osc bulletin · 2012. 3. 30. · the ontario securities commission osc bulletin march 30, 2012...
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The Ontario Securities Commission
OSC Bulletin
March 30, 2012
Volume 35, Issue 13
(2012), 35 OSCB
The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the
Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)
The Ontario Securities Commission Published under the authority of the Commission by: Cadillac Fairview Tower Carswell, a Thomson Reuters business Suite 1903, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4 416-593-8314 or Toll Free 1-877-785-1555 416-609-3800 or 1-800-387-5164 Contact Centre - Inquiries, Complaints: Fax: 416-593-8122 Market Regulation Branch: Fax: 416-595-8940 Compliance and Registrant Regulation Branch - Compliance: Fax: 416-593-8240 - Registrant Regulation: Fax: 416-593-8283 Corporate Finance Branch
- Team 1: Fax: 416-593-8244 - Team 2: Fax: 416-593-3683 - Team 3: Fax: 416-593-8252 - Insider Reporting: Fax: 416-593-3666 - Mergers and Acquisitions: Fax: 416-593-8177
Enforcement Branch: Fax: 416-593-8321 Executive Offices: Fax: 416-593-8241 General Counsel’s Office: Fax: 416-593-3681 Investment Funds Branch: Fax: 416-593-3699 Office of the Secretary: Fax: 416-593-2318
The OSC Bulletin is published weekly by Carswell, a Thomson Reuters business, under the authority of the Ontario Securities Commission. Subscriptions are available from Carswell at the price of $649 per year. Subscription prices include first class postage to Canadian addresses. Outside Canada, these airmail postage charges apply on a current subscription:
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or call Carswell Customer Relations at 1-800-387-5164 (416-609-3800 Toronto & Outside of Canada). Claims from bona fide subscribers for missing issues will be honoured by Carswell up to one month from publication date. Space is available in the Ontario Securities Commission Bulletin for advertisements. The publisher will accept advertising aimed at the securities industry or financial community in Canada. Advertisements are limited to tombstone announcements and professional business card announcements by members of, and suppliers to, the financial services industry. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher.
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March 30, 2012
(2012) 35 OSCB
Table of Contents Chapter 1 Notices / News Releases ...................... 2995 1.1 Notices .......................................................... 2995 1.1.1 Current Proceedings before the Ontario Securities Commission ...................... 2995 1.1.2 OSC Staff Notice 51-719 – Emerging Markets Issuer Review ................................... 3004 1.1.3 CSA Staff Notice 81-320 (Revised) – Update on International Financial Reporting Standards for Investment Funds ........................................... 3005 1.1.4 OSC Notice 11-766 – Statement of Priorities – Request for Comment Regarding Statement of Priorities for Financial Year to End March 31, 2013 ........... 3007 1.2 Notices of Hearing ........................................ 3014 1.2.1 Bunting & Waddington Inc. et al. – ss. 127, 127.1 ............................................. 3014 1.2.2 Joseph Caza and Salim Kanji – s. 127 .......................................................... 3019 1.2.3 Joseph Caza and Salim Kanji – s. 127 .......................................................... 3022 1.2.4 Fibrek Inc. – s. 21.7 ........................................ 3025 1.2.5 Carmine Domenicucci – ss. 127, 127.1 ............................................. 3026 1.2.6 Carmine Domenicucci – ss. 127, 127.1 ............................................. 3031 1.3 News Releases ............................................. 3031 1.3.1 OSC INVESTOR ALERT: Medwell Capital Corp. (formerly BioMS Medical Corp.) ..................... 3031 1.4 Notices from the Office of the Secretary ............................................ 3032 1.4.1 Bunting & Waddington Inc. et al. .................... 3032 1.4.2 Maple Leaf Investment Fund Corp. et al. ............................................................... 3033 1.4.3 Joseph Caza and Salim Kanji ......................... 3033 1.4.4 Fibrek Inc. ....................................................... 3034 1.4.5 Alexander Christ Doulis et al. ......................... 3035 1.4.6 Carmine Domenicucci ................................... 3035 1.4.7 American Heritage Stock Transfer Inc. et al. ......................................................... 3036 1.4.8 Sandy Winick et al. ......................................... 3036 1.4.9 Carmine Domenicucci .................................... 3037 1.4.10 Fibrek Inc. ....................................................... 3037 1.4.11 Joseph Caza and Salim Kanji ......................... 3038 1.4.12 Joseph Caza and Salim Kanji ......................... 3038 1.4.13 New Found Freedom Financial et al. .............. 3039 1.4.14 Sextant Capital Management Inc. et al. .......... 3039 1.4.15 Shallow Oil & Gas Inc. et al. ........................... 3040 Chapter 2 Decisions, Orders and Rulings ............ 3041 2.1 Decisions ...................................................... 3041 2.1.1 Titan Uranium Inc. .......................................... 3041 2.1.2 Lone Pine Resources Inc. ............................. 3043 2.1.3 Seaview Energy Inc. ...................................... 3046 2.1.4 Compagnie de Saint-Gobain .......................... 3050
2.1.5 Canadian Banc Corp. and Quadravest Capital Management Inc. .......... 3055 2.1.6 Dividend Select 15 Corp. and Quadravest Capital Management Inc. ........... 3057 2.1.7 Prime Dividend Corp. and Quadravest Capital Management Inc. ........... 3059 2.1.8 Eldorado Gold Yukon Corp. (formerly European Goldfields Limited) ......... 3061 2.1.9 Bridgewater Associates, LP ........................... 3062 2.1.10 Quadra FNX Mining Ltd. – s. 1(10) ................ 3063 2.2 Orders ........................................................... 3064 2.2.1 Maple Leaf Investment Fund Corp. et al. – s. 127, 127.1 ...................................... 3064 2.2.2 American Heritage Stock Transfer Inc. et al. – s. 127(7) ............................................. 3066 2.2.3 Sandy Winick et al. – s. 127, 127.1 ................ 3067 2.2.4 Fibrek Inc. – s. 21.7 ....................................... 3068 2.2.5 Joseph Caza and Salim Kanji ........................ 3069 2.2.6 Joseph Caza and Salim Kanji ........................ 3070 2.2.7 New Found Freedom Financial et al. ............. 3071 2.2.8 Sextant Capital Management Inc. et al. – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ......................... 3071 2.2.9 Shallow Oil & Gas Inc. et al. – ss. 127(1), 127(8)....................................... 3072 2.3 Rulings ............................................................ (nil) Chapter 3 Reasons: Decisions, Orders and Rulings .................................................. 3075 3.1 OSC Decisions, Orders and Rulings .......... 3075 3.1.1 Maple Leaf Investment Fund Corp. et al. – ss. 127, 127.1..................................... 3075 3.1.2 ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp. ...... 3083 3.1.3 Joseph Caza and Salim Kanji ........................ 3102 3.1.4 Joseph Caza and Salim Kanji ........................ 3108 3.2 Court Decisions, Order and Rulings ............ (nil) Chapter 4 Cease Trading Orders .......................... 3115 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 3115 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ............. 3115 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................... 3115 Chapter 5 Rules and Policies .................................. (nil) Chapter 6 Request for Comments .......................... (nil) Chapter 7 Insider Reporting .................................. 3117 Chapter 8 Notice of Exempt Financings............... 3249
Reports of Trades Submitted on Forms 45-106F1 and 45-501F1 .............. 3249
Chapter 9 Legislation ............................................... (nil)
Table of Contents
March 30, 2012
(2012) 35 OSCB
Chapter 11 IPOs, New Issues and Secondary Financings ............................................. 3263 Chapter 12 Registrations ......................................... 3273 12.1.1 Registrants ..................................................... 3273 Chapter 13 SROs, Marketplaces and
Clearing Agencies ................................. 3275 13.1 SROs.............................................................. 3275 13.1.1 IIROC Rules Notice – Request for Comment – Plain Language Rule Re-write Project: Clean Up Amendments .................................................. 3275 13.2 Marketplaces ................................................. 3276 13.2.1 Notice of Effective Date of Recognition:
Recognition of Alpha Trading Systems Limited Partnership and Alpha Exchange Inc. as an Exchange ....................................... 3276 13.2.2 TRIACT Canada Marketplace LP – Notice of Completion of Staff Review of Proposed Changes – No Self Trade Feature .................................... 3278 13.3 Clearing Agencies ......................................... (nil) Chapter 25 Other Information .................................. 3279 25.1.1 OSC Bulletin publication day is changing from Fridays to Thursdays, effective April 26, 2012 ................................... 3279 Index ............................................................................ 3281
March 30, 2012
(2012) 35 OSCB 2995
Chapter 1
Notices / News Releases 1.1 Notices 1.1.1 Current Proceedings Before The Ontario
Securities Commission
March 30, 2012
CURRENT PROCEEDINGS
BEFORE
ONTARIO SECURITIES COMMISSION
- - - - - - - - - - - - - - - - - - - - - - Unless otherwise indicated in the date column, all hearings will take place at the following location:
The Harry S. Bray Hearing Room Ontario Securities Commission Cadillac Fairview Tower Suite 1700, Box 55 20 Queen Street West Toronto, Ontario M5H 3S8
Telephone: 416-597-0681 Telecopier: 416-593-8348 CDS TDX 76 Late Mail depository on the 19th Floor until 6:00 p.m.
M. - - - - - - - - - - - - - - - - - - - - - -
THE COMMISSIONERS
Howard I. Wetston, Chair — HIW James E. A. Turner, Vice Chair — JEAT Lawrence E. Ritchie, Vice Chair — LER Mary G. Condon, Vice Chair — MGC Sinan O. Akdeniz — SOA James D. Carnwath — JDC Margot C. Howard — MCH Sarah B. Kavanagh — SBK Kevin J. Kelly — KJK Paulette L. Kennedy — PLK Edward P. Kerwin — EPK Vern Krishna __ VK Christopher Portner — CP Judith N. Robertson — JNR Charles Wesley Moore (Wes) Scott — CWMS
SCHEDULED OSC HEARINGS April 2-3, 2012 10:00 a.m.
Shaun Gerard McErlean, Securus Capital Inc., and Acquiesce Investments s. 127 M. Britton in attendance for Staff Panel: VK/JDC
April 3, 2012 10:00 a.m.
International Strategic Investments, International Strategic Investments Inc., Somin Holdings Inc., Nazim Gillani and Ryan J. Driscoll. s. 127 C. Watson in attendance for Staff Panel: MGC
April 3, 2012 10:00 a.m.
Fibrek Inc. S. 21.7 J. Waechter in attendance for Staff Panel: JEAT
April 4, 2012 10:00 a.m.
Moncasa Capital Corporation and John Frederick Collins s. 127 T. Center in attendance for Staff Panel: JEAT
April 4-5, April 11 and April 13-16, 2012 10:00 a.m. April 12, 2012 9:00 a.m.
Juniper Fund Management Corporation, Juniper Income Fund, Juniper Equity Growth Fund and Roy Brown (a.k.a. Roy Brown-Rodrigues) s. 127 and 127.1 D. Ferris in attendance for Staff Panel: VK/MCH
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 2996
April 10, 2012 2:30 p.m.
North American Financial Group Inc., North American Capital Inc., Alexander Flavio Arconti, and Luigino Arconti s. 127 M. Vaillancourt in attendance for Staff Panel: TBA
April 11, 2012 10:00 a.m.
Global Consulting and Financial Services, Crown Capital Management Corporation, Canadian Private Audit Service, Executive Asset Management, Michael Chomica, Peter Siklos (Also Known As Peter Kuti), Jan Chomica, and Lorne Banks s. 127 H. Craig/C. Rossi in attendance for Staff Panel: CP
April 11, 2012 11:00 a.m.
Energy Syndications Inc., Green Syndications Inc., Syndications Canada Inc., Land Syndications Inc. and Douglas Chaddock s. 127 C. Johnson in attendance for Staff Panel: CP
April 12, 2012 10:00 a.m.
Alexander Christ Doulis (aka Alexander Christos Doulis, aka Alexandros Christodoulidis) and Liberty Consulting Ltd. s. 127 S. Horgan in attendance for Staff Panel: CP
April 16, 2012 10:00 a.m.
Bunting & Waddington Inc., Arvind Sanmugam, Julie Winget and Jenifer Brekelmans s. 127 S. Schumacher in attendance for Staff Panel: JEAT
April 17, 2012 10:00 a.m.
Global Energy Group, Ltd., New Gold Limited Partnerships, Christina Harper, Vadim Tsatskin, Michael Schaumer, Elliot Feder, Oded Pasternak, Alan Silverstein, Herbert Groberman, Allan Walker, Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce Cohen and Andrew Shiff s. 37, 127 and 127.1 C. Watson in attendance for Staff Panel: PLK/JNR
April 18, 2012 10:00 a.m.
Sextant Capital Management Inc., Sextant Capital GP Inc., Otto Spork, Robert Levack and Natalie Spork s. 127 T. Center in attendance for Staff Panel: JDC
April 23, 2012 10:00 a.m.
Lehman Brothers & Associates Corp., Greg Marks, Kent Emerson Lounds and Gregory William Higgins s. 127 C. Rossi in attendance for Staff Panel: CP/CWMS
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 2997
April 25, April 27, May 3-7, May 11, May 17-18, June 4 and June 7, 2012 10:00 a.m.
Irwin Boock, Stanton Defreitas, Jason Wong, Saudia Allie, Alena Dubinsky, Alex Khodjaiants, Select American Transfer Co., Leasesmart, Inc., Advanced Growing Systems, Inc., International Energy Ltd., Nutrione Corporation, Pocketop Corporation, Asia Telecom Ltd., Pharm Control Ltd., Cambridge Resources Corporation, Compushare Transfer Corporation, Federated Purchaser, Inc., TCC Industries, Inc., First National Entertainment Corporation, WGI Holdings, Inc. and Enerbrite Technologies Group s. 127 and 127.1 D. Campbell in attendance for Staff Panel: VK
April 30, 2012 11:00 a.m. May 1-7, May 9-18 and May 23-25, 2012 10:00 a.m.
Rezwealth Financial Services Inc., Pamela Ramoutar, Justin Ramoutar, Tiffin Financial Corporation, Daniel Tiffin, 2150129 Ontario Inc., Sylvan Blackett, 1778445 Ontario Inc. and Willoughby Smith s. 127(1) and (5) A. Heydon in attendance for Staff Panel: EPK
May 1, 2012 10:00 a.m.
Merax Resource Management Ltd. carrying on business as Crown Capital Partners, Richard Mellon and Alex Elin s. 127 T. Center in attendance for Staff Panel: MGC/SOA
May 3, 2012 10:00 a.m.
Ciccone Group, Medra Corp. (a.k.a. Medra Corporation), 990509 Ontario Inc., Tadd Financial Inc., Cachet Wealth Management Inc., Vincent Ciccone (a.k.a. Vince Ciccone), Darryl Brubacher, Andrew J Martin, Steve Haney, Klaudiusz Malinowski, and Ben Giangrosso s. 127 M. Vaillancourt in attendance for Staff Panel: JEAT
May 9-18 and May 23-25, 2012 10:00 a.m.
Crown Hill Capital Corporation and Wayne Lawrence Pushka s. 127 A. Perschy in attendance for Staff Panel: JEAT/CP
May 16-18, May 23-25, June 4 and June 6, 2012 10:00 a.m.
Nest Acquisitions and Mergers, IMG International Inc., Caroline Myriam Frayssignes, David Pelcowitz, Michael Smith, and Robert Patrick Zuk s. 37, 127 and 127.1 C. Price in attendance for Staff Panel: JDC/MCH
May 29 – June 1, 2012 10:00 a.m.
Peter Beck, Swift Trade Inc. (continued as 7722656 Canada Inc.), Biremis, Corp., Opal Stone Financial Services S.A., Barka Co. Limited, Trieme Corporation and a limited partnership referred to as “Anguilla LP” s. 127 B. Shulman in attendance for Staff Panel: JEAT
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 2998
June 4, June 6-18, and June 20-26, 2012 10:00 a.m.
Peter Sbaraglia s. 127 J. Lynch in attendance for Staff Panel: TBA
June 7, 2012 11:30 a.m.
Systematech Solutions Inc., April Vuong and Hao Quach s. 127 J. Feasby in attendance for Staff Panel: JEAT
June 18 and June 20-22, 2012 10:00 a.m.
Shallow Oil & Gas Inc., Eric O’Brien, Abel Da Silva, Gurdip Singh Gahunia aka Michael Gahunia and Abraham Herbert Grossman aka Allen Grossman s. 127(7) and 127(8) H. Craig in attendance for Staff Panel: PLK
June 21, 2012 10:00 a.m.
M P Global Financial Ltd., and Joe Feng Deng s. 127 (1) M. Britton in attendance for Staff Panel: MCH
June 22, 2012 10:00 a.m.
New Hudson Television Corporation, New Hudson Television L.L.C. & James Dmitry Salganov s. 127 C. Watson in attendance for Staff Panel: TBA
September 4-10, September 12-14, September 19-24, and September 26 –October 5, 2012 10:00 a.m.
Portus Alternative Asset Management Inc., Portus Asset Management Inc., Boaz Manor, Michael Mendelson, Michael Labanowich and John Ogg s. 127 H Craig in attendance for Staff Panel: TBA
September 5-10, September 12-14 and September 19-21, 2012 10:00 a.m.
Vincent Ciccone and Medra Corp. s. 127 M. Vaillancourt in attendance for Staff Panel: TBA
September 21, 2012 10:00 a.m.
Oversea Chinese Fund Limited Partnership, Weizhen Tang and Associates Inc., Weizhen Tang Corp., and Weizhen Tang s. 127 and 127.1 H. Craig in attendance for Staff Panel: TBA
September 24, September 26 –October 5 and October 10-19, 2012 10:00 a.m.
New Found Freedom Financial, Ron Deonarine Singh, Wayne Gerard Martinez, Pauline Levy, David Whidden, Paul Swaby and Zompas Consulting s. 127 A. Heydon in attendance for Staff Panel: TBA
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 2999
October 19, 2012 10:00 a.m.
Global Energy Group, Ltd., New Gold Limited Partnerships, Christina Harper, Howard Rash, Michael Schaumer, Elliot Feder, Vadim Tsatskin, Oded Pasternak, Alan Silverstein, Herbert Groberman, Allan Walker, Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce Cohen and Andrew Shiff s. 127 C. Watson in attendance for Staff Panel: PLK
October 22 and October 24 –November 5, 2012 10:00 a.m.
MBS Group (Canada) Ltd., Balbir Ahluwalia and Mohinder Ahluwalia s. 37, 127 and 127.1 C. Rossi in attendance for staff Panel: TBA
November 5, 2012 10:00 a.m.
Heir Home Equity Investment Rewards Inc.; FFI First Fruit Investments Inc.; Wealth Building Mortgages Inc.; Archibald Robertson; Eric Deschamps; Canyon Acquisitions, LLC; Canyon Acquisitions International, LLC; Brent Borland; Wayne D. Robbins; Marco Caruso; Placencia Estates Development, Ltd.; Copal Resort Development Group, LLC; Rendezvous Island, Ltd.; The Placencia Marina, Ltd.; and The Placencia Hotel and Residences Ltd. s. 127 B. Shulman in attendance for Staff Panel: TBA
November 12-19 and November 21, 2012 10:00 a.m.
Sandy Winick, Andrea Lee McCarthy, Kolt Curry, Laura Mateyak, Gregory J. Curry, American Heritage Stock Transfer Inc., American Heritage Stock Transfer, Inc., BFM Industries Inc., Liquid Gold International Inc., and Nanotech Industries Inc. s. 127 J. Feasby in attendance for Staff Panel: TBA
November 21 –December 3 and December 5-14, 2012 10:00 a.m.
Bernard Boily s. 127 and 127.1 M. Vaillancourt/U. Sheikh in attendance for Staff Panel: TBA
January 7 – February 5, 2013 10:00 a.m.
Jowdat Waheed and Bruce Walter s. 127 J. Lynch in attendance for Staff Panel: TBA
TBA Yama Abdullah Yaqeen s. 8(2) J. Superina in attendance for Staff Panel: TBA
TBA Microsourceonline Inc., Michael Peter Anzelmo, Vito Curalli, Jaime S. Lobo, Sumit Majumdar and Jeffrey David Mandell s. 127 J. Waechter in attendance for Staff Panel: TBA
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3000
TBA Frank Dunn, Douglas Beatty, Michael Gollogly s. 127 K. Daniels in attendance for Staff Panel: TBA
TBA
MRS Sciences Inc. (formerly Morningside Capital Corp.), Americo DeRosa, Ronald Sherman, Edward Emmons and Ivan Cavric s. 127 and 127(1) D. Ferris in attendance for Staff Panel: TBA
TBA Gold-Quest International, 1725587 Ontario Inc. carrying on business as Health and Harmoney, Harmoney Club Inc., Donald Iain Buchanan, Lisa Buchanan and Sandra Gale s. 127 H. Craig in attendance for Staff Panel: TBA
TBA
Shane Suman and Monie Rahman s. 127 and 127(1) C. Price in attendance for Staff Panel: TBA
TBA Gold-Quest International, Health and Harmoney, Iain Buchanan and Lisa Buchanan s. 127 H. Craig in attendance for Staff Panel: TBA
TBA Brilliante Brasilcan Resources Corp., York Rio Resources Inc., Brian W. Aidelman, Jason Georgiadis, Richard Taylor and Victor York s. 127 H. Craig in attendance for Staff Panel: TBA
TBA Abel Da Silva s. 127 C. Watson in attendance for Staff Panel: TBA
TBA Paul Azeff, Korin Bobrow, Mitchell Finkelstein, Howard Jeffrey Miller and Man Kin Cheng (a.k.a. Francis Cheng) s. 127 T. Center/D. Campbell in attendance for Staff Panel: TBA
TBA
Uranium308 Resources Inc., Michael Friedman, George Schwartz, Peter Robinson, and Shafi Khan s. 127 H. Craig/C.Rossi in attendance for Staff Panel: TBA
TBA
Paul Donald s. 127 C. Price in attendance for Staff Panel: TBA
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3001
TBA Axcess Automation LLC, Axcess Fund Management, LLC, Axcess Fund, L.P., Gordon Alan Driver, David Rutledge, 6845941 Canada Inc. carrying on business as Anesis Investments, Steven M. Taylor, Berkshire Management Services Inc. carrying on business as International Communication Strategies, 1303066 Ontario Ltd. Carrying on business as ACG Graphic Communications, Montecassino Management Corporation, Reynold Mainse, World Class Communications Inc. and Ronald Mainse s. 127 Y. Chisholm in attendance for Staff Panel: TBA
TBA Goldpoint Resources Corporation, Pasqualino Novielli also known as Lee or Lino Novielli, Brian Patrick Moloney also known as Brian Caldwell, and Zaida Pimentel also known as Zaida Novielli s. 127(1) and 127(5) C. Watson in attendance for Staff Panel: TBA
TBA Normand Gauthier, Gentree Asset Management Inc., R.E.A.L. Group Fund III (Canada) LP, and CanPro Income Fund I, LP s. 127 B. Shulman in attendance for Staff Panel: TBA
TBA FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun s. 127 C. Price in attendance for Staff Panel: TBA
TBA 2196768 Ontario Ltd carrying on business as Rare Investments, Ramadhar Dookhie, Adil Sunderji and Evgueni Todorov s. 127 D. Campbell in attendance for Staff Panel: TBA
TBA York Rio Resources Inc., Brilliante Brasilcan Resources Corp., Victor York, Robert Runic, George Schwartz, Peter Robinson, Adam Sherman, Ryan Demchuk, Matthew Oliver, Gordon Valde and Scott Bassingdale s. 127 H. Craig/C. Watson in attendance for Staff Panel: TBA
TBA Innovative Gifting Inc., Terence Lushington, Z2A Corp., and Christine Hewitt s. 127 M. Vaillancourt in attendance for Staff Panel: TBA
TBA
Marlon Gary Hibbert, Ashanti Corporate Services Inc., Dominion International Resource Management Inc., Kabash Resource Management, Power to Create Wealth Inc. and Power to Create Wealth Inc. (Panama) s. 127 J. Lynch/S. Chandra in attendance for Staff Panel: TBA
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3002
TBA Richvale Resource Corp., Marvin Winick, Howard Blumenfeld, John Colonna, Pasquale Schiavone, and Shafi Khan s. 127(7) and 127(8) J. Feasby in attendance for Staff Panel: TBA
TBA Simply Wealth Financial Group Inc., Naida Allarde, Bernardo Giangrosso, K&S Global Wealth Creative Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban s. 127 and 127.1 C. Johnson in attendance for Staff Panel: TBA
TBA
L. Jeffrey Pogachar, Paola Lombardi, Alan S. Price, New Life Capital Corp., New Life Capital Investments Inc., New Life Capital Advantage Inc., New Life Capital Strategies Inc., 1660690 Ontario Ltd., 2126375 Ontario Inc., 2108375 Ontario Inc., 2126533 Ontario Inc., 2152042 Ontario Inc., 2100228 Ontario Inc., and 2173817 Ontario Inc. s. 127 M. Britton in attendance for Staff Panel: TBA
TBA Sino-Forest Corporation, Allen Chan, Albert Ip, Alfred C.T. Hung, George Ho and Simon Yeung s. 127 H. Craig in attendance for Staff Panel: TBA
TBA Firestar Capital Management Corp., Kamposse Financial Corp., Firestar Investment Management Group, Michael Ciavarella and Michael Mitton s. 127 H. Craig in attendance for Staff Panel: TBA
TBA Zungui Haixi Corporation, Yanda Cai and Fengyi Cai s. 127 J. Superina in attendance for Staff Panel: TBA
TBA David M. O’Brien s. 37, 127 and 127.1 B. Shulman in attendance for Staff Panel: TBA
TBA Ground Wealth Inc., Armadillo Energy Inc., Paul Schuett, Doug DeBoer, James Linde, Susan Lawson, Michelle Dunk, Adrion Smith, Bianca Soto and Terry Reichert s. 127 S. Schumacher in attendance for Staff Panel: TBA
TBA Sage Investment Group, C.A.D.E Resources Group Inc., Greenstone Financial Group, Fidelity Financial Group, Antonio Carlos Neto David Oliveira, and Anne Marie Ridley s. 127 C. Watson in attendance for Staff Panel: TBA
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3003
TBA Maitland Capital Ltd., Allen Grossman, Hanoch Ulfan, Leonard Waddingham, Ron Garner, Gord Valde, Marianne Hyacinthe, Dianna Cassidy, Ron Catone, Steven Lanys, Roger McKenzie, Tom Mezinski, William Rouse and Jason Snow s. 127 and 127.1 D. Ferris in attendance for Staff Panel: TBA
TBA
Majestic Supply Co. Inc., Suncastle Developments Corporation, Herbert Adams, Steve Bishop, Mary Kricfalusi, Kevin Loman and CBK Enterprises Inc. s. 37, 127 and 127.1 D. Ferris in attendance for Staff Panel: TBA
TBA Eda Marie Agueci, Dennis Wing, Santo Iacono, Josephine Raponi, Kimberley Stephany, Henry Fiorillo, Giuseppe (Joseph) Fiorini, John Serpa, Ian Telfer, Jacob Gornitzki and Pollen Services Limited s. 127 J, Waechter/U. Sheikh in attendance for Staff Panel: TBA
TBA Empire Consulting Inc. and Desmond Chambers s. 127 D. Ferris in attendance for Staff Panel: TBA
TBA
American Heritage Stock Transfer Inc., American Heritage Stock Transfer, Inc., BFM Industries Inc., Denver Gardner Inc., Sandy Winick, Andrea Lee McCarthy, Kolt Curry and Laura Mateyak s. 127 J. Feasby in attendance for Staff Panel: TBA
ADJOURNED SINE DIE
Global Privacy Management Trust and Robert Cranston
Livent Inc., Garth H. Drabinsky, Myron I. Gottlieb, Gordon Eckstein, Robert Topol
LandBankers International MX, S.A. De C.V.; Sierra Madre Holdings MX, S.A. De C.V.; L&B LandBanking Trust S.A. De C.V.; Brian J. Wolf Zacarias; Roger Fernando Ayuso Loyo, Alan Hemingway, Kelly Friesen, Sonja A. McAdam, Ed Moore, Kim Moore, Jason Rogers and Dave Urrutia
Hollinger Inc., Conrad M. Black, F. David Radler, John A. Boultbee and Peter Y. Atkinson
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3004
1.1.2 OSC Staff Notice 51-719 – Emerging Markets Issuer Review The OSC Staff Notice 51-719 – Emerging Markets Issuer Review is reproduced on the following internally numbered pages. Bulletin pagination resumes at the end of the Staff Notice.
OSC Staff Notice 51-719
Emerging Markets Issuer Review
March 20, 2012
TABLE OF CONTENTS
PURPOSE OF THE EMERGING MARKET REVIEW...........................................2Introduction ........................................................................................................2A snapshot of EM issuers in Canada .................................................................3Who we looked at...............................................................................................4Integrity of public disclosure is the bedrock of investor protection......................5What we did .......................................................................................................6Purpose of this Report........................................................................................6
GENERAL CONCERNS .......................................................................................8Overall concerns ................................................................................................8EM issuers .........................................................................................................9Auditors ............................................................................................................12Underwriters.....................................................................................................14Exchanges .......................................................................................................16
RECOMMENDATIONS AND NEXT STEPS.......................................................19EM issuers .......................................................................................................20Auditors ............................................................................................................20Underwriters.....................................................................................................21Exchanges .......................................................................................................21
2
PURPOSE OF THE EMERGING MARKET REVIEW
Introduction
On July 5, 2011, the OSC announced the commencement of a regulatory review (EMIR Review
or the Review) of emerging market issuers (EM issuers) that would examine a targeted selection
of Ontario reporting issuers that were listed on Canadian exchanges and had significant business
operations in emerging market jurisdictions.
We conducted the Review in the face of notable concerns that began to surface involving some
EM issuers that were listed for trading and raising capital in our markets. We also did this work in
recognition of our increasingly globalized marketplace and the corresponding importance of
remaining focused on investor protection and the integrity of our markets.
Given the importance of EM issuers in both the global and Canadian marketplace, we wanted to
ensure that any systemic or specific issues that affect these issuers were identified and
addressed. This is important to investors and for the integrity of the Canadian capital markets.
Several securities regulators in other jurisdictions had also been taking action in similar areas due
to some concerns relating to information about title to assets and operations of issuers
headquartered in foreign jurisdictions, as well as access to that information. In addition, the body
responsible for the oversight of auditors in the U.S., the Public Company Accounting Oversight
Board (PCAOB), focused on the fraud risks that auditors might encounter in audits of companies
with operations in emerging market jurisdictions and published in October, 2011, a Staff Audit
Practice Alert on auditors’ responsibilities for addressing those risks, and certain other auditor
responsibilities under PCAOB auditing standards. In Canada, the Canadian Public Accountability
Board (CPAB) issued a special report in February, 2012, outlining its significant findings and
recommendations following its review of audit files for Canadian public companies with their
primary operations in China.
The purpose of the Review was to assess the quality and adequacy of selected EM issuers’
disclosure and corporate governance practices, as well as the adequacy of the gatekeeper roles
played by auditors, underwriters and the exchanges, to identify any broad policy issues and
entity-specific concerns. In addition, the Review also examined the legal vehicles through which
EM issuers have accessed the Ontario market. In undertaking the Review, staff contacted issuers
and their advisors, and organizations such as Canadian exchanges, CPAB and other provincial
securities regulators.
3
We understand the importance of Ontario’s markets being attractive globally to quality issuers
seeking capital investment. We want Ontario investors to have access to a wide variety of
investment opportunities but also want to ensure that this access is balanced with the right level
of investor protection. The Review was undertaken to determine if there are areas in the
regulation of EM issuers that we can improve or strengthen, including the oversight of the
performance of different entities that play a role in bringing these issuers to our market.
A snapshot of EM issuers in Canada
While the term ‘emerging market’ has different meanings in different contexts, for the purposes of
conducting the Review, staff considered a number of criteria in determining whether a reporting
issuer was an EM issuer. Staff focused on issuers with the following characteristics:
� whose mind and management are largely outside of Canada and
� whose principal active operations are outside of Canada, in regions such as Asia, Africa,
South America and Eastern Europe
TMX Group issuers listed on the TSX and TSXV and CNSX issuers listed on the CNSX as at
April 30, 2011, and having headquarters in jurisdictions other than Canada, the US, the UK,
Western Europe, Australia and New Zealand, totalled 108.
At April 30, 2011, these 108 issuers had a total market capitalization of approximately $40 billion.
This was in contrast to a total of nearly 4,000 exchange-listed reporting issuers in Canada, having
a total market capitalization of $2.39 trillion.
EM Issuers – Canada All data as at April 2011, as supplied by TMX Group and CNSX
# Issuers Market Cap. (CAD $ mill) TSX 50 $37,108 TSXV 55 $3,228 CNSX 3 $33 Total 108 $40,369
4
EM issuers were present and operated in a variety of industries, primarily mining, as indicated in
the chart below.
EM Issuers in Canada by Industry# Issuers and %
Oil & Gas (14 issuers) 13%
Mining (48 issuers) 44%
Other (14 issuers) 13%
Technology & Clean Tech.
(6 issuers) 6%
Forest Products (4 issuers) 4%
Diversified Industries
(22 issuers) 20%
Mining Oil & Gas Diversified Industries Forest Products Technology & Clean Tech. Other
Of the 108 EM issuers in Canada, approximately 43% had the OSC as their principal regulator.
EM Issuers In Canada by Principal Regulator# Issuers and %
Ontario(46 issuers)
43%
Rest of Canada (62 issuers)
57%
Ontario
Rest of Canada
The number of EM issuers in Ontario is relatively small compared to the total number of reporting
issuers in Ontario. However, staff wished to assess if investors in EM issuers could be exposed to
any inappropriate risks or associated risks that were not fully understood. While we appreciate
the importance of EM issuers to our markets, we thought it was important to determine if any
issues existed that could impact the reputation and integrity of Ontario’s market, either at home or
abroad.
Who we looked at
Staff selected and reviewed 24 issuers, which represented more than 50% of the EM issuers for
which Ontario is the principal regulator. All had operations in emerging market jurisdictions and
were listed on Canadian exchanges. The issuers ranged across a number of industries, including
mining, forestry, financial services, technology and clean energy, and diversified industries and
operated in a variety of countries.
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Integrity of public disclosure is the bedrock of investor protection
The integrity of public disclosure by reporting issuers, including financial reporting, is core to
investor information and protection. This disclosure depends critically on each of the following
performing their duties responsibly:
� the Chief Executive Officer (CEO)
� the Chief Financial Officer (CFO)
� the board of directors (board)
� the audit committee of the board
� the external auditor
� the underwriter
� the exchange
Integrity of public disclosure starts with management. The CEO and CFO are the key individuals
that investors rely on to provide accurate and comprehensive information on an issuer’s
performance and prospects through the issuer’s disclosure. The CEO and CFO must ensure the
issuer’s disclosure is accurate and complete and certify the disclosure and the internal controls
over financial reporting.
Effective oversight of management by the board is a critical component of the investor protection
framework. The board has a duty to act honestly and in good faith in the best interests of the
issuer and must supervise the issuer’s management. It plays a pivotal role in effective
governance and is responsible for overseeing the general business direction of the issuer.
The board appoints the audit committee whose primary responsibility is to oversee the financial
reporting process and manage the issuer’s relationship with its external auditors. The external
auditor has a unique role in the reporting process for annual financial statements which are relied
upon by the board, audit committee and, most importantly, investors to provide an independent
assessment of whether the information presented in the issuer’s annual financial statements has
been fairly presented.
Underwriters are uniquely situated to verify information about an issuer, its operations and
management and act as gatekeepers to our markets. In prospectus offerings, underwriters certify
that they have undertaken due diligence and that to the best of their knowledge, information and
belief the issuer’s prospectus constitutes full, true and plain disclosure of all material facts relating
to the offered securities. As part of the EMIR Review, staff reviewed the underwriters’ activities as
they are essential contributors to the oversight of the integrity of public disclosure.
6
Staff also acknowledge the important role played by other professionals such as lawyers, experts
and consultants in bringing issuers to market and confirming the completeness and accuracy of
issuers’ ongoing public disclosure. Although they were not the focus of the Review, staff also
encourage these professionals to be cognizant of the role they play in the disclosure process, and
of the importance of due diligence, professional scrutiny and full disclosure of the risks in their
work on emerging market related matters.
What we did
The Review involved a broad examination of the public disclosure record of each selected EM
issuer and an examination of the issuer’s board and audit committee activities. In addition, staff
examined the detailed files of auditors of the EM issuers because of the integral role they play in
enhancing the degree of confidence that the investing public place on the information presented
in an EM issuer’s annual financial statements. The auditor’s report is a critical third party
communication that investors rely on to ensure that the issuer’s annual financial information has
been sufficiently examined and verified. Staff also reviewed the due diligence activities
undertaken by issuers’ underwriters, focusing on the depth of the due diligence they performed
when underwriting a public offering of securities.
The exchanges undertake a fundamentally important role in promoting market integrity and
fostering investor confidence in our markets. The exchanges have detailed and prescriptive listing
requirements that require the filing of audited financial statements and, in many cases,
sponsorship by an exchange participating organization. We examined whether the core
processes of the exchanges are sufficiently robust to address the unique concerns raised by EM
issuers and if the review processes would benefit from additional due diligence in the emerging
market context.
Purpose of this Report
The purpose of this Report is to identify areas of concern arising from the Review. At this time our
observations are preliminary and identify the key policy areas that we believe merit further
examination.
The ultimate goals of the EMIR Review and Report are to identify areas of concern and
recommend changes that will contribute to the protection of investors and strengthen the integrity
of our markets.
Much of the information staff reviewed is protected by confidentiality provisions in the Securities
Act (Ontario) and therefore cannot be publicly disclosed. As a result, this Report is general in its
7
discussion, rather than citing specific instances or examples.
Where the Review resulted in significant staff concerns about an issuer’s, auditor’s or
underwriter’s apparent regulatory non-compliance, files were referred to the Enforcement Branch
of the OSC for further assessment and, if warranted, the initiation of enforcement proceedings.
8
GENERAL CONCERNS
In this section of the Report, we identify four principal concerns arising from our EMIR Review
including:
� the level of EM issuer governance and disclosure
� the adequacy of the audit function for an EM issuer’s annual financial statements
� the adequacy of the due diligence process conducted by underwriters in offerings of
securities by EM issuers
� the nature of the exchange listing approval process
For each of these four areas of concern, we have identified the main focus for additional
examination and analysis. We anticipate that these concerns can be addressed by a combination
of action by issuers, auditors, underwriters, exchanges, securities regulators, other oversight
bodies and gatekeepers working together to strengthen our markets and protect investors.
Overall concerns
As noted, the regulatory framework for issuers involves a system of reliance and connection
between different groups – the issuers themselves, their boards and audit committees, auditors,
underwriters and exchanges. We found examples of practices in all of these areas that concerned
us and we believe further work is warranted to improve compliance by all of these important
groups of market participants with their regulatory obligations.
One of our central concerns was the apparent ‘form over substance’ approach to compliance with
applicable standards for disclosure, issuer governance, board oversight, audit practices and due
diligence practices. In our view, the level of rigor and independent-mindedness applied by boards,
auditors and underwriters in doing their important jobs – management oversight, audit, due
diligence on offerings – should have been more thorough.
The fact that the core operations and assets of many of the issuers were located in an emerging
market jurisdiction, with very little presence in Canada in most cases, contributed to a separation
between the issuer’s Canadian governance and local management functions. It also contributed
to challenges for both the audit process and the performance of due diligence by underwriters.
The need for a good understanding of local business practices, how the business operates in the
emerging market jurisdiction, and the degree of reliance that can be placed on local members of
management, should generally have been given more prominence in management oversight,
9
audits and due diligence functions. Language barriers and translation issues also appeared to be
important factors in how well those functions were performed.
EM issuers
Staff conducted in-depth reviews of the public disclosure record of the selected EM issuers and
examined information concerning the function of each selected EM issuer’s board and audit
committee. Our principal concerns are set out below.
EM issuers, their management and boards are expected to discharge all of their responsibilities in
a way that promotes the protection of Ontario investors and confidence in our markets. They are
expected to do this on a basis that is fully informed by both the business and cultural practices of
all of the jurisdictions in which the EM issuer operates.
Corporate governance practices
An issuer’s board and audit committee must have a thorough understanding of the business and
the operating environment of the issuer as this understanding is the foundation upon which the
executives will execute all of their responsibilities. For Canadian reporting issuers whose
businesses are based in Canada, the Canadian directors serving on their boards are expected to
have a thorough understanding of the Canadian marketplace and its legal, business and political
environment.
We recognize that board members of EM issuers may face a steeper learning curve to
understand these same aspects of the EM issuer’s business and operating environment. The
time zone, language, location of key books and records and cultural differences may make
communication especially complicated in these situations. Nevertheless, all board members of
Canadian reporting issuers, regardless of where they are located and where the business
operations are located, are required to adhere to Canadian regulatory requirements.
It appeared to us that the level of engagement by boards and audit committees in their oversight
of management and sense of responsibility for the stewardship of an EM issuer with public
investors was in certain cases deficient. For example, in some cases it appeared that the board
had very little contact with senior management in the emerging market jurisdiction running the
business.
We were concerned with the extent of knowledge of boards and audit committees of the cultural
and business practices of the jurisdictions in which the issuer operated. In some situations, it
appeared that the board was not aware of environmental factors that could have a significant
impact on the issuer, such as banking practices, currency restrictions and the regulatory and legal
environment specific to the industry in which the issuer operated. To the extent there was
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knowledge of relevant cultural and business practices, the manner of board oversight was not, in
some situations, appropriately adjusted to reflect those practices. For instance, we observed
situations in which it appeared that board members relied solely on a member of management to
provide an overview of key business documents in a foreign language and did not obtain
appropriate translations in order to read and assess the documents themselves.
Corporate structures
An issuer’s structure should be designed to facilitate the conduct of its business. Emerging
market jurisdictions may present additional challenges to issuers as they must navigate the
political, legal and cultural realities of those markets and design an appropriate corporate
structure. In some cases, the legal or regulatory system may present impediments to foreign
ownership or control and may result in the need for specific structures to enable the issuer to do
business in that market.
Complex structures may increase the risk profile of an issuer. These structures may be difficult to
adequately describe to investors in disclosure, and they may impact the ability of the board to
properly oversee management or understand the full extent of the issuer’s operations. In
particular, boards should consider the potential for complex structures to facilitate inappropriate
activity, such as fraud or misappropriation of assets, or misrepresentations about an issuer’s
financial performance or condition.
In the Review, we observed structures that caused us to question their appropriateness and
transparency, such as the presence of multiple legal entities supporting a single operating
business. We were concerned that the complexity of certain corporate structures did not appear
to be clear or necessary to support the EM issuer’s underlying business model. The quality of
controls in place to manage the risks arising from the complexity of the structure was also a
concern in these cases.
Related party transactions
Related party transactions (RPTs) warrant careful scrutiny by investors so that they may evaluate
the fairness of the transactions and the impact they may have on an issuer’s operations and
financial results. Although not unique to EM issuers, transactions with other issuers in the same
group of issuers, or with parties linked to an issuer’s shareholders, directors or management may
represent a heightened risk for issuers conducting business in these markets. Some of this may
be due to differences between local business practices and cultural norms and the legal
requirements in North America. Nevertheless, they need to be understood and disclosed
accurately.
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While RPTs may provide the issuer with benefits that are not available from other arms-length
parties or to other issuers on the same terms, they can also be abusive if they only benefit the
related party and not the issuer. We are concerned about transactions of this nature as they can
be detrimental to investors in the issuer and can undermine the integrity of our capital markets.
Boards and audit committees are expected to approach their oversight role with an appropriate
degree of independent-mindedness. In the case of the RPTs involving some EM issuers we
reviewed, we observed that this could have been done better. In these cases, we were
particularly concerned with the extent and frequency of RPTs and the quality of the management
and board processes in place to identify and approve RPTs. Our disclosure reviews also revealed
deficiencies in the completeness and appropriate clarity of related party disclosures.
Risk management and internal controls
The board’s responsibility for the stewardship of an issuer includes the identification of principal
risks to the issuer’s business and oversight of the implementation of appropriate systems to
manage those risks. The board oversees management, which is responsible for identifying and
quantifying an issuer’s exposure to risks and for adopting suitable risk management systems to
address those risks.
Boards of EM issuers should be particularly sensitive to the unique risks associated with
operations in emerging market jurisdictions, especially those that could result in a serious
disruption to business operations. Board members should ensure that they have a sufficient
understanding of the political and cultural risks impacting the EM issuer and assess those risks in
the context of the emerging market jurisdiction, and not only from a North American viewpoint.
Risk analysis and mitigation techniques that may seem appropriate in a Canadian or North
American business context may not be effective in emerging market jurisdictions. It is important
that boards obtain a clear understanding of how the risks of operating in emerging market
jurisdictions could impact the corporate structure, operations and material assets of the issuer.
Internal controls are an important way to manage risk. Boards should review and be satisfied that
management has put in place appropriate internal controls to manage the risks facing the issuer.
For example, effective internal controls help reduce the risks of inaccurate financial reporting. A
breakdown of the integrity of financial reporting often stems from a lack of, or a circumvention of,
internal controls. It is therefore important for board members to oversee the design and
implementation of internal controls and to assess the appropriateness of the remediation of
significant deficiencies and material weaknesses. Board members should also be aware of the
risks if there is a material weakness in the issuer’s internal controls.
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Staff concerns with some EM issuers’ internal controls related to the risks of doing business in
emerging market jurisdictions, and linked to this, the quality and extent of work performed by the
CEO and CFO to support their certification of annual and interim filings. We would have expected
to see the internal controls adjusted to reflect the particular risks of having significant business
operations located in an emerging market, including those associated with political, legal and
cultural factors, as well as the location of books and records and language barriers. However, in
certain cases, this was not what we observed.
For EM issuers, internal controls may be particularly important to assist in mitigating such risks.
For example, it is particularly challenging for a board whose members principally reside in
Canada to govern an issuer whose operations are located in a foreign jurisdiction. This challenge
may further be magnified in circumstances where the CEO, being the principal decision-maker,
resides in the emerging market, and the CFO resides in Canada.
In the Review, we noted risks that may not have been appropriately identified, understood or
managed by the board including risks related to:
� political factors, such as government instability and changing governmental policy that may
affect legal rights, such as property ownership
� the legal and regulatory framework, given that emerging market jurisdictions may have less
developed legal or regulatory systems
� the movement and conversion of currency out of the foreign jurisdiction, which could hinder
the repatriation of profits to Canadian investors
� legal title to assets
We also found that risk disclosures by the issuers were not as specific or relevant as they should
have been to be helpful and informative to investors.
Auditors
In the course of the Review, we identified several areas of potential concern with respect to the
way in which the external audit function was performed for EM issuers. We were concerned that
auditors may not have performed sufficient procedures in some instances to understand and
appropriately scrutinize the information provided to them by an issuer and/or foreign ‘component’
auditor. On February 21, 2012, CPAB issued a special report “Auditing in Foreign Jurisdictions”
outlining its significant findings and recommendations following its review of audit files for
Canadian public companies with their primary operations in China. The observations noted in
CPAB’s report are largely consistent with our principal concerns, as set out below.
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Level of professional scepticism
The level of professional scepticism exhibited by auditors when examining the information
gathered in the course of their audit was generally lacking. We were concerned that in some
instances the auditor accepted management’s representations at face value and did not perform
sufficient alternative procedures to independently verify the information they received. There were
also instances where, in our view, auditors should have been uncomfortable based on the work
performed and information received – for example if responses received were unusual or
unexpected, we would have expected an auditor to further challenge or examine the response to
ensure they understood the situation.
In addition, we saw conclusions for areas of judgement that were not supported by an underlying
analysis, for example, broad-based conclusions (i.e., a conclusion that no issues were noted) with
no underlying analysis regarding the procedures or evidence obtained to support the general
statement. This disconnect raised issues on what work, if any, was done to substantiate the
auditor’s conclusion or ensure that risks were sufficiently mitigated.
Degree of knowledge auditors had of the local cultural and business practices
It was unclear in some instances what was done to understand an issuer’s business environment.
For example, if checklists were prepared it was questionable that responses resulted in sufficient
understanding of the cultural and business practices of the jurisdictions in which the issuer
operated. Some auditors appeared to have an insufficient understanding of the legal environment
(i.e. use of corporate seals) and/or procedures to obtain licenses and/or permits in the emerging
market. In some cases auditors appeared to accept certain information provided by management
at face value without performing any procedures to support those representations with
independent external information.
Extent of delegation to a foreign ‘component’ auditor
Applicable auditing standards have no defined parameters for the extent of work that can be
delegated to a component auditor, and we were concerned that this resulted in group auditors’
insufficient involvement with the audit of underlying operations in some circumstances. This was
particularly true in situations where an issuer's underlying operations were entirely in the
emerging market and the foreign component auditor performed all audit procedures in the
emerging market.
A key concern noted was that some component working paper files could not be removed from a
foreign jurisdiction. This could prevent regulators (i.e., the Commission or CPAB) from reviewing
files or group auditors from including key working papers from a component auditor in their files. It
was also unclear to us the extent of review that group auditors were choosing to, or were able to,
14
perform on audit files of component auditors or whether group auditors were visiting the foreign
jurisdiction.
It appeared in some instances that group auditors asked component auditors to do the work to
understand the business and environment but did not receive sufficient communication back to
understand what the component auditor learned or understood. In fact, we do not believe there
was enough communication in general between group and component auditors, particularly
communication from the component auditor to the group auditor. We would expect to see more
group auditor executives visiting foreign operations or interacting with members of issuers’
management.
Inability to access audit working papers
We experienced difficulty in obtaining domestic auditor working papers voluntarily, so other
means were generally needed to obtain audit working papers. When an auditor resided in a
foreign jurisdiction, or a portion of the audit work was done by a component auditor, we were
unable to obtain those working papers.
Language barriers
We observed that language barriers impacted an auditor's ability to communicate with
management or examine documentation. We could not discern how audit executives addressed
these language concerns in some audits or why this was not an issue for consideration in
connection with the audit. For example, in some instances the communication between audit
executives and key client executives appeared to be insufficient due to language differences.
Perhaps more importantly, there also appeared to be insufficient translation of key documents
despite audit engagement executives not being fluent in the local language. It was not clear from
the Review how auditors addressed language barriers in client documents for audit executives
who did not speak the local language.
Underwriters
Underwriters, as gatekeepers to our securities markets, are uniquely situated to verify information
about an issuer, its operations and management. In prospectus offerings, underwriters must
certify that to the best of their knowledge, information and belief, the prospectus constitutes full,
true and plain disclosure of all material facts relating to the offered securities. In the listing
process, the underwriters may act as sponsors. In this role, they conduct due diligence and may
prepare reports on, among other things, the issuer’s business and financial position, the issuer's
directors and officers, and the issuer's qualifications for meeting all relevant listing criteria. The
role of the sponsor in the listing process is a critical part of the listing review and approval.
15
Underwriters should participate in the offering process with a healthy amount of scepticism
regarding management claims. Their due diligence must be designed to detect if there are
material misstatements or omissions in prospectus disclosure. An underwriter must also develop
a full understanding of an issuer’s finances, management, operations, industry and country of
origin, in order to be able to certify the prospectus. They should also document their findings in a
clear and concise manner.
Staff reviewed the work of underwriters in the public offerings of securities by selected EM
issuers. Our principal concerns are set out below.
Variations in due diligence practices
While there is some general guidance on due diligence practices for Canadian underwriters, there
are no explicit, standard requirements for the conduct of due diligence by underwriters. As a
result, it was evident during the Review that underwriters adopted a varied array of policies,
procedures and practices. Some underwriters provided internal policies and due diligence
checklists, while others had limited processes. Some of the reviews appeared to be thorough and
some were not. We also noted that internal committee memoranda, due diligence committee
meeting minutes and due diligence checklists were largely not provided to us. We observed in
some cases that risks were not always documented, and if they were raised, there was little or no
follow-up recorded or evident in the due diligence materials.
We reviewed transcripts of due diligence calls with issuers and observed a number of instances
where several customers of a single issuer provided identical answers to questions posed by the
underwriters. We think the similarity of these responses should have raised some degree of
scepticism and further questioning by the underwriter, yet this did not occur. In addition, in some
cases, questions posed during the course of due diligence calls were deflected, not answered or
inadequately explained by the issuer’s management and the questions were not pursued nor
were satisfactory explanations provided. We also noted situations where site visits were
attempted unsuccessfully and these were not rescheduled, nor were additional questions asked
about the site’s availability during the remainder of the due diligence process.
Level of professional scepticism and rigor
In the underwriter material we examined, we observed that the level of professional scepticism
and rigor that appeared to be applied in the due diligence process was lacking. We noted several
instances where ‘red flags’ (such as significant growth or a change in the issuer’s business in the
recent past, financial metrics that were superior to an industry average, unusual year-over-year
growth results and a high degree of reliance on government relationships or the founder/CEO)
16
should have prompted further probing or questions. Our review indicated little or no follow-up in
these instances to either understand or analyze the concerns, or disclose them.
Approval process for offerings
We observed some cases where, due to a lack of documentation of due diligence meetings, site
visits and bring-down calls (calls among the underwriter, issuer, auditors and legal counsel to
reconfirm statements previously made during the due diligence investigation), it was not always
evident that the approvals process called for by the underwriter’s own internal process was
followed.
Understanding of emerging market jurisdictions
The due diligence information and process we examined in connection with a number of EM
issuer offerings contained little documentation or discussion of the risks associated with the
issuer’s operations. Even where the due diligence policies and procedures of a firm contemplated
additional factors or steps that should be considered or taken in light of additional risks, it was
evident from the documentation that these were not taken into account in performing the due
diligence.
Due diligence documentation
In the Review, we noted that the amount and degree of due diligence documentation varied
widely. In some circumstances, the documentation did not reflect the process by which due
diligence was undertaken and completed nor the risks identified in connection with the offering
(including those related to the issuer’s industry group or market, if appropriate).
In terms of due diligence calls, while we found the lists of questions to be asked of the issuer
were documented, in some cases the names of the participants on the calls were not provided
and written transcripts were not provided.
Exchanges
The exchanges are important gatekeepers to our securities markets as they set standards for
issuers seeking to list their securities on Canadian markets. The exchanges undertake a vigorous
review process, including review and reliance on third party reports to determine if the issuer
meets the listing requirements, which is a critical part of the access to public capital. As part of
this process, when sponsorship is required, the sponsors conduct due diligence and prepare
reports on the issuer’s business and financial position, the issuer's directors and officers, and the
issuer's qualifications for meeting all relevant listing criteria.
We examined the listing processes in place and the listing review that was undertaken for the EM
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issuers selected for this study. We considered whether the core processes of the exchanges are
sufficiently robust to address the unique concerns raised by EM issuers that have come to light as
a result of the EMIR Review and other recent events. We also considered whether the exchange
review processes would benefit from additional due diligence in the emerging market context,
particularly with respect to reliance on work performed by third parties and the quality of third
parties’ work.
We also examined the methods by which EM issuers selected for review accessed the Ontario
market and raised capital from Ontario investors. An issuer can become a reporting issuer
through different methods, including:
� an initial public offering (IPO), which involves the preparation of a prospectus to be filed with
securities regulators and is often accompanied by an application for a public listing on an
exchange
� a direct listing on a recognized Canadian exchange, which may be facilitated if the issuer is
already listed on another exchange in a foreign jurisdiction
� a reverse take-over (RTO) (also known as a back door listing or reverse merger), which
usually involves a transaction with an existing issuer that is already a reporting issuer. The
form of transaction varies but typically involves an amalgamation or issuance of shares in
exchange for other shares or assets.
The EM issuers in our review sample accessed our market through different methods, including
IPOs, direct listings and RTOs. We did not identify any particular method of accessing the market
and becoming a reporting issuer as being specifically problematic.
In conducting this work, we worked co-operatively with staff at the TSX and considered:
� how the issuers ‘went public’
� the various parties involved in the listing of an EM issuer
� the inter-reliance of those parties and their interconnectivity with the exchange listing
framework applicable to EM issuers
� the listing requirements and review processes of Canadian exchanges that generally apply to
the types of reporting issuers selected for review
Our principal concerns are set out below.
Specific listing requirements for EM issuers
The exchanges have supplemental procedures and policies geared to EM issuers. However, a re-
examination of the sufficiency of those procedures and policies may be warranted in light of our
18
increased understanding of risks associated with emerging markets. There also does not appear
to be a requirement for an EM issuer whose primary listing is in Canada to maintain a meaningful
‘Canadian presence’ (which could include having a combination of directors, key officers,
employees, books and records and assets (such as cash) located in Canada).
Transparency when exchanges waive any listing requirements
In accordance with the exchanges’ listing requirements, the exchanges have broad discretion in
how they apply the listing requirements. The exchanges may, in their discretion, take into account
any factors they consider relevant in assessing the merits of a listing application, resulting in the
granting or denial of a listing application notwithstanding the published criteria. There does not
generally appear to be any public disclosure that is made about waivers of listing requirements
granted to specific issuers.
Strong reliance on third parties in conducting due diligence
The listing process involves the exchanges’ review of various documents prepared for the issuer
by outside experts, such as auditors, geologists or sponsors. In particular, the exchanges place
significant reliance on the role of sponsors to conduct due diligence of prospective listings.
Sponsors are expected to undertake a comprehensive review of the issuer being sponsored,
including, potentially, site visits, reviewing all relevant documentation and evaluating past conduct
of directors and officers, among other things. Notwithstanding the prescribed exchange
requirements for a sponsorship report, the actual terms of a sponsorship report are generally
negotiated between the sponsor and the issuer seeking a listing, and the sponsor is paid a fee for
providing this service. In addition, there does not generally appear to be publicly available
information regarding a particular sponsor’s role in a new listing or the sponsor’s due diligence
report.
19
RECOMMENDATIONS AND NEXT STEPS
All issuers, including emerging market issuers, their management and boards are expected to
discharge all of their responsibilities in a way that promotes the protection of Ontario investors
and confidence in our markets. They are expected to do so on a basis that is fully informed by the
business and cultural practices of all of the jurisdictions in which the EM issuer operates.
Auditors, underwriters and all other advisors to issuers are also expected to discharge their
responsibilities in a similar manner with a full appreciation of the reliance that Ontario investors
place on them.
This Report raises particular issues associated with EM issuers coming to market. Emerging
market issuers are an important growth market for Canadian investors and this Report identifies
areas for improvement related to governance and the critical work of auditors, underwriters and
other experts. We will continue to follow up with individual issuers and their advisors as
appropriate, and will continue to refer matters to our Enforcement Branch as warranted. We will
also continue to work with CPAB to address audit related concerns, with staff at the Canadian
exchanges to address concerns related to the listing process and with the Investment Industry
Regulatory Organization of Canada (IIROC) on the underwriter practices we observed in the
Review.
The concerns we have identified in this Report are, to varying degrees, unfolding on a global
basis. With that in mind, we will continue to engage in dialogue with other securities regulators
within and outside of Canada to share perspectives and best practices to address areas of
common concern.
Staff expect that EM issuers, their auditors, underwriters and their other advisors, as well as the
exchanges, will address the concerns identified in this Report and will, where necessary, take
immediate steps to improve their practices to effectively discharge their responsibilities to protect
investors in Ontario.
What follows is a list of recommendations for further work needed to address the principal
concerns in this Report. In most cases, these recommendations do not involve the creation of
new policies or rules but instead involve the development of guidance, best practices or
enhanced vigilance to support compliance with current requirements.
20
EM issuers
� establish guidance to improve corporate governance practices, particularly in the areas
related to the responsibilities of the board and its committees to understand the business,
operating environment and risks for issuers whose principal operations are in foreign
jurisdictions
� clarify the regulatory expectations of CEOs and CFOs in conducting reasonable due diligence
to support their certifications for companies whose principal operations are in foreign
jurisdictions
� require better disclosure to investors of complex corporate structures and their purpose
� require better explanations of risk factors relevant to EM issuers
� raise investor awareness of risks associated with investments in issuers whose principal
operations are in foreign jurisdictions
� ensure the maintenance of appropriate books and records in Canada
� consider a minimum language competency component for Canadian-resident board
members in the applicable local language where the issuer’s principal business operations
are located
� consider minimum Canadian director residency requirements
Auditors
� facilitate access by the OSC to the audit working papers of Ontario reporting issuers
� determine what should be done to address situations where regulators are unable to access
foreign audit files relating to reporting issuers
� work with CPAB to analyse whether securities rules can be enhanced to allow more
information sharing in connection with the oversight of audit firms
� examine whether suitability standards for auditors of reporting issuers should be developed
� analyse whether auditors should be required to publicly disclose their resignation from a file,
and to explain the reasons for that resignation
� develop greater cooperation among securities regulators and audit oversight bodies to
monitor the quality of audits of public companies with operations in emerging markets
� continue to discuss the audit-related concerns in this Report with CPAB and audit firms
� bring these concerns to the attention of both the Canadian Audit and Assurance Standards
Board and the International Auditing and Assurance Standards Board
21
Underwriters
� establish a consistent and transparent set of requirements for the conduct of due diligence by
underwriters
� ensure these requirements include a process that addresses:
o the issuer’s operational structure
o internal controls and risk management
o translation and foreign language issues
o business practices and business environment in which the issuer operates
o government relationships
o asset ownership
o CEO/founder shareholdings and RPTs
o cultural norms that affect the issuer’s structure, operations, governance and the ability to
do business
o review of key documents
o review of key members of management
o review of customers, suppliers and others parties relevant to the issuer’s business
o reporting on results of site visits
� develop best practices around documentation of all aspects of an underwriter’s due diligence
� develop best practices for due diligence calls and site visits
Exchanges
� assess whether additional listing requirements are needed for EM issuers to address specific
risks associated with them, or if additional exchange review procedures are required to
assess if significant risks are present and how those risks could be addressed
� provide greater transparency regarding waivers of any listing requirements
� assess whether the extent of reliance on third parties in conducting due diligence is
appropriate in the listings process or whether additional due diligence steps are warranted
� review the role of sponsors (if applicable) in bringing EM issuers to market to ensure that
there is adequate accountability placed on the sponsor and if there is an appropriate level of
transparency regarding the sponsor's due diligence work
OSC staff will continue to work on the issues identified in this Report with other provincial
securities regulators, CPAB, IIROC, the exchanges and other interested parties so that we can
advance the work we have begun through the EMIR Review. We think it is also important to
recognize that some of the policy issues we may pursue from the EMIR Review could have
broader applications and a more general benefit to our markets.
22
We are focused on our markets remaining open and attractive to issuers from all jurisdictions.
Fostering markets that are fair and efficient and that protect investors interests will continue to
attract both domestic and foreign issuers.
