Common use of Reporting Issuer Status Clause in Contracts

Reporting Issuer Status. (a) Valdy is a reporting issuer in the provinces of British Columbia and Alberta and is not on the list of reporting issuers in default under applicable securities Laws. (b) The Valdy Shares are listed and posted for trading on the TSXV and Valdy is in compliance in all material respects with the rules and policies of the TSXV. (c) Valdy is not subject to any cease trade or other order of any Governmental Entity, and, to the knowledge of Valdy, no inquiry, review or investigation (formal or informal) or other proceedings involving Valdy that may operate to prevent or restrict trading of any securities of Valdy are currently in progress or pending before any Governmental Entity, other than the trading halt of the Valdy Shares imposed in accordance with TSXV policies in connection with the public announcement of the proposed Qualifying Transaction.

Reporting Issuer Status. (a) Valdy is a reporting issuer in the provinces of British Columbia and Alberta and is not on the list of reporting issuers in default under applicable securities Laws. (b) The Valdy Shares are listed and posted for trading on the TSXV Exchange and Valdy is in compliance in all material respects with the rules and policies of the TSXVExchange. (c) Valdy is not subject to any cease trade or other order of any Governmental Entity, and, to the knowledge of Valdy, no inquiry, review or investigation (formal or informal) or other proceedings involving Valdy that may operate to prevent or restrict trading of any securities of Valdy are currently in progress or pending before any Governmental Entity, other than the trading halt of the Valdy Shares imposed in accordance with TSXV Exchange policies in connection with the public announcement of the proposed Qualifying Transaction.