K1#3)1/HR,28S%(-A0S#:(I<>SZ-"-(1C)B8:+I2$^%L<&!&V12;J(! M:22,A=-[(]\R;G(_,T=@-2C^7Q&]X-TETH%7'?NT(+O%0Z?D(B&T8Q/S^!GY/WQQ`PBAV<[69"#!APB*4D!^[5)8 M*S0A.SHQ(H)K;^UG;/!@?+0&X!6=A`A:WP`34QZN,&(U`A;#!RDQHEC28B*M MA!VQ38>ND(+D8=2L,S5&(\*<`&`EX]A,I8K$S/-\$WQ)AT@$8YG/Z'OA6$6C,7K%,0=;,1`" M3&7D()%AY*%A"KC4Y.?M<7`+9`KA&:DXOF^7^ZC;/MAJK:.`K'4XAJ6^,Q#R MRN^":53Q0(;]SQ60E]'Q)\%3D`)FSG@NI*WYQ/93I#%JTB="0T`VM2]HP5TB M?3F\,L$/]?P,-#]!+/OU122^V55`?7(@Y3-I``4%7W9O=ME/_?X5L1^]/!DI M.8FEGR(O\'X4:=:LJJ(R*$^Z%*X7-40!],';0NKH11`X.Q@*@CA*'TB8^(_T M"-I0].MX"C_#HZT^<:.S/K;UO%D\#(7LW/+9Q3Y',)+N_&8S,TPI8B2!JWV7%2Y0/"8WI^1;VP:$2034S!H,71. M;N,$C`]]':S=K&&,US$9D(GA[]`29%F!%/J&'>93)VAPSV#2K-FH_YS$;.;K M6@S-G[M(@<1K4ZUH$!?V;;9!+EY'7I@X\?E```RQ+8`,/76G$Q9K><\@ M2`W'VK)Y;G#JB;Q^0"[/K>IE(:3D%VD1D")Z$SXC]1N@O+B0/E&8"L/%(QO? M89U&7'1.@_P(;LS0HPGS_NV\T.R_9&?R5"B`CJ2JGL!OCC'[U#"R"[R_#[\= MHP`)JCWYW`7(E\$YL#?]:`07C(4CD3N+M9209'AY@\"E=TD5J[^ MDT*"QPI6/?#9&\@K0S"H#HRY7^\TWAZQD\3+H2)^\:U+I$R,#U2$@24[I6\; MQ>0/WFG63X/48Y.>6'.,%:0YHID"\/PTXWEEI@L^,+V.Q3/T^F1(*"W'^E#& M"63QH&W%4F`*2V#6PVTL?#<6E**:L!4&UM&`OH",['(5<"6=K`I&W+9#"U,MX?%GW6QA!1`B)ZBH M-AR:^CO9P2#^=IAUG]HDU"8E&X*=3HTB2@S68VK&H(/=](RGXJZ:FIJ%*;T( M=Y?9$K`M'('S@H#>I':D!Q)<+)8C*`2*NX.\9)>+[#8E$S:1*0XH;(YD^3+' MBA\VZ-SN5F0L$%@3:T*,#0*.IT:A$1=228"669ECY9I!:&@>R1+("TXFJD*!99)CQIRNPZ":C3I4\%-A!_17;?#O4O"``H MN?%L"JV)FK#4:C:N-`6'5$M`P9(4]Y9#<(7Y95S&2'JS4223K068JYU@%[EV MG,2'P).<#F*-6V'-PM0^8"XREG>>!1OG^C%@2,TAFZ)>0,WFR(.9&2[6I"+. M8)U=VAA](,([S,67,R53NXTO$1*S4Y:)VW".P'/29R-,A6MFHLO,VJ"=64$> MC-N;YMLDV,5M.+(']5#5W=C@9C.JN%2<&@'@I*2C[#6*7)F)6G%>](E6^^*! MU/@R0>\@J+$WK;?,XP/AY7@YG[&$8Z5%[!;YLKG@<.VWL0$2U##)H>/2S6+? M3*42)I9N8U@1D!AJCZ"A6TMLW9M.AHP!'H"<4BB[9`Q?,4_Y(ZH\+\./8@M- MTT5%VG/>8DC?1B0,2.QA9]$Q"4><;,<^AB19@IZ=.UB47"@"Y($PS9B(T=2UC/E/3%=>F M)[AY1B/3%C>6!97QD\;)&4><49J$N0OI*K*M9L(!D\S,5\&S*VK+E*0]5-,- M8N%(O&U&>::XJZ,B[XED"H#XH"&<&RPJ,U.F;B+#\8DIK-=I#,?/'B!Z+-LL`HL&!@$GX8U1T ME\VD\-SX>$!,WX3SM@YFVH--ZSAD4L=F@=HK9XX,V94'O*W MHAI6UA*..997<:MAG!Q7V$VCEO@40.ZD$5;4S#96)IWDQI*``'&WNSB-<#*_KP-DR2_N:;<`8UM-?GU>7X;^GD:3EAL#[ZS=YE"^\*(.XC@2M)KJEQW@C"( M,7L2.,A72,-;@KE2]C\]C6S9^AOECX!&XS%W_[,,X1\B-\3;=JGW146/A8LA M;.&2O*5'5.F6"/+!0N25))Q(1=840O_+(*?"7=H`%W\CKZ7W$?LRB58O@8$E M7Y\'7QMYOKZ^A?H!%JD`+<[.\)B)@RU.9\DT9N;)TEA*4G[G@R)<+9RZMYDI MS(R>JB"/@#/#7O@4`H#D-);^E0_$4%CY8&"(P?JQ-_=\?/!ED M_,T&<=9DDY,295;?4BYPXJ`@D1)FNFML"^%+?#"0O.)J1_`#61'%-(RB\)95 M/>-36>Y+S-6`\YL*'\%7(7S*CC.WSYQD(!A@#1E(O27U5L%_9EYOW5"Q"ZES MF5;#0OGK/TM2'0H'=UJ:F8D$X7*\0P\*5%*2V/,J:%L:#.+`KESCO%<-+'7T$_ M2($B9%OA2W=H!O6%I%X$^!L,$I0Y'B.ZE!W!J,)K[U(*![.NCK!IC28)2L5; M:0::P"T.[D"!+%9$4$WB)OFC,OPN5]IS"X&OHD(FZ! M[$!?]DS=DNY96?*\Y=ZT[+R0KIG\6Q)2&<"-,G<18Q.5OMHPSCOM.+7Y^$'N M]/L]21_"P\+H-4AUDGL,6`]F5H/P*7(7/U_0?S,,-BRJ/;06R[.L MF=V@<)$I.@`91@63/OCYPLR@9!1+?9VW/D9YRRR_8C<4Z9T!A$(K* M8@9RD,&>RD-5)"7Y>[#C!7F&G7::G']-2QY\?-PJ+2+X*TMX<44C?03:909W^3VI M2&CR]8T#ECXJEE^Y?@/ZM@ZXK0:1\2;0YUV=-0INH(0CKP2X.^'91G-`OZU*O-?@JI00$G@W),!28?>)O!+@ M[BCLLDKY:L_EY_Q=')&U\HD/@I8SD=1H[X#<69IQ\(TT9,<,?16]TE5-;+'> M:5=:E?1SD.K]K-&^!2>WAZ-L"I,29F.8SB$FV>G`:PVA-D=GD<3C0+-?1E/D M39$RUTG,FT"S=7-7ONHC:_@(4!WA*%NTA<;0@#N]T,/81V*[-1-UXNR^M79> MM-C_ZLABWR$Z.:HQTJ0]%G/G"FH\=-4PQY)WSUF>LXH-71UI)H]=W^S.XM=J MCE`DB1O=3_?V+MUL='K#YJ7=P*B^JV#VX9^E1YHRKWY^I2*T7&E"KG`Y8 M&54IZMW\%?#KS4(XA;T!6/M!Q>VVVGS'@OVL6=CC8`=SI[>WN7H><-M^X:YC MKX!_%\9)U?O]IBCH7$VGR_F2#AIYCQ81PHWA#$=*'4U:YZ$A3H4-?-*G]0- MU_>0*(6$&I>.O9T/H72C=9K4*#/LS8;HD]+W@OI.B@.$&M6MZ.DAH8S=;:.Z M9O$_+J/`@^G"'=AE7>N"Y>V$P)CM`RFX&=+UTKWAVF2V+KA8UN[\3-?4Y:\H M],-[`*I31R1KTKZ\EU!*=A?TNVY*%[X?[*9WX0R@CSCOH`NL/?]$#][4+U^> MU"+9C3T^OCA0ZF87[/^D='W&N2K,CG#;GA;P`D&I=<7=K,&4+!]"1E1M5]:6 M*-GI>%1&5S6MKLB<.PW+OAK7=G@EI0MBB'O\N@Y8Q?/<4E`[=;?M/"E7]M5H M5'?2CZ3O]BO3XAK>LRJ+756N\A2C;A:R?GUP(_00^C#Y#WZ7/.,'D#??PH"_ M&_>9#$VK5LQ:HV!W?0.SX9=KEZIB\\>/$NG,_#0"&HT%.ME]$T^V;# M(]@*@=Z`;UVQ[X5$I%K@3(3KCUMC`-@3,:;A'"CZ%`/(C;HK889`?5ZNC2,+ M[YC`*9_B>(EFU=!KJ`+QB/MP8,Z3./M#M6"&!=N<5R\T36/(6Z,W\;^JG(=@DGR4A9JV#E;-4Q-'8_K-G[HN.@<)I2A.I/=`=K.2=F''RB: M>C$"SS).(/(8+N"JVJII]T"Y<[U(>81[7KT5,1%<34.=['%2.B!^(A"QXKT$ M$453>GFB6POQ%N\G)`](B;T?@SG^XL/*!*%@AK^SUN^CMR(A M@A(%9]!41X:T1@TXBYQM%D465FF1.FD4I$7BC[*?L;%IH1C(QHK2TM1)MR]E MBD)-P8+OV)/8LZ\%^J'9GH3T?Z2&J4RUTZ"PW*E2.5&^?&BSO&BCTH14"7'B M1@O\M.S/E.^T#/;=E?WXIQNE1YO5(:NGY'9J^UOKQ"K\ZJYBK>M`68_QJL3_ MAPX\;O"L0$E=+MA;ZC\OB947IFII6A85!F4^I45J,2W+@.%'3VX4N3`1R0L4 M-Q=;WHPIX\_Y(``,_@@\Z/ST-7$3O!Q>](RZ$?"Q3$*!XJWW)TP.XJ)Q53.@[BBK_(MM!EG\^!65 M6P"MT^&XBWUPIP]*N$SB!#,DR`GC1,6+L4B0\#11J7=AI(0!84HL9002)B.Y M&JM"6<=B3L,,28B%\!'%21@1T9^&08#%'5JS/7G)PQY%$+-E,[%,'K"&ZII3YB6+W@2@WJ3K* MD+TB:JDF;8P^T(9,*&F*6WI!D32[G.%Z`W:E(D7T?E!DX='AVAFV[[&;7BU& MS&E?:M*'?4X)49UZ92F5>5,9-IE7Q5OQTPS^)TE?JZ8Y44?EN\=T"#735"?E MK_QV"#'5&ANJ;?/.8.D`:B^L8?GH=W?06>BN[S5;KDK+I2N&GQ97\5 M;A;_ZB%J(UVUS1XJ7$.=C$>J8_`.MNL`:B^T81]9T;HTG$N]N?G*!3JXMOM_ M8DU;?%A4KG-Q4+=Z)OJ(=#I-BK6O"&P,E1-::%73039X1A%C]X4 M%69_X%$;MXZR//`34<9W,8(U7"^($[IR+I<+?]^E@?,A`2*?QUW&&&"75H4, MODX?0A]#,0]GR*>K>\%B21+24W])U3\0YCM)&+-<;"Y9E$]YL7L;)%>+3Z*0 M_T7YP%L^ESNQ\>>*.