23
Emerging Markets Issuer Review
As the regulatory body responsible for overseeing the capital markets in Ontario, the Ontario Securities Commission administers and enforces the provincial Securities Act, the
provincial Commodity Futures Act and administers certain provisions of the provincial Business Corporations Act. The OSC is a self-funded Crown corporation accountable to the
Ontario Legislature through the Minister of Finance
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3005
1.1.3 CSA Staff Notice 81-320 (Revised) – Update on International Financial Reporting Standards for Investment Funds
CANADIAN SECURITIES ADMINISTRATORS’ STAFF NOTICE 81-320 (REVISED)
UPDATE ON INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR INVESTMENT FUNDS First published October 8, 2010, revised March 23, 2011 and March 30, 2012
Purpose This notice updates investment funds and their advisers on the adoption of International Financial Reporting Standards (IFRS) by investment funds in Canada. The Handbook of the Canadian Institute of Chartered Accountants (Handbook) refers to “investment companies”, the majority of which are “investment funds” for the purposes of securities legislation. This notice applies only to those investment companies that are investment funds as defined in securities legislation and are subject to National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106).1 The Canadian Securities Administrators (CSA) previously published proposals relating to the adoption of IFRS by investment funds on October 16, 2009.2 These proposals were based on the Canadian Accounting Standards Board (AcSB) decision to transition financial reporting for Canadian publicly accountable enterprises to IFRS as issued by the International Accounting Standards Board (IASB) for financial years beginning on or after January 1, 2011. The AcSB has deferred for a third time the transition to IFRS for investment companies. On February 29, 2012, the AcSB issued amendments to the Handbook extending the deferral to January 1, 2014.3 Background Under existing International Accounting Standard 27 Consolidated and Separate Financial Statements (IAS 27) and the recently issued IFRS 10 Consolidated Financial Statements, which replaces IAS 27 for financial years beginning on or after January 1, 2013, an entity must consolidate investments that it controls. The IASB published the Exposure Draft Investment Entities on August 25, 20114 which proposed that an “investment entity” be exempt from consolidating entities that it controls and instead account for controlling interests in other entities at fair value. The IASB has not yet indicated a target date when a final standard for investment entities will be available.5 The AcSB amended Part I of the Handbook to require investment companies, as defined in and applying Accounting Guideline 18 Investment Companies, to adopt IFRS as issued by the IASB for interim and annual periods beginning on or after January 1, 2014, with earlier adoption permitted. The deferral of the mandatory changeover to January 1, 2014 is intended to allow the IASB’s proposed exemption from consolidation for investment entities to be in place prior to the adoption of IFRS by investment entities in Canada. Move to IFRS by Investment Funds CSA staff are also of the view that it would be preferable for the IASB’s proposed consolidation exemption to be in place when IFRS is adopted by investment funds in Canada. Accordingly, we will be reviewing and revising the proposed amendments to NI 81-106 and related consequential amendments, previously published for comment in 2009, in light of the recent developments at both the IASB and AcSB. The CSA comment period for the proposed amendments ended on January 14, 2010, and the majority of the comments related to the implications of IAS 27 to Canadian investment funds. Given the proposed exemption that the IASB is now considering, the issues raised by commenters relating to consolidation may no longer exist for the majority of investment funds. As a result, CSA staff anticipate that the proposed amendments to NI 81-106 related to the consolidation requirement may no longer be required.
1 The IFRS-related amendments to CSA rules for issuers that are not investment funds came into force on January 1, 2011. 2 These proposals were published in French on March 12, 2010 by the Autorité des marchés financiers and the New Brunswick Securities
Commission. 3 The AcSB Decision Summary regarding the most recent deferral is at http://www.frascanada.ca/accounting-standards-
board/meetings/decision-summaries/2011/item59121.aspx 4 The Exposure Draft Investment Entities and comment letters submitted to the IASB can be found on the Consolidations – Investment
Entities project webpage http://www.ifrs.org/Current+Projects/IASB+Projects/Consolidation/IE/investment+entities+ED+Aug+2011/ED+ and+comment+letters.htm.
5 The IASB work plan and projected timetable for this project can be found in the Standards Development section of the IASB/IFRS website (www.ifrs.org/Current+Projects/IASB+Projects/IASB+Work+Plan.htm).
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March 30, 2012
(2012) 35 OSCB 3006
In order to have more certainty about the scope and impact of the anticipated exemption from consolidation for investment entities that the IASB is considering, CSA staff will take additional time before seeking approval in each CSA jurisdiction to either republish or finalize IFRS-related amendments to NI 81-106 and other instruments related to investment funds, with the goal of having the necessary IFRS-related amendments for investment funds in force by January 1, 2014. Prior to the mandatory changeover to IFRS set out in the Handbook, CSA staff consider the standards in Part V of the Handbook to be Canadian generally accepted accounting principles (Canadian GAAP) as applicable to public enterprises for securities legislation purposes. CSA staff recognize that some investment funds may want to prepare their financial statements in accordance with IFRS as issued by the IASB for annual periods beginning prior to January 1, 2014. Therefore, an investment fund that wants to use IFRS for interim and annual financial statements relating to annual periods beginning prior to January 1, 2014 must apply for exemptive relief from the current requirement to prepare its financial statements in accordance with Canadian GAAP as applicable to public enterprises.6 Investment funds filing applications for exemptive relief from NI 81-106 should also identify any issues that early adoption may create with respect to their financial disclosure. CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards7 sets out the CSA’s views on the disclosure that investment funds should be providing in advance of the changeover to IFRS. Investment funds should continue to provide appropriate disclosure about the expected impacts of the changeover to IFRS in accordance with the guidance in CSA Staff Notice 52-320 in their annual and interim filings in advance of the January 1, 2014 changeover date. Questions Please refer your questions to any of: Viraf Nania Sonny Randhawa Senior Accountant, Investment Funds Manager, Investment Funds Ontario Securities Commission Ontario Securities Commission 416-593-8267 416-204-4959 [email protected] [email protected] Suzanne Boucher Agnes Lau Analyste, Service des fonds d’investissement Senior Advisor, Technical and Projects Autorité des marchés financiers Alberta Securities Commission 514-395-0337, ext. 4477 403-297-8049 or 1-877-525-0337, ext. 4477 [email protected] [email protected] Manny Albrino Christopher Birchall Associate Chief Accountant Senior Securities Analyst British Columbia Securities Commission British Columbia Securities Commission 604-899-6641 or 1-800-373-6393 604-899-6722 or 1-800-373-6393 [email protected] [email protected] Wayne Bridgeman Senior Analyst, Corporate Finance Manitoba Securities Commission 204-945-4905 [email protected] March 30, 2012
6 This requirement is found in section 2.6 of NI 81-106. 7 This CSA Staff Notice was published May 9, 2008.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3007
1.1.4 OSC Notice 11-766 – Statement of Priorities – Request for Comment Regarding Statement of Priorities for Financial Year to End March 31, 2013
ONTARIO SECURITIES COMMISSION
NOTICE 11-766 – STATEMENT OF PRIORITIES
REQUEST FOR COMMENTS REGARDING STATEMENT OF PRIORITIES
FOR FINANCIAL YEAR TO END MARCH 31, 2013
The Securities Act requires the Commission to deliver to the Minister and publish in its Bulletin each year a statement by the Chairman setting out the proposed priorities of the Commission for its current fiscal year in connection with the administration of the Act, the regulations and rules, together with a summary of the reasons for the adoption of the priorities. In an effort to obtain feedback and specific advice on our proposed objectives and initiatives, the Commission is publishing a draft Statement of Priorities which follows this Request for Comments. The Commission will consider the feedback, and make any necessary revisions prior to finalizing and publishing its 2012–2013 Statement of Priorities. The Statement of Priorities, once approved by the Minister, will serve as the guide for the Commission’s ongoing operations. Shortly after the conclusion of our 2011–2012 fiscal year we will publish a report on our progress against our 2011–2012 priorities on our website. Comments Interested parties are invited to make written submissions by May 29, 2012 to: Robert Day Manager, Business Planning Ontario Securities Commission 20 Queen Street West Suite 1900, Box 55 Toronto, Ontario M5H 3S8 (416) 593-8179 [email protected] March 30, 2012
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3008
Ontario Securities Commission
2012–2013 – Statement of Priorities
Draft for Comment March 30, 2012
INTRODUCTION The Securities Act (Ontario) requires the Ontario Securities Commission (OSC) to publish in its Bulletin, and to deliver to the Minister by June 30 of each year, a statement by the Chair setting out the proposed priorities for the Commission for the current financial year. This Statement of Priorities sets out the OSC’s strategic goals and the specific initiatives that will be pursued in support of each of these goals in the fiscal year commencing April 1, 2012. It also discusses the environmental factors that the OSC considered in setting these goals. The OSC remains committed to delivering its regulatory services effectively and with accountability. The recent ruling from the Supreme Court stated that the federal government did not have the authority under the constitution to enact the proposed Canadian Securities Act. Therefore, the OSC continues to work closely with its colleagues in the Canadian Securities Administrators (CSA), and to ensure that the Canadian regulatory system continues to function efficiently and remains responsive to changing market circumstances. Our Vision To be an effective and responsive securities regulator – fostering a culture of integrity and compliance and instilling investor confidence in the capital markets. Our Mandate The OSC’s mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. The mandate is established by statute. OUR ENVIRONMENT Each year, the OSC develops its business plan and sets goals and priorities to promote the achievement of its vision and the fulfillment of its mandate. The OSC does this in the context of current and forecast economic conditions, evolving market practices, developing trends and issues, as well as changes in public expectations. This year’s planning exercise has the benefit of recent internal efforts to develop a vision and a strategic plan for the OSC as a 21st century regulator. The plan focuses on how the OSC sets its policy priorities, conducts its compliance programs and interacts with its stakeholders. This statement of priorities reflects some of these changes. Today’s market reality Capital markets have changed fundamentally in recent years. We have experienced sharp increases in the breadth of activity as well as changes in the nature of business models and the complexity of products. Securities, insurance and banking products have become more interchangeable and global markets more interconnected than ever before. The current market reality requires the OSC to address many new issues that have international implications, such as multi-jurisdictional enforcement investigations, a regulatory framework for the over-the-counter (OTC) derivatives, oversight of credit rating agencies and hedge funds, the regulation of emerging market reporting issuers, the proliferation of complex exchange-traded funds (ETFs) and structure products and an ever-changing market infrastructure. These raise complex regulatory, jurisdictional and operational challenges for the OSC. There continue to be instances where retail and institutional investors have been sold products that were not adequately explained, were not suitable and did not meet their needs. These problems resulted in investor harm and have shone a spotlight on the inadequacies of the existing disclosure regimes and on the need for financial advisers to appropriately inform investors to enable them to make good investment decisions. One of the greatest challenges now facing the OSC and other securities regulators is to strengthen the capacity and expertise to keep pace with ongoing market developments and risks that are emerging as a result of innovation and global market stresses.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3009
International response Given the changes to the markets and the lessons learned from the global financial crisis, expectations for financial services regulators have changed quite significantly. The unprecedented use of taxpayer dollars in many jurisdictions to bail out large financial institutions and to protect the local capital markets has created new accountability for regulators to a constituency with little interest in underwriting unnecessarily or overly risky behaviour. In an effort to fix the underlying causes of the crisis, the G20 countries, along with the Financial Stability Board (FSB) and international standard-setters, such as IOSCO and the Basel Committee on Banking Supervision, are focussed on global support for regulation by way of additional investments in regulatory processes, development of new financial market infrastructures, expanding the perimeter of regulation and strengthening cooperation and regulatory oversight. The call for increased regulation has been challenged by those who question whether regulators can develop the agility required to keep pace with developments in the markets they regulate. Implications for securities regulation in Ontario Commitments made to the G20 will require the introduction of a broad set of new policies that cannot simply be imported from other jurisdictions, but will require careful analysis of their impact in the Canadian market. In addition, the implications and consequences of policies introduced in other jurisdictions will need to be carefully monitored and their impact considered in Canada. The effects of all new policies and changes in other markets will be two-fold in Canada. First, direct compliance with these new rules by either domestic subsidiaries of foreign headquartered players or by local players transacting with foreign entities will cause shifts in the competitive landscape resulting in the potential for regulatory arbitrage. Second, it is possible that initiatives such as the EU Tobin tax and the US Volcker rule, or the application of lower position limits for commodity traders could drive high-frequency trading, proprietary trading and broker activity, or commodities speculation further into Canada’s markets. The greatest challenge facing regulators will not merely be the effective implementation of new rules, but also the development of the regulatory capacity to keep current with new market developments that will emerge over time as a result of financial innovation, or as unforeseen consequences of the implementation of the current proposed rules. Whether as a result of innovation in the industry, or as required by global events, the OSC faces a fast-changing operating environment and rising stakeholder and public expectations. As the regulator of the largest share of Canada’s capital markets, the OSC has an obligation to take these challenges seriously and demonstrate leadership. The recent Supreme Court of Canada decision on the national securities regulator means that the OSC will continue to meet its mandate by working in the best interests of investors and market participants of Ontario. The OSC will continue to work cooperatively with its CSA colleagues and other regulators to make the regulatory system more efficient. KEY REGULATORY PRIORITIES FOR 2012–2013 In light of the environmental factors outlined above, the OSC has reviewed and affirmed its broad strategic goals as set out below. A three year OSC strategic plan released on February 29, 2012 outlined a number of initiatives and operational programs in order to achieve its mandate. The OSC has five regulatory goals for 2012–2013. Four of the goals remain the same as in previous years with a fifth goal added to respond to the systemic risk concerns raised as part of the global response to the market issues that emerged in 2008. Goal #1 – Deliver Responsive Regulation The OSC strives to identify the important issues and deal with them in a timely way. The OSC will continue to be proactive in pursuing regulatory standards that discourage or pre-empt regulatory arbitrage, maintain or improve market confidence, reduce financial crime and safeguard investors. Expanding OSC research and analytical capabilities in support of policy making and operational decisions will better inform policy development. Key initiatives the OSC plans to undertake in the coming year are to: � Facilitate shareholder empowerment in director elections by advocating for the elimination of slate voting, the adoption
of majority voting policies for director elections and enhancing disclosure of voting results for shareholder meetings
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(2012) 35 OSCB 3010
� Improve the proxy voting system by: � conducting an empirical analysis to review concerns raised about the accountability, transparency and
efficiency of the voting system
� facilitating discussions amongst market participants on improving the functioning of the proxy system, taking into account the needs and concerns of retail investors, and
� working with the CSA to review the role of proxy advisers in our capital markets by soliciting feedback from issuers, investors and other market participants
� Develop and publish a consultation paper addressing issues associated with market data in a multi-marketplace
environment � Undertake comparative research on capital raising regimes in other jurisdictions, including gathering economic data
focussing specifically on approaches to raising capital for start-up and small businesses. This work will include consultation with issuers, investors, dealers, academics and others
� Consider and consult on alternate capital raising exemptions in Ontario in addition to the accredited investor and
$150,000 exemption � Conduct research and analysis, and publish a discussion paper on the cost of ownership of mutual funds in Canada,
identifying investor protection and public interest issues � Re-evaluate the regulatory and operational requirements associated with closed-end funds (non-redeemable
investment funds) by assessing the rationale for rules that differ from the rules governing the more common open-end mutual funds. This work will include consultations with issuers and investors with a view to publishing new rules for comment
� Undertake research and analysis of increasingly complex financial products and investment strategies and collaborate
closely with other regulators and exchanges to ensure regulatory approaches towards investment products are consistent and opportunities for regulatory arbitrage minimized.
Goal #2 – Deliver Effective Enforcement and Compliance Timely and appropriate compliance oversight and enforcement actions are integral to fostering confidence in capital markets and preventing harm to investors. The OSC’s compliance and enforcement regimes are dynamic; however, greater focus is needed on preventing non-compliance by issuers and registrants, rather than finding non-compliance after the fact. To address these issues, the OSC will: � Work with other regulators, oversight bodies, exchanges, emerging markets issuers, auditors, underwriters and
investors to address the principal concerns identified in the Emerging Markets Issuer Review (EMIR) completed in 2011 – 2012, as outlined in the OSC Staff Notice 51-719 dated March 20, 2012. This work will include: � developing and/or enhancing guidance and practices for boards, auditors and underwriters to address the
principal concerns described in the Staff Notice � examining listing requirements applicable to Emerging Market issuers
� Conduct more targeted compliance reviews and desk reviews of registrants by focussing on high risk areas, new
registrants and on major issues of concern that have been identified through compliance reviews � Conduct compliance reviews of website and marketing disclosures by smaller issuers. � Promote vigorous and timely enforcement action by reducing timelines for completing investigations and initiating
regulatory proceedings � Continue to work with national and international enforcement regulators to develop a comprehensive response to
emerging market issues � Increase the use of stronger enforcement mechanisms and increase quasi-criminal prosecutions
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(2012) 35 OSCB 3011
� Further develop and implement a more effective, risk-based and proactive approach to both issuer regulation and compliance oversight
� Conduct educational seminars and publish a variety of practice directives and guidance to small and medium
enterprises to provide direction on understanding our expectations regarding filings, and to alert them to issues we are focussing on in our review programs.
Goal #3 – Deliver Strong Investor Protection Key initiatives the OSC plans to undertake to champion investor protection are as follows. � The OSC will create an Office of the Investor to establish a stronger investor focus and understanding. This Office will:
� deepen the OSC’s understanding of investor issues
� act as the focus for investor concerns and ensure investor issues are considered in policy and operational
activities within the OSC
� work with the OSC Research and Data Analysis Group to conduct specific research into investor issues and the implications for regulatory responses
� work with investor advocacy groups and regulators to enhance OSC understanding of investor issues
� work with the Investor Advisory Panel to support its mandate, and
� work with the Investor Education Fund to support its efforts � Re-evaluate the adviser-client relationship to consider whether an explicit statutory fiduciary duty or other standards
should apply to all advisers and dealers in Ontario. The research underway will be completed, and a paper on the adviser’s duty to clients will be prepared and published in consultation with the CSA
� The OSC will help investors get the necessary information to enable them to make better investment decisions by:
� applying high standards of disclosure through robust prospectus and continuous disclosure reviews
� developing alternative, tailored disclosure documents – such as: re-examining risk disclosure in the ‘Fund
Facts’ as part of the Point of Sale initiative, and developing similar disclosure documents for other types of investment funds and scholarship plans
� publishing rules that ensure investors receive from their dealers/advisers reports on the ongoing costs and performance of their investments
� Continue to work with OBSI and the CSA to support a sustainable and robust system of informal dispute resolution for
investors. The need to assist and protect investors is critical given the availability of complex products, greater reliance on the exempt market for distribution, and potential intermediary conflicts of interest in the distribution of products. The OSC will: � Examine the exempt market to obtain a better understanding of how and why individual investors participate not only in
terms of direct investment in issuers, but also through structured investments sold through exempt market dealers � Re-consider the current regulatory requirements governing shareholders’ rights plans to reflect recent market and
governance developments. Goal #4 – Run a Modern, Accountable and Efficient Organization The OSC continues to pursue its mandate and efforts to improve the efficiency and effectiveness of its operational and policy work. In its efforts to become a more performance-based and accountable organization, the OSC will: � Prioritize and coordinate policy development. A dedicated committee will be established for the control and prioritization
of policy initiatives, to ensure they are aligned with the goals and objectives of the organization and that investors’ concerns and operational issues are considered early in the policy process. Greater emphasis will be placed on
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(2012) 35 OSCB 3012
assessing the implications of policies, testing implementation of regulations and on collaboration with other domestic and international regulators
� Establish an Emerging Risk Committee that will develop a framework for the identification and analysis of risk � Expand its research and data analysis capabilities to adopt a data-based approach to identifying issues, decision
making and policy development. A dedicated group will be created to further enhance the research and analytical functions to bring about a more disciplined approach to policy development, a better understanding of investor behaviour and needs, and improved and timely identification of risks and issues in order to react faster
� Build an attractive, modern, high-performing workplace where every manager is a great talent manager and every
employee is fully engaged � Incorporate more sophisticated analytical tools to improve the efficiency, quality and timeliness of investigation efforts.
Expand the use of technology and e-discovery tools to assist in insider trading investigations � Improve the adjudicative process by moving to electronic hearings. This will facilitate more efficient management of the
increased numbers of hearings and related documents � Develop IT tools to assist in gathering, monitoring and analyzing data, automating areas of work that are now manually
intensive and not efficient – e.g. creating online information submission (eForms) to capture submissions electronically to reduce data entry and errors, expedite analysis, and improve the quality of information submitted through initial validation
� Review the existing OSC fee model and propose a new Fee Rule for implementation in April 2013 � Further develop key performance measures to track the outcomes of OSC activities and report on progress on a
quarterly basis � Improve internal work processes – such as: a more effective approach to issuer regulation by continuing to improve
screening and review protocols for prospectuses and compliance oversight; plus enhancing the risk-based approach to licensing registrants.
Goal #5 – Support and Promote Financial Stability The OSC aims to build the capabilities required to play a more active role in assessing risks to its own objectives and to financial stability arising from the interaction between securities and other financial services activities. The OSC will: � Continue the work on the creation of a framework to regulate OTC derivatives participants in order to meet the G20
requirements:
� complete and publish various concept papers in consultation with the CSA � roll-out proposed rules regarding oversight of trade repositories and a requirement to report all derivative
trades to an approved trade repository, and � publish rules for comment in late 2012
� Increase cooperation by developing more formal and regular working relationships with the CSA and other financial
service regulators in Canada and internationally � Work with IOSCO and the CSA Systemic Risk Committee to implement IOSCO Principle 6 regarding systemic risk, and
Principle 7 regarding perimeter of regulation. 2012–2013 FINANCIAL OUTLOOK OSC Revenues and Surplus Overall, the OSC is forecasting revenues in 2012–2013 to increase by 12.5% from 2011–2012 forecast actual revenues. This forecast reflects the fee increases in place for the coming year and a market growth assumption of 5%. When the OSC reset fee rates for three years in April 2010, fees were set at levels to generate revenues that would be below expected costs. The intent was to reduce the surplus that had been accumulated in the prior three year period. Based on the projected revenues and
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proposed 2012–2013 OSC Budget, the OSC expects to operate at a deficit in 2012–2013. As a result, the OSC surplus is projected to be less than $2 million as at March 31, 2013. 2012–2013 Budget Approach The 2012–2013 OSC Budget is focused on investment in the key strategies identified in its recently completed three year OSC Strategic Plan. While these initiatives will be staffed in part through redeployment of existing resources, the scope of the initiatives is such that more resources will be needed and are reflected in the budget. The budget reflects a projected increase of $7.2 million or 7.8% over expected 2011–2012 spending and 10.2% above the 2011–2012 budget. Salaries and benefits, which comprise $74.8 million, or 74.8% of the budget, reflect an increase of $6.0 million or 8.7% over 2011–2012 spending. The increase in salaries and benefits cost reflects: � new positions approved to achieve the strategic initiatives
� full-year costs for vacancies and staff hired throughout 2011–2012, and
� higher projected restructuring costs. The 2012–2013 budget includes funding for new staff focused in the following areas: � to address market structure issues that are increasing both in number and complexity
� to establish and staff a new Office of the Investor
� to set up an accredited chartered accountant training program, and
� to provide analytical and research support to allow the OSC to undertake a more fact based approach. These initiatives will support the regulatory results the OSC is seeking. The OSC is committed to becoming a 21st century regulator and needs to attract, retain and motivate staff with the required skills and experience. The OSC believes that becoming a leading employer will help it attract skilled staff. Therefore, resources have been allocated to various human resources initiatives with the goal to create the appropriate organizational structure and development environment.
2011-2012 Budget
2011-2012 Forecast
Actual
2012-2013
Budget
2012-2013 Budget to 2011-2012 Budget
2012-2013 Budget to 2011-2012 Actual
($000’s) $ Change % Change $ Change % Change Revenues $80,287 $83,147 $93,524 $13,237 16.5 $10,377 12.5% Expenses 90,706 92,739 99,986 9,280 10.2 $7,247 7.8%
Deficiency of Revenue compared to Expenses
($10,419) ($9,592) ($6,462) $3,957 $3,130
Capital Expenditures $2,396 $2,236 $8,057 $5,661 $5,821 The significant increase in the capital budget primarily reflects the build-out of recently acquired additional space as well as the realignment and refurbishment of the OSC’s existing space. The budget also includes considerable investments to support upgrading and expansion of our information technology which will help to facilitate excellence in the execution of the OSC’s operations.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3014
1.2 Notices of Hearing 1.2.1 Bunting & Waddington Inc. et al. – ss. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF BUNTING & WADDINGTON INC.,
ARVIND SANMUGAM, JULIE WINGET AND JENIFER BREKELMANS
NOTICE OF HEARING
Sections 127 and 127.1 TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission located at 20 Queen Street West, 17th Floor, on April 16, 2012 at 10:00 a.m., or as soon thereafter as the hearing can be held. AND TAKE NOTICE THAT the purpose of the hearing is to consider whether it is in the public interest for the Commission, at the conclusion of the hearing, to make an order:
(i) pursuant to clause 2 of subsection 127(1) of the Act that trading in any securities by Bunting & Waddington
Inc. (“Bunting & Waddington”), Arvind Sanmugam (“Sanmugam”), Julie Winget (“Winget”) and Jenifer Brekelmans (“Brekelmans”) (collectively, the “Respondents”) cease permanently or for such period as is specified by the Commission;
(ii) pursuant to clause 2.1 of subsection 127(1) of the Act that the acquisition of any securities by the
Respondents is prohibited permanently or for such period as is specified by the Commission; (iii) pursuant to clause 3 of subsection 127(1) of the Act that any exemptions contained in Ontario securities law
do not apply to the Respondents permanently or for such period as is specified by the Commission; (iv) pursuant to clause 6 of subsection 127(1) of the Act that the Respondents be reprimanded; (v) pursuant to clauses 7, 8.1 and 8.3 of subsection 127(1) of the Act that Sanmugam, Winget and Brekelmans
(collectively the “Individual Respondents”) resign all positions that they hold as a director or officer of any issuer, registrant, or investment fund manager;
(vi) pursuant to clauses 8, 8.2 and 8.4 of subsection 127(1) of the Act that the Individual Respondents be
prohibited from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager;
(vii) pursuant to clause 8.5 of subsection 127(1) of the Act that the Respondents be prohibited from becoming or
acting as a registrant, as an investment fund manager or as a promoter; (viii) pursuant to clause 9 of subsection 127(1) of the Act that the Respondents each pay an administrative penalty
of not more than $1 million for each failure by that Respondent to comply with Ontario securities law; (ix) pursuant to clause 10 of subsection 127(1) of the Act that each Respondent disgorge to the Commission any
amounts obtained as a result of non-compliance by that Respondent with Ontario securities law; (x) pursuant to section 127.1 of the Act that the Respondents be ordered to pay the costs of the Commission
investigation and the hearing; and (xi) such further order as the Commission considers appropriate in the public interest.
BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated March 22, 2012 and such additional allegations as counsel may advise and the Commission may permit;
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3015
AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings. DATED at Toronto this 22nd day of March, 2012. “John Stevenson” Secretary to the Commission
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3016
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF BUNTING & WADDINGTON INC.,
ARVIND SANMUGAM, JULIE WINGET AND JENIFER BREKELMANS
STATEMENT OF ALLEGATIONS OF STAFF OF
THE ONTARIO SECURITIES COMMISSION Staff of the Ontario Securities Commission (the “Commission”) make the following allegations: I. OVERVIEW 1. This proceeding involves unregistered trading in securities and unregistered advising with respect to investing in,
buying or selling securities by the respondents between approximately February 2006 and June 2010 (the “Material Period”).
2. Arvind Sanmugam (“Sanmugam”) and Bunting & Waddington Inc. (“Bunting & Waddington”) engaged in fraudulent
conduct by making misrepresentations to investors in order to induce them to engage the services of Bunting & Waddington and Sanmugam.
II. THE RESPONDENTS 3. Bunting & Waddington was incorporated in November 2001 pursuant to the Business Corporations Act, R.S.O. 1990, c.
B.16., and conducted business in several locations in the Toronto area. 4. Sanmugam was at all times the directing mind and de facto director of Bunting & Waddington. He is an Ontario
resident. 5. Julie Winget (“Winget”) is an Ontario resident, Sanmugam’s common law wife, and was the sole director of Bunting &
Waddington during the Material Period. 6. Jenifer Brekelmans (“Brekelmans”) is an Ontario resident, and was an employee of Bunting & Waddington during the
Material Period. 7. Bunting & Waddington, Sanmugam, Winget and Brekelmans (collectively the “Respondents”) have never been
registered with the Commission in any capacity. III. THE ACTIVITY
a. Bunting & Waddington and Sanmugam 8. Bunting & Waddington held itself out as providing “market commentary” to its clients, who are investors located in
Ontario (the “Investors”). Market commentary includes advice on buying and selling specific securities at particular prices on a specific date.
9. Sanmugam directed the Investors to open “trading accounts with margins and options” at an online discount brokerage
service (the “Investor Accounts”). Sanmugam exercised control over the Investor Accounts in two ways:
(a) Investors would provide the passwords to their trading accounts to Sanmugam and he would execute trades in those accounts; or
(b) Sanmugam would direct Investors to execute specific trades within their accounts.
10. Bunting & Waddington and Sanmugam represented to some or all of the Investors that they could expect to earn a
monthly return of $8,000 on a total investment of $100,000. Provided this 8% return was achieved in any given month, investors would pay Bunting & Waddington a monthly retainer of $3500.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3017
11. During the Material Period, Sanmugam exercised trading control over more than $3,600,000 of the Investors’ funds. 12. Bunting & Waddington received in excess of $475,000 in fees in respect of trading and advising activities directed by
Sanmugam. 13. Sanmugam made the following misrepresentations to some or all of the Investors:
(a) he was a successful trader; (b) he had over 75 advisors working for him at Bunting & Waddington; (c) Bunting & Waddington’s market commentators were highly experienced, and each had a proven track record
of generating high rates of return; and (d) Investors would always retain full control over their invested funds.
14. These representations were misleading in the following ways:
(a) through his trading and advising activities, Sanmugam lost over $3.6 million of investor funds between February 2006 and June 2010 alone;
(b) there is no evidence of Sanmugam having any advisors working for him at Bunting & Waddington; (c) Sanmugam was the only market commentator at Bunting & Waddington; (d) there is no evidence of Sanmugam having a proven track record of generating high rates of return; and (e) Sanmugam persisted in trading Investors’ funds, notwithstanding repeated complaints from many of his
Investors. He refused to communicate directly with some Investors when they tried to contact him.
b. Brekelmans 15. Sanmugam directed his employees, including Brekelmans, to trade in specific securities on behalf of some of the
Investors, and to advise some of the Investors with respect to trading in securities. 16. Under Sanmugam’s direction, Brekelmans traded in securities in some of the Investors’ accounts and advised some of
the Investors with respect to trading in specific securities.
c. Winget 17. Winget incorporated Bunting & Waddington in November 2001, and is identified on the Ministry of Government
Services’ Corporation Profile Report as its sole director. 18. In furtherance of the trading and advising activities described above, Winget opened the bank accounts for Bunting &
Waddington, and was the sole signatory over those accounts. She caused Bunting & Waddington business expenses to be paid from those accounts, either by cheque, or by arranging for a payroll service.
19. Of the $475,000 received into the Bunting & Waddington bank accounts, referred to in paragraph 12 above, Winget
received a net amount of over $200,000 in transfers into her personal bank account. IV. BREACHES OF ONTARIO SECURITIES LAW 20. During the Material Period, each of the Respondents traded and engaged in or held themselves out as engaging in the
business of trading in securities without being registered to do so and without an exemption from the dealer registration requirement, contrary to subsection 25(1)(a) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) as that section existed at the time the conduct at issue commenced in February 2006, and contrary to subsection 25(1) of the Act as subsequently amended on September 28, 2009.
21. During the Material Period, each of Bunting & Waddington, Sanmugam and Brekelmans advised and engaged in or
held themselves out as engaging in the business of advising with respect to investing in, buying or selling securities without being registered to do so and without an exemption from the adviser registration requirement, contrary to subsection 25(1)(c) of the Act as that section existed at the time the conduct at issue commenced in February 2006, and contrary to subsection 25(3) of the Act as subsequently amended on September 28, 2009.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3018
22. Sanmugam and Bunting & Waddington directly or indirectly engaged or participated in an act, practice or course of conduct relating to securities that he or it knew or reasonably ought to have known, perpetrated a fraud on investors, contrary to subsection 126.1(b) of the Act.
23. Winget as director and Sanmugam as de facto director of Bunting & Waddington authorized, permitted or acquiesced in
the corporate respondent’s non-compliance with Ontario securities law and accordingly, failed to comply with Ontario securities law pursuant to section 129.2 of the Act.
24. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit. DATED at Toronto this 22nd day of March, 2012.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3019
1.2.2 Joseph Caza and Salim Kanji – s. 127
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE COMMISSION AND JOSEPH CAZA
NOTICE OF HEARING
(Section 127) TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) at the offices of the Commission located at 20 Queen Street West, 17th Floor, on March 26, 2012 at 11:00 a.m., or as soon thereafter as the hearing can be held. AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to approve the settlement of the proceeding entered into between Staff of the Commission (“Staff”) and Joseph Caza (the “Settlement Agreement”) and to make an order approving the sanctions set out in the Settlement Agreement. BY REASON OF the allegations as set out in the Statement of Allegations of Staff dated March 22, 2012 and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings. DATED at Toronto this 22nd day of March, 2012. “John Stevenson” Secretary to the Commission
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3020
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
STATEMENT OF ALLEGATIONS OF STAFF OF
THE ONTARIO SECURITIES COMMISSION Staff of the Ontario Securities Commission make the following allegations: The Respondents 1. Joseph Caza (“Caza”) is a resident of Thornhill, Ontario. On or about January 1, 1996, Caza became a director of
Realcash Bancorp Inc. (“Realcash”), and on or about January 20, 1998, Caza became the President of Realcash. Caza has never been registered with the Commission in any capacity, nor employed in any capacity as, or on behalf of, a market participant.
2. Salim Kanji (“Kanji”) is a resident of Scarborough, Ontario. On or about June 30, 1996, Kanji became a director of
Realcash and on or about January 20, 1998, Kanji became the Vice-President of Realcash. Kanji has never been registered with the Commission in any capacity, nor employed in any capacity as, or on behalf of, a market participant.
3. In the period May 2009 to November 2010 (the “Material Time”), in addition to his role as President, Caza was a
director, owner and the directing mind of Realcash. During the Material Time, in addition to his role as Vice-President, Kanji was a director and owner of Realcash.
4. Barham Investment Services Inc. (“Barham”) was incorporated in Ontario on June 11, 1993. On June 27, 1996,
Barham changed its name to Realcash. Realcash has never been registered with the Commission in any capacity. 5. On December 20, 2010, Realcash filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act, R.S.C.
1985, c. B-3. Realcash Security 6. The business of Realcash involved the provision of commission advances to real estate agents and/or agencies.
Funding for these advances was obtained from investors, who were paid an interest rate determined by Realcash or one of its principals. The investor was on occasion provided with a promissory note as evidence of the indebtedness. This arrangement is referred to herein as the “Realcash Security.”
7. Realcash Security investors typically received monthly interest payments, but played no role in the generation of profits
and/or the accrual of interest. The Realcash Security was a “security” as defined in clauses (e), (g), and/or (n) of section 1(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”).
8. Throughout the Material Time, Caza operated the Realcash business, including meeting with investors and initiating
and managing Realcash’s arrangements with real estate agents and agencies. 9. During the Material Time, Kanji referred family and friends to Realcash, and on occasion, delivered interest cheques to
Realcash Security investors. 10. During the Material Time, a total of more than $2.8 million was raised from investors in the Realcash Security and more
than $3.2 million was paid to Realcash Security investors. Notwithstanding this, many investors did not receive full repayment of their capital.
Unregistered Trading and Unlawful Distribution 11. The respondents each traded and engaged in or held themselves out as engaging in the business of trading in
securities without being registered to do so and without an exemption from the dealer registration requirement, contrary to section 25(1)(a) of the Securities Act as that section existed at the time the conduct at issue commenced, and contrary to section 25(1) of the Securities Act as subsequently amended on September 28, 2009.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3021
12. The respondents’ activities in respect of the Realcash Security constituted trades in securities which were distributions, for which no preliminary prospectus or prospectus was filed or receipted by the Director, contrary to section 53 of the Securities Act.
DATED at Toronto this 22nd day of March, 2012.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3022
1.2.3 Joseph Caza and Salim Kanji – s. 127
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE COMMISSION AND SALIM KANJI
NOTICE OF HEARING
(Section 127) TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) at the offices of the Commission located at 20 Queen Street West, 17th Floor, on March 26, 2012 at 11:30 a.m., or as soon thereafter as the hearing can be held. AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to approve the settlement of the proceeding entered into between Staff of the Commission (“Staff”) and Salim Kanji (the “Settlement Agreement”), and to make an order approving the sanctions set out in the Settlement Agreement. BY REASON OF the allegations as set out in the Statement of Allegations of Staff dated March 22, 2012 and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings. DATED at Toronto this 22nd day of March, 2012. “John Stevenson” Secretary to the Commission
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3023
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
STATEMENT OF ALLEGATIONS OF STAFF OF
THE ONTARIO SECURITIES COMMISSION Staff of the Ontario Securities Commission make the following allegations: The Respondents 1. Joseph Caza (“Caza”) is a resident of Thornhill, Ontario. On or about January 1, 1996, Caza became a director of
Realcash Bancorp Inc. (“Realcash”), and on or about January 20, 1998, Caza became the President of Realcash. Caza has never been registered with the Commission in any capacity, nor employed in any capacity as, or on behalf of, a market participant.
2. Salim Kanji (“Kanji”) is a resident of Scarborough, Ontario. On or about June 30, 1996, Kanji became a director of
Realcash and on or about January 20, 1998, Kanji became the Vice-President of Realcash. Kanji has never been registered with the Commission in any capacity, nor employed in any capacity as, or on behalf of, a market participant.
3. In the period May 2009 to November 2010 (the “Material Time”), in addition to his role as President, Caza was a
director, owner and the directing mind of Realcash. During the Material Time, in addition to his role as Vice-President, Kanji was a director and owner of Realcash.
4. Barham Investment Services Inc. (“Barham”) was incorporated in Ontario on June 11, 1993. On June 27, 1996,
Barham changed its name to Realcash. Realcash has never been registered with the Commission in any capacity. 5. On December 20, 2010, Realcash filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act, R.S.C.
1985, c. B-3. Realcash Security 6. The business of Realcash involved the provision of commission advances to real estate agents and/or agencies.
Funding for these advances was obtained from investors, who were paid an interest rate determined by Realcash or one of its principals. The investor was on occasion provided with a promissory note as evidence of the indebtedness. This arrangement is referred to herein as the “Realcash Security.”
7. Realcash Security investors typically received monthly interest payments, but played no role in the generation of profits
and/or the accrual of interest. The Realcash Security was a “security” as defined in clauses (e), (g), and/or (n) of section 1(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”).
8. Throughout the Material Time, Caza operated the Realcash business, including meeting with investors and initiating
and managing Realcash’s arrangements with real estate agents and agencies. 9. During the Material Time, Kanji referred family and friends to Realcash, and on occasion, delivered interest cheques to
Realcash Security investors. 10. During the Material Time, a total of more than $2.8 million was raised from investors in the Realcash Security and more
than $3.2 million was paid to Realcash Security investors. Notwithstanding this, many investors did not receive full repayment of their capital.
Unregistered Trading and Unlawful Distribution 11. The respondents each traded and engaged in or held themselves out as engaging in the business of trading in
securities without being registered to do so and without an exemption from the dealer registration requirement, contrary to section 25(1)(a) of the Securities Act as that section existed at the time the conduct at issue commenced, and contrary to section 25(1) of the Securities Act as subsequently amended on September 28, 2009.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3024
12. The respondents’ activities in respect of the Realcash Security constituted trades in securities which were distributions, for which no preliminary prospectus or prospectus was filed or receipted by the Director, contrary to section 53 of the Securities Act.
DATED at Toronto this 22nd day of March, 2012.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3025
1.2.4 Fibrek Inc. – s. 21.7
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF FIBREK INC.
AND
IN THE MATTER OF
A DECISION OF THE TORONTO STOCK EXCHANGE
NOTICE OF HEARING (Section 21.7 of the Act)
TAKE NOTICE THAT the Ontario Securities Commission will hold a hearing pursuant to section 21.7 of the Securities Act, R.S.O. 1990, c. S.5, as amended, to consider the Application made by Fibrek Inc. dated March 21, 2012 for a review of a decision of the Toronto Stock Exchange made March 20, 2012; AND TAKE FURTHER NOTICE THAT the hearing will be held on March 28, 2012 at 10:00 a.m. on the 17th floor of the Commission’s offices located at 20 Queen Street West, Toronto. Dated at Toronto this 23rd day of March, 2012 “John Stevenson” Secretary to the Commission
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3026
1.2.5 Carmine Domenicucci – ss. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CARMINE DOMENICUCCI
NOTICE OF HEARING
(Sections 127 and 127.1) TAKE NOTICE THAT the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 127 and 127.1 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission at 20 Queen Street West, 17th Floor Hearing Room on March 29, 2012 at 1:00 p.m., or as soon thereafter as the hearing can be held, to consider:
(a) whether, in the opinion of the Commission, it is in the public interest, pursuant to sections 127 and 127.1 of the Act to order that:
(i) trading in any securities by the Respondent cease permanently or for such period as is specified by
the Commission; (ii) the acquisition of any securities by the Respondent is prohibited permanently or for such other period
as is specified by the Commission; (iii) any exemptions contained in Ontario securities law do not apply to the Respondent permanently or
for such period as is specified by the Commission; (iv) the Respondent be reprimanded; (v) the Respondent resign one or more positions that he holds as a director or officer of any issuer,
registrant or investment fund manager; (vi) the Respondent be prohibited from becoming or acting as a director or officer of any issuer, a
registrant or investment fund manager; (vii) the Respondent be prohibited from becoming or acting as a registrant, as an investment fund
manager or as a promoter; (viii) the Respondent pay an administrative penalty of not more than $1 million for each failure by the
Respondent to comply with Ontario securities law; (ix) the Respondent disgorge to the Commission any amounts obtained as a result of non-compliance by
the Respondent with Ontario securities law; and (x) the Respondent be ordered to pay the costs of the Commission investigation and the hearing;
(b) whether to make such further orders as the Commission considers appropriate. BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated March 23, 2012 and such additional allegations as counsel may advise and the Commission may permit; AND BY REASON OF the evidence filed with the Commission and the testimony heard by the Commission; AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings. DATED at Toronto this 23rd day of March, 2012 “John Stevenson”
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3027
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CARMINE DOMENICUCCI
STATEMENT OF ALLEGATIONS OF STAFF OF
THE ONTARIO SECURITIES COMMISSION Staff of the Ontario Securities Commission (the "Commission") make the following allegations: I. OVERVIEW 1. During the period September 2008 to June 2009 (the “Material Time”), Carmine Domenicucci (“Domenicucci”) engaged
in trading in securities beyond the scope of his registration, illegal distributions of securities and held himself out as engaging in the business of advising with respect to investing or buying securities without proper registration contrary to the Securities Act, R.S.O. 1990, c.S.5 as amended (the “Act”) and contrary to the public interest.
2. During the Material Time, Domenicucci was the sole officer and director of G8 Resorts Management Inc. (“G8 Resorts”)
when G8 Resorts engaged in trading without registration and in illegal distributions of securities contrary to the Act and contrary to the public interest.
3. Further, during the Material Time, Domenicucci and G8 Resorts made misleading statements in offering memoranda
delivered to investors. II. BACKGROUND 4. Domenicucci is a resident of Ottawa, Ontario. Domenicucci was registered as a trading officer in the category of limited
market dealer with Oasis Park Investments Ltd. (“Oasis”) from July 18, 2006 to August 25, 2009. Domenicucci was also a shareholder and the designated compliance officer of Oasis.
5. From May 10, 2006 to July 1, 2009, Domenicucci was the sole officer and director of G8 Resorts. G8 Resorts is an
Ontario company incorporated on May 10, 2006 and was formerly named 1686980 Ontario Ltd. 6. G8 Resorts was the general partner for Minas Investments Limited Partnership (“Minas”), a limited partnership
registered under the Limited Partnerships Act, R.S.O. 1990, c. L.16 (the “Limited Partnerships Act”) on June 3, 2008. 7. G8 Resorts was also the de facto general partner for GEMS Capital Limited Partnership II (“GEMS II”), a limited
partnership registered under the Limited Partnerships Act on January 6, 2009. G8 Resorts was identified as the general partner for GEMS II in the GEMS II Offering Memorandum (the “GEMS II OM”) that was delivered to investors.
8. Ciccone Group Inc. is an Ontario company incorporated on August 18, 1992 that was formerly named 990509 Ontario
Inc. (collectively referred to as “Ciccone Group”). During the Material Time, Vincent Ciccone, a resident of Cambridge, Ontario and a childhood friend of Domenicucci, was the sole officer and director of Ciccone Group. Ciccone Group purported to be one of the fastest growing niche financial venture companies in Canada.
9. 990509 Ontario Inc. (now known as Ciccone Group) was identified as the fund manager (the “GEMS II Fund Manager”)
in the GEMS II OM. 10. Ciccone Group was assigned into bankruptcy on November 30, 2010, at which time it owed over $17 million to
investors. 11. None of G8 Resorts, Minas or GEMS II was registered with the Commission in any capacity during the period
September 2008 to June 2009.
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3028
A. Trading without Registration and Distribution of Securities without a Prospectus (i) Minas 12. During the period October 2008 to May 2009, Minas raised approximately $1.9 million from the issuance and sale of
Minas limited partnership units (“Minas securities”) to approximately 43 investors. 13. Commencing in or about September 2008 to May, 2009, G8 Resorts and Domenicucci engaged in acts in furtherance
of trades of Minas securities and thereby traded in Minas securities. In particular, as the General Partner and the sole officer and director of the General Partner, G8 Resorts and Domenicucci respectively caused Minas to trade in its securities. In addition, Domenicucci prepared the Offering Memorandum used in connection with the sale of Minas securities to investors (the “Minas OM”).
14. Domenicucci traded in Minas securities when no exemption was available which was contrary to the scope of his
registration. G8 Resorts traded in Minas securities without registration. 15. The sale of Minas securities were trades in securities not previously issued and were therefore distributions.
Domenicucci and G8 Resorts traded in Minas securities when a preliminary prospectus and a prospectus had not been filed for Minas and receipts had not been issued for them by the Director.
(ii) GEMS II 16. During the period February 2009 to October 2009, GEMS II raised approximately $6.2 million from the issuance and
sale of GEMS II limited partnership units (“GEMS II securities”) to approximately 30 investors. 17. Commencing in or about January 2009 to June 2009, G8 Resorts and Domenicucci engaged in acts in furtherance of
the trades in GEMS II securities and thereby traded in GEMS II securities. In particular, as the General Partner and the sole officer and director of the General Partner, G8 Resorts and Domenicucci respectively caused GEMS II to trade in its securities. In addition, Domenicucci prepared the GEMS II OM used in connection with the sale of GEMS II securities to investors.
18. Domenicucci traded in GEMS II securities when no exemption was available which was contrary to the scope of his
registration. G8 Resorts traded in GEMS II securities without registration. 19. The sale of GEMS II securities were trades in securities not previously issued and were therefore distributions.
Domenicucci and G8 Resorts traded in GEMS II securities when a preliminary prospectus and a prospectus had not been filed for GEMS II and receipts had not been issued for them by the Director.
B. Misleading and Untrue Statements in Minas OM and GEMS II OM (i) The Minas OM 20. The Minas OM contained statements which Domenicucci knew or reasonably ought to have known, were, in a material
respect and at the time and in light of the circumstances under which they were made, misleading and did not state a fact that was required to be stated or was necessary to make the statements not misleading, contrary to subsection 126.2(1) of the Act and contrary to the public interest. In particular:
(a) Domenicucci knew at the time of the drafting of the Minas OM that the funds raised from the Minas distribution
were to be invested with Gordon Driver (“Driver”), the principal of Axcess Automation LLC (“Axcess”). However, neither Driver’s name nor Axcess’s name appears anywhere in the Minas OM. Instead the Minas OM includes details about three investment advisors to the fund manager and that these advisors were being supported by a network of traders, analysts and operations staff when Domenicucci knew or reasonably ought to have known that this network did not exist;
(b) During the period in which the Minas OM was being provided to investors, Domenicucci was sending Minas
investor funds to Ciccone Group in exchange for Ciccone Group Promissory Notes on the basis that Ciccone Group would be investing the money in Axcess. However, there is no mention of any of this in the Minas OM;
(c) The Minas OM states that the General Partner of the Fund Manager is an experienced computer scientist,
which statement was not true at the time it was made. There was no General Partner to the Fund Manager. The only other General Partner involved in the Minas distribution was G8 Resorts. Domenicucci was the sole officer and director of G8 Resorts at the time of the Minas distribution and he knew that G8 Resorts was not an experienced computer scientist; and
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3029
(d) Domenicucci signed a Certificate to the Minas OM to the effect that the Minas OM contained no misrepresentations when he knew or reasonably ought to have known that this statement was not true.
21. The misleading statements referred to above would reasonably be expected to have a significant effect on the market
price or value of the Minas securities. (ii) The GEMS II OM 22. The GEMS II OM contained statements which Domenicucci knew or reasonably ought to have known, were, in a
material respect and at the time and in light of the circumstances under which they were made, misleading and did not state a fact that was required to be stated or was necessary to make the statements not misleading, contrary to subsection 126.2(1) of the Act and contrary to the public interest. In particular:
(a) Domenicucci is referred to in the GEMS II OM as an investment advisor to the GEMS II Fund Manager. This
reference remained in the GEMS II OM which continued to be distributed to investors when Domenicucci knew or reasonably ought to have known that he was not fulfilling that function;
(b) The GEMS II OM also stated that three investment advisors to the fund were supported by an experienced
network of traders, analysts and operations staff when Domenicucci knew or reasonably ought to have known that this statement was not true; and
(c) The GEMS II OM contained a certificate signed by Domenicucci to the effect that the GEMS II OM contained
no misrepresentations. Domenicucci knew or reasonably ought to have known that this statement was not true.
23. The misleading statements referred to above would reasonably be expected to have a significant effect on the market
price or value of the GEMS II securities. C. Advising in Securities without Registration 24. Domenicucci is listed in the GEMS II OM as one of three principal advisors to the fund manager. Based on the
investment strategy of GEMS II which included buying and selling long and short positions in securities and the description of Domenicucci in the GEMS II OM, Domenicucci held himself out in the GEMS II OM as engaging in the business of advising others as to investing in or the buying or selling of securities without being registered with the Commission to advise in securities.
D. Benefits received by Domenicucci 25. Minas and GEMS II investor funds were used, in part, to pay management fees and/or professional fees to G8 Resorts
and/or Linkline International Ltd (“Linkline”), an Ontario corporation owned and controlled by Domenicucci and, of the amounts paid to G8 Resorts and Linkline, Domenicucci personally received approximately $100,000 as draws.
III. STAFF’S ALLEGATIONS – Conduct Contrary to Ontario Securities Law and Contrary to the Public Interest 26. The specific allegations advanced by Staff are:
(a) Domenicucci traded in Minas and GEMS II securities when no exemption was available and thereby traded outside the scope of his registration, contrary to subsection 25(1)(a) of the Act (as that subsection existed during the Material Time) and contrary to the public interest;
(b) G8 Resorts traded in Minas and GEMS II securities without being registered to trade in securities, contrary to
subsection 25(1)(a) of the Act (as that subsection existed during the Material Time) and contrary to the public interest;
(c) Domenicucci and G8 Resorts traded in Minas securities when a preliminary prospectus and a prospectus had
not been filed for Minas and receipts had not been issued for them by the Director, contrary to subsection 53(1) of the Act and contrary to the public interest;
(d) Domenicucci and G8 Resorts traded in GEMS II securities when a preliminary prospectus and a prospectus
had not been filed and receipts had not been issued for them by the Director, contrary to subsection 53(1) of the Act and contrary to the public interest;
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3030
(e) The Minas OM contained statements which Domenicucci and G8 Resorts knew or reasonably ought to have known, were, in a material respect and at the time and in light of the circumstances under which they were made, misleading and did not state a fact that was required to be stated or was necessary to make the statements not misleading and which would reasonably be expected to have a significant effect on the market price or value of Minas securities, contrary to subsection 126.2(1) of the Act and contrary to the public interest;
(f) The GEMS II OM contained statements which Domenicucci and G8 Resorts knew or reasonably ought to
have known, were, in a material respect and at the time and in light of the circumstances under which they were made, misleading and did not state a fact that was required to be stated or was necessary to make the statements not misleading and which would reasonably be expected to have a significant effect on the market price or value of GEMS II securities, contrary to subsection 126.2(1) of the Act and contrary to the public interest;
(g) Domenicucci engaged in advising without being registered to advise in securities contrary to subsection
25(1)(c) of the Act (as that subsection existed during the Material Time) and contrary to the public interest; and
(h) Domenicucci, as a director and officer of G8 Resorts during the Material Time, authorized, permitted or
acquiesced in the commission of the violations of subsections 25(1)(a), 53(1) and 126.2(1) of the Act, as set out above, by G8 Resorts pursuant to section 129.2 of the Act and contrary to the public interest.
27. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit. Dated at Toronto this 23rd day of March, 2012
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3031
1.2.6 Carmine Domenicucci – ss. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CARMINE DOMENICUCCI
AND
IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION
AND CARMINE DOMENICUCCI
NOTICE OF HEARING (Sections 127 and 127.1)
TAKE NOTICE THAT the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission at 20 Queen Street West, 17th Floor Hearing Room on March 29, 2012 at 1:00 p.m., or as soon thereafter as the hearing can be held; AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to approve the settlement agreement between Staff of the Commission and the Respondent, Carmine Domenicucci; BY REASON OF the allegations set out in the Statement of Allegations dated March 23, 2012 and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing; and AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding. DATED at Toronto this 26th day of March, 2012 “John Stevenson”
1.3 News Releases 1.3.1 OSC INVESTOR ALERT: Medwell Capital Corp.
(formerly BioMS Medical Corp.)
FOR IMMEDIATE RELEASE March 22, 2012
OSC INVESTOR ALERT:
MEDWELL CAPITAL CORP. (FORMERLY BIOMS MEDICAL CORP.)
TORONTO – The Ontario Securities Commission (OSC) is warning investors of what appears to be a form of ‘advance fee' scheme that is reportedly targeting shareholders in Medwell Capital Corp. (formerly BioMS Medical Corp.). Advance fee schemes involve contacting investors who may be losing money in a current investment with an offer to buy their shares at an inflated price or exchange them for shares in a different company. Once investors agree to the deal, the operators of the scheme ask the investor to first pay a fee for the transaction or there is a cost to exchange shares. The operators keep the fee, but do not repurchase the shares or issue the promised replacement shares. This investor alert is in response to reports that Medwell Capital shareholders in Ontario have been solicited directly via phone or email by an individual representing himself as Michael DeJuan of NT Global. This individual is offering to purchase Medwell Capital shares from investors in exchange for shares in some other entity. Shareholders are then emailed a form to complete that includes their contact information and the purported address of NT Global. The address on these forms is false. The name NT Global is similar to that of NT Global Advisors, Inc., a registrant in a number of Canadian provinces, including Ontario. NT Global Advisors, Inc. has confirmed to the OSC that neither it nor any of its employees has been contacting shareholders in Medwell Capital Corp. If you have any questions or information relating to this matter, please contact the OSC Contact Centre at 1-877-785-1555. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.gov.on.ca. For media inquiries: [email protected] Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3032
For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4 Notices from the Office of the Secretary 1.4.1 Bunting & Waddington Inc. et al.
FOR IMMEDIATE RELEASE March 22, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
BUNTING & WADDINGTON INC., ARVIND SANMUGAM, JULIE WINGET AND
JENIFER BREKELMANS
TORONTO – The Office of the Secretary issued a Notice of Hearing on March 22, 2012 setting the matter down to be heard on April 16, 2012, at 10:00 a.m. or as soon thereafter as the hearing can be held in the above named matter. A copy of the Notice of Hearing dated March 22, 2012 and Statement of Allegations of Staff of the Ontario Securities Commission dated March 22, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3033
1.4.2 Maple Leaf Investment Fund Corp. et al.
FOR IMMEDIATE RELEASE March 22, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
MAPLE LEAF INVESTMENT FUND CORP., JOE HENRY CHAU (aka: HENRY JOE CHAU,
SHUNG KAI CHOW and HENRY SHUNG KAI CHOW), TULSIANI INVESTMENTS INC., SUNIL TULSIANI AND
RAVINDER TULSIANI TORONTO – The Commission issued its Reasons and Decision on Sanctions and Costs and an Order in the above noted matter. A copy of the Reasons and Decision on Sanctions and Costs and the Order dated March 22, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.3 Joseph Caza and Salim Kanji
FOR IMMEDIATE RELEASE March 23, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE COMMISSION AND JOSEPH CAZA
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE COMMISSION AND SALIM KANJI TORONTO – The Office of the Secretary issued two Notices of Hearing in the above noted matter for hearings to consider whether it is in the public interest to approve the settlement agreements entered into between (1) Staff of the Commission and Joseph Caza to be held on March 26, 2012 at 11:00 a.m.; and (2) Staff of the Commission and Salim Kanji to be held on March 26, 2012 at 11:30 a.m. The hearings will be held in Hearing Room C on the 17th floor of the Commission's offices located at 20 Queen Street West, Toronto. A copy of the above Notices of Hearing and Statement of Allegations of Staff of the Ontario Securities Commission dated March 22, 2012 are available at www.osc.gov. on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3034
For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.4 Fibrek Inc.
FOR IMMEDIATE RELEASE March 23, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
FIBREK INC.
AND
IN THE MATTER OF A DECISION OF THE TORONTO STOCK EXCHANGE
TORONTO – The Commission issued a Notice of Hearing pursuant to section 21.7 of the Securities Act, R.S.O. 1990, c. S.5, as amended, to consider the Application made by Fibrek Inc. for a review of decision of the Toronto Stock Exchange made March 20, 2012. The hearing will be held at the Commission’s offices at 20 Queen Street West, 17th Floor in Hearing Room A, Toronto, Ontario commencing on Wednesday, March 28, 2012 at 10:00 a.m. A copy of the Notice of Hearing dated March 23, 2012 and the Application for Hearing and Review dated March 21, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3035
1.4.5 Alexander Christ Doulis et al.
FOR IMMEDIATE RELEASE March 26, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
ALEXANDER CHRIST DOULIS (aka ALEXANDER CHRISTOS DOULIS, aka ALEXANDROS CHRISTODOULIDIS)
and LIBERTY CONSULTING LTD. TORONTO – Take notice that a hearing in the above named matter will resume on April 12, 2012 at 10:00 a.m. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.6 Carmine Domenicucci
FOR IMMEDIATE RELEASE March 26, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
CARMINE DOMENICUCCI
TORONTO – The Office of the Secretary issued a Notice of Hearing on March 23, 2012 setting the matter down to be heard on March 29, 2012 at 1:00 p.m. or as soon thereafter as the hearing can be held in the above named matter. A copy of the Notice of Hearing dated March 23, 2012 and Statement of Allegations of Staff of the Ontario Securities Commission dated March 23, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3036
1.4.7 American Heritage Stock Transfer Inc. et al.
FOR IMMEDIATE RELEASE March 27, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
AMERICAN HERITAGE STOCK TRANSFER INC., AMERICAN HERITAGE STOCK TRANSFER, INC., BFM INDUSTRIES INC., DENVER GARDNER INC.,
SANDY WINICK, ANDREA LEE MCCARTHY, KOLT CURRY AND LAURA MATEYAK
TORONTO – The Commission issued an Order in the above named matter which provides that (1) Denver Gardner is removed as a respondent in this matter and that (2) the Temporary Order is extended as against all remaining respondents until the conclusion of the merits hearing, scheduled to commence on November 12, 2012. A copy of the Order dated March 23, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.8 Sandy Winick et al.
FOR IMMEDIATE RELEASE March 27, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
SANDY WINICK, ANDREA LEE MCCARTHY, KOLT CURRY, LAURA MATEYAK, GREGORY
J. CURRY, AMERICAN HERITAGE STOCK TRANSFER INC., AMERICAN HERITAGE STOCK TRANSFER, INC., BFM INDUSTRIES INC., LIQUID
GOLD INTERNATIONAL INC., AND NANOTECH INDUSTRIES INC.
TORONTO – The Commission issued an Order in the above named matter which provides that the hearing on the merits in this matter shall commence on November 12, 2012, and continue until November 21, 2012, except that the hearing will not sit on November 20, 2012. A copy of the Order dated March 23, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3037
1.4.9 Carmine Domenicucci
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
CARMINE DOMENICUCCI
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF
OF THE ONTARIO SECURITIES COMMISSION AND CARMINE DOMENICUCCI
TORONTO – The Office of the Secretary issued a Notice of Hearing for a hearing to consider whether it is in the public interest to approve a settlement agreement entered into by Staff of the Commission and Carmine Domenicucci. The hearing will be held on March 29, 2012 at 1:00 p.m. in Hearing Room C on the 17th floor of the Commission's offices located at 20 Queen Street West, Toronto. A copy of the Notice of Hearing dated March 26, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.10 Fibrek Inc.
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
FIBREK INC.
AND
IN THE MATTER OF A DECISION OF THE TORONTO STOCK EXCHANGE
TORONTO – The Commission issued an Order adjourning the hearing in the above named matter to April 3, 2012 at 10:00 a.m. A copy of the Order dated March 28, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3038
1.4.11 Joseph Caza and Salim Kanji
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF
OF THE COMMISSION AND JOSEPH CAZA TORONTO – Following a hearing held on March 26, 2012, the Commission issued an Order in the above named matter approving the Settlement Agreement reached between Staff of the Commission and Joseph Caza. A copy of the Order dated March 26, 2012 and Settlement Agreement dated March 22, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.12 Joseph Caza and Salim Kanji
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE COMMISSION AND SALIM KANJI TORONTO – Following a hearing held on March 26, 2012, the Commission issued an Order in the above named matter approving the Settlement Agreement reached between Staff of the Commission and Salim Kanji. A copy of the Order dated March 26, 2012 and Settlement Agreement dated March 22, 2012 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3039
1.4.13 New Found Freedom Financial et al.
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
NEW FOUND FREEDOM FINANCIAL, RON DEONARINE SINGH, WAYNE GERARD MARTINEZ, PAULINE LEVY, DAVID WHIDDEN, PAUL SWABY
AND ZOMPAS CONSULTING TORONTO – The Commission issued an Order in the above named matter which provides that the hearing is adjourned to August 20, 2012 at 10:00 a.m., or such other date as agreed to by the parties and advised by the Office of the Secretary, for a continued pre-hearing conference. A copy of the Order dated March 26, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.4.14 Sextant Capital Management Inc. et al.
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
SEXTANT CAPITAL MANAGEMENT INC., SEXTANT CAPITAL GP INC., OTTO SPORK,
KONSTANTINOS EKONOMIDIS, ROBERT LEVACK AND NATALIE SPORK
TORONTO – The Commission issued an Order in the above named matter which provides that the Motion is dismissed with reasons to follow and that the Sanctions Hearing will proceed on Wednesday, April 18, 2012. A copy of the Order dated March 28, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
March 30, 2012
(2012) 35 OSCB 3040
1.4.15 Shallow Oil & Gas Inc. et al.
FOR IMMEDIATE RELEASE March 28, 2012
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
SHALLOW OIL & GAS INC., ERIC O’BRIEN, ABEL DA SILVA, GURDIP SINGH GAHUNIA also
known as MICHAEL GAHUNIA, ABRAHAM HERBERT GROSSMAN also known as ALLEN
GROSSMAN, MARCO DIADAMO, GORD McQUARRIE, KEVIN WASH, and
WILLIAM MANKOFSKY TORONTO – The Commission issued an Order in the above named matter which provides that the parties attend before the Commission on April 26, 2012 at 10:00 a.m. to continue the pre-hearing conference. The pre-hearing conference will be held in camera. A copy of the Order dated March 27, 2012 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected] Wendy Dey Director, Communications & Public Affairs 416-593-8120 Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361 Dylan Rae Media Relations Specialist 416-595-8934 For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
March 30, 2012
(2012) 35 OSCB 3041
Chapter 2
Decisions, Orders and Rulings 2.1 Decisions 2.1.1 Titan Uranium Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer under applicable securities laws – requested relief granted. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). CSA Staff Notice 12-307 Applications for a Decision that an Issuer is not a Reporting Issuer.
