GOING PUBLIC IN CANADA

Cassels Brock & Blackwell LLP Going Public in Canada

CASSELS BROCK IN BRIEF

•Canadianlawfirmofmorethan200lawyersbasedinTorontoandVancouverfocusedonservingthetransaction,advocacyandadvisoryneedsofthecountry’smostdynamicbusinesssectors

•Emphasisoncorepracticeareasofmergersandacquisitions,securities,finance,corporateandcommerciallaw,litigation,taxation,intellectualpropertyandinformationtechnology,internationalbusinessandgovernmentrelations

•OneofthelargestbusinesslawpracticesinCanada,servingmultinational,nationalandmid-marketentitiesandwithaparticularstrengthintheminingandnaturalresourcessector

•ConsistentlyrankedatornearthetopofBloomberg,ThomsonFinancialandMergermarketdealsleaguetablesformergersandacquisitionsandequityofferings

•CitedasmarketleadersbyChambers Global, ALM 500, Best Lawyers, Lexpert, Global Counselandothers

•RegularlyactondealshonouredattheCanadianDealmakers’GalaandforcounselrecognizedattheCanadianGeneralCounselAwards

GoingPublicinCanada:Overview 1InitialPublicOffering 3ReverseTake-Over 6QualifyingTransactionwitha CapitalPoolCompany(“CPC”) 9LifeAfterListing 10

TABLEOFCONTENTS

Cassels Brock & Blackwell LLPGoing Public in Canada 1

Thedecisiontobecomeareportingissuerandoffersecuritiestobetradedonapublicexchangeisamilestoneforacompanyofanysize.Therearemanyadvantagestogoingpublic,however,doingsobringsnewresponsibilitiesforwhichabusinessmustbeprepared.Managementisencouragedtocarefullyconsiderthefollowingandthendecidewhethertheyarepreparedtobecome,andoperateas,apubliccompany.

GOINGPUBLICINCANADA: OVERVIEW

Advantages

Whenaprivatecompanygoespublic,currentshareholdersbenefitfromthenewmarketfortheirsecurities.Increasedliquiditycanraisethevalueofthesharesandallowsexistingshareholdersanopportunitytoexitalloraportionoftheirpositionandrealizegains.Thecompanymayalsodiversifyitscapitalstructure;accesstopublicmarketsgivesthecompanymoreflexibilityinitscapitalstructureasequitycanbesoldforcashorissuedinsatisfactionofdebt.Goingpubliccanincreasebargainingpowerwhendealingwithpartiesoutsidethebusinessaspubliccompaniesareseenasmoresecurethanprivatecompanies;contractorsandsupplierswilldealmorereadilywithapubliccompany.Publiccompaniesarealsoregardedmorehighlybycapitalandlabourmarkets.Employeescanbeofferedstockoptionsaspartoftheircompensationpackage,allowingthecompanytoattractandretainbettertalentandcreatinganincentivetoworktowardacommongoal.

ISITINTHECOMPANY’SBESTINTERESTTOGOPUBLIC?

Other considerations

Therearenumberofconsequencestobecomingapubliccompanythatmustbecarefullyconsidered.Tostart,thecompany’smanagementwillloseadegreeofcontroloverthebusiness.Managersandboardmembersareaccountabletoabroaderrangeofshareholdersandmustbeabletojustifytheirdecisionstothem.Thismeansthatmaximizingshareholdervalueisapriority,creatingpressureforshort-termperformance.Acompanymustalsobepreparedfortherequirementsofincreasedtransparencyandtheheightenedlevelofscrutinyapubliccompanyreceives.Businessinformationthatwasformerlyprivate,suchasbusinessstrategy,financialperformanceandcompensationofseniorofficers,isrequiredtoberevealedtothepublic,includingtocompetitors.Additionally,materialcontractsarerequiredtobemadeavailablepublicly,subjecttocertainexceptions.Thecontinuousdisclosureobligationscanbeonerousandcostly,andmanyjudgmentcalls willrequiretheassistanceofoutsideprofessionals.