=0&S\B-2&)(51Y#WTU@'W%$G>N?^-ZLT_!.W?A83N^Z@!TJL8]A[+= M._+*7X%5!K>`)V1*H=Z`!B-/E6<>&OCK6N,]?(Y-R;^0\N`^HO1RU%JZ.I4 M'5-E"UM-ZQ(`PU(@&42+ZA0C_*-X.7U0"0Q/")/W&?2\'P;W^*OWI"8C%8!5 M@0&%\G_#)X3])LK7M-R`045@!ZWH!=@N8-3N,501QMGWP;)AK>]B*X%-*%D@ M%14"`T!#Y`6_A^T3@2[]-A''6X2PD<`6%_D^FJE@0^X0*;X*H\P&SDB1UW2* M/33XYLJ24##QJPB%=T.EH/`W(\6#.U-TU7`T58/:L@(M0`D2+B."L`K$)+L* M8`%Q3?SKB>H<_#5LXID+Z>J^*6P(5+",.49DK:%"A#7&2'EW M^``!K@WX2*G(Q-3Y20&E#N,:KFLW<"EJ:Y>C*`39!:FBBU&TJD_3+74'U@Q- M;)HPBU)5%!^YA*<.PXG8G6_GH?[DUQFJ5*N+.I,Z9>-J:1D>VF_46XVK-\+; MP\ME:AI,82:[5@@N,ARXQG4W$9Y)VQ>.!:(=5W-9$17)82R_9-$`#XB#K1@) M"Y1EFF8O[/!M$`0TE(&B#_67[8-[^BMZ?,32AHX)U,+_.KO)U1NV_O!C@:;@ M-:Z"8.WSR&&PQ^;0@ET:.\.Q9.K#Y+(PF2BY]NB`_C%U&IM5GCWDE^X3W.9. M??;\]L$4G9WW$:E_3`QQ&HCA0,:BI8?Z'*ZXY"L"92&*P]?F;M>`(%D>##\ M2]%B%T[Q#D]&U#*?>]8BR^K1D'6\G..'8-I"IBYHRMC^:VN)&J6X/3]F#I.+?%"TVGBH,+0IQHR M4GW2%']N(G_76X3)461B5*Y*J.*EY(8F1E6@IR8*/?]B_I%RQ?RCK($VN=JL M=(VPEBB$[0FCZJ+0LS*C]B;4DKM*H^+##G9MR3$&]BJ MK+M[^XR,J(RQ_]E=YOD&YGOA.+X\"-"FGJ#]7D62<+>G:51L;8EJQTF$SZ M6919O$OOA%VR6W-2Z^:H\VIL.>I(TW8/I)?"PFHXY'G](#,9$W(K4C+3`4*- MAF/Q[ M%`H]_C1&\2)7DC*2,KVBC,C*L'II`%R/ZUY1@"C#!BW5GI"^-EUV.$0A9JV4 MKH7AE9O0"$=WOQ1&%&+6+%(P99&"".OTTXN2B\O%I6=<&+Z%BUK2,ZZ9/%)M MQX1B1NE'M.Y'[,EYRTW@X.B);4C/6`".'@TUZ1F+L$[7'!6YN%R\7Y[QL3SA MOS8[8>1:-6./F/94)PVB68^-M'\Y:]?,YS7WLNJAEHD[Q2MM:%CM0W'@58=] M+;GXF8O7R&X?"BE>]4WVJCG93Y>EYB"E0Y/2H4OOPOG<2TB/KJM@]BZ$<2#W M*)AZ*%[]*!NY)-04I6LV`(*!3SHO3?,($"K1N5ULJ$/6"@H[+7.1IRLTTB2* M>PK539A@2D+G-A0\>E$8`&'9-,P596D?YE,,I2J)1%X=^RA)4#1@?:Q>*P-M MJ!=[96NZ16S(KUF?LCEM^$8'6RVP_^WF.Y9ACB?C0^+E[7_0-(%6?J,1$Z'[IN\Q3)A.`/#K3!&;H)6S(&^V`1F#(<0:9 M@13O>);+9JYYP9),#'1EL;SUO:GR@%P_>W&$A<)")13`OR5W@MZ>DBUH1,89* M.J=L[LZ0FFX@VZ2Y^QUZ]U,-M83&HRIMMS@C74@)0F3A9SHBB4Q;@F4(#%M+ M`;&6/AMEX\[Q82V!_8O0U'?GC&$@?P#]#=EZ2HSUX0"(G[(4M#&,63-"K$&7 M440[HV+`/-IMD/(B4[%T[@",?U26`1N>-=PA9:N!?WRV9]-RW42P53C%!U3%'2NIM/E?$D[ MXKY'"VR(/&ID*B(FX#Y]1HGR-@R_*W^2,&0UQ-IKCB8@17O!^2MTI`RFA*N!"D/FG_.K9P1"DDU)ZKQF=+*%W>(Q5A0_2)T_H^ M"$**`X0:M5^U)ARAC$;KGEJU^!^744!";QW895WK@N7MA,"8[0,IN!G2]=U" M+@Z4HRZX6-:X-^KR5Q3ZX3T`U:DCDC5I7]Y+*"6["_I=EZU@>L)N>A?.`/IH M-Y1=TYY_H@=OZJ.6YJ=RD=W8X^.+`Z5N=L'^3W;;?ZDPN\1M>^9X"02EUA5W MLP93LGQ($BX*DB&]N%UV("RE:GLNGTD:-OEJ7-OAE90NB"'N\>LZ8!7/Y6UGN/E")V5VI,_GL`62.]NR6P)P>V-SICH@GR;*J MSF1W=+%S4I9..0//,DX@=,:Z@&4`#7+]PGHK8B*XF@8T)>VR^(E`Q(I%]2** MIO3R1+<6XBW>.2:G`>RTU21T=(F]'X,Y_N+#R@2A8(:_L]:LHK&M$8-.(N[`T>=$U9ID3II%*1%XH^RG[&Q::&2Q<:*TM+42;=O%(I"3<&" M[]B3V+.O!?JAJ'*H6AU0F6JB&_<9*I"NGMQH]A4B(-BCL8LZI^_U MK,I(G'E.5:1.U,9PJ>DXOM^W7L]CCJL7].QIMENFE,@4IKT2C[E>QX&K9UXM M\[%1AC46B'9<%9XB*I+#6'[QXN^#NPA!GU;:AE6)W*2EUA5\&Z0/M9?*0-&' M^LOVP3W]48./6-K0,8%:^%]G-[EZP]8?2'MD-%,>0^AL[&-?J'T>.0SVV!Q: ML$MC9SB63'V87!8F$R77'AW0/Z:>8>=^!E,\GSWDGVR"9ZV2;<]O'TS1V7D? MD?K'Q)@P<^A;_XS8"H-&U:XNEI#1JK?E^6/3.JV*)%)>O^5W'LE-:I,F5<+ M]+8W-D(3A9[I2&#EBHT$SLJ`;R)OVKUY')8HA.T)H^JBT+,RH_;FH'6]3.+$ M#>#GJG*+[KV`S!O$',8WE[L[WEV=VYJJ:=FJKQI.'&N: MY,2C7BTO/N#!\"Q>UI&=<,WFDVHX)Q8S2CVC=C]B3\Y:;P,'1$]N0GK$` M'#T:[IF_+;(QDIZQ7%PN?D:+'UT9']-._+S>]4UV ME<;BAYL'I>V(OGSX\/I;F+C^1R]P@ZGG^E=QC))XK;G057Q]EVLHI"P#CW[P MQ]?W%\H,3;VYZ\<_7PS,BU\FIC/2-.VGRUU/KK*R-="-@:GO7UG7=--I?&F& M]-^_H4?DZ[^3*<8M4&`-#*,,&,?9@K^GRQC[B1SD.,ZV%('3%%E2*2/O?D&) M%R%H^G5]BV68B%=EX3!'E#,.KE`+E%+2D5[J+J9LIS).FAE5VP4U))V M30A8^459#!I7LIQ"L$456RL$R>L8Y\J0[[+J^)>Y;^N5-89C@#+;XSYL+-0` M7.74`SY#F"<&K()3/'&L-H'DLE&'Y#BX6#EG-;-[;@')Y#MWE@6Z)'M>TW M)AO;+SX]2-^6[.F_1F$<-\8?CN,T2HX"6%LB1R7V,,9VU\B1NTK"6IB6\NUV M$,"RL8_2)`6VP&L%_VT?#+1]V!XETPVG6A`I)HB^A[^/O5R62:3@=TZ.YPNL&[(AI.W`R M:]+/V@"O%?Q+ZQ%S8AN-ZI'Z^,?E5D"9NY(6(+$&WNGGM'TWMP.*3\0W.X@% M'38X*-4H(N*1<;_CNI>,=I_(N'6N.AD_0M>M1@G)A8J(I*S,D]!SJD>D7#_/ MG5!!6G:#5"R/A6`$K,R&T'2R&P0L[P:6)MZ^_,XN@L%=_J,XKQTA5F'2:1>Q M;#Y[T3MB;4<7]A++UL^96%QZ"QH0=)Y8N:/+4766S:?DFX%:(&)Q.F9:@YS% M22Q(@:;?8[=;/KI>!/-#$;:I9*GKN[RQ74_.->Q<&1;-RM8!Z9BHU3@1CNSF M4$N9Y5,PC1!FA/>(_OLIV"Y3.5`B4W;/-G/H)!.=#ZM4@^5X&!WQ-6.)UNPZR/G`.SKJS8!)3^%H3:H62@_P2`\%"=X*]Y[ MC]X,!;/X"YHB[Y$.&&Z`MOKX`,S[83@&#OR4MXZ,0RH9#=-^8)>4R.9AY:>Q M41O6SRAYY\8/-U$(6S![^_P'-O*?@NL%@E!+<,_NSC2FPZV)OJXVR@/0+.@5 ME/78UH\+^J?@$0M$\U0_#'/!RLW"S$]NTRQ#[!*`XY],$9K%`,E7%ZZ,_>Y. M'[P`1<]8]WSX9^DMP*5MA-+K`EERY08!YB9S`]#2$T'\+;R:XN]$Z&34+;5P M<^!RTW:#@ZO!NX/O6?UHXZK"U,:C,G)7L'ZSD%=P.(R&`,\+`A2'PCB?ZSM\ M.)ZS>Z7'H?3!91N!LS9=N<&$7<`<#O\`ES]BU0('&G*\W'19&CJ:C*UUT>,! MH6GP*S@:$V/4&/B5HSM9F.`*;_*/'WCQ%"J>_^Q4W0[U[@S9=S_IW# M\,-4\:W`13/!*4[P12+;?H[933;-,<^!<.Z/QOGMI`Q'X1>);M49SND9X2`* M-$W0[,_0QX_QO>3Y."IN;/)41C2&@5BTJ\AV8VM\+K1K7-6-G1/3KCV9;5S= MC9UCF8GV:9=&8&'=YMA-&S92!5L6<"$H58VYVJ;4JIL2G.`>0G^&HAC.&LGS MYS!!?[D1J7JZCKY`*C'.FBB5Y95?2"\I&OA&OA\O7#B"_WR!:0-_LZY1Y&_6 M7NK)FR4/KQ5=TUZ^4:!%%FD]IGSSYBA6/J,GY4LX=P.5OJ$J7_%AZ.Z-POKK M3D/?=QJVDKRY*-H%,PL6^1H\,*G/T,EWKM7+;T``D8`P4E>V_EL4Q.)L\ MIG2U,@P&&.<"+-B'#(E='Z>=C-LA`HW^AI&2,FA%8MA](,8-7I5H!^7J'OZ_ M)DV,/M"$W+67E%C-5D`**<:I2`F]'Y1(Z\B5]]@6-M/)_(#=J$D7]CDE0'6J ME:705[1(R%TWQ1BK"A1Y*N'='8KXK4T[_,#5R%1737.BCB:EAS1T"#735"(J=;84&U[W#_47EA#O?0DO>Z@Y5P:XTM]))7M%F6N%I'G*X9#%*W=8T5K MJ"/=5LU)#[G;&.FJ;?90T1KJ9#Q2'-0 M0EA5TW)4:[)[G-:9[)G`"/`/).