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Janis KoyanagiVice President, Business Development & StrategyToronto Stock Exchange & TSX Venture Exchange
Toronto Stock Exchange and TSX Venture Exchange:Access to Capital for Mining Companies
2
Globally Competitive Exchanges
Trends in Mining Finance
TSX and TSXV Presence in South America
Listing on TSX and TSXV
Outline
3
2,177 companies
20 graduates in First Half 201020 graduates in 200945 graduates in 2008
1,488 companies
TSX Venture Exchange
• Access to capital for earlier stage companies or smaller financings
• Total market cap of $38 Billion & average market cap of $17.4MM
• Cost effective stepping stone for international companies looking to list on a quality North American market
• Exchange mandate to mentor management of newly public companies
• Streamlined graduation to TSX when senior market requirements are met
• 103 year history
Toronto Stock Exchange
• Senior market for well established businesses and management teams with experience in public markets
• Total market cap of $1.8 Trillion & average market cap of $1.2B
• 30% of TSX issuers >$500M are interlisted on a US exchange
• Access to larger, more international institutional investors and greater analyst coverage
• Globally visible specialized indices
• 157 year history
Unique equity market structure finances a broad spectrum of companies
4
TMX Group Serves Companies at all Stages of Growth
Market Capitalization Toronto Stock Exchange and TSX Venture
Exchange
Unique feeder system
471 graduates
+ 85 M&A*
*From January 1, 2000 – June 30, 2010
4
Toronto Stock Exchange issuer base: 1,488 issuers, ~$1.8 trillion market capTSX Venture Exchange issuer base (excludes NEX): 2,177 issuers, ~$37.7 billion market cap
As at June 30, 2010
32% 33%
93%
7%1%
35%
<$50 Million $50 - $250 Million >$250 Million
% of TSX Issuers
% of TSXV Issuers
514
Issuers
498
Issuers
476
Issuers
2016
Issuers
14219
Issuers
5
Market Overview: TSX and TSX Venture
TSX Venture TSX
Number of Issuers Listed 2178 1462
Quoted Market Value (C$ Billions) $35.8 $1,771.9
Going Public Activity 202 100
Equity Capital Raised (C$ Billions) $4.8 $60.0
Value Traded (C$ Billions) $16.0 $1,398.4
Number of Trades (Millions) 5.3 191.3
Market Data for 2009 (C$)
As at December 31, 2009Source: TSX/TSXV Market Intelligence Group, WFE, Capital IQ
TSX Issuers by Sector By Number
Comm. & Media
2%Utilities &
Pipelines
2%
Clean Technology
3%
Oil and Gas
8% Financial Services
5% Tech
5%
Life Sciences
4%
Forest Products
1%
Mining
22%
Diversified
Industries
19%
Structured
Products
15%
ETFs
11%
Real Estate
3%
Life Sciences
3%
Technology
6%
Clean
Technology
4%
Real Estate
2%Mining
52%
Diversified
Industries
13%
Oil and Gas
12%
CPCs
8%
As at June 30 2010
TSX Venture Issuers by Sector By Number
6
TMX Group Global Leadership Strengths
All data is as of or YTD June 30, 2010
1466 issuers
55% of the world’s public mining companies
90 going public events
$7.8 B equity raised
$197 B value traded
129 issuers
Number one in the world by number of public clean technology companies
6 going public events
$0.606 B equity raised
$5.7 B value traded
3665 issuers
249 going public events
$25.5 B equity raised
Average Financing:
TSX $54.3 M
TSXV $3.2 M
463 issuers
Over 35% of the world’s public oil and gas companies
28 going public events
$5.97 B equity raised
$141 B value traded
Mining
Energy & Energy Services
Clean Technology
7
19.223.1
20.9
25.829.1 28.4
46.2
41.8
47.6
35.3
60.0
25.621.9
2.4 1.1 2.4 4.1
6.13.7
5.5 4.8
1.3
11.17.9
1.4
49.7
25.526.9
64.9
40.8
58.8
19.225.5 22.0
27.331.5 32.5
52.2
1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 YTDJ une
2010 YTDJ une
Toronto Stock Exchange TSX Venture Exchange
Access to Capital: 2009 was an all time record year for financing on TSX
*TSX Venture Exchange commenced operations on November 29 1999
