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ARTICLE · 10 OCTOBER 2013

B.C. Securities Commission Decision Provides Guidance On When Exploration Results Constitute A Material Change

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A recent B.C. Securities Commission decision provides important guidance on when exploration results constitute a material change requiring disclosure under Canadian securities laws.

CanadaCorporate/Commercial Law
Goodmans LLP
Goodmans LLP
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A recent B.C. Securities Commission decision provides important guidance on when exploration results constitute a material change requiring disclosure under Canadian securities laws.

Background

The decision relates to an enforcement action commenced against Canaco Resources Inc., a company listed on the TSX Venture Exchange, (the "Exchange"). In December 2010, the company's President and CEO revealed the results of eight drill holes on its Magambazi deposit to Canaco's board of directors. These were infill holes covering a mineralized zone in which Canaco had previously drilled and reported 82 holes. In email discussions between the CEO and the board, the directors referred to the results of the new drilling as "just beautiful," "spectacular," and "fantastic news." However, the board decided to stagger release of the information over a period of several weeks. The board also decided to immediately issue new stock options to the directors, management and

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