Theinitialcostofgoingpublicmustbejustifiable.Apublicofferingwillrequiretheretentionoflawyers,auditorsandinvestmentbankersaswellasothertechnicalconsultants.Further,administrationcoatsforprintingtheprospectus,“roadshows”andlistingfeescanbesubstantial.Goingpublicalsoexposesthecompanyanditsdirectorstopotentialliability.Comparedtoprivateshareholders,publicshareholderswilllikelytakeamoreactiveinterestinthebusinessandmaybemorelikelytosue.Thisriskissomewhatmitigatedbytheavailabilityofdirectorinsurance,however,itonlycoverslimitedsituations.Goingpublicalsoincreasestheriskofatake-overbid.

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Listing requirements

Evenifacompanyfeelsitispreparedtodealwiththerisksandobligationsofbeingapubliccompany,itmaynotmeetlistingrequirementssetbyeachoftheCanadianstockexchanges.TherearethreestockexchangesinCanada,theTorontoStockExchange(“TSX”),TSXVentureExchange(“TSXV”)andtheCanadianNationalStockExchange(“CNSX”).TheTSXisdesignedtoprovideseniorissuerswithamarketfortheirsecurities,whiletheTSXVisdesignedtogiveearlystagecompaniesaccesstoventurecapitalmarkets.TheCNSXisacost-effectivedisclosure-focusedexchangeforsmallerissuers.CompaniesinitiallylistedontheTSXVorCNSXmayapply tograduatetotheTSXwhentheymeettheappropriatelistingthresholds.TheTSXhasthehighestthresholdsintermsoflistingrequirementsofthethreeexchanges.

Companiesapplytobelistedononeoftheexchangesbysubmittingaletterrequestwithcertainrequiredsupportingdocumentstothedesiredexchange.Applicationdocumentsincludealistingagreement,personalinformationformsordeclarationsofallseniorofficersanddirectorsandaprospectus, ifthecompanyisissuingone,oralong-formapplicationifitisnot.

TSXVapplicationsmustbesponsoredbyaTSXVmember.Thissponsorconsiderstheexpertiseofseniormanagementanddirectors,theintegrityofthecompany’sfinancialstatements,thelistingrequirementsandwhetherthecompanyissuitableforapubliclisting.Thesponsoralsoplaysaroleindetermininghowthecompanywillgopublic.

Forallapplications,additionaldocumentsmayberequireddependingontheindustryinwhichthebusinessoperates.Forexample,miningcompanieswillberequiredtosubmitgeologicalreportsinrespectofmaterialpropertiesincompliancewithNI43-101–Standards for Disclosure for Mining Projects.

…GOINGPUBLICINCANADA:OVERVIEW

How do I go public?

InCanada,acompanycangopublicbycompletingaprospectusoffering(an“initialpublicoffering”or“IPO”),throughareversetake-overorbycompletingaqualifyingtransactionwithacapitalpoolcompany.

CANIGOPUBLIC?

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Aninitialpublicofferingisthemostconventionalwaythatprivatecompaniesgopublic.AnIPOrequiresthepreparationofaprospectus,whichprovidesinvestorswiththeinformationneededtomakeaneducatedinvestmentdecision.Thelevelofdisclosureneededfortheprospectusisfull,trueandplaindisclosure,thehigheststandardinsecuritieslaw.Asaresult,creatingaprospectusisalonganddetailedprocessthatrequirestheco-operationofmanagement,securitieslawyers,externalauditors,investmentbankers,technicalconsultantsandinvestorrelationsprofessionals.

Apreliminaryprospectusispubliclyfiledwitheachofthesecuritiescommissionsoftheprovinceswherethesecuritieswillbeofferedandwiththedesiredexchange.Thepreliminaryprospectusisreviewedbytheregulatoryauthoritiesandcommentsaresenttothecompanyanditslawyerstoadviseofdeficienciesandissues,ifany.Onceallcommentshavebeensatisfactorilyaddressedandsettled,afinalprospectusisfiledandafinalreceiptisgiven.Thesecuritiesarethensold,theofferingisclosedandthesecuritiesarelistedontheapplicableexchange.

INITIALPUBLIC OFFERING

Will my IPO be successful?

