The British Columbia Securities Commission (BCSC) has announced steps, effective September 1, 2009,
to speed up the review process for mining issuers that intend to
make a short form prospectus offering under the provisions of
National Instrument 44-101 Short Form Prospectus
Distributions. Mining issuers for which the BCSC is the
principal regulator can now request that staff in the BCSC
Corporate Finance Division review the issuer's technical
disclosure, filed on SEDAR, for compliance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. BCSC
staff will identify any potential issues that may delay either the
issue of a final receipt for the short form prospectus or the
communication of confirmation that they have no comments with
regards to the proposed offering.
The review process will involve, at minimum, the examination of
the issuer's core disclosure documents, such as the latest
annual information form, the most recent technical reports for the
issuer's material properties, and all news releases and
material change reports since the latest annual information form.
In order to take advantage of this opportunity to accelerate the
prospectus qualification, issuers will need to submit written
notice requesting the pre-filing review to email@example.com
at least 10 days in advance of the planned filing of the
issuer's preliminary short form prospectus. Notices sent to the
BCSC should contain the name of the issuer, the name and contact
details of the person making the application on behalf of the
issuer, a list of the issuer's material properties, and the
target date for filing of the short form prospectus.
McCarthy Tétrault Notes:
While issuers should submit a review request notice early enough
to ensure they receive an answer from the BCSC before the planned
filing date, obtaining a review too far in advance of a planned
offering may reduce the comfort level an issuer can take from the
BCSC's review because material changes may occur between the
date of receipt of the BCSC's review and the date of filing of
the preliminary short form prospectus.
There is no cost for use of the pre-filing review service, and
both the review request notice and the results of the review
process itself are confidential — meaning that the use of
the pre-filing review process will not act as a signal to the
market that the issuer is planning to undertake a financing.
Advantages of the new pre-filing review process for mining issuers
increased speed of the overall prospectus review process;
avoiding delays in the marketing of the offering; and
reduced uncertainty of regulatory approval.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).