On April 9, 2015, the Canadian Securities Administrators (CSA)
announced significant changes to the disclosure requirements
applicable to venture issuers (the Amendments). The Amendments
address continuous disclosure and governance obligations, as well
as disclosure for prospectus offerings.
Quarterly highlights in place of interim MD&A
Venture issuers will now have the option to provide brief
quarterly highlights disclosure in place of full interim
management's discussion and analysis (MD&A).
The quarterly highlights document should include an analysis of
the issuer's financial condition, financial performance and
cash flows, and any significant factors that have caused
period-to-period variations in these figures. In addition, the
highlights should include known trends, risks or demands; major
operating milestones; commitments; expected or unexpected events or
uncertainties that have materially affected the issuer's
operations, liquidity and capital resources;
