TSX VENTURE COMPANIES
BULLETIN TYPE: Notice to Issuers
BULLETIN DATE: April 12, 2010
Re: Changes to Minimum Listing, Tier Maintenance Requirements, CPC Policy
2.4 and Other Policy Amendments - Effective June 14, 2010
TSX Venture Exchange (the "Exchange") is pleased to announce changes to its
minimum listing and continued listing requirements, and the CPC policy along
with various other minor policy amendments.
The purpose of this bulletin is to provide an overview of those changes and
amendments. The substantive changes will be reflected in amended policies.
Blackline versions of the amended policies are now available for viewing on
the Exchange's website. However, the changes and amendments will only become
effective June 14, 2010. Issuers who have filed applications prior to June
14, 2010 will be subject to the policy requirements of the Exchange
currently in effect. Issuers who submit an application on or after June 14,
2010 will be subject to the requirements of the amendments or changes
highlighted in this bulletin.
This bulletin will briefly describe, in the case of the new minimum listing
and maintenance requirements, the most significant changes to existing
requirements. It will also describe the amendments to Policy 2.4 and briefly
list some of the minor changes made to other policies. However, this
bulletin is not meant to be a substitute for Exchange policy. For that
reason, market participants are reminded that they will need to rely on the
actual policies (the blackline versions of which are now posted) with
respect to the substantive requirements of the amendments referred to in
this bulletin.
1. New Minimum (Initial) and Maintenance (Continued) Listing Requirements:
The amendments announced in this bulletin include new minimum listing
requirements and tier maintenance requirements. After June 14, 2010, new
minimum listing requirements will be referred to as "Initial Listing
Requirements" or "ILR", and new tier maintenance requirements will be
referred to as "Continued Listing Requirements" or "CLR".
The Exchange believes that the implementation of ILR and CLR will result in
the simplification of listing requirements for both issuers seeking a
listing on the Exchange and for Exchange listed issuers wishing to maintain
their listings. ILR and CLR are also more relevant measures of our existing
market composition and environment. Each was determined in consultation with
the Exchange's advisory committees. ILR in particular are better suited to
non-resource issuers than the existing predecessor minimum listing
requirements. Further, ILR add consistency for all industry segments for
certain metrics such as working capital.
The following is a brief summary of ILR and CLR which will apply to Tier 1
and Tier 2 issuers.
(a) Initial Listing Requirements - Tier 2
General
The working capital metrics for Tier 2 issuers have been made consistent for
all Tier 2 industry segments.
For working capital, a Tier 2 issuer will need to have adequate working
capital or financial resources (i) to carry out a work program or execute
its business plan, as applicable, for the 12 month period following listing
as well as (ii) $100,000 in unallocated funds.
Public distribution requirements will be as follows: (i) public float of
500,000 shares, (ii) 200 public shareholders each holding a board lot and
having no resale restrictions on their shares and (iii) 20 % of all issued
and outstanding shares in the hands of public shareholders.
Non-Resource Issuers
For non-resource issuers, there will be five industry segments: industrial,
technology, life sciences, real estate and investment. In addition, non-
resource issuers in the industrial, technology or life sciences industry
segments will have the ability to select from one of (i) a net tangible
asset test ($ 750,000), (ii) a revenue test ($500,000) or (iii) an arm's
length financing test ($2 million) in order to meet what were formerly net
tangible asset tests and revenue tests. The real estate and investment
industry issuers will be able to choose from a $2,000,000 net tangible asset
or $3,000,000 arm's length financing test in order to meet ILR.
For the industrial/technology/life science industry segments, an issuer will
need to have a significant interest in the business, property or asset. Real
estate issuers will need to have a significant interest in real property.
With respect to business history, an industrial/technology/life sciences
issuer will need either to demonstrate a history of operations or provide
evidence of business validity. Investment issuers will need to have an
investment policy disclosed to their investors and at least 50 % of their
available funds allocated to no less than two specific investments.
Resource Issuers
Initial listing requirements for Tier 2 resource issuers will remain largely
unchanged though certain changes have been made. The oil & gas industry
segments will have two sub segments under which an issuer can be
categorized: exploration or reserves.
An oil & gas issuer's ability to meet property metrics will depend upon
whether it falls within the exploration or reserves sub segment. The latter
requiring either $500,000 in proved developed producing reserves or $750,000
in proved plus probable reserves.
In order to meet prior expenditures and work program requirements, mining
issuers will need (i) to demonstrate expenditures of no less than $100,000
on a qualifying property within the 36 month period preceding listing and
(ii) an initial phase work program, recommended in a geological report, of
no less than $200,000. Oil & gas issuers will need to have a $1.5 million
work program recommended in a geological report if they fall within the
exploration sub segment or, for the reserves sub segment, where proved
developed reserves have a value of less than $500,000, a work program of no
less than $300,000 recommended in a geological report. Oil & gas issuers in
the exploration sub segment will also have the ability to meet property and
prior expenditures and work program metrics through a joint venture interest
provided an amount of $5 million is being raised through a prospectus
offering.
(b) Initial Listing Requirements - Tier 1
General
New listing requirements for Tier 1 issuers have been generally structured
to provide a bridge between the Tier 2 issuer listing requirements of the
Exchange and those of the TSX. All Tier 2 industry segments have been
carried over to Tier 1 with the exception of the oil & gas sub segments.
Tier 1 oil & gas issuers will either fall into the exploration sub segment
or the producing sub segment (as opposed to the exploration or reserves sub
segment).
For the working capital metric, a Tier 1 issuer will be required to have (i)
adequate working capital or financial resources to carry out a work program
or execute its business plan, as applicable, for the 18 month period (versus
the 12 month period for Tier 2 issuers) following listing as well as (ii)
$200,000 in unallocated funds.
Public distribution requirements will be as follows: (i) public float of 1
million shares, (ii) 250 public shareholders (versus 200 for Tier 2 issuers)
each holding a board lot and having no resale restrictions on their shares
and (iii) 20 % of all issued and outstanding shares in the hands of public
shareholders.
Non-Resource Issuers
Non-resource issuers in the industrial, technology or life sciences industry
segments will have the ability to select from one of (i) a net tangible
asset test ($5 million) or (ii) a revenue test ($5 million) to meet what
were formerly net tangible asset tests and earnings tests. Tier 1 real
estate and investment industry issuers will need to meet net tangible asset
metrics of $5 million and $10 million, respectively.
As with Tier 2, a Tier 1 industrial/technology/life science industry issuer
will need to have a significant interest in the business property or asset.