March 20, 2012
IN THE MATTER OF THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, ONTARIO AND SASKATCHEWAN
(the Jurisdictions)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF TITAN URANIUM INC.
(the Filer)
DECISION Background 1 The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application
from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the Filer is not a reporting issuer in the Jurisdictions (the Exemptive Relief Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application): (a) the British Columbia Securities Commission is the principal regulator for this application, and (b) the decision is the decision of the principal regulator and evidences the decision of each other Decision
Maker.
Interpretation 2 Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this decision, unless
otherwise defined. Representations 3 This decision is based on the following facts represented by the Filer:
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3042
1. the Filer is a corporation continued under the Canada Business Corporations Act on February 19, 2009; 2. the Filer is a reporting issuer in each of the Jurisdictions; 3. the Filer’s head office is located in British Columbia; 4. effective February 29, 2012, all of the Filer's issued and outstanding common shares (the Shares) were
acquired by Energy Fuels Inc. (EFI) pursuant to a court ordered plan of arrangement (the Arrangement); the Filer has 20,652,190 warrants outstanding and these warrants are held by approximately 65 warrantholders; pursuant to the Arrangement, all warrants previously issued by the Filer are exercisable for common shares of EFI; the Filer has no other securities issued and outstanding; as a result, the outstanding securities of the Filer, other than the warrants which are only exercisable for common shares of EFI, are owned by fewer than 15 securityholders in each of the Jurisdictions and fewer than 51 securityholders in total;
5. the Shares were delisted from the TSX Venture Exchange on March 1, 2012; the Shares were cease traded
from the Freiverkehr or “open market” of the Frankfurt Stock Exchange on March 1, 2012 and all other exchanges or marketplaces in Germany where the Shares traded on March 1, 2012 and March 2, 2012;
6. no securities of the Filer are traded on a “marketplace” as defined in National Instrument 21-101 Marketplace
Operation as of the date hereof; 7. the Filer has no current intention to seek public financing by way of an offering of securities; 8. the Filer is not in default of any of its obligations under the Legislation as a reporting issuer; 9. the Filer did not voluntarily surrender its status as a reporting issuer in British Columbia pursuant to British
Columbia Instrument 11-502 Voluntary Surrender of Reporting Issuer Status because it wanted to avoid the 10-day waiting period under that Instrument;
10. the Filer is not eligible to use the simplified procedure under CSA Notice 12-307 Applications for a Decision
that an Issuer is not a Reporting Issuer because it is a reporting issuer in British Columbia; and 11. the Filer, upon granting of the Exemptive Relief Sought, will no longer be a reporting issuer or the equivalent
thereof in any jurisdiction in Canada. Decision 4 Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision
Maker to make the decision. The decision of the Decision Makers under the Legislation is that the Exemptive Relief Sought is granted. “Martin Eady, CA” Director, Corporate Finance British Columbia Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3043
2.1.2 Lone Pine Resources Inc. Headnote MI 11-102 and NP 11-203 – Issuer allowed to make disclosure of reserves and future net revenue based on US disclosure requirements, at its option – the Issuer’s US disclosure could not meet certain requirements in NI 51-101 – the Issuer is subject to the requirements of NI 51-101 and will provide disclosure compliant with that instrument – National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Applicable Legislative Provisions National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Citation: Lone Pine Resources Inc., Re, 2012 ABASC 118
March 22, 2012
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ALBERTA AND ONTARIO (THE JURISDICTIONS)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF LONE PINE RESOURCES INC.
(THE FILER)
DECISION Background The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the Filer be exempted from the following (collectively, the Exemptions Sought): (a) sections 5.2 and 5.3 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) (the
COGEH Relief); (b) section 5.15(b)(iii) of NI 51-101 (the Transitional F&D Comparative Relief); and (c) sections 5.1(1)(a) and 5.1(2)(a) of Form 51-101F1 (the Transitional PUD Relief). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application): (a) the Alberta Securities Commission is the principal regulator for this application; (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is
intended to be relied upon in each of British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador; and
(c) this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or
regulator in Ontario.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3044
Interpretation Terms defined in National Instrument 14-101 Definitions, MI 11-102, NI 51-101 or CSA Staff Notice 51-324 Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities have the same meaning if used in this decision, unless otherwise defined herein. Representations This decision is based on the following facts represented by the Filer: 1. The head office of the Filer is located in Calgary, Alberta. 2. The Filer is a reporting issuer in each of the provinces of Canada other than Québec and is not in default of the
securities legislation thereof. 3. The Filer has securities registered under the 1934 Act. 4. The Filer prepares its financial statements in accordance with U.S. GAAP. 5. Differences between the requirements and restrictions under NI 51-101 and the requirements and restrictions under
U.S. federal securities law, guidance applied by the SEC and U.S. GAAP, as they relate to disclosure concerning reserves and other oil and gas information, in material required to be filed with the SEC, in other disclosure made to the public or filed with or furnished to the SEC and in the supplemental disclosure in the notes to the financial statements prepared in accordance with U.S. GAAP (collectively, US Disclosure Requirements), are such that, absent relief, some disclosure made in accordance with US Disclosure Requirements would contravene NI 51-101, Form 51-101F1 or both (together, the Instrument).
6. In complying with its reporting obligations under U.S. federal securities law and financial statement requirements under
U.S. GAAP, the Filer is required to include, in its disclosure that is subject to Part 5 of NI 51-101, disclosure of reserves and other oil and gas information prepared in accordance with US Disclosure Requirements (the Filer's US Disclosure).
7. Temporary transitional relief would facilitate convergence of certain past practices regarding the disclosure of reserves
and future net revenue in respect of the Filer's properties with its current obligations under NI 51-101. Decision Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision. Pursuant to Section 8.1 of NI 51-101:
(a) the COGEH Relief is granted with respect to the Filer's US Disclosure, and with respect to the Filer's disclosure of finding and development costs based on reserves determined in accordance with US Disclosure Requirements (the Filer's US F&D Disclosure) (if any), as the case may be, when and to the extent that the Filer's US Disclosure or the Filer's US F&D Disclosure is filed or disseminated by or on behalf of the Filer in Canada, provided that: (i) the Filer describes any material differences between such disclosure and the corresponding
disclosure it also makes, as required, under Canadian securities laws (its Required Canadian Disclosure), within or proximate to its Required Canadian Disclosure;
(ii) in the case of the Filer's US Disclosure, it:
A. complies with the US Disclosure Requirements; B. is identified as having been prepared in accordance with US Disclosure Requirements; C. discloses the effective date of the estimates disclosed therein; and D. is based on reserves estimates which have been prepared or audited by a qualified
reserves evaluator or auditor; and
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March 30, 2012
(2012) 35 OSCB 3045
(iii) In the case of the Filer's US F&D Disclosure (if any):
A. all proved reserves, and any probable reserves, are determined in accordance with US Disclosure Requirements and are accompanied by a statement to the effect that the proved reserves, and any probable reserves, have been determined in accordance with US Disclosure Requirements; and
B. the Filer provides disclosure in accordance with section 5.15 of NI 51-101 and this
disclosure is publicly available to investors;
(b) the Transitional F&D Comparative Relief is granted for the Filer's disclosure of finding and development costs (if any) for the Filer's financial years ending on December 31, 2011, 2012 and 2013, in each case only to the extent that the requisite comparative information for the most recent financial year, the second most recent financial year and the averages for the three most recent financial years is not available to the Filer; and
(c) the Transitional PUD Relief is granted for the Required Canadian Disclosure for the Filer's financial years
ending on December 31, 2011, 2012 and 2013, only to the extent that the requisite information about volumes of proved undeveloped reserves or probable undeveloped reserves that were first attributed in each of the most recent three financial years, and the aggregate attributed before that time, is not available to the Filer, provided that the Filer includes in its annual filing under section 2.1 of NI 51-101 an explanation of why this information is omitted.
This decision, as it relates to paragraph (a) above, will terminate on the effective date of any amendment to the Legislation that permits disclosure of the nature contemplated by that paragraph. “Blaine Young” Associate Director, Corporate Finance
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3046
2.1.3 Seaview Energy Inc. Headnote National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – exemption granted from the requirement under section 4.2 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards that the audited annual financial statements of Charger Energy Corp. for the period ended December 31, 2010, included in an information circular, be prepared in accordance with Canadian Generally Accepted Accounting Principles – Part V in order that Charger's financial statements be prepared in accordance with Canadian GAAP applicable to publicly accountable enterprises, which is the International Financial Reporting Standards as issued by the International Accounting Standards Board and as incorporated into the handbook. Applicable Legislative Provisions National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards. Citation: Seaview Energy Inc., Re, 2012 ABASC 47
February 3, 2012
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ALBERTA AND ONTARIO (the Jurisdictions)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
SEAVIEW ENERGY INC. (the Filer)
DECISION
Background The securities regulatory authority or regulator in the Jurisdiction (the Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filer from the requirement under section 4.2 of National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107) that the audited annual financial statements of Charger Energy Corp. (Charger) to be included in an information circular (Circular), be prepared in accordance with Canadian Generally Accepted Accounting Principles – Part V (Old Canadian GAAP) in order that Charger’s financial statements be prepared in accordance with Canadian GAAP applicable to publicly accountable enterprises, which is International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as incorporated into the handbook (IFRS-IASB) (the Requested Relief). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application): (a) the Alberta Securities Commission is the principal regulator for this application; (b) the Filer has provided notice that Subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is
intended to be relied upon in British Columbia, Saskatchewan, Manitoba and Nova Scotia; and (c) this decision is the decision of the principal regulator and evidences the decision of the securities regulatory or
regulator in Ontario.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3047
Interpretation Terms defined in National Instrument 14-101 Definitions, NI 52-107, National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102), and MI 11-102 have the same meaning if used in this decision, unless otherwise defined herein. Representations The decision is based on the following facts represented by the Filer: 1. The Filer is a corporation incorporated under the Business Corporations Act (Alberta) (the ABCA). The head office of
the Filer is in Calgary, Alberta. 2. The Filer is a reporting issuer in the Jurisdictions and Passport Jurisdiction and is not in default of securities legislation
of any jurisdiction. 3. On November 21, 2011, the Filer announced that it had entered into a definitive agreement dated November 11, 2011,
with Charger, Silverback Energy Ltd. (Silverback) and Sirius Energy Inc. (Sirius) providing for a plan of arrangement whereby: (i) Charger, Silverback and Sirius will exchange all of their issued and outstanding shares for class A shares of the Filer (Seaview Shares); (ii) each class B share of the Filer will be exchanged for 10.0 Seaview Shares; (iii) all issued and outstanding Seaview Shares will be consolidated on a one to five basis; and (iv) the name of the Filer will be changed to Charger (the Arrangement).
4. Charger is a corporation incorporated under the ABCA. The head office of Charger is in Calgary, Alberta. 5. Charger, Silverback and Sirius are private companies and are not reporting issuers under the securities laws of any
jurisdiction and to each of their knowledge, are not in default of securities legislation in any jurisdiction. None of their securities are listed on any stock exchange.
6. The Filer is required to prepare a Circular in connection with the Arrangement. 7. The Arrangement will be a restructuring transaction under NI 51-102 in respect of the Filer and therefore would require
compliance with Item 14.2 in Form 51-102F5 Information Circular (the Circular Form). The restructuring transaction is a reverse take-over whereby Charger is the reverse take-over acquirer and the Filer, Silverback and Sirius are the reverse take-over acquirees. Accordingly, the Filer will continue to carry on its business through Charger.
8. Item 14.2 of the Circular Form requires, among other items, that the Circular contain the disclosure (including financial
statements) prescribed under securities legislation and described in the form of prospectus that the Filer, Charger, Silverback and Sirius would be eligible to use immediately prior to the filing and sending of the Circular to the Filer’s shareholders. Therefore, the Circular must contain the disclosure in respect of Charger prescribed by the Form 41-101F1 Information Required in a Prospectus (the Prospectus Form) and by National Instrument 41-101 General Prospectus Requirements (NI 41-101).
9. Item 32.1(b) of the Prospectus Form requires the Filer to include certain annual and interim financial statements for
Charger, Silverback and Sirius in the Circular, including, in accordance with Items 32.2 and 32.3(1) of the Prospectus Form: (i) an income statement, a statement of retained earnings and a cash flow statement relating to Charger, Silverback and Sirius; and (ii) a balance sheet relating to each of these same entities (collectively, the Financial Statements).
10. Subsection 4.2(1) of NI 41-101 requires that the Financial Statements required to be included in the Circular must be
audited in accordance with NI 52-107. 11. The Circular will include the following financial statements in respect of the Arrangement:
(a) the Filer’s
(i) audited annual financial statements prepared in accordance with Old Canadian GAAP for the years ended December 31, 2010 and 2009; and
(ii) unaudited interim financial report for the three and nine month period ended September 30, 2011
prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB;
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3048
(b) Charger
(i) audited annual financial statements prepared in accordance with IFRS-IASB for the period September 22, 2010 (the Period of Incorporation) to December 31, 2010; and
(ii) unaudited interim financial report for the three and nine month period ended September 30, 2011
prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB.
(c) Silverback
(i) audited annual financial statements prepared in accordance with Old Canadian GAAP for the years ended December 31, 2010 and 2009 and 2008; and
(ii) unaudited interim financial report for the three and nine month period ended September 30, 2011
prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB.
(d) Sirius
(i) audited annual financial statements prepared in accordance with Old Canadian GAAP for the years ended December 31, 2010 and 2009 and 2008; and
(ii) unaudited interim financial report for the three and nine month period ended September 30, 2011
prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB.
(e) Pro Forma Financial Statements
(i) statement of financial position as at September 30, 2011 prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB;
(ii) statement of loss for the year ended December 31, 2010 prepared in accordance with IFRS-IASB;
and (iii) statement of loss for the nine month period ended September 30, 2011 prepared in accordance with
the international accounting standard on interim financial reporting as issued under IFRS-IASB.
12. Charger has been preparing its financial statements in accordance with IFRS since its Period of Incorporation. Charger's financial statements as at and for the period ended December 31, 2010 were prepared in accordance with IFRS-IASB, were audited in such form and contain an explicit and unreserved statement of compliance with IFRS-IASB. All interim financial reports prepared by Charger have been prepared in accordance with the international accounting standard on interim financial reporting as issued under IFRS-IASB.
13. Charger wishes to early adopt IFRS-IASB since it will be the business of the Filer going forward. Early Adoption of IFRS-IASB 14. The Canadian Accounting Standards Board adopted IFRS-IASB as Canadian GAAP for most publicly accountable
enterprises for fiscal years beginning on or after January 1, 2011. 15. NI 52-107 sets out acceptable accounting principles for financial reporting under the Legislation by domestic issuers,
foreign issuers, registrants and other market participants; absent granting the Requested Relief, under Part 4 of NI 52-107, for financial years beginning before January 1, 2011, a domestic issuer must use Old Canadian GAAP for financial years beginning before January 1, 2011.
16. In CSA Staff Notice 52-321 Early Adoption of International Financial Reporting Standards, use of US GAAP and
Reference to IFRS-IASB, staff of the Canadian Securities Administrators recognized that some issuers may wish to prepare their financial statements in accordance with IFRS-IASB for periods beginning prior to January 1, 2011, and indicated that staff were prepared to recommend exemptive relief on a case by case basis to permit a domestic issuer to do so, despite NI 52-107.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3049
17. Charger believes that the use of IFRS-IASB would eliminate complexity and cost from the financial statement preparation process; since Charger prepares its financial statements in accordance with IFRS-IASB, the Requested Relief would permit Charger to streamline the reporting process and reduce costs which would otherwise be incurred in presenting Charger’s financial statements as at and for the period ended December 31, 2010 in accordance with Old Canadian GAAP.
Decision The Decision Maker is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision. 1. The decision of the Decision Maker under the Legislation is that the Requested Relief is granted provided that:
(a) Charger prepares its annual financial statements for years beginning on or after the Period of Incorporation in accordance with IFRS-IASB;
(b) Charger’s first annual IFRS-IASB financial statements and first IFRS-IASB interim financial report include an
opening IFRS statement of financial position as at the date of transition to IFRSs, September 22, 2010; (c) in Charger’s first annual IFRS-IASB financial statements, the opening IFRS statement of financial position as
at the date of transition to IFRSs is audited; (d) if Charger presents the components of profit or loss in a separate income statement, the separate income
statement is displayed immediately before the statement of comprehensive income; (e) Charger’s annual IFRS-IASB financial statements disclose an explicit and unreserved statement of
compliance with IFRS; and (f) Charger’s IFRS-IASB interim financial reports disclose compliance with International Accounting Standard 34
Interim Financial Reporting. 2. The Filer will provide the financial statements as set out in paragraph 10, and will update these financial statements to
comply with Item 32.2 and Item 32.3 of the Prospectus Form if the Circular is dated after March 30, 2012. “Cheryl McGillivray” Manager, Corporate Finance
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3050
2.1.4 Compagnie de Saint-Gobain Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Application for relief from prospectus and dealer registration requirements in respect of certain trades in units made in connection with an employee share offering by a French issuer – Relief from prospectus and dealer registration requirements upon the redemption of units for shares of the issuer – The offering involves the use of collective employee shareholding vehicles, each a fonds communs de placement d’entreprise (FCPE) – The Filer cannot rely on the employee prospectus exemption in section 2.24 of National Instrument 45-106 Prospectus and Registration Exemptions and the Manager cannot rely on the plan administrator exemption in section 8.16 of National Instrument 31-103 Registration Requirements and Exemptions as the shares are not being offered to Canadian employees directly by the issuer but through the FCPEs – Canadian employees will receive disclosure documents – The FCPEs are subject to the supervision of the French Autorité des marchés financiers – Relief granted, subject to conditions. Applicable Ontario Statutory Provisions Securities Act, R.S.O. 1990, c. S.5, as am., ss. 25, 53, 74(1). National Instrument 31-103 Registration Requirements and Exemptions. National Instrument 45-102 Resale of Securities. National Instrument 45-106 Prospectus and Registration Exemptions.
March 23, 2012
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ONTARIO (the “Jurisdiction”)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
COMPAGNIE DE SAINT-GOBAIN (the “Filer”)
DECISION
Background The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction (the “Legislation”) for 1. an exemption from the prospectus requirements of the Legislation (the “Prospectus Relief”) so that such requirements
do not apply to
(a) trades in:
(i) units (the “Principal Classic Units”) of Saint-Gobain Avenir Monde (the “Principal Classic Compartment”), a compartment of an FCPE named Saint-Gobain PEG Monde, which is a fonds commun de placement d’entreprise or “FCPE,” a form of collective shareholding vehicle commonly used in France for the conservation of shares held by employee-investors; and
(ii) units (together with the Principal Classic Units, the “Units”) of a temporary FCPE named Saint-
Gobain Relais Adhésion 2012 Monde (the “Temporary Classic FCPE”), which will merge with the Principal Classic Compartment following the Employee Share Offering (as defined below), such transaction being referred to as the “Merger”, as further described below (the term “Classic Compartment” used herein means, prior to the Merger, the Temporary Classic FCPE, and following the Merger, the Principal Classic Compartment);
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3051
made pursuant to the Employee Share Offering (as defined below) to or with Qualifying Employees (as defined below) resident in the Jurisdiction or in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Newfoundland and Labrador and Nova Scotia (collectively, the “Canadian Employees,” and Canadian Employees who subscribe for Units, the “Canadian Participants”); and
(b) trades of ordinary shares of the Filer (the “Shares”) by the Classic Compartment to or with Canadian
Participants upon the redemption of Units thereof as requested by Canadian Participants; 2. an exemption from the dealer registration requirements of the Legislation (the “Registration Relief”) so that such
requirements do not apply to the Saint-Gobain Group (as defined below and which, for clarity, includes the Filer and the Local Affiliates (as defined below)), the Temporary Classic FCPE, the Principal Classic Compartment and Amundi (the “Management Company”) in respect of: (a) trades in Units made pursuant to the Employee Share Offering to or with Canadian Employees; and (b) trades in Shares by the Classic Compartment to or with Canadian Participants upon the redemption of Units
as requested by Canadian Participants. (the Prospectus Relief and the Registration Relief, collectively, the “Offering Relief”)
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application), (a) the Ontario Securities Commission is the principal regulator for this application, and (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (“MI 11-102”) is
intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Newfoundland and Labrador and Nova Scotia (together with the Jurisdiction, the “Jurisdictions”).
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning as used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: 1. The Filer is a corporation formed under the laws of France. It is not, and has no current intention of becoming, a
reporting issuer under the Legislation or the securities legislation of the other Jurisdictions. The head office of the Filer is located in France and the Shares are listed on Euronext Paris. The Filer is not in default under the Legislation or the securities legislation of the other Jurisdictions.
2. The Filer carries on business in Canada through certain affiliated companies including Certainteed Gypsum Canada
Inc., Certainteed Gypsum NA Svcs Inc, Decoustics Limited, Ottawa Fibre L.P., Redcliff Fibre L.P., Saint-Gobain Abrasives, Inc., SG Abrasives Canada, SG Ceramics Materials Canada, St-Gobain Adfors America, Inc., St-Gobain ADFORS Canada, LTD., Tillsonburg L.P. and VIB L.P. (collectively, the “Local Affiliates,” and together with the Filer and other affiliates of the Filer, the “Saint-Gobain Group”). Each of the Local Affiliates is a direct or indirect controlled subsidiary of the Filer and is not, and has no current intention of becoming, a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions. The principal office of the Saint-Gobain Group in Canada is located in Ontario and the greatest number of employees of Local Affiliates are employed in Ontario. None of the Local Affiliates is in default under the Legislation or the securities legislation of the other Jurisdictions.
3. The Filer has established a global employee share offering for employees of the Saint-Gobain Group (the “Employee
Share Offering”). As of the date hereof and after giving effect to the Employee Share Offering, Canadian residents do not and will not beneficially own (which term, for the purposes of this paragraph, is deemed to include all Shares held by the Classic Compartment on behalf of Canadian Participants) more than 10% of the Shares and do not and will not represent in number more than 10% of the total number of holders of the Shares as shown on the books of the Filer.
4. The Employee Share Offering is comprised of one subscription option, being an offering of Shares to be subscribed
through the Temporary Classic FCPE, which Temporary Classic FCPE will be merged with the Principal Classic Compartment after completion of the Employee Share Offering, subject to the approval of the FCPE’s supervisory board and the French AMF (defined below) (the “Classic Plan”).
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March 30, 2012
(2012) 35 OSCB 3052
5. Only persons who are employees of a member of the Saint-Gobain Group during the subscription period for the Employee Share Offering and who meet other employment criteria (the “Qualifying Employees”) will be allowed to participate in the Employee Share Offering.
6. The Principal Classic Compartment was established for the purpose of implementing employee share offerings of the
Filer, and the Temporary Classic FCPE was established for the purpose of implementing the Employee Share Offering. There is no current intention for either the Principal Classic Compartment or the Temporary Classic FCPE to become a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions.
7. The Temporary Classic FCPE is, and the Principal Classic Compartment is a compartment of, an FCPE (known in
France as fonds commun de placement d’entreprise) which is a form of collective shareholding vehicle commonly used in France for the conservation of shares held by employee-investors. The Principal Classic Compartment and the Temporary Classic FCPE have been registered with the French Autorité des marchés financiers (the “French AMF”). Only Qualifying Employees will be allowed to hold Units issued pursuant to the Employee Share Offering.
8. All Units acquired in the Employee Share Offering by Canadian Participants will be subject to a hold period of
approximately five years (the “Lock-Up Period”), subject to certain exceptions prescribed by French law and provided for under the Classic Plan (such as a release on death or termination of employment).
9. Under the Classic Plan, the subscription price will be the Canadian dollar equivalent of the average of the opening price
of the Shares (expressed in Euros) on the 20 trading days preceding the date of the fixing of the subscription price by the Chief Executive Officer of the Filer, less a 20% discount.
10. Canadian Participants who wish to subscribe will make a contribution to the Classic Plan (such contribution, the
“Employee Contribution”). For each Canadian Participant who contributes, the Local Affiliate employing such Canadian Participant will make a contribution to the Classic Plan, for the benefit of, and at no cost to, the Canadian Participant, of an amount equal to 15% of such Employee Contribution up to a maximum amount of $1,500 per Canadian Participant (the “Employer Contribution”).
11. Under the Classic Plan, the Temporary Classic FCPE will apply the cash received from the Employee Contributions
and the Employer Contributions to subscribe for Shares from the Filer. 12. Initially, the Shares subscribed for will be held in the Temporary Classic FCPE and the Canadian Participant will
receive Units in the Temporary Classic FCPE. Following the completion of the Employee Share Offering, the Temporary Classic FCPE will be merged with the Principal Classic Compartment (subject to the approval of the supervisory board of the FCPEs and the French AMF). Units of the Temporary Classic FCPE held by Canadian Participants will be replaced with Units of the Principal Classic Compartment on a pro rata basis and the Shares subscribed for under the Employee Share Offering will be held in the Principal Classic Compartment (such transaction being referred to as the “Merger”).
13. At the end of the Lock-Up Period a Canadian Participant may
(a) request the redemption of Units in the Classic Compartment in consideration for the underlying Shares or a cash payment equal to the then market value of the Shares, or
(b) continue to hold Units in the Classic Compartment and request the redemption of those Units at a later date in
consideration for the underlying Shares or a cash payment equal to the then market value of the Shares. 14. In the event of an early unwind resulting from the Canadian Participant exercising one of the exceptions to the Lock-Up
Period prescribed by French law and meeting the applicable criteria, a Canadian Participant may request the redemption of Units in the Classic Compartment in consideration for a cash payment equal to the then market value of the Shares held by the Classic Compartment.
15. Dividends paid on the Shares held in the Classic Compartment will be contributed to the Classic Compartment and
used to purchase additional Shares. To reflect this reinvestment, new Units (or fractions thereof) will be issued. The declaration of dividends on the Shares is determined by the board of directors of the Filer.
16. An FCPE is a limited liability entity under French law. The Classic Compartment’s portfolio will consist almost entirely of
Shares of the Filer and may, from time to time, also include cash in respect of dividends paid on the Shares which will be reinvested in Shares. From time to time the portfolio will also include cash or cash equivalents pending investments in Shares and for the purposes of Unit redemptions.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3053
17. The Management Company is a portfolio management company governed by the laws of France. The Management Company is registered with the French AMF to manage French investment funds and complies with the rules of the French AMF. To the best of the Filer’s knowledge, the Management Company is not, and has no current intention of becoming, a reporting issuer under the Legislation or the securities legislation of the other Jurisdictions.
18. The Management Company’s portfolio management activities in connection with the Employee Share Offering and the
Classic Compartment are limited to purchasing Shares from the Filer and selling such Shares as necessary in order to fund redemption requests.
19. The Management Company is also responsible for preparing accounting documents and publishing periodic
informational documents as provided by the rules of the Classic Compartment. The Management Company’s activities do not affect the underlying value of the Shares, and the Management Company will not be involved in providing advice to any Canadian Employees with respect to an investment in the Units. To the best of the Filer’s knowledge, the Management Company is not in default of the Legislation or the securities legislation of the other Jurisdictions.
20. Shares issued in the Employee Share Offering will be deposited in the Principal Classic Compartment and/or the
Temporary Classic FCPE, as applicable, through CACEIS Bank (the “Depositary”), a large French commercial bank subject to French banking legislation.
21. Under French law, the Depositary must be selected by the Management Company from among a limited number of
companies identified on a list maintained by the French Minister of the Economy, Finance and Industry, and its appointment must be approved by the French AMF. The Depositary carries out orders to purchase, trade and sell securities in the portfolio and takes all necessary action to allow each of the Principal Classic Compartment and the Temporary Classic FCPE to exercise the rights relating to the securities held in its respective portfolio.
22. The value of Units will be calculated and reported to the French AMF on a regular basis, based on the net assets of the
Classic Compartment divided by the number of Units outstanding. The value of Units will be based on the value of the Shares.
23. All management charges relating to the Classic Compartment will be paid from the assets of the Classic Compartment
or by the Filer, as provided in the regulations of the Classic Compartment. 24. Participation in the Employee Share Offering is voluntary, and the Canadian Employees will not be induced to
participate in the Employee Share Offering by expectation of employment or continued employment. 25. The total amount invested by a Canadian Employee in the Employee Share Offering cannot exceed 25% of his or her
gross annual compensation. The Employer Contribution will not be factored into the maximum amount that a Canadian Employee may contribute.
26. None of the Filer, the Management Company, the Local Affiliates or any of their employees, agents or representatives
will provide investment advice to the Canadian Employees with respect to an investment in the Shares or the Units. 27. The Shares are not currently listed for trading on any stock exchange in Canada and the Filer has no intention to have
the Shares so listed. As there is no market for the Shares in Canada, and none is expected to develop, any first trades of Shares by Canadian Participants will be effected through the facilities of, and in accordance with the rules and regulations of, a foreign stock exchange outside of Canada.
28. Canadian Employees will receive, or will be notified of their ability to request, an information package in the French or
English language, according to their preference, which will include a summary of the terms of the Employee Share Offering, a tax notice containing a description of Canadian income tax consequences of subscribing to and holding the Units and requesting the redemption of Units at the end of the Lock-Up Period.
29. Upon request, Canadian Employees may receive copies of the Filer’s French Document de Référence filed with the
French AMF in respect of the Shares and a copy of the rules of the Temporary Classic FCPE and the Principal Classic Compartment (which are analogous to company by-laws). The Canadian Employees will also have access to copies of the continuous disclosure materials relating to the Filer that are furnished to holders of the Shares.
30. Canadian Participants will receive an initial statement indicating the number and value of the Units they hold under the
Classic Plan, together with an updated statement at least once per year. 31. There are approximately 1127 Canadian Employees resident in Canada, with the greatest number resident in Ontario
(668), and the remainder in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3054
Brunswick, Newfoundland and Labrador and Nova Scotia who represent, in the aggregate, less than 2% of the number of employees in the Saint-Gobain Group worldwide.
Decision The principal regulator is satisfied that the test contained in the Legislation that provides the principal regulator with the jurisdiction to make the decision has been met. The decision of the principal regulator under the Legislation is that the Offering Relief is granted provided that the prospectus requirements of the Legislation will apply to the first trade in any Units or Shares acquired by Canadian Participants pursuant to this decision unless the following conditions are met:
(a) the issuer of the security
(i) was not a reporting issuer in any jurisdiction of Canada at the distribution date, or (ii) is not a reporting issuer in any jurisdiction of Canada at the date of the trade;
(b) at the distribution date, after giving effect to the issue of the security and any other securities of the same
class or series that were issued at the same time as or as part of the same distribution as the security, residents of Canada
(i) did not own, directly or indirectly, more than 10% of the outstanding securities of the class or series,
and (ii) did not represent in number more than 10% of the total number of owners, directly or indirectly, of
securities of the class or series; and (c) the first trade is made
(i) through an exchange, or a market, outside of Canada, or (ii) to a person or company outside of Canada.
“Edward P. Kerwin” Commissioner Ontario Securities Commission “James Carnwath” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3055
2.1.5 Canadian Banc Corp. and Quadravest Capital Management Inc.
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Mutual fund corporation and its investment fund manager exempted from the dealer registration requirement for certain limited trading activities to be carried out by these parties in connection with offering of warrants by the mutual fund corporation – The limited trading activities involve: (i) the forwarding of a short form prospectus, and the distribution of warrants to acquire securities of the mutual fund corporation, to existing holders of securities of the mutual fund corporation, and (ii) the subsequent distribution of securities to holders of these warrants, upon the holders’ exercise of the warrants, through an appropriately registered dealer. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., ss. 25(1),
74(1). Multilateral Instrument 11-102 Passport System, s. 4.7(1). National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations, s. 8.5.
National Instrument 45-106 Prospectus and Registration Exemptions, ss. 3.1, 3.42.
March 23, 2012
IN THE MATTER OF
THE SECURITIES LEGISLATION OF ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF CANADIAN BANC CORP. (BK) AND
QUADRAVEST CAPITAL MANAGEMENT INC. (the Manager, and together with BK, the Filers)
DECISION
Background The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction (the Legislation) exempting the Filers from the dealer registration requirement in the Legislation in respect of certain trades (the Warrant Offering Activities) to be carried out by the Manager, on behalf of BK, in connection with a proposed distribution (the Warrant Offering) of warrants to be issued
by BK (the Warrants) to acquire units, each consisting of one Class A share of BK (the Class A Shares) and one preferred share of BK (the Preferred Shares and, together with the Class A Shares, the Units), to be made in the Jurisdiction and each of the Passport Jurisdictions (as defined below) pursuant to a short form prospectus (the Prospectus) (such exemption from the dealer registration requirement, the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application): 1. the Ontario Securities Commission is the principal
regulator for this application; and 2. each Filer has provided notice that subsection
4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon by the Filers in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (collectively, the Passport Jurisdictions).
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filers: 1. BK is a mutual fund corporation incorporated
under the laws of the Jurisdiction by articles of incorporation dated May 25, 2005, as amended June 28, 2005, April 23, 2009 and January 20, 2012. BK was initially incorporated under the name “Prime Rate Plus Corp.”. On April 23, 2009, BK changed its name to “Canadian Banc Recovery Corp.” and on January 20, 2012, BK adopted its current name. BK is a reporting issuer in the Jurisdiction and each of the Passport Jurisdictions.
2. The Manager is incorporated under the laws of the
Jurisdiction by articles of incorporation dated October 20, 1971, as most recently amended effective November 27, 1997. At the time of the most recent amendment, the Manager came under new control and changed its name to its current name, Quadravest Capital Management Inc.
3. The Manager acts as the investment fund
manager for BK. The Manager is registered as an investment fund manager, portfolio manager and exempt market dealer under the Legislation.
4. The head office of each of the Filers is located in
Toronto, Ontario.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3056
5. The Filers are not in default of securities legislation in any jurisdiction.
6. The authorized capital of BK consists of an
unlimited number of the Preferred Shares and the Class A Shares and 1,000 Class B shares. The Preferred Shares and the Class A Shares are currently listed for trading on the Toronto Stock Exchange (the TSX) under the symbols “PR.BK.A” and “BK”, respectively.
7. The portfolio of BK consists primarily of
investments in securities of publicly-traded Canadian banks. BK is subject to certain investment restrictions that, among other things, limit the equity securities and other securities that may be acquired for its investment portfolio.
8. The investment objectives of BK are: (i) to provide
holders of the Preferred Shares with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing prime rate in Canada (the Prime Rate) plus 0.75%, with a minimum annual rate of 5.0% and a maximum annual rate of 7.0%; (ii) to provide holders of the Class A Shares with regular floating rate monthly cash distributions targeted to be at a rate per annum equal to the Prime Rate plus 1.25%, with a minimum targeted annual rate of 4.25% and a maximum annual rate of 8.50%; and (iii) to return the original issue price of $10.00 and $15.00 to holders of the Preferred Shares and the Class A Shares, respectively, at the time of the redemption of such shares on December 1, 2018 (or such other date as BK may terminate).
9. On July 15, 2005 and July 29, 2005, BK
completed its initial public offering of 11,525,000 Preferred Shares and 11,525,000 Class A Shares pursuant to a prospectus dated June 28, 2005. The Preferred Shares and the Class A Shares are issued only on the basis that an equal number of the Preferred Shares and the Class A Shares will be issued and outstanding at all times.
10. BK does not engage in a continuous distribution of
its securities. 11. Under the Warrant Offering, each holder of the
Class A Shares, as at a specified record date, will be entitled to receive, for no consideration, one Warrant for each Class A Share held by the holder. Three Warrants entitle the holder to subscribe for one Unit upon payment to BK of a subscription price, to be specified in the Prospectus, prior to the expiry of the Warrants. Holders of Warrants in Canada are permitted to sell or transfer their Warrants instead of exercising their Warrants to subscribe for Units. Holders of Warrants who exercise their Warrants may subscribe pro rata for additional Units pursuant to an additional subscription privilege. The term of
the Warrants issued is expected to be 12 months or less.
12. BK will apply to list on the TSX the Warrants to be
distributed under the Warrant Offering and the Preferred Shares and the Class A Shares issuable upon the exercise thereof.
13. The Warrant Offering Activities will consist of:
(a) the distribution of the Prospectus and the issuance of Warrants to holders of the Class A Shares (as at the record date specified in the Prospectus), after the Prospectus has been filed and receipts obtained therefor under the Legislation and the securities legislation of each of the Passport Jurisdictions; and
(b) the distribution of Units to holders of the
Warrants, upon the exercise of the Warrants by the holders, through a registered dealer that is registered in a category that permits the registered dealer to make such a distribution.
14. Because each of the Filers is in the business of
trading, the Warrant Offering Activities would require each of the Filers to register as a dealer in the appropriate category in the absence of this decision (or another available exemption from the dealer registration requirement).
15. Section 8.5 of National Instrument 45-106
Prospectus and Registration Exemptions (NI 45-106) provides that, after March 26, 2010, the exemption from the dealer registration requirements set out in section 3.42 [Conversion, exchange, or exercise] of NI 45-106 no longer applies.
Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted. “Edward P. Kerwin” Commissioner Ontario Securities Commission “James D. Carnwath” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3057
2.1.6 Dividend Select 15 Corp. and Quadravest Capital Management Inc.
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Mutual fund corporation and its investment fund manager exempted from the dealer registration requirement for certain limited trading activities to be carried out by these parties in connection with offering of warrants by the mutual fund corporation – The limited trading activities involve: (i) the forwarding of a short form prospectus, and the distribution of warrants to acquire securities of the mutual fund corporation, to existing holders of securities of the mutual fund corporation, and (ii) the subsequent distribution of securities to holders of these warrants, upon the holders’ exercise of the warrants, through an appropriately registered dealer. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., ss. 25(1),
74(1). Multilateral Instrument 11-102 Passport System, s. 4.7(1). National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations, s. 8.5.
National Instrument 45-106 Prospectus and Registration Exemptions, ss. 3.1, 3.42.
March 23, 2012
IN THE MATTER OF
THE SECURITIES LEGISLATION OF ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF DIVIDEND SELECT 15 CORP. (DS) AND
QUADRAVEST CAPITAL MANAGEMENT INC. (the Manager, and together with DS, the Filers)
DECISION
Background The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction (the Legislation) exempting the Filers from the dealer registration requirement in the Legislation in respect of certain trades (the Warrant Offering Activities) to be carried out by the Manager, on behalf of DS, in connection with a proposed distribution (the Warrant Offering) of warrants to be issued
by DS (the Warrants) to acquire equity shares of DS (the Equity Shares), to be made in the Jurisdiction and each of the Passport Jurisdictions (as defined below) pursuant to a short form prospectus (the Prospectus) (such exemption from the dealer registration requirement, the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application): 1. the Ontario Securities Commission is the principal
regulator for this application; and 2. each Filer has provided notice that subsection
4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon by the Filers in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (collectively, the Passport Jurisdictions).
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filers: 1. DS is a mutual fund corporation incorporated
under the laws of the Jurisdiction by certificate and articles of incorporation dated August 26, 2010, as amended effective October 27, 2010. DS is a reporting issuer in the Jurisdiction and each of the Passport Jurisdictions.
2. The Manager is incorporated under the laws of the
Jurisdiction by articles of incorporation dated October 20, 1971, as most recently amended effective November 27, 1997. At the time of the most recent amendment, the Manager came under new control and changed its name to its current name, Quadravest Capital Management Inc.
3. The Manager acts as the investment fund
manager for DS. The Manager is registered as an investment fund manager, portfolio manager and exempt market dealer under the Legislation.
4. The head office of each of the Filers is located in
Toronto, Ontario. 5. The Filers are not in default of securities
legislation in any jurisdiction. 6. The authorized capital of DS consists of an
unlimited number of the Equity Shares and 1,000 Class B shares. The Equity Shares are currently
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3058
listed for trading on the Toronto Stock Exchange (the TSX) under the symbol “DS”.
7. The portfolio of DS consists primarily of
investments in securities of certain publicly-traded Canadian dividend-paying companies or trusts whose shares offer investors an above-average dividend yield, and which have shown solid earnings growth and have a history of capital appreciation (the Portfolio Companies). DS is subject to certain investment restrictions that, among other things, limit the equity securities and other securities that may be acquired for its investment portfolio.
8. The investment objectives of DS are to provide
holders of the Equity Shares with: (i) monthly cash distributions, plus (ii) the opportunity for capital appreciation, through investment in the common shares of the Portfolio Companies.
9. On November 18, 2010 and December 3, 2010,
DS completed its initial public offering of 9,780,000 Equity Shares pursuant to a prospectus dated October 27, 2010.
10. DS does not engage in a continuous distribution of
its securities. 11. Under the Warrant Offering, each holder of the
Equity Shares, as at a specified record date, will be entitled to receive, for no consideration, one Warrant for each Equity Share held by the holder. Two Warrants entitle the holder to subscribe for one Equity Share upon payment to DS of a subscription price, to be specified in the Prospectus, prior to the expiry of the Warrants. Holders of Warrants in Canada are permitted to sell or transfer their Warrants instead of exercising their Warrants to subscribe for Equity Shares. Holders of Warrants who exercise their Warrants may subscribe pro rata for additional Equity Shares pursuant to an additional subscription privilege. The term of the Warrants issued is expected to be 12 months or less.
12. DS will apply to list on the TSX the Warrants to be
distributed under the Warrant Offering and the Equity Shares issuable upon the exercise thereof.
13. The Warrant Offering Activities will consist of:
(a) the distribution of the Prospectus and the
issuance of Warrants to holders of the Equity Shares (as at the record date specified in the Prospectus), after the Prospectus has been filed and receipts obtained therefor under the Legislation and the securities legislation of each of the Passport Jurisdictions; and
(b) the distribution of Equity Shares to
holders of the Warrants, upon the
exercise of the Warrants by the holders, through a registered dealer that is registered in a category that permits the registered dealer to make such a distribution.
14. Because each of the Filers is in the
business of trading, the Warrant Offering Activities would require each of the Filers to register as a dealer in the appropriate category in the absence of this decision (or another available exemption from the dealer registration requirement).
15. Section 8.5 of National Instrument 45-106
Prospectus and Registration Exemptions (NI 45-106) provides that, after March 26, 2010, the exemption from the dealer registration requirements set out in section 3.42 [Conversion, exchange, or exercise] of NI 45-106 no longer applies.
Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted. “Edward P. Kerwin” Commissioner Ontario Securities Commission “James D. Carnwath” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3059
2.1.7 Prime Dividend Corp. and Quadravest Capital Management Inc.
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Mutual fund corporation and its investment fund manager exempted from the dealer registration requirement for certain limited trading activities to be carried out by these parties in connection with offering of warrants by the mutual fund corporation – The limited trading activities involve: (i) the forwarding of a short form prospectus, and the distribution of warrants to acquire securities of the mutual fund corporation, to existing holders of securities of the mutual fund corporation, and (ii) the subsequent distribution of securities to holders of these warrants, upon the holders’ exercise of the warrants, through an appropriately registered dealer. Applicable Legislative Provisions Securities Act, R.S.O.1990, c. S.5, as am., ss. 25(1), 74(1). Multilateral Instrument 11-102 Passport System, s. 4.7(1). National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations, s. 8.5.
National Instrument 45-106 Prospectus and Registration Exemptions, ss. 3.1, 3.42.
March 23, 2012
IN THE MATTER OF
THE SECURITIES LEGISLATION OF ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF PRIME DIVIDEND CORP. (PDV) AND
QUADRAVEST CAPITAL MANAGEMENT INC. (the Manager, and together with PDV, the Filers)
DECISION
Background The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction (the Legislation) exempting the Filers from the dealer registration requirement in the Legislation in respect of certain trades (the Warrant Offering Activities) to be carried out by the Manager, on behalf of PDV, in connection with a proposed distribution (the Warrant Offering) of warrants to be issued by PDV (the Warrants) to acquire units, each consisting of
one Class A share of PDV (the Class A Shares) and one preferred share of PDV (the Preferred Shares and, together with the Class A Shares, the Units), to be made in the Jurisdiction and each of the Passport Jurisdictions (as defined below) pursuant to a short form prospectus (the Prospectus) (such exemption from the dealer registration requirement, the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application): 1. the Ontario Securities Commission is the principal
regulator for this application; and 2. each Filer has provided notice that subsection
4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon by the Filers in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (collectively, the Passport Jurisdictions).
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filers: 1. PDV is a mutual fund corporation incorporated
under the laws of the Jurisdiction by articles of incorporation dated September 27, 2005, as amended October 27, 2005 and December 22, 2011. PDV is a reporting issuer in the Jurisdiction and each of the Passport Jurisdictions.
2. The Manager is incorporated under the laws of the
Jurisdiction by articles of incorporation dated October 20, 1971, as most recently amended effective November 27, 1997. At the time of the most recent amendment, the Manager came under new control and changed its name to its current name, Quadravest Capital Management Inc.
3. The Manager acts as the investment fund
manager for PDV. The Manager is registered as an investment fund manager, portfolio manager and exempt market dealer under the Legislation.
4. The head office of each of the Filers is located in
Toronto, Ontario. 5. The Filers are not in default of securities
legislation in any jurisdiction. 6. The authorized capital of PDV consists of an
unlimited number of the Preferred Shares and the
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3060
Class A Shares and 1,000 Class B shares. The Preferred Shares and the Class A Shares are currently listed for trading on the Toronto Stock Exchange (the TSX) under the symbols “PR.PDV.A” and “PDV”, respectively.
7. The portfolio of PDV consists primarily of
investments in securities of certain publicly-traded Canadian dividend-paying companies or trusts. PDV is subject to certain investment restrictions that, among other things, limit the equity securities and other securities that may be acquired for its investment portfolio.
8. The investment objectives of PDV are: (i) to
provide holders of the Preferred Shares with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing prime rate in Canada (the Prime Rate) plus 0.75%, with a minimum annual rate of 5.0% and a maximum annual rate of 7.0%; (ii) to provide holders of the Class A Shares with regular floating rate monthly cash distributions targeted to be at a rate per annum equal to the Prime Rate plus 2.0%, with a minimum targeted annual rate of 5.0% and a maximum annual rate of 10.0%; and (iii) to return the original issue price of $10.00 and $15.00 to holders of the Preferred Shares and the Class A Shares, respectively, at the time of the redemption of such shares on December 1, 2018 (or such other date as PDV may terminate).
9. On November 16, 2005 and December 1, 2005,
PDV completed its initial public offering of 2,400,000 Preferred Shares and 2,400,000 Class A Shares pursuant to a prospectus dated October 28, 2005. The Preferred Shares and the Class A Shares are issued only on the basis that an equal number of the Preferred Shares and the Class A Shares will be issued and outstanding at all times.
10. PDV does not engage in a continuous distribution
of its securities. 11. Under the Warrant Offering, each holder of the
Class A Shares, as at a specified record date, will be entitled to receive, for no consideration, one Warrant for each Class A Share held by the holder. One Warrant entitles the holder to subscribe for one Unit upon payment to PDV of a subscription price, to be specified in the Prospectus, prior to the expiry of the Warrants. Holders of Warrants in Canada are permitted to sell or transfer their Warrants instead of exercising their Warrants to subscribe for Units. Holders of Warrants who exercise their Warrants may subscribe pro rata for additional Units pursuant to an additional subscription privilege. The term of the Warrants issued is expected to be 12 months or less.
12. PDV will apply to list on the TSX the Warrants to
be distributed under the Warrant Offering and the
Preferred Shares and the Class A Shares issuable upon the exercise thereof.
13. The Warrant Offering Activities will consist of:
(a) the distribution of the Prospectus and the issuance of Warrants to holders of the Class A Shares (as at the record date specified in the Prospectus), after the Prospectus has been filed and receipts obtained therefor under the Legislation and the securities legislation of each of the Passport Jurisdictions; and
(b) the distribution of Units to holders of the
Warrants, upon the exercise of the Warrants by the holders, through a registered dealer that is registered in a category that permits the registered dealer to make such a distribution.
14. Because each of the Filers is in the business of
trading, the Warrant Offering Activities would require each of the Filers to register as a dealer in the appropriate category in the absence of this decision (or another available exemption from the dealer registration requirement).
15. Section 8.5 of National Instrument 45-106
Prospectus and Registration Exemptions (NI 45-106) provides that, after March 26, 2010, the exemption from the dealer registration require-ments set out in section 3.42 [Conversion, exchange, or exercise] of NI 45-106 no longer applies.
Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted. “Edward P. Kerwin” Commissioner Ontario Securities Commission “James D. Carnwath” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3061
2.1.8 Eldorado Gold Yukon Corp. (formerly European Goldfields Limited)
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer. Ontario Statutes Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10). March 26, 2012 Borden Ladner Gervais LLP 1200 – 200 Burrard Street Vancouver, BC V7X 1T2 Dear Mr. Robertson: Re: Eldorado Gold Yukon Corp. (formerly
European Goldfields Limited) (the “Applicant”) – Application to Cease to be a Reporting Issuer under the securities legislation of Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (the “Jurisdictions”)
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. As the Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions in Canada and fewer than 51 security holders in total in Canada;
(b) no securities of the Applicant are traded on a
marketplace as defined in National Instrument 21-101 Marketplace Operation;
(c) the Applicant is applying for a decision that it
is not a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and
(d) the Applicant is not in default of any of its
obligations under the Legislation as a reporting issuer,
each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is not a reporting issuer.
“Jo-Anne Matear” Manager, Corporate Finance Ontario Securities Commission
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3062
2.1.9 Bridgewater Associates, LP Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief granted from section 12.13 of National Instrument 31-103 Registration Requirements and Exemptions – Registrant exempted from delivering its annual financial statements and corresponding Form 31-103F1 to the regulator within 90 days following the end of its 2011 financial year. – Change in auditors caused a delay in filing despite diligent efforts by the registrant and its new audit firm. – Unique situation which is not likely to reoccur. Applicable Legislative Provisions Multilateral Instrument 11-102 Passport System, s. 4.7. National Instrument 31-103 Registration Requirements and
Exemptions, ss. 12.13, 15.1.
March 26, 2012
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ONTARIO (the Jurisdiction)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
BRIDGEWATER ASSOCIATES, LP
DECISION Background The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for an exemption for the Filer from the requirement contained in section 12.13 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) to permit the Filer to file its audited financial statements and completed form 31-103F1 Calculation of Excess Working Capital within 150 days after the end of its financial year, rather than within 90 days after its year end (the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application): (a) The Ontario Securities Commission (the
Commission) is the principal regulator for this application; and
(b) The Filer hereby gives notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia and Quebec (the Non-principal Jurisdictions or together with the Jurisdiction, the Filing Jurisdictions).
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: 1. The Filer is a limited partnership organized under
the laws of Delaware, United States. 2. The Filer is engaged in advising in respect of the
buying and selling of securities, primarily to institutional investors. The Filer is registered as an investment adviser with the United States Securities and Exchange Commission (SEC), a commodity trading adviser and commodity pool operator with the U.S. Commodity Futures Trading Commission and an investment adviser with the Australian Securities and Investments Commis-sion. In Canada, the Filer is registered as an adviser in the category of portfolio manager in Ontario, British Columbia and Quebec and as an adviser in the category of commodity trading manager in Ontario.
3. The Filer is a non-resident of Canada, and as
such does not maintain a business office from which it provides advice nor financial records anywhere in Canada.
4. The SEC, the Filer’s securities regulator in its
home jurisdiction, does not require that registrants, such as the Filer, file audited financial statements.
5. The Filer is not, to the best of its knowledge, in
default of any requirement of securities legislation in any of the Filing Jurisdictions.
6. The Filer has significant excess working capital. 7. The Filer’s year end is December 31 (Year End). 8. The Filer changed audit firms in November 2011
and the new auditors began their initial audit on November 15, 2011, as soon as possible after their engagement was finalized.
9. As a result of the nature of the initial audit, the
Filer’s auditors have encountered unexpected delays in preparing the Filer’s 2011 audited financial statements. Such unexpected delays
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3063
have related to the volume of customized work and testing required by the complexity of the Filer’s business and operations, in this first year of the Filer’s auditors’ engagement in order that the Filer’s auditors may familiarize and acclimate themselves to the Filer’s history and operations. Such issues have included considerations relating to: (a) the consolidation of the audit of the funds
managed by the Filer to determine whether these should be consolidated with the audit of the Filer;
(b) accounting treatment for certain compen-
sation arrangements; (c) the volume of corporate accounting
issues and new transactions that require significant accounting research, analysis and judgment; and
(d) valuation issues relating to the fact that
the Filer is not publicly traded and comparable benchmarks are not readily available.
10. Given the sheer volume of work and scope of this
first year’s audit for the Filer involving multiple jurisdictions, the audited financial statements for the Filer will not be completed by the filing deadline contained in NI 31-103, despite diligent efforts on the part of the Filer and its auditors. In particular, the Filer and its auditors commenced the audit work as early as possible after their engagement was finalized and the Filer acted diligently in disclosing to the Commission the events that are the cause of the delay well in advance of the filing deadline.
Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted to the Filer provided that the Filer:
(i) files its audited financial statements with the Commission within 150 days of the Filer’s Year End; and
(ii) pays any late filing fees associated with
the delay in filing audited financial statements with the Commission up until the date that this Decision document is issued.
“Marrianne Bridge” Deputy Director, Compliance and Registrant Regulation Ontario Securities Commission
2.1.10 Quadra FNX Mining Ltd. – s. 1(10) Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer. Ontario Statutes Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10). March 28, 2012 Quadra FNX Mining Ltd. Suite 2414, Four Bentall Centre 1055 Dunsmuir Street, P.O. Box 49185 Vancouver, BC V7X 1K8 Attn: Krzysztof Kubacki Dear Krzysztof: Re: Quadra FNX Mining Ltd. (the "Applicant") –
application for a decision under the securities legislation of Alberta, Saskatchewan, Mani-toba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Nunavut, Yukon and Northwest Territories (the "Jurisdictions") that the Appli-cant is not a Reporting Issuer
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. As the Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions in Canada and fewer than 51 security holders in total in Canada;
(b) no securities of the Applicant are traded on a
marketplace as defined in National Instrument 21-101 Marketplace Operation;
(c) the Applicant is applying for a decision that it
is not a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and
(d) the Applicant is not in default of any of its
obligations under the Legislation as a reporting issuer,
each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3064
Maker with the jurisdiction to make the decision has been met and orders that the Applicant is not a reporting issuer. “Shannon O’Hearn” Acting Manager, Corporate Finance Ontario Securities Commission
2.2 Orders 2.2.1 Maple Leaf Investment Fund Corp. et al. – s.
127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF MAPLE LEAF INVESTMENT FUND CORP.,
JOE HENRY CHAU (aka: HENRY JOE CHAU, SHUNG KAI CHOW and HENRY SHUNG KAI CHOW), TULSIANI INVESTMENTS INC., SUNIL TULSIANI AND
RAVINDER TULSIANI
ORDER (Sections 127 and 127.1 of the Act)
WHEREAS on February 12, 2010, a Notice of
Hearing was issued by the Ontario Securities Commission (the “Commission”) pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) in respect of Maple Leaf Investment Fund Corp. (“MLIF”), Joe Henry Chau (also known as Henry Joe Chau, Shung Kai Chow and Henry Shung Kai Chow) (“Chau”), Tulsiani Investments Inc. (“Tulsiani Investments”), Sunil Tulsiani (“Tulsiani”) and Ravinder Tulsiani (“Ravinder”);
AND WHEREAS on October 29, 2010, Staff filed
an Amended Statement of Allegations; AND WHEREAS on December 21, 2010, the
Commission approved a settlement agreement between Staff and Ravinder;
AND WHEREAS on January 10, 12, 13, 14, 17,
18 and 19, 2011, the Commission held the hearing on the merits in this matter;
AND WHEREAS on November 9, 2011, the
Commission issued its Reasons and Decision on the merits in this matter (the “Merits Decision”);
AND WHEREAS the Commission is satisfied that
MLIF and Chau carried out a fraudulent investment scheme, and that MLIF, Chau, Tulsiani Investments and Tulsiani have not complied with Ontario securities law and have acted contrary to the public interest, as described in the Merits Decision;
AND WHEREAS on January 9, 2012, the
Commission held a hearing with respect to the sanctions and costs to be imposed in this matter;
AND WHEREAS the Commission is of the opinion
that it is in the public interest to make this order;
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3065
IT IS ORDERED THAT:
(a) Pursuant to clause 2 of subsection 127(1) of the Act, MLIF, Chau, Tulsiani Investments and Tulsiani shall cease trading in securities permanently;
(b) Pursuant to clause 2.1 of subsection
127(1) of the Act, the acquisition of securities by MLIF, Chau, Tulsiani Investments and Tulsiani is prohibited permanently;
(c) Pursuant to clause 3 of subsection
127(1) of the Act, any exemptions contained in Ontario securities law do not apply to MLIF, Chau, Tulsiani Investments and Tulsiani permanently;
(d) Pursuant to clause 6 of subsection
127(1) of the Act, Chau and Tulsiani are reprimanded;
(e) Pursuant to clause 7 of subsection
127(1) of the Act, Chau and Tulsiani shall resign all positions that they may hold as a director or officer of an issuer;
(f) Pursuant to clause 8 of subsection
127(1) of the Act, Chau and Tulsiani are prohibited from becoming or acting as a director or officer of any issuer permanently;
(g) Pursuant to clause 8.2 of subsection
127(1) of the Act, Chau and Tulsiani are prohibited from becoming or acting as a director or officer of a registrant permanently;
(h) Pursuant to clause 9 of subsection
127(1) of the Act, Chau shall pay an administrative penalty in the amount of $450,000, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(i) Pursuant to clause 9 of subsection
127(1) of the Act, Tulsiani shall pay an administrative penalty in the amount of $200,000, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(j) Pursuant to clause 10 of subsection
127(1) of the Act, MLIF and Chau shall jointly and severally disgorge to the Commission the amount of $3,062,106 obtained as a result of their non-compliance with Ontario securities law, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(k) Pursuant to clause 10 of subsection 127(1) of the Act, MLIF, Chau, Tulsiani Investments and Tulsiani shall jointly and severally disgorge to the Commission the amount of $70,000 obtained as a result of their non-compliance with Ontario securities law, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(l) Pursuant to section 127.1 of the Act,
MLIF and Chau shall jointly and severally pay costs in the amount of $163,700; and
(m) Pursuant to section 127.1 of the Act,
Tulsiani Investments and Tulsiani shall jointly and severally pay costs in the amount of $81,800.
DATED at Toronto at this 22nd day of March, 2012. “Christopher Portner” “Paulette L. Kennedy”
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3066
2.2.2 American Heritage Stock Transfer Inc. et al. – s. 127(7)
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
AMERICAN HERITAGE STOCK TRANSFER INC., AMERICAN HERITAGE STOCK TRANSFER, INC., BFM INDUSTRIES INC., DENVER GARDNER INC.,
SANDY WINICK, ANDREA LEE MCCARTHY, KOLT CURRY AND LAURA MATEYAK
TEMPORARY ORDER (Subsection 127(7))
WHEREAS on April 1, 2011, the Ontario Securities Commission (the “Commission”) issued an order pursuant to sections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) (the “Temporary Order”) that immediately and for a period of 15 days from the date thereof:
a. trading in the securities of BFM Industries Inc. (“BFM”) shall cease;
b. all trading by and in the securities of
American Heritage Stock Transfer, Inc. (“AHST Nevada”) shall cease;
c. all trading by and in the securities of
American Heritage Stock Transfer Inc. (“AHST Ontario”) shall cease;
d. all trading by and in the securities of
Denver Gardner Inc. (“Denver Gardner”) shall cease;
e. all trading by Sandy Winick (“Winick”)
shall cease; f. all trading by Andrea Lee McCarthy
(“McCarthy”) shall cease; g. all trading by Kolt Curry (“Curry”) shall
cease; and h. all trading by Laura Mateyak (“Mateyak”)
shall cease; AND WHEREAS the Temporary Order also provided that any exemptions contained in Ontario securities law do not apply to any of the respondents; AND WHEREAS on April 4, 2011, the Commission issued a Notice of Hearing to consider the extension of the Temporary Order, to be held on April 14, 2011, at 10:00 a.m.;
AND WHEREAS on April 14, 2011, the Temporary Order was extended until April 28, 2011; AND WHEREAS on April 27, 2011, the Temporary Order was extended until September 9, 2011; AND WHEREAS on September 8, 2011, the Temporary Order was extended until November 24, 2011; AND WHEREAS on November 23, 2011, the Temporary Order was extended until December 22, 2011; AND WHEREAS on December 21, 2011, the Temporary Order was extended until January 27, 2012; AND WHEREAS on January 26, 2012, the Temporary Order was extended until February 17, 2012; AND WHEREAS on January 27, 2012, a Notice of Hearing was issued by the Secretary to the Commission in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) against respondents Sandy Winick, Andrea Lee McCarthy, Kolt Curry, Laura Mateyak, Gregory J. Curry, American Heritage Stock Transfer Inc., American Heritage Stock Transfer, Inc., BFM Industries Inc., Liquid Gold International Inc., and Nanotech Industries Inc.; AND WHEREAS on February 16, 2012, the Temporary Order was extended until March 26, 2012; AND WHEREAS on March 23, 2012, a hearing was held before the Commission and Staff appeared and made submissions; AND WHEREAS Counsel for McCarthy and for Curry, Mateyak and AHST Ontario appeared, made submissions and did not object to extension of the Temporary Order; AND WHEREAS BFM, AHST Nevada, Denver Gardner and Winick did not appear; AND WHEREAS Staff submitted that Denver Gardner appears to be a fictitious entity, that Staff does not intend to pursue allegations against Denver Gardner at this time and that Denver Gardner should be removed as a respondent in this matter; AND WHEREAS Staff reserves its right to apply to add Denver Gardner as a respondent to this Order if Staff comes into possession of information that Denver Gardner is a real business entity; AND WHEREAS the Commission considered the submissions and is of the opinion that it is in the public interest to make this Order; IT IS ORDERED that Denver Gardner is removed as a respondent in this matter and that the Temporary Order is extended as against all remaining respondents until the conclusion of the merits hearing, scheduled to commence on November 12, 2012.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3067
DATED at Toronto this 23rd day of March, 2012. “Christopher Portner”
2.2.3 Sandy Winick et al. – s. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF SANDY WINICK, ANDREA LEE MCCARTHY,
KOLT CURRY, LAURA MATEYAK, GREGORY J. CURRY, AMERICAN HERITAGE STOCK
TRANSFER INC., AMERICAN HERITAGE STOCK TRANSFER, INC., BFM INDUSTRIES INC., LIQUID
GOLD INTERNATIONAL INC., AND NANOTECH INDUSTRIES INC.
ORDER
(Sections 127 and 127.1) WHEREAS on January 27, 2012, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) (the “Notice of Hearing”) in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) on January 27, 2012, to consider whether it is in the public interest to make certain orders against Sandy Winick (“Winick”), Andrea Lee McCarthy (“McCarthy”), Kolt Curry, Laura Mateyak (“Mateyak”), Gregory J. Curry (“Greg Curry”), American Heritage Stock Transfer Inc. (“AHST Ontario”), American Heritage Stock Transfer, Inc. (“AHST Nevada”), BFM Industries Inc. (“BFM”), Liquid Gold International Inc. (“Liquid Gold”), and Nanotech Industries Inc. (“Nanotech”) (collectively, the “Respondents”); AND WHEREAS the Respondents, except Greg Curry, have been served with the Notice of Hearing as well as Staff’s Statement of Allegations; AND WHEREAS Staff are continuing to make efforts to serve Greg Curry with the Notice of Hearing and Statement of Allegations; AND WHEREAS on February 16, 2012, a first appearance hearing was held and the matter was adjourned to a pre-hearing conference on March 23, 2012; AND WHEREAS on March 23, 2012, a hearing was held before the Commission and Staff made submissions; AND WHEREAS Counsel appeared and made submissions for McCarthy and for Kolt Curry, Mateyak and AHST Ontario; AND WHEREAS Winick, AHST Nevada, Greg Curry, BFM, Liquid Gold and Nanotech did not appear; IT IS ORDERED that the hearing on the merits in this matter shall commence on November 12, 2012, and continue until November 21, 2012, except that the hearing will not sit on November 20, 2012.
