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ARTICLE · 02 NOVEMBER 2012

Toronto Stock Exchange - Securityholder Approval - Disclosure Requirements

On September 28, 2012 the Toronto Stock Exchange (TSX) published Staff Notice 2012-0003 (Notice), which provides guidance with respect to, among other things, disclosure and other related requirements where a transaction is subject to securityholder approval pursuant to the TSX Company Manual (Manual).

CanadaCorporate/Commercial Law

On September 28, 2012 the Toronto Stock Exchange (TSX) published Staff Notice 2012-0003 (Notice), which provides guidance with respect to, among other things, disclosure and other related requirements where a transaction is subject to securityholder approval pursuant to the TSX Company Manual (Manual).

Securityholder Approval — Disclosure Requirements

The guidance provided by the Notice applies to transactions involving the issuance of securities such as private placements and acquisitions. The guidance also applies to transactions involving insiders or related parties of non-exempt issuers which do not involve the issuance of securities but which require securityholder approval under Subsection 501(c) of the Manual.

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