A Tier 1 real estate issuer will need to have a significant interest in real
property.
With respect to business history, Tier 1 industrial/technology/life sciences
issuers must either demonstrate a history of operations or provide evidence
of business validity. A Tier 1 investment issuer will need only to have an
investment policy disclosed to its investors.
Resource Issuers
For the property and reserves metric, an oil & gas issuer's ability to
satisfy Tier 1 requirements will depend on whether it falls within the
exploration or producing sub segment. If the former, $3 million in reserves
(of which $1 million must consist of proved developed reserves) will need to
be demonstrated. If the latter, $2 million in proved developed reserves must
be demonstrated. Mining issuer property requirements remain substantively
unchanged.
The prior expenditures and work program requirements for Tier 1 mining
issuers remain substantially unchanged. Oil & gas issuers in the exploration
sub segment will need to have a $500,000 work program which work program,
based on a geological report, must be expected to increase reserves. Tier 1
Oil & gas issuers in the producing category will not need to meet any prior
expenditure or work program requirements.
(c) Continued Listing Requirements - Tier 2
Generally, Tier 2 CLR have been simplified and except for activity tests,
are consistent for all industry segments.
A Tier 2 issuer, regardless of industry segment, will be able to satisfy the
public distribution and market capitalization tests (which have been rolled
into one category) if i) no less than 500,000 listed shares are in the
public float, ii) 10 % of listed shares are in the public float, iii) the
listed shares within the public float have a minimum market capitalization
of $100,000 and iv) at least 150 public shareholders hold at least one board
lot each, free of any resale restrictions.
With respect to working capital, a Tier 2 issuer will be able to satisfy the
metric with the greater of (i) $50,000 and (ii) the amount required to
maintain operations and cover general and administrative expenses for a
period of 6 months.
The assets and operations metric for Tier 2 issuers will be generally more
flexible. However, the Exchange will ultimately retain discretion to
determine eligibility in situations where the Tier 2 issuer or its principal
operating subsidiary reduces or impairs its principal operating asset,
ceases or discontinues a substantial portion of its operations or business
for any reason, or seeks protection from or is placed under the protection
of any bankruptcy or insolvency law or is placed into receivership.
With respect to activity tests, a Tier 2 issuer's ability to satisfy these
tests will depend on whether it is a resource or non-resource issuer. Tier 2
resource issuers (mining or oil & gas issuers) will be able to satisfy their
activity tests based on either (i) their most recently completed financial
year (positive cash flow, significant operating revenue or $50,000 of
exploration or development expenditures) or (ii) the two most recently
completed financial years ($100,000 of exploration or development
expenditures). Tier 2 non-resource issuers (industrial, technology, life
sciences, real estate or investment industry segments) will be able to
satisfy their activity tests based on either (i) their most recently
completed financial year (positive cash flow, $150,000 of operating revenues
or $150,000 of expenditures relating to the development of its assets or
business) or (ii) their two most recently completed financial years
($300,000 of operating revenues or $300,000 of expenditures relating to the
development of its assets or business).
(d) Continued Listing Requirements - Tier 1
Tier 1 issuer CLR has been dramatically simplified. A Tier 1 issuer from any
industry segment will be able to meet CLR if it will continue to meet the
Tier 1 ILR applicable to its industry segment.
2. Policy 2.4 - Capital Pool Companies
(a) Maximum Aggregate Gross Proceeds to the Treasury of a CPC
The maximum aggregate gross proceeds to the treasury of a CPC from the
issuance of IPO shares and all seed shares and shares issued pursuant to a
private placement is increased from $2 million to $5 million.
(b) Minimum Total Amount of Seed Capital Raised by the CPC
The minimum total amount of seed capital raised by the CPC through the
issuance of seed shares must be equal to or greater than the greater of (i)
$100,000 and (ii) 5% of the aggregate of all proceeds received by the CPC on
the date of its final prospectus resulting from the issuance of treasury
securities, including proceeds from the issuance of seed shares, from any
private placement securities and from IPO shares.
The minimum seed capital contribution must be contributed by directors and
officers of the CPC.
The additional seed shares investment requirement will only impact CPCs that
are raising more than $2 million.
(c) Validity Period of Form 2A Personal Information Form ("PIF")
Until now, a director or officer of a CPC had the possibility to file a duly
completed Form 2C1 Declaration, in substitution for a Personal Information
Form, as long as the director or officer had previously submitted a PIF
within the last 18 months. The period is now being extended from 18 to 36
months.
3. Other Policy Changes:
The Exchange has made several minor changes to its policies to clarify and
reduce ambiguities, address various changes to securities laws which have
impacted its policies, conform to Exchange practice and to achieve greater
consistency across all policies.
These changes include:
- the addition, deletion or amendment of defined terms for further clarity
and consistency (Policy 1.1);
- additional guidance and clarity with respect to the acceptability of
issuer capital structures (Policy 2.1);
- additional guidance for issuers incorporated or formed in non-Canadian
jurisdiction (Policy 2.3);
- streamlined requirements and procedures for share certificates which meet
STAC requirements (Policy 3.1 for example);
- streamlined Exchange filing procedures for issuers who have already filed
similar materials on SEDAR (Policy 3.2 for example);
- removal from Exchange policy of stock exchange takeover bid policies and
appendices (Policy 5.5);
- language clarifying Exchange stock option policies generally and the
applicability of Exchange hold periods to stock options (Policies 4.4 and
1.1);
- amendments which clarify the Seed Share Resale Matrix (Policy 5.4); and
- amendments which clarify various forms including Form 4B - Notice of
Private Placement and Form 4C - Corporate Placee Registration Form.
If you have questions about these changes, please contact:
In British Columbia: Robert Kang, Phone: 604-643-6577, Fax: 604-844-7502
In Alberta: Peter Varsanyi, Phone: 403-218-2860, Fax: 403-234-4211
In Ontario: Tim Babcock, Phone: 416-365-2202, Fax: 416-365-2224
In Quebec: Sylvain Martel, Phone: 514-788-2408, Fax: 514-788-2421
TYPE DE BULLETIN : Avis aux emetteurs
DATE DU BULLETIN : Le 12 avril 2010
Objet : Modification des exigences minimales d'inscription, des exigences
relatives au maintien de l'inscription dans le groupe, de la Politique 2.4
Societes de capital de demarrage ("SCD") et autres modifications aux
politiques - en vigueur a compter du 14 juin 2010
La Bourse de croissance TSX (la "Bourse") annonce qu'elle a modifie ses
exigences minimales d'inscription, ses exigences de maintien de
l'inscription dans le groupe, la Politique 2.4 et qu'elle a apporte d'autres
modifications mineures a ses politiques.