Fortheretobeapublicofferingofsecurities,thecompanymustfirstfindunderwriterswhoareconfidentthesecuritieswillsell.Underwriterswillconsiderthecompany’spotentialforgrowthandwhetherthefundsraisedcanbeusedtoincreasethevalueofthecompany.Thecompany’spastearningsandfutureprospects,aswellastheabilitiesandpreviousexperienceofthemanagementteamandboardofdirectorswillalsobeconsidered.Apubliccompanyneedsamanagementteamandboardofdirectorswithexperienceoperatingpubliccompanies.

Why do an IPO?

AnIPOallowsforawidedistributionofsecurities.Fromamarketingperspective,thecompanyisgivenmorepublicityasmorepeoplebecomeawareoftheoffering.Unlikeareversetake-over,anIPOdoesnotinvolvedealingwithanothercompanythatmayhavepotentialliabilities,issuesorobligationsattachedtoitthatwouldbeinheritedorassumedbytheentitythatcontinuesforwardfollowingthereversetake-over.

What financial statements are required?

Generally,boththepreliminaryandfinalprospectusmustinclude:

» Astatementofcomprehensiveincome,astatementofchangesinequityandastatementofchangesincashflowforeachofthethreemostrecentlycompletedfinancialyears;and

» Astatementoffinancialpositionforeachofthetwomostrecentlycompletedfinancialyears.

Therearespecialrulesforquarterlyreportsandpossibleexceptionstotheaboverequirementsincertain,veryspecificsituations.Acompanypreparingtogopublicalsoneedstobeawarethatadditionalstatementsarerequiredifa“significantacquisition”hasbeencompletedinthemostrecentlycompletedfinancialyear(orthecompanyproposestocompleteone).Allannualfinancialstatementsincludedinaprospectusmustbeaudited.AuditsarerequiredtobepreparedinaccordancewithInternationalFinancialReportingStandards(IFRS).

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…INITIALPUBLICOFFERING

TIMELINE FOR AN IPO IN CANADA

TIMING TASK

Weeks1-2 » Managementconfirmsthecurrentboardofdirectorsandmanagementteamwillmeettheregulatoryrequirementsofapubliccompany

» Managementchoosesandengagesprofessionaladvisors:underwriters,securitieslawyers,externalauditorsandinvestorrelationsprofessionals

» Meetingwithauditorsandotheradvisorstodiscussfinancialsand,ifapplicable,technicalreports(suchasNI43-101compliantreportsformineralproperties)andcommencepreparationofsame

» Internaldocumentationorganizedtoensureduediligenceandpreliminaryprospectuspreparationarecompletedefficiently

» Underwritersbeginduediligencereview » Draftingofpreliminaryprospectuscommences

Weeks3-4 » Preparationofexchangelistingapplication » Attendtoexchangelistingrequirements(i.e.,application

forCUSIPnumber,distributionofpersonalinformationformstodirectorsandofficers)

» Legalandbusinessduediligencetocontinue » Commencepreparationofmarketingmaterials » Arrangeforfinancialprinters

Week5 » Oralduediligencesessionwiththecompany’smanagement,auditorsandlegalcounsel

» Finalizepreliminaryprospectus » Boardmeetingtoapprovepreliminaryprospectus

(includingfinancialstatementsandtechnicalreports) » Preliminaryprospectusandsupportingdocument,including

financialstatements,filedwiththeexchangeandapplicableprovincialsecuritiesregulators

Weeks6-9 » “Waitingperiod”begins:thecompanyandtheunderwritersarepermittedtosolicitinterestinsecuritiesbyforwardingcopiesofpreliminaryprospectustoprospectiveinvestors

» Underwriters’counseldistributesdraftunderwritingagreement

» Provincialsecuritiesregulatorsandtheexchangereviewpreliminaryprospectusandadviseapplicantissuerandprofessionaladvisorsofanydeficiencies

» Applicantissuer(withaidofsecuritiescounsel)toaddressdeficienciesandfilenecessaryamendmentstoprospectuswithsecuritiesregulators

» Underwritersbeginmarketingefforts » Listingapplicationfiledwiththeapplicableexchange

What are the steps and timing?

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…INITIALPUBLICOFFERING

What are the costs of an IPO?

