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CSA Provides Guidance on the Use and Disclosure of Preliminary Economic Assessments

Posted by: · January 25th, 2013

The Canadian Securities Administrators (the “CSA”) recently published CSA Staff Notice 43-307 – Mining Technical Reports – Preliminary Economic Assessments (the “Notice”) which sets out the CSA’s position on several issues regarding the use and disclosure of a preliminary economic assessment (a “PEA”), as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The economic analysis by way of a PEA is generally the first…

CSA Publishes Proposed NI 51-103 Ongoing Governance and Disclosure Amendments

Posted by: · January 21st, 2013

In July 2011, the Canadian Securities Administrators (the “CSA”) published for comment a proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (“NI 51-103”) and rule amendments (collectively, the “Original Proposals”) proposing a new mandatory regulatory regime for “venture issuers”.  Following a review of comments received, the CSA re-published a modified NI 51-103 and related rule amendments (collectively, the “Revised Proposals”) for a second comment period. We were…

BCSC Proposes Revoking 32-513 – Registration Exemption in Respect of Prospectus-Exempt Securities

Posted by: · January 3rd, 2013

On January 3, 2013, the British Columbia (the “BCSC”) issued a Notice and Request for Comment proposing to revoke BC Instrument 32-513 Registration Exemption for Trades in Connection with Certain Prospectus-Exempt Distributions (the “Northwest Exemption”) and provided for a comment period ending on February 4, 2013. The comment period was subsequently extended to February 24, 2013. If the Northwest Exemption is revoked, an issuer in British Columbia will not be…

OSC Releases Staff Consultation Paper 45-710 on Capital-Raising Prospectus Exemptions and Crowdfunding

Posted by: · December 14th, 2012

On December 14, 2012 the Ontario Securities Commission (“OSC”) published Consultation Paper 45-710 Considerations for New Capital Raising Prospectus Exemptions. The consultation paper looks at options for inclusion of crowdfunding in the prospectus-exempt market review and seeking feedback until February 12, 2013. This consultation paper provides an expanded review from the first consultation notice released by the OSC in June 7, 2012 Broadening Scope of Review of Prospectus Exemptions. This…

OSC Issues Staff Notice 51-720 – Issuer Guide for Companies Operating in Emerging Markets

Posted by: · November 9th, 2012

On November 9, 2012 the Ontario Securities Commission (OSC) released Staff Notice 51-720 – an Issuer Guide for Companies Operating in Emerging Markets (the “Guide”). In its review, the OSC identified the following main areas of concerns related to emerging market issuers: Corporate Governance Practices The OSC cites concern at the level of engagement by boards and audit committees in their oversight of management and sense of responsibility for the stewardship…


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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