VANCOUVER, Jan. 29, 2014 /CNW/ -
TSX VENTURE COMPANIES:
BULLETIN TYPE: Notice to Issuers
BULLETIN DATE: January 29, 2014
Re: Facilitating the Listing Process for Industrial, Technology and Life Sciences Issuers:
(a) Interpretative Guidance for "History of Operations/Validation of Business" Listing Requirement
(b) Enhancing the Utility of Pre-Filing Applications
Overview
This Notice to Issuers provides certain guidance intended to facilitate the listing process for Issuers seeking listing on TSX Venture Exchange ("TSXV" or the "Exchange") under the "Industrial, Technology and Life Sciences Issuer" category ("Non-Resource Issuers"). This guidance is being provided with the intent of improving efficiencies in the listing process for Non-Resource Issuers under the Exchange's existing policies and review framework applicable to the listing of Non-Resource Issuers. Ideally, this will help reduce the timeframe and certain of the costs involved with the listing process.
The guidance is focused on the following two areas:
- Clarifying TSXV's interpretation and application of the "history of operations/validation of business" initial listing requirement ("ILR") applicable to Non-Resource Issuers pursuant to sections 2.5 and 2.6 of Policy 2.1 - Initial Listing Requirements.
- Enhancing the utility of pre-filing applications, in particular as pertaining to the Exchange assessing an Issuer's ability to satisfy the "history of operations/validation of business" ILR at an earlier stage in the listing process.
The "history of operations/validation of business" listing requirement is the key business-specific ILR that a Non-Resource Issuer must satisfy in order to list on the Exchange. At present, there is limited guidance on what criteria must be met in order for an Issuer to satisfy this listing requirement. By providing additional guidance and clarity in this regard, the Exchange believes that Non-Resource Issuers will, from the outset of the listing process, have a better understanding of the Exchange's expectations and relevant considerations applicable to this listing requirement. Correspondingly, efficiencies should be created in the listing process as the Issuer will be better positioned to address the Exchange's expectations and considerations from the outset as opposed to after the application process has already been initiated.
Interpretative Guidance for "History of Operations/Validation of Business" ILR
With respect to the guidance provided below, it must be noted that:
A. | Notwithstanding the fact that an Issuer may satisfy the "history of operations/validation of business" ILR by meeting the criteria set out below, the Issuer must still satisfy all other applicable listing requirements in order to be listed on TSXV. |
B. | The following is not meant to be a definitive list of criteria for what is necessary in order to satisfy the "history of operations/validation of business" ILR as the stated criteria may not be adequately reflective of or applicable to all industry types and situations. As such, the fact that an applicant Issuer does not meet the criteria set out below will not automatically mean that the Issuer can't otherwise satisfy the ILR based upon its merits. Such situations will be assessed by the Exchange on a case by case basis. |
Tier 1 - Revenue Generating/Commercialization Stage:
An Issuer satisfying all of the following criteria will generally be considered by the Exchange as satisfying the "history of operations/validation of business" ILR for either a Tier 1 or a Tier 2 Non-Resource Issuer:
- The Issuer's product/service is at the commercialization stage and has been so for at least 12 months. This specifically means that, at the time of listing, the Issuer will have:
(a) a developed product or service that it is able to offer for sale;
(b) the means of producing/providing such product or service; and
(c) a history of revenues from the sale of the product/service of at least 12 months1.
- Aggregate revenues from the sale of the product/service since commercialization of not less than $500,0001 (with no time limit on when these revenues were generated).
- Reasonable evidence (such as the existence of sales/service contracts) that the level of revenues from the sale of the product/service over the 12 months pre-listing will be maintained or increased in the 12 months post-listing.
Tier 2 - Non-Revenue Generating/Development Stage / Early Commercialization Stage:
An Issuer satisfying any three (3) of the following criteria will generally be considered by the Exchange as satisfying the "history of operations/validation of business" for a Tier 2 Non-Resource Issuer:
- Either: (a) development of the Issuer's product/service has been ongoing for at least 12 months; or (b) not less than an aggregate of $250,000 has been expended on the development of the Issuer's product/service (excluding general and administrative expenses).
- The Issuer will expend not less than $500,000 on the development or commercialization of the product/service over the 12 months post-listing.
- A working prototype or beta version of the Issuer's product (or, where applicable, the Issuer's service) has been created which reasonably demonstrates that development of the final product (or delivery of the final service) with expected functionality is possible.
- Based upon the stage of development of the product/service at the time of listing along with the Issuer's intended activities and use of available funds following listing, there is a reasonable expectation that: (a) within 12 months of listing the Issuer will have a product/service at the commercialization stage (i.e. the Issuer will have a developed product or service that it is able to offer for sale and the means of producing/providing such product or service); and (b) within 24 months of listing the Issuer will be generating revenues from the sale of such product/service.
