On March 13, 2014, the securities regulatory authorities in all
Canadian jurisdictions, with the exception of Ontario and
Newfoundland and Labrador (the "Participating
Jurisdictions"), published Multilateral CSA Notice 45-313 (the
"Notice") setting out a new prospectus exemption that,
with certain stipulations, allows issuers listed on the Toronto
Stock Exchange ("TSX"), TSX Venture Exchange
("TSX-V") and the Canadian Securities Exchange
("CSE") to raise funds through distributions of
securities to their existing security holders (the
"Exemption").
Background
On November 21, 2013 the securities regulatory authorities in
the Participating Jurisdictions published for comment a proposed
prospectus exemption (the "Proposal") for distributions
to existing holders of TSX-V issuers. A summary of the Proposal can
be found
here. The regulatory authorities received submissions from 241
commentators, the majority of which were supportive of the
Proposal. There are several