Toronto Stock Exchange and TSX Venture ExchangeTotal Financings (C$Billions) 1999 – 2010 June
8
International Investment Community Trades on Toronto Stock Exchange
25 International Brokers including:
• Barclays Capital• Citigroup• CSFB• Deutsche Bank• Goldman Sachs• HSBC• JP Morgan• Macquarie Capital Markets• Merrill Lynch• Morgan Stanley• Raymond James• Thomas Weisel• State Street• UBS
80 Canadian Brokers including:• BMO Nesbitt Burns• Canaccord Adams• CIBC World Markets• GMP Securities• RBC DS• Scotia Capital Markets• TD Securities• National Bank Financial
~35% of daily trading originates from International brokers
118.5
96.1
109.2
64.261.3
82.0
191.3
40.355.2
182.9
118.6
85.7
50.0
75.0
100.0
125.0
2004 2005 2006 2007 2008 2009
0
50
100
150
200
Volume (B) Number of Transactions (M)
Volume CAGR 14%
Transactions CAGR 37%
Toronto Stock Exchange Volume and Transactions
(2004-2009)
9
Globally Competitive Exchanges
Trends in Mining Finance
TSX and TSXV Presence in South America
Listing on TSX and TSXV
Outline
10
Key Global Mining Trends on Our Markets
UK/Europe:Increase in Dual Listings
USA:Increase in Trading Flow
Latin America:•Record year for capital raised for projects •Increase in New Listings
Australia:Increase in Dual Listings and equity raised
Asia:Increase in New Players
Increase in New ListingsIncrease in Gold FinancingsIncrease in New CommoditiesIncrease in New Players/M&A
Africa:Increase in Equity Raisedfor African Projects
11Source: Gamah International
TMX leads in mining financing and new listing
TSX/TSXV
LSE/AIM ASX NYSE Amex
NYSE HKEx JSE
Q1+Q2
2010
$7.8 $2.1 $0.405 0 $0.004 $2.3 $0.528
2009
$22.2 $22.3 $13.5 0 $4.5 $3.0 $0.007
2008
$8.3 $5.0 $3.1 0 $5.4 $1.3 $0.040
2007
$20.5 $9.3 $8.3 $0.095 $2.6 $0.909 $1.5
2006
$12.5 $10.8 $2.2 0 $0.571 $2.7 $0.047
Mining Equity Financings 2005 to First Half 2010 ($Billions)
TSX/TSXV
LSE/AIM ASX NYSE Amex
NYSE HKEx JSE
Q1+Q2
2010
90 9 20 2 3 2 2
2009
104 4 22 1 1 1 0
2008
138 29 9 5 3 3 2
2007
186 142 33 13 3 n/a 4
2006
112 70 55 14 6 n/a 10
New Mining Listings 2005 to First Half 2010
12
2349
1493
3183
15361611
235323312430
16891761
1374
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Number on TSX/ TSXV Number on Other Exchanges
Global mining finance market continues to build
Source: Gamah International, 1999-2009, compiled by Toronto Stock Exchange
$4.6 $5.4$4.2$13.2 $13.4 $14.0 $11.7
$30.0
$50.3$42.3
$65.9
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Equity Raised on TSX/ TSXV Equity Raised on Other Exchanges
Global Mining # of Financings transactions 1999-2009
Global Mining Equity Financing Trend 1999-2009 (C$B)
13
$0.100
$1.1 $0.950
$0.528$0.405
$0.004
TSX Hong Kong TSXV AIM LSE J SE ASX NYSE Other
Mining Financing Update – First Half 2010
Source: Gamah International, YTD June 30 2010, Compiled by TMX Group
1 64926 27142
$6.0
$2.3
Number of Financings
$1.8
1
First Half 2010 Mining Equity Financings ($ Billions)
6
First Half 2010:
•$13 Billion total equity capital raised globally•1100+ financings
2 1
14
Our mining companies have operations around
the worldAfrica:TSXV: 100 CompaniesTSX: 69 Companies
UK/Europe:TSXV: 50CompaniesTSX: 31 Companies
Russia & CIS Countries:TSXV: 15 CompaniesTSX: 16 Companies
USA:TSXV: 232 CompaniesTSX: 98 Companies
Central America & Caribbean:TSXV: 29 CompaniesTSX: 20 Companies
South America:TSXV: 177 CompaniesTSX: 82 Companies
Mexico:TSXV: 134 CompaniesTSX: 62 Companies
Australia/NZ/PNG:TSXV: 37 CompaniesTSX: 43 Companies
Asia:TSXV: 64 CompaniesTSX: 42 Companies
Source: InfoMine, June 2010
Canada:TSXV: 756 CompaniesTSX: 170 Companies
15
International Mining Companies by the Numbers
141Inter. Mining
Cos. on TSX and TSX V
$62B
Market Cap
$4.8B
Raised Through 140 Financings in
200912BShares Traded
Through 6 Million Transactions in
2009
5Average Number
of Analysts Covering Int’l Mining Cos.
