On June 6, 2019, the Ontario Securities Commission (OSC)
announced by way of Staff Notice [PDF] the adoption of a
pre-filing review regime for mining issuers. The pre-filing review
process is intended to reduce execution risk for issuers and
investment dealers seeking to launch public offerings under a short
form prospectus by providing a means to correct technical
disclosure deficiencies prior to commencing a public offering.
Refer to our prior Osler Updates (
here and
here) regarding the impact of technical disclosure deficiencies
on bought deal financings.
In connection with the OSC's regulatory burden reduction
initiative, mining issuers and dealers flagged the uncertainty
caused by the potential for technical disclosure compliance issues
to be identified during the pendency of a public offering. The
challenge, of course, is that technical deficiencies, particularly
those contained within a technical report, can't be easily
cured in the time periods necessary
