Annual report pursuant to Section 13 and 15(d)

Financing Transactions

Financing Transactions

12 Months Ended

Dec. 31, 2019

9. Financing Transactions

During the year ended December 31, 2019, the Company generated approximately $90.3 million of gross proceeds from the sale of its securities as follows:

(i)

$20,533,208 from the sale of 4,354,773 common shares in an "at-the-market" offerings,

(ii)

$23,663,000 from the sale of its 7.125% unsecured, unsubordinated notes due June 30, 2024 (the "June Notes"),

(iii)

$82,035 from the exercise of 16,407 warrants,

(iv)

$11,500,000 from the sale of 2,300,000 common shares from an equity offering and

(v)

$34,500,000 from the sale of its 6.875% unsecured, unsubordinated notes due December 30, 2024 (the "December Notes")

In total, approximately $31.5 million of the net proceeds from these offerings were used primarily to pay-off the Webster Credit Facility on an ongoing basis until fully paid on June 25, 2019, with the balance used as working capital and for general corporate purposes.