TSX-V Policy Amendments To Minimum Pricing And Capital Structure Rules

On August 14, 2013, the TSX Venture Exchange ("TSX-V") published policy amendments to replace certain temporary pricing relief measures related to private placements, which were implemented last year and set to expire on August 31, 2013. The purpose of the amendments is to promote and facilitate both access to capital and the completion of listing transactions by easing the rules relating to minimum pricing requirements for offerings and capital structure matters. In addition, effective August 7, 2013, the TSX-V removed, effective immediately, the existing 15% limit imposed on "Founder Shares" of issuers listing on the TSX-V.

Under the relief measures, TSX-V-listed issuers were able to offer securities at an issue price below the $0.05 minimum. The TSX-V implemented the relief measures to assist issuers facing imminent financial hardship in a depressed capital markets environment, which saw the share prices of many TSX-V issuers fall below $0.05. The relief measures