Exhibit 8.1
MFC BANCORP LTD.
LIST OF SIGNIFICANT SUBSIDIARIES AS AT MAY 2, 2016
| Subsidiaries | | | Country of Incorporation | | | Proportion of Voting Interest(1) | | |||
| MFC Commodities GmbH | | | Austria | | | | | 100% | | |
| MFC Trade & Financial Services GmbH | | | Austria | | | | | 100% | | |
| IC Managementservice GmbH | | | Austria | | | | | 100% | | |
| International Trade Services GmbH | | | Austria | | | | | 100% | | |
| MFC Commodities Trading GmbH | | | Austria | | | | | 100% | | |
| MFC Metal Trading GmbH | | | Austria | | | | | 100% | | |
| Kasese Cobalt Company Limited | | | Uganda | | | | | 75% | | |
| MFC (A) Ltd | | | Marshall Islands | | | | | 100% | | |
| MFC (D) Ltd | | | Marshall Islands | | | | | 100% | | |
| M Financial Corp. | | | Barbados | | | | | 100% | | |
| MFC Corporate Services AG | | | Switzerland | | | | | 100% | | |
| GPT Global Pellets Trading GmbH | | | Austria | | | | | 100% | | |
| MFC Power Limited Partnership | | | Canada | | | | | 100% | | |
| MFC Resources Inc. | | | U.S. | | | | | 100% | | |
| Possehl Mexico S.A. de C.V. | | | Mexico | | | | | 100% | | |
| MFC Holding Norway AS | | | Norway | | | | | 100% | | |
| Fesil AS | | | Norway | | | | | 100% | | |
| Fesil Sales AS | | | Norway | | | | | 100% | | |
| Fesil Rana Metall AS | | | Norway | | | | | 100% | | |
| Fesil Sales GmbH | | | Germany | | | | | 100% | | |
| Fesil Sales SA | | | Luxembourg | | | | | 100% | | |
| F.J. Elsner Trading Gesellschaft mbH | | | Austria | | | | | 100% | | |
| MFC Merchant Bank Limited | | | Malta | | | | | 100% | | |
| Mednet (Shanghai) Medical Technical Developing Co. Ltd. | | | China | | | | | 100% | | |
| Hangzhou Zhe-er Optical Co. Ltd. | | | China | | | | | 51% | | |
Note:
(1)
Percentages rounded to nearest whole number. Our proportional voting interests are identical to our proportional beneficial interests, except for a non-wholly owned subsidiary in Africa from which we derive a 100% beneficial interest resulting from our shareholder loan.