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Canadian Securities Administrators Introduce New Harmonized Report of Exempt Distribution

Posted by: · June 29th, 2016

Issuers and underwriters who rely on certain prospectus exemptions to distribute securities are required to file a report of exempt distribution within 10 days of the distribution.  Currently, the form of report is Form 45-106F1 Report of Exempt Distribution (“Form 45-106F1”) in all jurisdictions other than British Columbia.  In British Columbia, the form of report is currently Form 45-106F6 British Columbia Report of Exempt Distribution (“Form 45-106F6”, together with Form…

CHANGES TO THE RIGHTS OFFERING REGIME TO COME INTO FORCE ON DECEMBER 8, 2015

Posted by: · October 20th, 2015

On September 24, 2015, the Canadian Securities Administrators (the “CSA”) announced the final implementation of a streamlined prospectus-exempt rights offering regime for reporting issuers. The amendments are intended to address concerns that the time and cost of conducting a rights offering under the current regime make such offerings an unattractive financing option for reporting issuers. The CSA have designed the new prospectus-exempt rights offering regime to be more appealing to…

BC Implements Start-up Crowdfunding Prospectus and Registration Exemptions

Posted by: · June 2nd, 2015

On May 14, 2015, British Columbia joined Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia (collectively, the “Participating Jurisdictions”) in implementing prospectus and registration exemptions that allow start-up and early stage companies to conduct securities crowdfunding distributions in these jurisdictions. BC Instrument 45-535 – Start-up Crowdfunding Registration and Prospectus Exemptions (the “Instrument”) allows non-reporting issuers with head offices in the Participating Jurisdictions to issue eligible securities (i.e., shares, convertible securities,…

The Canadian Securities Administrators and the Ontario Securities Commission Adopt Amendments to National Instrument 45-106 Prospectus and Registration Exemptions

Posted by: · April 14th, 2015

The Canadian Securities Administrators (the “CSA”) recently announced amendments to National Instrument 45-106 Prospectus and Registration Exemptions (which will be retitled Prospectus Exemptions) (“NI 45-106”) relating to the accredited investor prospectus exemption (the “AI Exemption”) and the $150,000 minimum amount investor exemption (the “MA Exemption”). Companion Policy 45-106CP Prospectus and Registration Exemptions (which will be retitled Prospectus Exemptions) (the “Companion Policy”) will also be modified to provide more guidance on…

CSA PROPOSES AMENDMENTS TO PROSPECTUS EXEMPTION FOR RIGHTS OFFERINGS

Posted by: · March 10th, 2015

The Canadian Securities Administrators (the “CSA”) recently published for comment proposed amendments to securities legislation (the “Proposed Amendments”) which, if adopted, would create a streamlined prospectus exemption for rights offerings conducted by reporting issuers. A rights offering is the distribution of rights to purchase securities of an issuer made to that issuer’s existing security holders. Currently, an issuer can conduct a rights offering under a prospectus or under the prospectus…

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This blog discusses issues relevant to mining exploration and development companies carrying on business in Canada and around the world. Topics include acquiring and developing mineral projects, organizing and financing resource companies and mergers and acquisitions.

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Axium is a leading Vancouver based boutique law firm specializing in securities law, mergers and acquisitions, corporate and business law.