Le present bulletin donne un apercu de ces modifications. Les modifications
substantielles seront integrees dans les politiques modifiees. La version
soulignee des modifications qui ont ete apportees aux politiques peut deja
etre consultee sur le site Web de la Bourse, mais les modifications ne
prendront effet que le 14 juin 2010. Les emetteurs qui auront presente une
demande d'inscription avant cette date seront assujettis aux exigences de la
Bourse actuellement en vigueur. Les emetteurs qui presenteront une demande
d'inscription le 14 juin 2010 ou apres cette date seront assujettis aux
exigences modifiees dont il est fait etat dans le present bulletin.
Le present bulletin presente brievement les principales modifications qui
ont ete apportees aux exigences minimales d'inscription aux exigences
relatives au maintien de l'inscription dans le groupe. Il presente egalement
les modifications apportees a la Politique 2.4 et quelques-uns des
changements mineurs qui ont ete apportes a d'autres politiques. Le present
bulletin ne se veut toutefois pas un substitut des politiques de la Bourse.
Pour cette raison, on rappellera aux participants du marche qu'ils doivent
se fonder sur les politiques memes (dont la version modifiee soulignee est
disponible sur notre site Web) pour connaître les obligations substantielles
decoulant des modifications dont il est fait etat dans le present bulletin.
1. Nouvelles exigences minimales d'inscription (inscription initiale) et de
maintien de l'inscription :
Les modifications annoncees dans le present bulletin portent sur les
exigences minimales d'inscription et sur les exigences relatives au maintien
de l'inscription dans le groupe. Apres le 14 juin 2010, les nouvelles
exigences minimales d'inscription seront designees "exigences relatives a
l'inscription initiale"("EII") et les exigences relatives au maintien de
l'inscription dans le groupe seront designees "exigences relatives au
maintien de l'inscription"("EMI").
La Bourse est d'avis que l'etablissement des EII et des EMI permettra de
simplifier les exigences en matiere d'inscription tant pour les emetteurs
qui souhaitent s'inscrire a la Bourse que pour les emetteurs deja inscrits a
la Bourse desireux de maintenir leur inscription. Les EII et les EMI sont
aussi un meilleur reflet de la composition et de la realite du marche
boursier. Ces exigences ont ete etablies apres consultation des comites
consultatifs de la Bourse. Entre autres, les EII sont mieux adaptees aux
emetteurs des secteurs autres que celui des ressources que les exigences
minimales d'inscription actuelles. De plus, les EII assurent une plus grande
coherence des criteres comme le fonds de roulement pour l'ensemble des
secteurs d'activite.
Le texte qui suit est un resume des EII et des EMI que doivent remplir les
emetteurs du groupe 1 et les emetteurs du groupe 2.
a) Exigences relatives a l'inscription initiale - Groupe 2
Generalites
Les criteres en matiere de fonds de roulement que doivent remplir les
emetteurs du groupe 2 ont ete uniformises dans tous les secteurs d'activite
du groupe 2.
Au chapitre du fonds de roulement, l'emetteur du groupe 2 devra disposer
d'un fonds de roulement ou de ressources financieres suffisants (i) pour
mettre en oeuvre un programme de travail ou pour executer son plan
d'affaires, selon le cas, pendant les 12 mois suivant son inscription et
(ii) des fonds non affectes de 100 000 $.
Les exigences relatives a la repartition des titres dans le public seront
les suivantes : (i) l'emetteur a un flottant de 500 000 actions, (ii) 200
actionnaires publics detiennent chacun un lot regulier et leurs actions ne
sont assujetties a aucune restriction relative a la revente et (iii) 20 % de
toutes les actions emises et en circulation sont detenues par des
actionnaires publics.
Emetteurs des secteurs autres que celui des ressources
Pour les emetteurs des secteurs autres que celui des ressources il y aura
cinq secteurs d'activite : industrie, technologie, sciences de la vie,
immobilier et placement. De plus, les emetteurs des secteurs de l'industrie,
de la technologie ou des sciences de la vie pourront choisir parmi les
criteres suivants celui qu'ils rempliront pour repondre a l'ancien critere
de l'actif corporel net : (i) avoir un actif corporel net de 750 000 $, (ii)
avoir des produits d'exploitation de 500 000 $ ou (iii) avoir obtenu un
financement sans lien de dependance de 2 millions de dollars. Les emetteurs
des secteurs de l'immobilier ou du placement pourront choisir entre remplir
le critere de l'actif corporel net de 2 millions de dollars ou celui du
financement sans lien de dependance de 3 millions de dollars afin de
satisfaire aux exigences relatives a l'inscription initiale.
Les emetteurs des secteurs de l'industrie, de la technologie ou des sciences
de la vie devront detenir un interet appreciable dans le bien ou l'actif de
l'entreprise. Les emetteurs du secteur de l'immobilier devront detenir un
interet appreciable dans un bien immobilier.
Au chapitre des activites anterieures, les emetteurs des secteurs de
l'industrie, de la technologie ou des sciences de la vie devront presenter
leurs antecedents d'exploitation ou fournir une preuve de la validation de
leur entreprise. Les emetteurs du secteur du placement devront avoir une
politique en matiere de placement connue des investisseurs et affecter au
moins 50 % de leurs fonds disponibles a au moins deux placements determines.
Emetteurs du secteur des ressources
Les exigences relatives a l'inscription initiale pour les emetteurs du
groupe 2 demeurent essentiellement inchangees. Les quelques modifications
apportees concernent notamment le secteur du petrole et du gaz, qui sera
divise en deux sous-secteurs : exploration et reserves.
La capacite d'un emetteur du secteur du petrole et du gaz de remplir les
criteres relatifs aux proprietes dependra du sous-secteur auquel il
appartient. Le sous-secteur des reserves exige des reserves prouvees mises
en valeur et exploitees de 500 000 $ ou des reserves prouvees et probables
de 750 000 $.