- The Issuer has a joint venture or collaborating arrangement with a credible third party in respect of the development of its product or service. For a research and development issuer (Life Sciences), this may include having its research programs sponsored or supported by a credible third party institute such as a university.2
- The Issuer has principals/founders who have a successful track record in developing products or services within the same or similar industry as may be evidenced by, without limitation:
- the commercial sale of such products or services;
- positive cash flow being generated from the sale of such products or services; and
- where applicable, technical expertise in the industry sector.
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1 | The revenues may have been generated by the Issuer, Target Company or vendor, as the case may be. |
2 | Within this context, the collaboration or sponsorship will generally mean that the third party is directly or indirectly supporting the development or R&D activities whether financially or through the provision of services or facilities. An Issuer contracting a third party to provide certain development or R&D related services does not constitute collaboration or sponsorship in this context. |
Enhancing the Utility of Pre-Filing Applications
A pre-filing application is an application made by an Issuer with the Exchange in advance of the Issuer filing a full application to list on the Exchange. Pre-filing applications are a means of obtaining the Exchange's views and position in respect of a specific matter that is of material consequence to an Issuer's application to list and for which the Issuer may have some uncertainty as to what the Exchange's position will be. The utility of a pre-filing application in these instances is to have the matter in question addressed before the Issuer incurs the time and expense associated with preparing and submitting a full application to list with the Exchange.
The Exchange strongly encourages and recommends that Non-Resource Issuers submit a pre-filing application with the Exchange requesting a preliminary assessment of the Issuer's ability to satisfy the "history of operations/validation of business" ILR. This will allow the Issuer to obtain the Exchange's views and position on this material component of the Exchange's review and approval of the Issuer's listing merits prior to the Issuer incurring the time and expense of preparing and submitting a full application to list with the Exchange. A pre-filing application is recommended whether or not the Issuer believes it satisfies the "history of operations/validation of business" ILR based on the above-stated criteria.
A fulsome pre-filing application in respect of the "history of operations/validation of business" ILR will facilitate and create efficiencies within the listing process of a Non-Resource Issuer. To facilitate the Exchange's review of the pre-filing application and its assessment of the Issuer's ability to satisfy the "history of operations/validation of business" ILR (based on the above criteria or otherwise), the Issuer should provide the following information (as applicable) with the pre-filing application:
- The particulars of the proposed listing transaction, if known.
- The identity of the sponsor or agent/underwriter that will be involved with the proposed listing transaction, if known.
- A brief description of the Issuer's product/service and its stage of development. Specifically, indicate whether the Issuer currently has a product/service at the commercialization stage or if it is in the process of developing its product/service.
- A brief description of the development of the product/service to date including an itemized breakdown of development costs that discloses the entity that incurred the costs.
- A summary of the revenues, if any, derived from the sale of the product/service in each fiscal year to date (including interim figures for the current fiscal year).
- A brief description of any existing sales/service contracts.
- For Issuers with a product/service at the commercialization stage:
(a) For product sellers, a brief description of the manner in which the product is and will be produced (i.e. description of production facilities, costs of production, etc.).
(b) For service providers, a brief description of the manner in which the service is and will be provided (i.e. staffing requirements, cost of providing service, etc.).
- For Issuers without a product/service at the commercialization stage:
(a) A brief description of the remaining steps necessary for the Issuer to have a product/service at the commercialization stage including a timeframe and an itemized breakdown of remaining costs.
(b) Confirmation as to whether there is a working prototype or beta version of the Issuer's product (or, where applicable, the Issuer's service) which reasonably demonstrates that development of the final product (or delivery of the final service) with expected functionality is possible.
- For Issuers with no history of revenues (or that do not otherwise satisfy the criteria of Tier 1 set out above):
(a) A summary of the qualifications of the Issuer's principals in terms of developing products or services within the same or similar industry.
(b) A brief description of any joint venture or collaborating arrangement with a credible third party in respect of the development of its product or service.
- Any other information the Issuer considers relevant to the Exchange's assessment of the Issuer's business and history of operations.
Please note that any pre-filing application will be subject to the "detailed preliminary assessment" fee set out in Policy 1.3 - Schedule of Fees (with such fee to be applied towards the full filing fees applicable to the Issuer's application to list, when and if made).