`+H6_&XC_\6/@AC4^P.PF0@,2ZJI$*2G/C M;L&NU>I`Q5WQ9$ULY^A08?I8?+D1-7@K2'6.=9`<6;0!&;F8S;&M\8ABY6<_16R`C'Q]N20#@9@9#MR;'H0HV9-F.NU7[. M-AQ+FYB;[0#8HWF7+=\]=#S6QL96,Y!=RQ9WGB;%&Y_1$_FD&0DQG$FI%M[K M2W-U[:X!\,X]-,V181P$>F-]'BH7%]E4[+!<:!/*$GT/)'S-TYO$:,?&&!.[ M[*[PH`5?O3U<\'2[HP7%YY`4@J`9;8_(AL*5G(VS`U/'L8VMHJSF8=PZ/,RQ M._^,T%<4/7K3';R1/8LL$),`5_[S=V&V++%I=":69%6OQG M&2?>W7,+^[^[9D[0_2;#>S(L>"/P#$^G8V@:2F_WDS@7-17L+F/+J&#P"*:4 MP1/)8+XJM1-X5A7"B?!X[I=!WM(#7ESP`8XE0E[CTQTFD^\%J+X8XM\N2:$6 MF=2V!NOE,D.L_&[6R5.RMSR,'6!@:&WJ&8F(,(APVK.CU#;(;9*(B(_(T8Q0 M;>"AO8OB!C-EBE]DT*!5PY>:14(;=5$[78@=)]>6M<:+W-[N?35136=WG;DD M5>.O!I+8#7$CIQ47DR"5C4G?^"+#,B.(KJDZ]RV!OI%%:J23<=X!?A/7%2K: M5!I;2"&[2^>G*RX]EI_WCDO?2"3](S61](VD;R1](Q%UT[EKI#[Y1@WMY#%V M2J@PI<3\C#"7CL*9;;C$_`PP/YH]/DWM0&Y:6_T"@G/8;XGYV6,N#?F9;;C$ M_`PP%_=@G0Y+Q`\GLU8S@*`FPZ535Q4_9\@%WEQ18E&6P]M6\RS)=/+@7?^( MR<%ITK'H#II%J8*B5[JJB:UJCF%NCZA]SEK3[&C&66=_.IW[.H8",4?G70W"@;]T&OJS[5(/2#U0&G]QS3U_E20)91PA MA%&TZ<;0L#$:LW!YZR-1-_Y@A=K$X6U]?G9$VO_JR*JE#P1T5&.D23_D7'FC MH!925PV3=[9-'TDC=4P%/L+<,]),'G^FJ)]YV0YK:6>V+Q\^-#RW-$Z\N9L@ M:`5WA[QD&2&>Z;2_F$/KI3)0S.'HY4^7IX).!&H4]:[%U!BW0(;:O1/W#;3] MAJ(Y1P-#\]_6[X;QOH&&C@>!:A?]@OW_FT'R-YME_COI=$:(8OY^YA2A4[;7 M**+KK;#)=?*`(E@D0@]X'>\1?0JFX1S]%L;Q9Y11Z=DN4J6E_"C:;I8_#+ M`S1AW[B\O'+,O"].3[?SY28-I5WE\E#&`&[_72Y M!E_*<9=;+(<_^>D2`/)>P__C/_\?4$L#!!0````(`!DP!T>&.UWV;@H``&]R M```4`!P`X'7A,R279R6PZ8B:L(,!CF]CY- M*;8(JC4R:YDDW*^_EC$)QF\R!%NYVIFJ!&RUW$\_K5:[+2N??W]9V,H3=AEQ MZ$VE66M4%$Q-QR+T\:8R-:JJT='UBL(\1"UD.Q3?5*A3^?U?/_Q#@7^??ZQ6 ME1[!MG6M=!VSJM.9\YLR0`M\K7S!%+O(<]S?E&_(7L&1KW_HU(-CID>>,!S= M7/5:.:]=(J5:%>C3<%:NB5\[;+8O&F-1K/1:+0WXI]M0O^\YC\> M$,,*F)&RZQ=&;BISSUM>U^O/S\^UY[.:XS[66R!9_^.^;YASO$!50KDY35S9 M2O%>XN2:5U=7=?_LMFFDYUW-&'DFOGJ]1T3>;XW M9%Y&26S!OU6WS:K\4+79JIXU:R_,JFR-[UO0=6P\QC.%_YZ.]=>KNLC%-OQ? M8.JYF/G$LYKI+.J\91W86O%3*K4TZA%OS:ES%[[F@,;O>N[BV4W%Q5R!9IM[ M";_\3R*BWGH)GL[(8FF#<>KOH7''H:=TBFYO=F&/LL0QU,^6*U'4$ M8,HA. M?8?EX>6(WLO`W4%LWK.=YZ,A1CHZ`9H!A&$7[YHS0^MD@1-H=XL8`4.,X!0T M$`D_*1(GT*^'B.O/8,-9CU`8@P39.D1]UP^!6:84E#Z!WMI?*[+DYS(TC+0[ M@2[&',[/'=N"A(5?SUMG*)4L<`+M5`N&)3@1LD>(6#KMH"7Q,H-SAM1)HM)B M03S?;_QX"%,O?81D[L%`$=)73+AXW^UB#Q'[2.?=Z^24WBNF;U+S0OQ73,5,N0(]6$QC0>GB M]6X>IWBS^!DYN/(`N3PM?<*'S=!)O:3A@-LLA,-AWF%C\Z^I5)6MU.Y'1"UETX42ZJ,8'-FWV"$0+=#\]2X(/G>&`V/8 MU[OJ1.LJMVI?'70TQ;C3M(FQK75L$=B.&=+:YL46QPV[0J"T7U&9(?;@EU56 MK/J(T++.?:2.;8]MC_A>4VTT@^K*3\'A[RIC@*"SPOQFDN=W\(O'QB=D^QF?UP%77T/&Y\]%R4`$Q?5!U@+SLLI$J) M4716*D4BN*4C:^3B):GTI"*5CI<-HJQ9M&37<9;8 M]=8CR%_\C&Q[.P1NG^9!:5)R3):)'I0-6#I'NB?\J:@=Z$XP2V4GOK4<$V0" M*VD`Q=@H9S))FD5B0YEL7M6'^Z=D+]J08$41*.N"MLY<&4JY.RIXQD8`GY80[32.>9_I@:8X^X?BUB^&"3 M1]]&8K?]J9)ESS+B1`H:03KV=A`*!12I!E=2(/\_&#QLX%#SX`$4DI9H$.4= M/3%6D(Y"PW/,/V,?M$<)BVM;9K7362P\<+<"*T`D8BB,7_P1;&E(9<2^L@@6ULMN&6QU<4S8I*48"TB M6_9MJ#!QXH:0CL.=Z0CR[3S1.UNR[*`HBBTY87J/,DDAJ40>?"D-4V%^KN^C M[,/W=A^S<#F$^SP-]W2@3KLZ_V1,X,"] M-@#TPYXR'&EC=:)#4T4==$'F?C36[K2!H7_3E/[0*//Q>6`$^A@\H4BY18MI M6F*,!25L9\-?H,\]X?-$LO[)$F7'U$02]H),%F;I)L+-RU$V+SI9"U"5>9O5 M/('VR5QE"I8]38A2)F@!Z9CK8@B')@FM<8K2%&Y5=FHIRDD<-ND(&#C4V>+1 M*3[6W>`9M)N@E&5JN3LH. MYYG4[?GC`1:2SEVW*X4V>(>0[;G);,8V+CNBYV4M!;%T[&S]:$@-9./AK(M= M\N3/0RGY7JI0V;$^+UL"%I".M=`]R0;D`'O#66JD3!4JF*4!^CK[*GCN.(#^WQ:0CWT]48BP0 M.*UOA9'C^F1XGDL>5AX'/G$V5;R4\M"Q'9>]995&^AAZPC5SGB8#Q;M=3ABV=OE885+ZY3\:2ECQ]_)V8 MY8=AFF40Z3CT-R:X10"49VW@;AF!-:F]&'=M M>;E+-X1TO,%,#7=8#'?QYK=.HZ\]II6;1:3%.+V0E],\1HIAN"H;Q=L"NTJM M+N$VH=:!=&?U)$;]IX]$O9CQ/H(;A-^@S4/[OJ08S99XXWP$6D7>2SHD MI*?W)^8"5Q_)!?(84KJ)/5HYWZ;^LDP1>4E+;>E4+J_BT$N0\GG MTX##ZGRFDFY.2C!`L#GD4>$KM@])O%IG;,7? M`1C.=EYG$_/G!%%)@U8*D2F>G&H>:9_@I6P2'GI2=\%W*23,M!T&[>%+LZ8, MU,ETK(5?8"CJY8VTW<-#BG_:5[Q54VY50_U/?0IZ^D`=='2UK^@#8S*>^H]+B\(4C=DA[:_VM3^O*=K7 MJ3[B2A:E8\IFY+O*-AO[RK9KBG&GCK6[8;^KC8V??=4G_RE*[ZSW4T/*-_>5 MOZ@I:K>KA?\0^FH(WVB]HM[TRI[X_(0C-8^C$\U_E;4O3[9K`+8 MO"4UF.B#+QHXO5:8H^?;R#R$Z>RP(:S\LNFTL-?BDG8_#X$Y3QO1A:NVX``O'(;@-NDA,)%Y.3K@JV\#OG!(.?=.#T&+S-RB`R;H]=>#E@=%]I\> M:]KWB0,TO`)(W`01FL:W_'LWX5-E\HDFC\W7WW%#X1)S]L0-_D/#)Y(RAD/T MZR`I+4:G:A])&1.#=-%`1/\2P"Z<5B2IS`C3DH%JQJ,2R#;C4"G-DG!E__&` M$+Q(%IJ:3+_!>^TV@!F$"OZ#_QE`./(_4$L#!!0````(`!DP!T>P.7O>$`L` M`$F#```4`!P`X'7H2-XWCCVU)X252%@0#. M[7ZB!FDP4QEI6$G8>'_]]0POED`C"8Q>DG52E6#1/?,\W3T],SV2_.&WE465 M1^RXA-FW);52*RG8-IA)[(?;TOVHK(V:NEY27`_9)J+,QK5#L'4O%%:S"CK]HS]JO20A6^43]C&#O*8\ZOR%=$E7/GRNVY[<,WP MR".&J^M>;Y3+RC52RN4$;8[8TC'PKD&U<56[J"NUJXM:O:8V%+7VI5Y9S:#' M%O+@>W[QW_56[9K_+"G,>JG70K/Y^UQT9\9ZYEQU+(`W)0=S`&J#!Q3O_J-4SX&XR6R746)"$)L?$>5F M'\TQ]MP8N+%Z66(=@)[MS;%'#$1/!1[:2,HL[FVT-`E\X!E`*+C]67_!DQFX MW858:#)KX>`YMEU(9%WF'N.75[2>!^\F3?&@H138]"!C.]AOSAC4 M'[.:,FK&UX?]YS#"BY0@KH-!.&)001H@-$3-UN MH@7Q8I-SC%8J6QCMX4]1.@K@W>OD32C-QE>F7@F\9L, M8JQ>AA&<#'%"[>QQJZ\#KF8_(V]Z[B&'+TL?\6DSM*R5*![(,;94PH3],"0[ M^FUA@6_E&P+>')IPC.44ETUB\6T-7\9N.O+;:M<*L;TJB%8W,M70!M+'O>NL M;#(+D2-!'VIG@%CT5+:P-<7.D7"#JNEC190>AU`HI(_+9IYV++2M3J8QB6=H M2;V3@W*K'L0,EXDMDDD7?@S@QBL/VR8VM\AY@^>LP<%EWF!M_4=5RLI6R_\1 MV::R;D()M)$)C?@"6X!