New Prospectus Exemption For Canadian Listed Issuers For Placements To Existing Security Holders

Further to our November update, Canadian securities regulators in all jurisdictions other than Newfoundland and Labrador have adopted a new capital-raising prospectus exemption for issuers listed on the Toronto Stock Exchange (TSX), the TSX Venture Exchange (TSX-V), and the Canadian Securities Exchange (CSE). Effective March 13, 2014 these reporting issuers may raise capital by distributing securities directly to their existing security holders without a prospectus, subject to the following conditions:

1. the issuer has a class of equity securities listed on the TSX, TSX-V, or CSE;
2. the issuer has filed all required timely and periodic disclosure documents; 
3. the offering consists only of the class of equity securities listed on the TSX, TSX-V, or CSE, or units consisting of the listed security and a warrant to acquire the listed security;