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Share Name | Share Symbol | Market | Type |
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Evergreen Gaming Corporation | TSXV:TNA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.86 | 0.84 | 0.89 | 0 | 01:00:00 |
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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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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