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ARTICLE · 18 APRIL 2012

Regulatory Challenges Faced By Resource Issuers On Recent Bought Deals

Stikeman Elliott LLP
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A great deal of attention has been focused recently on challenges faced by issuers in the resource sector, particularly in connection with short form prospectus distributions and the ability to respond to comments on technical disclosure within the timeframes of the deal.

CanadaFinance and Banking
Ivan Grbesic
Ivan Grbesic
Timothy McCormick
Timothy McCormick
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A great deal of attention has been focused recently on challenges faced by issuers in the resource sector, particularly in connection with short form prospectus distributions and the ability to respond to comments on technical disclosure within the timeframes of the deal.

In December of 2011, we saw the first of a series of short form prospectus offerings being withdrawn. Karnalyte Resources filed a preliminary short form prospectus on December 5 for its $115 million offering of common shares, with an expected closing date of December 19, 2011. On December 13, the company issued a press release indicating it was no longer proceeding with the offering as the final short form prospectus could not be filed within the required timeframe "as a result of the delay" caused by comments raised by regulators on its technical report. (The Company subsequently filed an amended and restated technical report effective March 30, 2012, announcing via press release on the same day

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