If you have any questions about this bulletin, please contact:
Zafar Khan - Policy Counsel, 604-602-6982 (Vancouver)
Louis Doyle - Vice-President, 514-788-2407 (Montreal)
Robert Fong - Director, 403-218-2822 (Calgary)
Tim Babcock - Director, 416-365-2202 (Toronto)
Robert Kang - Director, 604-643-6577 (Vancouver)
TYPE DE BULLETIN : Avis aux émetteurs
DATE DU BULLETIN : Le 29 janvier 2014
Objet : Simplification du processus d'inscription pour les sociétés des secteurs de l'industrie, de la technologie et des sciences de la vie :
(a) directives d'interprétation de l'exigence d'inscription « antécédents d'exploitation ou validation des activités »
(b) amélioration de l'utilité des demandes préalables au dépôt
Présentation
Le présent avis aux émetteurs fournit certaines directives visant à simplifier le processus d'inscription pour les émetteurs qui souhaitent s'inscrire à la Bourse de croissance TSX (la « TSXV » ou la « Bourse ») comme sociétés du secteur de l'industrie, de la technologie ou des sciences de la vie (« émetteurs des secteurs autres que celui des ressources »). Ces directives sont fournies dans le but d'améliorer l'efficacité du processus d'inscription pour les émetteurs des secteurs autres que celui des ressources dans le cadre des politiques existantes de la Bourse et de faire le point sur le cadre applicable à l'inscription de ces émetteurs. Idéalement, ces mesures contribueront à réduire les délais et certains des coûts liés au processus d'inscription.
Les directives portent principalement sur les deux points suivants :
- La clarification de l'interprétation et de l'application par la TSXV de l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » applicable aux émetteurs des secteurs autres que celui des ressources énoncées aux paragraphes 2.5 et 2.6 de la Politique 2.1 - Exigences relatives à l'inscription initiale.
- L'amélioration de l'utilité des demandes préalables au dépôt, plus particulièrement en ce qui a trait à l'évaluation par la bourse de la capacité d'un émetteur à satisfaire à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » à un stade plus en amont dans le processus.
L'exigence d'inscription « antécédents d'exploitation ou validation des activités » constitue la principale exigence relative aux activités à laquelle doit satisfaire un émetteur des secteurs autres que celui des ressources pour pouvoir s'inscrire à la Bourse. Actuellement, les directives portant sur les critères auxquels doit répondre un émetteur pour satisfaire à cette exigence d'inscription sont limitées. En fournissant des directives et des précisions supplémentaires à cet égard, la Bourse croit que les émetteurs des secteurs autres que celui des ressources auront, dès le début du processus d'inscription, une meilleure compréhension des attentes de la Bourse et des considérations pertinentes liées à cette exigence d'inscription. Parallèlement, des gains d'efficacité devraient être réalisés dans le processus d'inscription, étant donné que l'émetteur sera plus apte à répondre aux attentes et aux considérations de la Bourse dès le début du processus de demande plutôt qu'une fois celui-ci amorcé.
Directives d'interprétation de l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités »
Il importe de noter ce qui suit à l'égard des directives citées ci-dessous :
A. | Même si un émetteur satisfait à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » en répondant aux critères énoncés ci-après, il doit néanmoins satisfaire à toutes les autres exigences d'inscription pour pouvoir s'inscrire à la TSXV. | |||
B. | La liste suivante ne se veut pas une liste définitive des critères à remplir pour satisfaire à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités », car les critères énoncés peuvent ne pas être suffisamment représentatifs de tous les types de secteurs d'activités et de situations ou encore ne pas s'appliquer à l'ensemble de ceux-ci. Ainsi, le fait qu'un émetteur qui dépose une demande ne remplissant pas les critères énoncés ci-après ne signifie pas nécessairement que cet émetteur ne peut satisfaire aux exigences relatives à l'inscription initiale en fonction de son mérite. Ce genre de situations sera examiné par la Bourse au cas par cas. |
Groupe 1 - stade de génération d'un produit financier / stade de commercialisation
Un émetteur qui satisfait tous les critères suivants sera généralement considéré par la Bourse comme satisfaisant à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » pour un émetteur du groupe 1 ou du groupe 2 issu d'un secteur autre que celui des ressources:
- Le produit ou le service de l'émetteur est au stade de la commercialisation depuis au moins 12 mois. Cela signifie plus précisément qu'au moment de l'inscription, l'émetteur aura :
(a) un produit ou un service développé qu'il est en mesure de mettre en vente;
(b) les moyens de produire ou de fournir ledit produit ou service;
(c) touché des produits financiers provenant de la vente du produit ou service pendant au moins 12 mois3.
- Un produit financier total provenant de la vente du produit ou service depuis sa commercialisation d'au moins 500 000 $1 (sans limitation quant à la période durant laquelle ce produit financier a été généré).
- Des preuves suffisantes (comme des contrats de vente ou de service) que le produit financier provenant de la vente du produit ou service au cours des 12 mois précédant l'inscription pourra être maintenu ou accru au cours des 12 mois suivant l'inscription.
Groupe 2 - stade sans génération de produit financier / stade de développement / stade de commercialisation initiale
Un émetteur qui répond à trois (3) des critères suivants sera considéré par la Bourse comme satisfaisant à l'exigence d'inscription « antécédents d'exploitation ou validation des activités » pour un émetteur du groupe 2 issu d'un secteur autre que celui des ressources :
- Soit : a) le développement du produit ou service de l'émetteur est en cours depuis au moins 12 mois ou b) un total d'au moins 250 000 $ a été consacré au développement du produit ou du service de l'émetteur (à l'exclusion des charges générales et administratives).