CommonexpensesincompletinganIPOinCanadainclude:

» Auditorfees » Filingfees(paidtoCanadiansecuritiesregulatorswhenfilinga

prospectusinallprovinces) » Legalfees » Listingfees(paidtotheapplicableexchange) » Marketingcosts » Printingcosts » Transferagencyfee » Translationcosts(ifanypartoftheofferingismadeinQuébec) » Underwriterfees

Weeks10-11 » Marketingcompleteandexpressionsofinterestsolicited » Holdupdateduediligencesessionwithcompany’s

management,auditorsandlegalcounsel » Resolveanyoutstandingcommentsfromthesecurities

commissionsonthepreliminaryprospectus » Finalizetermsofoffering(i.e.,price,size,etc.) » Finalizefinalprospectus » Holdboardmeetingtoapprovefinalprospectusandany

otherancillarymatters » Filefinalprospectuswithrelevantsecuritiescommissions » Issuepressrelease » Printcommercialcopiesoffinalprospectusfordistribution

tosubscribers

Weeks12-13 » ExpiryofstatutorywithdrawalrightsinCanada » Pre-closingmeetingtosettleandsignallclosing

documentation » Closingoccurs » Issuepressrelease » Securitiesbegintrading

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Anotherwayforaprivatecompanytobecomeapubliccompanyisforittobeacquiredbyanexistingpubliccompanylistedonanexchange,knownasa“reversetake-over”or“RTO”.AnRTOoccurswhenapubliclistedshellcompanyacquiresormergeswithaprivatecompany,andtheownersoftheprivatecompanybecomethemajorityownersofthepubliclylistedcompany.Theshellcompanywillnothaveanoperatingbusinessandwilltypicallyhavefew,ifany,assets.Theacquisitionoftheprivatecompanymaybeachievedthroughanumberofmeans,includingbymergerofthetwocompanies,assetacquisitionofshareacquisition.ThestructureoftheRTOwilldependonanumberoffactorsincludingtaxconsiderations.TheAcquisitiongenerallyrequiresthepreparationofmaterialsforameetingofshareholderstoapprovethesetransactionswhichcontainprospectusleveldisclosureonboththelistedcompanyandtheprivatecompany.

REVERSE TAKE-OVER

Why do a reverse take-over?

Thebenefitofpursuingareversetake-overisthatthepublicparenthasapre-existingshareholderbasethatwillsatisfytheexchange’spublicfloatrequirement.Thereforeitmaynotbenecessarytoattractasmanynewinvestorsorhireateamofunderwriterstodistributestock.

AlthoughanIPOmayestablishastrongerretaildistribution,anRTOprovidesahistoricalretailbasetherebyreducingtherequirementtomarkettoretailinvestors.Incertaincircumstances,theshellcompanycanprovidethecompanywithcommercialadvantagessuchascash,qualifiedresidentCanadiandirectorsandacompatibleasset.

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…REVERSE TAKE-OVER

Other considerations

Thismethodofgoingpublicdoesnoteliminatetheworkorexpenseinvolvedintakingacompanypublic.Thenewcompany,onapost-transactionbasis,muststillmeetlistingrequirementsandthetransactionissubjecttoregulatoryapproval.Thecompanyperformingthereversetake-overwillstillneedtoconductextensiveduediligenceandpreparethedisclosuredocumentsassociatedwiththetransaction.Thefeesassociatedwithgoingpublicthiswayarestillsubstantial.

ThetimerequiredtocompleteanRTOvaries,howeveritusuallytakesbetweenfourmonthsandsixmonthsfromthetimetheownersoftheprivatecompanyidentifytheshellcompany.Thekeydeterminingfactorswithrespecttotimelinesincludestatutoryrequirementsfortheholdingofshareholdermeetings,thetimerequiredbyregulatorsforreviewofmaterialsandthereceptivenessofthemarkettoanyproposedfinancing.

TheissuerwhichresultsfromtheRTOmustmeettheoriginallistingrequirementsoftheexchangethatthepubliccompanyislistedonandthetransactionwillbesubjecttotheapprovalofthatexchange.

