Ontario Prospectus Exemptions

In addition to the exemptions discussed in the article entitled " Proposed Amendments to the Accredited Investor and $150,000 Minimum Amount Exemptions in National Instrument 45-106", as part of the Ontario Securities Commission's ("OSC") larger exempt market review, the OSC has published for comment four additional prospectus exemptions. These proposals are designed to bring Ontario in line with other provinces and to facilitate greater access to capital for issuers at various stages of the development process.

The four new exemptions are:

1. the offering memorandum exemption (the "OM Exemption")
2. the family, friends and business associates exemption (the "FFBA Exemption");