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3068
DATED at Toronto this 23rd day of March, 2012. “Christopher Portner”
2.2.4 Fibrek Inc. – s. 21.7
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF FIBREK INC.
AND
IN THE MATTER OF
A DECISION OF THE TORONTO STOCK EXCHANGE
ORDER (Section 21.7)
WHEREAS the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing on March 23, 2012 pursuant to section 21.7 of the Securities Act, R.S.O. 1990, c. S.5, as amended, to consider an Application made by Fairfax Financial Holdings Corporation for a review of decision of the Toronto Stock Exchange in respect of Fibrek Inc. made March 19, 2012; AND WHEREAS on March 28, 2012, the Commission was advised that the parties and proposed intervenors consent to the adjournment of this matter; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS ORDERED that this matter is adjourned to April 3, 2012 at 10:00 a.m. DATED at Toronto this 28th day of March, 2012. “James Turner”
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3069
2.2.5 Joseph Caza and Salim Kanji
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE COMMISSION AND JOSEPH CAZA
ORDER
WHEREAS on March 22, 2012, the Commission issued a Notice of Hearing (the “Notice of Hearing”) pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of the conduct of Joseph Caza (“Caza”) and one other; AND WHEREAS on March 22, 2012, Staff of the Commission filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter; AND WHEREAS Caza entered into a settlement agreement dated March 22, 2012 (the “Settlement Agreement”) in relation to the matters set out in the Statement of Allegations; UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from counsel for Caza and from Staff of the Commission; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS HEREBY ORDERED, PURSUANT TO SECTION 127(1) OF THE SECURITIES ACT THAT:
a) The settlement agreement is approved; b) pursuant to clause 2 of subsection 127(1)
of the Securities Act, Caza shall cease trading in any securities for a period of 5 years, with the exception that Caza is permitted to trade securities for the account of his registered retirement savings plan as defined in the Income Tax Act, R.S.C., 1985, c. 1, as amended (“RRSP”), and/or tax-free savings accounts (“TFSA”) and/or for any regis-tered education savings plan (“RESP”) accounts for which he is the or a sponsor;
c) pursuant to clause 2.1 of subsection
127(1) of the Securities Act, Caza shall
cease acquisitions of any securities for a period of 5 years, except acquisitions undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of subsection 127(1)
of the Securities Act, any exemptions in Ontario securities law do not apply to Caza for a period of 5 years, except to the extent such exemption is necessary for trades undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
e) pursuant to clause 7 of section 127(1) of
the Securities Act that Caza resign any position that he holds as a director or officer of an issuer, except that Caza may continue to act as a director of two non-profit soccer organizations;
f) pursuant to clause 8 of section 127(1) of
the Securities Act that Caza be prohibited from becoming or acting as a director or officer of any issuer for a period of 5 years, except that Caza may continue to act as a director of two non-profit soccer organizations;
g) pursuant to clause 8.2 of section 127(1)
of the Securities Act that Caza be prohibited from becoming or acting as a director or officer of a registrant for a period of 5 years;
h) pursuant to clause 8.4 of section 127(1)
of the Securities Act that Caza be prohibited from becoming or acting as a director or officer of an investment fund manager for a period of 5 years; and
i) pursuant to clause 8.5 of section 127(1)
of the Securities Act that Caza be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for a period of 5 years.
DATED at Toronto this 26th day of March, 2012. “Christopher Portner”
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3070
2.2.6 Joseph Caza and Salim Kanji
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
AND
IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE COMMISSION AND SALIM KANJI
ORDER
WHEREAS on March 22, 2012, the Commission issued a Notice of Hearing (the “Notice of Hearing”) pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of the conduct of Salim Kanji (“Kanji”) and one other; AND WHEREAS on March 22, 2012, Staff of the Commission filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter; AND WHEREAS Kanji entered into a settlement agreement dated March 22, 2012 (the “Settlement Agreement”) in relation to the matters set out in the Statement of Allegations; UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from Kanji and from Staff of the Commission; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS HEREBY ORDERED, PURSUANT TO SECTION 127(1) OF THE SECURITIES ACT THAT:
a) the settlement agreement is approved; b) pursuant to clause 2 of section 127(1) of
the Securities Act, Kanji shall cease trading in any securities for a period of 4 years, with the exception that Kanji is permitted to trade securities for the account of his registered retirement savings plan (“RRSP”) as defined in the Income Tax Act, R.S.C., 1985, c. 1, as amended, and/or tax-free savings accounts (“TFSA”) and/or for any regis-tered education savings plan (“RESP”) accounts for which he is the or a sponsor;
c) pursuant to clause 2.1 of section 127(1)
of the Securities Act, Kanji shall cease
acquisitions of any securities for a period of 4 years, except acquisitions under-taken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of section 127(1) of
the Securities Act, any exemptions in Ontario securities law do not apply to Kanji for a period of 4 years, except to the extent such exemption is necessary for trades undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
e) pursuant to clause 7 of section 127(1) of
the Securities Act that Kanji resign any position that he holds as a director or officer of an issuer;
f) pursuant to clause 8 of section 127(1) of
the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of any issuer for a period of 4 years;
g) pursuant to clause 8.2 of section 127(1)
of the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of a registrant for a period of 4 years;
h) pursuant to clause 8.4 of section 127(1)
of the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of an investment fund manager for a period of 4 years; and
i) pursuant to clause 8.5 of section 127(1)
of the Securities Act that Kanji be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for a period of 4 years.
DATED at Toronto this 26th day of March, 2012. “Christopher Portner”
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3071
2.2.7 New Found Freedom Financial et al.
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF NEW FOUND FREEDOM FINANCIAL, RON
DEONARINE SINGH, WAYNE GERARD MARTINEZ, PAULINE LEVY, DAVID WHIDDEN, PAUL SWABY
AND ZOMPAS CONSULTING WHEREAS on November 2, 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) on November 1, 2011 with respect to New Found Freedom Financial (“NFF”), Ron Deonarine Singh (“Singh”), Wayne Gerard Martinez (“Martinez”), Pauline Levy (“Levy”), David Whidden (“Whidden”), Paul Swaby (“Swaby”) and Zompas Consulting (“Zompas”); AND WHEREAS the Notice of Hearing set a hearing in this matter for November 24, 2011; AND WHEREAS the Commission ordered on November 24, 2011 that the hearing of this matter be adjourned to January 19, 2012 for a confidential pre-hearing conference; AND WHEREAS the Commission ordered on January 19, 2012 that the hearing of this matter be adjourned to March 26, 2012 at 10:00 a.m. for a continued pre-hearing conference; AND WHEREAS the Commission held a pre-hearing conference on March 26, 2012 to consider preliminary matters; AND WHEREAS the Commission heard submissions from counsel for Staff, counsel for Martinez, counsel for Singh and counsel for Swaby, and Levy appeared on her own behalf; AND WHEREAS no one appeared at the pre-hearing conference of behalf of Whidden; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS ORDERED THAT the hearing is adjourned to August 20, 2012 at 10:00 a.m., or such other date as agreed to by the parties and advised by the Office of the Secretary, for a continued pre-hearing conference. DATED at Toronto this 26th day of March, 2012. “Christopher Portner”
2.2.8 Sextant Capital Management Inc. et al. – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
SEXTANT CAPITAL MANAGEMENT INC., SEXTANT CAPITAL GP INC., OTTO SPORK,
KONSTANTINOS EKONOMIDIS, ROBERT LEVACK AND NATALIE SPORK
ORDER
(Section 127 and Rule 3 of the Ontario Securities Commission Rules of Procedure (2010),
33 O.S.C.B. 8017) WHEREAS on May 17, 2011, the Ontario Securities Commission (the “Commission”) issued Reasons for Decision on the merits; AND WHEREAS by order dated December 5, 2011, a sanctions hearing was set down to be heard on April 18, 2012 (the “Sanctions Hearing”); AND WHEREAS Otto Spork, Natalie Spork and Konstantinos Ekonomidis (the “Respondents”) brought a motion requesting that any order to be made against the Respondents pursuant to subsection 127(1) and section 127.1 be made before the same quorum of the Commission that heard the matter at the merits hearing (the “Motion”); AND WHEREAS counsel for the Respondents and Staff of the Commission provided written submissions and subsequently appeared to make oral submissions on the Motion on March 14, 2012; AND WHEREAS the Commission considers it in the public interest to make this order; IT IS ORDERED that the Motion is dismissed with reasons to follow and that the Sanctions Hearing will proceed on Wednesday, April 18, 2012. DATED at Toronto this 28th day of March, 2012. “James D. Carnwath”
Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3072
2.2.9 Shallow Oil & Gas Inc. et al. – ss. 127(1), 127(8)
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF SHALLOW OIL & GAS INC., ERIC O’BRIEN,
ABEL DA SILVA, GURDIP SINGH GAHUNIA also known as MICHAEL GAHUNIA, ABRAHAM
HERBERT GROSSMAN also known as ALLEN GROSSMAN, MARCO DIADAMO, GORD
McQUARRIE, KEVIN WASH, and WILLIAM MANKOFSKY
ORDER
(Subsections 127(1) & 127(8)) WHEREAS on January 16, 2008, the Ontario Securities Commission (“the Commission”) issued a Temporary Order pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that: (i) all trading in securities by Shallow Oil & Gas Inc. (“Shallow Oil”) shall cease and that all trading in Shallow Oil securities shall cease; and (ii) Eric O’Brien (“O’Brien”), Abel Da Silva (“Da Silva”), Gurdip Singh Gahunia, also known as Michael Gahunia (“Gahunia”), and Abraham Herbert Grossman, also known as Allen Grossman (“Grossman”), cease trading in all securities (the “Temporary Order”); AND WHEREAS on January 16, 2008, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission; AND WHEREAS on January 18, 2008, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, such hearing to be held on January 30, 2008 commencing at 2:00 p.m.; AND WHEREAS hearings to extend the Temporary Order were held on January 30 and 31, and March 31, 2008. The Temporary Order was extended by the Commission on each date; AND WHEREAS on June 11, 2008, the Commission issued a Notice of Hearing for June 18, 2008 to consider, among other things:
(a) the issuance of a temporary cease trade order against Diadamo, McQuarrie, Wash, and Mankofsky; and,
(b) the extension of the original Temporary
Order dated January 16, 2008. AND WHEREAS on June 18, 2008, a hearing was held commencing at 10:00 a.m. and Staff and Grossman appeared, presented evidence and made submissions, and
Diadamo, McQuarrie, and Mankofsky appeared before the panel of the Commission and made submissions as to the issuance of a temporary cease trade order against them; AND WHEREAS on June 18, 2008, the panel of the Commission considered the evidence and submissions of Staff and Grossman, and the submissions of Diadamo, McQuarrie, and Mankofsky; AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Temporary Order as against Shallow Oil, O’Brien, Da Silva, and Grossman be extended until the conclusion of the hearing on the merits in this matter; AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Temporary Order as against Gahunia be extended until November 26, 2008; AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(5) of the Act, that Diadamo, McQuarrie, Wash, and Mankofsky cease trading in any securities (the “Second Temporary Order”), with the following exception:
Diadamo shall be permitted to trade in securities that are listed on a public exchange recognized by the Commission and only in his own existing trading accounts. Furthermore, any such trading by Diadamo shall be for his sole benefit and only through a dealer registered with the Commission.
AND WHEREAS on June 19, 2008, a panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that the Second Temporary Order be extended until November 26, 2008 and that the hearing with respect to the Second Temporary Order in this matter be adjourned to November 25, 2008, at 2:30 p.m.; AND WHEREAS on November 25, 2008, a hearing was held and the panel of the Commission ordered, pursuant to subsection 127(8) of the Act, that:
� the Temporary Order is extended as against Gahunia until the conclusion of the hearing on the merits in this matter and the Second Temporary Order is extended as against Diadamo, McQuarrie, Wash, and Mankofsky until the conclusion of the hearing on the merits in this matter; and,
� the hearing with respect to the Notice of
Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 is adjourned to June 4, 2009 at 10:00 a.m. for a status hearing.
AND WHEREAS on May 12, 2009, the Commission approved a settlement agreement between McQuarrie and Staff of the Commission, and on July 24,
Decisions, Orders and Rulings
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(2012) 35 OSCB 3073
2009, the Commission approved a settlement agreement between Mankofsky and Staff of the Commission; AND WHEREAS on June 4th and September 10th, 2009, and January 12th, 2010 status hearings were held before the Commission and, on each date, a panel of the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned; AND WHEREAS on June 28th, 2010, a status hearing was held commencing at 10:00 a.m. and Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter; AND WHEREAS on June 28th, 2010, none of the respondents attended and a panel of the Commission considered the submissions of Staff; AND WHEREAS on June 28th, 2010, the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned to February 11, 2011 at 10:00 a.m. for the purpose of a status hearing; AND WHEREAS on February 11, 2011, a status hearing was held and Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter; AND WHEREAS on February 11, 2011, none of the respondents attended and a panel of the Commission considered the submissions of Staff; AND WHEREAS on February 11, 2011, the Commission ordered that the hearing with respect to the Notice of Hearing dated June 11, 2008 and Staff’s Statement of Allegations dated June 10, 2008 be adjourned to May 24, 2011 at 2:30 p.m., for the purpose of a status hearing and to consider setting dates for the hearing on the merits in this matter; AND WHEREAS on May 24, 2011, a status hearing was held, and Staff and Diadamo attended and no other respondents attended, although properly served with notice of the hearing; AND WHEREAS on May 24, 2011, Staff appeared before the panel of the Commission and provided the panel of the Commission with a status update with respect to this matter; AND WHEREAS on May 24, 2011, scheduling of the hearing on the merits was discussed, and Diadamo consented to setting the dates for the hearing on the merits; AND WHEREAS on May 24, 2011, it was ordered that the hearing on the merits shall commence on
September 6, 2011, and shall continue on September 7, 9, and 12, 2011; AND WHEREAS on May 24, 2011, it was further ordered that the parties attend before the Commission on July 26, 2011 at 2:00 p.m. for a pre-hearing conference; AND WHEREAS on July 26, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents; AND WHEREAS the Commission was satisfied that all parties had been properly served with notice of the hearing; AND WHEREAS on July 26, 2011, it was ordered that the hearing be adjourned to August 16, 2011 at 3:30 p.m. for the purpose of continuing the pre-hearing conference; AND WHEREAS on August 16, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents, although properly served with notice of the hearing; AND WHEREAS on August 16, 2011, Staff informed the panel that Da Silva and O’Brien will be sentenced on October 19, 2011 in the related section 122 proceedings before the Ontario Court of Justice, and Staff requested that the hearing on the merits be adjourned until after the sentencing decision is rendered in the section 122 proceedings; AND WHEREAS on August 16, 2011, it was ordered that the dates set down for the hearing on the merits be vacated; AND WHEREAS on August 16, 2011, it was further ordered that the hearing be adjourned to November 4, 2011 at 10:00 a.m. for the purpose of continuing the pre-hearing conference; AND WHEREAS on November 4, 2011, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents, although properly served with notice of the hearing; AND WHEREAS Staff informed the panel that the sentencing hearing for Shallow Oil, Da Silva and O’Brien in the related section 122 proceedings before the Ontario Court of Justice was adjourned to November 15, 2011; AND WHEREAS Staff requested that the pre-hearing conference be adjourned to December 15, 2011, pending the sentencing decision for Shallow Oil, Da Silva and O’Brien to be rendered in the section 122 proceedings; AND WHEREAS on November 4, 2011, it was ordered that the hearing be adjourned to December 15, 2011 at 9:30 a.m. for the purpose of continuing the pre-hearing conference;
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AND WHEREAS on December 15, 2011, it was ordered that the hearing on the merits shall commence on June 18, 2012, and shall continue on June 20, 21, and 22, 2012, or such further or other dates as may be agreed to by the parties and fixed by the Office of the Secretary; AND WHEREAS on December 15, 2011, it was further ordered that the hearing be adjourned to March 27, 2012 at 9:00 a.m. for the purpose of continuing the pre-hearing conference; AND WHEREAS on March 27, 2012, Staff appeared before the Commission for the pre-hearing conference, and no one appeared on behalf of the Respondents; IT IS ORDERED that the parties attend before the Commission on April 26, 2012 at 10:00 a.m. to continue the pre-hearing conference. DATED at Toronto this 27th day of March, 2012. “Paulette L. Kennedy”
March 30, 2012
(2012) 35 OSCB 3075
Chapter 3
Reasons: Decisions, Orders and Rulings 3.1 OSC Decisions, Orders and Rulings 3.1.1 Maple Leaf Investment Fund Corp. et al. – ss. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF MAPLE LEAF INVESTMENT FUND CORP.,
JOE HENRY CHAU (aka: HENRY JOE CHAU, SHUNG KAI CHOW and HENRY SHUNG KAI CHOW), TULSIANI INVESTMENTS INC., SUNIL TULSIANI AND
RAVINDER TULSIANI
REASONS FOR DECISION ON SANCTIONS AND COSTS (Sections 127 and 127.1 of the Act)
Hearing: January 9, 2012
Decision: March 22, 2012
Panel: Christopher Portner – Commissioner and Chair of the Panel
Paulette L. Kennedy – Commissioner
Appearances: Carlo Rossi – For Staff of the Ontario Securities Commission
Sunil Tulsiani – For himself and Tulsiani Investments Inc.
No one appeared for the Respondents:
– –
Joe Henry Chau Maple Leaf Investment Fund Corp.
TABLE OF CONTENTS
I. INTRODUCTION II. ANALYSIS � A. Sanctions
� 1. Specific Sanctioning Factors Applicable in this Matter � 2. Trading and Other Market Prohibitions � 3. Director and Officer Bans � 4. Reprimand � 5. Disgorgement � 6. Administrative Penalty
� B. Costs III. CONCLUSION
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March 30, 2012
(2012) 35 OSCB 3076
REASONS FOR DECISION ON SANCTIONS AND COSTS
I. INTRODUCTION [1] This is a hearing (the “Sanctions and Costs Hearing”) before the Ontario Securities Commission (the “Commission”) pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) to consider whether it is in the public interest to make an order with respect to sanctions and costs against Maple Leaf Investment Fund Corp. (“MLIF”), Joe Henry Chau (also known as Henry Joe Chau, Shung Kai Chow and Henry Shung Kai Chow) (“Chau”), Tulsiani Investments Inc. (“Tulsiani Investments”) and Sunil Tulsiani (“Tulsiani”) (collectively, the “Respondents”). [2] The Sanctions and Costs Hearing was held following the Hearing on the Merits in this matter in January 2011 (the “Merits Hearing”) and the issuance of the decision on the merits on November 9, 2011 ((2011), 34 O.S.C.B. 11551)(the “Merits Decision”). [3] On January 9, 2012, Staff of the Commission (“Staff”) appeared at the Sanctions and Costs Hearing and made oral submissions. Staff’s oral submissions were supported by Staff’s Written Submissions on Sanctions and Costs dated December 30, 2011, a Bill of Costs, the Affidavit of Yolanda Leung, sworn December 30, 2011, with respect to costs, a Brief of Authorities and an Affidavit of Service. Chau filed his undated Written Submissions on Sanctions of Chau and MLIF on January 2, 2012 and informed the Office of the Secretary that he would not be attending the Sanctions and Costs Hearing. At the Sanctions and Costs Hearing held on January 9, 2012, Tulsiani appeared and made oral submissions on behalf of himself and Tulsiani Investments. Chau did not appear. [4] Based on the Affidavit of Service, Tulsiani’s appearance on behalf of himself and Tulsiani Investments and Chau’s communications to the Office of the Secretary on behalf of himself and MLIF dated January 2, 2012, the Panel found that the Respondents received notice of the Sanctions and Costs Hearing. In accordance with subsection 7(1) of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, the Panel was entitled to proceed in the absence of the Respondents who did not appear. II. ANALYSIS A. Sanctions 1. Specific Sanctioning Factors Applicable in this Matter [5] The Commission has a public interest jurisdiction to order sanctions restricting or banning Respondents from participating in the Ontario capital markets (Committee for the Equal Treatment of Asbestos Minority Shareholders v. Ontario (Securities Commission), [2001] 2 S.C.R. 132 at para. 43). It is well established in its jurisprudence that, in determining the appropriate sanctions, the Commission is guided by the factors set out in Re M.C.J.C. Holdings Inc. (2002), 25 O.S.C.B. 1133 at para. 26; and Re Belteco Holdings Inc. (1998), 21 O.S.C.B. 7743 at pp. 7746-7747). In determining the appropriate sanctions, we have taken into account the factors summarized in the following paragraphs. [6] The securities law violations committed by each of the Respondents were serious and their behaviour was egregious. In the Merits Decision, we found that Chau and MLIF engaged in the unregistered trading and illegal distribution of four series of MLIF bonds, namely, the 100, 200, 300 and 400 series of bonds, contrary to subsections 25(1)(a) and 53(1) of the Act (Merits Decision, supra, at paras. 222 and 257). The Respondents purported to rely on the accredited investor exemption but made no legitimate effort to determine whether the investors were duly qualified (Merits Decision, supra, at para. 275). Instead, they engaged in high pressure sales tactics by encouraging or counseling investors to misstate their entitlement to be treated as accredited investors and by stampeding investors into signing documents, including accredited investor declaration forms, without the opportunity to review them carefully and without the benefit of independent legal advice (Merits Decision, supra, at paras. 348 and 373). Accordingly, the Respondents were not entitled to rely on the accredited investor exemption and, in any event, we also found that Chau and MLIF were not entitled to rely on the accredited investor exemption as they were market intermediaries (Merits Decision, supra, at para. 284). [7] We found that Chau and MLIF made prohibited representations to potential investors about the future listing on a stock exchange of certain shares, contrary to subsection 38(3) of the Act (Merits Decision, supra, at para. 297). We further found that Chau and MLIF knowingly perpetrated a fraud on MLIF investors, contrary to subsection 126.1(b) of the Act, and that they had done so by, among other things, providing false and incomplete information with respect to (i) the use of investor funds; (ii) the safe nature of the investments; (iii) the background and status of MLIF; and (iv) the project in Curacao that would purportedly receive the proceeds of the investments (the “Project”), and by diverting funds to pay Chau’s personal expenses, interest to existing bondholders and MLIF’s capital requirements in connection with unrelated matters (Merits Decision, supra, at paras. 333 and 377).
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(2012) 35 OSCB 3077
[8] We found that Tulsiani and Tulsiani Investments engaged in unregistered trading of the 400 series of bonds, contrary to subsection 25(1)(a) of the Act (Merits Decision, supra, at para. 222). They represented to investors that they had (i) conducted the necessary due diligence with respect to the investments; (ii) invested in every transaction that was presented to investors; and (iii) represented the interests of the investors (Merits Decision, supra, at paras. 174 and 235). Tulsiani also made frequent reference to his 16-year career as an Ontario Provincial Police officer and the fact that he was also investing on behalf of his elderly and prudent father in the expectation that this information would enhance his credibility and perceived reliability with the investors (Merits Decision, supra, at paras. 126 and 153). These representations induced investors to take risks that they otherwise would not likely have assumed (Merits Decision, supra, at para. 351). Accordingly, Tulsiani and Tulsiani Investments were also found to have expressly or impliedly recommended the 400 series of bonds to investors which constituted unregistered advising, contrary to subsection 25(1)(c) of the Act (Merits Decision, supra, at paras. 235 and 248). [9] Further, in their promotional activities relating to the 400 series of bonds, Tulsiani and Tulsiani Investments engaged in high pressure sales tactics as described at paragraph 6 above. It was also found that they made representations endorsing the investment despite being aware of the precarious financial position of the Project and despite an undisclosed conflict of interest (Merits Decision, supra, at para. 246). [10] As a director or officer of MLIF, Chau was found to have authorized, permitted or acquiesced in the contraventions of subsections 25(1)(a), 53(1), 38(3) and 126.1(b) of the Act by MLIF and was therefore liable for such contraventions pursuant to section 129.2 of the Act (Merits Decision, supra, at para. 366). As a director or officer of Tulsiani Investments, Tulsiani was found to have authorized, permitted or acquiesced in the contraventions of subsections 25(1)(a) and 25(1)(c) of the Act by Tulsiani Investments and was therefore liable for such contraventions pursuant to section 129.2 of the Act (Merits Decision, supra, at para. 365). [11] In the Merits Decision, we concluded that:
The conduct of the Respondents was egregious and dishonest. They preyed on vulnerable investors, many of whom clearly did not understand the purported investments, and did not qualify for any exemptions. In the case of Chau and MLIF, they applied the proceeds of the investments in a manner that was contrary to their written and oral representations without regard to the consequences. In addition to contravening the Act in a number of material respects, the behaviour of the Respondents was reprehensible and contrary to the public interest. (Merits Decision, supra, at para. 379)
[12] The level of the Respondents’ activity in the marketplace and the amounts raised by the Respondents were significant. The Respondents raised $4,475,000 from approximately 80 investors over a period of 19 months (Merits Decision, supra, at para. 62). Of the $4,475,000, $1,675,000 was raised by Chau and MLIF from the sale of the 100, 200 and 300 series of bonds from June 2007 to October 2008 and $2,800,000 was raised by all of the Respondents from the sale of the 400 series of bonds from December 2008 to January 2009 (Merits Decision, supra, at paras. 87, 118 and 177). Approximately $3,100,000 was not returned to investors (Merits Decision, supra, at para. 201). In many cases, investors had used their life savings or loans obtained through lines of credit secured against their homes to make their investments and the loss of their investments caused irreparable and significant harm to them (Merits Decision, supra, at paras. 82, 153, 155, 158 and 337). [13] We acknowledge that Chau, on behalf of himself and MLIF, and Tulsiani, on behalf of himself and Tulsiani Investments, admitted certain facts or contraventions of the securities law at the Merits Hearing (Merits Decision, supra, at paras. 48-53). We also note that Chau expressed his “sincere regret for the outcome of [the] investment in the hotel project in Curacao” and asked the Panel to “allow [Chau and MLIF] the opportunity to amend the mistakes and do [their] best to compensate the investors from this point onward”. Tulsiani also submitted that he felt “responsible” and that he “never intended anybody to get hurt, and – those members or investors were friends” (Hearing Transcript dated January 9, 2012 at pp. 32-33). Notwithstanding the foregoing, however, in our view, the Respondents have not demonstrated any meaningful appreciation of the severity of their illegal conduct or remorse for the harm caused by such conduct. We find that Chau’s written submissions and Tulsiani’s oral submissions as a whole demonstrate that they continue to attempt to justify their conduct, ascribe blame to others and refuse to accept responsibility for their actions. [14] For instance, in Chau’s written sanctions and costs submissions, he stated that he would not admit to the allegation that he and MLIF “had intentionally cheated on the investors”. He characterized his action as “negligent”, but nevertheless motivated by “good causes and intention”, despite our findings that he knowingly engaged in fraud (Merits Decision, supra, at para. 345). He made statements contrary to the findings of the Panel, including that “the investment…was either paid to the property seller or spent on items related to the project” in circumstances where we made findings that the funds raised were used to pay existing investors, Chau’s personal expenses and the ongoing operational expenses of MLIF and unrelated projects (Merits Decision, supra, at para. 377). He also blames investors for their losses in his written submissions, in which he stated that “investors should bear the responsibility of making their investments and know about the fact that there was always risks to investments”.
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March 30, 2012
(2012) 35 OSCB 3078
[15] Tulsiani’s oral submissions at the Sanctions and Costs Hearing reflect similar characteristics. Tulsiani made submissions about his involvement in the sale of the 400 series of bonds, including that (i) Chau was the one who conducted the presentations to investors; (ii) the funds raised from the sale of the 401 series of bonds remained in a trust account as represented to investors; (iii) the 402 series of bonds was not represented to investors as risk free; and (iv) he did not have knowledge of Chau’s misappropriation of investor funds. Having heard evidence from investors and found in the Merits Decision that Tulsiani played a significant role in the presentations, the funds raised from the 401 series of bonds did not remain in a trust account, the investors understood that the 402 series of bonds had the same terms as the 401 series of bonds and Tulsiani was fully aware of the flow of funds, we find Tulsiani’s unsworn statements to be unsupported by the facts and lacking credibility (Merits Decision, supra, at paras. 173-176, 184-187, 194 and 330). Based on the foregoing, we are of the view that Tulsiani failed to accept responsibility for his actions. [16] Chau and Tulsiani also made submissions to the effect that they have no ability to satisfy monetary sanctions. Chau submitted that he is “practically pennyless”. He provided us with a list of proposed sanctions, which includes monetary sanctions, and submits that:
Only because of my wishes to make good what we have caused drove me forward. The ground-work we have laid down in Asia in the past year will likely flourish in the coming months. If I am allowed the time and the peace to accomplish the task, the investors should be able to recouperate a portion of their investments (about 33%). Any penalty harsher than the above cannot possibly be workable. That would only drive me off the edges. If I should give up on it all, it would not be in the best interest of the public.
[17] Tulsiani described himself as having “no money” and being “in great debt” (Hearing Transcript dated January 9, 2012 at p. 34). [18] Although a respondent’s ability to pay is one of the factors to be considered in determining the appropriate monetary sanctions, the Respondents made submissions only and provided no evidence to support their claims of impecuniosity. Accordingly, this factor will be given limited weight in our determination of the sanctions to be imposed, and in particular, the disgorgement orders and administrative penalties at paragraphs 29 to 46 below. 2. Trading and Other Market Prohibitions [19] Staff submits that the Respondents should be subject to permanent prohibitions against market participation. In particular, Staff requests that the Respondents cease trading in securities permanently, that the acquisition of securities by the Respondents be prohibited permanently and that any exemptions in Ontario securities law do not apply to the Respondents permanently. [20] In his written submissions, Chau provided a proposed list of sanctions for the Panel to consider which includes a permanent prohibition against “participating in any capital raising activities in Canada”. [21] Although Tulsiani indicated that he had no intention to trade in securities, he requested that the Panel consider ordering less than a permanent prohibition as requested by Staff. Tulsiani also asked the Panel to consider a carve-out to allow him to trade in or acquire securities in mutual funds for the account of his registered savings or pension plan. Staff does not object to such a trading carve-out being granted to Tulsiani, however, Staff requests that the carve-out only apply once Tulsiani has satisfied any financial orders made by the Panel, particularly with respect to disgorgement. Staff submits that this treatment is consistent with the Commission’s jurisprudence and that it would be unfair for Tulsiani to trade securities for his own account prior to disgorging the funds that were illegally obtained from and lost by investors. [22] Based on the sanctioning factors discussed above, we are of the view that the Respondents cannot be trusted to participate in the capital markets. The Respondents raised $4,475,000 through the sale of securities in contravention of the Act. This scheme, which we found to be fraudulent, affected over 80 investors and was conducted over a period of 19 months (Merits Decision, supra, at paras. 62 and 347). Further, the Respondents encouraged or counseled prospective investors to misstate their entitlement to be treated as accredited investors and deprived investors of an opportunity to carefully review subscription documents, including the accredited investor declaration forms (Merits Decision, supra, at paras. 352 and 373). Given this misconduct, the Respondents should not be permitted to trade in or acquire securities or rely on exemptions. Further, at the Sanctions and Costs Hearing, the Respondents failed to demonstrate either by oral or written submissions that they recognized the severity of their illegal conduct. To protect the public, we find that it is appropriate to impose permanent market prohibitions on the Respondents as requested by Staff. [23] As Tulsiani did not provide the Panel with any details relating to the terms of his registered savings or pension plan, we do not consider it appropriate to exempt trading relating to such plan.
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March 30, 2012
(2012) 35 OSCB 3079
3. Director and Officer Bans [24] Staff requests that Chau and Tulsiani resign all positions that they may hold as a director or officer of an issuer and that they be permanently prohibited from becoming or acting as a director or officer of any issuer or registrant. [25] Chau agrees that he be permanently prohibited from becoming or acting as a director of any issuer in Canada, but made no reference to prohibitions against becoming or acting as an officer of an issuer or a director or officer of a registrant. [26] Tulsiani made no specific submissions regarding the director and officer bans requested by Staff; however, he asked the Panel to consider that the “permanent ban” requested by Staff “be reduced” (Hearing Transcript dated January 9, 2012 at p. 34). [27] In the Merits Decision, we found that Chau conducted this fraudulent scheme by distributing securities and misusing the corporate funds of MLIF of which he was the sole directing mind, director and officer, and was found to have authorized, permitted or acquiesced in MLIF’s non-compliance with subsections 25(1)(a), 53(1), 38(3) and 126.1(b) of the Act (Merits Decision, supra, at paras. 347 and 366). Despite having knowledge of Chau’s misuse of MLIF corporate funds, Tulsiani aided and abetted the fraudulent scheme by selling the 400 series of bonds through Tulsiani Investments, of which he was a directing mind, a director and officer, and was found to have authorized, permitted or acquiesced in Tulsiani Investments’s non-compliance with subsections 25(1)(a) and 25(1)(c) of the Act (Merits Decision, supra, at paras. 351 and 365). In our view, the imposition of permanent director and officer bans requested by Staff will ensure that neither Chau nor Tulsiani will be placed in a position of control or trust with respect to any issuer or registrant in the future. 4. Reprimand [28] We find it appropriate for Chau and Tulsiani to be reprimanded given the indifference shown by them to the consequences of their behaviour on the majority of the investors, many of whose lives were shattered by the loss of their investments and what they perceived as the humiliation resulting from being misled and defrauded. We think that a reprimand will provide the appropriate censure of their misconduct and will impress on the public the importance of complying with the Act. [1] 5. Disgorgement [29] Subsection 127(1)10 of the Act provides that a person or company that has not complied with Ontario securities law can be ordered to disgorge to the Commission “any amounts obtained” as a result of the non-compliance. When determining the appropriate disgorgement orders, we are guided by a non-exhaustive list of factors set out in Re Limelight Entertainment Inc. (2008), 31 O.S.C.B. 12030 (“Limelight Sanctions and Costs”) at para. 52. [30] In Staff’s submission, the Commission should order that Chau and MLIF disgorge $1,420,024 on a joint and several basis and that all of the Respondents disgorge $1,712,082 on a joint and several basis, to be allocated to or for the benefit of third parties, pursuant to subsection 3.4(2)(b) of the Act. Staff explained that the amounts are “all funds illegally obtained minus the amounts that were returned to investors” (Hearing Transcript dated January 9, 2012 at p. 17). Staff further submits that a joint and several disgorgement order that includes Tulsiani and Tulsiani Investments in relation to the amounts obtained from the sale of the 400 series of bonds is appropriate because “investors trusted Mr. Tulsiani and he abused their trust” (Hearing Transcript dated January 9, 2012, at p. 19). [31] Chau submits that he “did not profit” from the investment scheme and that he would be able to “disgorge to the Commission an amount of CAD$1,000,000 for paying back to the bond holders only”. He requests that “such money should be put in a separte [sic] account designated to the purpose of compensating the investors and for that purpose only”. He submits that he would be able to disgorge the amount of $1,000,000 in 12 monthly instalments starting on February 15, 2012. [32] Tulsiani made no specific submission with respect to disgorgement, only that the “penalties…be reduced” (Hearing Transcript dated January 9, 2012 at p. 34). Tulsiani also submits that he did not profit from selling the 400 series of bonds. [33] Chau and MLIF were the perpetrators of a fraudulent scheme which involved the issuance of securities for which the registration and prospectus requirements of the Act were not satisfied. As a result of this fraudulent scheme, Chau raised $4,475,000 through MLIF, an entity which Chau controlled. Chau was found to have direct and total control of the funds received from the 100, 200 and 300 series of bond investors (Merits Decision, supra, at para. 345). He was also found to have diverted funds raised from all four series of MLIF bonds to pay his personal expenses and interest to existing bondholders and to fund MLIF’s capital raising requirements (Merits Decision, supra, at para. 377). As a result, the investors’ funds were fully dissipated and there was little or no prospect of the return of the principal amounts invested by the investors (Merits Decision, supra, at para. 329). In many cases, investors were irreparably harmed as they invested their life savings or monies obtained through lines of credits secured against their homes (Merits Decision, supra, at paras. 82, 153, 155, 158 and 337). A disgorgement order on a joint and several basis against Chau and MLIF is necessary to ensure that Chau and MLIF do not retain any financial
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March 30, 2012
(2012) 35 OSCB 3080
benefit from their respective breaches of the Act and to provide general and specific deterrence (Re Sabourin (2010), 33 O.S.C.B. 5299 (“Sabourin Sanctions and Costs”) at para. 65; and Limelight Sanctions and Costs, supra, at para. 60). [34] We note that of the total amount of $4,475,000 that was raised, $1,342,894 was returned to investors. More specifically, $1,275,000 was returned to investors and $67,894 was paid out as purported interest to holders of the MLIF bonds (Merits Decision, supra, at para. 201). To avoid double counting, in our determination of the disgorgement order to be made, we find it appropriate to take into account that some of the funds have been returned to investors in the form of purported redemptions or interest payments. [35] The evidence shows that Tulsiani and Tulsiani Investments obtained $70,000 in commissions (Merits Reasons, supra, at para. 195). We find that it is appropriate to require Tulsiani and Tulsiani Investments to disgorge the $70,000 that they received to ensure that they do not retain any financial benefit from their respective breaches of the Act and to provide general and specific deterrence. As the role of Tulsiani and Tulsiani Investments was limited to the solicitation of funds and not their application, we do not find it appropriate to order that they jointly and severally disgorge $1,712,082 as requested by Staff. [36] In our view, Chau and MLIF should jointly and severally disgorge the net amount that they obtained through the scheme, being $3,132,106, and that Tulsiani and Tulsiani Investments should be jointly and severally liable with Chau and MLIF to disgorge the commissions that they obtained, being $70,000. Accordingly, we make an order to that effect, namely, that Chau and MLIF jointly and severally disgorge $3,062,106 and MLIF, Chau, Tulsiani and Tulsiani Investments jointly and severally disgorge $70,000. [37] The amounts paid to the Commission in satisfaction of a disgorgement order will be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act. 6. Administrative Penalty [38] Staff seeks orders for the payment of an administrative penalty against Chau in the amount of $450,000 and against Tulsiani in the amount of $200,000, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act. Staff did not request administrative penalties against MLIF or Tulsiani Investments. [39] Chau requests that the Panel consider a fine of $10,000 against him and MLIF. He submits that he would be able to pay the amount of $10,000 in 12 monthly instalments starting February 15, 2012. [40] As discussed at paragraph 32 above, Tulsiani requests a penalty in an amount lower than what was requested by Staff. [41] In our view, it is in the public interest to impose a significant administrative penalty against Chau. As we found in the Merits Decision, supra, at para. 345, “[Chau] was at the centre of the fraud, was primarily responsible for the creation, marketing and sales of the MLIF bonds, communicated directly and indirectly with MLIF bond investors and actively misled them. He also had direct and total control of the funds received from the 100, 200 and 300 series of bond investors”. He preyed on vulnerable investors who did not understand the purported investments and did not qualify for any exemptions (Merits Decision, supra, at para. 379). We are of the view that a significant administrative penalty against Chau is necessary to achieve specific and general deterrence. [42] With respect to Tulsiani, we will impose a lesser administrative penalty to reflect his involvement in the sale of the 400 series of bonds only. The administrative penalty is nonetheless significant because he played an integral role in the promotion of the 400 series of bonds, as described at paragraphs 8 and 9 above, and facilitated the raising of $2,800,000 out of the total of $4,475,000 that was raised. He preyed on vulnerable investors and induced investors to take risks that they otherwise would not have assumed, and the investors clearly relied on his representations to their detriment (Merits Decision, supra, at paras. 351 and 379). [43] In determining the appropriate administrative penalties, we have considered the cases provided by Staff, including Re Borealis International Inc. (2011), 34 O.S.C.B. 5261, Re White (2010), 33 O.S.C.B. 8893, Limelight Sanctions and Costs, Re Al-Tar Energy Corp. (2011), 34 O.S.C.B. 447 and Sabourin Sanctions and Costs. We find the amounts proposed by Staff to be within the range of penalties ordered by the Commission against respondents involved in similar misconduct and proportional to the circumstances and conduct of each Respondent. [44] Accordingly, we order that Chau pay an administrative penalty in the amount of $450,000 and that Tulsiani pay an administrative penalty in the amount of $200,000. [45] Staff did not request that an administrative penalty be ordered against MLIF or Tulsiani Investments and, accordingly, we have not done so.
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[46] The amounts paid to the Commission in satisfaction of an administrative penalty will be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act. B. Costs [47] Pursuant to subsections 127.1(1) and 127.1(2) of the Act, the Commission has discretion to order a person or company to pay the costs of an investigation and hearing if the Commission is satisfied that the person or company has not complied with the Act or has not acted in the public interest. [48] Staff requested that the Respondents pay, on a joint and several basis, a total of $245,536.31 representing the costs incurred in relation to the Merits Hearing. Staff has submitted a bill of costs supporting that amount. We accept that the amount claimed by Staff represents only a portion of Staff’s costs related to this proceeding and does not include the costs of the investigation in the matter or the time spent preparing for and attending the Sanctions and Costs Hearing. [49] Staff submits that it is appropriate to make a joint and several order against all of the Respondents with respect to costs because Staff’s case with respect to the 100, 200 and 300 series of bonds, which only involved Chau and MLIF and did not involve Tulsiani and Tulsiani Investments, was less complicated, took less time to prove and required fewer witnesses than the case with respect to the 400 series of bonds which involved Tulsiani and Tulsiani Investments. Although counsel for Tulsiani and Tulsiani Investments appeared and made certain admissions at the commencement of the Merits Hearing, they were, in Staff’s view, “bare admissions” which required Staff to prove its case in its entirety. Further, Staff notes that the money raised pursuant to the 400 series of bonds was more than the money raised pursuant to the 100, 200 and 300 series of bonds. [50] Chau submits that he would be able to pay $100,000 in costs to the Commission in 12 monthly instalments starting on February 15, 2012. [51] Tulsiani made no submissions with respect to costs. [52] In our view, it is appropriate to require that the Respondents pay costs in the total amount of $245,500, allocated on the sums of $163,700 to Chau and MLIF on a joint and several basis and $81,800 to Tulsiani and Tulsiani Investments on a joint and several basis. [53] Although Chau and MLIF made certain factual admissions which were provided to Staff and read into the record at the outset of the Merits Hearing, Chau and MLIF contested a number of allegations made by Staff, and in particular, the fraud allegations, all of which were ultimately established by Staff in their case against these Respondents. Accordingly, we order that Chau and MLIF pay costs in the amount of $163,700 on a joint and several basis. [54] We are of the view that Tulsiani and Tulsiani Investments should jointly and severally pay costs in the amount of $81,800 in recognition of their more complete admissions of certain breaches of the Act through their counsel at the commencement of the Merits Hearing. Further, Staff’s case against them was limited to breaches of section 25 of the Act and Tulsiani’s liability as the director of Tulsiani Investments, all of which arose out of their involvement in the sale of the 400 series of bonds. III. CONCLUSION [55] We conclude that it is in the public interest to make the following orders and are of the view that the sanctions imposed will deter the Respondents and other like-minded individuals from engaging in similar misconduct in the capital markets in the future and that the sanctions are proportionate to the circumstances and conduct of each Respondent:
(a) Pursuant to clause 2 of subsection 127(1) of the Act, MLIF, Chau, Tulsiani Investments and Tulsiani shall cease trading in securities permanently;
(b) Pursuant to clause 2.1 of subsection 127(1) of the Act, the acquisition of securities by MLIF, Chau, Tulsiani
Investments and Tulsiani is prohibited permanently; (c) Pursuant to clause 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do
not apply to MLIF, Chau, Tulsiani Investments and Tulsiani permanently; (d) Pursuant to clause 6 of subsection 127(1) of the Act, Chau and Tulsiani are reprimanded; (e) Pursuant to clause 7 of subsection 127(1) of the Act, Chau and Tulsiani shall resign all positions that they may
hold as a director or officer of an issuer;
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(f) Pursuant to clause 8 of subsection 127(1) of the Act, Chau and Tulsiani are prohibited from becoming or acting as a director or officer of any issuer permanently;
(g) Pursuant to clause 8.2 of subsection 127(1) of the Act, Chau and Tulsiani are prohibited from becoming or
acting as a director or officer of a registrant permanently; (h) Pursuant to clause 9 of subsection 127(1) of the Act, Chau shall pay an administrative penalty in the amount
of $450,000, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act; (i) Pursuant to clause 9 of subsection 127(1) of the Act, Tulsiani shall pay an administrative penalty in the
amount of $200,000, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(j) Pursuant to clause 10 of subsection 127(1) of the Act, MLIF and Chau shall jointly and severally disgorge to
the Commission the amount of $3,062,106 obtained as a result of their non-compliance with Ontario securities law, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(k) Pursuant to clause 10 of subsection 127(1) of the Act, MLIF, Chau, Tulsiani Investments and Tulsiani shall
jointly and severally disgorge to the Commission the amount of $70,000 obtained as a result of their non-compliance with Ontario securities law, to be allocated to or for the benefit of third parties pursuant to subsection 3.4(2)(b) of the Act;
(l) Pursuant to section 127.1 of the Act, MLIF and Chau shall jointly and severally pay costs in the amount of
$163,700; and (m) Pursuant to section 127.1 of the Act, Tulsiani Investments and Tulsiani shall jointly and severally pay costs in
the amount of $81,800. [56] We will issue a separate order giving effect to our decision on sanctions and costs. Dated at Toronto this 22nd day of March, 2012. “Christopher Portner” “Paulette L. Kennedy”
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(2012) 35 OSCB 3083
3.1.2 ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp. March 23, 2012 Fasken Martineau DuMoulin LLP 333 Bay Street, Suite 2400 Bay Adelaide Centre, Box 20 Toronto, ON M5H 2T6 Attention: David A. Hausman Attention: Tracy L. Hooey Re: ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp. Preliminary Prospectus dated October 5, 2011 (the Prospectus) – SEDAR Project No. 1845211 This letter sets out my decision as Director on an Opportunity to be Heard (OTBH) held on February 28, 2012 and February 29, 2012 in respect of staff’s recommendation to refuse to issue a receipt for the Prospectus. I have received extensive written materials from both ONE Financial Corporation (ONE Financial) and staff (Staff) of the Ontario Securities Commission (the Commission), and I have reviewed and considered both the written materials and oral submissions made to me. Based on the materials and submissions made by the parties, I accept Staff’s recommendation that a receipt not be issued for the Prospectus for the reasons set out below. This Decision follows closely the completion of the OTBH and subsequent written submissions provided on March 2, 2012 and March 13, 2012. This is at the request of ONE Financial. Accordingly, the Decision highlights the key policy considerations that form the basis of my determination. Finally, I note that Staff in their written materials identified several issues still to be addressed prior to the issuance of the receipt for the Prospectus, outside of the scope of the OTBH.1 I have made no determination with respect to these issues. I. Background On October 5, 2011, ONE Financial filed a draft prospectus on a confidential pre-filing basis with the Commission on behalf of the All-Weather Profit Family Corp. (the individual share classes of which are referred to as a Fund). Each Fund is a commodity pool whose investment objectives include potentially gaining exposure to a reference fund (each, an Investment Pool) by way of a forward agreement. Staff provided comments on the draft prospectus on October 28, 2011 and ONE Financial responded to the comments on November 11, 2011. On December 2, 2011, Staff provided a further comment letter that advised ONE Financial that Staff would be hesitant to recommend a receipt for the draft prospectus on the basis that it would not be in the public interest to do so. On December 29, 2011, ONE Financial filed the Prospectus. Staff issued a comment letter in connection with the Prospectus on January 13, 2012 and ONE Financial responded to the comment letter on January 31, 2012. In its response letter, ONE Financial indicated that it wished to exercise its opportunity to be heard by the Director under subsection 61(3) of the Securities Act (Ontario) (the Act). In connection with the OTBH, ONE Financial filed a Memorandum of Argument and supporting materials on February 13, 2012. On that same date, ONE Financial also filed a revised draft of the Prospectus. This revised draft of the Prospectus is the only one submitted by either of the parties at the OTBH and is therefore the version of the Prospectus that I refer to and rely on throughout this decision. Staff filed their written submissions and supporting materials on February 23, 2012. The OTBH was held on February 28 and 29, 2012 at the offices of the Commission. Additional written submissions were received from Staff on March 2, 2012 and from ONE Financial on March 13, 2012. II. Issues In their February 23, 2012 and March 2, 2012 written submissions and at the OTBH, Staff argued that a receipt for the Prospectus should not be issued on the basis of the following elements:
1 Written Submissions of Staff of the Commission (23 February 2012) at para 113.
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(A) the payment of the Collateral Investment Compensation (defined below) to ONE Financial; (B) the Advisor Performance Bonus (defined below); (C) the following disclosure issues in the Prospectus:
(i) the disclosure of the fee payable to the counterparty in respect of the forward agreements; (ii) the inclusion of the Indices (defined below) in the Prospectus; and (iii) the disclosure of the Funds’ use of leverage;
(D) issues related to the following forward agreement structures that may be used by the Funds:
(i) the forward purchase agreement and forward sale agreement; and (ii) the prepaid forward agreement;
(E) the failure of ONE Financial to file a prospectus for the Investment Pools; and (F) the payment of the Advisory Fee (defined below) to ONE Financial.
Staff submit that, as a result of the above elements, issuing a receipt for the Prospectus would be contrary to the public interest. Furthermore, Staff submit that the Prospectus “appears to not comply with the requirements of the Act or the regulations; and contains statements, promises, estimates or forward-looking information that are misleading”.2 For the reasons set out below, with respect to each of the elements above (except items (D)(i) and (E), where I have made no determination for reasons discussed below, and item (C)(iii)) I accept Staff’s recommendation that a receipt not be issued for the Prospectus. That is, issuing a receipt for the Prospectus in light of each of these items, taken alone or cumulatively, would be contrary to the public interest. Moreover, in respect of items (C)(i) and (C)(ii) above, these elements comprise or contain misleading statements, promises or estimates, and in respect of (C)(ii), the inclusion of the Indices does not comply with the requirements of the regulations under the Act. III. Legislative Framework for Commodity Pools Each Fund is a commodity pool, which is a specialized type of mutual fund that uses certain alternative investment strategies involving specified derivatives and physical commodities beyond what is permitted by National Instrument 81-102 Mutual Funds (NI 81-102). Like conventional mutual funds, commodity pools are in continuous distribution and permit daily redemptions of their securities at net asset value (NAV), and the securities of commodity pools are generally not listed on a stock exchange. National Instrument 81-104 Commodity Pools (NI 81-104) exempts commodity pools from the application of several of the investment restrictions in NI 81-102 to allow commodity pools liberalized use of derivatives, leverage strategies and physical commodities. NI 81-104 also provides commodity pools with an exemption from the concentration restrictions in NI 81-102 in connection with a commodity pool’s exposure to a counterparty in a specified derivatives transaction. Section 1.4 of Companion Policy 81-104CP (81-104CP) states that the Canadian Securities Administrators (the CSA) considered the following regulatory principles in developing and implementing NI 81-104:
(a) Commodity pools should be regulated in the same manner as conventional mutual funds, except in respect of their use of specified derivatives and leverage strategies. Therefore, commodity pools are defined in NI 81-104 as a type of mutual fund, so that the rules of NI 81-102, and other applicable securities legislation apply except as provided otherwise in NI 81-104. [emphasis added]
(b) Commodity pools should be granted greater freedom in their use of specified derivatives and leverage
strategies than conventional mutual funds, in exchange for requirements which, among other things, are aimed at increasing the information available to investors about the investment strategies, risks and on-going performance of commodity pools. Therefore, NI 81-104 generally exempts commodity pools from the specified derivative rules of NI 81-102. [emphasis added]
With this in mind, NI 81-104 imposes higher proficiency and supervisory requirements on dealers who trade in securities of a commodity pool than on those who trade in securities of conventional mutual funds.
2 Ibid at para 1.
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Finally, unlike conventional mutual funds, commodity pools file a long form prospectus in accordance with the requirements of Form 41-101F2 Information Required in an Investment Fund Prospectus (Form 41-101F2). Moreover, commodity pools are required to include certain prescribed warning language on the cover page of their prospectuses that is not required of other types of investment funds. IV. Applicable Provisions and the Extent of the Director’s Discretion The OTBH engages the Director’s jurisdiction under subsection 61(1) and clauses 61(2)(a)(i) and 61(2)(a)(ii) of the Act. Subsection 61(1) of the Act states that, subject to specified exceptions, the Director shall issue a receipt for a prospectus “unless it appears to the Director that it is not the public interest to do so”. Subsection 61(2) of the Act states in part that the Director
“shall not issue a receipt for a prospectus or an amendment to a prospectus if it appears to the Director that,
(a) the prospectus or any document required to be filed with it,
(i) does not comply in any substantial respect with any of the requirements of this Act or the regulations,
(ii) contains any statement, promise, estimate or forward-looking
information that is misleading, false or deceptive…”
Meaning of Public Interest in the Context of Subsection 61(1) of the Act Both ONE Financial and Staff refer to Committee for Equal Treatment of Asbestos Minority Shareholders v. Ontario (Securities Commission) (Asbestos) as informing the scope of the public interest jurisdiction in the context of subsection 61(1) of the Act. In that case, the Supreme Court of Canada, in considering the public interest jurisdiction under section 127 of the Act, declared that the Commission has broad discretion to intervene in Ontario capital markets if it is in the public interest to do so. However, the court held that such discretion is not unlimited; it must be exercised with reference to the purposes of the Act as set out in section 1.1 of the Act.3 Staff and ONE Financial both submit that the Director must also have regard to the principles outlined in section 2.1 of the Act.4 The purposes of the Act as detailed in section 1.1 of the Act are,
(a) to provide protection to investors from unfair, improper or fraudulent practices; and (b) to foster fair and efficient capital markets and confidence in capital markets.
Staff submit that, even though the purposes of the Act as detailed in section 1.1 are to a large degree complementary, the purposes do not have to be treated equally in a given case, so long as they are both considered.5 I agree with Staff’s submission that in a retail-focused context, such as the mutual fund industry, confidence in capital markets and investor protection gain more prominence.6 In considering the public interest jurisdiction under subsection 61(1) of the Act, Staff argue that the Commission has stated that there is no requirement that the Director find a breach of the Act or related instruments, or that, in the absence of a breach, the transaction be “abusive”. In support of this proposition, Staff cite the Commission decisions in Biovail Corp. (Re) and Guard Inc., Re.7 Staff also argue that the discretion granted to the Director under subsection 61(1) is broader than the public interest jurisdiction that the Commission has typically exercised under subsection 127(1) of the Act, and gives the Director some degree of “blue sky” discretion.8
3 Committee for the Equal Treatment of Asbestos Minority Shareholders v. Ontario (Securities Commission), 2001 SCC 37, [2001] 2 SCR
132 at paras 39-41. 4 Supra note 1 at para 15; Memorandum of Argument of ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp. (13
February 2012) at para 13. 5 Supra note 1 at paras 14-16. 6 Ibid at para 20. 7 Biovail Corp. (Re), (2010), 33 OSCB 8914 at paras 382, 388-389 [Biovail]; Guard Inc., Re, (1996), 19 OSCB 3737 at 3743 [Guard]. 8 Ibid.
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In its submissions, ONE Financial argues that “in the case of a commodity pool, the scope of the Director’s public interest jurisdiction is tightly constrained by the specificity of applicable instruments, which provide a comprehensive code respecting the obligations of commodity pool issuers and leave little room for supplementary public interest consideration.”9 ONE Financial further submits that because a prospectus in the context of an initial public offering (IPO) is incapable of affecting the pre-existing rights of any member of the public, the animating principles of the Act must be premised fundamentally upon the quality of the disclosure, where the viability of the issuer is not in question.10 I disagree. The rapid pace of product and market innovation does not always make it possible for rule-making to keep pace with product and market developments. In this context, I agree with Staff’s submission that National Instruments may inform the Director’s discretion,11 but, as Staff submitted at the OTBH, the Commission has stated that it should not be supposed that specific rules necessarily exhaust all of the policy concerns which led to the implementation of the rules in the first place.12 In my experience, an IPO prospectus for an investment fund can give rise to concerns about whether the product is consistent with the purposes and animating principles of the Act, beyond the quality of the disclosure in the prospectus. In a dynamic market environment, it is important for the Director to have broad discretion when it comes to determining whether it is in the public interest to issue a receipt for a prospectus. This is consistent with the Supreme Court of Canada’s decision in Asbestos.13 In exercising a broad public interest discretion, I am mindful of the guidance provided in the Commission decisions referred to by both ONE Financial and Staff. Specifically, I recognize that the public interest jurisdiction must be exercised with some caution and restraint,14 and that caution needs to be exercised where intervention in the public interest would amount to an amendment of the existing law or policies.15 I note that I do not consider the public interest jurisdiction I have exercised in this decision to constitute intervention that would amount to any amendment of existing law or policies. Onus and Standard of Proof for the OTBH Both ONE Financial and Staff agree that Staff bear the onus of proving that (i) the issuance of a receipt for the Prospectus would be contrary to the public interest, (ii) the prospectus does not comply in any substantial respect with the requirements of the Act or the regulations, or (iii) the prospectus contains any statement, promise, estimate or forward-looking information that is misleading. I accept the submissions of Staff that the standard applicable to Staff in establishing that a receipt should not be granted for the Prospectus is the balance of probabilities.16 That is, “whether it is more likely than not” that the issuance of a receipt would be contrary to the public interest, that the Prospectus does not substantially comply with the requirements of the Act, or that the Prospectus contains misleading statements, promises, estimates or forward-looking information. Precedent Prospectuses ONE Financial submits that the Director, in exercising her public interest jurisdiction under subsection 61(1) of the Act, should take into consideration where other issuers have received receipts for prospectuses that have the same or similar disclosure, or attributes of, those that Staff are objecting to in the OTBH.17 At the OTBH, counsel for ONE Financial argued that precedents must have value as they are one of the only ways counsel have for advising clients as to what kinds of structures and disclosure are appropriate. Moreover, previously receipted prospectuses create reasonable expectations among market participants. While I would agree that receipted prospectuses have some value in demonstrating to market participants the level of disclosure, attributes of a product or investment strategies for which Staff have, in the past, been prepared to recommend a prospectus receipt, I accept Staff’s submission that the precedential value of previously receipted prospectuses is limited and in no way confines the Director’s public interest jurisdiction under subsection 61(1) of the Act. In their submissions, Staff referred to the Commission’s statement in Guard Inc., Re,
9 Memorandum of Argument of ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp. (13 February 2012) at para
20.III. 10 Ibid at para 18. 11 Supra note 1 at para 34. 12 H.E.R.O. Industries Ltd. (Re), (1990), 13 OSCB 3775 at 3788. 13 Supra note 3. 14 Biovail, supra note 7 at para 374. 15 Supra note 9 at para 20.IV; Financial Models Co. (Re), (2005), 28 OSCB 2184 at para 54. 16 Maple Leaf Investment Fund Corp. (Re), (2011), 34 OSCB 11551 at paras 42-43. 17 Supra note 9 at para 20.V.
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“While it may be reasonable for counsel to consider past decisions of the Commission and the Director in advising clients, the fact that a receipt has issued in the past for a prospectus does not necessarily mean that the Director, in exercising her discretion under the Act, must issue a receipt for a similar prospectus in the future. Counsel should exercise some caution in relying on such precedents, particularly given the selective review system for prospectuses that is now in place.”18
At the OTBH, Staff argued that at least since the Commission decision in Guard Inc., Re, the reasonable expectations of market participants should be informed by the statement quoted above regarding previously receipted prospectuses. I agree. Finally, I note that no precedent prospectus has been provided to me by ONE Financial that contains all the elements of the Prospectus that Staff is objecting to in the OTBH. V. Discussion of the Issues As identified above, Staff have raised nine grounds for refusing to issue a receipt for the Prospectus. Other than with respect to (i) the use of forward sale agreements and forward purchase agreements and the failure to file a prospectus for the Investment Pools, for which I have made no determination, and (ii) the leverage disclosure in the Prospectus, I accept Staff’s recommendation that each of these grounds is sufficient on its own for refusing a receipt, for the reasons set out below. Alternatively, even if any of the grounds would not be sufficient in itself to refuse a receipt, in my view their cumulative effect is sufficient to find it is not in the public interest to issue a receipt for the Prospectus. A discussion of each of the issues follows. A. Collateral Investment Compensation Submissions The Prospectus discloses that the interest income generated from Collateral Investments (the Collateral Investment Compensation) held by the Funds or the Investment Pools from time to time will be payable to ONE Financial in its capacity as principal broker of the Funds. The Prospectus defines “Collateral Investments” as,
“cash and cash investments in investment grade debt, money market instruments, or demand deposits of Canadian chartered banks, or similarly rated foreign denominated investments, held by a [Fund] or an Investment Pool including on account of initial and maintenance margin and reserves for the variation thereof.”19
Staff submit that the Collateral Investment Compensation is contrary to the public interest on the basis that the Prospectus disclosure does not allow prospective investors to know the total compensation payable to ONE Financial, and that the payment of the Collateral Investment Compensation to ONE Financial is not consistent with the standard of care expected of an investment fund manager under the Act. With respect to the disclosure, Staff argue that the Prospectus does not display the Collateral Investment Compensation as part of the management fee, but rather as an operating expense, which makes it difficult for an investor to identify and assess the impact this fee would have on an ongoing basis.20 More significantly, Staff submit that, because the Collateral Investment Compensation is variable, it is difficult for prospective investors to know in advance what the total compensation earned by ONE Financial will be.21 In response, ONE Financial argues that there is comprehensive disclosure of the Collateral Investment Compensation in the Prospectus22 that is consistent with the law of fiduciaries, which states that a fiduciary may enter into a fully agreed and disclosed compensation arrangement with the beneficiary of the fiduciary duty.23 ONE Financial further submits that while it is not possible to disclose this form of compensation as a component of the management fee, as it will vary depending on prevailing interest rates and the amount of cash held from time to time, the Collateral Investment Compensation will be fully disclosed to investors as a component of each Fund’s management expense
18 Guard, supra note 7 at 3744 [emphasis added]. 19 Draft Prospectus of All-Weather Profit Family dated February 13, 2012 at 15, submitted as evidence in the Book of Authorities of Staff of
the Commission (23 February 2012) at Tab 9. 20 Supra note 1 at para 38. 21 Ibid at paras 40-45. 22 Supra note 9 at para 42. 23 Ibid at paras 44-45.