#'8#O:B#PN=GOC?I=O:6-VRWEH];5>LVV,OK<;H]' M>1,(+[0%V%PD9Z/\'&COEQS8O:;.%J!]&47[OJ?=MW3^:32&"W?M'I#O=Y3^ MH#W4QCJ(*EJO!3IW@V'[<[LWTK^VE6Y_E(>_$Y;E`N0;IY!O:J//2J?;_U]6 M+"/*>`$V5SR1$->@S`5Y^$&M*#UM?#]L!WV6$>RH\EX`][M]W/4*#+B1+JP- M@34"RPOD&0%/6NL+D+C>)W%143J:/E2^:MU[X8".WH,^-QL-[$5`9 M43HL#@;`O]\'?UE1VE_N]0''F!'$B%*A'ZM:V\?:J$!:UB#_]+NM]G#T'X%\ M_$=&L./*AP'LZC[VJXJBM2#)0'!#7`PTO07!`1EFH(^U;F9)-+ZH&&!1WV?Q MKL*G@#M]O,Z1ZRFA-]9[G]H0\.VL@ORX&F.`TL5IHU?Y>=UH5BL`65TRP.4R M:C!GC3BV4!F`WD@XMK-FD;!\&>!R,!L?CO7RRUC/FM&1)#2+3\@M*CR>E$54\_=7A$5I')- MW=QI\=/F\F2WV@-K8AT^[CA2-,54]#W9"(?)5@L`741*`M@;N7W(+Q&E.5OP MFPUTPBK%>M=^8\!4`3'87@<9[/SQ@W^),7.8%6O/C>U8)`._@0%(26$.Y)/; MDEI[P0+!B,W;$@1P".4,O10VFOI/-C9A;AU0;#[`)[?)*$7\7C&JK4A$!)[4 MV%G]'5J;C/-OT&WL]92D`?`]N7H,>%J;6NF9'.YO\JQN/ZSN2GS^&G>^*C`. MK7D8'O7:6WQLFIRH(;8X5XAL:ZTGS@L%B"%A'ED879P:1@]+%CYBJ M=YN#B`-'@XA?8G)VMP4/0L[CDI#!R*1TSIW,Y5:NQUIY(Y'"Z,C'S'X^4COG M.VMJKHL]5YL"861X\E07E)N\R\=#B=>L(7"ETU*N]NQT25H2BB8#2=(4"'"A<]2,LPR=USE.U48!EO:_/3VF>\H8<3VO3EV MX#+L\DT?EXA9)&D3>;DNQB/L%6QD3GV7__P_Q!YQ1,3VIY0\!`X')4N!,)7O MPVF1Z&5.NDY[@H'@\=%0D\\W>XK%]L$1'&2>>.\KR5?WV$&^_9;IP4]D8?[@ M##IX\O-6?G\KO__HY?>!PQ;8\9X'%*UOQ]L.G(_/?/<<76Y/I%SL\OH1_(M6 M3I="3U(83:2<3XG\&)$X/&#Y^@W"0L51?:)2'XI=-005>2GQS? M<9@LO'&P042&#SQ0+V]JF9C'' M(W^)ZU*BD87@L_10_"@X+]-B'F)*0?=P1`Q$:17?K_'H$QQ6YE;!C'_@/U#* M/'@B17HG^*ZJF>^MX%%LZ@?/K,3<"_Y6J7VKU/[HE=HALA]BZK$^D6)770^X M%&U])0#&;5`"0OG42@\-&6+H((_"53Z/M761*YE'^*/(=%N(L!F9!]^%W:)7(['ZQR65AS7X`4V;VRWS-+I;:'Q%,\[PL#9D`K2WG M<(KK8X@7D0%ZYI>T)^28NX<"-===6@OQJH$A<;]U'(S%NZVQZPUA.MP$8,3* M*B,$DZN"[]DR-80L'//-O>F;8#TN\XS&-8*W:/0;HI@+X;.:H+U:8,/#YE=& MH1E*O.?LLV,DAK]71,:;HIC%S"R,D&F.C,3P%I/)\N2I3Y@4."9;Y)&8V#:Y M"3(.17_7?\\(/+"`=/>2?^!-X[E/C^$^QHX5=H>[W]ZI]/E]A%IZU&4QUCCG MTPWG'2ZN1RQ^=MIAS@R+6X0DZ0JZSJ+GXH90E@:0!=)5`8XV$[]@.W`FF.!= M<&%G@HJ:STEG_&NW`^P.WA$7^::[%W:[9M_./M_./G_8LT]^"P?_-7PQCZ,$ MI(I]`AK&J&BUGRW&V*FPDS*+A1B_ZHR`GV;W(QZ)'^R;#]PMUR(J_ M`YL9W_KK915'$O4BG`B%22.GFY3#`YLEQBS==YSU)4-#1D'DX1AC1ZKDM=2/ M-7<\:NGZ_#LM]V]8]I>>^-W`0+ZWC#[%/GM7D^NB;OQ295S,4TR-BL8AZ822 MYI4/VXU8;R?3+[S+CZ!1S#5@VUI0]HSQ"#N/A/]VD#`:/68_8A=8BFAUQ0LD M_-\WF>OUF/<'?ZV'P1YL\E=P,I*'02;=%SZ*LK-"@0_\3BFZ;JCM3+-.F_V9 MD(XJ4J338>$#+4W>Q3RW2VUH#;!#&*_,;BYQN8@CE6QQ%#X05$M[:ED>1DI[:NIB@2EGFA2"U) M.=;^]0>`#_&!%RD);'GNA]N,U0U^#7QH-%Z-G__VM/#0(PXC-_!_>7'V^O0% MPKX=.*X__^7%W>2X-[D8#%Z@*+9\Q_("'__RP@]>_.VO__D?B/S?S_]U?(RN M7.PY']!E8!\/_/O@+^C66N`/Z!/V<6C%0?@7],7R5N0OO_YCX,?D;W;L/F+R MU^2K']#;US]9Z/A8H\Q)L`IMG!=X]N['TS?GZ/3'-Z?GIV?OT-GIK^>OG^[) M%R^MF/Q.__C?YY>G/]'_]W9Z?OKAW;L/;W_2_%9LQ:LH_];ITT^GIV>GIZ?O M$O6?/=?_]H'^OYD5842JT8\^/$7N+R\>XGCYX>3D^_?OK[^_>1V$\Y-SHGGR MCYOKB?V`%]:QZ]/JM/&+3(N6PM,[>__^_0G[-1.M23[-0B_[QIN3#$Y>,OG5 ME<@7D$3NAXC!NPYL*V9L4'X&"27H?QUG8L?T3\=GY\=OSEX_1]+9:5*)Z;!CG#H!D[?;X>ZJMT1?-)WPG@+`XKZ MQDV8!K'EM0)?U#0.^Q:WJ_&-GOF:)B,`;E?3!/?K':_*O M$D3\%&/?P4X&DA8A\<#L"VQ@2,O.2P_L4KD>]>9!6+8]Q-0GG[VC`R[-<.S&RN:,8"KZ'AN6JM2C+!H1V82NFV13&=,W-[[%42YR6A0E&(E87(-`&EI2$K0IORT&R-IL0P M]$]:\O]NVP/$+NQ<[L+..W%AYQ(7=@[-A9UKN+!S&"[L(E@L5X1?_7^MW"7E M(;?QE=(F79$"OBIQ,FF$,W$8'!J%P1*'\7I$T,;$&>;6?%Q3 MAR49]K0T37*K@2E%GFFH@>&$TAUR1[:.(A"%RA_%>DF50?!62&Y5&*@.#!F."3.9&"K^;;/X:K&+3YS^":?8JHEKP07^'U?VM)W7W M+\L8[?X\>*7N7Q0`PP,>JEKW3V3V,CVY#&RVHTS7]OW8C=?T4&:X8&<2>[,H MIN='.?&TGIJIR4H3([(YBXY.YRQI"+1*G$P5]>CF"U-&!>U=^I4(VZ_GP>.) M@UWJ4M[2?U"VO2UX$O*GWQ,48SQW*7(_IM/OBM%B,1-\4H&D_!')=,X7!;`J M/U)*;&39:DAWM+@@7`WID1D'/_T=KX7&U>3,$D,`L\R,BA`@:O"1";B1"B,F MC8AX%^S(_!B=$G',*O]LB@L\4!D%BK^!:'D.(.%@066Z;.7\5#V]5B*QI2)G MNMVY,*L$*`F!8@(/F9`2B3`)(1QVUZ<+=O0($(>"N?*L.<>NRN^FV,"%E;&@ M]".(UN;/AI`)V.:P4 M"(,@D0["*I,&438QM1#5//Y&55&FBQ+EOW5'JB^!M_)C*UQ?N1X.JXN>$CFS M)!+`+).G(@2(-'QD,K+D&HBI=,B0U!F.\3((8[;)3*\RBZ=?`G'#$2K'PP493)=D>(T6KFN?:5%UC5A7B!C%DR<."5J5`0`$2$.BH!#1)!Q"0[ M'&."Q2+PV?&ER8-%JF.XBEF6$.*[Q&Y1JF1XO-$PH#+J2#0`$4D#IFAIE6DB MIGJ$$F54T.YR#2Z9V"7+/E?D;[QP1B)K>BU."+>Z'E<3!,$D%3KANEPZ_TZ7 MYYA*]ZRAJP%ZG"E(=L.8&E0^7W(Q@&RI8E-QA:W5[)PI6YQ1)($WI@"']_E- M]U$0N9(#",U4C9Y>;&!,Z2BCAE[GW&L!MG;(,5-%P3W:)#;(M-$_,WT@9YYZ M483C2$'#JI!)PO$!%JE5E@!#(BZLVD[$9-*?3B!1(5T?T&)$3=8\,01PZ_RH M"`*C"1]=;5/B;CSNWTX1)-9<6-%#SW?H_]"+JX^61^R(>O&%%89K$N.S=(<" MVS5UC6;3:&).*;>&CB(8UC5!6V,A46+)#FSZ#[Q1AT%(EA,41_$8VY@@FWDB M]O$$35)-#+3(J[H4&!()H=46I%-!%.:2,+C2L^U@19B[L>`6QZDO%OEKJ8K1 M`5`#?&DF3"5Y*4A='8C_!%S5\NUD(MG+)N28' MAA82<)PKSRR/[3*7A4&:9,"3CI]=Q!OB0`-BA"$-+2Q`(<6U:\U9M2@+"7#N-C'+MA.[H>C/4&85@QOK9# M*R\E7A^,!XMN25.V\V(E51">C&.,EC>:A')`[&%:DQ MR*I?*LJ`88L` M&,\#!3Z*V$TT&O6@I16B1ZJ!CM'*]USBH+"3"B!K%3\$H?MO[/PE^U.PN;V& M_F?E8_3F](B]"T[TWYT?O7][>O33FY^.T"6V6<)+].:,_?Z6_/[VST=_/OWS MT?G9CS!HV7,<=BG!\D:6ZPS\"VOIDH%?%'J*I(T&^7+(I;B>+PJ&LG)\M>@] MET;LQ)+K(SM1@,$E,B>Q7!\[?2OT2=^(>K:]6JSH6YW.);YW;5LV=%40F6*8'8A4@,SBNIC%-TE/IE%:"G%$Z\G`)ILX793)1U#8WB^U@@?,,'XJ= M`:&TV3O&4LCEB\9<43"TDN.K7SFFTFB3C@5:XI7A$H<6W?Y*D%X'D>H`ME3# M)*DTH!>))1$'0RXUQBK!<@WD)E1[F5TB?05DUZG_M/2"D!WP2"_#TE?VA*.B M6-PDMU2@B\02R9IAU?N$53Z>TYF?;`%#@;-V07`CSI8L,-V?VOES5NUY]0FS MBTOT?*^S((;0;A*[CSBU35`)2BV3+-,TH4@VA0HTSNG!K<=AX9)2#R.KH`6% M>)=X&6+;98@$9I=%3%**!Z[(G^+OT,C"P59+LE@0@<&&?