- L'émetteur consacrera au moins 500 000 $ au développement ou à la mise en marché du produit ou du service au cours des 12 mois suivant l'inscription;
- Un prototype fonctionnel ou une version bêta du produit (ou du service de l'émetteur, le cas échéant) a été créé et démontre raisonnablement la possibilité de développer le produit final (ou la prestation du service final) avec le résultat souhaité.
- À la lumière du stade de développement du produit ou du service au moment de l'inscription et des activités et de l'utilisation des fonds à disposition prévues par l'émetteur après l'inscription, l'on peut raisonnablement s'attendre à ce que : a) dans les 12 mois suivant l'inscription, le produit ou le service de l'émetteur sera au stade de la commercialisation (c.-à-d. que l'émetteur aura développé un produit ou un service qu'il est en mesure de mettre en marché et disposera des moyens pour produire ou fournir ledit produit ou service); b) dans les 24 mois suivant l'inscription, l'émetteur générera un produit financier provenant de la vente dudit produit ou service.
- L'émetteur détient un accord de coentreprise ou de collaboration avec une tierce partie crédible relativement au développement de son produit ou de son service. Dans le cas d'émetteurs du domaine de la recherche et du développement (sciences de la vie), cela peut prendre la forme d'un parrainage ou d'un soutien de son programme de recherche par un institut tiers crédible comme une université4.
- Les dirigeants ou fondateurs de l'émetteur ont des antécédents concluants en matière de développement de produits ou de services dans le même secteur ou dans un secteur similaire, comme peuvent en faire foi, sans s'y limiter :
- la vente commerciale de tels produits ou services;
- des flux de trésorerie positifs provenant de la vente de tels produits ou services;
- une expertise technique dans le secteur d'activité, le cas échéant.
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3 | Les revenus peuvent avoir été générés par l'émetteur, la société visée ou le vendeur, selon le cas. |
4 | Dans le présent contexte, la collaboration ou le parrainage signifiera généralement que la tierce partie soutient directement le développement ou les activités de recherche et développement soit financièrement ou par la prestation de services ou d'installations. La conclusion par l'émetteur d'une entente avec une tierce partie pour la fourniture de certains services liés au développement ou à la recherche et au développement ne constitue pas un parrainage ni une collaboration dans le présent contexte. |
Amélioration de l'utilité des demandes préalables au dépôt
Une demande préalable au dépôt est une demande que présente l'émetteur auprès de la Bourse avant de déposer une demande complète d'inscription à la Bourse. Les demandes préalables au dépôt constituent un moyen de recueillir le point de vue et la position de la Bourse quant à une question précise qui peut avoir des conséquences importantes pour la demande d'inscription de l'émetteur et à l'égard de laquelle ce dernier peut avoir certaines incertitudes en ce qui concerne la position qu'adoptera la Bourse. L'utilité d'une demande préalable au dépôt dans ces cas est qu'elle fait en sorte que cette question soit abordée avant que l'émetteur n'engage le temps et les dépenses nécessaires à la préparation et au dépôt d'une demande complète d'inscription à la Bourse.
La Bourse encourage vivement les émetteurs des secteurs autres que celui des ressources à soumettre une demande préalable au dépôt auprès de la Bourse pour demander un examen préliminaire de la capacité de l'émetteur à satisfaire à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités ». Cela permettra à l'émetteur de connaître le point de vue et la position de la Bourse sur l'élément important visé par l'examen et d'obtenir l'approbation des mérites de l'inscription de l'émetteur avant que ce dernier n'engage le temps et les dépenses nécessaires pour préparer et soumettre une demande complète. Le dépôt d'une demande préalable au dépôt est recommandé que l'émetteur satisfasse ou non à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » en fonction des critères énoncés précédemment.
Une demande préalable au dépôt dûment remplie en lien avec l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » facilitera le processus d'inscription d'émetteurs de secteurs autres que celui des ressources et le rendra plus efficace. Afin de faciliter l'examen de la demande préalable au dépôt par la Bourse et l'évaluation de la capacité de l'émetteur à satisfaire à l'exigence relative à l'inscription initiale « antécédents d'exploitation ou validation des activités » (en fonction des critères énoncés précédemment ou d'autres critères), l'émetteur doit accompagner sa demande préalable au dépôt des renseignements suivants (selon le cas) :
- Les renseignements détaillés sur l'opération d'inscription, s'ils sont connus.
- L'identité du parrain ou du placeur pour compte ou preneur ferme qui sera partie à l'opération d'inscription, si celui-ci est connu.
- Une brève description du produit ou du service de l'émetteur et du stade de développement auquel il se trouve. Indiquer si l'émetteur possède un produit ou un service actuellement au stade de la commercialisation ou s'il est en train de développer son produit ou son service.
- Une brève description du développement du produit ou service jusqu'à maintenant, y compris une liste détaillée des coûts qui indique l'entité qui les a engagés.