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(2012) 35 OSCB 3088
ratio (MER) in the Funds’ subsequent continuous disclosure.24 In this regard, ONE Financial argues that the variable nature of the Collateral Investment Compensation is similar to fees payable to third-party service providers, such as legal, audit or custodial fees. In addition, ONE Financial proposes to disclose in the Prospectus an estimate of the first year’s Collateral Investment Compensation prior to publishing the first MERs and financial statements of the Funds, to provide investors with sufficient disclosure of their anticipated ownership costs.25 At the OTBH, counsel for ONE Financial also argued that the Collateral Investment Compensation cannot be found contrary to the public interest because of the legislative history surrounding the structure of these fees. Specifically, OSC Policy 11.4 Commodity Pool Programs (Policy 11.4), the predecessor to NI 81-104, required that any interest or other income earned by any portion of a commodity pool’s assets accrue solely to the benefit of the commodity pool. Moreover, the manager of a commodity pool was prohibited from taking any action with respect to the assets or property of the commodity pool which does not benefit the commodity pool.26 ONE Financial submitted that these requirements from Policy 11.4 were not carried over into NI 81-104 on the basis that the CSA believed that “generally the appropriate regulatory approach to fees is to mandate their disclosure, but not regulate the quantum”.27 Accordingly, ONE Financial argued at the OTBH that the appropriate approach to the Collateral Investment Compensation is disclosure. In response, at the OTBH Staff focused on the CSA’s use of the word “generally”. Staff argued that the CSA recognized that there may be situations where regulating the quantum of fees would be appropriate, and that the legislative history of NI 81-104 should not be read as limiting the Director’s public interest jurisdiction in connection with commodity pools. At the OTBH, Staff submitted that their primary concern was with the disclosure of the Collateral Investment Compensation in the Prospectus, and indicated that they would be prepared to accept a maximum placed on the Collateral Investment Compensation, as a way to mitigate Staff’s concern that prospective investors cannot discern the total fee payable to ONE Financial. In addition to disclosure, Staff also submit that the Collateral Investment Compensation is not consistent with the standard of care expected of investment fund managers under section 116 of the Act, as it is contrary to the presumption that assets of a mutual fund are invested for the benefit of securityholders. According to Staff, diverting revenue generated by an investment fund’s portfolio assets to the investment fund manager impairs an investor’s ability to benefit from the returns of the fund’s portfolio and is not in the best interests of the fund.28 In light of the conflict of interest inherent in the structure, Staff argue that the use of the Funds’ assets for the benefit of ONE Financial is inconsistent with ONE Financial’s statutory duties towards the Funds.29 In contrast, ONE Financial submits that the Collateral Investment Compensation payment structure is not uncommon in the managed futures industry generally.30 Furthermore, ONE Financial is able to offer its services at a lower fixed fee as a consequence of the income generated from the Collateral Investment Compensation.31 Determination In my view, a key aspect of a prospective investor’s consideration when making an investment decision is the cost of ownership. ONE Financial submits that it is settled law that a fiduciary may receive remuneration for fully agreed and disclosed compensation arrangements.32 On a balance of probabilities, however, I find the variable nature of the Collateral Investment Compensation makes it more likely than not that it will not be possible for prospective investors to fully agree to such a payment, as the total compensation payable to ONE Financial is not fully disclosed. On this point I agree with Staff’s submission that the inclusion of an estimate of the total Collateral Investment Compensation in the Prospectus is of little utility,33 as is the subsequent disclosure of the MER. Neither disclosure, in my view, enables potential investors to determine the total compensation that will be payable to ONE Financial, since absent a maximum limit placed on the Collateral Investment Compensation, the amount payable could be unlimited. The Commission has stated that disclosure by reporting issuers is a fundamental cornerstone of securities regulation.34 Accurate and efficient disclosure is fundamental to protect investors from unfair or improper practices and to foster fair and 24 Ibid at para 46. 25 Ibid at para 47. 26 OSC Policy 11.4 Commodity Pool Programs, s E.II.4, as replaced by NI 81-104. 27 Notice of Proposed National Instrument 81-104 and Companion Policy 81-104CP Commodity Pools, Mutual Fund Rules Supplement to the
OSC Bulletin, 20 OSC(Supp2) 109 (27 June 1997) at 113. 28 Supra note 1 at para 47. 29 Ibid at paras 46-50. 30 Supra note 9 at para 39. 31 Ibid at para 41. 32 Ibid at paras 44-45. 33 Supra note 1 at para 39. 34 Biovail, supra note 7 at para 376.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3089
efficient capital markets and confidence in those markets.35 I consider this to be particularly relevant with respect to the fees and expenses that are payable by a mutual fund, since these costs reduce the fund’s (and ultimately, the investors’) return; and with respect to the fees payable by the mutual fund to the investment fund manager, given the fundamental role of the manager in the organization and ongoing oversight of the mutual fund. Accordingly, confidence in the capital markets is crucial in this area. I further agree with Staff that the payment of the Collateral Investment Compensation to ONE Financial, in its capacity as principal broker, gives rise to a potential conflict of interest. That is, as investment fund manager and portfolio manager, ONE Financial is required to manage the Funds’ portfolios in the best interests of the Funds, while as principal broker, ONE Financial has an interest in making the Funds invest in Collateral Investments, as any interest earned on these investments is paid to ONE Financial. In my view, this potential conflict of interest related to the Collateral Investment Compensation, in addition to the variable nature of the payment, heightens the need for prospective investors to have disclosure in the Prospectus that allows them to determine what the total compensation payable to ONE Financial will be. While I accept the proposition that generally, the appropriate regulatory approach to fees is to mandate their disclosure, not regulate the quantum, I disagree with the submission made by counsel for ONE Financial at the OTBH that it is not necessary, in the public interest, for ONE Financial to impose a hard maximum on the Collateral Investment Compensation. Based on the specific facts before me, namely, the potential conflict of interest and the variable nature of the payment, I agree with Staff’s submission that absent the inclusion in the disclosure of the Prospectus of a maximum limit on the Collateral Investment Compensation, issuing a receipt for the Prospectus would be contrary to the public interest under section 61(1) of the Act. On this point, I note that the only precedent to which ONE Financial directed me has a maximum limit on compensation substantially similar to the Collateral Investment Compensation. With respect to section 116 of the Act, while I agree with Staff that the Collateral Investment Compensation creates a potential conflict of interest for ONE Financial, based on the facts before me I do not find the payment of the Collateral Investment Compensation to ONE Financial to be inconsistent with ONE Financial’s duties under section 116 of the Act. The CSA have recognized that the structure of the fund industry creates the potential for the interests of fund investors to diverge from the pecuniary interests of the fund manager, and that this risk is exacerbated by the fact that, in many cases, related parties provide all of the requisite services to the fund.36 However, in my view not all potential conflicts of interest will result in a breach of the fund manager’s duties under the Act. I note that the CSA introduced National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107) to provide “for the independent review and oversight of the conflicts faced by the fund manager in the operation of the investment fund.”37 The potential conflict of interest for ONE Financial raised by the Collateral Investment Compensation is, in my view, the type of “business” or “operational” conflict intended to be captured by NI 81-107. Furthermore, in light of the evidence provided by ONE Financial with respect to the use of this payment structure in the managed futures industry generally, as well as its impact on fees, I am satisfied that the Collateral Investment Compensation is not inconsistent with the statutory duties of ONE Financial as an investment fund manager. Finally, I note that Staff had queried whether ONE Financial has the appropriate registration status to act as principal broker with respect to the activities associated with the Collateral Investments.38 In subsequent written submissions dated March 2, 2012, Staff stated that, based on the information contained in an e-mail provided by counsel for ONE Financial dated February 29, 2012, the concerns previously expressed by Staff regarding the requisite registration status of ONE Financial, in the context of the Collateral Investment Compensation, have been addressed.39 Accordingly, in my view I do not have to make a determination on this issue. B. Advisor Performance Bonus Submissions The Prospectus discloses that brokers, dealers and advisors of clients holding any series of shares of a Fund may also be paid a portion of the performance bonus earned by ONE Financial in its capacity as investment fund manager of the Funds in respect of that Fund (the Advisor Performance Bonus). The Advisor Performance Bonus is calculated as 15 per cent of the performance bonus earned by ONE Financial.
35 Securities Act, RSO 1990, c. S. 5, s 2.1(2). 36 Notice of National Instrument 81-107 Independent Review Committee for Investment Funds, National Instrument 81-107 Independent
Review Committee for Investment Funds Supplement to the OSC Bulletin, 29 OSCB (28 July 2006) at 3-4. 37 Ibid at 5. 38 Supra note 1 at paras 54-55. 39 Additional Written Submissions of Staff of the Commission (2 March 2012) at para 3.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3090
Staff argue that National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105) prohibits payments to advisors other than in the form of sales commissions or trailing commissions that comply with Part 3 of NI 81-102. In their submissions, Staff disagree with the characterization of the Advisor Performance Bonus as a trailing commission contemplated by Part 3 of NI 81-105, as it is based solely on the performance of the Fund.40 Accordingly, Staff submit that the Advisor Performance Bonus is prohibited by NI 81-105. Additionally, Staff argue that the payment of the Advisor Performance Bonus in addition to a trailing commission already payable to the advisor at competitive industry rates41 creates a potential conflict of interest where an advisor may recommend the Funds to an investor because of the potential for receiving the Advisor Performance Bonus, rather than because of the suitability of the Fund for the investor. Staff submit that this new type of fee arrangement is contrary to the spirit and intent of NI 81-105, as contemplated by sections 2.2 and 2.4(2) of Companion Policy 81-105CP (81-105CP) and is therefore contrary to the public interest.42 In contrast, ONE Financial argues that the Advisor Performance Bonus is consistent with the express requirements and the spirit and intent of NI 81-105. In its submissions, ONE Financial argues that Part 3 of NI 81-105 prohibits a variable trailing commission that is based on the level of sales by the advisor. This prohibition is intended to remove the conflict inherent in advisors seeking to achieve specific asset and sales thresholds in order to receive compensation in respect of mutual fund sales.43 According to ONE Financial, as the rate payable pursuant to the Advisor Performance Bonus is always fixed, it does not contravene NI 81-105. In fact, ONE Financial submits that the Advisor Performance Bonus aligns the interests of advisors with those of their clients. Since an advisor will only receive the Advisor Performance Bonus if the Funds perform well, the advisor has an incentive to monitor the anticipated performance of the Funds at the point of sale and in subsequent periods, as his or her compensation is dependent on the Funds’ performance.44 At the OTBH, counsel for ONE Financial argued that NI 81-105 contemplates that more than one trailing commission could be paid to advisors, so long as the commissions do not violate the express wording of the Instrument. Since NI 81-105 does not limit the quantum of the trailing commission payable to advisors, there are no grounds to find the Advisor Performance Bonus problematic on the basis that, when combined with the trailing commission, it results in too high a compensation being paid to advisors whose clients have securities of the Funds in their accounts. Finally, ONE Financial submits that, as the Funds are commodity pools, the higher proficiency and supervisory requirements imposed by NI 81-104 on advisors who sell the Funds will help ensure that they will only recommend the Funds where the investment is suitable for the investor.45 Moreover, given that non-investment fund issuers and issuers in the exempt market pay bonuses to advisors substantially similar to those described in the Prospectus, there is no basis for having different forms of compensation payable to advisors on products with similar attributes. Determination The question of whether the Advisor Performance Bonus complies with NI 81-105 is difficult. I note that the only precedents to which ONE Financial has directed me involve either corporate issuers or investment funds sold under a prospectus exemption, neither of which are subject to NI 81-105. Even if I accept the submissions of ONE Financial that the Advisor Performance Bonus complies with the express requirements of Part 3 of NI 81-105, in keeping with the general purpose of the Instrument as set out in Part 2 of 81-105CP, I nonetheless have to consider whether the Advisor Performance Bonus undermines, compromises or conflicts with the fundamental obligations outlined in subsection 2.2(2) of 81-105CP. For the reasons stated below, I believe it more likely than not that it does. Accordingly, I find the issuance of a receipt for the Prospectus while it contemplates the Advisor Performance Bonus to be contrary to the public interest. I agree that Part 3 of NI 81-105 is intended to ensure that the rate of sales commissions and trailing commissions payable to advisors is not dependent on the level of sales achieved, so as not to create an incentive on the part of advisors to recommend a mutual fund without adequate regard to the merits of the investment. However, I do not agree with the submissions made by ONE Financial that this objective is the animating concern underlying the Instrument.46
40 Supra note 1 at paras 57-59. 41 Ibid at para 61. The trailing commissions payable in connection with the Funds vary between zero to 2.00 per cent per annum depending
factors such as the Fund, the series of securities purchased and the sales charge option selected. See supra note 19 at 51. 42 Ibid at paras 60-63. 43 Supra note 9 at paras 23-24. 44 Ibid at paras 27-28. 45 Ibid at para 31. 46 Ibid at para 23.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3091
On this point, 81-105CP is helpful with respect to the background and general purpose of NI 81-105. From the discussion in Part 2 of 81-105CP, it is clear that NI 81-105 was adopted in response to sales practices and compensation arrangements that had developed at the time, which gave rise to questions as to whether advisors were being induced to sell mutual fund securities on the basis of the incentives they were receiving as opposed to what was suitable for and in the best interests of their clients.47 However, subsection 2.2(3) and section 2.4 of 81-105CP clearly state that the CSA also intended NI 81-105 to capture any future sales practices or compensation arrangements that “could arise” that may undermine, compromise or conflict with the fundamental obligations outlined in subsection 2.2(2) of 81-105CP. These obligations are:
(a) investment recommendations should be made by a representative of a participating dealer to an investor based on the investor's investment objectives and circumstances and must be suitable for that investor;
(b) a participating dealer and its representatives have a primary obligation to act in the best interests of clients; (c) where an investor is relying on a participating dealer and a representative of a participating dealer to provide
him or her with independent expertise and advice regarding options for mutual fund or other investments, the participating dealer and the representative of the participating dealer have a fiduciary obligation not to compromise the provision of this expertise and advice;
(d) a participating dealer, as a registrant under securities legislation, is required to exercise adequate and
appropriate supervision of its representatives who are dealing with clients to ensure compliance with all statutory and other legal obligations;
(e) members of the organization of a mutual fund providing management services to a mutual fund have an
obligation to act honestly, in good faith and in the best interests of the mutual fund and its securityholders; and (f) full, true and plain disclosure of all material facts concerning a mutual fund, including the compensation paid to
participating dealers and their representatives and other sales practices followed in connection with the distribution of mutual fund securities, is essential to ensure that investors understand the nature of the investments they are making and the impact of fees and charges on them.
I accept Staff’s submission that it is more likely than not that the Advisor Performance Bonus will cause a misalignment of the interests of advisors and clients, by incenting advisors to sell securities of the Funds over mutual fund securities that do not offer a similar performance bonus, contrary to their obligations as outlined in subsection 2.2(2) of 81-105CP. I consider this potential conflict of interest to be inherent in the structure of the Advisor Performance Bonus. That is, while the benefit of the Advisor Performance Bonus goes to the advisor, the risk of negative performance by the Funds falls on the investor. Maintenance of high standards of business conduct to ensure honest and responsible conduct by market participants is a fundamental principle for achieving the purposes of the Act.48 In my view, this is especially relevant with respect to sales practices and compensation arrangements in the mutual fund industry, which the Commission has identified as attracting a high level of retail investor participation.49 Accordingly, confidence in the capital markets is crucial in this area. I am not persuaded by the submissions of ONE Financial that the higher proficiency and supervisory requirements imposed on advisors who sell commodity pools mitigates the potential conflict of interest raised by the Advisor Performance Bonus. While commodity pools are a specialized class of mutual funds, they are not exempt from, nor distinguished by, NI 81-105. Section 1.4 of 81-104CP specifies that commodity pools are a type of mutual fund and applicable securities legislation applies to them except as provided otherwise in NI 81-104. I am also not persuaded by ONE Financial’s argument that there is no basis for having different forms of compensation payable to advisors for corporate issuers and prospectus exempt investment funds with similar attributes to the Funds. As noted already, the Commission has recognized that the mutual fund industry is a vital and important component of our capital markets, attracting a high level of retail investor participation.50 Publicly offered mutual funds are subject to a robust regulatory framework that includes NI 81-105, a rule dedicated to sales practices and compensation arrangements for the mutual fund industry. In my view, this demonstrates that the CSA have chosen to take a different approach with respect to these retail focused products.
47 Companion Policy 81-105CP – To National Instrument 81-105 Mutual Fund Sales Practices, ss 2.1-2.2. 48 Supra note 35. 49 AGF Funds Inc. (Re) (2005), 28 OSCB 73 at para 47 [AGF]. 50 Ibid.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3092
C. Disclosure Issues In my view, three of the grounds raised by Staff in recommending that a receipt not be granted for the Prospectus focus on the disclosure in the Prospectus. These elements of the Prospectus are: the disclosure of the fee payable to the counterparty in respect of the forward agreements; the inclusion of the Indices (defined below) in the Prospectus; and the disclosure of the Funds’ use of leverage. The Commission has stated that disclosure by reporting issuers is a fundamental cornerstone of securities regulation, and the public interest jurisdiction should not be interpreted or constrained in a manner that condones inaccurate, misleading or untrue public disclosure regardless of whether that disclosure contravenes Ontario securities law.51 Applying the balance of probabilities test discussed above, the question for me is whether it is more likely than not that the disclosure in question in the Prospectus is misleading or that it does not comply in a substantial respect with any of the requirements of the Act or the regulations. (i) Disclosure of the fee payable to the counterparty in respect of the forward agreements Submissions In relation to the forward agreements proposed to be entered into by the Funds, the Prospectus states that each Fund will pay to the counterparty an expense amount (the Forward Fee) up to a maximum per cent of the applicable Investment Pool’s net assets. There is also a minimum payment amount that is payable by all the Funds. Although the maximum percentage and minimum payment are not identified in the Prospectus, at the OTBH ONE Financial confirmed Staff’s understanding (based on the draft prospectus reviewed during the pre-file) that the maximum rate per annum would be 0.30 per cent of the NAV of the applicable Investment Pool and the minimum payment amount would be $480,000. Staff argue that the disclosure in the Prospectus with respect to the maximum Forward Fee payable is misleading. Given that the Funds expect to hold approximately 30 to 50 per cent of their assets in cash and cash equivalents, in Staff’s estimation the average aggregate net asset value of the Investment Pools to which the Funds are exposed would have to reach at least between $228 to $320 million to keep the maximum Forward Fee at or below 0.30 per cent of the Investment Pools’ NAV.52 Accordingly, in certain circumstances the Forward Fee may exceed the “maximum” of 0.30 per cent of NAV disclosed in the Prospectus. Staff submit that, at a minimum, the disclosure must be revised so that the maximum amount of the Forward Fee is clear to investors, including the fact that the range of Forward Fees payable by the Funds depends largely on the value of the underlying Investment Pool’s NAV.53 In addition to the disclosure issue, Staff also submit that, given that the Funds cannot guarantee a certain level of the Funds’ NAV (or the NAV of the underlying Investment Pools), the minimum Forward Fee may threaten the viability of the Funds, thus raising public interest concerns.54 Determination Accurate and efficient disclosure is fundamental to protect investors from unfair or improper practices and to foster fair and efficient capital markets and confidence in those markets.55 As noted above, in my view this is particularly true with respect to the fees and expenses that are payable by a mutual fund, since these costs reduce the mutual fund’s (and ultimately, the investors’) return. On a balance of probabilities, I consider the disclosure in the Prospectus with respect to the Forward Fee to be misleading as it gives investors the impression that 0.30 per cent of the NAV of the applicable Investment Pool is the highest Forward Fee payable by each Fund. Accordingly, I find a receipt for the Prospectus may not be issued under clause 61(2)(a)(ii) of the Act. Furthermore, I agree with Staff’s submission that absent disclosure that makes the maximum amount of the Forward Fee clear to investors, issuing a receipt for the Prospectus would be contrary to the public interest under subsection 61(1) of the Act. With respect to Staff’s argument that the minimum Forward Fee may threaten the viability of the Funds, in my view the Funds’ fee structure must be viewed in the context of the regulatory framework governing commodity pools, which allows for considerable freedom in entering into derivative transactions and structuring agreements with counterparties. Commodity pools 51 Biovail, supra note 7 at paras 376, 382. 52 Supra note 1 at para 80. 53 Ibid at para 83. 54 Ibid at para 82. 55 Supra note 35.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3093
are permitted to take on types of risk (such as leverage) and amount of risk (e.g., more than 10 per cent exposure to one counterparty) not permitted to conventional mutual funds. With this perspective, I consider the minimum Forward Fee to be another type of risk of the commodity pool. I also accept the submissions of ONE Financial that the minimum fee was negotiated with an arm’s length third party to effect the best commercially available terms, and will not materially affect the fees ultimately payable by each Fund. Therefore, within this context, I do not consider an accurately disclosed minimum Forward Fee to raise public interest concerns. (ii) The inclusion of the Indices in the Prospectus Submissions Under the heading “Overview of the Sector that the Share Classes Invest In”, the Prospectus discloses the historical performance of the Barclay CTA Index, the Newedge CTA Index, the Global/Long Short Index, the Barclay Global Marco Index and the Newedge Macro Trading Index (collectively, the Indices). If an investment fund invests, or intends to invest, in a specific sector or sectors, Item 7.1(1) of Form 41-101F2 asks for a brief description of the sectors in which the investment fund has been or will be investing. Item 7.1(2) of Form 41-101F2 further elaborates on the content of such disclosure, which may include known material trends, events or uncertainties in the sector(s) that the investment fund invests or intends to invest in that might reasonably be expected to affect the investment fund. The Indices have been included in the Prospectus in response to these Items. Staff submit that the Indices are confusing, misleading and should be removed from the Prospectus because they do not represent the sectors in which the Funds invest.56 Further, the Indices do not comply with Form 41-101F2, but rather, represent “the performance history of an unknown collection of trading programs and investment funds that may or may not invest in the same sectors that the Funds may invest in”.57 That is, Staff submit the Indices illustrate the past performance of other funds that use a similar investment strategy as the Funds, which is not the disclosure contemplated by Item 7.1 of Form 41-101F2. In contrast, ONE Financial argues that the Indices do in fact illustrate the nature of the sectors to which the Funds will have exposure, namely the long/short managed futures sector. According to ONE Financial, the “index information provided informs investors (and their Advisors) of the nature of the sectors to which the Funds will have exposure and illustrates the sector’s average performance, risk/return profile and trends”.58 At the OTBH, counsel for ONE Financial argued that showing the performance of other similar funds is relevant information for investors and is not confusing, as it shows an objective or benchmark of the Funds, not a promise of certain returns. In its submissions, ONE Financial further argues that there is no provision in securities law that prohibits the disclosure of the Indices. Moreover, submits ONE Financial, the statements cannot be characterized as misleading because of the cautionary language used.59 ONE Financial goes on to argue that,
“the public interest is not engaged on this issue because the use of the indices does not pertain to any element of the securities being offered apart from the use of descriptors to illustrate past performance of similar investments. That is to say that the Director cannot invoke the public interest to justify the refusal of a receipt where it cannot be established that a statement or series of statements are misleading. To do so would amount to an amendment of the form requirements.”60
Determination In considering the use of the Indices to describe the “sectors” in which the Funds invest or intend to invest, I have considered the ordinary meaning of the term. In my view, in the context of the capital markets, a “sector” is generally understood to be an industry or market sharing common characteristics. The Canadian Investment Funds Standards Committee includes, as examples of sectors, precious metals, real estate, industrials, financial services and utilities.61 With this in mind, I agree with Staff that the Indices do not provide information that is specific to the actual equity, fixed income, currency, or commodity sectors in which the Funds will invest,62 as intended by Form 41-101F2. Nor do the Indices provide information about the material trends, events or uncertainties in the actual sectors in which each Fund will invest and which may reasonably be expected to affect the Fund, which is the express intent of Item 7.1 of Form 41-101F2. Accordingly, I find that the 56 Supra note 1 at para 91. 57 Ibid at para 94. 58 Supra note 9 at para 70. 59 Ibid at para 75. 60 Ibid at para 76. 61 Canadian Investment Funds Standards Committee, Retail Investment Fund Category Definitions (31 August 2011) at 4. 62 Supra note 1 at para 99.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3094
inclusion of the Indices in the Prospectus does not comply in any substantial respect with the requirements of Item 7.1 of Form 41-101F2 and, therefore, a receipt for the Prospectus may not be issued under clause 61(2)(a)(i) of the Act. In my view, General Instruction (11) to Form 41-101F2 contemplates that performance data may be included in a prospectus if such data is relevant. In this case, I accept Staff’s submission that the Indices do not measure the actual performance of ONE Financial as manager, nor is there any indication that ONE Financial will approximate the performance of the Indices since the Funds do not have investment objectives that seek to track the Indices.63 Rather, I consider it more likely than not that investors will mistakenly infer that the Indices are indicative of the performance of the Funds. On this point, I am not persuaded by ONE Financial’s argument that the inclusion of cautionary language in the Prospectus stating that the performance of the Indices is not in any way indicative of either the historical or future performance of the Funds, and that the Funds may even perform worse than the Indices, makes the inclusion of the Indices not misleading.64 If this were correct, then reporting issuers would be able to include any information in a prospectus, no matter how extraneous or confusing, so long as cautionary language was included. In my view, the presence of cautionary language in the Prospectus does not outweigh, on a balance of probabilities, the concern that the Indices will be misconstrued by investors as indicative of how the Funds will perform. Therefore, I find a receipt for the Prospectus may not be issued under clause 61(2)(a)(ii) of the Act. Accurate and efficient disclosure of information is a fundamental principle for achieving the purposes of the Act.65 Consequently, I disagree with ONE Financial’s argument that the public interest is not engaged in this instance because the Indices do not pertain to any element of the securities being offered, apart from the use of descriptors to illustrate past performance of similar investments. As noted, the Commission has stated that the public interest jurisdiction should not be interpreted or constrained in a manner that condones inaccurate, misleading or untrue public disclosure regardless of whether that disclosure contravenes Ontario securities law.66 Having found the inclusion in the Prospectus of the Indices to be misleading and not in substantial compliance with the requirements of Item 7.1 of Form 41-101F2, in my view issuing a receipt for the Prospectus would be contrary to the public interest under subsection 61(1) of the Act. Finally, I note that Staff raised concerns regarding the reliability of the data in the Indices, and that ONE Financial provided substantial submissions, both in writing and at the OTBH, in response. In my view, whether or not the data in the Indices is reliable is ancillary to the grounds raised by Staff in recommending that a receipt not be granted for the Prospectus. Accordingly, in my view I do not have to make a determination on this issue. (iii) The disclosure of the Funds’ use of leverage Submissions Items 3.3(1)(e) and 6.1(1)(b) of Form 41-101F2 require disclosure of an investment fund’s use of leverage, including any restrictions and the maximum amount of leverage the fund could use, expressed as a ratio.67 The Prospectus does not provide disclosure of the potential leverage of the Funds in the form of a ratio, but states that the Investment Pools are not limited to any specific maximum amount of leverage. Moreover, the Prospectus states that the margin utilization ratio of the Investment Pools in normal market conditions is expected to be between one per cent and 25 per cent. Staff submit that the disclosure of the Funds’ use of leverage does not comply with the requirements of Form 41-101F2 to disclose the notional market exposure of the derivative positions of a fund divided by the fund’s net assets.68 Staff argue that the total notional exposure of the derivatives positions of a fund is important information for investors, as it illustrates the ultimate exposure of the fund in respect of its derivatives positions. In response, ONE Financial submits that, with respect to leverage gained through the use of derivatives, the total notional exposure is not useful disclosure, as the Funds will never actually pay or receive that amount. Rather, a fund that wants to exit a derivatives position will simply take an offsetting position in the same derivative product. What is relevant, argues ONE Financial, is the margin utilization ratio which illustrates the aggregate amount of cash or securities on deposit with brokers as required for initial margin for all derivative contracts expressed as a percentage of a fund’s total net assets.69 At the OTBH, Staff responded to this argument by stating that if the market begins to quickly move away from the fund’s position in a specified
63 Ibid at para 101. 64 Supra note 9 at para 73. 65 Supra note 35. 66 Biovail, supra note 7 at paras 376, 382. 67 The ratio must be expressed as follows: (total long positions including leveraged positions plus total short positions) divided by the net
assets of the investment fund. 68 Supra note 1 at paras 86-88. 69 Supra note 9 at para 56.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3095
derivative, it could become very costly for the fund to offset that position. The larger the fund’s total notional exposure under the specified derivative relative to net assets, the costlier the offsetting may be. Additionally, at the OTBH counsel for ONE Financial submitted that, because there is no maximum amount of leverage applicable to the Funds or the Investment Pools, a statement to this effect satisfies the requirements of Form 41-101F2. Determination While I agree with Staff that disclosure of the notional exposure of the derivatives positions of a fund divided by the fund’s net assets is useful disclosure for an investor, I accept the submissions made by ONE Financial that, because the Funds impose no limitations on the use of leverage, the requirements in Items 3.3(1)(e) and 6.1(1)(b) of Form 41-101F2 are satisfied by disclosing in the Prospectus that there is no maximum amount of leverage available to the Funds. Accordingly, I find the leverage disclosure in the Prospectus to comply with the requirements of Form 41-101F2 and to not be misleading. D. Forward Agreement Structure In addition to the disclosure of the fee payable to the counterparty in connection with the Forward Fee, Staff raise two additional issues with respect to the forward agreements: the use of forward purchase agreements and the use of prepaid forward agreements. (i) Forward Purchase Agreement and Forward Sale Agreement Submissions The prospectus discloses two possible forward agreement structures that may be utilized by the Funds: a forward purchase agreement and a forward sale agreement (the Forward Agreements).70 Staff submit that they do not object to the use by the Funds of forward sale agreements, subject to the resolution of disclosure comments related to the All-Weather Profit SPC Notes in Staff’s February 6, 2012 e-mail to ONE Financial (the Request for Clarification).71 With respect to the use of forward purchase agreements by the Funds, the initial concern raised by Staff during the comment process appears to have been addressed. Specifically, the potential for the majority of the Funds’ portfolio assets to be exposed to the credit risk of a single financial institution where the Deposit Account is held. Staff had found it difficult to reconcile the degree of exposure to the financial institution with the rationale underlying the concentration restrictions applicable to mutual funds, including commodity pools.72 In light of this concern, ONE Financial appears to have agreed to amend the Prospectus and to enter into an irrevocable direction regarding the disposition of redemption proceeds in the event of counterparty insolvency. In a letter to Staff dated November 11, 2011, ONE Financial responded to Staff’s comments as follows:
“… the proposed counterparty to the Funds has agreed to enter into an irrevocable direction with respect to the units of the Investment Pools whereby upon certain insolvency events of the counterparty, the proceeds of the redemption of any units of the Investment Pools held by a counterparty will be paid directly to the Funds.”73
While the Prospectus does not disclose an intention to enter into the irrevocable direction mentioned above, Staff submit that, subject to the inclusion of appropriate disclosure in the Prospectus and confirmation of the nature of the collateralization created by the irrevocable direction referred to above, Staff would no longer have a concern with the degree of exposure to the financial institution and therefore would no longer object to the potential use of forward purchase agreements by the Funds.74
70 Pursuant to each forward sale agreement, each Fund may use a portion of its proceeds to purchase a basket of common shares of
Canadian public companies (a Canadian Share Portfolio) which will be pledged to the counterparty to secure the Fund’s obligation to exchange it for cash on the date the Forward Agreement matures in accordance with its terms (the Forward Date). Pursuant to each forward purchase agreement, each Fund may use a portion of its proceeds to make an investment in an interest-bearing account (the Deposit Account) collaterally pledged to the counterparty to secure the Fund’s obligation to exchange it for a Canadian Share Portfolio on the Forward Date. See supra note 19 at 27.
71 Supra note 1 at paras 71 and 77. 72 Ibid at para 73. 73 Ibid at para 75. The November 11, 2011 letter of ONE Financial was submitted as evidence at the OTBH in the Book of Documents of ONE
Financial Corporation and ONE Financial All-Weather Profit Family Corp., Volume 1 of 2 (13 February 2012) at Tab 6. 74 Supra note 1 at para 76.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3096
Determination ONE Financial did not make any submissions with respect to these issues in its written submissions or at the OTBH that were contrary to its November 11, 2011 response to Staff. Accordingly, I assume Staff and ONE Financial are in agreement regarding the disclosure proposed by Staff in the Request for Clarification with respect to the forward sale agreement, and with the disclosure proposed by ONE Financial in its November 11, 2011 response letter to Staff with respect to the Forward Agreements. As the parties appear to have reached agreement, in my view I do not have to make a determination on this issue. (ii) Prepaid Forward Agreement Submissions On March 15, 2011 ONE Financial made an application for exemptive relief from the investment restrictions regarding illiquid assets set out in section 2.4 of NI 81-102, in connection with the Funds’ proposed use of prepaid forward agreements (the Requested Relief). A comment letter was issued by Staff on May 4, 2011, which ONE Financial responded to on June 27, 2011. By comment letter dated September 7, 2011 Staff advised ONE Financial that they were not prepared to recommend approval of the Requested Relief.75 The primary concern identified was the potential magnitude of a Fund’s exposure to a single counterparty through an over-the-counter derivative, which Staff submitted could not be reconciled with the rationale underlying the concentration restrictions applicable to mutual funds, including commodity pools. Staff further stated that even with effective collateralization, they were concerned that the prepaid forward agreement would add complexity to the Funds, such that they would not be readily understood by investors or advisors. Finally, Staff stated they were not comfortable allowing a commodity pool to be potentially 100 per cent exposed to a single counterparty through an over-the-counter derivative in an illiquid asset. Staff and ONE Financial agree that the onus of proving that the Requested Relief should be granted rests with ONE Financial, and not Staff.76 Therefore, ONE Financial must establish on a balance of probabilities that the granting of the Requested Relief would not be prejudicial to the public interest.77 In its written submissions and at the OTBH, ONE Financial submitted that the counterparty to the forward agreements will be a Canadian chartered bank and, as such, the risk of counterparty default is remote. Additionally, the forward agreement would be fully collateralized and, in the event that a Fund detects a potential default or insolvency of the counterparty, it may pre-settle the forward agreement at any time.78 ONE Financial further argues that the unique structure of the Funds, specifically their exposure to a portfolio of managed futures, will allow for a significant amount of their assets to be held in cash, with approximately 30 to 50 per cent in cash and cash equivalents. Therefore, there will be sufficient liquid assets to satisfy redemption requests and pay operating expenses. This structure, argues ONE Financial, further insulates investors against the risks associated with illiquidity or default.79 Finally, ONE Financial submits that notwithstanding the complexity of the prepaid forward structure, there is no basis to conclude that advisors will not be able to comprehend the rationale for the forward structures or to assess counterparty risks, particularly given the higher proficiency and compliance requirements to which advisors of commodity pools are subject.80 In addition, 81-104CP recognizes that commodity pools are granted greater freedom in their use of specified derivatives and leverage strategies than conventional mutual funds, in exchange for requirements which, among other things, are aimed at increasing the information available to investors.81 In their submissions, Staff note that the Prospectus does not indicate that the Funds will utilize a prepaid forward agreement to gain exposure to the Investment Pools. Staff argue that if it is intended that the Funds will use prepaid forward agreements, the disclosure in the Prospectus is misleading.82 At the OTBH and in additional written submissions provided on March 2, 2012, Staff elaborated on their concerns regarding the Requested Relief. 75 Book of Documents of ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp., Volume 1 of 2 (13 February 2012) at
Tab 4. 76 Supra note 39 at para 29. 77 Supra note 35, s 147; National Instrument 81-102 Mutual Funds, s 19.1 [NI 81-102]. 78 Supra note 9 at para 84. 79 Ibid at para 85. 80 Ibid at para 87. 81 Ibid at para 88. 82 Supra note 1 at para 69.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3097
Specifically, Staff submit that while NI 81-104 exempts commodity pools from several of the investment restrictions in NI 81-102 concerning derivatives, it does not exempt them from the illiquid asset restrictions in section 2.4 of NI 81-102. These restrictions, Staff argue, are fundamental. Unlike several other similar investment restrictions in NI 81-102, the illiquid asset restrictions apply not only at the time a portfolio asset is purchased, but also contain an ongoing restriction that prohibits a mutual fund, including a commodity pool, from holding illiquid assets in excess of 15 per cent of its net assets for a period of more than 90 days.83 Staff argue that even though not all of the Funds’ assets will be exposed to the prepaid forward, the amounts that will be exposed will be several times larger than the illiquid asset thresholds specified in section 2.4 of NI 81-102.84 Staff further argue that the opportunity to pre-settle in advance of specified settlement dates is not the same as the ability to dispose of an asset through market facilities. That is, the ability to pre-settle “is dependent on the counterparty and may be impaired or unavailable during periods where the counterparty is in default of its obligations or during an insolvency event”.85 Therefore, Staff recommend that the Requested Relief not be granted to permit the Funds to enter into a concentrated over-the-counter derivative transaction.86 In addition to liquidity risk, Staff submit that while effective collateralization may reduce the potential effect of counterparty credit risk, it does not remove the risk altogether. Moreover, in Staff’s view, the risk would be exacerbated by the concentrated nature of the prepaid forward.87 In its reply to Staff’s additional written submissions, ONE Financial argues that the terms imposed on the prepaid forward agreement will “virtually eliminate any counterparty risk” and also address any concerns about the ability of a Fund to satisfy redemption requests.88 These terms are (i) 30 to 50 per cent of each Fund’s assets will be held in cash or cash equivalents; (ii) the Funds may pre-settle a forward agreement in whole or in part for any reason on any day; (iii) the Funds are required by NI 81-102 to terminate a forward agreement if the rating of the counterparty or the guarantor falls below the prescribed level; and (iv) the obligations of the counterparty to fully collateralize the prepaid forward agreement. ONE Financial further submits that given the full collateralization of the prepaid forward agreement, there is no policy reason why commodity pools should be treated differently from closed-end investment funds with respect to their use of prepaid forward agreements or open-ended mutual funds with respect to their use of forward purchase agreements.89 Finally, in its September 7, 2011 comment letter, Staff stated that over the last six months it had reviewed several applications and pre-files seeking similar relief, and had discussed the Requested Relief with the CSA Investment Funds Committee. At the OTBH and in additional written submissions provided on March 2, 2012, Staff submitted that none of these applicants, which included a conventional mutual fund, a commodity pool and a closed end fund that would become subject to NI 81-102 on its pre-planned conversion into a conventional mutual fund, received relief to enter into prepaid forwards.90 In response, ONE Financial stated that the Funds are distinguishable from other applicants in that the Funds are commodity pools that seek to maintain 30 to 50 per cent of their net assets in cash and cash equivalents, and therefore, the Director should entirely discount the value of such previous applications.91 Determination On the basis of the facts and submissions before me, I accept Staff’s recommendation that the Requested Relief not be granted, as it would be prejudicial to the public interest. Accordingly, the Funds may not utilize prepaid forward agreements to gain exposure to the Investment Pools. Issuer regulation is fundamental to protecting investors and fostering fair and efficient capital markets, especially in relation to the mutual fund industry, which the Commission has noted attracts a high level of retail investor participation in particular.92 Accordingly, confidence in the capital markets is crucial in this area. I agree with Staff’s submissions that the restriction on a mutual fund investing in illiquid assets is a fundamental investment restriction in NI 81-102. In the June 27, 1997 Notice of Proposed National Instrument 81-102 and Companion Policy 81-102CP, the CSA, citing a previously published commentary on a proposed federal mutual fund statute, stated that: 83 Supra note 39 at para 25; NI 81-102, supra note 77, s 2.4(2). 84 Supra note 39 at para 26. 85 Ibid at para 27. 86 Ibid at para 26. 87 Ibid at para 28. 88 Reply of ONE Financial and ONE Financial All-Weather Profit Family Corp. to the Additional Written Submissions of Staff of the
Commission (12 March 2012) at para 15. 89 Ibid at para 16. 90 Supra note 39 at paras 30-31. 91 Supra note 88 at para 21-22. 92 AGF, supra note 49.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3098
“Constraints inherent in the mutual fund form of organization result largely from the availability of the right to redeem which is the key attribute of a mutual fund. This right dictates constraints to avoid investments that would result in portfolios which could not be precisely valued or would be so illiquid as to make the redemption right unrealistic.” 93
Therefore, it is fundamental to investor protection that a mutual fund should hold sufficient assets that can be quickly liquidated to allow the fund to meet the redemption requests of investors on an on-going basis. In my view, this attribute is equally applicable to commodity pools, and provides the basis for why granting relief from section 2.4 of NI 81-102 to allow retail commodity pools to utilize prepaid forward agreements would be prejudicial to the public interest. On this issue, I am not persuaded by the submission by ONE Financial that holding 30 to 50 per cent of each Fund’s assets in cash or cash equivalents effectively mitigates the risks associated with illiquidity, as it is not evident to me from the submissions that this amount would permit the Funds to avoid liquidity risk. Further, I note that the 30 to 50 per cent in cash or cash equivalents proposed by ONE Financial is substantially lower than the threshold on holdings of non-illiquid assets in subsection 2.4(2) of NI 81-102. With respect to the issue of counterparty risk, I believe that the exposure of the Funds to counterparty credit risk must be viewed in the context of the regulatory framework governing commodity pools, which allows up to 100 per cent exposure to a single counterparty. I accept the submissions made by ONE Financial that NI 81-104 was established to allow retail investors to participate in commodity pools through retail products, which carry added complexity and risks (including credit risk), in exchange for additional disclosure.94 Accordingly, in my view, where the applicant is a commodity pool, the concern with the prepaid forward structure is the large investment in an illiquid asset, not counterparty credit risk. In light of Staff’s submissions regarding recent applications for similar relief, in my view, granting the Requested Relief would represent a substantive policy shift, and that it would therefore be more appropriate to consider the use of prepaid forwards by mutual funds generally as part of a policy initiative that would allow for public comment. Further to this point, I disagree with ONE Financial’s submission that the previous applications cited by Staff should be discounted because the applicants in those cases were not commodity pools with a large portion of their net assets held in cash or cash equivalents. As 81-104CP clearly states, all rules applicable to mutual funds apply to commodity pools unless commodity pools are explicitly exempted by NI 81-104. Accordingly, the illiquid asset restriction in section 2.4 of NI 81-102 is as applicable to the Funds as it is to conventional mutual funds, and no reason has been presented to me for distinguishing commodity pools from conventional mutual funds on this point. E. Failure to File a Prospectus for the Investment Pools Staff submit that the Director should not issue a receipt for the Prospectus until Staff have been able to review the prospectus for the Investment Pools, as “the Funds’ exposure to the Investment Pools will be the primary means through which the Funds seek to achieve their investment objectives”.95 In its January 31, 2012 response letter to Staff, ONE Financial stated that a prospectus for the Investment Pools would be filed as soon as possible after ONE Financial had settled on a forward structure. In my view, a prospectus for the Investment Pools, in a form acceptable to Staff, must be filed before a receipt for the Prospectus may be issued. Given that ONE Financial appears prepared to file a prospectus for the Investment Pools, in my view I do not have to make any further determination on this issue. F. Advisory Fee Submissions On February 29, 2012, counsel for ONE Financial sent Staff an e-mail (the E-mail) responding to questions previously posed by Staff regarding whether ONE Financial had the requisite registration status to act as principal broker for the Funds, as described in the Prospectus. In the E-mail, ONE Financial specifies it will provide “value-added advisory services to the Funds beyond its typical role as portfolio manager” in respect of the Funds’ acquisition of commodity futures contracts and commodity futures options. In exchange for these services, ONE Financial will be paid an advisory fee (the Advisory Fee) equal to a percentage of the fees paid to the registered dealer. In their written submissions dated March 2, 2012, Staff submit that while the E-mail addresses the concerns previously expressed by Staff in relation to the Collateral Investments, it raises additional issues that cannot be considered separately from
93 Notice of Proposed National Instrument 81-102 and Companion Policy 81-102CP Mutual Funds, Mutual Fund Rules Supplement to the
OSC Bulletin, 20 OSC(Supp2) 109 (27 June 1997) at 4 [emphasis added]. 94 Supra note 9 at para 88. 95 Supra note 1 at para 109.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3099
the determination of whether the Prospectus should be receipted.96 Specifically, Staff argue that the Advisory Fee is prohibited by Ontario commodity futures law and gives rise to conflicts of interest under Ontario securities law. Accordingly, it would be contrary to the public interest to receipt the Prospectus.97 The Prospectus discloses that brokerage commissions will be paid to dealers on a “roundturn commission” basis.98 Staff argue that this means that ONE Financial will be paid compensation based on the volume of trades executed by futures commission merchants.99 Since the Advisory Fee to ONE Financial constitutes a charge based on the volume of transactions, Staff submit that it is expressly prohibited by subsection 29(3) of Regulation 90 (the CFA Regulation) made under the Commodity Futures Act (Ontario) (the CFA).100 Subsection 29(3) of the CFA Regulation states:
“Every commodity trading counsel shall charge clients directly for services and such charge may be based upon the dollar value of the client’s portfolio, but not on the value or volume of the transactions initiated for the client and, except with the written agreement of the client, shall not be contingent upon profits or performance.”101
In its subsequent written submissions dated March 12, 2012, ONE Financial does not respond to Staff’s argument regarding the non-compliance of the Advisory Fee with the CFA Regulation. Instead, it states that it “recognizes and agrees” that the Advisory Fee and the activities of ONE Financial must comply with applicable law and that the disclosure in the Prospectus must reflect the final compensation structure in accordance with applicable law.102 Moreover, ONE Financial argues in its subsequent written submissions, as it did at the OTBH, that the payment of the Advisory Fee to ONE Financial is not a matter before the Director, as it is fundamentally a registration and compliance issue that can be resolved with Staff independently of the OTBH.103 In addition to compliance with the CFA Regulation, Staff also submit that if the Advisory Fee is received by ONE Financial on transactions in respect of “securities”, as defined in the Act, the Advisory Fee payable to ONE Financial in its capacity as principal broker creates a potential conflict of interest because ONE Financial will receive the fee in respect of the number of trades executed, which it is responsible for initiating.104 Staff submit this type of compensation fee may encourage ONE Financial to initiate trades that may or may not have any benefit to the Funds in order to maximize its own compensation.105 On this point, Staff argue the Advisory Fee represents a material conflict of interest that requires ONE Financial to take reasonable steps to identify and respond to the conflict as portfolio manager for the Funds in accordance with section 13.4 of National Instrument 31-103 Registrant Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103).106 Staff note the Prospectus does not disclose what steps ONE Financial will take to meet its obligations under NI 31-103.107 This, in turn, makes it also difficult for Staff to ascertain whether the Prospectus complies with Item 19.3(3) of Form 41-101F2, which requires that the particulars of existing or potential material conflicts of interest between an investment fund and its portfolio advisor be disclosed.108 Staff seem to suggest in their submissions that an appropriate response to the conflict of interest associated with the Advisory Fee would be for ONE Financial to avoid the fee altogether, consistent with the guidance provided in Companion Policy 31-103CP. Staff argue the prohibition of the Advisory Fee in the CFA Regulation should inform ONE Financial’s assessment of how to respond to the conflict of interest.109 Furthermore, Staff submit they do not have sufficient information to assess whether ONE Financial, as an investment fund manager, has complied with its obligations under NI 81-107 with respect to the Advisory Fee.110 In response, ONE Financial submits that any conflict of interest associated with the Advisory Fee is not material,111 and that a prohibition of a fee similar to the Advisory Fee in the CFA should not inform the assessment of whether or not it is a conflict of
96 Supra note 39 at para 3. 97 Ibid at para 4. 98 Supra note 19 at 47. 99 Supra note 39 at para 6. 100 Ibid at para 10. 101 RRO 1990, Reg 90, s 29(3) [emphasis added]. 102 Supra note 88 at para 5. 103 Ibid at para 6. 104 Supra note 39 at paras 12-13. 105 Ibid at para 14. 106 Ibid at para 15. 107 Ibid at para 17. 108 Ibid at para 20. 109 Ibid at paras 18-19. 110 Ibid at para 21. 111 Supra note 88 at para 7.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3100
interest that can be managed in accordance with NI 31-103.112 In fact, ONE Financial argues that any conflict created by the Advisory Fee is more than offset by the fact that ONE Financial has a greater incentive to ensure that the Funds perform well to ensure its reputation and to receive the performance fee contemplated in the Prospectus, than it would be to be incented to initiate trades which will not add value to the overall performance of the Funds.113 Additionally, as the investment fund manager and portfolio manager of the Funds, ONE Financial is required to comply with the applicable standards of care and good faith in the Act and in OSC Rule 31-505 Conditions of Registration. ONE Financial submits that the Prospectus will be clarified to include the particulars of any existing or potential conflict of interest with respect to the Advisory Fee,114 and the Advisory Fee will be compliant with ONE Financial’s policies and procedures regarding conflicts of interest.115 Furthermore, ONE Financial submits that it will comply with its obligations under NI 81-107 with respect to the Advisory Fee. The Funds’ independent review committee will be presented with a conflict of interest policy and related standing instruction regarding best execution.116 Finally, Staff submit that an increase in the portfolio management fee to reflect the additional services associated with the Advisory Fee, rather than the addition of the Advisory Fee “would remove the conflict of interest of having a portion of the fee based on the volume of trades in the portfolio, as well as address Staff’s general submissions regarding an investor’s ability to assess the overall costs of investing in the Funds.”117 ONE Financial disagrees. It submits that if it was not providing the enhanced advisory services (and paid the Advisory Fee) with respect to trades of commodity futures contracts and commodity futures options, the Funds would have to pay a higher commission to a registered dealer to provide these services and the Funds could not obtain these services from a dealer that provides direct market access only, which is the circumstance here.118 Furthermore, ONE Financial submits that an investor has sufficient information to assess the overall costs of investing in the Funds, as the Prospectus discloses the compensation per trade applicable to each trade in a commodity futures contract or commodity futures option, a level of information investors do not normally receive with respect to potential trading and brokerage commissions.119 Determination As noted above, the Commission has stated that disclosure by reporting issuers is a fundamental cornerstone of securities regulation.120 Accurate and efficient disclosure is fundamental to protect investors from unfair or improper practices and to foster fair and efficient capital markets and confidence in those markets.121 As I have indicated, I consider this to be particularly relevant with respect to the fees and expenses that are payable by a mutual fund, since these costs reduce the mutual fund’s (and ultimately, the investors’) return. Therefore, while I accept the submission of ONE Financial that the question of whether the Advisory Fee is in compliance with the CFA Regulation will be resolved with Staff independent of the OTBH, in my view absent a resolution of the legality of the Advisory Fee and disclosure in the Prospectus that reflects the final compensation structure, issuing a receipt for the Prospectus would be contrary to the public interest under subsection 61(1) of the Act. Having found that the issuance of a receipt for the Prospectus absent a resolution of the legality of the Advisory Fee would be contrary to the public interest, and given that the discussion of the potential conflict of interest of the Advisory Fee is premised on its current structure, I consider it premature to assess the conflict of interest that may be created by the Advisory Fee given that it is not yet finalized. Accordingly, in my view I do not have to make a determination whether the Advisory Fee gives rise to a material conflict of interest for ONE Financial that cannot be effectively managed. VI. Closing Comments In summary, having considered the extensive written material before me and the oral submissions made by Staff and ONE Financial, I find that a receipt for the Prospectus should not be issued. I note that this decision does not preclude ONE Financial from amending the Prospectus to address the issues noted in this decision and seeking a new recommendation from Staff on the revised Prospectus.
112 Ibid at para 10. 113 Ibid at para 9. 114 Ibid at para 11. 115 Ibid at para 7. 116 Ibid at para 12. 117 Supra note 39 at para 22. 118 Supra note 88 at para 13. 119 Ibid at para 14. 120 Biovail, supra note 7 at para 376. 121 Supra note 35.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3101
Yours truly, “Rhonda Goldberg” Director, Investment Funds Branch cc: Cullen Price, Senior Litigation Counsel, Enforcement Sonny Randhawa, Manager, Investment Funds Stephen Paglia, Senior Legal Counsel, Investment Funds Ian Kearsey, Legal Counsel, Investment Funds Carina Kwan, Legal Counsel, Investment Funds
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3102
3.1.3 Joseph Caza and Salim Kanji
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE ONTARIO SECURITIES COMMISSION AND JOSEPH CAZA
PART I – INTRODUCTION
1. The Ontario Securities Commission (the “Commission”) will issue a Notice of Hearing to announce that it will hold a hearing to consider whether pursuant to section 127(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) it is in the public interest for the Commission to make certain orders in respect of Joseph Caza (“Caza”).
PART II – JOINT SETTLEMENT RECOMMENDATION 2. Staff of the Commission (“Staff”) agree to recommend settlement of the proceeding to be commenced by Notice of Hearing against Caza according to the terms and conditions set out in Part VI of this Settlement Agreement. Caza agrees to the making of an order in the form attached as Schedule “A” based on the facts set out below.
PART III – AGREED FACTS 3. For this proceeding, and any other regulatory proceeding commenced by a securities regulatory authority, Caza agrees with the facts as set out in Part III of this Settlement Agreement. 4. Staff and Caza agree that the facts and admissions set out in Parts III, IV and V for the purpose of this settlement are without prejudice to Caza in any other proceedings of any kind including, but without limiting the generality of the foregoing, any other proceedings brought by the Commission under the Securities Act (subject to paragraph 21 below) or any civil or other proceedings currently pending or which may be brought by any other person, corporation or agency (subject to paragraph 19 below). Nothing in this settlement agreement is intended to be an admission of civil liability by Caza to any person or company; such liability is expressly denied by Caza. (a) Caza 5. Caza is a resident of Thornhill, Ontario. On or about January 1, 1996, Caza became a director of Realcash Bancorp Inc. (“Realcash”) and on or about January 20, 1998, Caza became the President of Realcash. Caza has never been registered with the Commission in any capacity nor employed in any capacity as, or on behalf of, a market participant. 6. In the period May 2009 to November 2010 (the “Material Time”), in addition to his role as President, Caza was a director, owner and the directing mind of Realcash. (b) Realcash 7. Barham Investment Services Inc. (“Barham”) was incorporated in Ontario on June 11, 1993. On June 27, 1996, Barham changed its name to Realcash. Realcash has never been registered with the Commission in any capacity. 8. On December 20, 2010, Realcash filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3. (c) Realcash Security 9. The business of Realcash involved the provision of commission advances to real estate agents and/or agencies. Funding for these advances was obtained from investors, who were paid an interest rate determined by Realcash or one of its principals. The investor was on occasion provided with a promissory note as evidence of the indebtedness. This arrangement is referred to herein as the “Realcash Security.”
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3103
10. Realcash Security investors typically received monthly interest payments, but played no role in the generation of profits and/or the accrual of interest. The Realcash Security was a “security” as defined in clauses (e), (g), and/or (n) of section 1(1) of the Securities Act. 11. Throughout the Material Time, Caza operated the Realcash business, including meeting with investors and initiating and managing Realcash’s arrangements with real estate agents and agencies. (d) Total Investment 12. A total of more than $2.8 million was raised from investors in the Realcash Security and more than $3.2 million was paid to Realcash Security investors. Notwithstanding this, many investors did not receive full repayment of their capital.
PART IV – THE RESPONDENT’S POSITION 13. Caza requests that the settlement hearing panel consider the following mitigating circumstances:
a) that Caza earned a modest salary during the Material Time, between $40,000 and $48,000 per year; b) that Caza invested a net amount of $177,500 of his own funds in Realcash during the Material Time in an
effort to sustain the business; c) that Realcash had a bona fide business which generated profits for more than 10 years and Realcash used
those profits to pay interest to investors; d) that Caza is currently employed as a house painter; and e) that Caza has never been the subject of any prior securities-related disciplinary proceeding.
PART V – BREACHES OF SECURITIES ACT AND
CONDUCT CONTRARY TO THE PUBLIC INTEREST 14. Caza traded and engaged in or held himself out as engaging in the business of trading in securities without being registered to do so and without an exemption from the dealer registration requirement, contrary to section 25(1)(a) of the Securities Act as that section existed at the time the conduct at issue commenced, and contrary to section 25(1) of the Securities Act as subsequently amended on September 28, 2009. 15. Caza’s activities in respect of the Realcash Security constituted trades in securities which were distributions, for which no preliminary prospectus or prospectus was filed or receipted by the Director, contrary to section 53 of the Securities Act. 16. Caza’s conduct was contrary to the public interest.
PART VI – TERMS OF SETTLEMENT 17. Caza agrees to the terms of settlement set out below. 18. The Commission will make an order pursuant to section 127(1) of the Securities Act that:
a) The settlement agreement is approved; b) pursuant to clause 2 of section 127(1) of the Securities Act, Caza shall cease trading in any securities for a
period of 5 years, with the exception that Caza is permitted to trade securities for the account of his registered retirement savings plan as defined in the Income Tax Act, 1985, c.1 as amended (“RRSP”), and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the or a sponsor ;
c) pursuant to clause 2.1 of section 127(1) of the Securities Act, Caza shall cease acquisitions of any securities
for a period of 5 years, except acquisitions undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of section 127(1) of the Securities Act, any exemptions in Ontario securities law do not
apply to Caza for a period of 5 years, except to the extent such exemption is necessary for trades undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3104
e) pursuant to clause 7 of section 127(1) of the Securities Act that Caza resign any position that he holds as a director or officer of an issuer, except that Caza may continue to act as a director of two non-profit soccer organizations;
f) pursuant to clause 8 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of any issuer for a period of 5 years, except that Caza may continue to act as a director of two non-profit soccer organizations;
g) pursuant to clause 8.2 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of a registrant for a period of 5 years; h) pursuant to clause 8.4 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of an investment fund manager for a period of 5 years; and i) pursuant to clause 8.5 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a registrant, as an investment fund manager or as a promoter for a period of 5 years.
19. Caza consents to a regulatory order made by any provincial or territorial securities regulatory authority in Canada containing any or all of the prohibitions set out in paragraph 18 above. These prohibitions may be modified to reflect the provisions of the relevant provincial or territorial securities law.
PART VII – STAFF COMMITMENT 20. If the Commission approves this Settlement Agreement, Staff will not commence any proceeding against Caza under Ontario securities law in relation to the facts set out in Part III of this Settlement Agreement, subject to the provisions of paragraph 21 below. 21. If the Commission approves this Settlement Agreement and Caza fails to comply with any of the terms of the Settlement Agreement, Staff may bring proceedings under Ontario securities law against him. These proceedings may be based on, but are not limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of the Settlement Agreement.
PART VIII – PROCEDURE FOR APPROVAL OF SETTLEMENT
22. The parties will seek approval of this Settlement Agreement at a public hearing before the Commission according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Practice. 23. Staff and Caza agree that this Settlement Agreement will form all of the agreed facts that will be submitted at the settlement hearing on Caza’s conduct, unless the parties agree that additional facts should be submitted at the settlement hearing. 24. If the Commission approves this Settlement Agreement, Caza agrees to waive all rights to a full hearing, judicial review or appeal of this matter under the Securities Act. 25. If the Commission approves this Settlement Agreement, no party will make any public statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the settlement hearing. 26. Whether or not the Commission approves this Settlement Agreement, Caza will not use, in any proceeding, this Settlement Agreement or the negotiation or process of approval of this agreement as the basis for any attack on the Commission’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may otherwise be available.
PART IX – DISCLOSURE OF SETTLEMENT AGREEMENT 27. If the Commission does not approve this Settlement Agreement or does not make the order attached as Schedule “A” to this Settlement Agreement:
(a) this Settlement Agreement and all discussions and negotiations between Staff and Caza before the settlement hearing takes place will be without prejudice to Staff and Caza; and
(b) Staff and Caza will be entitled to all available proceedings, remedies and challenges, including proceeding to
a hearing of the allegations contained in the Statement of Allegations. Any proceedings, remedies and
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3105
challenges will not be affected by this Settlement Agreement, or by any discussions or negotiations relating to this agreement.
28. All parties will keep the terms of the Settlement Agreement confidential until the Commission approves the Settlement Agreement. At that time, the parties will no longer have to maintain confidentiality. If the Commission does not approve the Settlement Agreement, all parties must continue to keep the terms of the Settlement Agreement confidential, unless they agree in writing not to do so or if required by law.
PART X – EXECUTION OF SETTLEMENT AGREEMENT 29. The parties may sign separate copies of this agreement. Together, these signed copies will form a binding agreement. 30. A fax or email copy of any signature will be treated as an original signature. Dated this 21st day of March, 2012 “Kobi Lederman” “Joseph Caza” Witness Joseph Caza Dated this 22nd day of March, 2012 STAFF OF THE ONTARIO SECURITIES COMMISSION “Tom Atkinson” Tom Atkinson Director, Enforcement Branch
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3106
SCHEDULE “A”
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
ORDER
WHEREAS on _______, 2012, the Commission issued a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S. 5, as amended (the “Securities Act”) in respect of the conduct of, among others, Joseph Caza (“Caza”); AND WHEREAS on _______, 2012, Staff of the Commission filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter; AND WHEREAS Caza entered into a settlement agreement dated _______, 2012 (the “Settlement Agreement”) in relation to the matters set out in the Statement of Allegations; AND WHEREAS the Commission issued a Notice of Hearing dated _______, 2012 (the “Notice of Hearing”) setting out that it proposed to consider the Settlement Agreement; UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from counsel for Caza and from Staff of the Commission; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS HEREBY ORDERED, PURSUANT TO SECTION 127(1) OF THE SECURITIES ACT THAT:
a) The settlement agreement is approved; b) pursuant to clause 2 of subsection 127(1) of the Securities Act, Caza shall cease trading in any securities for a
period of 5 years, with the exception that Caza is permitted to trade securities for the account of his registered retirement savings plan as defined in the Income Tax Act, 1985, c.1 as amended (“RRSP”), and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the or a sponsor ;
c) pursuant to clause 2.1 of subsection 127(1) of the Securities Act, Caza shall cease acquisitions of any
securities for a period of 5 years, except acquisitions undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of subsection 127(1) of the Securities Act, any exemptions in Ontario securities law do
not apply to Caza for a period of 5 years, except to the extent such exemption is necessary for trades undertaken in connection with Caza’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
e) pursuant to clause 7 of section 127(1) of the Securities Act that Caza resign any position that he holds as a
director or officer of an issuer, except that Caza may continue to act as a director of two non-profit soccer organizations;
f) pursuant to clause 8 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of any issuer for a period of 5 years, except that Caza may continue to act as a director of two non-profit soccer organizations;
g) pursuant to clause 8.2 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of a registrant for a period of 5 years; h) pursuant to clause 8.4 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting
as a director or officer of an investment fund manager for a period of 5 years; and
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3107
i) pursuant to clause 8.5 of section 127(1) of the Securities Act that Caza be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for a period of 5 years.
Dated at Toronto, Ontario this ______ day of _______, 2012. _______________________ _______________________
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3108
3.1.4 Joseph Caza and Salim Kanji
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
JOSEPH CAZA AND SALIM KANJI
SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION
AND SALIM KANJI
PART I – INTRODUCTION 1. The Ontario Securities Commission (the “Commission”) will issue a Notice of Hearing to announce that it will hold a hearing to consider whether pursuant to section 127(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) it is in the public interest for the Commission to make certain orders in respect of Salim Kanji (“Kanji”).
PART II – JOINT SETTLEMENT RECOMMENDATION 2. Staff of the Commission (“Staff”) agree to recommend settlement of the proceeding to be commenced by Notice of Hearing against Kanji according to the terms and conditions set out in Part VI of this Settlement Agreement. Kanji agrees to the making of an order in the form attached as Schedule “A” based on the facts set out below.