Pour satisfaire aux exigences relatives aux depenses anterieures et au
programme de travail, les emetteurs du secteur des mines devront (i)
demontrer qu'ils ont engage des depenses d'au moins 100 000 $ dans une
propriete permettant l'inscription au cours des 36 mois qui ont precede
l'inscription et (ii) avoir un programme de travail dont la phase initiale a
necessite des depenses d'au moins 200 000 $, ainsi qu'il est recommande dans
un rapport d'etude geologique. Les emetteurs du secteur du petrole et du gaz
faisant partie du sous-secteur de l'exploration devront avoir affecte au
moins 1,5 million de dollars a un programme de travail, ainsi qu'il est
recommande dans un rapport d'etude geologique ou, s'ils font partie du sous-
secteur des reserves, avoir affecte au moins 300 000 $ a un programme de
travail, ainsi qu'il est recommande dans un rapport d'etude geologique, si
la valeur des reserves prouvees mises en valeur est inferieure a 500 000 $.
Les emetteurs du secteur du petrole et du gaz qui font partie du sous-
secteur de l'exploration pourront egalement repondre aux criteres des
depenses engagees dans la propriete, des depenses anterieures et du
programme de travail en detenant une participation dans une coentreprise et
en ayant reuni la somme de 5 millions de dollars dans le cadre d'un
placement par prospectus.
b) Exigences relatives a l'inscription initiale - Groupe 1
Generalites
Les nouvelles exigences relatives a l'inscription pour les emetteurs du
groupe 1 ont ete concues de maniere a etablir une transition entre les
exigences relatives a l'inscription pour les emetteurs du groupe 2 de la
Bourse et celles de la TSX. Tous les secteurs d'activite du groupe 2 ont ete
reproduits dans le groupe 1, a l'exception des sous-secteurs du secteur du
petrole et du gaz. Les emetteurs du secteur du petrole et du gaz du groupe 1
feront partie soit du sous-secteur de l'exploration, soit du sous-secteur de
la production (a la difference des sous-secteurs de l'exploration et des
reserves pour les emetteurs du groupe 2).
Au chapitre du fonds de roulement, un emetteur du groupe 1 sera tenu (i)
d'avoir un fonds de roulement ou des ressources financieres suffisants pour
mettre en oeuvre un programme de travail ou executer son plan d'affaires,
selon le cas, pendant les 18 mois suivant l'inscription (comparativement a
12 mois pour les emetteurs du groupe 2) et (ii) des fonds non affectes de
200 000 $.
Les exigences relatives a la repartition des titres dans le public seront
les suivantes : (i) l'emetteur a un flottant de 1 million d'actions, (ii)
250 actionnaires publics (contre 200 pour les emetteurs du groupe 2)
detiennent chacun un lot regulier et leurs actions ne sont assujetties a
aucune restriction relative a la revente et (iii) 20 % de toutes les actions
emises et en circulation sont detenues par des actionnaires publics.
Emetteurs des secteurs autres que celui des ressources
Les emetteurs des secteurs autres que celui des ressources faisant partie
des secteurs de l'industrie, de la technologie ou des sciences de la vie
pourront choisir parmi les criteres suivants celui qu'ils rempliront pour
repondre a l'ancien critere de l'actif corporel net ou a celui des produits
d'exploitation: (i) avoir un actif corporel net de 5 millions de dollars ou
(ii) avoir des produits d'exploitation de 5 millions de dollars. Pour les
emetteurs du groupe 1 des secteurs de l'immobilier ou du placement, l'actif
corporel net doit etre respectivement de 5 millions de dollars et de 10
millions de dollars.
Comme pour les emetteurs du groupe 2, les emetteurs des secteurs de
l'industrie, de la technologie ou des sciences de la vie devront detenir un
interet appreciable dans le bien ou l'actif de l'entreprise. Les emetteurs
du groupe 1 du secteur de l'immobilier devront detenir un interet
appreciable dans un bien immobilier.
Au chapitre des activites anterieures, les emetteurs du groupe 1 des
secteurs de l'industrie, de la technologie ou des sciences de la vie devront
presenter leurs antecedents d'exploitation ou fournir une preuve de la
validation de leur entreprise. Dans le cas des emetteurs du groupe 1 du
secteur du placement, il suffit d'avoir une politique en matiere de
placement connue des investisseurs.
Emetteurs du secteur des ressources
Au chapitre des proprietes et des reserves, la capacite d'un emetteur du
secteur du petrole et du gaz a satisfaire aux exigences du groupe 1 dependra
du sous-secteur auquel il appartient. S'il fait partie du sous-secteur de
l'exploration, l'emetteur doit demontrer qu'il dispose de reserves de 3
millions de dollars (dont des reserves prouvees et mises en valeur d'au
moins 1 million de dollars). S'il fait partie du sous-secteur de la
production, l'emetteur doit demontrer qu'il dispose de reserves prouvees et
mises en valeur de 2 millions de dollars. Les exigences au chapitre des
proprietes pour les emetteurs du secteur des mines demeurent essentiellement
inchangees.
Les exigences au chapitre des depenses anterieures et du programme de
travail pour les emetteurs du groupe 1 du secteur des mines demeurent
essentiellement inchangees. Les emetteurs du secteur du petrole et du gaz
qui font partie du sous-secteur de l'exploration devront avoir un programme
de travail d'au moins 500 000 $, ainsi qu'il est recommande dans un rapport
d'etude geologique, qui devrait accroître les reserves. Les emetteurs du
groupe 1 du secteur du petrole et du gaz qui font partie du sous-secteur de
la production n'ont aucune exigence a remplir au chapitre des depenses
anterieures et du programme de travail.
c) Exigences relatives au maintien de l'inscription - Groupe 2
En regle generale, les exigences relatives au maintien de l'inscription pour
les emetteurs du groupe 2 ont ete simplifiees et sont les memes pour tous
les secteurs d'activite, sauf a l'egard des activites.
Quel que soit son secteur d'activite, un emetteur du groupe 2 sera en mesure
de repondre aux criteres de repartition des titres dans le public et de
capitalisation boursiere (qui ont ete reunis en un seul critere) si i) il
compte au moins 500 000 actions inscrites faisant partie du flottant, ii) le
flottant represente au moins 10 % des actions inscrites, iii) les actions
faisant partie du flottant representent une capitalisation boursiere d'au
moins 100 000 $ et iv) au moins 150 actionnaires publics detenant au moins
un lot regulier, sans restriction relative a la revente;.
Un emetteur du groupe 2 devra avoir un fonds de roulement suffisant, soit
(i) au moins 50 000 $ ou, si celle-ci est plus elevee (ii) la somme requise
pour poursuivre l'exploitation et couvrir les frais generaux et
administratifs pendant 6 mois.