Australia, 32, 23%
USA, 61, 42%
China, 12, 9%
UK/ Eur, 10, 7%
Latin America, 11, 8%
Africa, 10, 7%
Other, 5, 4%
Unless otherwise noted, all numbers are as at June 30 2010
16
Globally Competitive Exchanges
Trends in Mining Finance
TSX and TSXV Presence in South America
Listing on TSX and TSXV
Outline
17
TSX and TSXV Mining Companies are Active in South America
264Number of
Mining Companies in South America
992Number of S. American
Mining Properties
85Number of Mining Companies in Peru
(264 Mining Properties)
$1.4B
Amount of Equity Capital Raised in 2009
for Peru Mining Projects Through 36
Financings
$3.0B
Equity Capital Raised in 2009 for S.
American Mining Projects Through 125
Financings85
YTD June 30, 2010$974M equity capital raised for S. American Mining Projects through 47 financings$148M equity capital raised for Peru Mining Projects through 17 financings
18
TSX and TSXV mining companies with projects in Peru
There are 28 TSX companies with 112 properties in PeruBARRICK GOLD CORPORATIONCANDENTE COPPER CORP.CARDERO RESOURCE CORP.CHARIOT RESOURCES LIMITEDCROCODILE GOLD CORP.DYNACOR GOLD MINES INC.GEOLOGIX EXPLORATIONS INC.GOLDEN MINERALS COMPANYGRANDVIEW GOLD INC.IAMGOLD CORPORATIONINMET MINING CORPORATIONINTERNATIONAL MINERALS CORPORATIONMALAGA INC.MAWSON RESOURCES LIMITEDMINERA IRL LIMITEDNORSEMONT MINING INC.PAN AMERICAN SILVER CORP.PARAMOUNT GOLD AND SILVER CORP.SILVER STANDARD RESOURCES INC.SILVER WHEATON CORP.SOLITARIO EXPLORATION & ROYALTY CORP.SPROTT RESOURCE CORP.SULLIDEN GOLD CORPORATION LTD.TECK RESOURCES LIMITEDVAALDIAM MINING INC.VENA RESOURCES INC.YAMANA GOLD INC.ZINCORE METALS INC.
There are 57 TSXV companies with 152 properties in Peru
AGUILA AMERICAN RESOURCES LTD.ALTURAS MINERALS CORP.AM GOLD INC.AMERICAS PETROGAS INC.ANDEAN AMERICAN GOLD CORP.ANDEANGOLD LTD.ANTARES MINERALS INC.AQM COPPER INC.ARCTURUS VENTURES INC.BEAR CREEK MINING CORPORATIONCANADIAN SHIELD RESOURCES LTD.CENTURY MINING CORPORATIONCONDOR RESOURCES INC.DORATO RESOURCES INC.DURAN VENTURES INC.EL CONDOR MINERALS INC.ESPERANZA SILVER CORPORATIONFISSION ENERGY CORP.FOCUS VENTURES LTD.FORTUNA SILVER MINES INC.GALENA INTERNATIONAL RESOURCES LTD.GITENNES EXPLORATION INC.GOLD HAWK RESOURCES INC.GOLDEN ARROW RESOURCES CORPORATIONGRENVILLE GOLD CORPORATIONIBERIAN MINERALS CORP.INCA PACIFIC RESOURCES INC.JOURNEY RESOURCES CORP.LARA EXPLORATION LTD.LATEEGRA GOLD CORP.LUCKY MINERALS INC.