- Un relevé des produits financiers, le cas échéant, provenant de la vente du produit ou du service pour tous les exercices financiers jusqu'à aujourd'hui (y compris les résultats provisoires pour l'exercice financier en cours).
- Une brève description des contrats de vente ou de service existants.
- Pour les émetteurs avec un produit ou un service au stade de la commercialisation :
(a) pour les vendeurs de produits, une brève description de la façon dont le produit est ou sera fabriqué (c.-à-d. une description des installations de production, des coûts de production, etc.);
(b) pour les fournisseurs de service, une brève description de la façon dont le service est ou sera fourni (c.-à-d. les besoins en personnel, le coût de la prestation du service, etc.).
- Pour les émetteurs sans produit ou service au stade de la commercialisation :
(a) une brève description des étapes suivantes nécessaires pour que l'émetteur mène son produit ou son service au stade de la commercialisation, y compris un échéancier et une liste détaillée des coûts restants;
(b) une confirmation de l'existence d'un prototype fonctionnel ou d'une version bêta du produit de l'émetteur (ou, le cas échéant, du service de l'émetteur) qui démontre raisonnablement la possibilité de développer le produit final (ou de livrer le service final) avec le résultat souhaité.
- Pour les émetteurs sans antécédents en matière de produits financiers (ou qui ne satisfont pas autrement aux critères du groupe 1 énoncés préalablement) :
(a) un résumé des qualifications en matière de développement de produits ou de services dans le même secteur ou dans un secteur similaire;
(b) une brève description des ententes de coentreprise ou de collaboration avec une tierce partie crédible relativement au développement du produit ou du service de l'émetteur.
- Toute autre information que l'émetteur juge pertinente aux fins de l'évaluation par la Bourse des activités et des antécédents d'exploitation de l'émetteur.
Veuillez noter que les demandes préalables au dépôt seront assujetties aux « droits relatifs à une demande d'évaluation préliminaire détaillée » qui figurent à la Politique 1.3 - Barème des droits (lesquels droits pourront être appliqués aux droits exigibles pour la demande complète d'inscription de l'émetteur, le cas échéant).
Toute question concernant le présent bulletin peut être adressée aux personnes suivantes :
Zafar Khan - conseiller juridique, Politiques, 604 602-6982 (Vancouver)
Louis Doyle - vice-président, 514 788-2407 (Montréal)
Robert Fong - directeur, 403 218-2822 (Calgary)
Tim Babcock - directeur, 416 365-2202 (Toronto)
Robert Kang - directeur, 604 643-6577 (Vancouver)
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ACME RESOURCES INC. ("ARI")
BULLETIN TYPE: Shares for Bonuses
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 355,556 bonus shares at a deemed price of $0.05625 per share to the following Insider in consideration of a loan in the principal amount of $100,000. The loan bears interest at 10% per annum and is to be repaid by August 7, 2014.
Shares | Warrants | |||||||||||||||||
Timothy Young | 355,556 | Nil |
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ARIAN RESOURCES CORP. ("ARC")
BULLETIN TYPE: Halt
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 5:58 a.m., PST, January 29, 2014, trading in the shares of the Company was halted at the request of the Company, pending news. 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.
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BELVEDERE RESOURCES LTD. ("BEL")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 29, 2014
TSX Venture Tier 1 Company
The TSX Venture Exchange Inc. (the "Exchange") has accepted for filing documentation in connection with an agreement between Belvedere Resources Ltd. ("Belvedere") and JinChuan Group Limited ("JinChuan") dated August 22, 2013 (the "Agreement") which amends the terms of a Settlement of Guarantee between Belvedere and JinChuan dated July 7, 2009 (the "Settlement") which was previously amended by agreements dated April 19, 2011 and March 26, 2012 (each an "Amending Agreement").
The Settlement
As of July 7, 2009 Finn Nickel OY ("Finn Nickel"), a wholly-owned subsidiary of Belvedere, was indebted to JinChuan in the amount of US$7,675,605 pursuant to a pre-payment agreement between Finn Nickel and JinChuan. Belvedere guaranteed the obligations of Finn Nickel to JinChuan under the pre-payment agreement. Under the terms of the Settlement, Belvedere agreed to issue 7,675,605 Class A Preference Shares Series 1 (the "Preference Shares") to JinChuan in exchange for JinChuan releasing and discharging Belvedere from all debts, liabilities and obligations owing by Belvedere to JinChuan under the guarantee. Under the Settlement, the Preference Shares were redeemable by Belvedere at any time and redeemable by JinChuan in four annual tranches, beginning on June 30, 2011 and ending on June 30, 2014. The Preference Shares have a redemption price of US$1.00 each, carry a fixed cumulative 2.5% dividend and are non-voting. JinChuan agreed to defer the dates in which it was entitled to redeem the Preference Shares by six months pursuant to the first Amending Agreement dated April 19, 2011. JinChuan provided a notice to Belvedere to redeem 1,918,902 Preference Shares as of February 10, 2012. Pursuant to the second Amending Agreement dated March 26, 2012, JinChuan agreed that the notice was to be treated as notice to redeem only 479,726 Preference Shares as of March 31, 2012 and agreed to defer its rights to redeem the remaining 1,439,176 Preference Shares. As of the date of this bulletin JinChuan holds 6,716,153 Preference Shares.