`!.*2TZ`\:1ZR18 MJL+DADB94!<,F:H6XD4H^2OO01X@PB9YI6U&D6=* M)3`!N2[2*O>(WG$`/C3/$F(EE@WC!^%[PUS)+K*4<:#RTI05Q,!P28Q-F*@L M(0X,LEP%(7;GZ9TE>ST-+3\B'8`,Q)\LUZ=3U8_XGLA,K2=!!30JP22Y6IA6 M)%T#=3!D;(ZY2E(J=_+2(Y*O$)DBVFE)B+YO&WF`(K3,H*$_L3P\O+_$H?O( M9B&B6$VJ872"J(9>FAR*Q<$03XU1031GHP"#7$8H6E,`21R:Q2QP3JCHX+) MGR+XLF#M%1"2X7BS)BRROBQCE$P\>"4"%07`.",>JEHHCV-$G0\,'K"P\2)8 M+$/\0.A)O.#&`#)6J_9N=+6-+DTT,ZFT8*&G"H9OS?#6]GJH-K*+ZH"8V7NT M7(^FRR"A)1W:)YB$A.S$XZ>0@!QCRZ-G?[+Q7YP#KDU!1B]_M#:T="^D<2E@ M6-P:>I70F21C,8WMK*SD8S+W.(Y(V2C*"P=&6" M2I-J&#[WJ8)>.?8I$H>U#*`&6CMQ,+P9C?N?^[>3P9<^NAY.@*0FS&Y'9IJY"I@O)\>SEI.5<(N-.J/$4L5@8[1 MQ]YD<(%ZMY?H5^S.'X@9O4<<6G-\NZ*)!(;WS-+"H6@]2K8M MS"13MS.X2.!V)8'A]5;PJW3_VA]\^DQ(C7I?^N/>ISZZO;OY2-@_O$HZP`0- M[Z:3*:'_X/83#.87'MZDKXQ=><%WU:EHN4I'3Z,*P0N>1*W)@V&D!DCI$ZCL ML3BF!>X$/GU8BJ`;A<&CZV#GX_HNPL[`ST\Y]>S8?=3)C-ZF(,-[!"T-K6PD M-"P%#(E;0Z]%J[W)9W1U/?PZ05?CX0T:DFBB-R7N$_4NIH,O++6V](@1G)V@ M+\P43)/RX$=)-$BO+X^B"S/ M(K.T4CU7E<&0KRGB!DF?8=!T*L91<81<)&%[*D@$M+6%Q),"Y-"J^^;!78WXYG5)KM?6;B,$A$IL:$\!&^ MQ,G_%E8OTL2QZG0DV@48SE#2T+!*TA)-;3"D;`RYM@CU0/X+1W1ZQY[MH'._ M[T'XC<[R0.4$KEN:/?`UQC8F3GKFB:(\/=5N>2HV1L[0NAZT(;D!9N$3;F$N M"96,V64_MI%&EW!\IPTQ5<5T2U(](^6$E9$3>11BFA->OIZC M5NN6J'PCY,0LZ\`G(A=OE7BI$+"L">(A0?;<9^/Q15X8C/%>QV"]"$!6$K3M MN:VL..R'7O6WC[?>?P:QB2HRNLDD6-S.HR%P]36AQB9`'H@X4E$#Q_B3!@( M,\/`QMB)KDCS)CDX&E%35]LH-YN95"*GGBH87]H,;WU6EV@C6G^(73B$1U#] MX6+K\09J(+!=`'`0@:X8=[M`U\W*.Y1`]\KU+=_>0:`K+0@`OS4,U>"YI!0P MSKDU=%6@>S6X[=U>P`QT"P,2?9&%6$H&I<+K&QH#F4"OJQ!":H8H>.`J@6&F M+M(:$:F[3?8>B)NEYW_MRN/%F%VP8?^)W+1D(A3%!^=]M^[44+WM=E[V(*() M,>YVT<1]5AZX:():3R)]^C_]#?`1.Y%?71T7U&&S(HQF)&AA7"E%00-],+ZY M!>CZP?_DY^1!;@&Y.[IPP3>O1[IQ&*Y)#V/O3NHW9D71\!6-Y.;+)+;"6.:E MFD'G#KI<]W2,9GCN^C3K`!UU]6Z>'6[;ONF@;?N^=%FP&?`F+8O)G[7;U&`" MJ'!N^>Z_V2'4B\"/`L]UDKL?OC,BU4S0L_\:V MIB@`Y@@:G78(@9:F%S4I,-040JO-%'K3NW&?)BI)+]@/;X&DA4H/KI#A9D2H M;ZM7#F4*1N]-*H&7+DH*I<&020E1<.:(!G"9!CA?]'$5N3Z.HDL^+WG6*G^*/GGB-KTU!)NG8WM`B39N7`H:^K:%7:4USF$VHJQR-^Y/^ M[91Y2QALOK+T&T"I7N4JYB]&D:#?"EMV@D\F!8IP&RRB^J@I@. M*BB!\YP\RU1.4J'3-=NDKD^J`)IO*H=VU1N,T9?>]1T+`-/]M]XU&MQ.IN.[ M&^+B@,2"HY`>\8S7(P(_+AX!4?@X#3W#^V]Z9E3VW^1*8"BHBY1S8(?I'2&F MR>:WN2XX]R>T`L_!893:X3N;Q`WY86"% M]VI>C/&,&BV,K.7::%`&&':V!%[E[[O72=KBS\/KR_YX\@.B[FWZ&PP6]QS' MI;-URQM9+DT"J)630ZEE=(50SX32,J%75X.Z*(H-+,I%%%[W18-J[AN&[Z%E$-\D^2O?76?K2.?;I`OG&-H4G:UB&X;=6FIM7 M>7U%OX#.F;H-ZMJAB4T9;/Y;*J6P'`@NJ-0R7A52-BT$'*FEX62S$@Z+UJI0 M\F)X?.Y?WETGB^"E)?'#60AOO>0(;:&Q MW?(B/$YJ0Y6Q$=BRXL1^P,Z*WL?EI_M,[R6LI^S]0]4R4LO"C"XF;65P:4FI M54E@V+P5?!G#AR,Z7\MN_`%98BI82Z^-E1;4;H,8?[7"D/3J:!B.Z2-BZA73 M]N5UQ/9V9@L(WZPPB)QO98&,]E][XW'O=@J7]]4UX]YW*W18/0S9":J(QEM) MUX^BU2+Y6VN_O\U'NAX/MJ\@U3C1_@L0^]+NS.*>GWIDYZ>LC2K`7P8/^!0.P]\`_T.[DKJF\6Y.JE6!C/.-D6LEDN M?%=3-B;RY4&\?BJ,,WC"T'R@"JC!1TVUPQ'22PH]XTQS=*UI=1FL"$R0Q2X5 MED$-XU@UD_614!R M/I/1>[58>30I>_$1<_)O#Z>WTGN+((S3M"]":\7!Q8Z*-QP![K12*@'B3LH& MTP%V;!`GO,R*1TZA_(XFGT+XM[C935DB#V\ZJH66E]AS%@3?DFTN&&Z-;5-$ M-.$N=D3KBR41X]?!*N!J5[W2WR$F6>3@JW%BM9B1"6"6H#AB&8JQ<[1)H]A5 MXL1-YF5QCL2*#-!4ER*4M?7Q8@L@:T%GZYH-87)?A=B14.IR%=*T3DDM,.S\ M34=9Z-N^.+-[--L97=[):5<6F#AB2P-J]YV?<&B[$7MG)2KL,M.,G_?YH8RC MU#^![@2L>^^L#ZA+`]`%=$W6Z`&JHJ!W`$W\;?F?C`>@^9^X@%O\G?W4RN47 ME`&P6V"0MCO/-:%SEP]7&J`X1RD2Q MBTF*(F<[%Y_V5!'[SH'-$R&FS1=AU)LEJMO`\)I._98/O?`P9QN!']?\@]SY M5VQ&WV["C$>^#$F=L=C*\8WKN\N5@L9F8U\WOA:E,%*K;DO`]^&,RZ9 M-;C:Q:D&NB>GF,?[S\ML1UCYTO@D6(\-UX;'LD5``ZVGVM5[-YZNO3KS[.OZYA< M7^1+=-!CKO1L1W-!_9@;SQ4`GEM/-S2F2[_^A^KITG&=W].?]YA^Z=*G9GV' MUH[)=BE_]^#[-:\:]]Z=BQ]]WKV88ZFP\SJI+%J[V`/RSB2S>*:NE%F32IGB M<%$]%6_B@\8[ZUXKKM9+]_(U6-USGR8*^R69*2]H@NN)8G=! M3\1>!>$]=NFSBIPQTMQG35UC,5F)V3T8$]_LO`<:-K36#S-I=)^+LV4K`^G5 MW3R1-XXMUQ.]4-=$L9M$ZRI#^-G615H@*-D(JB)__W$A?W]:`#KK*DG$[M]: M`'>50!>P^#A`DAMH""IC5EL?F5HQ7,51;+$]]<3.74]4Q-\YB&FLJIIV,FT5 M?03B(?]]&5E[VGTC5[@:0'MA`O1Y=+]/+#?FP$^.@TG/3N_C2X?4!255MZI@[I<.J9-)JFJ7G8SSF6?3R<2V MU>[=RKDT\PN<@A[48N"`)PYUS!4_WH;KQ0X%&\+772E1\I@ MP.ZNH[`>ZL'XO1@I#>SISM,S"^G3/D$3C^UU1LWYSF%%&H)JVFV<4?G(\^MX M(A,%KIK*/P$&)Q(#E!M5#U.IHI2791?`&?:S\/M%*(9657M/^J2?_V07$?#*MU3 MJ"[[]#-?E]-%E#WT>%WB0!4I]]]U3;J^+O[/+1M;?.F'_9F@:HZ M&@9!^VJ5QC`.JK>WK.2==OF&&)Y=OV]G/_1-C.UK);&YX\[?",2!=?T6%;SC MCM\`P3/L]LVM?\;[/E"GF,][CTC+]#_PSE$':TG:7PT]P1F?#&] M(]5^:-G#/A7WZD6&T$H0YC='R-#(C!S>%V?)Y?,2G/L!VQ5GZIK&+HS.+F]L M4U;GVR@[,D"T\W&L,9X@L-'$GOPC;L-_$<Q-QGY,)C.:-+::E^^\\-<'-G% MCFT'-(4?3A[`B@.T2K]?3NH/H]^S*INIQ^*98"S.*S<9B8?WR1EIVVQ4>-UYP^PX4^E6>.]$W> M&UQ=XE6(PFH9)4YXS7"-'[%WQJ_WXF^@*IH##&C-GDMJ]AQJS9X#K]EQX)&_ MS/6=!=' M9SH-4%$!WQY\O/":!\QQ"$@-N@-#8+5TOL/)N'FQ"D,"@KMC6Q0P?`Y3NC7+ MQ55+,LJDCE`JUVDEBVL77+4JZK.C:BRX3PEAZU*`JE<"KEK5!=&N^5N`HJAQ MF%6M4\==G2^CT?)#X#DXC/K_6KGQFKLU6),"5-$2<+5';`NB/Z!$&/7B.'1G MJY@>E%X3%(UCT&39_ MSMV($\@":A0E1,Z[&)E"=K#L""4Z';7()^R3P-@CG.HY"P*$+M[&[B.6'`54 MJ`!J'UVDM9O@B1[K+V5-G>.`>VRMX1)3'/X\A<$=U6M"@%I$C*U^*#B5S*J\ MJX'^-O"##,O`MX.%K&\(A0&U@1IC[>F`@@9*5-#+5$GZ3MX>FX6>.PCQ`X%` MNF6"Z1;'P_NI]<1K&(DXH*;10]/ADN3Y%._0O<>@^,C?+]6L*%4#-J(N4=_XET4-4,6U%1(*%@G9'#4:( M1[8=K/PX&F,;$W"$5;Q6T]$#U'2-X%;;+U-&+S/U5_3QLZP$ MM"D"3"-F#Z"3&"E[;[%Q@\K+`-VXFM`U&SHKC06.