TheRTOmustbeapprovedbyshareholdersoftheshellcompany,whichrequiresthatainformationcircularbefiledandashareholdermeetingheld.Holdingashareholdermeetingaddstimeandexpensetothetransaction.Theshellcompanywouldhaveseparatelegalandaccountingadvisorswhichalsoaddsdelayandexpense.

Asindicatedabove,theshellcompanywillhavesomepriorhistorywhichmeansthatthereisgreaterpotentialforactualorcontingentliabilitiesthatwouldbeinheritedbyandcontinuewiththeentityresultingfromtheRTO.Forthereasonsnotedabove,includingtherequirementforashareholdermeetinginCanada,additionaladvisorsandseparatemeetingmaterialsandlistingapplication,anRTOmaybemoretimeconsumingandpotentiallymorecostlythananIPO.

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What are the steps and timing?

…REVERSETAKE-OVERBID

TIMELINE FOR AN RTO IN CANADA

TIMING TASK

Weeks1-3 » Identifyandcommencenegotiationswithshellcompany » Partiestocommenceduediligenceprocessoneachother » Determinestockconsiderationratioorrange » Considerwhetherafinancingisrequiredinconnection

withtheRTO » Commencedraftingoftechnicalreports(suchas

NI43-101complainttechnicalreportsformineralproperties),ifapplicable

» Preparefinancialstatementsforinclusionininformationcircular

Weeks4-6 » Announcetransactionwithshellcompany » Commencepreparationofmeetingmaterials » Continuepreparationoffinancialstatementsandtechnical

reports » Legalandbusinessduediligencetocontinue » Selectmanagementandboardofdirectorsofresulting

issuer

Week7 » Deliverinitialdraftdocumentationtotheexchange (i.e.,informationcircular,financialstatements,technicalreports,listingapplication,personalinformationforms)

» Publishrecorddateforshareholdersmeeting (atleast7dayspriortotherecorddate)

Weeks8-11 » Recorddateforshareholdersmeeting (mustbeatleast30dayspriortomeetingdate)

» Obtainconditionallistingapprovaloftheapplicableexchange

» Printingandmailingofmeetingmaterialsforshareholdersmeeting(mustbeatleast21dayspriortothemeetingdate)

Weeks12-13 » Holdshareholdermeetingandobtainshareholderapproval » Filingofpost-shareholderapprovaldocumentswiththeTSX

(i.e.,scrutineer’sreport,legalopinion,balanceoffilingfees) » ClosingofRTO » Exchangeissuesfinalexchangebulletin(evidencingfinal

listingapproval) » Commonsharesoftheresultingissuercommencetrading

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A“qualifyingtransaction”issimilartoareversetake-overexceptitisdoneusinga“CapitalPoolCompany”or“CPC”. ACPCisaparticularkindofTSXVlistedpublicshellcompanythatisverylimitedintermsofwhatitcandountilitcompletesa“QualifyingTransaction”byacquiringormergingwithanoperatingprivatecompanyoracquiringaqualifyingasset. TheCPCprogramisofferedbytheTSXVinanattempttoprovidesmallerbusinesseswithalternativeaccesstocapitalmarkets.ShareholdersoftheprivatecompanybecomeshareholdersoftheCPC.OncetheCPCcompletesthetransactionitssharescontinuetobetradedontheTSXV.

QUALIFYINGTRANSACTION WITHACAPITALPOOLCOMPANY

Why choose a CPC?

AprivatecompanymaychoosetodoaqualifyingtransactionwithaCPCtoallowtheprivatecompanytogopublicwhereitisnototherwisereadytohaveitssecuritiesverywidelyheld,orifthemarketisnotstrongenoughforasuccessfulIPO.BecauseaCPCisarecentlyincorporatedshellcompanywithlittlehistory,thereisatypicallymuchlowervolumeofduediligencethanforaregularreversetake-over.

TheCPCprogramprovidesanalternativeroutetoaccessingcapitalthatmayallowthecompanyfounderstoretainahigherownershipthanthroughatraditionalIPOorRTO.AqualifyingtransactionwithaCPCprovidesagoingpublicprocessthathasgreaterflexibility,morecertainty,andallowsformorecontrolbythecompaniesinvolved.Ingeneral,ittakesthesomeoftheriskoutofthegoingpublicprocess.

