Further Changes To Ontario’s Prospectus Exemptions

On November 27, 2014, the Ontario Securities Commission ("OSC") published its Notice of Amendments to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions approving a new prospectus exemption (the "Exemption") expected to come into force, provided Ministerial approval is obtained, on February 11, 2015. The Exemption will allow issuers listed on the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Stock Exchange and the Aequitas Neo Exchange to raise capital from existing security holders without a prospectus, subject to certain conditions being met. The Exemption will bring Ontario in line with other Canadian jurisdictions (other than Newfoundland and Labrador) who adopted a similar exemption in March 2014. For more information on the existing exemption, please refer to our Spring 2014 Securities Practice Notes.