Source: Infomine
MACUSANI YELLOWCAKE INC.MAGELLAN MINERALS LTD.MPH VENTURES CORP.NETWORK EXPLORATION LTD.NEW DIMENSION RESOURCES LTD.NEW HIGH RIDGE RESOURCES INC.NEW OROPERU RESOURCES INC.PANORO MINERALS LTD.PANTHERA EXPLORATION INC.PLEXMAR RESOURCES INC.RADIUS GOLD INC.RIO CRISTAL RESOURCES CORP.ROCMEC MINING INC.SALAZAR RESOURCES LIMITEDSHANE RESOURCES LTD.SIENNA GOLD INC.SINCHAO METALS CORP.SOLITAIRE MINERALS CORP.SOUTHERN ANDES ENERGY INC.ST. ELIAS MINES LTD.STRAIT GOLD CORPORATIONTAMERLANE VENTURES INC.TINKA RESOURCES LIMITEDULTRA LITHIUM INC.UPPER CANYON MINERALS CORP.WEALTH MINERALS LTD.
19
20
50
10
63
85*
27
62
17
3
3
14 4 2
Snapshot of recent companies active in South America
Andean Resources Ltd. (TSX:AND ASX:AND) - $235 million raised for gold in August, 2010 - Australian Company Developing Major Gold Asset
Continental Gold Limited (TSX:CNL) - $28 M Financing - Raising $60 M presently
Lithium Americas (TSX:LAC)
- $45 M IPO in May 2010
Rio Novo Gold Inc. (TSX:RN)MBAC Fertilizer Corp. (TSX:MBC)Kinross Gold Corp. (TSX:K NYSE:KGC)Mirabela Nickel Ltd. (TSX:MNB ASX:MBN)Jaguar Mining Inc. (TSX:JAG NYSE:JAG)Colossus Minerals Inc. (TSX:CSI)
Minera IRL (TSX:IRL AIM:MIRL BVL:MIRL) - Head office in Peru - Lima and TSX listed
*Number of TSX and TSXV Companies with Projects in the Country
Source: Infomine
20
2010 New Listings and Financing Activity in South America
New Listings: Continental Gold LimitedFortuna Silver Mines Inc.Lithium Americas Corp.MBAC Fertilizer Minera IRL Limited Rio Novo Gold Inc.Ecopetrol S.A.Santa Barbara Resources Limited
(TSXV)
New Financings for South American Projects First Half 2010:
Silver Standard Resources: $120 million (a portion for gold/silver/base metals in Argentina)
Rio Novo Gold: $46 million for gold in BrazilLithium Americas: $45 million for lithium/potassium in
ArgentinaGreystar Resources: $40 million for gold/silver in
ColombiaApoquindo Minerals Inc.: $39 million for copper in PeruCrystallex International: $35 million for gold in VenezuelaGolden Minerals Co: $35 million for silver in ArgentinaFortuna Silver Mines: $34 million for gold/silver in PeruB2Gold Corp: $32 million for gold in ColombiaSunward Resources: $25 million for gold/copper in
ColombiaVentana Gold Corp: $21 million for gold in ColombiaPeregrine Metals Ltd.: $20 million for copper in ArgentinaSulliden Exploration Inc.: $15 million for gold/silver in
PeruPolar Star Mining Corp.: $15 million for gold/silver/base
metals in ChileMirabela Nickel Ltd.: $12 million for nickel and copper in
Brazil
21
Peruvian Listings and Interlistings with BVL
‐Peruvian based silver mining company‐Projects in Peru and Mexico‐Lima and TSX listed
Fortuna Silver Mines (TSX:FVI BVL:FVI)
‐Head office in Peru‐Latin American precious metals mining, development and exploration company‐Projects in Peru and Argentina ‐Lima AIM and TSX listed
Minera IRL Limited. (TSX:IRL BVL:MIRL AIM:MIRL)
Vena Resources Inc. (TSX:VEM BVL:VEM)
Norsemont Mining Inc. (TSX:NOM BVL:NOM)
-Offices in Peru and Chile-Copper project in Peru-Lima and TSXV listed
AQM Copper Inc. (TSXV:AQM BVL:AQM)
Candente Copper Corp (TSX:DNT BVL:DNT)
-Peruvian based gold and copper-gold deposits exploration company-Lima and TSXV listed
Alturas Minerals Corp. (TSXV:ALT BVL:ALT)
Panoro Minerals Ltd. (TSXV:PML BVL:PML)
Inca Pacific Resources Inc. (TSXV:IPR BVL:IPR)
Rio Alto Mining Limited (TSXV:RIO BVL:RIO)
Interlistings with Lima:
22
Alturas Minerals Corp.Alturas Minerals Corp. engages in the exploration and development of mineral resource properties in Peru, focusing on the discovery of epithermal gold mineralized deposits & copper-gold porphyry/skarn deposits. It principally has interests in four mineral exploration projects located in southern Peru. The company is based in Lima, Peru.