The Agreement
Under the Agreement, Jinchuan will defer its rights to redeem its 6,716,153 preference shares until two years after the closing date of the Agreement (the "Deferral Period") and Belvedere will pay dividends and redeem the preference shares of Jinchuan quarterly during the Deferral Period based upon the net income generated from Belvedere's nickel operations in Finland and the price of nickel on the London Metal Exchange. There will be no obligation to make quarterly payments if the price of nickel, expressed in Euros, is 13,000 per tonne or less. The quarterly payments start at 10% of net income from nickel and increases to 25% once the price of nickel on the London Metal Exchange, expressed in Euros, reaches 16,001 per tonne.
If during the Deferral Period Belvedere ceases or suspends nickel production for more than 30 days, Belvedere will make the quarterly payments to Jinchuan based upon the net income generated from Belvedere's mining operations in Finland.
The Exchange has been advised that the Agreement was approved by the shareholders of Belvedere at a meeting of shareholders held on December 10, 2013.
For further information, please see Belvedere's information circular dated November 7, 2013 which is available under Belvedere's profile on SEDAR.
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BLUE SKY URANIUM CORP. ("BSK")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced January 27, 2014:
First Tranche:
Number of Shares: | 1,961,000 shares | |||||||||||
Purchase Price: | $0.05 per share | |||||||||||
Warrants: | 1,961,000 share purchase warrants to purchase 1,961,000 shares | |||||||||||
Warrant Exercise Price: | $0.10 for a two year period | |||||||||||
Number of Placees: | 10 placees | |||||||||||
Insider / Pro Group Participation: | ||||||||||||
Name |
Insider=Y / ProGroup=P |
# of Shares |
||||||||||
Aggregate Pro Group Involvement [3 placees] |
P |
361,000 |
||||||||||
Finder's Fee: | $7,844 cash and 156,880 warrants payable to Richardson GMP Ltd. | |||||||||||
- Finder's fee warrants are exercisable at $0.10 per share for two years. |
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.
________________________________________
CASTLE RESOURCES INC. ("CRI")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 500,000 shares to settle outstanding debt for $25,000.
Number of Creditors: | 1 Creditor | |||||||||||||||||||||||
Insider / Pro Group Participation: | ||||||||||||||||||||||||
Creditor |
Insider=Y / Progroup=P |
Amount Owing |
Deemed Price per Share |
# of Shares |
||||||||||||||||||||
Teuton Resources Corp. | Y | $25,000 | $0.05 | 500,000 |
The Company shall issue a news release when the shares are issued and the debt extinguished.
________________________________________
CCT CAPITAL LTD. ("CCW")
BULLETIN TYPE: Consolidation, Remain Halted
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Pursuant to a special resolution passed by the Directors on November 15, 2013, the Company has consolidated its capital on a six (6) old for one (1) new basis. The name of the Company has not been changed.
Effective at the opening on Thursday, January 30, 2014, the common shares of CCT Capital Ltd. will commence trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Mineral Exploration / Development' company.
Post - Consolidation Capitalization: Escrow: |
Unlimited 2,021,667 Nil |
shares with no par value of which shares are issued and outstanding shares |
||||||||
Transfer Agent: | Computershare Trust Company of Canada | |||||||||
Trading Symbol: CUSIP Number: |
CCW 14986B203 |
(UNCHANGED) (new) |
Trading in the shares of the Company will remain halted.
________________________________________
COVENTRY RESOURCES INC. ("CYY")
BULLETIN TYPE: Plan of Arrangement, Notice of Distribution
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange Inc. has approved Coventry Resources Inc.'s ("Coventry") proposed Plan of Arrangement (the "Arrangement") under section 288 of the Business Corporations Act (British Columbia) with Chalice Gold Mines Limited ("Chalice"), Western Rift Pty Ltd. ("Western Rift") and the shareholders of Coventry ("Coventry Shareholders"). The Arrangement was approved by a special resolution passed by Coventry Shareholders at a meeting held on January 21, 2014 and the final order with respect to the Arrangement was obtained from the Supreme Court of British Columbia on January 24, 2014. The Exchange has been advised that the Plan of Arrangement and transactions involved therewith will close and be given effect on February 4, 2014.