Les criteres a remplir au chapitre de l'actif et de l'exploitation seront
generalement plus flexibles pour les emetteurs du groupe 2. Toutefois, la
Bourse se reserve le droit d'etablir si l'emetteur du groupe 2 respecte
toujours les exigences relatives au maintien de l'inscription dans les cas
ou celui-ci ou sa principale filiale en exploitation reduit ses principaux
actifs d'exploitation, interrompt ou abandonne une partie importante de ses
activites ou de son entreprise pour quelque raison que ce soit, demande la
protection de toute loi en matiere de faillite ou d'insolvabilite ou est
place sous la protection d'une telle loi ou est mis sous sequestre.
Les criteres que doit respecter l'emetteur du groupe 2 au chapitre des
activites dependent du secteur auquel il appartient. Les emetteurs du groupe
2 du secteur des ressources (mines et petrole et du gaz) rempliront les
criteres relatifs aux activites (i) s'ils ont inscrit des flux de tresorerie
positifs, des produits d'exploitation significatifs ou des depenses
d'exploration ou de mise en valeur de 50 000 $ au cours de leur plus recent
exercice termine ou (ii) s'ils ont inscrit des depenses d'exploration ou de
mise en valeur de 100 000 $ au cours de leurs deux derniers exercices
termines. Les emetteurs du groupe 2 des secteurs autres que celui des
ressources (industrie, technologie, sciences de la vie, immobilier ou
placement) rempliront les criteres relatifs aux activites (i) s'ils ont
inscrit des flux de tresorerie positifs, des produits d'exploitation de 150
000 $ ou des depenses de 150 000 $ liees au developpement de leurs actifs ou
de leur entreprise au cours de leur plus recent exercice termine ou (ii)
s'ils ont inscrit des produits d'exploitation de 300 000 $ ou des depenses
de 300 000 $ liees au developpement de leurs actifs ou de leur entreprise au
cours de leurs deux derniers exercices termines.
d) Exigences relatives au maintien de l'inscription - Groupe 1
Les exigences relatives au maintien de l'inscription pour les emetteurs du
groupe 1 ont ete considerablement simplifiees. Un emetteur du groupe 1
faisant partie de n'importe quel secteur d'activite pourra satisfaire aux
exigences relatives au maintien de l'inscription s'il continue a remplir les
exigences relatives a l'inscription initiale pour les emetteurs du groupe 1
qui s'appliquent a son secteur d'activite.
2. Politique 2.4 Societes de capital de demarrage
(a) Produit brut maximal total leve par une societe de capital de demarrage
("SCD")
Le produit brut total maximal revenant au capital de la SCD tire de
l'emission des actions visees par le premier appel public a l'epargne et de
la totalite des actions de lancement et toutes actions emises par voie de
placement prive, est augmente de 2 000 000$ a 5 000 000 $.
(b) Montant minimal des capitaux de lancement
Le montant total des capitaux de lancement que la SCD doit mobiliser au
moyen de l'emission des actions de lancement doit etre au moins egal a la
plus elevee des valeurs suivantes : (i) 100 000 $ ou (ii) 5% du total du
produit obtenu par la SCD a la date de son prospectus definitif par suite de
l'emission de titres sur son capital autorise, ce qui comprend, notamment,
le produit de l'emission d'actions de lancement, de tout placement prive et
le produit du premier appel public a l'epargne.
a) La souscription minimale d'actions de lancement requise selon i) ou ii)
ci-dessus doit etre realisee par les administrateurs et dirigeants de la
SCD.
L'exigence relative a la souscription d'actions de lancement additionnelle
ne touche que les SCD qui prevoient leves des montants superieurs a 2 000
000 $.
(c) Periode de validite du Formulaire de renseignements personnels ("
Formulaire"2A)
Jusqu'a maintenant, un administrateur ou dirigeant d'une SCD avait la
possibilite de deposer une Declaration ("Formulaire 2C1") en substitution
du depot d'un Formulaire 2A, dans la mesure ou l'administrateur ou le
dirigeant avait soumis dans les 18 mois precedents un Formulaire 2A. Cette
periode est maintenant prolongee de 18 a 36 mois.
3. Autres modifications aux politiques :
La Bourse a apporte plusieurs modifications peu importantes a ses politiques
afin de clarifier les ambiguites, de tenir compte des changements apportes
aux lois sur les valeurs mobilieres qui ont une incidence sur ses
politiques, de se conformer a ses pratiques et d'assurer une meilleure
coherence dans l'ensemble de ses politiques.
Ces modifications concernent ce qui suit :
- l'ajout, la suppression ou la modification de termes definis pour une plus
grande clarte et une meilleure coherence du texte (Politique 1.1);
- l'ajout d'indications et de precisions relativement a l'acceptabilite des
structures du capital des emetteurs (Politique 2.1);
- l'ajout d'indications pour les emetteurs constitues sous le regime des
lois d'un territoire etranger (Politique 2.3);
- la simplification des exigences et des procedures pour les certificats
d'actions repondant aux criteres de la Securities Transfer Association of
Canada (Politique 3.1 par exemple);
- la simplification des procedures de depot aupres de la Bourse pour les
emetteurs ayant depose des documents similaires sur SEDAR (Politique 3.2 par
exemple);
- le retrait des politiques et des annexes relatives aux offres publiques
d'achat en bourse des politiques de la Bourse (Politique 5.5);
- la clarification des politiques de la Bourse concernant les options
d'achat d'actions en general, notamment l'applicabilite aux options d'achat
d'actions des periodes de conservation imposees par la Bourse (Politiques
4.4 et 1.1);
- la clarification des restrictions relatives a la revente des actions de
lancement (Politique 5.4);
- la clarification de divers formulaires, notamment le formulaire 4B - Avis
de placement prive et le formulaire 4C - Formulaire d'inscription des
souscripteurs qui sont des personnes morales.
Toute question concernant ces changements peut etre adressee aux personnes
suivantes :
Colombie-Britannique : Robert Kang telephone : 604-643-6577
telecopieur : 604-844-7502
Alberta : Peter Varsanyi telephone : 403-218-2860
telecopieur : 403-234-4211
Ontario : Tim Babcock telephone : 416-365-2202
telecopieur : 416-365-2224
Quebec : Sylvain Martel telephone : 514-788-2408
telecopieur : 514-788-2421
TSX-X
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APOQUINDO MINERALS INC. ("AQM")
BULLETIN TYPE: Private Placement-Non-Brokered, Amendment
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Further to the TSX Venture Exchange bulletin dated April 1, 2010 with
respect to a private placement of 46,095,180 units at a price of $0.85 per
unit, the private placement should be amended as follows:
1. Fabulosa Mines Limited (Minera SA) subscribed for 5,147,059 units, not
350,000 units; and
2. Cesar Lopez should be included as an "Insider" subscribing for 200,000
units.