>7D0FWT4XJ7E.I)(1J4# MNED%4#6;,=7N.-87>Z*1M:9DHM,:VPY7V%$L\[4K"70#-S*@J9M."TVF?TFQ MJ/L%1Q+*75C1PR@,J%]Q/J[O(NP,_'R>U+-)>"#D@+XVH'9O`;HV=2$!,"T# M986@V1J]I.60)G^%-K/,35D=M6]Z<2*:!CW[7RLWQ#>6_>#Z.%S3E+;D+\N% M8.-$3Q-0NS8$7&W33)U.8M("4%Y"OLC)RH#55P?L^'S;OLK1!M2F+4`W[*MY M4=WW58&QZ<&1ENW+T8;?OC+0#=LW+ZJ[]MWJ7%GWJ1N4T*HMPA/N\JC%&,?$ MF5/'/9QY[KQTJ*=V^H(G#*C#J#%RSVB@C0K:Z'291"5*GECB;F\7?@?`?RFL MVI8V$SI"B=B!9JGIZ/D9.+UL?[9Q^7+,[CBC4H:0PL?H@%:42S^(V!>/LB>7 MCU`I.UCRW0,EX`&DH`3FEPQ:O$\*E[)8;O%&2I?_!ZC8\CW2) MGN!AZ\(,T;-E^R$FLW]&O&]K^E[)7P#UA^@!AY73_5FQOXWA>^9^"ND9,/_P M\TL?$-=W;+&QB2@L;AO/M=$]P[8`725)LV(X35O\TS7Y%_ES]B?R_RBKR%_^ M'U!+`P04````"``9,`='9CGMWXT7```?=P$`%``<`')E92TR,#$U,#8S,%]P M&UL550)``/1@<15T8'$575X"P`!!"4.```$.0$``.U=6W/;.+)^/U7G M/_!XZ]39??!%=IQ)LI.SI5A2HEI;TDARLO.4HDE81@U%:D'*L>?7+T#J0HJX M-&\"Y'BF*E$D`.SNKQMH-!N-7__Q-/>L1T1"'/@?CUHG9T<6\IW`Q?[LX]'M MY+@]N>KWCZPPLGW7]@(??3SR@Z-__/]__Y=%__OU?XZ/K1Y&GOO!Z@3.<=^_ M#_YN#>PY^F!]1CXB=A20OUM?;6])O_GM7WT_HM\Y$7Y$]-ODJ1^L-R?O;.OX M&##F)%@2!VT&;%V^/;LXM\[>7IR=G[4NK=;9;^CARA:?#@]_?'CQ\F/BY.`S$[/:<_3?]U<3YP'-+>/L<_$Z:"C M=2\V"J]?Z_W[]Z?QK^NFN99/=\1;/^/B=$W.9F3Z*Y:T3U$2X@]A3-YUX-A1 MK`W*QUC"%NQ?Q^MFQ^RKX];Y\47KY"ETC];"CR5(`@^-T;W%_KX=]S=/)39! M'OU_COR(H#`&/CQQ@ODI:WE*T5JRG]J^V_4C'#TSZ,@\IIQR$P_]0-#]QR." M&`&M2Z8E[/%_@72-GA=4TT,\7WA4.*=U4'P5^&'@89=JIOO)]IC8)P\(1:&" M7&6_?=(ZHOW\Z`%%V+&]LH1S!VF8BUO?7KJ8?F!F'7<(A_?#!9NA*.PAU86K M8+X@Z`'Y(9V=KH.P""X51M?!]Y4=/O2\X$=E%G,#-<#-@$[#!*7%J:!:W*$! MZC[9(::"&-&?:`/(]"/IT0!]/1N3>`4;WO>P3VT0VUZ?SOHDG@)5H@3V;H#N M[K^7>,%^4U"8:]<`+9,'^OM#X+G486'/BYX51(D[-$!=VZ5F297(]D8V=OO^ ME;W`D7)R5O1J9%::SW$4ZTT\']*EUY]17Q,C]32D[+E_RYG:=YZ2\D)C-&E% M(&H%K?=B42`"5=T:MR[JNJ\,!40OK//^=;>#(AM[%95W9Y`FM1=&KZCY7O07 M1J*RWQXU&$8QL/?^Z6Y5([RU_Q5Y]>2!39A;^HC*K="B461\+%*^YC7](M,% M/47(=Y&['HBQ4.YW&:7M.SJIV<[&A?3L.^3%@W^G76$]3\M0NA)R'#H)D7,R"QY/ M781/*?5OV`?&QIOCL]8JH0(#B@'+HNNRV6^TQ0H_`L#A<]E6@<*;4J-RRCJ>?:,+_V=)D"IOS%(ZEPF M=4C[:DD8AST<.K;W.[*)5.W%K8$87!J$@8IU?6ON-^1Y__2#'_X$V6'@([D@J0//>P1_>W,E1R38%H_&(<&@*F-?JE MB?6.T2(@+$Z:O,:6NJ>"'D!,WAF'B5P$^J")5>2*SJ2S@$@W##L-@4"\-PX( M+L/ZY#]:WGG8Z7F!S=OJ;ZC.-`-OU8P3/H=;C;-2,)\'_B0*G#_B&&@X7$9Q M3A$U3^G<).T'!HGSE^Q]>O0[P0(B:0[%QL0-MY![_9`P?QP, M2*HQ%`X3M^`"SCE@_'J:8^Z:?K&?8+@Z42L3"3^WCJU-+@W]?#4<3(;7_4Y[ MVNU8G]K7[<%5UYI\Z7:GDU)A\+2NW=OA78S;,CR>V?:"*=SE*?*BO7884H#4C.RVTQ5%+R37K$$).*E_ M8JN*QLI]AX*2:ZXMNBZ7,`\&`:MFH,&2^UB^#?V+O:M^M#W$,G"B*YN09^JG MQ+D!8G2`W;7%Y4%`!&58,@G$..,>A70S["!*\)TG08S75EODO@0\8E[-P*+M M.,&2*LR6O@&*5JQ)9CEI+VTQ_A+X0/@W`ZD100L;N]VG!?)#I(1(T%Q;[+\$ M-E*.S0`EPP[0*]`8YR]C(#P.4\*GM-\C^J-[G7`MI#`F+PHBVXM;:K:E8(%( M]#RB.Z)X![A.TZ/&+S,I62]MH>E2EJ7FWPP#N[9]5XQ(\JNV6'0)R:?Y,4/" M-YB=B?16*H%1*+4!?FM]$>D2$,@8-@.2A!O5V[:)> M"/V&+.DTD&-`O1$%#0(%L;'-#P`:_NZT@(P,`9=-]F,489+,,'<>GL5RAFV5 MI#VA,#:V?2H.(U`:9F!7Q/ZJF%G]B5-E\0%9TT&Z*4+-"P>![Y2VQ4QO*-Z- M[;_JLT>.5(RS29`Q%GB'80PJ'!X/W?P`I\0Y+ZEDG:"P-O9NJC"LX)/RNFTL MSGS*'(2%)!.(^T"A:FS/4&&#IY:%&9BEB#I`D6G,PR^,#*ATB6Z`QNR8MH_'="^YG"\]EAO60??8 MP9*)#M(7"EMCCG]AV.`2,0/!/(-%EB8X0HV]I"J,D)CC0_<-TQ$]WRV"K+HG M.$/&&)RATJ@5=3-3<_FE"#-YNA?P/%WKKYGQ_O::M[L'7Y2*?$AB@MW841LA M$A^I`+FGXLZ'F^%;0#9FK+2YPS#M9?00$/PGDJ0C2#OI3@&N!SV1,`Q%+3Z' M7`2Q=0?=*&>/`5"DVG/%LWL@\F]M! M^[;39Y\F4_K%37=`_9MASQJ.NN/VM$^;6NU!A_:Y&8V[7[J#2?]KU[H>3G0> M5NK[5&!HPY+:SQ%VT&BM*R3]64(<@T_-B+239E=&@>4-R8. M5G!QQ:X89F5'W?Y.<;2!LCA\T#N($DY]B70!RSS"V5:Z7:'BZ#5,51%/);%`'6:&L&%6[0X"NNL\%%?.*P+(PPS=: MG\1,2!U&#]PB;1M)K;$CG>4IL/V0W<@7^ M9QO[;-KYA.YIFZG])(:LT""Z#VN5A;*$I,R`>$W>T)_8'AK>=Q#!C[&_)ED2 MI9UTG_HJ"R%`$F9`)F2PQ!IGP!&QLG@IQ7#H+Z('*-KZ=Q)LL\WTU=*JBB>/ M73,L+EZ:,X'2+:5T1@>$W*`#:#_/5#``5TPP9J#9?K2QQX[MT$6;3?43Y"Q) MG.'PF5"ZQ\CVV!NT]7H@/79;9BSMQYV*HA949ME(^*D_%N;IO_7)#@4Q&,6"U@BD84$7RWC!BWTR!)URDWQX,&UGX^ MJYIBU"18,[2$P\>:!^E;<'$G*+J-;6VKH0L0R*'[V^MDXW7B$[M\U6G[;@=[ MRTB6K*+LJ/W,5S7L@8(QPW*_(3Q[H%2U'^D>9(8&R_D=(L/[F/!4\@88W++C M03%O[CUM)]?";(35Y-SP6RNGE]-(; M$V$$C4CPB*DN?'J^#9';]S>OM]I.A!^!U5_*C&5.IJ\0S7Q8I:3$S)C/FXV" M-18$*R_U8E&Q8IX6G(Z350E&3,0S$=9T[1*W"1E1]VI3O5A"931X>H!I`9QF55&/I[VZN@-KCL02;[8T"LG M-%W'JQ,S4AJK:4QQB1UZ*H2`X[Y/-\XUO6:3CJ4]1ZZ^Z#Q`9F;L6NCL%[\, MGP9MY]]+3-"-367D(_*U%@1,U8CDW*_K94%6P($7;67TJ\`CWCRE\K)#%CA?-=APG"@ M]YW;41SHXI([]&F??[WY"!$E+&>F9,4<4NM8>"GBN MN_:+!AI&6B"OTI/"(M8,%(6U/_]$ZL0;MZ>VXFRTUJO&PQ9#,;!__ M&7.Q/7+"U-%W1RGYI>K0;@^A`*H(U#.\3@]3B#7'D^2TU7S\HE9\=UU(L1D8 M=IB*G?D*A_=IAOD6^\NNQ9Z?6)_:DWY\.FHT[DZZ@VELLQI-=O7NCTZR(XJF M`PI3R/IH-*Y/RQ#[*`P[*'0(7JSTDH/6E*+_R9-NT\N,I=DXU4CN6%QY>9EF MD3T;D]A'2$T\?9\ROXQG'KYUOMNUSHL3J]?NCZVO[>O;>$WM]0?MP56_?6WU M!Y/I^#8^V:C15C=L;LD&6*N\E\[J>AS"`*:IZ*;9"B$8[=;.@\C!-)/+O[G) M&-?[7>-ZA_D7T//)L/TJ_@%+;$:"KWI`TG[HM"@#; M*C:*9E,#8YF/2A<6E6GF%V?X\R\B2]MAZVS7#B]/K,F7]KC[97C=Z8XG_Q=; MY?1WC28)O=)6=8WM'DG.2Y_=#;0.I<&T/_C(SQ]I;?Y\H, M[Q(8BS'!!@\Q*.,\('?)3ACPRU^LLE$2B""AF9+C'42`II*LS,C$2_'`4HDS M9C@((O3-)L1FQ4W)F)5R!47CR@^IN^!B4=C+B6))8;B<)]]5F<:K/.>P MXH<-"<'0=8"[EJ5YJ]L'@(RM>V6H3V/*2=6T-4,1Q^J@R,:>8.W(9?1!`UFK M46\WH"(0K1R!