2020 Debenture Extension Proposal Information and Materials

As announced in its May 12, 2017 press release, the Company concluded its consent solicitation process on May 11, 2017 and holders of 77.4% of the total principal amount of the issued and outstanding 2020 Debentures consented to the Company's proposal to amend the 2020 Debenture Indenture to provide holders the option to extend the maturity date of their 2020 Debentures to January 2, 2024 (the "Extended Debentures"). In addition, holders of a total of US$47.0 million of 2020 Debentures elected to extend their 2020 Debentures to 2024.

The extension of the 2020 Debentures was made effective May 31, 2017. Interest on the Extended Debentures will be paid monthly at an annual rate of 8% over the then remaining term of the Extended Debentures with the first full monthly interest payment paid on June 30, 2017.

The Company received listing approval from the Toronto Stock Exchange for the listing of Extended Debentures and the Extended Debentures are posted for trading under the symbol "GCM.DB.X".

The following are materials related to the 2020 Debenture Extension:

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