TSX-X
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CANACOL ENERGY LTD. ("CNE")
BULLETIN TYPE: Shares for Services
BULLETIN DATE: April 12, 2010
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue
131,020 shares at deemed prices ranging from $0.36 to $0.67 to three
consultants in consideration of services provided to the company.
The Company shall issue a news release when the shares are issued.
TSX-X
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CHAMPION MINERALS INC. ("CHM")
BULLETIN TYPE: Halt
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Effective at 6:01 a.m. PST, April 12, 2010, trading in the shares of the
Company was halted at the request of the Company, pending an announcement;
this regulatory halt is imposed by Investment Industry Regulatory
Organization of Canada, the Market Regulator of the Exchange pursuant to the
provisions of Section 10.9(1) of the Universal Market Integrity Rules.
TSX-X
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CHAMPION MINERALS INC. ("CHM")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Effective at 7:30 a.m. PST, April 12, 2010, shares of the Company resumed
trading, an announcement having been made over Canada News Wire.
TSX-X
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ENPAR TECHNOLOGIES INC. ("ENP")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a
Non-Brokered Private Placement announced March 3, 2010:
Number of Shares: 895,000 shares
Purchase Price: $0.20 per share
Warrants: 895,000 share purchase warrants to purchase
895,000shares
Warrant Exercise Price: $0.35 for a one year period
Number of Placees: 21 placees
Finder's Fee: An aggregate of $17,900 was paid to Foster and
Associates Financial Services Inc., Haywood
Securities Inc. and Global Maxfin Capital Inc.
Note that in certain circumstances the Exchange may later extend the expiry
date of the warrants, if they are less than the maximum permitted term.
For further details, please refer to the Company's news release dated April
8, 2010.
TSX-X
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EVERGREEN GAMING CORPORATION ("TNA")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: April 12, 2010
TSX Venture Tier 1 Company
Effective at the opening, April 12, 2010, shares of the Company resumed
trading, an announcement having been made over StockWatch.
TSX-X
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GOLDEN ALLIANCE RESOURCES CORP. ("GLL")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a
Non-Brokered Private Placement announced March 16, 2010:
Number of Shares: 3,200,000 shares
Purchase Price: $0.25 per share
Warrants: 3,200,000 share purchase warrants to purchase
3,200,000 shares
Warrant Exercise Price: $0.35 for a two year period
Number of Placees: 34 placees
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P / # of Shares
NAC Investments Inc. (N. Cacos) Y 210,000
Nikolas Cacos Y 20,000
Joseph Grosso Y 500,000
Vinland Holdings Inc. (D. Terry) Y 80,000
David Terry Y 20,000
Tamara Ross P 50,000
John Wagstaff P 10,000
Linda Zuccaro P 100,000
Michael Zucarro P 70,000
Michale Fowler P 20,000
Finders' Fees: $1,500 and 8,000 finder's warrants payable to
Canaccord Capital Corporation
$1,875 and 10,000 finder's warrants payable to
Jordan Capital Markets Inc.
$3,450 and 18,400 finder's warrants payable to
Raymond James Ltd.
$750 and 4,000 finder's warrants payable to
Bolder Investment Partners
$300 and 1,600 finder's warrants payable to
Macquarie Private Wealth
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must
issue a news release announcing the closing of the private placement and
setting out the expiry dates of the hold period(s). The Company must also
issue a news release if the private placement does not close promptly.
TSX-X
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GOLDEN SHARE MINING CORPORATION ("GSH")
BULLETIN TYPE: Private Placement-Brokered, Correction
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Further to the TSX Venture Exchange Bulletin issued on April 7, 2010, the
Bulletin had an incorrect year of 2009 and should have been dated April 7,
2010 not April 7, 2009.
TSX-X
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MERREX GOLD INC. ("MXI")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the issuance of 150,000 shares
as a finder's fee to Jamie MacNeil with respect to a disposition of 50% of
its Jubilee Zinc Project, related Nova Scotia Zinc exploration properties
and non-core exploration assets to Chrysos Capital Corporation (now
Frontline Gold Corporation) ('Chrysos'), which was initially announced in a
news release dated July 30, 2009 and accepted by TSX Venture pursuant to a
Chrysos Bulletin dated January 13, 2010. The finder's fee was disclosed in a
news release dated January 20, 2010.
TSX-X
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MIRANDA GOLD CORP. ("MAD")
BULLETIN TYPE: Private Placement-Non-Brokered, Amendment
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Further to TSX Venture Exchange Bulletins dated March 15, 2010 and March 18,
2010, the following information regarding the finders' fees has been
amended:
Finders' Fees: 175,000 finder's shares payable to Global Resource
Investments, Ltd.
$3,217.50 cash payable to Haywood Securities Inc.
$9,873.50 cash payable to Canaccord Financial Ltd.
5,950 finder's shares payable to CIBC World
Markets
TSX-X
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NORTHERN PLATINUM LTD. ("NTH")
BULLETIN TYPE: Halt
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Effective at 7:37 a.m. PST, April 12, 2010, trading in the shares of the
Company was halted pending contact with the Company; this regulatory halt is
imposed by Investment Industry Regulatory Organization of Canada, the Market
Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of
the Universal Market Integrity Rules.
TSX-X
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OLYMPIA FINANCIAL GROUP INC. ("OLY")
BULLETIN TYPE: Declaration of Dividend
BULLETIN DATE: April 12, 2010
TSX Venture Tier 1 Company
The Issuer has declared the following dividend:
Dividend per Share: $0.50
Payable Date: April 30, 2010
Record Date: April 20, 2010
Ex-Dividend Date: April 16, 2010
TSX-X
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PAGET MINERALS CORP. ("PGS")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a
Non-Brokered Private Placement announced January 20, 2010:
Number of Shares: 2,974,400 flow through shares
4,470,330 non-flow through shares
Purchase Price: $0.25 per flow through share
$0.20 per non-flow through share
Number of Placees: 38 placees
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P / # of Shares
Kelvin Grove Estates Ltd.