PART III – AGREED FACTS 3. For this proceeding, and any other regulatory proceeding commenced by a securities regulatory authority, Kanji agrees with the facts as set out in Part III of this Settlement Agreement. 4. Staff and Kanji agree that the facts and admissions set out in Parts III, IV and V for the purpose of this settlement are without prejudice to Kanji in any other proceedings of any kind including, but without limiting the generality of the foregoing, any other proceedings brought by the Commission under the Securities Act (subject to paragraph 21 below) or any civil or other proceedings currently pending or which may be brought by any other person, corporation or agency (subject to paragraph 19 below). Nothing in this settlement agreement is intended to be an admission of civil liability by Kanji to any person or company; such liability is expressly denied by Kanji. (a) Kanji 5. Kanji is a resident of Scarborough, Ontario. On or about June 30, 1996, Kanji became a director of Realcash and on or about January 20, 1998, Kanji became the Vice-President of Realcash. Kanji has never been registered with the Commission in any capacity nor employed in any capacity as, or on behalf of, a market participant. 6. In the period May 2009 to November 2010 (the “Material Time”), in addition to his role as Vice-President, Kanji was a director and owner of Realcash. (b) Realcash 7. Barham Investment Services Inc. (“Barham”) was incorporated in Ontario on June 11, 1993. On June 27, 1996, Barham changed its name to Realcash. Realcash has never been registered with the Commission in any capacity. 8. On December 20, 2010, Realcash filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3. (c) Realcash Security 9. The business of Realcash involved the provision of commission advances to real estate agents and/or agencies. Funding for these advances was obtained from investors, who were paid an interest rate determined by Realcash or one of its principals. The investor was on occasion provided with a promissory note as evidence of the indebtedness. This arrangement is referred to herein as the “Realcash Security.”
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3109
10. Realcash Security investors typically received monthly interest payments, but played no role in the generation of profits and/or the accrual of interest. The Realcash Security was a “security” as defined in clauses (e), (g), and/or (n) of section 1(1) of the Securities Act. 11. During the Material Time, Kanji referred family and friends to Realcash, and on occasion, delivered interest cheques to Realcash Security investors. (d) Total Investment 12. A total of more than $2.8 million was raised from investors in the Realcash Security and more than $3.2 million was paid to Realcash Security investors. Notwithstanding this, many investors did not receive full repayment of their capital.
PART IV – THE RESPONDENT’S POSITION 13. Kanji requests that the settlement hearing panel consider the following mitigating circumstances:
a) that Kanji did not earn any remuneration during the Material Time; b) that Kanji invested his own funds in Realcash during the Material Time in an effort to sustain the business; c) that Realcash had a bona fide business which generated profits for more than 10 years and Realcash used
those profits to pay interest to investors; d) that Kanji has suffered harm to his reputation and embarrassment within his community; e) that Kanji has never been the subject of any prior securities-related disciplinary proceeding.
PART V – BREACHES OF SECURITIES ACT AND
CONDUCT CONTRARY TO THE PUBLIC INTEREST 14. Kanji traded and engaged in or held himself out as engaging in the business of trading in securities without being registered to do so and without an exemption from the dealer registration requirement, contrary to section 25(1)(a) of the Securities Act as that section existed at the time the conduct at issue commenced, and contrary to section 25(1) of the Securities Act as subsequently amended on September 28, 2009. 15. Kanji’s activities in respect of the Realcash Security constituted trades in securities which were distributions, for which no preliminary prospectus or prospectus was filed or receipted by the Director, contrary to section 53 of the Securities Act. 16. Kanji’s conduct was contrary to the public interest.
PART VI – TERMS OF SETTLEMENT 17. Kanji agrees to the terms of settlement set out below. 18. The Commission will make an order pursuant to section 127(1) of the Securities Act that:
a) The settlement agreement is approved; b) pursuant to clause 2 of section 127(1) of the Securities Act, Kanji shall cease trading in any securities for a
period of 4 years, with the exception that Kanji is permitted to trade securities for the account of his registered retirement savings plan (“RRSP”) as defined in the Income Tax Act, 1985, c.1 as amended, and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the or a sponsor ;
c) pursuant to clause 2.1 of section 127(1) of the Securities Act, Kanji shall cease acquisitions of any securities
for a period of 4 years, except acquisitions undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of section 127(1) of the Securities Act, any exemptions in Ontario securities law do not
apply to Kanji for a period of 4 years, except to the extent such exemption is necessary for trades undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3110
e) pursuant to clause 7 of section 127(1) of the Securities Act that Kanji resign any position that he holds as a director or officer of an issuer;
f) pursuant to clause 8 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as
a director or officer of any issuer for a period of 4 years; g) pursuant to clause 8.2 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting
as a director or officer of a registrant for a period of 4 years; h) pursuant to clause 8.4 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting
as a director or officer of an investment fund manager for a period of 4 years; and i) pursuant to clause 8.5 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting
as a registrant, as an investment fund manager or as a promoter for a period of 4 years. 19. Kanji consents to a regulatory order made by any provincial or territorial securities regulatory authority in Canada containing any or all of the prohibitions set out in paragraph 18 above. These prohibitions may be modified to reflect the provisions of the relevant provincial or territorial securities law.
PART VII – STAFF COMMITMENT 20. If the Commission approves this Settlement Agreement, Staff will not commence any proceeding against Kanji under Ontario securities law in relation to the facts set out in Part III of this Settlement Agreement, subject to the provisions of paragraph 21 below. 21. If the Commission approves this Settlement Agreement and Kanji fails to comply with any of the terms of the Settlement Agreement, Staff may bring proceedings under Ontario securities law against him. These proceedings may be based on, but are not limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of the Settlement Agreement.
PART VIII – PROCEDURE FOR APPROVAL OF SETTLEMENT
22. The parties will seek approval of this Settlement Agreement at a public hearing before the Commission according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Practice. 23. Staff and Kanji agree that this Settlement Agreement will form all of the agreed facts that will be submitted at the settlement hearing on Kanji’s conduct, unless the parties agree that additional facts should be submitted at the settlement hearing. 24. If the Commission approves this Settlement Agreement, Kanji agrees to waive all rights to a full hearing, judicial review or appeal of this matter under the Securities Act. 25. If the Commission approves this Settlement Agreement, no party will make any public statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the settlement hearing. 26. Whether or not the Commission approves this Settlement Agreement, Kanji will not use, in any proceeding, this Settlement Agreement or the negotiation or process of approval of this agreement as the basis for any attack on the Commission’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may otherwise be available.
PART IX – DISCLOSURE OF SETTLEMENT AGREEMENT 27. If the Commission does not approve this Settlement Agreement or does not make the order attached as Schedule “A” to this Settlement Agreement:
(a) this Settlement Agreement and all discussions and negotiations between Staff and Kanji before the settlement hearing takes place will be without prejudice to Staff and Kanji; and
(b) Staff and Kanji will be entitled to all available proceedings, remedies and challenges, including proceeding to a
hearing of the allegations contained in the Statement of Allegations. Any proceedings, remedies and challenges will not be affected by this Settlement Agreement, or by any discussions or negotiations relating to this agreement.
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3111
28. All parties will keep the terms of the Settlement Agreement confidential until the Commission approves the Settlement Agreement. At that time, the parties will no longer have to maintain confidentiality. If the Commission does not approve the Settlement Agreement, all parties must continue to keep the terms of the Settlement Agreement confidential, unless they agree in writing not to do so or if required by law.
PART X – EXECUTION OF SETTLEMENT AGREEMENT 29. The parties may sign separate copies of this agreement. Together, these signed copies will form a binding agreement. 30. A fax or email copy of any signature will be treated as an original signature. Dated this 20th day of March, 2012 “Shirin Zaver” “Salim Kanji” Witness Salim Kanji Dated this 22nd day of March, 2012 STAFF OF THE ONTARIO SECURITIES COMMISSION “Tom Atkinson” Tom Atkinson Director, Enforcement Branch
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3112
SCHEDULE “A”
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF JOSEPH CAZA AND SALIM KANJI
SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE ONTARIO SECURITIES COMMISSION AND SALIM KANJI
ORDER
WHEREAS on _______, 2012, the Commission issued a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S. 5, as amended (the “Securities Act”) in respect of the conduct of, among others, Salim Kanji (“Kanji”); AND WHEREAS on _______, 2012, Staff of the Commission filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter; AND WHEREAS Kanji entered into a settlement agreement dated _______, 2012 (the “Settlement Agreement”) in relation to the matters set out in the Statement of Allegations; AND WHEREAS the Commission issued a Notice of Hearing dated _______, 2012 (the “Notice of Hearing”) setting out that it proposed to consider the Settlement Agreement; UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from counsel for Kanji and from Staff of the Commission; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS HEREBY ORDERED, PURSUANT TO SECTION 127(1) OF THE SECURITIES ACT THAT: a) the settlement agreement is approved; b) pursuant to clause 2 of section 127(1) of the Securities Act, Kanji shall cease trading in any securities for a period of 4
years, with the exception that Kanji is permitted to trade securities for the account of his registered retirement savings plan (“RRSP”) as defined in the Income Tax Act, 1985, c.1 as amended, and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the or a sponsor ;
c) pursuant to clause 2.1 of section 127(1) of the Securities Act, Kanji shall cease acquisitions of any securities for a
period of 4 years, except acquisitions undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
d) pursuant to clause 3 of section 127(1) of the Securities Act, any exemptions in Ontario securities law do not apply to
Kanji for a period of 4 years, except to the extent such exemption is necessary for trades undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
e) pursuant to clause 7 of section 127(1) of the Securities Act that Kanji resign any position that he holds as a director or
officer of an issuer; f) pursuant to clause 8 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a
director or officer of any issuer for a period of 4 years; g) pursuant to clause 8.2 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a
director or officer of a registrant for a period of 4 years; h) pursuant to clause 8.4 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a
director or officer of an investment fund manager for a period of 4 years; and
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3113
i) pursuant to clause 8.5 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for a period of 4 years.
DATED at Toronto, Ontario this ____ day of _____, 2012. _____________________ _____________________
Reasons: Decisions, Orders and Rulings
March 30, 2012
(2012) 35 OSCB 3114
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March 30, 2012
(2012) 35 OSCB 3115
Chapter 4
Cease Trading Orders 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders
Company Name Date of Temporary
Order
Date of Hearing
Date of Permanent
Order
Date of Lapse/Revoke
THERE ARE NO ITEMS FOR THIS WEEK. 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name Date of Order or
Temporary Order
Date of Hearing
Date of Permanent
Order
Date of Lapse/ Expire
Date of Issuer
Temporary Order
Higher River Gold Mines Ltd 15 Mar 12 27 Mar 12 27 Mar 12 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name Date of Order or
Temporary Order
Date of Hearing
Date ofPermanent
Order
Date of Lapse/ Expire
Date of Issuer
Temporary Order
Higher River Gold Mines Ltd 15 Mar 12 27 Mar 12 27 Mar 12
Cease Trading Orders
March 30, 2012
(2012) 35 OSCB 3116
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March 30, 2012
(2012) 35 OSCB 3117
Chapter 7
Insider Reporting The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2
Guide to Codes
Relationship of Insider to Issuer (Rel=n) 1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider
Nature of Transaction (T/O)
00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information
Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the
transaction was reported. 1 SEDI® is a registered trademark owned by CDS INC. 2 ©CDS INC.
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3118
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
20-20 Technologies Inc. Deferred share unit / actions différées
Deck, Philip Charles 4 21/6/2011 00
20-20 Technologies Inc. Deferred share unit / actions différées
Deck, Philip Charles 4 12/9/2011 46 3,259 3,259
20-20 Technologies Inc. Deferred share unit / actions différées
Deck, Philip Charles 4 19/1/2012 46 7,340 4,081
20-20 Technologies Inc. Deferred share unit / actions différées
Deck, Philip Charles 4 15/3/2012 46 9,957 2,617
49 North Resources Inc. Warrants Green, Jeffery Nelson 4 18/6/2011 55 0 -50,000 49 North Resources Inc. Warrants Halabura, Stephen Philip 4 14/7/2011 55 0 -40,000 49 North Resources Inc. Warrant MacNeill, Tom 3, 4, 5 18/6/2011 55 0 -945,454 5N Plus Inc. Common Shares BOURASSA, JEAN-MARIE 4 20/12/2007 00
5N Plus Inc. Common Shares BOURASSA, JEAN-MARIE 4 20/12/2007 00
5N Plus Inc. Common Shares BOURASSA, JEAN-MARIE 4 16/3/2012 10 3.9 50,000 50,000
Aastra Technologies Limited Common Shares Brett, Allan 5 9/3/2012 10 21.28 22,700 -1,200
Aastra Technologies Limited Common Shares Brett, Allan 5 14/3/2012 10 21.01 13,900 -8,800
Abacus Mining & Exploration Corp
Common Shares mckeever, thomas a 4 15/3/2012 11 0.22 650,000 150,000
Abacus Mining & Exploration Corp
Warrants mckeever, thomas a 4 15/3/2007 00 75,000
Abacus Mining & Exploration Corp
Common Shares Pooler, Andrew 5 15/3/2012 16 0.22 95,000 45,000
Abacus Mining & Exploration Corp
Warrants Pooler, Andrew 5 15/3/2012 53 72,500 22,500
Abitibi Royalties Inc. Common Shares Williams, Chad 4 20/3/2012 10 1.11 60,522 800 Abitibi Royalties Inc. Common Shares Williams, Chad 4 20/3/2012 10 1.15 62,722 2,200 Acadian Energy Inc. (formerly York Ridge Lifetech Inc.)
Common Shares Macintosh, James Maitland 4 20/3/2012 10 0.35 5,000 -10,000
ACE Aviation Holdings Inc. voting shares Milton, Robert A. 4, 5 19/3/2012 10 11.08 27,795 -100
ACE Aviation Holdings Inc. voting shares Milton, Robert A. 4, 5 19/3/2012 10 11.01 2,959 -24,836
ACE Aviation Holdings Inc. voting shares Milton, Robert A. 4, 5 19/3/2012 10 11 0 -2,959
Acrex Ventures Ltd. Common Shares Arbutus Enterprises Ltd. 3 19/3/2012 10 0.03 1,834,565 279,000 Acrex Ventures Ltd. Common Shares Powell, Theodore James
Malcolm 4, 5 19/3/2012 10 0.03 1,920,565 279,000
ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 16/3/2012 38 8 23,441,969 500
Adanac Molybdenum Corporation
Common Shares Redleaf, Andrew 3 14/3/2012 10 0.53 2,486,511 -14,000
Adanac Molybdenum Corporation
Common Shares Redleaf, Andrew 3 15/3/2012 10 0.54 2,484,011 -2,500
Advanced Explorations Inc. Options Zisman, Raziel 4 5/3/2012 50 720,000 70,000
African Queen Mines Ltd. Common Shares Olian, Irwin Alois 4, 5 19/3/2012 10 0.2 7,414,500 50,000 Agnico-Eagle Mines Limited Common Shares Datta, Picklu 5 22/3/2012 10 32.7 3,296 1,500
Agnico-Eagle Mines Limited Common Shares Haldane, Timothy Quentin 5 19/3/2012 10 33.565 20,074 2,500
Agrium Inc. Options Dyer, Stephen G. 5 20/3/2012 50 88.27 68,070 12,295 Agrium Inc. Rights Performance Share
Units (PSUs) Dyer, Stephen G. 5 20/3/2012 56 10,138 6,619
Agrium Inc. Rights Performance Share Units (PSUs)
Engel, Anthony Mathew 7 20/3/2012 56 2,589 1,183
Agrium Inc. Rights Stock Appreciation Rights (SARs)
Engel, Anthony Mathew 7 20/3/2012 56 88.27 6,763 2,199
Agrium Inc. Rights Performance Share Units (PSUs)
Gearheard, Richard L. 5 20/3/2012 56 17,694 6,339
Agrium Inc. Rights Stock Appreciation Rights (SARs)
Gearheard, Richard L. 5 20/3/2012 56 88.27 140,694 11,774
Agrium Inc. Options Grossett, James M. 5 20/3/2012 50 88.27 7,463 Agrium Inc. Options Grossett, James M. 5 20/3/2012 50 88.27 111,777 7,463 Agrium Inc. Rights Performance Share
Units (PSUs) Grossett, James M. 5 20/3/2012 56 10,642 4,018
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3119
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Agrium Inc. Options Lekatsas, Angela S. 5 20/3/2012 50 88.27 40,035 3,744 Agrium Inc. Rights Performance Share
Units (PSUs) Lekatsas, Angela S. 5 20/3/2012 50 2,015
Agrium Inc. Rights Performance Share Units (PSUs)
Lekatsas, Angela S. 5 20/3/2012 56 5,534 2,015
Agrium Inc. Common Shares Miller, Eric Bernard 5 1/1/2012 00 700 Agrium Inc. Options Miller, Eric Bernard 5 1/1/2012 00 Agrium Inc. Options Miller, Eric Bernard 5 20/3/2012 50 88.27 7,463 7,463 Agrium Inc. Rights Performance Share
Units (PSUs) Miller, Eric Bernard 5 1/1/2012 00
Agrium Inc. Rights Performance Share Units (PSUs)
Miller, Eric Bernard 5 20/3/2012 56 4,018 4,018
Agrium Inc. Options Mittag, Andrew K. 5 20/3/2012 50 88.27 46,298 6,784 Agrium Inc. Rights Performance Share
Units (PSUs) Mittag, Andrew K. 5 20/3/2012 56 13,080 3,652
Agrium Inc. Common Shares O'Donoghue, Leslie 5 21/3/2012 47 19,417 -283 Agrium Inc. Options O'Donoghue, Leslie 5 20/3/2012 50 8827 12,295 Agrium Inc. Options O'Donoghue, Leslie 5 20/3/2012 50 88.27 120,815 12,295 Agrium Inc. Rights Performance Share
Units (PSUs) O'Donoghue, Leslie 5 20/3/2012 56 17,471 6,619
Agrium Inc. Rights Performance Share Units (PSUs)
Orgill, Randy Nate 7 20/3/2012 56 1,379 446
Agrium Inc. Rights Stock Appreciation Rights (SARs)
Orgill, Randy Nate 7 20/3/2012 56 88.27 15,474 829
Agrium Inc. Common Shares PROTO, FRANK W. 4 21/3/2012 10 88.38 8,300 -1,500 Agrium Inc. Options Thun, Fredrick Roland 5 20/3/2012 50 88.27 16,281 3,744 Agrium Inc. Rights Performance Share
Units (PSUs) Thun, Fredrick Roland 5 20/3/2012 56 3,582 2,015
Agrium Inc. Rights Performance Share Units (PSUs)
Warner, Thomas E. 5 20/3/2012 56 7,487 2,454
Agrium Inc. Rights Stock Appreciation Rights (SARs)
Warner, Thomas E. 5 20/3/2012 56 88.27 66,794 4,558
Agrium Inc. Common Shares Waterman, Bruce G. 5 21/3/2012 51 15.9 78,500 34,000 Agrium Inc. Common Shares Waterman, Bruce G. 5 21/3/2012 10 88.6 44,500 -34,000 Agrium Inc. Options Waterman, Bruce G. 5 20/3/2012 50 88.27 390,407 16,975 Agrium Inc. Options Waterman, Bruce G. 5 21/3/2012 51 15.9 356,407 -34,000 Agrium Inc. Rights Performance Share
Units (PSUs) Waterman, Bruce G. 5 20/3/2012 56 27,210 9,139
Agrium Inc. Options Wilkinson, Ronald A. 5 20/3/2012 50 88.27 84,723 12,845 Agrium Inc. Rights Performance Share
Units (PSUs) Wilkinson, Ronald A. 5 20/3/2012 56 17,364 6,915
Agrium Inc. Options Wilson, Michael M. 5 20/3/2012 50 88.27 805,294 70,317 Agrium Inc. Rights Performance Share
Units (PSUs) Wilson, Michael M. 5 20/3/2012 56 102,253 37,857
Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1668 189,147 1,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1718 190,147 1,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1718 191,647 1,500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1769 192,147 500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1416 193,147 1,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1415 197,647 4,500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1416 201,647 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1415 204,147 2,500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/9/2011 10 0.1668 206,147 2,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 15/9/2011 10 0.1625 206,647 500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 15/9/2011 10 0.1628 207,147 500 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 14/3/2012 10 0.1416 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1437 209,147 2,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1488 211,147 2,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1488 215,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1488 219,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1488 223,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 16/3/2012 10 0.1487 227,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 19/3/2012 10 0.1443 228,147 1,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 19/3/2012 10 0.1494 231,147 3,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 19/3/2012 10 0.1443 235,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 19/3/2012 10 0.1443 239,147 4,000 Akela Pharma Inc. Common Shares Emmelot, Rudy 5 19/3/2012 10 0.1444 243,147 4,000 Akita Drilling Ltd. Options Coleman, Raymond 5 13/3/2012 50 32,500 15,000 Akita Drilling Ltd. Options Dease, Colin 5 22/9/2011 00 Akita Drilling Ltd. Options Dease, Colin 5 22/9/2011 00 Akita Drilling Ltd. Options Dease, Colin 5 22/9/2011 00 5,000 Akita Drilling Ltd. Options Hensel, Fred 5 13/3/2012 50 25,000 7,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3120
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Akita Drilling Ltd. Options Kushner, Craig 5 13/3/2012 50 29,500 5,000 Akita Drilling Ltd. Non-Voting Shares Mohan, Harish 4 16/3/2012 10 10.94 1,298 1,000 Akita Drilling Ltd. Options Pahl, John 5 13/3/2012 50 17,500 5,000 Akita Drilling Ltd. Options Roth, Murray 5 13/3/2012 50 66,000 15,000 Akita Drilling Ltd. Options Ruud, Karl 5 13/3/2012 50 126,000 50,000 Alacer Gold Corp. RSU Williams, Jr., Geoffrey T. 5 22/3/2012 56 26,347 10,226 Alange Energy Corp. Common Shares Perez, Jaime 4 22/2/2011 10 0.285 175,000 Alange Energy Corp. Common Shares Perez, Jaime 4 23/2/2011 10 0.285 175,000 Alange Energy Corp. Common Shares Perez, Jaime 4 23/2/2011 10 0.285 833,657 175,000 Alaris Royalty Corp. Common Shares Colabella, Manijeh Rachel 5 15/3/2012 97 7,688 54 Alaris Royalty Corp. Common Shares Driscoll, Darren John 5 15/3/2012 97 182,952 232 Alaris Royalty Corp. Common Shares King, Stephen Walter 4, 5 15/3/2012 97 362,118 309 Alaris Royalty Corp. Common Shares Neldner, Sherri 5 15/3/2012 97 2,011 36 Alaris Royalty Corp. Common Shares Reid, Stephen 5 15/3/2012 97 236,392 93 Algoma Central Corporation Common Shares McPhee, Dennis 5 1/1/2012 00
Algoma Central Corporation Common Shares McPhee, Dennis 5 19/3/2012 10 114 179 179
Algoma Central Corporation Common Shares Siklos, Thomas 5 1/1/2012 00
Algoma Central Corporation Common Shares Siklos, Thomas 5 19/3/2012 10 114 99 99
Algoma Central Corporation Common Shares Smith, Wayne 5 19/3/2012 10 114 770 370
Algoma Central Corporation Common Shares Vanagas, Algis 5 1/1/2012 00
Algoma Central Corporation Common Shares Vanagas, Algis 5 19/3/2012 10 114 370 370
Algoma Central Corporation Common Shares Watt, Karen 5 1/1/2012 00
Algoma Central Corporation Common Shares Watt, Karen 5 19/3/2012 10 114 199 199
Algoma Central Corporation Common Shares Wight, Greg D. 5 19/3/2012 10 114 5,957 957
Algoma Central Corporation Common Shares Winkley, Peter D. 5 19/3/2012 10 114 326 126
Algonquin Power & Utilities Corp.
Options Beairsto, Linda 5 14/3/2012 50 6.22 175,909 85,000
Algonquin Power & Utilities Corp.
Options Bronicheski, David John 5 14/3/2012 50 6.22 569,047 162,917
Algonquin Power & Utilities Corp.
Options Jarratt, Christopher Kenneth 5 14/3/2012 50 6.22 1,039,610 267,963
Algonquin Power & Utilities Corp.
Options Pasieka, David James 5 14/3/2012 50 6.22 318,867 146,625
Algonquin Power & Utilities Corp.
Options Robertson, Ian Edward 5 14/3/2012 50 6.22 1,224,947 350,413
Algonquin Power & Utilities Corp.
Options Snow, Michael Gerald 5 14/3/2012 50 6.22 318,267 146,625
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Bouchard, Alain 4, 6, 7, 5 30/4/2002 00
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Bouchard, Alain 4, 6, 7, 5 13/3/2012 47 200,000
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Bouchard, Alain 4, 6, 7, 5 13/3/2012 47 200,000 200,000
Alimentation Couche-Tard Inc.
Unité d'action différée Bourque, Nathalie 4 21/3/2012 46 32.01 462 462
Alimentation Couche-Tard Inc.
Unité d'action différée Desrosiers, Roger 4 21/3/2012 46 32.01 8,802 196
Alimentation Couche-Tard Inc.
Unité d'action différée Élie, Jean André 4 21/3/2012 46 32.01 8,412 207
Alimentation Couche-Tard Inc.
Unité d'action différée Fortin, Richard 4, 6, 7, 5 21/3/2012 46 32.01 1,512 438
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Hannasch, Brian Patrick 7, 5 1/2/2012 51 7.7125 48,563
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Hannasch, Brian Patrick 7, 5 1/2/2012 51 7.7125 65,000
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Hannasch, Brian Patrick 7, 5 1/2/2012 51 7.7125 48,563
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Hannasch, Brian Patrick 7, 5 1/2/2012 51 7.7125 142,700 65,000
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Hannasch, Brian Patrick 7, 5 1/2/2012 97 30.5 77,700 -16,437
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3121
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Alimentation Couche-Tard Inc.
Unité d'action différée Kau, Mélanie 4 21/3/2012 46 32.01 15,197 485
Alimentation Couche-Tard Inc.
Unité d'action différée Sauriol, Jean-Pierre 4 21/3/2012 46 32.01 20,753 462
Alimentation Couche-Tard Inc.
Unité d'action différée Turmel, Jean 4 21/3/2012 46 32.01 25,174 760
Alimentation Couche-Tard Inc.
Options Valdes, Lou 5 19/3/2012 51 13.76 3,400 -3,000
Alimentation Couche-Tard Inc.
Options Valdes, Lou 5 19/3/2012 51 23.39 3,000 -400
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Valdes, Lou 5 19/3/2012 51 13.76 3,000 3,000
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Valdes, Lou 5 19/3/2012 51 23.39 3,400 400
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Valdes, Lou 5 19/3/2012 10 32.15 1,575 -1,825
Alimentation Couche-Tard Inc.
Subordinate Voting Shares Catégorie B
Valdes, Lou 5 19/3/2012 97 32.15 0 -1,575
Allied Properties Real Estate Investment Trust
Units Emory, Michael R. 4, 5 31/12/2011 30 12,021 790
AltaGas Ltd. Common Shares Baines, Jeremy Robert 5 31/12/2011 30 26.22 7,566 765 AltaGas Ltd. Common Shares Baines, Jeremy Robert 5 31/12/2011 35 24.62 7,850 284 AltaGas Ltd. Common Shares Bracken, James B 5 31/12/2011 30 26.12 6,697 1,038 AltaGas Ltd. Common Shares Bracken, James B 5 31/12/2011 35 24.62 6,766 69 AltaGas Ltd. Common Shares Bracken, James B 5 19/3/2012 30 31.622 5,470 -1,296 AltaGas Ltd. Common Shares Cornhill, David Wallace 4, 5 31/12/2011 30 26.1 1,103,198 1,320 AltaGas Ltd. Common Shares Cornhill, David Wallace 4, 5 31/12/2011 35 24.63 1,103,629 431 AltaGas Ltd. Common Shares Cornhill, David Wallace 4, 5 31/12/2011 35 27.937 1,104,702 1,073 AltaGas Ltd. Common Shares Cornhill, David Wallace 4, 5 31/12/2011 35 27.937 25,300 300 AltaGas Ltd. Common Shares Cornhill, David Wallace 4, 5 31/12/2011 35 26.043 117,210 3,440 AltaGas Ltd. Common Shares Dawson, Dennis Alan 5 31/12/2011 30 26.1 46,078 1,020 AltaGas Ltd. Common Shares Dawson, Dennis Alan 5 31/12/2011 35 24.6 46,542 464 AltaGas Ltd. Common Shares Edgeworth, Allan Leslie 4 31/12/2011 35 24.714 8,613 447 AltaGas Ltd. Common Shares Harris, David Michael 5 31/12/2011 30 26.1 1,456 970 AltaGas Ltd. Common Shares Harris, David Michael 5 31/12/2011 35 25.18 1,507 51 AltaGas Ltd. Common Shares Hayes, Christopher Alan 5 23/11/2010 00 AltaGas Ltd. Common Shares Hayes, Christopher Alan 5 31/12/2011 30 26.09 665 665 AltaGas Ltd. Common Shares Hayes, Christopher Alan 5 31/12/2011 35 25.92 681 16 AltaGas Ltd. Common Shares Hejtmanek, Michael Vit 5 31/12/2011 30 26.11 460 302 AltaGas Ltd. Common Shares Hejtmanek, Michael Vit 5 31/12/2011 35 24.39 478 18 AltaGas Ltd. Common Shares LOWE, JOHN EDWARD 5 31/12/2011 30 31.64 5,080 80 AltaGas Ltd. Common Shares Mattson, Bradley 5 31/12/2011 30 26.1 27,285 819 AltaGas Ltd. Common Shares Mattson, Bradley 5 31/12/2011 35 24.66 27,494 209 AltaGas Ltd. Common Shares Stein, Deborah Susan 5 31/12/2011 30 26.17 19,412 1,610 AltaGas Ltd. Common Shares Stein, Deborah Susan 5 31/12/2011 35 24.63 19,934 522 AltaGas Ltd. Common Shares Stout, Kent Eugene 5 31/12/2011 30 26.1 15,303 487 AltaGas Ltd. Common Shares Stout, Kent Eugene 5 31/12/2011 35 24.6 15,524 221 AltaGas Ltd. Common Shares Toivanen, Shaun William 5 31/12/2011 30 26.14 5,078 543 AltaGas Ltd. Common Shares Toivanen, Shaun William 5 31/12/2011 35 24.25 5,114 36 AltaGas Ltd. Common Shares Toone, Randy Warren 5 31/12/2011 30 28.73 21,697 284 AltaGas Ltd. Common Shares Toone, Randy Warren 5 31/12/2011 35 26.47 21,705 8 AltaGas Ltd. Common Shares Tulk, David Raymond 5 31/12/2011 30 26.1 1,576 679 AltaGas Ltd. Common Shares Tulk, David Raymond 5 31/12/2011 35 24.88 1,643 67 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 35 24.71 4,850 373 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 35 24.71 3,451 175 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 30 26.1 29,749 1,725 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 35 24.64 30,268 519 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 35 24.71 30,993 725 AltaGas Ltd. Common Shares Wright, David Robert 5 31/12/2011 35 24.71 1,749 84 Altus Group Limited Common Shares Smith, Stuart H.B. 4, 5 14/4/2011 30 11.58 405 Altus Group Limited Common Shares Smith, Stuart H.B. 4, 5 14/4/2011 30 11.58 405 American Creek Resources Ltd.
Common Shares Blaney, Darren 3, 4, 5 20/3/2012 16 0.05 2,749,088 2,500,000
American Creek Resources Ltd.
Options Blaney, Darren 3, 4, 5 20/3/2012 50 3,175,000 1,250,000
American Creek Resources Ltd.
Common Shares Burton, Allan 3, 4, 5 20/3/2012 16 0.05 6,932,554 2,000,000
American Creek Resources Ltd.
Options Burton, Allan 3, 4, 5 20/3/2012 50 3,175,000 1,250,000
American Vanadium Corp. Common Shares Hyslop, Dr. E. Kelly 3, 4 23/7/2007 00 American Vanadium Corp. Common Shares Hyslop, Dr. E. Kelly 3, 4 1/9/2011 90 2,600,100 2,600,100 American Vanadium Corp. Common Shares Hyslop, Dr. E. Kelly 3, 4 1/9/2011 90 0 -2,600,100 American Vanadium Corp. Common Shares Hyslop, Dr. E. Kelly 3, 4 1/9/2011 90 2,600,100 American Vanadium Corp. Common Shares Hyslop, Dr. E. Kelly 3, 4 1/9/2011 90 2,600,100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3122
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
AMG Bioenergy Resources Holdings Ltd.
Common Shares China Zhejiang Biodiesel Co, Pte. Ltd.
3 22/3/2012 00 13,750,000
Amorfix Life Sciences Ltd. Options Cashman, Neil 5 21/9/2010 52 146,000 -36,000 Amorfix Life Sciences Ltd. Options Cashman, Neil 5 2/1/2012 52 231,000 -110,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 16/3/2012 10 0.226 8,142,737 30,000 Anconia Resources Corp. Common Shares Florence, Meyer (Mike)
Frederick 4, 5 19/3/2012 16 0.229 336,000 218,000
Anconia Resources Corp. Warrants Florence, Meyer (Mike) Frederick
4, 5 19/3/2012 16 0.002 159,000 109,000
Anconia Resources Corp. Common Shares Sherman, Bernard Charles 3, 4, 6 19/3/2012 16 0.229 6,322,192 2,175,000
Anconia Resources Corp. Warrants Sherman, Bernard Charles 3, 4, 6 19/3/2012 16 0.002 1,920,834 1,087,500
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Baker, Brian 5 16/3/2012 11 0.4 1,015,604 62,500
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Baker, Brian 5 16/3/2012 53 444,184 31,250
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Cassandra Capital L.P. 3 16/3/2012 16 0.4 7,551,696 125,000
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Cassandra Capital L.P. 3 16/3/2012 53 513,796 62,500
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Crowley, Michael Francis 3, 4, 6 10/6/2011 00
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Crowley, Michael Francis 3, 4, 6 16/3/2012 16 0.4 62,500
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Crowley, Michael Francis 3, 4, 6 16/3/2012 16 0.4 67,500 62,500
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Crowley, Michael Francis 3, 4, 6 10/6/2011 00
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Crowley, Michael Francis 3, 4, 6 10/6/2011 00
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Crowley, Michael Francis 3, 4, 6 16/3/2012 16 31,250 31,250
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares McCunn, Timothy Joseph 4, 5 16/3/2012 11 0.4 1,831,250 62,500
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants McCunn, Timothy Joseph 4, 5 9/6/2011 00
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants McCunn, Timothy Joseph 4, 5 16/3/2012 53 31,250 31,250
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Mueller, Michael Peter 4 16/3/2012 11 0.4 1,106,895 750,000
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Mueller, Michael Peter 4 16/3/2012 53 500,000 375,000
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Slemko, Gerald John 4, 5 16/3/2012 11 0.4 375,000
Annidis Corporation (formerly Aumento Capital Corporation)
Common Shares Slemko, Gerald John 4, 5 16/3/2012 11 0.4 4,527,074 750,000
Annidis Corporation (formerly Aumento Capital Corporation)
Warrants Slemko, Gerald John 4, 5 16/3/2012 53 1,050,468 375,000
Ansar Financial and Development Corporation
Common Shares AHMEDKUTTY, MOHAMMED FAISAL
4 2/12/2008 00 1,500
Ansar Financial and Development Corporation
Common Shares Nawaz, Gul 4 29/12/2009 00
Ansar Financial and Development Corporation
Common Shares Nawaz, Gul 4 28/9/2010 11 1 500 500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3123
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Ansar Financial and Development Corporation
Common Shares SYED, ABDUS SAMI 5 29/12/2009 00
Ansar Financial and Development Corporation
Common Shares SYED, ABDUS SAMI 5 28/9/2010 11 1 500 500
Anvil Mining Limited Common Shares Minmetals Resources Limited
3 19/3/2012 22 8 165,041,719 3,191,482
Arbor Memorial Services Inc. Common Shares Class A - Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00
Arbor Memorial Services Inc. Common Shares Class A - Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00 249,335
Arbor Memorial Services Inc. Common Shares Class B - Non-Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00
Arbor Memorial Services Inc. Common Shares Class B - Non-Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00
Arbor Memorial Services Inc. Common Shares Class B - Non-Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00
Arbor Memorial Services Inc. Common Shares Class B - Non-Voting
Scanlan, David J. 4, 6, 5 27/3/1998 00 194,500
Arbor Memorial Services Inc. Options Granted - December 17, 1997
Scanlan, David J. 4, 6, 5 27/3/1998 00
Arbor Memorial Services Inc. Options Granted - December 17, 1997
Scanlan, David J. 4, 6, 5 27/3/1998 00 2,500
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Anderson, Terry Michael 5 15/3/2012 57 47,763 -14,164
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Anderson, Terry Michael 5 15/3/2012 56 24.03 59,208 11,445
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Anderson, Terry Michael 5 15/3/2012 57 3,656 -2,231
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Billesberger, Jay 5 15/3/2012 57 12,250 -2,834
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Billesberger, Jay 5 15/3/2012 56 24.03 16,620 4,370
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Billesberger, Jay 5 15/3/2012 57 3,026 -635
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Billesberger, Jay 5 15/3/2012 57 2,219 -807
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Carey, David Paul 5 15/3/2012 57 46,762 -13,948
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Carey, David Paul 5 15/3/2012 56 24.03 58,207 11,445
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Carey, David Paul 5 15/3/2012 57 3,895 -2,398
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Dafoe, P. Van R. 5 15/3/2012 57 38,896 -10,777
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Dafoe, P. Van R. 5 15/3/2012 56 24.03 49,300 10,404
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Dafoe, P. Van R. 5 15/3/2012 57 3,083 -1,991
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Deboni, Walter 4 15/3/2012 57 4,701 -2,858
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Dielwart, John Patrick 5 15/3/2012 57 141,163 -42,759
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Dielwart, John Patrick 5 15/3/2012 56 24.03 168,213 27,050
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Dielwart, John Patrick 5 15/3/2012 57 2,745 -1,697
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3124
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Dyment, Fred J. 4 15/3/2012 57 3,963 -2,392
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Gervais, George Edward 5 15/3/2012 57 32,069 -6,569
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Gervais, George Edward 5 15/3/2012 56 24.03 39,872 7,803
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Gervais, George Edward 5 15/3/2012 57 2,586 -1,734
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Gill, Terrence Nigel 5 15/3/2012 57 46,762 -13,948
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Gill, Terrence Nigel 5 15/3/2012 56 24.03 58,207 11,445
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Gill, Terrence Nigel 5 15/3/2012 57 3,895 -2,398
ARC Resources Ltd. Common Shares Groeneveld, Neil Adrian 5 20/3/2012 10 23.7 19,724 1,170 ARC Resources Ltd. Performance Share Units
(PSU) (Cash based only) Groeneveld, Neil Adrian 5 15/3/2012 57 34,411 -8,776
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Groeneveld, Neil Adrian 5 15/3/2012 56 24.03 43,151 8,740
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Groeneveld, Neil Adrian 5 15/3/2012 57 2,498 -1,473
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Houck, James Curtis 4 15/3/2012 57 3,225 -1,927
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Kanovsky, Michael Manuel 4 15/3/2012 57 3,224 -1,734
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Kramer, Cameron 5 15/3/2012 56 24.03 30,229 13,525
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Kvisle, Harold N. 4 15/3/2012 57 2,890 -592
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Lentz, Wayne 5 15/3/2012 58 - Expiration of rights
16,629 -4,517
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Lentz, Wayne 5 15/3/2012 56 24.03 22,872 6,243
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Lentz, Wayne 5 15/3/2012 57 2,862 -624
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Lentz, Wayne 5 15/3/2012 57 2,178 -684
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
O'Neill, Kathleen M. 4 15/3/2012 57 2,818 -568
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Pinder, Herbert 4 15/3/2012 57 3,646 -1,997
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Roberts, Allan Ross 5 15/3/2012 57 29,974 -6,774
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Roberts, Allan Ross 5 15/3/2012 56 24.03 37,777 7,803
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Roberts, Allan Ross 5 15/3/2012 57 2,699 -1,556
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3125
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Sinclair, Steven William 5 15/3/2012 57 63,331 -20,124
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Sinclair, Steven William 5 15/3/2012 56 24.03 77,897 14,566
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Sinclair, Steven William 5 15/3/2012 57 2,792 -1,727
ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 5 20/3/2012 10 23.7 182,543 4,213 ARC Resources Ltd. Performance Share Units
(PSU) (Cash based only) Stadnyk, Myron Maurice 5 15/3/2012 57 98,017 -27,537
ARC Resources Ltd. Performance Share Units (PSU) (Cash based only)
Stadnyk, Myron Maurice 5 15/3/2012 56 24.03 120,906 22,889
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Stadnyk, Myron Maurice 5 15/3/2012 57 3,817 -2,362
ARC Resources Ltd. Restricted Share Units (RSU) (Cash based only)
Van Wielingen, Mac Howard 4 15/3/2012 57 7,167 -4,384
Argosy Energy Inc. Common Shares Campbell, Richard Allan 5 20/3/2012 30 1.3 41,947 1,142 Argosy Energy Inc. Common Shares Dalton, Thomas 5 20/3/2012 30 1.3 188,648 2,354 Argosy Energy Inc. Common Shares Dobek, Ray 4, 5 20/3/2012 30 1.3 84,447 2,492 Argosy Energy Inc. Common Shares George, Norm 5 20/3/2012 30 1.3 232,712 2,285 Argosy Energy Inc. Common Shares Salamon, Peter 4, 5 20/3/2012 30 1.3 1,081,051 5,815 Armada Data Corporation Common Shares COOPER, MICHAEL R. 4 11/5/2009 00 Armada Data Corporation Common Shares COOPER, MICHAEL R. 4 8/3/2012 51 0.1 100,000 100,000 Armada Data Corporation Options COOPER, MICHAEL R. 4 8/3/2012 51 0.1 0 -100,000 Artis Real Estate Investment Trust
Units Crewson, Delmore Clair William
4 12/3/2012 30 13.126 4,443 399
Astorius Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 20/3/2012 10 0.14 1,518,000 5,000 Astorius Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 20/3/2012 10 0.145 1,523,000 5,000 Astorius Resources Ltd. Common Shares Powell, Theodore James
Malcolm 4, 6, 5 20/3/2012 10 0.14 1,518,000 5,000
Astorius Resources Ltd. Common Shares Powell, Theodore James Malcolm
4, 6, 5 20/3/2012 10 0.145 1,523,000 5,000
ATCO LTD. Non-Voting Shares Class I Bale, Brian R 7 15/3/2012 10 70.88 7,500 2,500
ATCO LTD. Options 70.23 Bale, Brian R 7 1/1/2005 00 ATCO LTD. Options 70.23 Bale, Brian R 7 15/3/2012 51 2,500 2,500 ATCO LTD. Rights 70.23 (SAR) Bale, Brian R 7 1/1/2005 00 ATCO LTD. Rights 70.23 (SAR) Bale, Brian R 7 15/3/2012 56 2,500 2,500 ATCO LTD. Non-Voting Shares Class I Dolan, Brendan G 7 13/1/2006 00
ATCO LTD. Non-Voting Shares Class I Dolan, Brendan G 7 15/3/2012 10 70.88 1,000 1,000
ATCO LTD. Options 70.23 Dolan, Brendan G 7 13/1/2006 00 ATCO LTD. Options 70.23 Dolan, Brendan G 7 15/3/2012 50 500 500 ATCO LTD. Rights 70.23 (SAR) Dolan, Brendan G 7 13/1/2006 00 ATCO LTD. Rights 70.23 (SAR) Dolan, Brendan G 7 15/3/2012 56 500 500 ATCO LTD. Non-Voting Shares Class I Ell, John W. 7 15/3/2012 10 70.88 4,000 2,000
ATCO LTD. Options 70.23 Ell, John W. 7 1/7/2003 00 ATCO LTD. Options 70.23 Ell, John W. 7 15/3/2012 50 1,000 1,000 ATCO LTD. Rights 70.23 (SAR) Ell, John W. 7 1/7/2003 00 ATCO LTD. Rights 70.23 (SAR) Ell, John W. 7 15/3/2012 56 1,000 1,000 ATCO LTD. Non-Voting Shares Class I Gareau, Chad L 5 15/3/2012 10 70.88 1,500 1,000
ATCO LTD. Options 70.23 Gareau, Chad L 5 1/8/2011 00 ATCO LTD. Options 70.23 Gareau, Chad L 5 15/3/2012 50 500 500 ATCO LTD. Rights 70.23 (SAR) Gareau, Chad L 5 1/8/2011 00 ATCO LTD. Rights 70.23 (SAR) Gareau, Chad L 5 15/3/2012 56 500 500 ATCO LTD. Non-Voting Shares Class I Garvey, Scott James 5 15/3/2012 10 70.88 3,000 1,000
ATCO LTD. Options 70.23 Garvey, Scott James 5 16/9/2009 00 ATCO LTD. Options 70.23 Garvey, Scott James 5 15/3/2012 50 1,000 1,000 ATCO LTD. Rights 70.23 (SAR) Garvey, Scott James 5 16/9/2009 00 ATCO LTD. Rights 70.23 (SAR) Garvey, Scott James 5 15/3/2012 56 1,000 1,000 ATCO LTD. Non-Voting Shares Class I Hahn, Brian R. 7 24/7/2002 00
ATCO LTD. Non-Voting Shares Class I Hahn, Brian R. 7 15/3/2012 30 70.23 4,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3126
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ATCO LTD. Non-Voting Shares Class I Hahn, Brian R. 7 15/3/2012 30 70.23 4,000
ATCO LTD. Rights 70.23 (Phantom AMTIP)
Hahn, Brian R. 7 24/7/2002 00
ATCO LTD. Rights 70.23 (Phantom AMTIP)
Hahn, Brian R. 7 15/3/2012 56 4,000 4,000
ATCO LTD. Rights 70.23 (Phantom) Hahn, Brian R. 7 24/7/2002 00 ATCO LTD. Rights 70.23 (Phantom) Hahn, Brian R. 7 15/3/2012 56 4,000 ATCO LTD. Rights 70.23 (Phantom) Hahn, Brian R. 7 15/3/2012 56 4,000 ATCO LTD. Rights 70.23 (Phantom) Hahn, Brian R. 7 15/3/2012 56 4,000 4,000 ATCO LTD. Non-Voting Shares Class I Han, Alfred S. 7 15/3/2012 10 70.88 5,000 2,000
ATCO LTD. Options 70.23 Han, Alfred S. 7 2/1/2009 00 ATCO LTD. Options 70.23 Han, Alfred S. 7 15/3/2012 50 1,000 1,000 ATCO LTD. Rights 70.23 (SAR) Han, Alfred S. 7 2/1/2009 00 ATCO LTD. Rights 70.23 (SAR) Han, Alfred S. 7 15/3/2012 56 1,000 1,000 ATCO LTD. Non-Voting Shares Class I Kiefer, Siegfried W. 7, 5 15/3/2012 10 70.88 10,500 5,000
ATCO LTD. Options 70.23 Kiefer, Siegfried W. 7, 5 17/3/2003 00 ATCO LTD. Options 70.23 Kiefer, Siegfried W. 7, 5 15/3/2012 50 3,750 3,750 ATCO LTD. Rights 70.23 (SAR) Kiefer, Siegfried W. 7, 5 17/3/2003 00 ATCO LTD. Rights 70.23 (SAR) Kiefer, Siegfried W. 7, 5 15/3/2012 56 3,750 3,750 ATCO LTD. Non-Voting Shares Class I Lambright, Roberta L. 5 15/3/2012 10 70.88 4,000 2,000
ATCO LTD. Options 70.23 Lambright, Roberta L. 5 17/3/2003 00 ATCO LTD. Options 70.23 Lambright, Roberta L. 5 15/3/2012 50 1,000 1,000 ATCO LTD. Rights 70.23 (SAR) Lambright, Roberta L. 5 17/3/2003 00 ATCO LTD. Rights 70.23 (SAR) Lambright, Roberta L. 5 15/3/2012 56 1,000 1,000 ATCO LTD. Rights 70.23 (Phantom
AMTIP) Landry, Steven 7 18/2/2010 00
ATCO LTD. Rights 70.23 (Phantom AMTIP)
Landry, Steven 7 15/3/2012 56 5,000 5,000
ATCO LTD. Rights 70.23 (Phantom) Landry, Steven 7 18/2/2010 00 ATCO LTD. Rights 70.23 (Phantom) Landry, Steven 7 15/3/2012 56 5,000 ATCO LTD. Rights 70.23 (Phantom) Landry, Steven 7 15/3/2012 56 5,000 ATCO LTD. Rights 70.23 (Phantom) Landry, Steven 7 15/3/2012 56 5,000 5,000 ATCO LTD. Rights 70.23 (Phantom
AMTIP) Milne, Brian G. 5 1/10/2004 00
ATCO LTD. Rights 70.23 (Phantom AMTIP)
Milne, Brian G. 5 15/3/2012 56 2,000 2,000
ATCO LTD. Non-Voting Shares Class I Neumann, Robert C. 5 15/3/2012 10 70.88 2,500 500
ATCO LTD. Non-Voting Shares Class I Policicchio, Sett F. 5 15/3/2012 10 70.88 4,000 2,000
ATCO LTD. Options 70.23 Policicchio, Sett F. 5 11/1/2001 00 ATCO LTD. Options 70.23 Policicchio, Sett F. 5 15/3/2012 50 1,000 1,000 ATCO LTD. Rights 70.23 (SAR) Policicchio, Sett F. 5 11/1/2001 00 ATCO LTD. Rights 70.23 (SAR) Policicchio, Sett F. 5 15/3/2012 56 1,000 1,000 ATCO LTD. Non-Voting Shares Class I Roszell, Scott C 7 6/8/2000 00
ATCO LTD. Non-Voting Shares Class I Roszell, Scott C 7 15/3/2012 10 70.88 1,000 1,000
ATCO LTD. Options 70.23 Roszell, Scott C 7 6/8/2000 00 ATCO LTD. Options 70.23 Roszell, Scott C 7 15/3/2012 50 500 500 ATCO LTD. Rights 70.23 (SAR) Roszell, Scott C 7 6/8/2000 00 ATCO LTD. Rights 70.23 (SAR) Roszell, Scott C 7 15/3/2012 56 500 500 ATCO LTD. Non-Voting Shares Class I Skiffington, Alan 5 15/3/2012 10 70.88 2,000 1,000
ATCO LTD. Options 70.23 Skiffington, Alan 5 23/1/2012 00 ATCO LTD. Options 70.23 Skiffington, Alan 5 15/3/2012 50 500 500 ATCO LTD. Rights 70.23 (SAR) Skiffington, Alan 5 23/1/2012 00 ATCO LTD. Rights 70.23 (SAR) Skiffington, Alan 5 15/3/2012 56 500 500 ATCO LTD. Non-Voting Shares Class I Southern, Nancy C. 4, 6, 7, 5 15/3/2012 10 70.88 30,000 10,000
ATCO LTD. Options 70.23 Southern, Nancy C. 4, 6, 7, 5 9/1/2003 00 ATCO LTD. Options 70.23 Southern, Nancy C. 4, 6, 7, 5 15/3/2012 50 25,000 25,000 ATCO LTD. Rights 70.23 (SAR) Southern, Nancy C. 4, 6, 7, 5 9/1/2003 00 ATCO LTD. Rights 70.23 (SAR) Southern, Nancy C. 4, 6, 7, 5 15/3/2012 56 25,000 25,000 ATCO LTD. Non-Voting Shares Class I Stephens, William C. 7 14/3/2002 00
ATCO LTD. Non-Voting Shares Class I Stephens, William C. 7 15/3/2012 10 70.88 1,000 1,000
ATCO LTD. Options 70.23 Stephens, William C. 7 14/3/2002 00 ATCO LTD. Options 70.23 Stephens, William C. 7 15/3/2012 50 500 500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3127
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ATCO LTD. Rights 70.23 (SAR) Stephens, William C. 7 14/3/2002 00 ATCO LTD. Rights 70.23 (SAR) Stephens, William C. 7 15/3/2012 56 500 500 ATCO LTD. Non-Voting Shares Class I Werth, Susan R. 6, 7, 5 15/3/2012 10 2500 2,500
ATCO LTD. Non-Voting Shares Class I Werth, Susan R. 6, 7, 5 15/3/2012 10 70.88 8,000 2,500
ATCO LTD. Options 70.23 Werth, Susan R. 6, 7, 5 7/1/2003 00 ATCO LTD. Options 70.23 Werth, Susan R. 6, 7, 5 15/3/2012 50 2,500 2,500 ATCO LTD. Rights 70.23 (SAR) Werth, Susan R. 6, 7, 5 7/1/2003 00 ATCO LTD. Rights 70.23 (SAR) Werth, Susan R. 6, 7, 5 15/3/2012 56 2,500 2,500 ATCO LTD. Non-Voting Shares Class I Wilmot, Harry G. 5 15/3/2012 10 70.88 23,000 10,000
ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 15/3/2012 10 70.88 5,043 1,500
ATCO LTD. Options 70.23 Wright, Paul 5 8/1/2002 00 ATCO LTD. Options 70.23 Wright, Paul 5 15/3/2012 50 750 750 ATCO LTD. Rights 70.23 (SAR) Wright, Paul 5 8/1/2002 00 ATCO LTD. Rights 70.23 (SAR) Wright, Paul 5 15/3/2012 56 750 750 Atna Resources Ltd. Options Dickson, Glen Dale 4 8/11/2011 50 0.74 540,000 150,000 Atna Resources Ltd. Options Zink, Paul Harper 4 5/4/2011 00 150,000 Atna Resources Ltd. Options Zink, Paul Harper 4 13/12/2011 50 0.9 300,000 150,000 Atrium Innovations Inc. Common Shares Bouchard, Alain 4 20/3/2012 10 10.09 62,078 20,000 ATS Automation Tooling Systems Inc.
Options Caputo, Anthony 4 21/3/2012 50 8.62 1,737,000 426,000
ATS Automation Tooling Systems Inc.
Options Gyles, Chuck 5 21/3/2012 50 8.62 608,334 166,667
ATS Automation Tooling Systems Inc.
Common Shares Hock, Helmut 5 23/3/2012 30 967 883
ATS Automation Tooling Systems Inc.
Common Shares Horn, Marcus 5 23/3/2012 30 2,208 1,444
ATS Automation Tooling Systems Inc.
Common Shares Kiisel, Eric 5 23/3/2012 30 7,082 253
ATS Automation Tooling Systems Inc.
Common Shares McCuaig, Stewart 5 23/3/2012 30 1,585 419
ATS Automation Tooling Systems Inc.
Options Perrella, Maria 5 20/3/2012 50 8.75 771,667 166,667
Augusta Industries Inc. (formerly Fiber Optic Systems Technology, Inc.)
Common Shares LONE, ALLEN 3, 4, 6, 5 22/3/2012 10 0.04 656,500 50,000
Aureus Mining Inc. Options CABRITA da SILVA, LUIS G.