Under the Arrangement, which is fully described in Coventry's Information Circular dated December 17, 2013, Chalice will directly or indirectly acquire all of the issued and outstanding shares of Coventry's subsidiaries, Coventry Resources Ontario Inc., Coventry Rainy Inc., 2235411 Ontario Inc. and Cameron Gold Operations Ltd., from Coventry in exchange for 46,000,000 fully paid ordinary shares in the capital of Chalice ("Consideration Shares"). Coventry will distribute the Consideration Shares to the shareholders of record on a pro rata basis.
Distribution: Ex-Distribution Date: Record Date: Payable Date: |
Approximately 0.5054 ordinary shares of Chalice for each common share of Coventry January 31, 2014 February 4, 2014 February 7, 2014 |
________________________________________
DEFIANCE SILVER CORP. ("DEF")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 7:30 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
DESERT STAR RESOURCES LTD. ("DSR")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants: Original Expiry Date of Warrants: New Expiry Date of Warrants: Exercise Price of Warrants: |
2,500,000 March 14, 2014 September 14, 2015 $0.42 |
These warrants were issued pursuant to a private placement of 2,500,000 shares with 2,500,000 share purchase warrants attached, which was accepted for filing by the Exchange effective March 9, 2012. All figures reflect the 2:1 consolidation effective January 21, 2013.
________________________________________
EMPEROR OIL LTD. ("EM")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants: Original Expiry Date of Warrants: New Expiry Date of Warrants: Exercise Price of Warrants: |
6,800,000 February 13, 2014 February 13, 2015 $0.10 (UNCHANGED) |
These warrants were issued pursuant to a private placement of 24,160,000 shares with 12,080,000 share purchase warrants attached, which was accepted for filing by the Exchange effective February 15, 2012.
For further information, please see the Company's press release dated January 23, 2014.
________________________________________
FORAN MINING CORPORATION ("FOM")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pursuant to a Letter Agreement dated December 23, 2013 (the "Agreement") between the Company and Thundermin Resources Inc., an arm's length party (the "Vendor"). Pursuant to the Agreement, the Company purchased a 6% net profits interest that the Vendor has on certain of the Company's exploration properties in Saskatchewan and Manitoba. In consideration, the Company paid CAD $50,000 in cash and issue 100,000 common shares of the Company ("Shares") at a deemed price of $0.18 per Share.
________________________________________
GOLDEN COAST ENERGY CORP. ("GCE")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange (the 'Exchange') has accepted for filing a farm-in agreement dated September 30, 2013 (the 'Agreement'), between Golden Coast Energy Corp. (the 'Company') and Red Pine Investment Ltd. ('Red Pine'). Pursuant to the Agreement, the Company has granted Red Pine an option to acquire a 60% interest in certain oil and gas wells in Alberta (the 'Assets').
Under the terms of the Agreement, the consideration is expenditures of $1,000,000 on the Assets.
Insider / Pro Group Participation: N/A
Please refer to the Company's news release dated January 17, 2014 for further information.
________________________________________
GOLDEN HARP RESOURCES INC. ("GHR")
BULLETIN TYPE: Consolidation
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Pursuant to a special resolution passed by the directors on January 14, 2014, the Company has consolidated its capital on a 10 old for 1 new basis. The name of the Company has not been changed.
Effective at the opening Thursday, January 30, 2014, the common shares of Golden Harp Resources Inc. will commence trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Mineral Exploration/Development' company.
Post - Consolidation Capitalization: Escrow: |
unlimited 2,468,404 nil |
shares with no par value of which shares are issued and outstanding shares are subject to escrow |
||||||||
Transfer Agent: | Computershare Investor Services Inc. | |||||||||
Trading Symbol: CUSIP Number: |
GHR 381066307 |
(UNCHANGED) (new) |
________________________________________
GREENBRIAR CAPITAL CORP. ("GRB")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced December 12, 2013:
First Tranche:
Number of Shares: | 210,000 shares | ||||||||
Purchase Price: | $2.50 per share | ||||||||
Warrants: | 105,000 share purchase warrants to purchase 105,000 shares | ||||||||
Warrant Exercise Price: | $3.00 for a two year period | ||||||||
Number of Placees: | 6 placees |
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.
________________________________________
MARGAUX RESOURCES LTD. ("MRL")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 10:00 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
MASON GRAPHITE INC. ("LLG")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced January 3, 2014:
Number of Shares: | 875,000 shares | |||||||||||||||||||||
Purchase Price: | $0.80 per share | |||||||||||||||||||||
Number of Placees: | 6 placees | |||||||||||||||||||||
Insider / Pro Group Participation: | ||||||||||||||||||||||
Name |
Insider=Y / ProGroup=P |
# of Shares |
||||||||||||||||||||
Jean L'Heureux Luc Veilleux |
Y Y |
8,335 8,335 |
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company has issued a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s).
________________________________________
NOMAD VENTURES INC. ("NMD")
BULLETIN TYPE: Halt
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 8:28 a.m., PST, January 29, 2014, trading in the shares of the Company was halted at the request of the Company, pending news. 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.