(G. Arnold Armstrong) Y 200,000 f/t
Alan J. Whitehead Y 20,000 f/t
Kevin Nishi Y 80,000 f/t
Paul Simpson Y 100,000 f/t
Brian Booth Y 20,000 f/t
John Murphy P 100,000 f/t
Hugh Cooper P 300,000 f/t
Stephen S. Kurtz Y 300,000
Vertex Finance Limited
(George Plewes) Y 1,000,000
Bruce A. Harvey Y 100,000
Christoph Richard Petersen Y 100,000
Leonard M. Clough P 375,000
Lyall Family Trust (David Lyall) P 1,000,000
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must
issue a news release announcing the closing of the private placement and
setting out the expiry dates of the hold period(s). The Company must also
issue a news release if the private placement does not close promptly. (Note
that in certain circumstances the Exchange may later extend the expiry date
of the warrants, if they are less than the maximum permitted term.)
TSX-X
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RED HILL ENERGY INC. ("RH")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a
Non-Brokered Private Placement announced March 25, 2010:
Number of Shares: 5,463,158 shares
Purchase Price: $0.57 per share
Warrants: 5,463,158 share purchase warrants to purchase
5,463,158 shares
Warrant Exercise Price: $0.71 for a two year period. The warrants are
subject to a forced exercise provision such that
in the event the Company's shares close at a price
of $1.06 per share for a period of 10 consecutive
trading days, then the Company may give notice
that the warrants will expire 30 days after
receipt of such notice.
Number of Placees: 8 placees
Finders' Fees: Trimark Capital Ltd. (Abdul Aziz Hussainali
Shariff) receives $210,000 and 368,421 non-
Transferable warrants, each exercisable for
one share at a price of $0.71 per share for
a 24 month period.
Leede Financial Markets Inc. receives $7,980 and
14,000 non-transferable warrants, each exercisable
for one share at a price of $0.71 per share for a
24 month period.
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must
issue a news release announcing the closing of the private placement and
setting out the expiry dates of the hold period(s). The Company must also
issue a news release if the private placement does not close promptly. (Note
that in certain circumstances the Exchange may later extend the expiry date
of the warrants, if they are less than the maximum permitted term.)
TSX-X
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SHAW COMMUNICATIONS INC. ("SJR.A")
BULLETIN TYPE: Declaration of Dividend
BULLETIN DATE: April 12, 2010
TSX Venture Tier 1 Company
The Issuer has declared the following dividends:
Dividend per Share: $0.073125
Payable Date: June 29, 2010; July 29, 2010 and August 30, 2010
Record Date: June 15, 2010; July 15, 2010 and August 15, 2010
Ex-Dividend Date: June 11, 2010; July 13, 2010 and August 12, 2010
respectively
TSX-X
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TAGISH LAKE GOLD CORP. ("TLG")
BULLETIN TYPE: Halt
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Effective at 6:01 a.m. PST, April 12, 2010, trading in the shares of the
Company was halted at the request of the Company, pending an announcement;
this regulatory halt is imposed by Investment Industry Regulatory
Organization of Canada, the Market Regulator of the Exchange pursuant to the
provisions of Section 10.9(1) of the Universal Market Integrity Rules.
TSX-X
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TORQUAY OIL CORP. ("TOC.A")("TOC.B")
BULLETIN TYPE: New Listing-IPO-Shares
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
The Company's Initial Public Offering ('IPO') Prospectus dated March 31,
2010, has been filed with and accepted by TSX Venture Exchange, and filed
with and receipted by the Alberta, British Columbia, Manitoba and Ontario
Securities Commissions and the Saskatchewan Financial Services Commission on
March 31, 2010, pursuant to the provisions of the Alberta, British Columbia,
Manitoba, Ontario and Saskatchewan Securities Acts.
The gross proceeds received by the Company for the Offering were $14,000,000
(14,000 units at $1,000 per unit). Each unit consists of 400 "flow-through"
Class A shares at a deemed price of $0.25 per share and 90 "flow-through"
Class B shares at a deemed price of $10.00 per share.
The Company is classified as an 'oil and gas extraction' company.
Commence Date: At the opening Tuesday, April 13, 2010, the Class
A Shares and Class B shares will commence trading
on TSX Venture Exchange.
Corporate Jurisdiction: Alberta
Capitalization: Unlimited Class A shares with no par value of
which 10,880,000 Class A shares are issued and
outstanding
Unlimited Class B shares with no par value of
which 1,260,000 Class B shares are issued and
outstanding
Escrowed Shares: 4,840,000 Class A shares
Transfer Agent: Olympia Trust Company
Trading Symbol: TOC.A (Class A shares)
CUSIP Number: 891312 10 0 (Class A shares)
Trading Symbol: TOC.B (Class B shares)
CUSIP Number: 891312 20 9 (Class B shares)
Agents: GMP Securities L.P.
Genuity Capital Markets
Macquarie Capital Markets Canada Ltd.
Acumen Capital Finance Partners Limited
Agent's Fee: 7.0% of the gross proceeds raised pursuant to the
Offering.
For further information, please refer to the Company's Prospectus dated
March 31, 2010.
Company Contact: Brent McKercher
Company Address: 600, 255 - 5th Avenue S.W.
Calgary, Alberta T2P 3G6
Company Phone Number: (403) 233 - 2444
Company Fax Number: (403) 262 - 6991
Company Email Address: brent@torquayoil.com
TSX-X
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TYNER RESOURCES LTD. ("TIP")
BULLETIN TYPE: Consolidation, Correction
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
Further to TSX Venture Exchange Bulletin dated April 9, 2010:
The Company will be redeeming all shareholdings of less than 100 shares in
exchange for cash payment (the "Small Shareholdings").
The Small Shareholdings will be acquired through a consolidation of the
common shares on a 1 for 100 basis, the cancellation of fractional shares,
and the subsequent subdivision of the remaining shares on a 10 for 1 basis.
The result will be an elimination of all shareholdings of less than 100
shares and a net consolidation of the Company's share capital on a ten (10)
old for one (1) new basis.
TSX-X
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VENDOME CAPITAL II CORP. ("VCT.P")
BULLETIN TYPE: CPC-Filing Statement
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's CPC amended
Filing Statement dated April 8, 2010, for the purpose of filing on SEDAR.
Trading in the shares of the Company remains suspended.
TSX-X
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YALE RESOURCES LTD. ("YLL")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for expedited filing documentation of a
Mineral Property Purchase Agreement dated April 7, 2010 between the Company
and Mike Waggett (the "Vendor") whereby the Company has agreed to acquire a
100% interest in certain mining claims comprising the Los Amoles 2 Property
located in the Municipality of Villa Hidalgo, Sonora, Mexico.