4 16/3/2012 51 0.73 1,332,500 -75,000
AuRico Gold Inc. Options Benner, Colin Keith 4 23/3/2012 50 250,000 50,000 Aurizon Mines Ltd. Rights Deferred Share
Units Brack, George Leslie 4 3/11/2010 00
Aurizon Mines Ltd. Rights Deferred Share Units
Brack, George Leslie 4 19/3/2012 56 4.59 10,893 10,893
Aurizon Mines Ltd. Common Shares Dionne, Louis 4 21/3/2012 51 4.1 62,000 50,000 Aurizon Mines Ltd. Common Shares Dionne, Louis 4 21/3/2012 10 4.71 12,000 -50,000 Aurizon Mines Ltd. Common Shares Dionne, Louis 4 23/3/2012 51 3.74 72,000 60,000 Aurizon Mines Ltd. Common Shares Dionne, Louis 4 23/3/2012 10 4.73 12,000 -60,000 Aurizon Mines Ltd. Options Incentive Dionne, Louis 4 19/3/2012 56 4.59 418,893 10,893 Aurizon Mines Ltd. Options Incentive Dionne, Louis 4 21/3/2012 51 4.1 368,893 -50,000 Aurizon Mines Ltd. Options Incentive Dionne, Louis 4 23/3/2012 51 3.74 308,893 -60,000 Aurizon Mines Ltd. Rights Deferred Share
Units Falzon, Andre Roger 4 14/5/2008 00
Aurizon Mines Ltd. Rights Deferred Share Units
Falzon, Andre Roger 4 19/3/2012 56 10,893 10,893
Aurizon Mines Ltd. Common Shares Faucher, Richard Regis 4 23/3/2012 10 4.77 16,300 -3,700 Aurizon Mines Ltd. Rights Deferred Share
Units Faucher, Richard Regis 4 21/2/2003 00
Aurizon Mines Ltd. Rights Deferred Share Units
Faucher, Richard Regis 4 19/3/2012 56 10,893 10,893
Aurizon Mines Ltd. Rights Deferred Share Units
Francis, Diane Marie 4 23/8/2007 00
Aurizon Mines Ltd. Rights Deferred Share Units
Francis, Diane Marie 4 19/3/2012 56 4.59 10,893 10,893
Aurizon Mines Ltd. Common Shares HALL, DAVID POLSON 4, 5 19/3/2012 56 4.59 1,000,593 15,251 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 19/3/2012 10 4.718 63,270 -10,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 19/3/2012 10 4.6 53,270 -10,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 19/3/2012 51 4.1 63,270 10,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 19/3/2012 10 4.648 53,805 -9,465 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 20/3/2012 51 4.1 73,805 20,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 20/3/2012 10 4.53 53,805 -20,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 21/3/2012 51 4.1 68,805 15,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3128
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 21/3/2012 10 4.688 53,805 -15,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 22/3/2012 51 4.1 68,805 15,000 Aurizon Mines Ltd. Common Shares MOORHOUSE, BRIAN S. 4 22/3/2012 10 4.63 53,805 -15,000 Aurizon Mines Ltd. Options Incentive MOORHOUSE, BRIAN S. 4 19/3/2012 51 4.1 548,000 -10,000 Aurizon Mines Ltd. Options Incentive MOORHOUSE, BRIAN S. 4 20/3/2012 51 4.1 528,000 -20,000 Aurizon Mines Ltd. Options Incentive MOORHOUSE, BRIAN S. 4 21/3/2012 51 4.1 513,000 -15,000 Aurizon Mines Ltd. Options Incentive MOORHOUSE, BRIAN S. 4 22/3/2012 51 4.1 498,000 -15,000 Aurizon Mines Ltd. Rights Deferred Share
Units MOORHOUSE, BRIAN S. 4 15/1/2003 00
Aurizon Mines Ltd. Rights Deferred Share Units
MOORHOUSE, BRIAN S. 4 19/3/2012 56 4.59 10,893 10,893
Aurizon Mines Ltd. Common Shares Paspalas, George Nickolas 4, 5 20/3/2012 10 4.5 15,000 5,000
Automodular Corporation (formerly Algonquin Mercantile)
Common Shares Bank of Nova Scotia, The 3 16/3/2012 10 2.4053 2,431,862 -12,200
Automodular Corporation (formerly Algonquin Mercantile)
Common Shares Bank of Nova Scotia, The 3 19/3/2012 10 2.3195 2,405,962 -25,900
Automodular Corporation (formerly Algonquin Mercantile)
Common Shares Blair, Michael Finley Lawrence
4, 5 21/3/2012 10 2.1 3,950,000 -50,000
Automodular Corporation (formerly Algonquin Mercantile)
Common Shares Blair, Michael Finley Lawrence
4, 5 21/3/2012 10 2.14 3,930,000 -20,000
Avala Resources Ltd. Common Shares Libra Advisors, LLC 3 20/3/2012 10 1.1 24,899,200 -31,400 Avala Resources Ltd. Common Shares Libra Advisors, LLC 3 22/3/2012 10 1.09 24,874,200 -25,000 Avalon Rare Metals Inc. Common Shares Morland, Richard Llewellyn 4 19/3/2012 10 2.96 5,000 -5,000
Avigilon Corporation Common Shares Fernandes, Alexander 4, 5 15/3/2012 10 3.8 3,013,600 3,500 Avigilon Corporation Common Shares Fernandes, Alexander 4, 5 19/3/2012 10 3.9 3,017,100 3,500 Avigilon Corporation Common Shares Fernandes, Alexander 4, 5 20/3/2012 10 3.85 3,020,600 3,500 Azure Dynamics Corporation Common Shares Brigstocke, Nicholas 4 19/3/2012 37 17,715 -690,970
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 1.07 476,875 -73,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 1.07 475,000 -1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 476,875 1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.87 403,750 -73,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.87 401,875 -1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 403,750 1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.38 330,625 -73,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.38 328,750 -1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 330,625 1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.004 257,500 -73,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.04 255,625 -1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 257,500 1,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.195 135,625 -121,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.195 132,500 -3,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 135,625 3,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.355 13,750 -121,875
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 0.355 10,625 -3,125
Azure Dynamics Corporation Options Brigstocke, Nicholas 4 19/3/2012 37 13,750 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.15 359,263 -32,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3129
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.15 358,430 -833
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 359,263 833
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.2 334,888 -24,375
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.2 334,263 -625
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 334,888 625
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.22 312,729 -22,159
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.22 312,161 -568
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 312,729 568
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.19 287,070 -25,659
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.19 286,413 -657
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 287,070 657
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.25 267,570 -19,500
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.25 267,070 -500
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 267,570 500
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.31 251,844 -15,726
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.31 251,441 -403
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 251,844 403
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 235,593 -16,251
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.3 235,177 -416
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 235,593 416
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.31 219,867 -15,726
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.31 219,464 -403
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 219,867 403
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.295 195,078 -24,789
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.295 194,443 -635
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 195,078 635
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.27 167,994 -27,084
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 167,300 -694
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 167,994 694
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.16 122,290 -45,704
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.16 121,119 -1,171
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 122,290 1,171
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.065 9,789 -112,501
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 0.065 6,905 -2,884
Azure Dynamics Corporation Rights Deferred Share Units
Brigstocke, Nicholas 4 19/3/2012 37 9,789 2,884
Azure Dynamics Corporation Common Shares Colburn, John Brian 4 19/3/2012 37 1,102 -43,016
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3130
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.19 203,125 -121,875
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.19 200,000 -3,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 3,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 203,125 3,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.315 130,000 -73,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.315 128,125 -1,875
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 1,875
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 130,000 1,875
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.355 8,125 -121,875
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 0.355 5,000 -3,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 3,125
Azure Dynamics Corporation Options Colburn, John Brian 4 19/3/2012 37 8,125 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.2 464,262 -27,422
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.2 463,559 -703
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 464,262 703
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.22 439,333 -24,929
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.22 438,694 -639
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 439,333 639
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.19 410,468 -28,865
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.19 409,728 -740
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 410,468 740
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.25 388,530 -21,938
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.25 387,968 -562
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 388,530 562
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.31 370,838 -17,692
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.31 370,385 -453
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 370,838 453
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.3 352,556 -18,282
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.3 352,088 -468
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 352,556 468
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.31 334,864 -17,692
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.31 334,411 -453
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 334,864 453
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.295 310,075 -24,789
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.295 309,440 -635
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 310,075 635
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3131
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.27 282,991 -27,084
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.27 282,297 -694
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 282,991 694
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.16 237,287 -45,704
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.16 236,116 -1,171
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 237,287 1,171
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.065 12,287 -225,000
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 0.065 6,518 -5,769
Azure Dynamics Corporation Rights Deferred Share Units
Colburn, John Brian 4 19/3/2012 37 12,287 5,769
Azure Dynamics Corporation Common Shares Deacon, Donald Campbell 4 19/3/2012 37 28,330 -1,104,913
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 1.07 912,500 -487,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 1.07 900,000 -12,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 912,500 12,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.87 425,000 -487,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.87 412,500 -12,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 425,000 12,500
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.38 351,875 -73,125
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.38 350,000 -1,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 351,875 1,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.04 278,750 -73,125
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.04 276,875 -1,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 278,750 1,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.195 156,875 -121,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.195 153,750 -3,125
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 156,875 3,125
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.355 35,000 -121,875
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 0.355 31,875 -3,125
Azure Dynamics Corporation Options Deacon, Donald Campbell 4 19/3/2012 37 35,000 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.38 1,202,142 -1,810,974
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.38 1,155,707 -46,435
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 1,202,142 46,435
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.15 1,088,391 -113,751
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.15 1,085,475 -2,916
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 1,088,391 2,916
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.2 1,003,078 -85,313
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.2 1,000,891 -2,187
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3132
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 1,003,078 2,187
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.22 925,521 -77,557
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.22 923,533 -1,988
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 925,521 1,988
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.19 835,718 -89,803
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.19 833,416 -2,302
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 835,718 2,302
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.25 767,468 -68,250
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.25 765,718 -1,750
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 767,468 1,750
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.31 712,427 -55,041
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.31 711,016 -1,411
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 712,427 1,411
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.3 655,552 -56,875
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.3 654,094 -1,458
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 655,552 1,458
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.31 600,511 -55,041
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.31 599,100 -1,411
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 600,511 1,411
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.295 538,540 -61,971
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.295 536,952 -1,588
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 538,540 1,588
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.27 470,832 -67,708
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.27 469,096 -1,736
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 470,832 1,736
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.16 356,573 -114,259
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.16 353,644 -2,929
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 356,573 2,929
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.065 75,322 -281,251
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 0.065 68,111 -7,211
Azure Dynamics Corporation Rights Deferred Share Units
Deacon, Donald Campbell 4 19/3/2012 37 75,322 7,211
Azure Dynamics Corporation Common Shares Formisano, John Edward 4 19/3/2012 37 505 -19,695
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 0.315 126,875 -73,125
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 0.315 125,000 -1,875
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 126,875 1,875
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 0.315 5,000 -121,875
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3133
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 0.355 1,875 -3,125
Azure Dynamics Corporation Options Formisano, John Edward 4 19/3/2012 37 5,000 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.31 179,526 -15,641
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.31 179,125 -401
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 179,526 401
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.295 159,497 -20,029
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.295 158,984 -513
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 159,497 513
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.27 137,653 -21,844
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.27 137,093 -560
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 137,653 560
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.16 100,220 -37,433
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.16 99,261 -959
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 100,220 959
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.065 4,876 -95,344
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 0.065 2,432 -2,444
Azure Dynamics Corporation Rights Deferred Share Units
Formisano, John Edward 4 19/3/2012 37 4,876 2,444
Azure Dynamics Corporation Common Shares Gouin, James Christopher 4 19/3/2012 37 3,676 -143,383
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.28 328,750 -146,250
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.28 325,000 -3,750
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 328,750 3,750
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.04 255,625 -73,125
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.04 253,750 -1,875
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 255,625 1,875
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.195 133,750 -121,875
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.195 130,625 -3,125
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 133,750 3,125
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.355 11,875 -121,875
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 0.355 8,750 -3,125
Azure Dynamics Corporation Options Gouin, James Christopher 4 19/3/2012 37 11,875 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.15 409,937 -36,563
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.15 409,000 -937
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 409,937 937
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.2 382,515 -27,422
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.2 381,812 -703
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 382,515 703
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3134
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.22 354,816 -27,699
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.22 354,106 -710
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 354,816 710
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.19 322,743 -32,073
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.19 321,921 -822
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 322,743 822
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.25 298,368 -24,375
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.25 297,743 -625
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 298,368 625
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.31 278,711 -19,657
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.31 278,207 -504
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 278,711 504
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.3 258,398 -20,313
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.3 257,878 -520
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 258,398 520
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.31 238,741 -19,657
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.31 238,237 -504
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 238,741 504
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.295 211,887 -26,854
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.295 211,199 -688
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 211,887 688
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.27 182,546 -29,341
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.27 181,794 -752
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 182,546 752
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.16 133,034 -49,512
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.16 131,765 -1,269
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 133,034 1,269
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.065 11,159 -121,875
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 0.065 8,034 -3,125
Azure Dynamics Corporation Rights Deferred Share Units
Gouin, James Christopher 4 19/3/2012 37 11,159 3,125
Azure Dynamics Corporation Common Shares Harrison, Scott Thomas 4 19/3/2012 37 21,117 -823,589
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.67 5,576,009 -487,500
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.67 5,563,509 -12,500
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 5,576,009 12,500
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.38 5,088,509 -487,500
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.38 5,076,009 -12,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3135
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 5,088,509 12,500
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.04 3,138,509 -1,950,000
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.04 3,088,509 -50,000
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 3,138,509 50,000
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.04 1,614,087 -1,524,422
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.04 1,575,000 -39,087
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 1,614,087 39,087
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.195 882,837 -731,250
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.195 864,087 -18,750
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 882,837 18,750
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.355 151,587 -731,250
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 0.355 132,837 -18,750
Azure Dynamics Corporation Options Harrison, Scott Thomas 4 19/3/2012 37 151,587 18,750
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 0.66 241,120 -78,000
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 0.66 239,120 -2,000
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 241,120 2,000
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 0.18 7,978 -233,142
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 0.18 2,000 -5,978
Azure Dynamics Corporation Rights Deferred Share Units
Harrison, Scott Thomas 4 19/3/2012 37 7,978 5,978
Azure Dynamics Corporation Common Shares Huston, Curt Anthony 5 19/3/2012 37 6,004 -234,231
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.42 2,932,500 -292,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.42 2,925,000 -7,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 2,932,500 7,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.38 2,640,000 -292,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.38 2,632,500 -7,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 2,640,000 7,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.26 2,518,125 -121,875
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.26 2,515,000 -3,125
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 2,518,125 3,125
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.04 1,055,625 -1,462,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.04 1,018,125 -37,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 1,055,625 37,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.195 568,125 -487,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.195 555,625 -12,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 568,125 12,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.355 80,625 -487,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3136
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 0.355 68,125 -12,500
Azure Dynamics Corporation Options Huston, Curt Anthony 5 19/3/2012 37 80,625 12,500
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 0.295 63,716 -19,500
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 0.295 63,216 -500
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 63,716 500
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 0.18 2,080 -61,636
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 0.18 500 -1,580
Azure Dynamics Corporation Rights Deferred Share Units
Huston, Curt Anthony 5 19/3/2012 37 2,080 1,580
Azure Dynamics Corporation Common Shares Iacobelli, Ronald V. 5 19/3/2012 37 7,930 -309,324
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 1.07 3,306,000 -234,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 1.07 3,300,000 -6,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 3,306,000 6,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.87 2,916,000 -390,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.87 2,906,000 -10,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 2,916,000 10,000
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.38 2,623,500 -292,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.38 2,616,000 -7,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 2,623,500 7,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.26 2,526,000 -97,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.26 2,523,500 -2,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 2,526,000 2,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.04 1,063,500 -1,462,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.04 1,026,000 -37,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 1,063,500 37,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.195 576,000 -487,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.195 563,500 -12,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 576,000 12,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.355 88,500 -487,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 0.355 76,000 -12,500
Azure Dynamics Corporation Options Iacobelli, Ronald V. 5 19/3/2012 37 88,500 12,500
Azure Dynamics Corporation Common Shares Lee, Stephen Lawrence 5 19/3/2012 37 112 -4,388
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 0.27 105,000 -195,000
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 0.355 7,500 -97,500
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 0.27 2,500 -5,000
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 0.355 0 -2,500
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 5,000 5,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3137
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Lee, Stephen Lawrence 5 19/3/2012 37 7,500 2,500
Azure Dynamics Corporation Common Shares Padilla, James Jerome 4 19/3/2012 37 18,000 -702,000
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.68 401,875 -73,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.68 400,000 -1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 401,875 1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.38 328,750 -73,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.38 326,875 -1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 328,750 1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.04 255,625 -73,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.04 253,750 -1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 255,625 1,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.195 133,750 -121,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.195 130,625 -3,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 133,750 3,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.355 11,875 -121,875
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 0.355 8,750 -3,125
Azure Dynamics Corporation Options Padilla, James Jerome 4 19/3/2012 37 11,875 3,125
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.335 1,901,274 -76,972
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.335 1,899,301 -1,973
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,901,274 1,973
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.38 1,838,325 -62,949
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.381 1,836,711 -1,614
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,838,325 1,614
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.26 1,742,662 -95,663
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.26 1,740,210 -2,452
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,742,662 2,452
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.21 1,624,303 -118,359
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.21 1,621,269 -3,034
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,624,303 3,034
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,456,245 -168,058
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,451,936 -4,309
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,456,245 4,309
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,258,320 -197,925
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,253,245 -5,075
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,258,320 5,075
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,109,723 -148,597
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3138
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.15 1,105,913 -3,810
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,109,723 3,810
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.2 1,006,960 -102,763
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.2 1,004,326 -2,634
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 1,006,960 2,634
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.22 920,954 -86,006
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.22 918,749 -2,205
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 920,954 2,205
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.19 823,200 -97,754
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.19 820,694 -2,506
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 823,200 2,506
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.25 751,395 -71,805
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.25 749,554 -1,841
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 751,395 1,841
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.31 690,706 -60,689
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.31 689,150 -1,556
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 690,706 1,556
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.3 630,091 -60,615
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.3 628,537 -1,554
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 630,091 1,554
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.31 573,392 -56,699
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.31 571,939 -1,453
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 573,392 1,453
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.295 513,305 -60,087
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.295 511,765 -1,540
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 513,305 1,540
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.27 447,773 -65,532
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.27 446,093 -1,680
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 447,773 1,680
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.16 335,480 -112,293
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.16 332,601 -2,879
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 335,480 2,879
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.065 49,449 -286,031
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 0.065 42,115 -7,334
Azure Dynamics Corporation Rights Deferred Share Units
Padilla, James Jerome 4 19/3/2012 37 49,449 7,334
Azure Dynamics Corporation Common Shares Prosser, Peggy 5 19/3/2012 37 500 -19,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3139
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Azure Dynamics Corporation Options Prosser, Peggy 5 19/3/2012 37 0.295 7,500 -292,500
Azure Dynamics Corporation Options Prosser, Peggy 5 19/3/2012 37 0.295 0 -7,500
Azure Dynamics Corporation Options Prosser, Peggy 5 19/3/2012 37 7,500 7,500
Badger Daylighting Ltd. Common Shares Couillard, John Raymond Richard
4 1/1/2011 00 4,070
Badger Daylighting Ltd. Deferred Shares Couillard, John Raymond Richard
4 1/1/2011 00
Badger Daylighting Ltd. Deferred Shares Couillard, John Raymond Richard
4 16/11/2011 56 1,435 1,435
Badger Daylighting Ltd. Deferred Shares Couillard, John Raymond Richard
4 31/12/2011 30 1,446 11
Badger Daylighting Ltd. Common Shares Mihaichuk, Garry Paul 4 31/12/2010 00 1,403 Badger Daylighting Ltd. Deferred Shares Mihaichuk, Garry Paul 4 31/12/2010 00 Badger Daylighting Ltd. Deferred Shares Mihaichuk, Garry Paul 4 16/11/2011 56 20.208 1,435 1,435 Badger Daylighting Ltd. Deferred Shares Mihaichuk, Garry Paul 4 31/12/2011 30 1,446 11 Badger Daylighting Ltd. Deferred Shares Roane, Glen Dawson 4 1/1/2011 00 Badger Daylighting Ltd. Deferred Shares Roane, Glen Dawson 4 16/11/2011 46 20.208 1,446 1,446 Badger Daylighting Ltd. Deferred Shares Watson, George 4 31/12/2010 00 Badger Daylighting Ltd. Deferred Shares Watson, George 4 16/11/2011 56 1,435 1,435 Badger Daylighting Ltd. Deferred Shares Watson, George 4 31/12/2011 30 1,446 11 Bank of Montreal Deferred Share Units Ares, Jean-Michel 5 31/12/2011 35 60.55 5,933 226 Bank of Montreal Restricted Share Units Ares, Jean-Michel 5 31/12/2011 35 59.81 22,374 359 Bank of Montreal Deferred Share Units Astley, Robert M. 4 31/12/2011 35 59.91 26,960 1,190 Bank of Montreal Deferred Share Units Beatty, David 4 31/12/2011 35 59.91 45,991 2,044 Bank of Montreal Deferred Share Units Beatty, David 4 23/2/2012 56 58.18 430 Bank of Montreal Deferred Share Units Beatty, David 4 23/2/2012 56 58.18 46,421 430 Bank of Montreal Deferred Share Units Brochu, Sophie 4 31/12/2011 35 59.91 1,735 17 Bank of Montreal Common Shares Chevrier, Robert 4 31/12/2011 30 59.27 570 26 Bank of Montreal Deferred Share Units Chevrier, Robert 4 31/12/2011 35 59.91 20,370 902 Bank of Montreal Deferred Share Units Chevrier, Robert 4 23/2/2012 56 58.18 430 Bank of Montreal Deferred Share Units Chevrier, Robert 4 23/2/2012 56 58.18 20,800 430 Bank of Montreal Deferred Share Units Cope, George 4 31/12/2011 35 59.91 15,116 607 Bank of Montreal Common Shares Costello, Ellen Marie 5 19/3/2012 51 40.85 12,050 12,050 Bank of Montreal Common Shares Costello, Ellen Marie 5 19/3/2012 10 59.065 0 -12,050 Bank of Montreal Deferred Share Units Costello, Ellen Marie 5 31/12/2011 35 60.55 65,894 2,485 Bank of Montreal Options Costello, Ellen Marie 5 19/3/2012 51 40.85 416,435 -12,050 Bank of Montreal Restricted Share Units Costello, Ellen Marie 5 31/12/2011 35 59.81 90,964 1,503 Bank of Montreal Deferred Share Units Downe, William 5 31/12/2011 35 60.55 192,450 7,307 Bank of Montreal Restricted Share Units Downe, William 5 31/12/2011 35 59.81 126,205 4,644 Bank of Montreal Deferred Share Units Edwards, Christine A. 4 31/12/2011 35 59.91 3,936 87 Bank of Montreal Deferred Share Units Farmer, Ron 4 31/12/2011 35 59.91 29,237 1,233 Bank of Montreal Deferred Share Units Fish, Simon Adrian 5 31/12/2011 35 60.55 12,197 411 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 31/12/2011 35 59.81 64,161 928 Bank of Montreal Restricted Share Units Flynn, Thomas Earl 7 31/12/2011 35 59.81 115,648 1,604 Bank of Montreal Deferred Share Units GALLOWAY, DAVID
ALEXANDER 4 31/12/2011 35 59.91 70,409 2,996
Bank of Montreal Deferred Share Units GALLOWAY, DAVID ALEXANDER
4 23/2/2012 56 58.18 1,504
Bank of Montreal Deferred Share Units GALLOWAY, DAVID ALEXANDER
4 23/2/2012 56 58.18 72,001 1,504
Bank of Montreal Deferred Share Units Kvisle, Harold N. 4 31/12/2011 35 59.91 24,019 1,001 Bank of Montreal Common Shares La Fleche, Eric 4 21/3/2012 00 2,000 Bank of Montreal Deferred Share Units Milroy, Thomas 5 31/12/2011 35 60.55 202,685 8,371 Bank of Montreal Restricted Share Units Milroy, Thomas 5 31/12/2011 35 59.81 222,409 3,198 Bank of Montreal Deferred Share Units MITCHELL, Bruce Horton 4 31/12/2011 35 59.91 46,150 1,977
Bank of Montreal Common Shares Orsino, Philip 4 31/12/2011 30 59.19 155 7 Bank of Montreal Deferred Share Units Orsino, Philip 4 31/12/2011 35 59.91 42,148 1,819 Bank of Montreal Deferred Share Units Ouellette, Gilles Gerard 5 31/12/2011 35 60.55 117,091 5,261 Bank of Montreal Restricted Share Units Ouellette, Gilles Gerard 5 31/12/2011 35 59.81 98,705 1,613 Bank of Montreal Common Shares Piper, Martha Cook 4 31/12/2011 30 59.27 1,120 51 Bank of Montreal Deferred Share Units Piper, Martha Cook 4 31/12/2011 35 59.91 17,911 755 Bank of Montreal Deferred Share Units Prichard, John Robert Stobo 4 31/12/2011 35 59.91 39,107 1,671
Bank of Montreal Deferred Share Units Rudderham, Richard D. 5 31/12/2011 35 60.55 21,109 866 Bank of Montreal Restricted Share Units Rudderham, Richard D. 5 31/12/2011 35 59.81 28,214 459 Bank of Montreal Common Shares Saucier, Guylaine 4 31/12/2011 30 59.27 863 40 Bank of Montreal Deferred Share Units Saucier, Guylaine 4 31/12/2011 35 59.91 38,623 1,732 Bank of Montreal Common Shares Stotz, Douglas 5 1/3/2011 00 Bank of Montreal Common Shares Stotz, Douglas 5 31/12/2011 30 59.67 412 412 Bank of Montreal Deferred Share Units Techar, Frank J. 5 31/12/2011 35 60.55 71,726 2,961
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3140
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Bank of Montreal Restricted Share Units Techar, Frank J. 5 31/12/2011 35 59.81 129,717 1,797 Bank of Montreal Deferred Share Units Wilson III, Don Matthew 4 31/12/2011 35 59.91 14,262 556 Bank of Nova Scotia, The Common Shares Brenneman, Ron A. 4 20/3/2012 51 24.4 89,000 4,000 Bank of Nova Scotia, The Common Shares Brenneman, Ron A. 4 20/3/2012 10 55.623 85,000 -4,000 Bank of Nova Scotia, The Options Brenneman, Ron A. 4 20/3/2012 51 0 -4,000 Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 16/3/2012 51 24.4 75,137 19,632
Bank of Nova Scotia, The Common Shares Chrominska, Sylvia Dolores 5 16/3/2012 10 56.043 55,505 -19,632
Bank of Nova Scotia, The Options Chrominska, Sylvia Dolores 5 16/3/2012 51 458,392 -19,632
Bank of Nova Scotia, The Common Shares McGuckin, Sean 5 19/3/2012 51 24.4 38,444 6,144 Bank of Nova Scotia, The Common Shares McGuckin, Sean 5 19/3/2012 10 56.01 32,300 -6,144 Bank of Nova Scotia, The Options McGuckin, Sean 5 19/3/2012 51 103,812 -6,144 Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 31/12/2011 30 1,629 135 Bank of Nova Scotia, The Rights Stock Appreciation
Rights (SAR) von Hahn, Anatol 5 15/2/1987 00 76,844
Bank of Nova Scotia, The Rights Stock Appreciation Rights (SAR)
von Hahn, Anatol 5 22/3/2012 59 55.86 58,404 -18,440
Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 19/3/2012 51 24.4 268,224 14,500 Bank of Nova Scotia, The Common Shares Waugh, Richard Earl 4, 5 19/3/2012 10 56.002 253,724 -14,500 Bank of Nova Scotia, The Options Waugh, Richard Earl 4, 5 19/3/2012 51 2,950,388 -14,500 Banro Corporation Common Shares Chapman, Gary Stuart
Gordon 5 16/3/2012 51 2.3 51,100
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 51,100
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 30,400
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 30,400
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 7,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 7,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 5.37 -37,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 5.37 -37,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.97 -32,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.97 -32,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 7,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 7,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 87,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 87,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 5.37 -37,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 5.37 -37,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.97 -32,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.97 -32,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.933 -24,200
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 4.933 -24,200
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 7,500 7,500
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 37,900 30,400
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 16/3/2012 10 5.37 0 -37,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 19/3/2012 51 2.3 57,100 57,100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3141
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 19/3/2012 10 4.97 24,200 -32,900
Banro Corporation Common Shares Chapman, Gary Stuart Gordon
5 19/3/2012 10 4.93 0 -24,200
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 -7,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 -7,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -30,400
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -30,400
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -51,100
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -51,100
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 -7,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 -7,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -87,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 -87,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.05 192,763 -7,500
Banro Corporation Options Chapman, Gary Stuart Gordon
5 16/3/2012 51 2.3 162,363 -30,400
Banro Corporation Options Chapman, Gary Stuart Gordon
5 19/3/2012 51 2.3 105,263 -57,100
Barkerville Gold Mines Ltd. Options Miller, Jack H.L. 5 12/3/2012 00 605,000 Barkerville Gold Mines Ltd. Options Sun Tzu Ventures Inc. 4 31/8/2011 00 Barkerville Gold Mines Ltd. Options Sun Tzu Ventures Inc. 4 1/2/2012 50 0.89 250,000 250,000 BCE Inc. Common Shares Brown, Charles 7 31/12/2011 30 37.597 6,263 1,706 BCE Inc. Performance-based
Restricted Share Units Brown, Charles 7 31/12/2011 30 37.5 7,301 290
BCE Inc. Restricted Share Units Brown, Charles 7 31/12/2011 30 36.98 14,601 579 BCE Inc. Share Units Brown, Charles 7 31/12/2011 30 36.98 69,248 2,947 BCE Inc. Common Shares Cole, Michael 7 31/12/2011 30 37.122 10,553 551 BCE Inc. Common Shares Cole, Michael 7 31/12/2011 30 37.597 6,437 1,700 BCE Inc. Performance-based
Restricted Share Units Cole, Michael 7 31/12/2011 30 37.5 9,126 362
BCE Inc. Restricted Share Units Cole, Michael 7 31/12/2011 30 36.98 18,251 724 BCE Inc. Share Units Cole, Michael 7 31/12/2011 30 36.98 19,980 1,038 BCE Inc. Common Shares Crull, Kevin W. 7 31/12/2011 30 37.597 11,828 1,682 BCE Inc. Performance-based
Restricted Share Units Crull, Kevin W. 7 31/12/2011 30 37.5 10,950 434
BCE Inc. Restricted Share Units Crull, Kevin W. 7 31/12/2011 30 36.98 21,901 869 BCE Inc. Share Units Crull, Kevin W. 7 31/12/2011 30 36.98 69,473 3,608 BCE Inc. Common Shares HOWE, STEPHEN GUY 7 31/12/2011 30 37.597 3,911 877 BCE Inc. Performance-based
Restricted Share Units HOWE, STEPHEN GUY 7 31/12/2011 30 37.5 7,301 290
BCE Inc. Restricted Share Units HOWE, STEPHEN GUY 7 31/12/2011 30 36.98 14,601 579 BCE Inc. Share Units HOWE, STEPHEN GUY 7 31/12/2011 30 36.98 21,683 992 BCE Inc. Common Shares Little, Thomas (Tom) 7 31/12/2011 30 37.597 1,778 875 BCE Inc. Restricted Share Units Little, Thomas (Tom) 7 31/12/2011 30 36.98 60,155 2,641 BCE Inc. Share Units Little, Thomas (Tom) 7 31/12/2011 30 36.98 26,523 705 BCE Inc. Common Shares Oosterman, Wade 7 31/12/2011 30 37.597 8,102 1,493 BCE Inc. Performance-based
Restricted Share Units Oosterman, Wade 7 31/12/2011 30 37.5 10,950 434
BCE Inc. Restricted Share Units Oosterman, Wade 7 31/12/2011 30 36.98 21,901 869 BCE Inc. Share Units Oosterman, Wade 7 31/12/2011 30 36.98 304,887 12,624 BCE Inc. Common Shares Tanguay, Louis A. 7 30/12/2011 30 38.8 1,342 68 BCE Inc. Common Shares Tanguay, Louis A. 7 30/12/2011 30 38.8 123 6 BCE Inc. Common Shares Turcke, Mary Ann 7 31/12/2011 30 37.597 1,051 BCE Inc. Common Shares Turcke, Mary Ann 7 31/12/2011 30 37.597 1,051 BCE Inc. Common Shares Turcke, Mary Ann 7 31/12/2011 30 37.597 5,957 1,051 BCE Inc. Performance-based
Restricted Share Units Turcke, Mary Ann 7 31/12/2011 30 37.5 9,126 362
BCE Inc. Restricted Share Units Turcke, Mary Ann 7 31/12/2011 30 36.98 18,251 724 BCE Inc. Share Units Turcke, Mary Ann 7 31/12/2011 30 36.98 20,678 877 BCE Inc. Common Shares Turcotte, Martine 5 31/12/2011 30 37.122 18,346 331 BCE Inc. Common Shares Turcotte, Martine 5 31/12/2011 30 37.597 18,427 2,017
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3142
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
BCE Inc. Performance-based Restricted Share Units
Turcotte, Martine 5 31/12/2011 30 37.5 9,126 362
BCE Inc. Restricted Share Units Turcotte, Martine 5 31/12/2011 30 36.98 18,251 724 BCE Inc. Share Units Turcotte, Martine 5 31/12/2011 30 36.98 32,601 1,693 Bear Creek Mining Corporation
Common Shares Morano, Kevin Robert 4 21/3/2012 90 -1,081,262
Bear Creek Mining Corporation
Common Shares Morano, Kevin Robert 4 21/3/2012 90 -1,081,262
Bear Creek Mining Corporation
Common Shares Morano, Kevin Robert 4 21/4/2003 00
Bear Creek Mining Corporation
Common Shares Morano, Kevin Robert 4 21/3/2012 90 1,081,262 1,081,262
Bear Creek Mining Corporation
Common Shares Morano, Kevin Robert 4 21/3/2012 90 0 -1,081,262
Bell Aliant Inc. Common Shares Crooks, Frederick 5 30/12/2011 30 27.54 19,185 4,401 Bell Aliant Inc. Common Shares Hartlen, Charles 5 30/12/2011 30 28.19 375 110 Bell Aliant Inc. Common Shares MacGregor, Roderick 5 30/12/2011 30 27.54 11,946 2,659 Bell Aliant Inc. Common Shares McKeen, Daniel 5 30/12/2011 30 27.54 2,653 2,475 Bell Aliant Inc. Common Shares McKeen, Daniel 5 30/12/2011 30 27.492 2,163 158 Bell Aliant Inc. Common Shares Sheriff, Karen 5 1/1/2011 00 Bell Aliant Inc. Common Shares Sheriff, Karen 5 30/12/2011 30 27.573 301 301 Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 23/3/2012 22 0 -25,000
Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 23/3/2012 22 0 -30,000
Bellamont Exploration Ltd. Common Shares Class A Cotter, Thomas Nicholas 5 23/3/2012 22 0 -13,200
Bellamont Exploration Ltd. Common Shares Class A Moran, Stephen John 5 23/3/2012 22 0 -128,000
Bellamont Exploration Ltd. Options Moran, Stephen John 5 23/3/2012 59 0.21 1,230,000 -150,000 Bellamont Exploration Ltd. Common Shares Class A Peters, Robert George 3, 4 23/3/2012 22 0 -2,415,800
Bellamont Exploration Ltd. Common Shares Class A Peters, Robert George 3, 4 23/3/2012 22 0 -3,039,200
Bellamont Exploration Ltd. Common Shares Class A Peters, Robert George 3, 4 23/3/2012 22 0 -1,000,000
Bellamont Exploration Ltd. Common Shares Class A Peters, Robert George 3, 4 23/3/2012 22 0 -75,000
Bellamont Exploration Ltd. Options Peters, Robert George 3, 4 23/3/2012 59 0.21 445,000 -60,000 Bellamont Exploration Ltd. Options Peters, Robert George 3, 4 23/3/2012 22 0 -445,000 Bellatrix Exploration Ltd. Common Shares BLAIR, TIMOTHY 5 15/3/2012 30 5.36 10,829 310 Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 15/3/2012 30 5.36 81,393 326 Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 15/3/2012 30 5.36 30,355 326 Bellatrix Exploration Ltd. Common Shares Oicle, Russell G. 5 15/3/2012 30 5.36 52,474 613 Bellatrix Exploration Ltd. Common Shares Ulmer, Garrett 5 15/3/2012 30 5.36 4,966 328 Bellatrix Exploration Ltd. Common Shares Woo, Ving Yee 5 15/3/2012 30 5.36 324,806 408 Belo Sun Mining Corp. Options Hoes, Clay Livingston 4 12/1/2012 50 400,000 100,000 Benton Resources Corp. Common Shares Stares, Stephen 4 27/10/2008 10 0.16 20,000 Benton Resources Corp. Common Shares Stares, Stephen 4 27/11/2008 10 0.16 1,687,166 20,000 Benton Resources Corp. Common Shares Stares, Stephen 4 25/10/2008 10 0.118 30,000 Benton Resources Corp. Common Shares Stares, Stephen 4 25/11/2008 10 0.118 101,750 30,000 Big Five Capital Corp. Options harris, gregory richard 3, 4 21/12/2011 00 103,400 Big Five Capital Corp. Options Krueger, Jason Ralph
Daniel 3, 4 21/12/2011 00
Big Five Capital Corp. Options Krueger, Jason Ralph Daniel
3, 4 20/3/2012 50 0.1 103,400 103,400
Big Five Capital Corp. Options Liang, Jie 4, 5 21/12/2011 00 79,900 Big Five Capital Corp. Options Studer, Mark 4, 5 22/12/2011 00 79,900 Big Five Capital Corp. Options Tanner, James Newland 3 22/12/2011 00 103,400 Big Rock Brewery Inc. Rights Share Appreciation
Rights (SARs) Feit, Barbara 5 11/10/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Feit, Barbara 5 15/3/2012 56 10,000 10,000
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Gautreau, Paul Henry 5 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Gautreau, Paul Henry 5 15/3/2012 56 10,000 10,000
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Hartley, John 4 1/1/2011 00
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3143
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Hartley, John 4 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Jackson, James Meadow 4 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Jackson, James Meadow 4 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Kohut, Michael G 4 1/1/2011 00 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (cash-based only)
McNally-Leitch, Kathleen Margaret
4 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (cash-based only)
McNally-Leitch, Kathleen Margaret
4 15/3/2012 56 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
McNally-Leitch, Kathleen Margaret
4 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
McNally-Leitch, Kathleen Margaret
4 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
McNally, Edward 3, 4, 5 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
McNally, Edward 3, 4, 5 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Millikin, Cameron 4 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Millikin, Cameron 4 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Peters, Robert George 4 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Peters, Robert George 4 15/3/2012 56 2,700 2,700
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Rowland, Brian Todd 5 1/1/2011 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Rowland, Brian Todd 5 15/3/2012 56 8,000 8,000
Big Rock Brewery Inc. Common Shares Sartor, Robert 5 15/3/2012 00 Big Rock Brewery Inc. Options Sartor, Robert 5 15/3/2012 00 Big Rock Brewery Inc. Options Sartor, Robert 5 20/3/2012 50 58,500 58,500 Big Rock Brewery Inc. Rights Share Appreciation
Rights (SARs) Tallman, Gordon G. 4 1/9/2001 00
Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)
Tallman, Gordon G. 4 15/3/2012 56 2,700 2,700
BioSyent Inc. Common Shares Montador, Paul 4 15/12/2011 00 28,500 BioSyent Inc. Common Shares Montador, Paul 4 13/3/2012 10 0.55 40,000 11,500 BioSyent Inc. Common Shares - Options Montador, Paul 4 15/12/2011 00 25,000
Bird Construction Inc. Common Shares Boyd, Ian Jeffrey 5 1/1/2011 00 Bird Construction Inc. Common Shares Boyd, Ian Jeffrey 5 15/3/2012 50 50,000 50,000 Bird Construction Inc. MTIP - Phantom Shares Boyd, Ian Jeffrey 5 20/3/2012 35 35,174 138
Bird Construction Inc. Common Shares Brennan, James Joseph 5 1/1/2011 00 Bird Construction Inc. Common Shares Brennan, James Joseph 5 15/3/2012 50 30,000 30,000 Bird Construction Inc. MTIP - Phantom Shares Brennan, James Joseph 5 20/3/2012 35 49,293 193
Bird Construction Inc. MTIP - Phantom Shares Entwistle, Stephen Robert 5 20/3/2012 35 21,244 84
Bird Construction Inc. Common Shares McClure, Kenneth William 5 31/12/2010 00 Bird Construction Inc. Common Shares McClure, Kenneth William 5 15/3/2012 50 30,000 30,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3144
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Bird Construction Inc. MTIP - Phantom Shares McClure, Kenneth William 5 20/3/2012 35 37,159 146
Bird Construction Inc. Common Shares Nakagawa, Ken 5 4/1/2011 00 Bird Construction Inc. Common Shares Nakagawa, Ken 5 15/3/2012 50 30,000 30,000 Bird Construction Inc. MTIP - Phantom Shares Nakagawa, Ken 5 20/3/2012 35 53,006 208
Bird Construction Inc. Common Shares Raboud, Paul Robert 4 1/1/2011 00 Bird Construction Inc. Common Shares Raboud, Paul Robert 4 15/3/2012 50 30,000 30,000 Bird Construction Inc. MTIP - Phantom Shares Raboud, Paul Robert 4 20/3/2012 35 6,986 27
Bird Construction Inc. Common Shares ROYER, GILLES GERALD 5 15/3/2012 50 123,038 50,000
Bird Construction Inc. MTIP - Phantom Shares ROYER, GILLES GERALD 5 20/3/2012 35 51,182 201
Bird Construction Inc. Common Shares Talbott, Timothy James 4 4/1/2011 00 Bird Construction Inc. Common Shares Talbott, Timothy James 4 15/3/2012 50 65,000 65,000 Bird Construction Inc. MTIP - Phantom Shares Talbott, Timothy James 4 20/3/2012 35 90,413 354
Bird River Resources Inc. Common Shares Kushniruk, David 3 20/3/2012 10 0.104 1,018,500 -36,500 Black Diamond Group Limited
Common Shares Burnyeat, Michael 5 16/3/2012 10 170,958 -40,000
Black Diamond Group Limited
Common Shares Burnyeat, Michael 5 16/3/2012 51 210,958 40,000
Black Diamond Group Limited
Common Shares Burnyeat, Michael 5 16/3/2012 51 260,958 50,000
Black Diamond Group Limited
Common Shares Burnyeat, Michael 5 16/3/2012 51 270,958 10,000
Black Diamond Group Limited
Options Burnyeat, Michael 5 16/3/2012 51 5.87 390,000 -40,000
Black Diamond Group Limited
Options Burnyeat, Michael 5 16/3/2012 51 2.81 340,000 -50,000
Black Diamond Group Limited
Options Burnyeat, Michael 5 16/3/2012 51 5.87 330,000 -10,000
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 16/3/2012 10 332,088 -2,200
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 19/3/2012 10 317,388 -14,700
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 20/3/2012 10 301,888 -15,500
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 21/3/2012 10 280,954 -20,934
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 21/3/2012 51 314,288 33,334
Black Diamond Group Limited
Common Shares CLARK, GLEN ALAN 5 21/3/2012 51 334,288 20,000
Black Diamond Group Limited
Options CLARK, GLEN ALAN 5 21/3/2012 51 2.81 110,000 -33,334
Black Diamond Group Limited
Options CLARK, GLEN ALAN 5 21/3/2012 51 9.81 90,000 -20,000
Black Diamond Group Limited
Common Shares deRosenroll, Rodney Paul 5 21/3/2012 51 28,331 20,000
Black Diamond Group Limited
Common Shares deRosenroll, Rodney Paul 5 21/3/2012 51 78,331 50,000
Black Diamond Group Limited
Options deRosenroll, Rodney Paul 5 21/3/2012 51 9.81 140,000 -20,000
Black Diamond Group Limited
Options deRosenroll, Rodney Paul 5 21/3/2012 51 2.81 90,000 -50,000
Black Diamond Group Limited
Common Shares Haynes, Trevor 4, 5 20/3/2012 51 1,451,803 50,000
Black Diamond Group Limited
Common Shares Haynes, Trevor 4, 5 21/3/2012 51 1,535,136 83,333
Black Diamond Group Limited
Options Haynes, Trevor 4, 5 20/3/2012 51 2.81 470,000 -50,000
Black Diamond Group Limited
Options Haynes, Trevor 4, 5 21/3/2012 51 9.81 386,667 -83,333
Black Diamond Group Limited
Common Shares Klukas, Harry Henry 5 21/3/2012 51 53,000 25,000
Black Diamond Group Limited
Options Klukas, Harry Henry 5 21/3/2012 51 4.74 461,000 -25,000
Black Diamond Group Limited
Common Shares Stein, Steve 4, 5 19/3/2012 51 777,436 33,600
Black Diamond Group Limited
Common Shares Stein, Steve 4, 5 22/3/2012 10 759,336 -18,100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3145
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Black Diamond Group Limited
Common Shares Stein, Steve 4, 5 20/3/2012 10 838,244 -8,600
Black Diamond Group Limited
Options Stein, Steve 4, 5 19/3/2012 51 2.81 280,000 -33,600
Black Diamond Group Limited
Common Shares Wagemakers, Robert 4 19/3/2012 51 210,900 10,000
Black Diamond Group Limited
Common Shares Wagemakers, Robert 4 19/3/2012 51 217,568 6,668
Black Diamond Group Limited
Options Wagemakers, Robert 4 19/3/2012 51 9.81 50,669 -10,000
Black Diamond Group Limited
Options Wagemakers, Robert 4 19/3/2012 51 2.81 44,001 -6,668
Blue Note Mining Inc. Warrants Consolidated International Investment Holdings Inc.
3 16/3/2012 55 0 -8,333,332
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Mawani, Al 4 21/3/2012 30 13,125 -567
Boardwalk Real Estate Investment Trust
Trust Units Mawani, Al 4 21/3/2012 30 35,817 567
Bonavista Energy Corporation
Common Shares MacPhail, Keith A.J. 4, 5 19/3/2012 10 20.25 3,288,937 -60,000
Bonavista Energy Corporation
Common Shares MacPhail, Keith A.J. 4, 5 21/3/2012 10 20.25 3,255,137 -33,800
Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 19/3/2012 10 53.3 148,977 -500 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 19/3/2012 10 53.31 148,177 -800 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 19/3/2012 10 53.32 147,977 -200 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 19/3/2012 10 53.4 147,677 -300 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.25 146,777 -900 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.35 146,677 -100 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.29 146,177 -500 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.36 145,877 -300 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.37 145,777 -100 Bonterra Energy Corp. Common Shares Jonsson, Carl Roland 4 20/3/2012 10 52.38 145,677 -100 Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 1/2/2012 38 0.67 2,500 2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 1/2/2012 38 0.67 0 -2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 2/2/2012 38 0.66 2,500 2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 2/2/2012 38 0.66 0 -2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 6/2/2012 38 0.68 2,853 2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 6/2/2012 38 0.68 0 -2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 8/2/2012 38 0.68 2,500 2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 8/2/2012 38 0.68 0 -2,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.7 1,500 1,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.7 0 -1,500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.69 500 500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.69 0 -500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.7 500 500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 9/2/2012 38 0.7 0 -500
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 10/2/2012 38 0.7 2,853 2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 10/2/2012 38 0.7 0 -2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 13/2/2012 38 0.78 2,853 2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 13/2/2012 38 0.78 0 -2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 14/2/2012 38 0.9 2,853 2,853
Boyuan Construction Group, Inc.
Common Shares Boyuan Contruction Group, Inc.
1 14/2/2012 38 0.9 0 -2,853
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3146
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Brookfield Asset Management Inc.
Common Shares Class A Limited Voting
Gray, James K. 4 13/12/2011 51 8.5096 72,312 16,875
Brookfield Asset Management Inc.
Options Gray, James K. 4 13/12/2011 51 8.5096 0 -16,875
Brookfield Asset Management Inc.
Common Shares Class A Limited Voting
Legault, Richard 5 16/3/2012 51 13.666 40,000 40,000
Brookfield Asset Management Inc.
Common Shares Class A Limited Voting
Legault, Richard 5 16/3/2012 10 32.033 -40,000
Brookfield Asset Management Inc.
Common Shares Class A Limited Voting
Legault, Richard 5 16/3/2012 10 31.995 0 -40,000
Brookfield Asset Management Inc.
Options Legault, Richard 5 16/3/2012 51 13.666 1,494,375 -40,000
Brookfield Office Properties Inc.
Deferred Units Schulman, Paul Lawrence 5 30/12/2011 59 15.64 0 -1,502
Brookfield Renewable Energy Partners L.P.
Limited Partnership Units MANN, DAVID MCDANIEL 4 19/3/2012 10 27 10,000 5,000
BTB Real Estate Investment Trust
Trust Units Cyr, Benoit 5 31/12/2011 35 28,809 29
Buccaneer Gold Corp. Options grayston, richard walter 4 21/7/2010 50 200,000 Buccaneer Gold Corp. Options grayston, richard walter 4 21/7/2010 50 200,000 200,000 Buccaneer Gold Corp. Options Swanborough, Kevin 4, 5 21/7/2010 50 250,000 Buccaneer Gold Corp. Options Swanborough, Kevin 4, 5 21/7/2010 50 250,000 250,000 Buhler Industries Inc. Common Shares Buhler, John 3, 4 16/3/2012 10 5.45 113,740 800 Buhler Industries Inc. Common Shares Buhler, John 3, 4 19/3/2012 10 5.45 114,440 700 C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Hatto, Kristen 7 22/3/2012 16 0.17 727,892 147,059
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Pacaud, Laetitia Yvette 7, 5 22/3/2012 16 0.17 873,334 150,000
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Ross, Christopher Donald Alexander
5 22/3/2012 16 0.17 727,833 147,000
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Spence, Brian 4, 7, 5 22/3/2012 16 0.17 1,701,985 294,118
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Tawse, Moray 3, 4 16/5/2011 00
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Tawse, Moray 3, 4 22/3/2012 16 0.17 6,764,706 6,764,706
C2C Industrial Properties Inc. (formerly Sargasso Capital Corporation)
Common Shares Wright, David 4, 7, 5 22/3/2012 16 0.17 1,701,867 294,000
Cadillac Mining Corporation Options Stewart, Elmer 4 22/2/2012 50 0.17 600,000 600,000
Cadillac Ventures Inc. Common Shares Brewster, Norman 5 19/3/2012 10 0.2 2,069,000 60,000 Cadillac Ventures Inc. Common Shares Gleeson, Peter 5 19/3/2012 10 0.2025 583,000 83,000 Cadillac Ventures Inc. Common Shares Gleeson, Peter 5 20/3/2012 10 0.2025 700,000 117,000 CAE Inc. Common Shares Arnovitz, Andrew 5 25/3/2012 30 11.57 3,205 44 CAE Inc. Long Term Incentives-
Deferred Share Units Arnovitz, Andrew 5 25/3/2012 35 33,071 458
CAE Inc. Common Shares Bernstein, Michael 5 25/3/2012 30 10 8,876 2,995 CAE Inc. Long Term Incentives-
Deferred Share Units Bernstein, Michael 5 25/3/2012 35 32,637 263
CAE Inc. Common Shares Bourque, Nathalie 5 25/3/2012 30 11.49 3,863 2,036 CAE Inc. Long Term Incentives-
Deferred Share Units Bourque, Nathalie 5 25/3/2012 35 42,600 592
CAE Inc. Common Shares Branco, Sonya 5 25/3/2012 30 9.82 749 234 CAE Inc. Long Term Incentives-
Deferred Share Units Branco, Sonya 5 25/3/2012 35 1,743 7
CAE Inc. Common Shares BROSSARD, Sylvie 7 25/3/2012 30 11.61 10,362 1,890 CAE Inc. Long Term Incentives-
Deferred Share Units BROSSARD, Sylvie 7 25/3/2012 35 4,147 57
CAE Inc. Common Shares Bussieres, Eric 5 25/3/2012 30 11.57 282 7 CAE Inc. Long Term Incentives-
Deferred Share Units Bussieres, Eric 5 25/3/2012 35 18,110 251
CAE Inc. Common Shares Cormier, Bernard 5 25/3/2012 30 11.49 4,186 2,702 CAE Inc. Long Term Incentives-
Deferred Share Units Cormier, Bernard 5 25/3/2012 35 12,238 159
CAE Inc. Common Shares Fard, Keyvan 5 25/3/2012 30 11.48 3,457 2,157
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3147
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
CAE Inc. Long Term Incentives-Deferred Share Units
Fard, Keyvan 5 25/3/2012 35 33,600 458
CAE Inc. Common Shares Gagne, Martin 5 25/3/2012 30 11.57 7,353 101 CAE Inc. Deferred Share Units Gagne, Martin 5 25/3/2012 35 14,727 211 CAE Inc. Long Term Incentives-
Deferred Share Units Gagne, Martin 5 25/3/2012 35 165,608 2,308
CAE Inc. Common Shares Leclerc, Robert 5 25/3/2012 30 11.44 24,404 385 CAE Inc. Long Term Incentives-
Deferred Share Units Leclerc, Robert 5 25/3/2012 35 47,022 202
CAE Inc. Common Shares Lefebvre, Stephane 5 25/3/2012 30 11.4 12,964 2,160 CAE Inc. Deferred Share Units Lefebvre, Stephane 5 25/3/2012 35 944 13 CAE Inc. Long Term Incentives-
Deferred Share Units Lefebvre, Stephane 5 25/3/2012 35 31,110 417
CAE Inc. Common Shares Leontidis, Nick 5 25/3/2012 30 11.49 2,607 CAE Inc. Common Shares Leontidis, Nick 5 25/3/2012 30 11.49 22,070 2,707 CAE Inc. Deferred Share Units Leontidis, Nick 5 25/3/2012 35 4,847 69 CAE Inc. Long Term Incentives-
Deferred Share Units Leontidis, Nick 5 25/3/2012 35 162,287 2,274
CAE Inc. Common Shares Parent, Marc 4 25/3/2012 30 11.47 42,344 6,039 CAE Inc. Long Term Incentives-
Deferred Share Units Parent, Marc 4 25/3/2012 35 199,173 2,821
CAE Inc. Common Shares Paterson, Hartland 5 25/3/2012 30 11.57 2,937 34 CAE Inc. Deferred Share Units Paterson, Hartland 5 25/3/2012 35 5,114 73 CAE Inc. Long Term Incentives-
Deferred Share Units Paterson, Hartland 5 25/3/2012 35 75,256 1,051
CAE Inc. Common Shares Poirier, Mario 5 25/3/2012 30 10.43 2,786 755 CAE Inc. Long Term Incentives-
Deferred Share Units Poirier, Mario 5 25/3/2012 35 3,634 29
CAE Inc. Long Term Incentives-Deferred Share Units
Rijsdijk, Onno 7 25/3/2012 35 9,483 132
CAE Inc. Common Shares Roberts, Jeffrey G. 5 25/3/2012 30 11.49 35,819 4,145 CAE Inc. Deferred Share Units Roberts, Jeffrey G. 5 25/3/2012 35 3,616 52 CAE Inc. Long Term Incentives-
Deferred Share Units Roberts, Jeffrey G. 5 25/3/2012 35 317,382 4,447
CAE Inc. Long Term Incentives-Deferred Share Units
Van Engelen, Johannes 7 25/3/2012 35 15,521 215
Caledonia Mining Corporation
Common Shares Inwentash, Sheldon 3 16/3/2012 10 0.1 2,112,000 99,000
Calfrac Well Services Ltd. Common Shares Cillis, Laura Ann 5 20/3/2012 51 8.35 18,750 18,750 Calfrac Well Services Ltd. Common Shares Cillis, Laura Ann 5 20/3/2012 10 31 0 -18,750 Calfrac Well Services Ltd. Common Shares Cillis, Laura Ann 5 20/3/2012 51 20.74 15,000 15,000 Calfrac Well Services Ltd. Common Shares Cillis, Laura Ann 5 20/3/2012 10 31 0 -15,000 Calfrac Well Services Ltd. Options 2004 Stock
Option Plan Cillis, Laura Ann 5 20/3/2012 51 8.35 93,750 -18,750
Calfrac Well Services Ltd. Options 2004 Stock Option Plan
Cillis, Laura Ann 5 20/3/2012 51 20.74 78,750 -15,000
Calfrac Well Services Ltd. Common Shares Gartner, Lorne 4 6/3/2012 10 31.85 4,000 1,000 Calfrac Well Services Ltd. Common Shares Gartner, Lorne 4 12/3/2012 10 31.96 4,500 500 Calian Technologies Ltd. Common Shares Basler, Raymond Gregory 5 22/3/2012 10 20.4 85,000 -200 Calloway Real Estate Investment Trust
Deferred Units Calabrese, Mario 5 23/3/2012 46 4,867 1,943
Calloway Real Estate Investment Trust
Deferred Units Facchini, Anthony 7 30/3/2011 00 1,744
Calloway Real Estate Investment Trust
Deferred Units Facchini, Anthony 7 23/2/2012 46 3,488 1,744
Calloway Real Estate Investment Trust
Deferred Units Munn, Bart Scott 5 23/3/2012 46 24.33 99,422 5,987
Calloway Real Estate Investment Trust
Deferred Units Munn, Bart Scott 5 23/3/2012 46 24.33 109,085 9,663
Canaccord Financial Inc. Common Shares Fenney, Gabrielle Joy 7 28/9/2010 90 1,344 846 Canaccord Financial Inc. Common Shares Fenney, Gabrielle Joy 7 28/9/2010 90 5,130 -846 Canaccord Financial Inc. Common Shares Fitzpatrick, Giles Edwin
Thomas Muscat 7 9/10/2009 10 10.433 32,900 32,900
Canaccord Financial Inc. Common Shares Fitzpatrick, Giles Edwin Thomas Muscat
7 15/3/2012 10 8.9 30,772 -3,022
Canaccord Financial Inc. Common Shares HIGGINS, LYNN MARIE 7 8/3/2012 90 8,060 1,560 Canaccord Financial Inc. Common Shares HIGGINS, LYNN MARIE 7 8/3/2012 90 1,168 -1,560 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 19/3/2010 90 53,932 53,042 Canaccord Financial Inc. Common Shares Pejman, Alidad 5 19/3/2010 90 9 -53,042 Canaccord Financial Inc. Common Shares Rothwell, John Douglas 7 19/3/2012 10 8.8801 321,586 -25,000 Canaccord Financial Inc. Common Shares Strub, Wendy Ann 7 5/3/2012 10 8.9028 -2,530 Canaccord Financial Inc. Common Shares Strub, Wendy Ann 7 20/3/2012 10 8.7 55,486 -6,200 Canaccord Financial Inc. Common Shares Strub, Wendy Ann 7 5/3/2012 10 8.9028 11,090 -2,530 Canaco Resources Inc. Options Sinitsin, David Murray 5 3/10/2011 00 150,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3148
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canada Coal Inc. Common Shares Duncan, Robert Bruce 4, 5 16/3/2012 10 0.2 2,217,000 20,000 Canada Coal Inc. Common Shares Duncan, Robert Bruce 4, 5 20/3/2012 10 0.2 2,242,000 25,000 Canadian Apartment Properties Real Estate Investment Trust
Trust Units Amaral, Maria 5 31/12/2011 30 86,146 2,105
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Amaral, Maria 5 31/12/2011 30 875 42
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Amaral, Maria 5 31/12/2011 30 1,246 60
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Amaral, Maria 5 31/12/2011 30 1,559 81
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Cryer, Scott 5 31/12/2011 30 18.56 971 418
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Harris, Paul 4 15/3/2012 51 13.73 20,000 20,000
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Kenney, Mark 5 31/12/2011 30 60,047 915
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Kenney, Mark 5 31/12/2011 30 62,101 2,054
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Pruzanski, Corinne 5 10/1/2011 00
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Pruzanski, Corinne 5 31/12/2011 30 22.16 158 158
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Williams, David Michael 4 31/12/2011 30 18.8 17,070 715
Canadian Apartment Properties Real Estate Investment Trust
Trust Units Williams, David Michael 4 15/3/2012 30 21.83 17,283 213
Canadian Energy Services & Technology Corp.
Common Shares Swanston, Paul Edward 5 15/7/2011 10 -2,000
Canadian Energy Services & Technology Corp.
Common Shares Swanston, Paul Edward 5 15/7/2011 10 13,398 -6,000
Canadian Energy Services & Technology Corp.
Common Shares Zinger, Kenneth Earl 5 19/3/2012 10 12.5 1,070,800 -1,200
Canadian General Investments, Limited
Common Shares Smith, Colin Douglas 5 21/3/2012 30 17.49 6,370 21
Canadian Imperial Bank of Commerce
Rights BVU Capatides, Michael 7, 5 1/11/2011 30 38,393 3,993
Canadian Imperial Bank of Commerce
Rights BVU Capatides, Michael 7, 5 5/12/2011 56 36.41 13,689
Canadian Imperial Bank of Commerce
Rights BVU Capatides, Michael 7, 5 5/12/2011 56 36.41 53,551 15,158
Canadian Imperial Bank of Commerce
Rights BVU Dodig, Victor George 5 5/12/2011 56 36.41 18,030
Canadian Imperial Bank of Commerce
Rights BVU Dodig, Victor George 5 5/12/2011 56 36.41 19,966 19,966
Canadian Imperial Bank of Commerce
Rights BVU Glass, Kevin A. 5 5/12/2011 56 36.41 8,967
Canadian Imperial Bank of Commerce
Rights BVU Glass, Kevin A. 5 5/12/2011 56 36.41 9,930 9,930
Canadian Imperial Bank of Commerce
Rights BVU Nesbitt, Richard William 7, 5 1/11/2011 30 90,477 9,412
Canadian Imperial Bank of Commerce
Rights BVU Nesbitt, Richard William 7, 5 5/12/2011 56 36.41 47,415
Canadian Imperial Bank of Commerce
Rights BVU Nesbitt, Richard William 7, 5 5/12/2011 56 36.41 142,983 52,506
Canadian Imperial Bank of Commerce
Rights BVU Prentice, Peter Eric James 5 5/12/2011 56 36.41 12,359
Canadian Imperial Bank of Commerce
Rights BVU Prentice, Peter Eric James 5 5/12/2011 56 36.41 13,686 13,686
Canadian Imperial Bank of Commerce
Rights BVU Venn, Richard 7, 5 1/11/2011 30 27,224 2,832
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3149
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Imperial Bank of Commerce
Rights BVU Venn, Richard 7, 5 5/12/2011 56 36.41 10,711
Canadian Imperial Bank of Commerce
Rights BVU Venn, Richard 7, 5 5/12/2011 56 36.41 39,085 11,861
Canadian Imperial Bank of Commerce
Rights BVU Williamson, J. David 5 1/11/2011 30 38,023 3,955
Canadian Imperial Bank of Commerce
Rights BVU Williamson, J. David 5 5/12/2011 56 36.41 18,525
Canadian Imperial Bank of Commerce
Rights BVU Williamson, J. David 5 5/12/2011 56 36.41 58,536 20,513
Canadian Imperial Bank of Commerce
Rights BVU Woods, Thomas 7, 5 1/11/2011 30 39,755 4,136
Canadian Imperial Bank of Commerce
Rights BVU Woods, Thomas 7, 5 5/12/2011 56 36.41 16,726
Canadian Imperial Bank of Commerce
Rights BVU Woods, Thomas 7, 5 5/12/2011 56 36.41 58,276 18,521
Canadian Natural Resources Limited
Common Shares Case, Mary-Jo 5 1/1/2011 30 44.35 55,288 985
Canadian Natural Resources Limited
Common Shares Case, Mary-Jo 5 31/3/2011 30 44.61 59,376 221
Canadian Natural Resources Limited
Common Shares Case, Mary-Jo 5 30/6/2011 30 43.89 9,997 255
Canadian Natural Resources Limited
Common Shares Case, Mary-Jo 5 30/9/2011 30 37.45 10,219 222
Canadian Natural Resources Limited
Common Shares Case, Mary-Jo 5 31/12/2011 30 34.51 10,455 236
Canadian Natural Resources Limited
Common Shares Doucet, Real J. H. 5 1/1/2011 30 44.35 63,565 1,584
Canadian Natural Resources Limited
Common Shares Doucet, Real J. H. 5 31/3/2011 30 44.61 72,132 314
Canadian Natural Resources Limited
Common Shares Doucet, Real J. H. 5 30/6/2011 30 43.89 72,488 356
Canadian Natural Resources Limited
Common Shares Doucet, Real J. H. 5 30/9/2011 30 37.45 72,949 461
Canadian Natural Resources Limited
Common Shares Doucet, Real J. H. 5 31/12/2011 30 34.51 73,476 527
Canadian Natural Resources Limited
Common Shares knight, allen matthew 5 1/1/2011 30 44.35 288,974 1,337
Canadian Natural Resources Limited
Common Shares knight, allen matthew 5 31/3/2011 30 44.61 297,042 700
Canadian Natural Resources Limited
Common Shares knight, allen matthew 5 30/6/2011 30 43.89 297,808 766
Canadian Natural Resources Limited
Common Shares knight, allen matthew 5 30/9/2011 30 37.45 298,730 922
Canadian Natural Resources Limited
Common Shares knight, allen matthew 5 31/12/2011 30 34.51 299,882 1,152
Canadian Natural Resources Limited
Common Shares Laut, Stephen W. 5 1/1/2011 30 44.35 1,830,506 2,363
Canadian Natural Resources Limited
Common Shares Laut, Stephen W. 5 31/3/2011 30 44.61 1,964,425 867
Canadian Natural Resources Limited
Common Shares Laut, Stephen W. 5 30/6/2011 30 43.89 1,965,461 1,036
Canadian Natural Resources Limited
Common Shares Laut, Stephen W. 5 30/9/2011 30 37.45 1,966,721 1,260
Canadian Natural Resources Limited
Common Shares Laut, Stephen W. 5 31/12/2011 30 34.51 1,968,272 1,551
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 20/1/2011 30 41.83 1,854,637 414
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 11/4/2011 30 47.24 1,635,867 493
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 12/7/2011 30 41.6 1,636,428 561
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 14/10/2011 30 31.25 1,637,176 748
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.73 1,587,139 -100,000
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 30 33.8 1,581,439 -5,700
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.8 10,113,421 -30,800
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.81 10,101,321 -12,100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3150
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.82 10,085,121 -16,200
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.83 10,073,721 -11,400
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.84 10,065,121 -8,600
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.85 10,052,221 -12,900
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.86 10,045,221 -7,000
Canadian Natural Resources Limited
Common Shares Markin, Allan 4 22/3/2012 10 33.87 10,044,221 -1,000
Canadian Natural Resources Limited
Common Shares McGrath, Bruce Edward 5 1/1/2011 30 44.35 34,535 757
Canadian Natural Resources Limited
Common Shares McGrath, Bruce Edward 5 31/3/2011 30 44.61 37,528 164
Canadian Natural Resources Limited
Common Shares McGrath, Bruce Edward 5 30/6/2011 30 43.89 37,718 190
Canadian Natural Resources Limited
Common Shares McGrath, Bruce Edward 5 30/9/2011 30 37.45 37,966 248
Canadian Natural Resources Limited
Common Shares McGrath, Bruce Edward 5 31/12/2011 30 34.51 38,249 283
Canadian Natural Resources Limited
Common Shares Stauth, Scott Gerald 5 1/1/2011 30 44.35 12,102 1,010
Canadian Natural Resources Limited
Common Shares Stauth, Scott Gerald 5 31/3/2011 30 44.61 12,264 162
Canadian Natural Resources Limited
Common Shares Stauth, Scott Gerald 5 30/6/2011 30 43.89 12,464 200
Canadian Natural Resources Limited
Common Shares Stauth, Scott Gerald 5 30/9/2011 30 37.45 12,736 272
Canadian Natural Resources Limited
Common Shares Stauth, Scott Gerald 5 31/12/2011 30 34.51 23,843 322
Canadian Natural Resources Limited
Common Shares wilson, jeffrey warren 5 1/1/2011 30 44.35 1,574 1,574
Canadian Natural Resources Limited
Common Shares wilson, jeffrey warren 5 31/3/2011 30 44.61 2,014 440
Canadian Natural Resources Limited
Common Shares wilson, jeffrey warren 5 30/6/2011 30 43.89 2,512 498
Canadian Natural Resources Limited
Common Shares wilson, jeffrey warren 5 30/9/2011 30 37.45 3,138 626
Canadian Natural Resources Limited
Common Shares wilson, jeffrey warren 5 31/12/2011 30 34.51 3,881 743
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 16/3/2012 10 0.352 3,439,842 6,000
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 19/3/2012 10 0.351 3,442,342 2,500
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 20/3/2012 10 0.34 3,442,842 500
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 21/3/2012 10 0.3528 3,451,842 9,000
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 22/3/2012 10 0.3482 3,460,342 8,500
Canadian Oil Sands Limited Deferred Share Units LOWRY, Donald James 4 29/2/2012 30 112
Canadian Oil Sands Limited Deferred Share Units LOWRY, Donald James 4 29/2/2012 30 8,689 111
Canadian Oil Sands Limited Deferred Share Units Read, John K. 4 15/3/2012 56 1,469
Canadian Oil Sands Limited Deferred Share Units Read, John K. 4 15/3/2012 56 6,835 1,468
Canadian Oil Sands Limited Deferred Share Units Zaozirny, John Brian 4 15/3/2012 56 1,469
Canadian Oil Sands Limited Deferred Share Units Zaozirny, John Brian 4 15/3/2012 56 6,835 1,468
Canadian Orebodies Inc. Common Shares Cudney, Robert Douglas 3 14/3/2012 10 0.26 10,080,400 50,000 Canadian Orebodies Inc. Common Shares Cudney, Robert Douglas 3 14/3/2012 10 0.25 10,130,400 50,000 Canadian Orebodies Inc. Common Shares Cudney, Robert Douglas 3 14/3/2012 10 0.24 10,180,400 50,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3151
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Quantum Energy Corporation
Common Shares Kulhawy, Robert Ernest 4 23/12/2011 00 17,000
Canadian Quantum Energy Corporation
Common Shares Kulhawy, Robert Ernest 4 23/12/2011 00 80,000
Canadian Quantum Energy Corporation
Options Kulhawy, Robert Ernest 4 23/12/2011 00
Canadian Quantum Energy Corporation
Options Kulhawy, Robert Ernest 4 24/1/2012 50 300,000 300,000
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Fisher, James David 4 22/3/2012 30 4,980 25
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Johnson, Stephen Edward 5 21/3/2012 10 37.38 422,401 29,000
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Mackay, Reay 4 22/3/2012 30 4,946 192
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Marino, John Francis 4 22/3/2012 30 8,412 317
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
McSorley, Timothy 5 22/3/2012 30 111,858 26
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Paul, Adam Elliot 7 21/3/2012 10 37.38 45,951 10,000
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Paul, Adam Elliot 7 22/3/2012 30 45,977 26
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Ritchie, Mary 4 22/3/2012 30 2,071 9
Canadian Real Estate Investment Trust
Units Real Estate Investment Trust Units
Tory, James Marshall 4 22/3/2012 30 12,286 190
Canadian Satellite Radio Holdings Inc.
Class B Voting Shares Bitove, John Ivan 3, 4, 5 19/3/2012 36 62,390,124 -18,000,000
Canadian Satellite Radio Holdings Inc.