%?OK>$IU!78Y:#7_XR&5IV1YR9_13>!5X M'N6`W4S_A"4PE1KL@'`LQ5]JC3X4GDXPM[&D%FJ%(=;,A%O*Y4LCG!87Z+#,"3H835PY\1 M\Z55XVL)BU2J+3"$[AL,9%`&99DRSC/A77BC<%+X78!P-5;DKP!<*KYU6BIX M]:-:EF*9=ZVY8%7)==1]F00`.2@K9@;IMV>R9.'XW!'>;"I;I:#[:R[;2XS' M5TQ5>PW#ZP[?&AR&%RK5IV<6B)&'W4&=#P@G$#]FA-7%^:>``#JHLQFX%=!/ M<(9N?4'PVDXI+981(AL*A;'==9Q&U$%W/+V`5N:/&\ED8,9.JKV>!O-6L6JAFJ(B1S@,H$;^)>NA?$ZC:=8K[F MT*]A!_JD\<=*2/P1&RFR.V<`IJ*&U:'<3Q.PY?+Z3V^?9N M#U6R1ZZE;D\'!)V(P9=)6&E9!/J8GWE'P11N+?E1]3M]\`LN:+` MS/!Q!%S$"EXGZNH!=7M&54"'BLMHS!/-':`?\4]E#3O57W>TH;H9YX1A-("Q M%I;';[<[$+[&KARJ;)"FHE?8M2UPY4MC27V%O=L&+VTY*.^V`'B-9>>5\F]? MZJT[HLH1LOW^>:Z:LJ)TA`&[?D%]%U;G8X:2E[_\D@";8ZNI,@!MW[U!T4/@ M!EXP`X02]O)P$_)N#C():H^J\9I&95AZCL%I5&.F?O)DJ523`Y)YBFHS$I]B M@E1OCS.-S)!V3D-X@EZ3;$1:T@WV\7PY5\EZIYGNK3-'/W8DS>7+C`W6C?T$ M$GFVF>[M+D#D/+[,$'FM#L48AW_T"$)]/T(4A&A,9]B5NNW)X912H/DU$_@- M[KXQ^5DT,;%"G9JXID#W:S.#5#$+R@M4Q>[3`CD1# MP2"MNU.S>U>$W2DB<]ZY\K2(&WJF[IUK,3UK5/"-E-.IUSS"",]9HG0O(/66^W/O+($W$K)>V5IM6HL59RE?)=P M>8EB:%^=ATGV5IY_7T&F`G+G3O'0DN,'7]ZI]'RTJIP^7$9A9/M4OK/!4AZH M;N!1NB-')2O3-R7S%Y+"75$\G^,;8/I^DD*GRO-MXF&Z(TAZU%(B=X,V3!48 MI*XZ)G&?#9?-*1;W8;HC07H42R)W0Q1+>H8B=<](]PD1!X?2A-D28^F.T)14 MB])2,P3U`W:="F3S-A9O,<1Y>ED)WM7GVMC66!)8TTK)>93N$(ZN]4T@\U>% M],-M:(MEZ')<@6^(W?2(W#;=4]LSM%XL1@0[N6OMZU?BFLC3=K*B:J#$$/F] M4+]`QOQ>O`4Y`;K+/YNE?(WY*1`M^$E"/V&A&$1#YE,G$;KKR."D186\VEDA^R`=6'PVLTC1-JU&,]8`*@MM-6NR M[83L378D%6W,^?`^O0?,OF'DY^E5&Q&JKLUER9NHKI7%>@B)K/V=B/G`)DQT MCUOSR>2SGJOS62U>/NMF6)W%>/:7*;K7](U#+H)3-OGBM8#-:P$;4<5XS_8' M]EQUX5>FU0%)/DNX&95LUC0I;^O::6>&V'D*(Q!Z39=M<9W"'GY";CISC#U4 M6#^%]I!VT)V,PE>)E&L%8+>1@V3CP*--9D4$K>BBN["D4M0@EE]<^H&Y)SK, M.`/:\!D.G2?"O'APY/+Y9(=6_5#B*D/[ZS[``[\:J)!`S`"Q.U]XP3-"$T0> MZ2:=3_D@\!]1R/;U3#O#^,;M].]701@-@NAW=GNZ$\Q\_&=VS1'KP)X>K_NP M#5B%]@J'&1I8^J3\BIN--)(Y0U5>LG:08_4$L#!!0````(`!DP M!T=WD%:AY@<``$LY```0`!P``L``00E#@``!#D!``#M6VUSXC@2_KQ;M?]!2]75[GXPQA`R"9OLE@,F MXUL"#)"9W'S9$K8`U=@R8\L)_/MKR9AWA"&3FZTK)U4I(SW=ZNY':DFF<_/G MS/?0,PDC&K#;@E$L%1!A3N!2-KXM//8ULU^W[0+Z\X^??D3P<_.SIJ$F)9Y; M0XW`T6PV"GY';>R3&KHGC(28!^'OZ"/V8FCY\&0S#FT.I\\$6I-A:NBB>(61 MIF70V0_BT"%+A4;ULE0IH])EI50N&55DE#Z4B[,1C-C`'/I%X[_*C=*5^',Q M*)=JU6KMXBKC6!SS.%J.59I=E4I&J52J9A-_H)&S%+[^:DZC=[,>?1IWV%7< M_?S$'_JXWO@T[+CS?W^>?_W\9<8_&>_>/[&_6O,OS\VJB2MS_7IX=^\[3JF> M#'D3.1/B8P0BV,.%\6M/UEY>7XDNE&(1CO0P6ZD\/K;[$%1)@;>91]F4? MW+B^OM9E;PK=0JKNBB>X@CLM0,O52!IRSBF#D;>)J. M2!AX)-HK(WOV"+&`L=C?'QV7ASJ?3XD.(`U0)*3.4NZXT*8`V"":]ULG>_98 MU[.L)3[$(?'@UR>,AR22:RPJ.H$OY<3J@BR0=#>#T&^0$8X]H/%KC#TZHL0M M(([#,>%BYD=3[)!35*=K"3,6P)*#C+!H$6W3*84U!0T_W(C)5Q/!'H!+2#P\ M]NP,`PFD#JLS%ETFC;:M:4QQ%Q.^P/^3P%/T"-%&I!PT)P`3D@Y&#/B;W3 M9%:F[!59-*2A?ST9]8!%@4==R-'N'?9$ANA/".%1PL3A;C4-98B]2-IDP4.] MT^YW6G;#'%@-=&>VS';=0OWWEC7HYQP<#'(7Y!B?$$[!C2.$;&+5[%2RLX-^ MW5#\6\[6.@./#,:J-.U>N;`!B@RVPV0>>CVK/=6NV]_M%"K MT\\7ZG'JZSB:-+W@)2O+*[R:T.HYA-;-_GO4;'4^Y\CL<49CBW37_DICOZU`'_=UVT,M% MV*;ZMISFD*7Z,.5EV/.H-S$-Y46W,VI2!L<#BCT;KGZA/`8O9OTQD)J-JVTV M*D74-.T>^FBV'N4R:-IM.$+89@O9[?Z@]RA34LZ-]36F4]&7L+#ZJ([W]7:\ M+XK(^O!H=T58\ZCV)]`_"3R7A)$(*9\GX=W3KHRS4=J.<[4(AV`3#D&=5L/J M]7^141_\)P^YZ;IR-.QU,75M5L=3RM,;RJ%.=?"-[>!?%I'9@&,-9'7((UW3 M;D`R@3--UQZ8K9P"N!+XE,MT+2\(C%,V)I#)R?+L>1B@IJ*\3<6[HK@-/-B# MY&B9W`[:`[M];T&6M_+,?FS7'>"A1[+MO0NHFJ'*>3LP^C71GE_B5UOQ.C7; MC6H2+E3;K@5S/NU3D/!S9MC:8;\SH;1S!J3G:NQKM;N+;: MPG-FLNX>#<(Q];)M'RE6S=3.?3KK_K%0GW.VVD`VV-EI5?.PW$+R:!_> M0S;"?KA;'?^=F_7!722GXM@VLD'(,9"2EO+.1?S(1I*3DY$<(Q,[QA%Z,ES5 M]]&#C)R@0V].%B%JXU!\"_%,E&]2=L!JNG:N\\HW*RNZEOK_CV@3?T315(^, MD"RVJHF:G-M"1/VI)TJC9-LD)*/;0DB(EA;&_`V>%6>^ER*$9D6ME:1Z.QB+ M<5,5.'1VM.S4@H&28$I"3DFDI[:G"CCE0GS]:Q0DQH$4K'\#CST\/-5C$"'> M&[K:$OJ_I8\P]4[U<6NVOI&G]=4HW])?6#:G^KNYTM[(W<9RD'5O%W5G^JKP M;/%YNSCM!OP.0H[83LF;J@PR*>!L!8Y4I1`1G[143A--FE'6*D9Q%KDK2T\Q M8A6&TXQ(Y<"*O3+B05L)9QU?6=FI&G^OH$X\'J4MVDK5.=;L5F6> M;X[4=88]&0I2L\R4=98' MF(*T^/#A:!U(/4^\8[HM\#`6.4>42-<@%]'`'NI+T^0&#XUPX?QM'3.:V*!Y2CXKL;JC\VH6>[:83 M$O?M_/Q$Z'C"B8N?28C'9/F^K4M"^9I!U`K)0J'[$(PC;B,.*1MWI=UI`%ZI MX_1I"W-VNM#]^@A(-7>PS M^XF'%IC@B_JW9A"."!755CWXF$;J?S36R1%-$!$7O+P^HBWR3#SC@?A#$J:> M;[6=FZK4?2,3RWM,+/]C3&S2F:B>A+2\6#U=2`B;%JLAW]N!7N#!"6ZL M=N$8Z'L[H?K?#!-4BG\I2WW)AL6+I]2E[[U:LWW%LNWKJ5+_-*\WSU/;[P2W MOWNC)214>_PM02P$"'@,4````"``9,`='U(Q-9TY````T7`,`$``8 M```````!````I($``````Q0````(`!DP!T>&.UWV;@H``&]R```4`!@````` M``$```"D@9A```!R964M,C`Q-3`V,S!?8V%L+GAM;%54!0`#T8'$575X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`!DP!T>P.7O>$`L``$F#```4`!@````` M``$```"D@51+``!R964M,C`Q-3`V,S!?9&5F+GAM;%54!0`#T8'$575X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`!DP!T=JPYJM+",``)<&`@`4`!@````` M``$```"D@;)6``!R964M,C`Q-3`V,S!?;&%B+GAM;%54!0`#T8'$575X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`!DP!T=F.>W?C1<``!]W`0`4`!@````` M``$```"D@2QZ``!R964M,C`Q-3`V,S!?<')E+GAM;%54!0`#T8'$575X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`!DP!T=WD%:AY@<``$LY```0`!@````` M``$```"D@0>2``!R964M,C`Q-3`V,S`N>'-D550%``/1@<15=7@+``$$)0X` <``0Y`0``4$L%!@`````&``8`%`(``#>:```````` ` end XML 37 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss for the period $ (4,572) $ (7,491)