________________________________________
NOMAD VENTURES INC. ("NMD")
BULLETIN TYPE: Remain Halted
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Further to the TSX Venture Exchange ('TSXV') Bulletin dated January 29, 2014, effective at 12:00 p.m. January 29, 2014, trading in the shares of the Company will remain halted pending receipt and review of acceptable documentation regarding the Fundamental Acquisition pursuant to TSXV Listings Policy 5.6 (d) of Exchange Policy 5.3. 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.
________________________________________
NOUVEAU MOUNDE MINING ENTERPRISES INC. ("NOU")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 28, 2014
TSX Venture Tier 2 Company
Effective at 5:00 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
PRIMELINE ENERGY HOLDINGS INC. ("PEH")
BULLETIN TYPE: Private Placement-Brokered, Correction
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Further to the TSX Venture Exchange bulletin dated January 28, 2014, Second Tranche, the Number
of shares should read as follows:
SECOND TRANCHE:
Number of Shares: | 1,520,000 shares |
All other details on the bulletin remain unchanged.
________________________________________
SNIPP INTERACTIVE INC. ("SPN")
BULLETIN TYPE: Private Placement- Non-Brokered
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced December 30, 2013:
Number of Shares: | 8,750,000 shares | |||||||||||
Purchase Price: | $0.10 per share | |||||||||||
Warrants: | 4,375,000 share purchase warrants to purchase 4,375,000 shares | |||||||||||
Warrant Exercise Price: | $0.15 for a two year period | |||||||||||
Number of Placees: | 53 placees | |||||||||||
Insider / Pro Group Participation: | ||||||||||||
Name |
Insider=Y / ProGroup=P |
# of Shares |
||||||||||
Atul Sabharwal Ritesh Bhavnani Aggregate Pro Group Involvement [7 placee(s)] |
Y Y P |
50,000 50,000 1,650,000 |
||||||||||
Finder's Fee: | $59,200, payable to Canaccord Genuity Corp. |
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company has issued a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). 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.
________________________________________
STRIKEPOINT GOLD INC. ("SKP")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pursuant to an Option Agreement (the "Agreement") between the Company and an arm's-length third party group. (the "Vendor"), whereby the Company will acquire acquired an option to earn a 100% interest in the Lobstick Gold Property located in the Western Wabigoon Subprovince, Lobstick Township, Ontario. Pursuant to the terms of the Agreement, the Company will initially pay $5,000 in cash and issue 50,000 common shares ("Shares") at a deemed price of $0.05 per Share.
The Exchange understands that, under certain circumstances, additional payments may be made to the Vendor totaling $165,000 and 2,450,000 Shares ("Additional Shares"). In addition, a net smelter return royalty ("NSR") of 3% may be granted to the Vendor under certain circumstances with an 2% buyback option in increments of 1% NSR for $1,000,000.
Insider / Pro Group Participation: None
For further details please refer to the Company's press release dated January 22, 2014.
________________________________________
TAMARACK VALLEY ENERGY LTD. ("TVE")
BULLETIN TYPE: Halt
BULLETIN DATE: January 28, 2014
TSX Venture Tier 2 Company
Effective at 1:00 p.m. PST, January 28, 2014, trading in the shares of the Company was halted at the request of the Company, pending news. 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.
________________________________________
TAMARACK VALLEY ENERGY LTD. ("TVE")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 5:00 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
TITAN LOGIX CORP. ("TLA")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 29, 2014
TSX Venture Tier 1 Company
Effective at 5:00 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
TRUE GOLD MINING INC. ("TGM")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: January 29, 2014
TSX Venture Tier 2 Company
Effective at 5:00 a.m., PST, January 29, 2014, shares of the Company resumed trading, an announcement having been made.
________________________________________
NEX COMPANIES:
BULLETIN TYPE: Listing Maintenance Fees - Delist
BULLETIN DATE: January 29, 2014
NEX Companies
Effective at the close of business on Thursday, January 30, 2014, and in accordance with NEX Policy, section 15, the following companies' securities will be delisted from NEX, for failure to pay their quarterly NEX Listing Maintenance Fee. Prior to delisting, these companies' securities were subject to a suspension from trading.
If the issuer has any questions regarding this delisting, please contact:
Gary Lee,
Manager, NEX
Phone 604-488-3126
Fax 604-844-7502
Issuer Name | Symbol |
INTERACTIVE CAPITAL PARTNERS CORP. | HFM.H |
ITOK CAPITAL CORP. | ITK.H |
PROSYS TECH CORPORATION | POZ.H |
_____________________________________________
KEY VENTURES CAPITAL INC. ("KVC.H")
BULLETIN TYPE: Halt
BULLETIN DATE: January 29, 2014
NEX Company
Effective at 5:00 a.m., PST, January 29, 2014, trading in the shares of the Company was halted at the request of the Company, pending news. 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.
________________________________________
SOURCE: TSX Venture Exchange
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