Date of ListingListed on TSX Venture Exchange by Reverse Take Over on April 10, 2006Listed on Lima Stock Exchange
Financings $1.52 Million Private Placement in April 2010$10 Million Private Placement in June 2007$7 Million Private Placement in April 2006
Market Capitalization
$6.839 Million as of August 31, 2010 based on 71.98 million shares outstanding
2 Year Price and Trading
Volume As at Aug 31/10
*(Source: Capital IQ)
ALT
0.0
0.1
0.1
0.2
0.2
0.3
0.3
Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10
0
200,000
400,000
600,000
800,000
1m
1m
1m
2m
2m
23
Fortuna Silver Mines Inc.Fortuna Silver Mines Inc. engages in the exploration, extraction, and processing of silver, zinc, lead, gold, and copper ores. The company principally holds 100% interests in the Caylloma silver-zinc-lead mine in southern Peru; and the San Jose silver-gold project in Taviche Mining District, southern portion of state of Oaxaca, Mexico.
Listings
Graduated from TSX Venture Exchange to Toronto Stock Exchange – January 18, 2010 Listed on Lima Stock Exchange (FVI) and traded on the OTC:BB under the symbol (FVIT.F)
Financings Raised $34.5 Million in a Private Placement on TSX in March 2010Raised $53.3 Million in two Private Placements on TSX Venture between 2006 and 2007
Market Capitalization
$295.9 Million as at August 31, 2010
Analyst Coverage
7 Analyst (Source: Capital IQ)
1 Year Price and Trading
Volume History
As at Aug. 31/10
*(Source: Capital IQ)
FVI
August 2010
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10
0
500,000
1m
2m
2m
3m
24
Globally Competitive Exchanges
Trends in Mining Finance
TSX and TSXV Presence in South America
Listing on TSX and TSXV
Outline
25
Why Companies Consider TSX and TSX Venture Exchange
Unique Public Market for small to mid cap companies
• Access to Capital
• Liquidity
• Visibility
26
Going Public on Toronto Stock Exchange or TSX Venture Exchange
27
Regulating Canada’s Mining SectorUnderstanding the Regulatory Landscape in Canada• TMX has supervision of new listings and matters pertaining to continued listing requirements. • IIROC - National self-regulatory organization which oversees all investment dealers and trading
activity in Canada.• Securities Commission - Regulates investment funds and is responsible for overseeing capital
markets and certain provisions of the Business Corporations Act.
Standards-based exchanges that promote integrity for public SMEs• Access to specialized products for TSX/TSXV listing.• Policies for different size companies related to financial reporting, corporate governance and
financing methods.
Regulations to encourage develop of the mining sector• Tailored listing requirements for mining sector.• Regulations such as TMX’s Timely Disclosure Policy, National Instrument 43-101 and the Qualified
Person requirement.
Mining focused economy supported by capital markets• Milestones such as a Canada’s Mineral Exploration Tax Credit and Mining Standards Task Force.• Expertise in mining across the capital markets, legal community and stock exchanges.• An increase in investment funds focused on mining sector.
Canadian regulatory commissions and exchanges are customer-focused• Access to U.S. capital without the higher cost of regulatory compliance• Exemptions available for certain markets and dual listed companies• Right balance of regulatory oversight and timely disclosure compared with other markets.