Other considerations

Aswiththeothermethodsforgoingpublic,astrongmanagementteamwithexperienceoperatingpubliccompaniesisneeded.Additionally,asuiteofprofessionaladvisorsincludingsecuritieslawyers,externalauditors,investmentbankersandtechnicalconsultantsarerequiredtobeinvolvedinthetransaction.Thecompanyalsoneedstoensurethatithasalong-termstrategyforgrowthasapubliccompanyandengagefinancialadvisorstoensurethatthecompany’smessageiscommunicatedtopotentialshareholdersandthatthereisinvestorsupportforthecompany’ssharesfollowingthegoingpublictransaction.

Thestepsinvolvedandtimetocompleteaqualifyingtransactionaresimilartothoseforareversetake-over.

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LIFEAFTER LISTING

What happens once the company goes public?

Itisimportantforbusinessestogiveseriousconsiderationtotheobligationsassociatedwithbeingapubliccompany.Companiesarerequiredtoprovidebothperiodicandtimelydisclosureandthecontinuousdisclosurerequirementscanbeonerousandcostly.Periodicdisclosuremeansthattherewillberegularreportingoffinancialstatements,includingauditor’sreports,management’sdiscussionandanalysis,annualmeetingmaterials,businessacquisitionreportsfor“significantacquisitions”,technicalreports(ifapplicable)andanannualinformationform(whichisoptionalifthecompanyislistedontheTSXV).Theseitemsrequiresignificantresourcestoprepare,reviewandfile.Thetimelydisclosureregulationsmayalsobeonerous,ascompaniesarerequiredtoreportmaterialchangesbypressreleaseimmediatelyandtofileamaterialchangereportwithin10daysofthematerialchange.Decidingwhatconstitutesamaterialchangerequirescarefulconsiderationbytheboardofdirectorsandoftentheassistanceofanexperiencedsecuritieslawyer.Theconsequencesoffailingtodiscloseamaterialchangecanbesevere.

Onebenefittothecontinuousdisclosureregimeisthereducedcostandincreasedspeedwithwhichsubsequentprospectusofferingscanoccur. Ifacompanyisup-to-datewithitsfilingsitmayqualifytousetheshort-formprospectusregime.Theshort-formprospectusrulesallowacompanytoincorporatedocumentsbyreferenceandisamuchfasterprospectusprocessthanforalong-formprospectus.

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Corporate governance requirements

Thereareimportantcorporategovernancematterstoconsiderwhengoingpublic,includingensuringthatthecompany’sboardandmanagementarecomprisedinaccordancewithCanadiangovernancestandardsandthatresidencyrequirementsfordirectorsaremet.

TheTSXrequiresaminimumoftwoindependentdirectorsinordertomeetminimumlistingrequirements.Threeindependentdirectorswhopossessknowledgeandunderstandingoffinancialmatters,arenecessaryinordertohaveaproperlyconstitutedauditcommittee.

Tobeconsidered“independent”,adirector:

» Mustnotcurrentlybeanexecutiveofferoremployeeoftheissuer (orhavefulfilledsucharoleinthelastthreeyears)

» Mustnotreceivecompensationfromtheissuerotherthanpaymentforactingasamemberoftheboardandhavenootherdirectorindirectmaterialrelationshipwiththeissuer

Managementandboardsarealsorequiredtobefamiliarwithapubliccompanystructureandhaveexperienceintheissuer’sbusiness/industry.

Residencyrequirementsvaryfromprovincetoprovince.Forexample,AlbertaandOntariorequirethatresidentCanadiandirectorscompriseatleast25%ofthetotalnumberofdirectorswhiletherearenocurrentCanadianresidencyrequirementsfordirectorsofcorporationsinBritishColumbiaandQuebec.BoardsofdirectorsofcompaniesexistingundertheCanada Business Corporations Actarealsorequiredtobecomprisedofatleast25%Canadianresidentdirectors.

…LIFEAFTERLISTING

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This document and the information in it is for illustration only and does not constitute legal advice. The information is subject to changes in the law and the interpretation thereof. This document is not a substitute for legal or other professional advice. Users should consult legal counsel for advice regarding the matters discussed herein.