New Prospectus Exemption For Distributions To Existing Security Holders

On March 14, 2014, the Canadian Securities Administrators published Multilateral CSA Notice 45-313 - Prospectus Exemption for Distributions to Existing Security Holders ("Notice 45-313"), a new capital raising prospectus exemption that would allow Toronto Stock Exchange ("TSX"), TSX Venture Exchange ("TSXV") and Canadian Securities Exchange ("CSE") listed issuers (the "Listed Issuer") to raise money by distributing securities to their existing security holders, subject to certain conditions being met. The participating jurisdictions are each jurisdiction in Canada, other than Ontario and Newfoundland and Labrador.

Prior to the adoption of Notice 45-313, retail investors who wanted to make additional investments in the Listed Issuer and did not meet the criteria under other capital raising exemptions were limited to purchasing such securities on the secondary market at market price and paying brokerage fees. They were not able to benefit from the discounted market