Adjustments to reconcile net loss for the period to net cash and cash equivalents used in operating activities:

Depreciation 75 103

Asset retirement obligation 0 17

Realized gain on derivatives 0 (14)

Unrealized (gain)/loss on derivatives 0 (103)

Stock-based compensation 121 318

Changes in non-cash working capital

Accounts receivable 5 2

Interest receivable (17) 4

Prepaid expenses 169 116

Accounts payable and accrued liabilities (600) (703)

Net cash and cash equivalents used in operating activities (4,819) (7,751)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of equipment (2) (33)

Proceeds from sale of equipment 2 0

Net cash and cash equivalents used in investing activities 0 (33)

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash received for common shares, net of share issuance costs 3,076 (42)

Net cash and cash equivalents used in financing activities 3,076 (42)

Decrease in cash and cash equivalents (1,743) (7,826)

Cash and cash equivalents - beginning of the period 10,139 23,902

Cash and cash equivalents - end of the period $ 8,396 $ 16,076

X

- Definition
Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6392676&loc=d3e7480-110848

+ Details

Name: us-gaap_AssetRetirementObligationAccretionExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of increase in the fair value of derivatives recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (a),(c),(d),(e)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

+ Details

Name: us-gaap_DerivativeGainOnDerivative

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount due to the entity in the form of unpaid interest and dividends.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInPrepaidExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for acquisition of machinery and equipment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquireMachineryAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from sale of machinery and equipment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 12

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585

+ Details

Name: us-gaap_ProceedsFromSaleOfMachineryAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_ShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_UnrealizedGainLossOnDerivatives

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 38 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727

5. SHAREHOLDERS' EQUITY
6 Months Ended

Jun. 30, 2015

Equity [Abstract]

5. SHAREHOLDERS' EQUITY
Common Shares

Number of Shares Issued Common Shares ($000’s)

As of December 31, 2014 47,707,216 $ 100,652

April 29, 2015 registered direct offering 5,230,770 2,985

Exercise of stock options - fair value 2,852 1

Issued during the six-months ended June 30, 2015 5,233,622 2,986

As of June 30, 2015 52,940,838 $ 103,638

On April 29, 2015, the Company closed its $3,400 offering of common shares and warrants in a registered direct offering in the United States resulting in net proceeds of $3,076 after expenses. The Company sold an aggregate of 5,230,770 common shares and 2,615,385 warrants at a price of $0.65 per unit.

Warrants

Each outstanding warrant is exercisable for one of the Company’s common shares and was issued to investors in connection with registered direct offerings of the Company that closed on September 27, 2013 and April 29, 2015. In addition, the Company issued warrants to a placement agent in connection with each offering, under the same terms as those issued to investors. The exercise price and exercise period are outlined below:

Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date

September 27, 2013 offering 1,338,688 133,869 1,472,557 $4.15 9/27/16

April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18

Total Warrants Outstanding as of June 30, 2015 4,349,481

The value of the warrants issued to the placement agent (non-employee) for its services in connection with the April 29, 2015 offering was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s stock of $0.72, an exercise price of $0.85, a 3.0-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91.

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.
+ References
No definition available.
+ Details

Name: us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 39 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 25 111 1 true 10 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://rarelelementresources.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://rarelelementresources.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://rarelelementresources.com/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Sheet http://rarelelementresources.com/role/ConsolidatedUnauditedStatementsOfOperationsAndComprehensiveLoss CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Statements 4 false false R5.htm 00000005 - Statement - CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS Sheet http://rarelelementresources.com/role/ConsolidatedUnauditedStatementsOfCashFlows CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS Statements 5 false false R6.htm 00000006 - Disclosure - 1. NATURE OF OPERATIONS Sheet http://rarelelementresources.com/role/NatureOfOperations 1. NATURE OF OPERATIONS Notes 6 false false R7.htm 00000007 - Disclosure - 2. BASIS OF PRESENTATION Sheet http://rarelelementresources.com/role/BasisOfPresentation 2. BASIS OF PRESENTATION Notes 7 false false R8.htm 00000008 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS Sheet http://rarelelementresources.com/role/FairValueOfFinancialInstruments 3. FAIR VALUE OF FINANCIAL INSTRUMENTS Notes 8 false false R9.htm 00000009 - Disclosure - 4. EQUIPMENT Sheet http://rarelelementresources.com/role/Equipment 4. EQUIPMENT Notes 9 false false R10.htm 00000010 - Disclosure - 5. SHAREHOLDERS' EQUITY Sheet http://rarelelementresources.com/role/ShareholdersEquity 5. SHAREHOLDERS' EQUITY Notes 10 false false R11.htm 00000011 - Disclosure - 6. ADDITIONAL PAID IN CAPITAL Sheet http://rarelelementresources.com/role/AdditionalPaidInCapital 6. ADDITIONAL PAID IN CAPITAL Notes 11 false false R12.htm 00000012 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES Sheet http://rarelelementresources.com/role/CommitmentsAndContingencies 7. COMMITMENTS AND CONTINGENCIES Notes 12 false false R13.htm 00000013 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) Sheet http://rarelelementresources.com/role/FairValueOfFinancialInstrumentsTables 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) Tables http://rarelelementresources.com/role/FairValueOfFinancialInstruments 13 false false R14.htm 00000014 - Disclosure - 4. EQUIPMENT (Tables) Sheet http://rarelelementresources.com/role/EquipmentTables 4. EQUIPMENT (Tables) Tables http://rarelelementresources.com/role/Equipment 14 false false R15.htm 00000015 - Disclosure - 5. SHAREHOLDERS' EQUITY (Tables) Sheet http://rarelelementresources.com/role/ShareholdersEquityTables 5. SHAREHOLDERS' EQUITY (Tables) Tables http://rarelelementresources.com/role/ShareholdersEquity 15 false false R16.htm 00000016 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Tables) Sheet http://rarelelementresources.com/role/AdditionalPaid-inCapitalTables 6. ADDITIONAL PAID-IN CAPITAL (Tables) Tables 16 false false R17.htm 00000017 - Disclosure - 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) Sheet http://rarelelementresources.com/role/FairValueOfFinancialInstrumentsDetails 3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) Details http://rarelelementresources.com/role/FairValueOfFinancialInstrumentsTables 17 false false R18.htm 00000018 - Disclosure - 4. EQUIPMENT (Details) Sheet http://rarelelementresources.com/role/EquipmentDetails 4. EQUIPMENT (Details) Details http://rarelelementresources.com/role/EquipmentTables 18 false false R19.htm 00000019 - Disclosure - 5. SHAREHOLDERS' EQUITY (Details) Sheet http://rarelelementresources.com/role/ShareholdersEquityDetails 5. SHAREHOLDERS' EQUITY (Details) Details http://rarelelementresources.com/role/ShareholdersEquityTables 19 false false R20.htm 00000020 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Details) Sheet http://rarelelementresources.com/role/AdditionalPaid-inCapitalDetails 6. ADDITIONAL PAID-IN CAPITAL (Details) Details http://rarelelementresources.com/role/AdditionalPaid-inCapitalTables 20 false false R21.htm 00000021 - Disclosure - 6. ADDITIONAL PAID-IN CAPITAL (Details 1) Sheet http://rarelelementresources.com/role/AdditionalPaid-inCapitalDetails1 6. ADDITIONAL PAID-IN CAPITAL (Details 1) Details http://rarelelementresources.com/role/AdditionalPaid-inCapitalTables 21 false false R22.htm 00000022 - Disclosure - 6. ADDITIONAL PAID IN CAPITAL (Details Narrative) Sheet http://rarelelementresources.com/role/AdditionalPaidInCapitalDetailsNarrative 6. ADDITIONAL PAID IN CAPITAL (Details Narrative) Details http://rarelelementresources.com/role/AdditionalPaidInCapital 22 false false All Reports Book All Reports In ''CONSOLIDATED BALANCE SHEETS'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS'', column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. ree-20150630.xml ree-20150630_cal.xml ree-20150630_def.xml ree-20150630_lab.xml ree-20150630_pre.xml ree-20150630.xsd true true XML 40 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

6. ADDITIONAL PAID-IN CAPITAL (Details)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Risk free interest rate (min) 1.00% 0.93%

Risk free interest rate (max) 1.10% 0.99%

Expected volatility (min) 73.40% 74.70%

Expected volatility (max) 79.70% 79.10%

Expected dividend yield 0.00% 0.00%

Expected term in years 3 years 4 months 22 days

Estimated forfeiture rate 3.4% - 3.6% 3.7%

Minimum

Expected term in years 3 years 3 months

Maximum

Expected term in years 3 years 3 months 11 days

X

- References
No definition available.
+ Details

Name: REE_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsEstimatedForfeitureRate

Namespace Prefix: REE_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)(iii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated measure of the maximum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated measure of the minimum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The maximum risk-free interest rate assumption that is used in valuing an option on its own shares.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The minimum risk-free interest rate assumption that is used in valuing an option on its own shares.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 14.D.2)

-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section D

-Subsection 2

+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 8,396	$ 10,139
Interest receivable	23	6
Accounts receivable	16	21
Prepaid expenses	146	315
Total Current Assets	8,581	10,481
Equipment, net	269	344
Land	980	980
Mineral properties	27	27
Total assets	9,857	11,832
CURRENT LIABILITIES
Accounts payable and accrued liabilities	498	1,098
Asset retirement obligation, current portion	164	164
Total Current Liabilities	662	1,262
Asset retirement obligation, non-current portion	202	202
Total liabilities	864	1,464
SHAREHOLDERS' EQUITY:
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216	103,638	100,652
Additional paid in capital	23,397	23,186
Accumulated deficit	(118,042)	(113,470)
Total Shareholders' Equity	8,993	10,368
Total Liabilities and Shareholders' Equity	$ 9,857	$ 11,832

6. ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Options outstanding	4,588,900	4,545,500	4,588,900	4,545,500	4,345,500	4,700,500
Compensation Expense	$ 48	$ 130	$ 121	$ 318
Unrecognized compensation cost related to unvested stock options	$ 199		$ 199
Unvested stock options	995,200		995,200
Unrecognized compensation cost, Period for Recognition			10 months 10 days
FSOP
Options outstanding	1,290,000		1,290,000
RSOP
Options outstanding	3,298,900		3,298,900

3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 8,396	$ 10,139	$ 16,076	$ 23,902
Total financial assets	8,396	10,139
Liabilities
Accounts payable and other accrued liabilities	498	1,098
Asset retirement obligation	366	366
Total financial assets and liabilities	9,260	11,603
Level 1
Assets
Cash and cash equivalents	8,396	10,139
Total financial assets	8,396	10,139
Liabilities
Accounts payable and other accrued liabilities	498	1,098
Asset retirement obligation	0	0
Total financial assets and liabilities	8,894	11,237
Level 2
Assets
Cash and cash equivalents	0	0
Total financial assets	0	0
Liabilities
Accounts payable and other accrued liabilities	0	0
Asset retirement obligation	366	366
Total financial assets and liabilities	$ 366	$ 366

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 06, 2015
Document And Entity Information
Entity Registrant Name	Rare Element Resources Ltd
Entity Central Index Key	0001419806
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		52,940,838
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

5. SHAREHOLDERS' EQUITY (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total
Equity [Abstract]
Number of shares issued, beginning	47,707,216
Shares issued amount, beginning	$ 100,652
Exercise of stock options - fair value, shares	2,852
Exercise of stock options - fair value, amount	$ 1
Shares issued, shares	5,233,622
Shares issued, amount	$ 2,986
Number of shares issued, ending	52,940,838
Shares issued amount, ending	$ 103,638

6. ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares	6 Months Ended
6. ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Number of Stock Options
Outstanding, beginning of period	4,345,500	4,700,500
Granted	999,000	275,000
Cancelled	(749,600)	(280,000)
Exercised	(6,000)	(150,000)
Outstanding, end of period	4,588,900	4,545,500
Exercisable, end of period	3,593,700	3,852,500
Weighted Average Exercise Price
Outstanding, beginning of period	$ 5.16	$ 5.51
Granted	0.45	1.28
Cancelled	3.16	6.74
Exercised	0.32	0.52
Outstanding, end of period	4.25	5.31
Exercisable, end of period	5.28	6.01
Weighted-average fair value per share of options granted during period	$ 0.24	$ 0.65