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Goodmans Publications

TSX Restrictions on Prospectus Offerings

July-7-2009

Area Corporate Finance and Securities

Summary

The Toronto Stock Exchange (the “TSX”) has always had approval rights in respect of prospectus offerings by listed issuers, but until recently this had not represented a meaningful obstacle to financings. To the contrary, because the TSX imposes detailed restrictions on private placements, prospectus offerings were on occasion perceived as a path to completion of a financing that could not practicably meet the requirements for a private placement transaction.

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