On August 17, 2012 the TSX Venture Exchange
(TSXV) published a bulletin entitled Private
Placements – Temporary Relief from Certain Pricing
Requirements (Bulletin), which provides, on a
temporary basis and subject to compliance with the Bulletin, the
granting of relief to TSXV issuers from certain existing pricing
requirements related to Private Placement financings. These
temporary measures (Relief Measures) are effective
as of August 17, 2012 and continue until December 31, 2012
(Temporary Relief Period). The TSXV has issued the
Bulletin as a result of the current market environment faced by
many of its listed issuers and the effect that this is having on
their ability to complete financings and maintain and preserve
their existing operations, activities and assets. In addition, the
TSXV noted in the Bulletin that it acknowledges that: (a) for
issuers whose shares are trading below $0.05, the $0.05 minimum
offering price may create difficulties in completing a
