Electrofuel Inc. US$30 Million Private Placement

Electrofuel Inc., which has developed a rechargeable Lithium battery that will run laptop computers for more than 15 hours, completed the private placement of US$30 million of special warrants on January 10, 2000. The placement was completed by Yorkton Securities Inc. at a price of US$16.00 per special warrant. Each special warrant is convertible into one common share of the corporation (subject to adjustment in certain circumstances).

George C. Glover Jr., Garth J. Foster, Greg Ho Yuen and Claudia D. Feldkamp of the Toronto office of Fasken Martineau DuMoulin LLP, and Christopher Barry of Dorsey & Whitney LLP, acted for Electrofuel. John P. Vettese and David R. Kerr of Cassels Brock & Blackwell LLP acted for Yorkton.