28
TMX Group has listing criteria specifically for the mining sector
This table is an overview. For detailed listing requirements go to www.tmx.com
Technical Listing Requirements:
• Minimum Property Ownership
• Management Track Record and Experience
• Sufficient Working Capital and/or Mine Life
• NI 43-101 Report
• Exploration & Development or Producing Requirements
29
Capital Pool Company™ (CPC) Program has a Strong Track Record
Since inception:•Over 2050 CPCs were created•80% have completed their QT – over 1600 companies
Currently:•329 Graduates now trade on TSX•96 of the grads were CPCs•47 of 82 QTs in 2009 were mining•36 of 62 QTs in the first half of 2010 were mining
30
Seed Financing and Prosp
ectus
Public O
ffering
Trade as CPC
Announce QT
File Disc
losure Statement
Trade as Venture
Company
CPC Acquires Business (QT)
Public Financing and CPC Trades
Prospectu
s Rece
ipt
Close Transa
ction
Seed
Identify Q
ualifying Transa
ction
24 Months Maximum
Capital Pool Company: Process
Aftermarket and Growth
Execute Busin
ess
Plan/Grow
Company
31
Why/When a CPC
• Alternative access to capital; Retain higher ownership• Want to be public company (M&A currency, stock options, visibility)• Greater flexibility, certainty and control in the process• Going public risk reduced
• Management (public company experience)• Long term strategy to grow as a public company• Reasonable valuation = Viable share structure• Investor support• Appropriate advisors (lawyer, broker, investment banker)
Company Wants/ Needs
Critical Success Factors
• Company is too early stage for a broadly distributed regular IPO• IPO market is not strong enough in general• VC financing is not viable or management prefers not to use• Market appears to reward growth business of target company’s
sector
Market Condition
s
32
Dual Listing Market Continues to Evolve on TSX
Key Trends
•Growing number of dual listed success stories
•Dual listed cos. have steadily built profile
•Greater interaction between key mining exchanges
•Dual list process continues to improve
• Accessed significant capital and trading on TMX
• Improvements in home market valuations and trading liquidity
• More mines put into production
Dual Listed Companies:
33
FAQs for International Companies
• IFRS Accounting/Audit Standards and U.S. GAAP accepted without reconciliation
• Board and management must have adequate relevant North American public company experience – Canadian directors are not required
• Must have a plan for adequate shareholder base & distribution of shares to support a liquid market on TSX. 300 worldwide shareholders holding more than a board lot. There is no requirement for Canadian shareholders.
• Canadian office not required – Recommend a contact person in Canada be accessible for shareholders and analyst inquiries
• NI 43-101 accepts JORC, SAMREC and international resources and reserves standards. The report should cover all material properties. The recommended work program should coincide with the 18 month projection of sources and uses.
• Sponsorship is generally required for a new entrant unless the company: is profitable, or completes a prospectus/financing with TSX brokers or sufficient due diligence completed on other market. Nomad requirement not applicable in Canada.
34
Differentiating Ourselves from Other Marketplaces
Uniqueness Access to Capital
Liquidity International
• Market structure facilitates graduation from junior market (TSXV) to senior market (TSX)
• Strong feeder system
• Market of choice for Resource and small and mid-cap companies
• Steady growth of capital investment over past 5 years
• Record breaking year in 2009 -- $64.9 billion raised
• Access to North American capital
• Value traded has more than doubled over the past 5 years
• Record breaking year in 2009 for trading volumes and transactions
• 295 international companies on TMX
•148 US, 54 China and 32 Australia
35
7th
in MarketCapitalizatio
n
Canadian Equity Markets… Global Leaders
6th
in EquityFinancing
36
ChinaAnnie Tao416 947-4273annie.tao@tmx.com
Diversified IndustriesRaymond King416 947-4675raymond.king@tmx.com
United StatesTala Zarbafi416 947-4636tala.zarbafi@tmx.com
EnergyCindy Gray403 218-2822cindy.gray@tmx.com
MiningGreg Ferron416 947-4477greg.ferron@tmx.com
Clean TechnologyRobert Peterman416 947-4305robert.peterman@tmx.com
This document is for information purposes only and is not an invitation to purchase securities listed on Toronto Stock Exchange
and/or TSX Venture Exchange or Natural Gas Exchange. TMX Group Inc. and its affiliates do not endorse or recommend any
securities referenced in this document. Please seek professional advice to evaluate specific securities.
While the information herein is collected and compiled with care, neither TMX Group Inc. nor any of its affiliated companies
represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information
contained herein for any trading, business or financial purpose.
This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall
be incurred by TMX Group Inc. and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon
this information.
© 2010 TMX Group Inc.
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