The consideration payable to the Vendor is 3,500,000 common shares of the
Company.
TSX-X
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NEX COMPANIES
COMPASS GOLD CORPORATION ("CVB")
(formerly Compass Gold Corporation ("CVB.H"))
BULLETIN TYPE: Graduation from NEX to TSX Venture, Symbol Change, Property-
Asset or Share Purchase Agreement, Private Placement - Non-Brokered
BULLETIN DATE: April 12, 2010
NEX Company
Compass Gold Corp. (the "Company") has met the requirements to be listed as
a TSX Venture Tier 2 Company. Therefore, effective on opening Tuesday, April
13, 2010, the Company's listing will transfer from NEX to TSX Venture, the
Company's Tier classification will change from NEX to Tier 2 and the Filing
and Service Office will change from NEX to Vancouver.
Effective at the opening Tuesday, April 13, 2010 the trading symbol for the
Company will change from CVB.H to CVB.
Capitalization: Unlimited shares with no par value of which
25,665,343 shares are issued and outstanding
Escrow: Nil
Acquisition of up to a 51% equity interest in Africa Mining:
TSX Venture Exchange Inc. has accepted for filing documentation in
connection with an acquisition agreement (the "Agreement") dated December 3,
2009 among the Company and Africa Mining SARL ("Africa Mining"), a private
company incorporated under the laws of the Republic of Mali, West Africa,
under which the Company agreed to purchase up to a 51% equity interest in
Africa Mining.
Africa Mining beneficially owns 100% of the rights to 2 gold exploration
research permits in the Republic of Mali and the exclusive right, under
application, to apply for and be granted one additional exploration research
permit in Mali covering an aggregate area of 634 sq km. Africa Mining's
principal property is the Yanfolila Property (the "Property"). The Property
consists of a gold exploration research permit (Decree #08/2163/MEME-SG)
covering an area of 250 square km which is located in the Kalan-Kodieran
Gold Province approximately 230 kms south of the capital city of Bamako.
Pursuant to the Acquisition Agreement, the Company has been granted the
following option (the "Option"):
(a) the Company will have the right to acquire, from treasury, such number
of common shares as will result in the Company owning 20% of the issued
common shares of Africa Mining upon the Option being partially exercised
(the "First Share Purchase") and may exercise the Option to acquire such
shares by funding and completing $500,000 of verifiable exploration work on
the Licenses, including the Phase 1 exploration program on the Property
recommended in the Technical Report, within seven months of the Effective
Date (being 5 business days from Final Exchange Approval (the "First Option
Period") of which the Company has funded $50,000, provided that, in the
event that the First Share Purchase is not completed within 60 days of the
end of the First Option Period, or if at any time Compass gives notice to
Africa Mining that it does not intend to complete the First Share Purchase,
the Option will terminate and the Company will have no further right to
purchase common shares of Africa Mining;
(b) in the event the First Share Purchase is completed, the Company will
have the right to acquire, from treasury, additional common shares of Africa
Mining such that the Company will be the registered holder of an aggregate
of 51% of the issued common shares of Africa Mining following the issuance
of the shares to Compass (the "Second Share Purchase") and may exercise the
Option to acquire such additional shares by:
(i) making a payment of $500,000 to Africa Mining, either in cash or, at the
election of Africa Mining, in Units on the same terms as the Financing; and
(ii) funding and completing an additional $1,500,000 of verifiable
exploration work on the Licenses, on terms mutually agreed upon by the
parties, acting reasonably, including the Phase 2 exploration program on the
Property recommended in the Technical Report, within 24 months of the
Effective Date (the "Second Option Period"),
provided that, in the event that the Second Share Purchase is not completed
within 60 days of the end of the Second Option Period, or if at any time the
Company gives notice to Africa Mining that it does not intend to complete
the Second Share Purchase, the Option will terminate, the Company will
forfeit the shares acquired in the First Share Purchase and shall forthwith
return to Africa Mining the certificates representing the shares for
cancellation, and will have no further right to purchase common shares of
Africa Mining.
Private Placement -Non-Brokered:
TSX Venture Exchange has accepted for filing documentation with respect to a
Non-Brokered Private Placement announced December 4, 2009 and February 8,
2010:
Number of Shares: 13,333,331 shares
Purchase Price: $0.15 per share
Warrants: 6,666,665 share purchase warrants to purchase
6,666,665 shares
Warrant Exercise Price: $0.20 for a two year period (subject to
acceleration)
Number of Placees: 87 placees
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P / # of Shares
Portofortuna Pty Ltd.
(Laura Iacusso) Y 133,333
Chelmer Investments Corp.
(Darren Devine) Y 140,000
Jalonex Investments Pty Ltd.
(James Henderson) Y 538,463
Transocean Securities Pty Ltd.
(James Henderson) Y 317,867
Konstantinos Tsirigotis P 30,000
Raymond Rich P 92,666
Finders' Fees: Canaccord Financial Ltd. will receive a cash
commission of $91,740.03 and 611,600 finder
warrants ("Finder Warrants") each Finder
Warrant entitling the holder to purchase common
shares of the Company for $0.15 per share for a
period of two years.
Mackie Research Capital Corporation will receive
a cash commission of $9,540 and 63,600 Finder
Warrants.
Transocean Nominees Pty Ltd. will receive a cash
commission of $32,400.01 and 215,999 Finder
Warrants.
Global Securities Corp. will receive a cash
commission of $804 and 5,360 Finder Warrants.
Creston Capital Corp will receive a cash
Commission of $26,310.01 and 175,400 Finder
Warrants.
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must
issue a news release announcing the closing of the private placement and
setting out the expiry dates of the hold period(s). The Company must also
issue a news release if the private placement does not close promptly. Note
that in certain circumstances the Exchange may later extend the expiry date
of the warrants, if they are less than the maximum permitted term.
TSX-X
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THE LOYALIST INSURANCE GROUP LIMITED ("LOY.H")
BULLETIN TYPE: Normal Course Issuer Bid
BULLETIN DATE: April 12, 2010
NEX Company
TSX Venture Exchange has been advised by the Company that pursuant to a
Notice of Intention to make a Normal Course Issuer Bid dated April 8, 2010,
it may repurchase for cancellation, up to 904,010 shares in its own capital
stock. The purchases are to be made through the facilities of TSX Venture
Exchange during the period May 7, 2010 to May 6, 2011. Purchases pursuant to
the bid will be made by Haywood Securities Inc. on behalf of the Company.
TSX-X
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