Subordinate Voting Shares
Bitove, John Ivan 3, 4, 5 19/3/2012 36 6,000,000 6,000,000
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.99 645,016 -1,060
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.85 644,916 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.9 644,816 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.92 644,716 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.99 644,616 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.99 644,516 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65 644,416 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65 644,316 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.85 644,116 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.85 643,616 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.01 642,016 -1,600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.02 641,976 -40
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65 641,876 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.02 641,776 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.02 641,576 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65 640,876 -700
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65 640,376 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.1 640,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.1 640,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.1 639,576 -600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.1 639,476 -100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3152
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 65.1 639,376 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 639,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 639,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 639,076 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 638,876 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 638,676 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 638,476 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.87 638,376 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.99 -1,060
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.99 -1,060
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.85 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.85 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.9 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Collver, Robyn Anne 3, 7, 5 16/3/2012 10 64.9 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.99 645,016 -1,060
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.85 644,916 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.9 644,816 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.92 644,716 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.99 644,616 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.99 644,516 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65 644,416 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65 644,316 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.85 644,116 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.85 643,616 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.01 642,016 -1,600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.02 641,976 -40
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65 641,876 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.02 641,776 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.02 641,576 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65 640,876 -700
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65 640,376 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.1 640,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.1 640,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.1 639,576 -600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.1 639,476 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 65.1 639,376 -100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3153
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 639,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 639,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 639,076 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 638,876 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 638,676 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 638,476 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
Lynar, Hugh 3 16/3/2012 10 64.87 638,376 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 9/3/2012 10 64.9 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.99 645,016 -1,060
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.85 644,916 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.9 644,816 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.92 644,716 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.99 644,616 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.99 644,516 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65 644,416 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65 644,316 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.85 644,116 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.85 643,616 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.01 642,016 -1,600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.02 641,976 -40
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65 641,876 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.02 641,776 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.02 641,576 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65 640,876 -700
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65 640,376 -500
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.1 640,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.1 640,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.1 639,576 -600
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.1 639,476 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 65.1 639,376 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 639,276 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 639,176 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 639,076 -100
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 638,876 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 638,676 -200
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 638,476 -200
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3154
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Tire Corporation, Limited
Non-Voting Shares Class A
McCann, Dean Charles 5 16/3/2012 10 64.87 638,376 -100
Canadian Utilities Limited Non-Voting Shares Class A
Bale, Brian R 7 15/3/2012 10 66.75 2,500
Canadian Utilities Limited Non-Voting Shares Class A
Bale, Brian R 7 15/3/2012 10 66.75 2,500
Canadian Utilities Limited Non-Voting Shares Class A
Bale, Brian R 7 15/3/2012 10 66.36 2,500
Canadian Utilities Limited Non-Voting Shares Class A
Bale, Brian R 7 15/3/2012 10 66.75 7,500 2,500
Canadian Utilities Limited Options 66.36 Bale, Brian R 7 1/1/2005 00 Canadian Utilities Limited Options 66.36 Bale, Brian R 7 15/3/2012 51 2,500 Canadian Utilities Limited Options 66.36 Bale, Brian R 7 15/3/2012 51 2,500 Canadian Utilities Limited Options 66.36 Bale, Brian R 7 15/3/2012 50 2,500 2,500 Canadian Utilities Limited Rights 66.36 (SAR) Bale, Brian R 7 1/1/2005 00 Canadian Utilities Limited Rights 66.36 (SAR) Bale, Brian R 7 15/3/2012 56 2,500 2,500 Canadian Utilities Limited Non-Voting Shares Class
A Cerkiewicz, Robert A. 7 15/3/2012 10 66.75 4,000 1,000
Canadian Utilities Limited Non-Voting Shares Class A
Cook, P. Derek 7 15/3/2012 10 66.75 3,000 2,000
Canadian Utilities Limited Non-Voting Shares Class A
DeChamplain, Dennis A 7 15/3/2012 10 66.75 4,000 2,000
Canadian Utilities Limited Options 66.36 DeChamplain, Dennis A 7 1/1/2005 00 Canadian Utilities Limited Options 66.36 DeChamplain, Dennis A 7 15/3/2012 50 1,000 1,000 Canadian Utilities Limited Rights 66.36 (SAR) DeChamplain, Dennis A 7 1/1/2005 00 Canadian Utilities Limited Rights 66.36 (SAR) DeChamplain, Dennis A 7 15/3/2012 56 1,000 1,000 Canadian Utilities Limited Non-Voting Shares Class
A Dolan, Brendan G 7 15/3/2012 10 66.75 2,000 1,000
Canadian Utilities Limited Options 66.36 Dolan, Brendan G 7 13/1/2006 00 Canadian Utilities Limited Options 66.36 Dolan, Brendan G 7 15/3/2012 50 500 500 Canadian Utilities Limited Rights 66.36 (SAR) Dolan, Brendan G 7 13/1/2006 00 Canadian Utilities Limited Rights 66.36 (SAR) Dolan, Brendan G 7 15/3/2012 56 500 500 Canadian Utilities Limited Non-Voting Shares Class
A Ell, John W. 7 15/3/2012 10 66.75 6,000 2,000
Canadian Utilities Limited Options 66.36 Ell, John W. 7 1/7/2003 00 Canadian Utilities Limited Options 66.36 Ell, John W. 7 15/3/2012 50 1,000 1,000 Canadian Utilities Limited Rights 66.36 (SAR) Ell, John W. 7 1/7/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Ell, John W. 7 15/3/2012 56 1,000 1,000 Canadian Utilities Limited Non-Voting Shares Class
A Gareau, Chad L 5 15/3/2012 10 66.75 1,500 1,000
Canadian Utilities Limited Options 66.36 Gareau, Chad L 5 1/8/2011 00 Canadian Utilities Limited Options 66.36 Gareau, Chad L 5 15/3/2012 50 500 500 Canadian Utilities Limited Rights 66.36 (SAR) Gareau, Chad L 5 1/8/2011 00 Canadian Utilities Limited Rights 66.36 (SAR) Gareau, Chad L 5 15/3/2012 56 500 500 Canadian Utilities Limited Non-Voting Shares Class
A Garvey, Scott James 5 15/3/2012 10 66.75 3,000 1,000
Canadian Utilities Limited Options 66.36 Garvey, Scott James 5 16/9/2009 00 Canadian Utilities Limited Options 66.36 Garvey, Scott James 5 15/3/2012 50 1,000 1,000 Canadian Utilities Limited Rights 66.36 (SAR) Garvey, Scott James 5 16/9/2009 00 Canadian Utilities Limited Rights 66.36 (SAR) Garvey, Scott James 5 15/3/2012 56 1,000 1,000 Canadian Utilities Limited Non-Voting Shares Class
A Kiefer, Siegfried W. 7, 5 15/3/2012 10 66.75 5,000
Canadian Utilities Limited Non-Voting Shares Class A
Kiefer, Siegfried W. 7, 5 15/3/2012 10 66.75 10,500 5,000
Canadian Utilities Limited Options 66.36 Kiefer, Siegfried W. 7, 5 17/3/2003 00 Canadian Utilities Limited Options 66.36 Kiefer, Siegfried W. 7, 5 15/3/2012 56 3,750 3,750 Canadian Utilities Limited Rights 66.36 (SAR) Kiefer, Siegfried W. 7, 5 17/3/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Kiefer, Siegfried W. 7, 5 15/3/2012 56 3,750 3,750 Canadian Utilities Limited Non-Voting Shares Class
A Lambright, Roberta L. 5 15/3/2012 10 66.75 4,000 2,000
Canadian Utilities Limited Options 66.36 Lambright, Roberta L. 5 17/3/2003 00 Canadian Utilities Limited Options 66.36 Lambright, Roberta L. 5 15/3/2012 50 1,000 1,000 Canadian Utilities Limited Rights 66.36 (SAR) Lambright, Roberta L. 5 17/3/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Lambright, Roberta L. 5 15/3/2012 56 1,000 1,000 Canadian Utilities Limited Non-Voting Shares Class
A MacBurnie, Arnold, G 7 1/2/2012 00
Canadian Utilities Limited Non-Voting Shares Class A
MacBurnie, Arnold, G 7 15/3/2012 10 60.75 2,996 2,996
Canadian Utilities Limited Non-Voting Shares Class A
McNabb, Barry 7 15/3/2012 10 66.75 2,000 1,000
Canadian Utilities Limited Non-Voting Shares Class A
Neumann, Robert C. 5 15/3/2012 10 66.75 1,500 500
Canadian Utilities Limited Non-Voting Shares Class A
Policicchio, Sett F. 5 15/3/2012 10 66.75 6,000 2,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3155
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Utilities Limited Options 66.36 Policicchio, Sett F. 5 11/1/2001 00 Canadian Utilities Limited Options 66.36 Policicchio, Sett F. 5 15/3/2012 50 1,000 1,000 Canadian Utilities Limited Rights 66.36 (SAR) Policicchio, Sett F. 5 11/1/2001 00 Canadian Utilities Limited Rights 66.36 (SAR) Policicchio, Sett F. 5 15/3/2012 56 1,000 1,000 Canadian Utilities Limited Non-Voting Shares Class
A Roszell, Scott C 7 15/3/2012 10 66.75 2,000 1,000
Canadian Utilities Limited Options 66.36 Roszell, Scott C 7 6/8/2000 00 Canadian Utilities Limited Options 66.36 Roszell, Scott C 7 15/3/2012 50 500 500 Canadian Utilities Limited Rights 66.36 (SAR) Roszell, Scott C 7 6/8/2000 00 Canadian Utilities Limited Rights 66.36 (SAR) Roszell, Scott C 7 15/3/2012 56 500 500 Canadian Utilities Limited Non-Voting Shares Class
A Skiffington, Alan 5 15/3/2012 10 66.75 2,000 1,000
Canadian Utilities Limited Options 66.36 Skiffington, Alan 5 23/1/2012 00 Canadian Utilities Limited Options 66.36 Skiffington, Alan 5 15/3/2012 50 500 500 Canadian Utilities Limited Rights 66.36 (SAR) Skiffington, Alan 5 23/1/2012 00 Canadian Utilities Limited Rights 66.36 (SAR) Skiffington, Alan 5 15/3/2012 56 500 500 Canadian Utilities Limited Non-Voting Shares Class
A Southern, Nancy C. 4, 6, 7, 5 15/3/2012 10 66.75 10,000
Canadian Utilities Limited Non-Voting Shares Class A
Southern, Nancy C. 4, 6, 7, 5 15/3/2012 10 66.75 30,000 10,000
Canadian Utilities Limited Options 66.36 Southern, Nancy C. 4, 6, 7, 5 9/1/2003 00 Canadian Utilities Limited Options 66.36 Southern, Nancy C. 4, 6, 7, 5 15/3/2012 50 25,000 25,000 Canadian Utilities Limited Rights 66.36 (SAR) Southern, Nancy C. 4, 6, 7, 5 9/1/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Southern, Nancy C. 4, 6, 7, 5 15/3/2012 56 25,000 25,000 Canadian Utilities Limited Non-Voting Shares Class
A Stephens, William C. 5 15/3/2012 10 66.75 1,500 1,000
Canadian Utilities Limited Options 66.36 Stephens, William C. 5 14/3/2002 00 Canadian Utilities Limited Options 66.36 Stephens, William C. 5 15/3/2012 50 500 500 Canadian Utilities Limited Rights 66.36 (SAR) Stephens, William C. 5 14/3/2002 00 Canadian Utilities Limited Rights 66.36 (SAR) Stephens, William C. 5 15/3/2012 56 500 500 Canadian Utilities Limited Non-Voting Shares Class
A Werth, Susan R. 6, 7, 5 15/3/2012 10 66.75 8,000 2,500
Canadian Utilities Limited Options 66.36 Werth, Susan R. 6, 7, 5 7/1/2003 00 Canadian Utilities Limited Options 66.36 Werth, Susan R. 6, 7, 5 15/3/2012 50 2,500 2,500 Canadian Utilities Limited Rights 66.36 (SAR) Werth, Susan R. 6, 7, 5 7/1/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Werth, Susan R. 6, 7, 5 15/3/2012 56 2,500 2,500 Canadian Utilities Limited Non-Voting Shares Class
A Wright, Paul 5 15/3/2012 10 66.75 7,068 1,500
Canadian Utilities Limited Options 66.36 Wright, Paul 5 20/3/2003 00 Canadian Utilities Limited Options 66.36 Wright, Paul 5 15/3/2012 50 750 750 Canadian Utilities Limited Rights 66.36 (SAR) Wright, Paul 5 20/3/2003 00 Canadian Utilities Limited Rights 66.36 (SAR) Wright, Paul 5 15/3/2012 56 750 750 Canadian Western Bank Common Shares Addington, William James 5 16/3/2012 10 29.6 24,183 -1,000 Canadian Western Bank Common Shares Addington, William James 5 20/3/2012 51 11.758 29,183 5,000 Canadian Western Bank Common Shares Addington, William James 5 23/3/2012 10 29.6 28,183 -1,000 Canadian Western Bank Common Shares Addington, William James 5 23/3/2012 10 29.61 28,083 -100 Canadian Western Bank Common Shares Addington, William James 5 23/3/2012 10 29.62 27,483 -600 Canadian Western Bank Common Shares Addington, William James 5 23/3/2012 10 29.57 27,183 -300 Canadian Western Bank Options Addington, William James 5 20/3/2012 51 11.758 79,695 -5,000 Canadian Western Bank Common Shares Garvey, Randell William 5 16/3/2012 10 29.72 13,742 -1,000 Canadian Western Bank Common Shares Graham, Carolyn Joan 5 20/3/2012 10 29.43 1,393 -5 Canadian Western Bank Common Shares Graham, Carolyn Joan 5 20/3/2012 90 29.43 893 -500 Canadian Western Bank Common Shares Graham, Carolyn Joan 5 20/3/2012 90 29.43 370 -523 Canadian Western Bank Common Shares Graham, Carolyn Joan 5 20/3/2012 90 29.43 10,255 500 Canadian Western Bank Common Shares Graham, Carolyn Joan 5 20/3/2012 90 29.43 10,778 523 Canadian Western Bank Common Shares Pollock, Laurence Malcolm 4, 5 21/3/2012 10 29.525 401,490 -16,000
Canadian Western Bank Common Shares Pollock, Laurence Malcolm 4, 5 21/3/2012 47 29.5 401,290 -200
Canadian Western Bank Common Shares Thomson, David Leslie John 5 19/3/2012 10 29.57 7,000 -1,525
Canadian Western Bank Options Young, Brian 5 20/6/2011 50 30.757 74,952 13,665 Canadian Western Bank Options Young, Brian 5 19/12/2011 50 25.464 95,288 20,336 Canadian Western Bank Rights Restricted Share
Units Young, Brian 5 10/6/2011 56 10,880 1,327
Canadian Western Bank Rights Restricted Share Units
Young, Brian 5 10/6/2011 56 12,207 1,327
Canadian Western Bank Rights Restricted Share Units
Young, Brian 5 10/6/2011 56 13,535 1,328
Canadian Western Bank Rights Restricted Share Units
Young, Brian 5 11/6/2011 59 11,956 -1,579
Canadian Western Bank Rights Restricted Share Units
Young, Brian 5 11/6/2011 59 10,351 -1,605
Canam Group Inc. Common Shares GROUPE CANAM INC. 1 13/3/2012 38 16,798 -11,298
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3156
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canam Group Inc. Common Shares GROUPE CANAM INC. 1 16/3/2012 38 5.1 33,194 8,198 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 16/3/2012 38 16,396 -16,798 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 19/3/2012 38 4.99 18,596 2,200 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 19/3/2012 38 5 24,594 5,998 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 20/3/2012 38 4.95 27,294 2,700 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 21/3/2012 38 4.859 35,394 8,100 Canam Group Inc. Common Shares GROUPE CANAM INC. 1 22/3/2012 38 4.726 43,494 8,100 Canarc Resource Corp. Common Shares Cooke, Bradford 4, 5 15/3/2012 10 0.1 3,370,980 46,000 Canarc Resource Corp. Common Shares Cooke, Bradford 4, 5 16/3/2012 10 0.1 3,410,980 40,000 Canarc Resource Corp. Common Shares Cooke, Bradford 4, 5 19/3/2012 10 0.1 3,460,980 50,000 Canarc Resource Corp. Common Shares Cooke, Bradford 4, 5 21/3/2012 10 0.1 3,478,980 18,000 Candente Copper Corp. Options Marticorena, Marco
Alejandro 7 16/3/2012 50 1.1 250,000 100,000
CanElson Drilling Inc. Common Shares Hawkings, Ryan 5 31/12/2011 30 3.92 26,642 1,942 CanElson Drilling Inc. Common Shares Hawkings, William Randall 4 31/12/2011 30 3.95 1,367,898 3,394 CanElson Drilling Inc. Common Shares Kolasa, Lawrence 5 31/12/2011 30 3.95 160,125 2,719 CanElson Drilling Inc. Common Shares McDougald, Elson John 4, 5 31/12/2011 30 3.95 1,577,390 1,221 CanElson Drilling Inc. Common Shares Skilnick, Robert 5 31/12/2011 30 3.95 58,260 2,719 CanElson Drilling Inc. Common Shares Smith, Michael 5 31/12/2011 30 3.95 257,001 2,719 Canfor Corporation Common Shares Nemeth, Joe 7 19/3/2012 10 12.85 0 -500 Canso Credit Income Fund Exposure to Issuer
through Canso Partners Fund
Carswell, John Paul 7 15/3/2012 70 9.9982 80,135 3,001
Canyon Services Group Inc. Common Shares Grad, Stan 4 19/3/2012 47 2,224,615 -2,143
Capital Power Corporation Common Shares Lachambre, Philip 4 20/3/2012 10 24.27 5,000 3,972 Capital Power Corporation Common Shares Lee, Stuart 5 19/3/2012 10 24.6 16,282 926 Capital Power Corporation Options Lee, Stuart 5 19/3/2012 50 24.9 165,953 53,810 Capital Power Corporation Performance Share Units Lee, Stuart 5 19/3/2012 97 12,080 6,056
Capital Power Corporation Common Shares Oosterbaan, James Nicholas
4, 5 31/12/2011 30 25.07 990
Capital Power Corporation Common Shares Oosterbaan, James Nicholas
4, 5 31/12/2011 30 25.07 20,934 999
Capital Power Corporation Options Oosterbaan, James Nicholas
4, 5 21/3/2011 50 24.9 217,884 58,730
Capital Power Corporation Performance Share Units Oosterbaan, James Nicholas
4, 5 21/3/2011 56 24.84 11,212 5,968
Capital Power Corporation Performance Share Units Oosterbaan, James Nicholas
4, 5 31/12/2011 30 25.55 11,698 486
Carbon Friendly Solutions Inc.
Common Shares Lis, Stanislaw 5 19/3/2012 10 0.255 1,170,500 -13,000
Carbon Friendly Solutions Inc.
Common Shares Lis, Stanislaw 5 19/3/2012 10 0.255 1,157,500 -13,000
CardioComm Solutions, Inc. Common Shares Grima, Etienne Anthony 4 22/3/2012 10 0.6 94,000 20,000
CardioComm Solutions, Inc. Common Shares Langer, Anatoly 4 14/2/2012 54 0.1 36,253,666 10,000,000
CardioComm Solutions, Inc. Warrants Langer, Anatoly 4 14/2/2012 54 6,000,000 -10,000,000
Cargojet Inc. Convertible Debentures Virmani, Ajay Kumar 5 1/1/2011 00 Cargojet Inc. Convertible Debentures Virmani, Ajay Kumar 5 21/3/2012 11 $1,000,000 Cargojet Inc. Convertible Debentures Virmani, Ajay Kumar 5 21/3/2012 10 $1,000,000 $1,000,000 Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Bothwell, John Bryan 4 15/3/2012 30 9.7 7,140 120
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Hew, J.F. Richard 4, 5 15/3/2012 30 9.7 3,671 52
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Hew, J.F. Richard 4, 5 15/3/2012 30 9.7 14,232 238
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Powell, Eddinton M. 4 15/3/2012 30 9.7 641 7
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Ritch, David E. 4 15/3/2012 30 9.7 785
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Ritch, David E. 4 15/3/2012 30 9.7 23,022 385
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Small, Andrew 5 15/3/2012 30 9.7 984 14
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Thomson, Peter A. 4 15/3/2012 30 9.7 2,738 46
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Thomson, Peter A. 4 15/3/2012 30 9.7 2,183 37
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Thomson, Peter A. 4 15/3/2012 30 9.7 3,363 56
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3157
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Thomson, Peter A. 4 15/3/2012 30 9.7 3,596 61
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Watler, David 5 15/3/2012 30 9.7 6,292 118
Caribbean Utilities Company, Ltd.
Common Shares Class A Ordinary Shares
Watler, David 5 15/3/2012 30 9.7 344 6
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 16/3/2012 10 0.48 4,938,500 84,000
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 16/3/2012 10 0.49 5,038,500 100,000
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 19/3/2012 10 0.5 5,044,500 6,000
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 19/3/2012 10 0.48 5,054,000 9,500
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 20/3/2012 10 0.51 5,096,500 42,500
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 20/3/2012 10 0.5 5,106,500 10,000
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 21/3/2012 10 0.51 5,108,500 2,000
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 22/3/2012 10 0.5 5,124,000 15,500
Carmanah Technologies Corporation
Common Shares Sonnenfeldt, Michael William
3 22/3/2012 10 0.51 5,121,500 -2,500
Carrus Capital Corporation Options Schmidt, Bruce Anthony 4, 5 13/3/2012 50 244,889 200,000
Cascades Inc. Common Shares Lemaire, Laurent 3, 4, 5 21/3/2012 10 4.17 12,165,886 700 Cascades Inc. Common Shares Lemaire, Laurent 3, 4, 5 21/3/2012 10 4.18 12,166,686 800 Cascades Inc. Common Shares Lemaire, Laurent 3, 4, 5 21/3/2012 10 4.19 12,169,186 2,500 Cascades Inc. Common Shares Lemaire, Laurent 3, 4, 5 21/3/2012 10 4.2 12,188,186 19,000 Castle Resources Inc. Options Croll, Anthony 4, 5 20/3/2012 51 0.3 340,000 -100,000 Castle Resources Inc. Options Croll, Anthony 4, 5 20/3/2012 51 0.3 440,000 100,000 Cathedral Energy Services Ltd.
Options BENTSEN, MARK LESLIE 4 8/3/2012 50 7.55 390,000 100,000
Cathedral Energy Services Ltd.
Options DIACHOK, DAVID NICHOLAS
5 8/3/2012 50 7.55 210,000 83,333
Cathedral Energy Services Ltd.
Options MACFARLANE, PETER SCOTT
5 8/3/2012 50 7.55 245,000 81,666
Cathedral Energy Services Ltd.
Options PUSTANYK, RANDAL HAROLD
4 8/3/2012 50 7.55 259,334 96,000
Cathedral Energy Services Ltd.
Options Ruzicki, John 5 8/3/2012 50 7.55 200,000 46,666
CB Gold Inc. Common Shares Capponi, Fabio 4 19/3/2012 10 1.11 10,807,106 10,000 CE Franklin Ltd. Options Baumgartner, James Earl 5 19/3/2012 59 10 61,502 -2,353 Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 15/3/2012 30 15.62 12,927 90 Celtic Exploration Ltd. Common Shares Shea, Michael 5 15/3/2012 30 15.62 13,189 90 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 15/3/2012 30 15.62 15,271 112 Celtic Minerals Ltd. Common Shares Cullingham, Paul Winston 4, 5 19/3/2012 10 0.03 898,000 -232,000 Celtic Minerals Ltd. Common Shares Cullingham, Paul Winston 4, 5 19/3/2012 10 0.025 828,000 -70,000 Cequence Energy Ltd. Common Shares Crone, Howard James 4, 5 21/3/2012 10 1.32 399,560 4,100 Cequence Energy Ltd. Common Shares Crone, Howard James 4, 5 22/3/2012 10 1.31 695,460 295,900 Cervus Equipment Corporation
Common Shares Lacey, Peter Alan 3, 4, 5 23/3/2012 10 18.75 0 -138,835
CGI Group Inc. Subordinate Voting Shares Classe A
Godin, Serge 5 16/3/2012 30 21.542 90,736 125
CGI Group Inc. Subordinate Voting Shares Classe A
Imbeau, André 5 16/3/2012 30 21.542 25,703 74
Channel Resources Ltd. Common Shares Ameli, Cyrus 4, 5 21/3/2012 10 0.14 441,000 15,000 Channel Resources Ltd. Common Shares Kong, David TokPay 4 21/3/2012 10 0.14 150,000 100,000 Channel Resources Ltd. Common Shares Kong, David TokPay 4 20/3/2012 10 0.15 867,000 100,000 Channel Resources Ltd. Common Shares Kong, David TokPay 4 21/3/2012 10 0.135 967,000 100,000 Charger Energy Corp. Common Shares Class A Buchanan, Thomas William 4, 5 19/3/2012 10 1.52 2,969,520 10,400
Charger Energy Corp. Common Shares Class A Buchanan, Thomas William 4, 5 19/3/2012 10 1.55 3,009,120 39,600
Charger Energy Corp. Common Shares Class A Buchanan, Thomas William 4, 5 20/3/2012 10 1.47 3,059,120 50,000
Charger Energy Corp. Common Shares Class A Milford, John Calverley 5 6/3/2012 00
Charger Energy Corp. Common Shares Class A Milford, John Calverley 5 14/3/2012 10 1.25 10,000 10,000
Charger Energy Corp. Common Shares Class A O'Byrne, Daniel James 4, 5 20/3/2012 10 1.47 1,205,540 20,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3158
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Charger Energy Corp. Common Shares Class A Walker, Mark Nicholas 5 15/3/2012 10 1.3 1,201,539 54,200
Charger Energy Corp. Common Shares Class A Walker, Mark Nicholas 5 20/3/2012 10 1.49 1,222,339 20,800
China Education Resources Inc.
Options Hon, Chi Tak Danny 4, 5 15/3/2012 50 0.4 300,000 200,000
Chinook Energy Inc. Options Dube, Brent Stephen 5 1/3/2012 00 300,000 Chorus Aviation Inc. Class B Voting Shares Copp, Colin 5 21/3/2012 10 3.54 30,760 -21,025 Chorus Aviation Inc. Class B Voting Shares FLYNN, Rick 5 21/3/2012 10 3.54 52,471 -13,201 Chorus Aviation Inc. Class B Voting Shares STEER, Richard A. 5 31/12/2010 00 Chorus Aviation Inc. Class B Voting Shares STEER, Richard A. 5 19/3/2012 90 3.6 25,000 25,000 Chorus Aviation Inc. Class B Voting Shares STEER, Richard A. 5 19/3/2012 10 3.51 75,580 -15,044 Chorus Aviation Inc. Class B Voting Shares STEER, Richard A. 5 19/3/2012 90 3.6 50,580 -25,000 Chorus Aviation Inc. Class B Voting Shares STEER, Richard A. 5 21/3/2012 10 3.63 45,580 -5,000 CI Financial Corp. Debentures 3.30%
Debentures due 2012 Bank of Nova Scotia, The 3 19/3/2012 10 100.98 $4,292,000 $777,000
CI Financial Corp. Debentures 3.30% Debentures due 2012
Bank of Nova Scotia, The 3 21/3/2012 10 100.92 $4,299,000 $7,000
CI Financial Corp. Debentures 3.30% Debentures due 2012
Bank of Nova Scotia, The 3 22/3/2012 10 100.92 $4,304,000 $5,000
CI Financial Corp. Common Shares Chang, G. Raymond 7 16/3/2012 10 22.833 11,750,540 -20,000 CI Financial Corp. Common Shares Chang, G. Raymond 7 20/3/2012 10 22.95 11,730,540 -20,000 CI Financial Corp. Common Shares Chang, G. Raymond 7 21/3/2012 10 23.05 11,720,540 -10,000 CI Financial Corp. Common Shares Holland, William T. 4 20/3/2012 47 23.15 10,817,046 -100,000 Cineplex Inc. Common Shares Briant, Heather 5 14/3/2012 10 27.78 52,636 -5,475 Cineplex Inc. Common Shares Briant, Heather 5 14/3/2012 90 27.78 59,498 6,862 Cineplex Inc. Common Shares Briant, Heather 5 14/3/2012 90 27.78 64,432 4,934 Cineplex Inc. Common Shares Briant, Heather 5 14/3/2012 90 11,797 -6,862 Cineplex Inc. Common Shares Briant, Heather 5 14/3/2012 90 6,863 -4,934 Cineplex Inc. Options Briant, Heather 5 16/3/2012 59 28.01 44,181 -4,593 Cineplex Inc. Options Briant, Heather 5 16/3/2012 59 28.01 24,181 -20,000 Cineplex Inc. Common Shares Fitzgerald, Anne Tunstall 5 14/3/2012 90 27.78 16,050 6,862 Cineplex Inc. Common Shares Fitzgerald, Anne Tunstall 5 14/3/2012 90 27.78 24,273 8,223 Cineplex Inc. Common Shares Fitzgerald, Anne Tunstall 5 14/3/2012 10 27.78 17,271 -7,002 Cineplex Inc. Common Shares Fitzgerald, Anne Tunstall 5 14/3/2012 90 15,086 -6,862 Cineplex Inc. Common Shares Fitzgerald, Anne Tunstall 5 14/3/2012 90 6,863 -8,223 Cineplex Inc. Common Shares Jacob, Ellis 5 14/3/2012 90 27.78 94,012 26,079 Cineplex Inc. Common Shares Jacob, Ellis 5 14/3/2012 90 27.78 125,261 31,249 Cineplex Inc. Common Shares Jacob, Ellis 5 14/3/2012 10 27.78 98,654 -26,607 Cineplex Inc. Common Shares Jacob, Ellis 5 14/3/2012 90 57,328 -26,079 Cineplex Inc. Common Shares Jacob, Ellis 5 14/3/2012 90 26,079 -31,249 Cineplex Inc. Options Jacob, Ellis 5 16/3/2012 59 28.702 866,905 -25,000 Cineplex Inc. Options Jacob, Ellis 5 19/3/2012 59 28.65 860,677 -6,228 Cineplex Inc. Options Jacob, Ellis 5 20/3/2012 59 28.418 826,905 -33,772 Cineplex Inc. Common Shares Kennedy, Michael 5 14/3/2012 10 27.78 -6,631 -7,002 Cineplex Inc. Common Shares Kennedy, Michael 5 14/3/2012 90 27.78 231 6,862 Cineplex Inc. Common Shares Kennedy, Michael 5 14/3/2012 90 27.78 8,454 8,223 Cineplex Inc. Common Shares Kennedy, Michael 5 14/3/2012 90 15,086 -6,862 Cineplex Inc. Common Shares Kennedy, Michael 5 14/3/2012 90 6,863 -8,223 Cineplex Inc. Common Shares Kent, Jeff 5 14/3/2012 90 27.78 28,236 8,236 Cineplex Inc. Common Shares Kent, Jeff 5 14/3/2012 90 27.78 38,104 9,868 Cineplex Inc. Common Shares Kent, Jeff 5 14/3/2012 10 27.78 29,701 -8,403 Cineplex Inc. Common Shares Kent, Jeff 5 14/3/2012 90 18,104 -8,236 Cineplex Inc. Common Shares Kent, Jeff 5 14/3/2012 90 8,236 -9,868 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 10 27.78 7,113 -5,953 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 -5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 12,946 5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 27.78 5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 27.78 5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 27.78 19,936 6,990 Cineplex Inc. Common Shares Mandryk, Suzanna 5 16/3/2012 10 28.74 16,936 -3,000 Cineplex Inc. Common Shares Mandryk, Suzanna 5 21/3/2012 10 28.6 14,936 -2,000 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 -5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 -5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 11,667 -6,990 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 27.78 5,833 Cineplex Inc. Common Shares Mandryk, Suzanna 5 14/3/2012 90 27.78 5,834 -5,833 Cineplex Inc. Options Mandryk, Suzanna 5 16/3/2012 59 28.5 32,751 -4,355 Cineplex Inc. Common Shares McGrath, Daniel F. 5 14/3/2012 90 27.78 43,323 10,980 Cineplex Inc. Common Shares McGrath, Daniel F. 5 14/3/2012 90 27.78 56,480 13,157 Cineplex Inc. Common Shares McGrath, Daniel F. 5 14/3/2012 10 27.78 45,276 -11,204 Cineplex Inc. Common Shares McGrath, Daniel F. 5 14/3/2012 90 24,138 -10,980 Cineplex Inc. Common Shares McGrath, Daniel F. 5 14/3/2012 90 10,981 -13,157 Cineplex Inc. Options McGrath, Daniel F. 5 14/3/2012 59 28.202 114,977 -27,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3159
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Cineplex Inc. Common Shares Nelson, Gordon 5 14/3/2012 10 27.78 68,230 -11,204 Cineplex Inc. Common Shares Nelson, Gordon 5 14/3/2012 90 27.78 79,210 10,980 Cineplex Inc. Common Shares Nelson, Gordon 5 14/3/2012 90 27.78 92,367 13,157 Cineplex Inc. Common Shares Nelson, Gordon 5 14/3/2012 90 24,138 -10,980 Cineplex Inc. Common Shares Nelson, Gordon 5 14/3/2012 90 10,981 -13,157 Cineplex Inc. Options Nelson, Gordon 5 14/3/2012 59 28.4 113,729 -20,315 Cineplex Inc. Options Nelson, Gordon 5 15/3/2012 59 28.4 105,544 -8,185 Cineplex Inc. Options Nelson, Gordon 5 21/3/2012 59 28.55 91,544 -14,000 Cineplex Inc. Common Shares Nonis, Paul 5 1/3/2012 10 28.83 -100 Cineplex Inc. Common Shares Nonis, Paul 5 1/3/2012 10 28.83 -100 Cineplex Inc. Common Shares Nonis, Paul 5 14/3/2012 90 27.78 6,944 6,178 Cineplex Inc. Common Shares Nonis, Paul 5 14/3/2012 90 27.78 14,345 7,401 Cineplex Inc. Common Shares Nonis, Paul 5 14/3/2012 10 27.78 8,042 -6,303 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.91 7,742 -300 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.9 7,642 -100 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.89 7,542 -100 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.88 7,442 -100 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.87 7,342 -100 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.86 7,242 -100 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.85 5,642 -1,600 Cineplex Inc. Common Shares Nonis, Paul 5 19/3/2012 10 28.83 5,542 -100 Cineplex Inc. Common Shares Nonis, Paul 5 14/3/2012 90 13,579 -6,178 Cineplex Inc. Common Shares Nonis, Paul 5 14/3/2012 90 6,178 -7,401 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 27.78 8,751 4,461 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 27.78 14,096 5,345 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 10 27.78 9,544 -4,552 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 23/3/2012 10 28.86 9,044 -500 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 23/3/2012 10 28.87 8,544 -500 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 9806 -4,461 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 9806 -4,461 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 8,922 -5,345 Cineplex Inc. Common Shares Stanghieri, Fabrizio 5 14/3/2012 90 4,461 -4,461 Clairvest Group Inc. Common Shares Clairvest Group Inc. 1 16/3/2012 38 17.11 118,600 1,000 Clairvest Group Inc. Common Shares Clairvest Group Inc. 1 19/3/2012 38 17.1 119,600 1,000 Clairvest Group Inc. Common Shares Clairvest Group Inc. 1 20/3/2012 38 17.1 120,600 1,000 Clairvest Group Inc. Common Shares Clairvest Group Inc. 1 21/3/2012 38 0 -120,600 Clarke Inc. Common Shares Cull, Dean Maxwell 7 8/3/2012 30 4.1777 23,526 291 Clarke Inc. Common Shares Cull, Dean Maxwell 7 13/3/2012 30 4.1777 291 Clarke Inc. Common Shares Cull, Dean Maxwell 7 16/3/2012 30 4.1777 23,808 282 CMX Gold & Silver Corp. Common Shares Niedermaier, John Anthony 4 7/3/2012 00 139,059
CMX Gold & Silver Corp. Common Shares Niedermaier, John Anthony 4 7/3/2012 00 62,084
Coalspur Mines Limited Common Shares (Ordinary)
Smart, William Keith 4 6/2/2012 51 0.75 138,483,333 15,000,000
Coalspur Mines Limited Common Shares (Ordinary)
Smart, William Keith 4 9/3/2012 10 1.53 141,115,533 2,632,200
Coalspur Mines Limited Options (Unlisted) Smart, William Keith 4 6/2/2012 51 0.75 14,933,333 -15,000,000 Coalspur Mines Limited Common Shares
(Ordinary) Steyn, Colin 4 6/2/2012 51 0.75 51,000,000 15,000,000
Coalspur Mines Limited Common Shares (Ordinary)
Steyn, Colin 4 9/3/2012 10 1.53 53,632,200 2,632,200
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.5 1,063,500 -42,500
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.53 1,060,000 -3,500
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.54 1,058,300 -1,700
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.55 1,057,400 -900
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3160
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.56 1,057,000 -400
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 19/3/2012 10 4.57 1,056,000 -1,000
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 20/3/2012 10 4.65 1,039,900 -16,100
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 20/3/2012 10 4.66 1,039,100 -800
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 20/3/2012 10 4.7 1,033,000 -6,100
Coast Wholesale Appliances Inc.
Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 20/3/2012 10 4.75 1,031,000 -2,000
Colibri Resource Corporation Common Shares Lewicki, Brian Dale 5 15/3/2012 10 0.155 323,500 10,000
Coltstar Ventures Inc. Common Shares Burega, Stephen 4 20/3/2012 10 0.095 377,000 77,000 Cominar Real Estate Investment Trust
Options Ouellette, Michel 5 15/3/2012 51 18.68 89,500 -12,750
Cominar Real Estate Investment Trust
Options Ouellette, Michel 5 15/3/2012 51 15.14 78,000 -11,500
Cominar Real Estate Investment Trust
Options Ouellette, Michel 5 15/3/2012 51 19.48 60,000 -18,000
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 15/3/2012 51 18.68 40,852 12,750
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 15/3/2012 51 15.14 52,352 11,500
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 15/3/2012 51 19.48 70,352 18,000
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 15/3/2012 10 24.09 58,052 -12,300
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 15/3/2012 10 24.04 49,752 -8,300
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.72 45,152 -4,600
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.72 44,752 -400
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.7 39,752 -5,000
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.74 35,652 -4,100
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.73 35,352 -300
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.72 34,752 -600
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.71 29,752 -5,000
Cominar Real Estate Investment Trust
Trust Units Ouellette, Michel 5 16/3/2012 10 23.79 28,102 -1,650
COMPASS Income Fund Trust Units COMPASS Income Fund 1 16/3/2012 38 12.19 30,471,529 700 COMPASS Income Fund Trust Units COMPASS Income Fund 1 22/3/2012 38 12.13 30,474,029 2,500 Constantine Metal Resources Ltd.
Options Green, Darwin 5 1/11/2008 00
Constantine Metal Resources Ltd.
Options Green, Darwin 5 5/3/2012 50 0.11 250,000 250,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3161
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Continental Gold Limited (formerly Cronus Resources Ltd.)
Common Shares Koch, Gustavo Jose 5 19/3/2012 54 0.98 1,563,327 157,639
Continental Gold Limited (formerly Cronus Resources Ltd.)
Warrants Koch, Gustavo Jose 5 19/3/2012 54 0 -157,639
Contrans Group Inc. Options Amos, Gordon Ross 4 1/12/2009 00 Contrans Group Inc. Options Amos, Gordon Ross 4 5/4/2011 50 8.95 40,000 40,000 Contrans Group Inc. Options Leach, Archie Murray 4 1/12/2009 00 Contrans Group Inc. Options Leach, Archie Murray 4 5/4/2011 50 40,000 40,000 CORAL GOLD RESOURCES LTD.
Common Shares Wolfin, Louis 4, 5 14/3/2012 10 0.37 966,801 70,000
CORPORATION NUVOLT INC.
Options Bois, Fernand 3 7/1/2011 51 -500,000
CORPORATION NUVOLT INC.
Options Bois, Fernand 3 7/1/2011 52 0 -500,000
CORPORATION NUVOLT INC.
Common Shares GUILBAULT, Jean 4 4/9/2009 16 0.15 3,000,000
CORPORATION NUVOLT INC.
Common Shares GUILBAULT, Jean 4 4/9/2009 16 0.15 3,000,000
CORPORATION NUVOLT INC.
Options GUILBAULT, Jean 4 24/9/2009 50 100,000
CORPORATION NUVOLT INC.
Options GUILBAULT, Jean 4 24/9/2009 50 100,000
CORPORATION NUVOLT INC.
Common Shares GUILBAULT, Jean 4 4/9/2009 16 0.15 3,813,334 3,000,000
CORPORATION NUVOLT INC.
Options GUILBAULT, Jean 4 24/9/2009 50 250,000 100,000
CORPORATION NUVOLT INC.
Common Shares Lambert, Jean 4, 5 20/3/2012 10 0.05 4,783,333 1,033,333
Corsa Coal Corp. Common Shares Benner, Colin Keith 4 21/3/2012 11 0.38 131,600 Corsa Coal Corp. Common Shares Benner, Colin Keith 4 21/3/2012 11 0.38 2,393,600 131,600 Corsa Coal Corp. Options Caldwell, Paul Douglas 5 20/3/2012 50 0.5 650,000 300,000 Corsa Coal Corp. Common Shares Charter, Donald Kinloch 4 23/3/2012 11 0.38 2,737,600 131,600 Corsa Coal Corp. Common Shares Harrison, Michael James 4 23/3/2012 11 0.38 481,600 131,600 Corsa Coal Corp. Common Shares Meehan, Stephen 7 23/3/2012 11 0.38 7,096,280 -526,400 Cortex Business Solutions Inc.
Common Shares Powell, Keith 4 16/3/2012 51 0.15 1,703,000 200,000
Cortex Business Solutions Inc.
Options Powell, Keith 4 16/3/2012 51 0.15 -200,000
Cortex Business Solutions Inc.
Options Powell, Keith 4 16/3/2012 51 0.15 -200,000
Cortex Business Solutions Inc.
Options Powell, Keith 4 16/3/2012 51 0.15 800,000 -200,000
CORUS Entertainment Inc. Non-Voting Shares Class B
Adam, Judy Chieh 5 31/12/2011 30 20.45 583
CORUS Entertainment Inc. Non-Voting Shares Class B
Adam, Judy Chieh 5 31/12/2011 30 20.51 7,836 700
CORUS Entertainment Inc. Non-Voting Shares Class B
Adam, Judy Chieh 5 31/12/2011 30 19.88 252
CORUS Entertainment Inc. Non-Voting Shares Class B
Adam, Judy Chieh 5 31/12/2011 30 19.91 8,115 279
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Belisle, Fernand 4 31/12/2011 30 19.69 5,979 159
CORUS Entertainment Inc. Non-Voting Shares Class B
Belisle, Fernand 4 31/12/2011 30 19.99 7,631 282
CORUS Entertainment Inc. Non-Voting Shares Class B
Cassaday, John 3 31/12/2011 30 20.44 2,324
CORUS Entertainment Inc. Non-Voting Shares Class B
Cassaday, John 3 31/12/2011 30 20.49 488,830 2,790
CORUS Entertainment Inc. Non-Voting Shares Class B
Cassaday, John 3 31/12/2011 30 19.87 1,527
CORUS Entertainment Inc. Non-Voting Shares Class B
Cassaday, John 3 31/12/2011 30 19.9 490,516 1,686
CORUS Entertainment Inc. Non-Voting Shares Class B
Dyer, Donald Scott 5 31/12/2011 30 20.46 982
CORUS Entertainment Inc. Non-Voting Shares Class B
Dyer, Donald Scott 5 31/12/2011 30 20.5 9,159 1,186
CORUS Entertainment Inc. Non-Voting Shares Class B
Dyer, Donald Scott 5 31/12/2011 30 19.87 563
CORUS Entertainment Inc. Non-Voting Shares Class B
Dyer, Donald Scott 5 31/12/2011 30 19.89 9,781 622
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3162
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Erker, Dennis 4 31/12/2011 30 19.87 34,474 1,279
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Hursh, Carolyn Anne 4 31/12/2011 30 19.77 9,472 288
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Leaney, Wendy Ann 4 30/11/2011 56 18.94 330
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Leaney, Wendy Ann 4 30/11/2011 56 18.94 2,848 1,650
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Leaney, Wendy Ann 4 31/12/2011 30 19.65 2,889 41
CORUS Entertainment Inc. Non-Voting Shares Class B
Maavara, Gary Aksel 5 31/12/2011 30 20.46 895
CORUS Entertainment Inc. Non-Voting Shares Class B
Maavara, Gary Aksel 5 31/12/2011 30 20.51 16,082 1,074
CORUS Entertainment Inc. Non-Voting Shares Class B
Maavara, Gary Aksel 5 31/12/2011 30 19.84 208
CORUS Entertainment Inc. Non-Voting Shares Class B
Maavara, Gary Aksel 5 31/12/2011 30 19.87 16,313 231
CORUS Entertainment Inc. Non-Voting Shares Class B
McNair, Kathleen 5 31/12/2011 30 20.46 840
CORUS Entertainment Inc. Non-Voting Shares Class B
McNair, Kathleen 5 31/12/2011 30 20.51 12,542 1,008
CORUS Entertainment Inc. Non-Voting Shares Class B
McNair, Kathleen 5 31/12/2011 30 19.86 285
CORUS Entertainment Inc. Non-Voting Shares Class B
McNair, Kathleen 5 31/12/2011 30 19.88 12,857 315
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Mey, Susan Elizabeth 4 31/12/2011 30 19.44 2,504 47
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Mey, Susan Elizabeth 4 21/3/2012 30 21 3,093 17
CORUS Entertainment Inc. Non-Voting Shares Class B
Murphy, Douglas Donovan 5 31/12/2011 30 20.46 1,143
CORUS Entertainment Inc. Non-Voting Shares Class B
Murphy, Douglas Donovan 5 31/12/2011 30 20.5 1,385
CORUS Entertainment Inc. Non-Voting Shares Class B
Murphy, Douglas Donovan 5 31/12/2011 30 20.5 27,185 1,382
CORUS Entertainment Inc. Non-Voting Shares Class B
Murphy, Douglas Donovan 5 31/12/2011 30 20.46 237
CORUS Entertainment Inc. Non-Voting Shares Class B
Murphy, Douglas Donovan 5 31/12/2011 30 20.46 27,427 242
CORUS Entertainment Inc. Non-Voting Shares Class B
Pandoff, Chris 5 31/12/2011 30 20.45 955
CORUS Entertainment Inc. Non-Voting Shares Class B
Pandoff, Chris 5 31/12/2011 30 20.51 28,599 1,145
CORUS Entertainment Inc. Non-Voting Shares Class B
Pandoff, Chris 5 31/12/2011 30 19.87 563
CORUS Entertainment Inc. Non-Voting Shares Class B
Pandoff, Chris 5 31/12/2011 30 19.89 29,221 622
CORUS Entertainment Inc. Non-Voting Shares Class B
Peddie, Tom 5 31/12/2011 30 20.46 1,196
CORUS Entertainment Inc. Non-Voting Shares Class B
Peddie, Tom 5 31/12/2011 30 20.51 60,555 1,434
CORUS Entertainment Inc. Non-Voting Shares Class B
Peddie, Tom 5 31/12/2011 30 19.87 756
CORUS Entertainment Inc. Non-Voting Shares Class B
Peddie, Tom 5 31/12/2011 30 19.9 61,389 834
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
ROGERS, Ronald D. 4 31/12/2011 30 19.59 3,128 72
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Roozen, Catherine M. 4 30/11/2011 56 18.94 660
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Roozen, Catherine M. 4 30/11/2011 56 18.94 1,911 990
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Roozen, Catherine M. 4 31/12/2011 30 19.3 1,929 18
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Roozen, Catherine M. 4 29/2/2012 56 21.87 572
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Roozen, Catherine M. 4 29/2/2012 56 21.87 2,786 857
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Royer, Terrance Eldon 4 31/12/2011 30 19.86 1,325
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Royer, Terrance Eldon 4 31/12/2011 30 19.86 36,085 1,325
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3163
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
CORUS Entertainment Inc. Deferred Share Units (DSUs) - Director Plan
Shaw, Julie Marie 4 31/12/2011 30 19.78 2,868 90
Craig Wireless Systems Ltd Options Bamforth, Murray 5 21/3/2012 00
Craig Wireless Systems Ltd Options Bamforth, Murray 5 21/3/2012 50 0.302 100,000 100,000
Craig Wireless Systems Ltd Options Birkland, Gary Chris 5 21/3/2012 00
Craig Wireless Systems Ltd Options Birkland, Gary Chris 5 21/3/2012 50 0.302 300,000 300,000
Crescent Point Energy Corp. Common Shares Colborne, Paul 4 15/3/2012 22 99,308 38,419
Crescent Point Energy Corp. Common Shares Colborne, Paul 4 19/3/2012 10 44.57 89,308 -10,000
Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 15/3/2012 16 2,499
Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 15/3/2012 22 143,316 2,499
Crescent Point Energy Corp. Common Shares MacDonald, Tamara 7 15/3/2012 22 171,941 2,499
Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 15/3/2012 22 9,880 187
Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 15/3/2012 22 844,454 111,474
Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 21/3/2012 10 44.8 834,454 -10,000
Crescent Point Energy Corp. Common Shares Stangl, Trent Terry 5 15/3/2012 22 88,356 1,139
Creso Exploration Inc. Options DRYLIE, VERNON KENT 5 1/3/2012 00 Creso Exploration Inc. Options DRYLIE, VERNON KENT 5 1/3/2012 00 Creso Exploration Inc. Options DRYLIE, VERNON KENT 5 1/3/2012 50 400,000 400,000 Crocodile Gold Corp. Common Shares Getz, Robert Hinman 4 29/2/2012 00 Crocodile Gold Corp. Common Shares Getz, Robert Hinman 4 15/3/2012 11 0.5 200,000 200,000 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 112,062,750 19,392,133 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 76,148,716 7,132,595 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 11,702,130 1,059,881 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 1,221,912 99,604 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 25,971,742 2,213,104 Crocodile Gold Corp. Common Shares Luxor Capital Group, LP 3 15/3/2012 15 0.5 8,125,950 660,579 Crocodile Gold Corp. Common Shares Tagliamonte, Peter Wilson 4 15/3/2012 16 0.5 140,000 80,000
Crosshair Energy Corporation
Common Shares Bell, Thomas 5 20/3/2012 36 0.4 25,000 25,000
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Bell, Thomas 5 20/3/2012 36 0 -25,000
Crosshair Energy Corporation
Warrants Bell, Thomas 5 20/3/2012 36 12,500 12,500
Crosshair Energy Corporation
Common Shares Collingwood, Chris 4 20/3/2012 36 0.4 143,825 62,500
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Collingwood, Chris 4 20/3/2012 36 0 -62,500
Crosshair Energy Corporation
Warrants Collingwood, Chris 4 20/3/2012 36 46,875 31,250
Crosshair Energy Corporation
Common Shares Gill, Derrick Edwin 4 20/3/2012 36 0.4 48,750 12,500
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Gill, Derrick Edwin 4 20/3/2012 36 0 -12,500
Crosshair Energy Corporation
Warrants Gill, Derrick Edwin 4 20/3/2012 36 21,875 6,250
Crosshair Energy Corporation
Common Shares Paine, Sheila Margaret 5 2/12/2008 00
Crosshair Energy Corporation
Common Shares Paine, Sheila Margaret 5 20/3/2012 36 0.4 12,500 12,500
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Paine, Sheila Margaret 5 20/3/2012 36 0 -12,500
Crosshair Energy Corporation
Warrants Paine, Sheila Margaret 5 2/12/2008 00
Crosshair Energy Corporation
Warrants Paine, Sheila Margaret 5 20/3/2012 36 18,750
Crosshair Energy Corporation
Warrants Paine, Sheila Margaret 5 20/3/2012 36 18,750 18,750
Crosshair Energy Corporation
Common Shares Wallis, Charles Stewart 4, 5 20/3/2012 36 0.4 150,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3164
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Crosshair Energy Corporation
Common Shares Wallis, Charles Stewart 4, 5 20/3/2012 36 0.4 114,650 100,000
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Wallis, Charles Stewart 4, 5 20/3/2012 36 0 -100,000
Crosshair Energy Corporation
Warrants Wallis, Charles Stewart 4, 5 20/3/2012 36 50,000 50,000
Crosshair Energy Corporation
Common Shares Yik, Samuel Ka Chun 5 20/3/2012 36 0.4 25,000 25,000
Crosshair Energy Corporation
Subscription Rights Subscription Receipts
Yik, Samuel Ka Chun 5 20/3/2012 36 0 -25,000
Crosshair Energy Corporation
Warrants Yik, Samuel Ka Chun 5 20/3/2012 36 12,500 12,500
Crown Gold Corporation Warrants $0.12 expiring March 17, 2012
Dunn, Stephen Ronald 4 17/3/2012 55 0.12 0 -660,000
Crown Gold Corporation Warrants $0.12 expiring March 17, 2012
Sheldon, Donald A. 4 17/3/2012 55 0.12 0 -660,000
Currie Rose Resources Inc. Warrants Pinetree Capital Ltd. 3 10/3/2012 55 0.1 0 -1,250,000
CWC Well Services Corp. Common Shares CWC Well Services Corp. 1 14/3/2012 10 0.77 880,500 1,000 CWC Well Services Corp. Common Shares CWC Well Services Corp. 1 19/3/2012 38 0 -880,500 Cymbria Corporation Non-Voting Shares Class
A Shares Cymbria Corporation 1 22/3/2012 38 12.97 159,200 4,000
Cymbria Corporation Non-Voting Shares Class A Shares
Cymbria Corporation 1 23/3/2012 38 12.95 161,800 2,600
Darnley Bay Resources Limited
Common Shares Knoll, Kerry 4 15/3/2012 11 0.1 1,272,600 250,000
Darnley Bay Resources Limited
Warrants Knoll, Kerry 4 15/3/2012 11 474,550 125,000
Darnley Bay Resources Limited
Common Shares Reford, Stephen William 4 15/3/2012 11 0.1 1,225,697 100,000
Darnley Bay Resources Limited
Warrants Reford, Stephen William 4 15/3/2012 11 0.1 50,000 50,000
Darnley Bay Resources Limited
Common Shares Richardson, James Angus Wilson (Bilkstys-)
4 19/3/2012 16 0.1 196,500 100,000
Darnley Bay Resources Limited
Warrants Richardson, James Angus Wilson (Bilkstys-)
4 27/7/2010 00
Darnley Bay Resources Limited
Warrants Richardson, James Angus Wilson (Bilkstys-)
4 19/3/2012 16 0.15 50,000 50,000
Data Group Inc. Common Shares Wittal, Stephen 7 14/12/2011 00 Data Group Inc. Common Shares Wittal, Stephen 7 12/3/2012 30 5.3943 1,678 1,678 Dia Bras Exploration Inc. Options Dean, Steven G 4 20/3/2012 50 3.4 133,771 42,857 Diamond Fields International Ltd.
Options BAKER, NORMAN RODERIC
4 18/3/2012 52 300,000 -30,000
Diamond Fields International Ltd.
Options Ransome, Ian Gordon Dalrymple
5 18/3/2012 52 250,000 -40,000
Diamond Fields International Ltd.
Options SEDUN, GREGG JAMES 4 18/3/2012 52 1,000,000 -30,000
Diamond Fields International Ltd.
Options Young, Earl Verdelle 4 18/3/2012 52 300,000 -30,000
DNI Metals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 16/3/2012 10 0.57 0 -60,000
DNI Metals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 16/3/2012 10 0.6 340,500 -300,000
DNI Metals Inc. Common Shares mitchell, raymond 4 19/3/2012 10 0.5 30,000 -10,500 Duluth Metals Limited Common Shares Cowan, Mark 4 19/3/2012 10 2.2053 137,000 1,000 Dundee Precious Metals Inc. Options Buntain, Derek Hedley
Longworth 4 22/3/2012 50 8.89 80,000 10,000
Dundee Precious Metals Inc. Options Gillin, Robert Peter Charles 4 22/3/2012 50 80,000 10,000
Dundee Precious Metals Inc. Options Goodman, Jonathan Carter 4, 5 22/3/2012 50 8.89 1,288,000 98,000
Dundee Precious Metals Inc. Options Goodman, Ned 4, 6 22/3/2012 50 8.89 80,000 10,000
Dundee Precious Metals Inc. Options John, William Murray 4 22/3/2012 50 8.89 80,000 10,000
Dundee Precious Metals Inc. Options Kinsman, Jeremy 4 22/3/2012 50 96,733 10,000
Dundee Precious Metals Inc. Options MacRae, Garth A. C. 4 22/3/2012 50 8.89 80,000 10,000
Dundee Precious Metals Inc. Options Nixon, Peter 4 22/3/2012 50 80,000 10,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3165
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Dundee Precious Metals Inc. Options Singer, Ronald 4 22/3/2012 50 80,000 10,000
Dundee Precious Metals Inc. Options Wilson, William George 4 22/3/2012 50 198,000 23,000
Dundee Precious Metals Inc. Options Young, Donald Walter 4 22/3/2012 50 8.89 55,000 10,000
Dynacor Gold Mines Inc. Common Shares Devitre, Richard 4 19/3/2012 10 0.7 77,327 -15,000 easyhome Ltd. Common Shares Ciampi, Johnny 6 15/3/2012 10 7.5 649,767 28,724 easyhome Ltd. Common Shares Ciampi, Johnny 6 15/3/2012 10 7.5 1,605,583 70,976 easyhome Ltd. Common Shares Ingram, David 4, 5 15/3/2012 10 7.5 372,329 -30,000 easyhome Ltd. Common Shares Maxam Opportunities
(International) GP Ltd. 3 15/3/2012 10 7.5 649,767 28,724
easyhome Ltd. Common Shares Maxam Opportunities Fund (International) Limited Partnership
3 15/3/2012 10 7.5 649,767 28,724
easyhome Ltd. Common Shares Maxam Opportunities Fund Limited Partnership
3 15/3/2012 10 7.5 1,605,583 70,976
easyhome Ltd. Common Shares Maxam Opportunities GP Ltd.
3 15/3/2012 10 7.5 1,605,583 70,976
easyhome Ltd. Common Shares Morrison, Sean 6 15/3/2012 10 7.5 649,767 28,724 easyhome Ltd. Common Shares Morrison, Sean 6 15/3/2012 10 7.5 1,605,583 70,976 easyhome Ltd. Common Shares Thomson, David J. 4 10/1/2012 00 5,000 Economic Investment Trust Limited
Common Shares E-L Financial Corporation Limited
3 19/3/2012 10 55.25 1,346,963 2,400
Economic Investment Trust Limited
Common Shares E-L Financial Corporation Limited
3 22/3/2012 10 54.61 1,347,663 700
Edleun Group, Inc. Common Shares Durekas, Ty 5 19/3/2012 10 0.73 200,000 3,500 Eldorado Gold Corporation Common Shares Eldorado Gold Corporation 1 16/3/2012 38 536,218 -118,676
Eldorado Gold Corporation Common Shares MOSS, DAWN LOUISE 5 16/3/2012 36 13.13 37,076 10,787
Eldorado Gold Corporation Restricted Share Units MOSS, DAWN LOUISE 5 16/3/2012 36 38,824 -10,787
Eldorado Gold Corporation Common Shares Pitcher, Norman 5 16/3/2012 36 13.13 57,201 27,350
Eldorado Gold Corporation Restricted Share Units Pitcher, Norman 5 16/3/2012 36 68,046 -27,350
Eldorado Gold Corporation Common Shares Woo, Nancy Eugenia 5 16/3/2012 36 13.13 35,750 4,875
Eldorado Gold Corporation Restricted Share Units Woo, Nancy Eugenia 5 16/3/2012 36 14,926 -4,875
Eldorado Gold Corporation Common Shares Wright, Paul Nicholas 4, 5 16/3/2012 36 13.13 286,329 75,664
Eldorado Gold Corporation Restricted Share Units Wright, Paul Nicholas 4, 5 16/3/2012 36 187,178 -75,664
Elm Tree Minerals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 21/3/2012 37 75,758 -833,332
Elm Tree Minerals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 21/3/2012 37 171,694 -1,888,639
Elm Tree Minerals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 21/3/2012 37 388,889 -4,277,778
Elm Tree Minerals Inc. Common Shares Consolidated International Investment Holdings Inc.
3 21/3/2012 37 453,030 -4,983,333
Elm Tree Minerals Inc. Options Consolidated International Investment Holdings Inc.
3 21/3/2012 37 101,527 -406,109
Elm Tree Minerals Inc. Warrants Consolidated International Investment Holdings Inc.
3 21/3/2012 37 93,600 -374,400
Elm Tree Minerals Inc. Warrants Consolidated International Investment Holdings Inc.
3 21/3/2012 37 75,758 -833,332
Elm Tree Minerals Inc. Warrants Consolidated International Investment Holdings Inc.
3 21/3/2012 37 180,556 -1,986,111
Elm Tree Minerals Inc. Warrants Consolidated International Investment Holdings Inc.
3 21/3/2012 37 194,444 -2,138,890
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3166
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Elm Tree Minerals Inc. Warrants Consolidated International Investment Holdings Inc.
3 21/3/2012 37 453,030 -4,983,333
Enbridge Inc. Rights - 2009 Performance Units (PUs) - December 31, 2011 Expiry
Jarvis, Donald Guy 5 1/12/2011 30 6,858 99
Enbridge Inc. Rights - 2009 Performance Units (PUs) - December 31, 2011 Expiry
Jarvis, Donald Guy 5 15/3/2012 59 0 -6,858
Enbridge Inc. Rights - 2010 Performance Units (PUs) - December 31, 2012 Expiry
Jarvis, Donald Guy 5 1/3/2012 30 8,379 181
Enbridge Inc. Rights - 2011 Performance Units (PUs) - December 31, 2013 Expiry
Jarvis, Donald Guy 5 1/3/2012 30 6,855 148
Enbridge Inc. Rights - 2012 Performance Units (PUs) - December 31, 2014 Expiry
Jarvis, Donald Guy 5 2/3/2012 30 5,742 42
Encana Corporation Common Shares McAllister, Michael 5 21/3/2012 10 20.626 8,690 1,900 Endurance Gold Corporation Common Shares Boyd, Robert T. 4, 5 19/3/2012 10 0.07 703,000 13,000
EnerCare Inc. (formerly The Consumers' Waterheater Income Fund)
Common Shares Octavian Advisors, LP 3 19/3/2012 10 9.846 30,000 5,000
Enerflex Ltd. Common Shares Reyes, Catherine Blanca 5 1/6/2011 00 Enerflex Ltd. Common Shares Reyes, Catherine Blanca 5 31/12/2011 30 440 440 Energy Income Fund (formerly Sustainable Production Energy Trust)
Trust Units Energy Income Fund 1 20/3/2012 38 5.85 1,000,000 1,000,000
Energy Income Fund (formerly Sustainable Production Energy Trust)
Trust Units Energy Income Fund 1 20/3/2012 38 5.85 0 -1,000,000
ENERGY INDEXPLUS Dividend Fund
Trust Units Energy Indexplus Dividend Fund
1 16/3/2012 38 8.92 286,100 700
ENERGY INDEXPLUS Dividend Fund
Trust Units Energy Indexplus Dividend Fund
1 19/3/2012 38 8.95 286,300 200
ENERGY INDEXPLUS Dividend Fund
Trust Units Energy Indexplus Dividend Fund
1 20/3/2012 38 8.91 287,300 1,000
ENERGY INDEXPLUS Dividend Fund
Trust Units Energy Indexplus Dividend Fund
1 21/3/2012 38 8.87 289,200 1,900
ENERGY INDEXPLUS Dividend Fund
Trust Units Energy Indexplus Dividend Fund
1 22/3/2012 38 8.77 289,700 500
ENERGY INDEXPLUS Dividend Fund
Trust Units Lauzon, Robert 7 16/3/2012 10 9.12 9,200 500
ENERGY INDEXPLUS Dividend Fund
Trust Units Lauzon, Robert 7 16/3/2012 10 9.12 9,800 600
ENERGY INDEXPLUS Dividend Fund
Trust Units Lauzon, Robert 7 16/3/2012 10 9.05 10,800 1,000
Enertopia Corp. Options Thomas, John 4 19/3/2012 00 Enertopia Corp. Options Thomas, John 4 19/3/2012 50 0.15 250,000 250,000 Enghouse Systems Limited Common Shares Stoyan, Paul James 4 21/3/2012 10 14 26,200 1,000
Enghouse Systems Limited Common Shares Stoyan, Paul James 4 21/3/2012 10 13.93 26,500 300
Equitable Group Inc. Common Shares Downie, David 5 19/3/2012 10 29.02 6,800 -100 Equitable Group Inc. Common Shares Downie, David 5 19/3/2012 10 29.06 5,900 -900 Equitable Group Inc. Common Shares Edmunds, William Reid 7 19/3/2012 10 29.5 5,300 -200 Equitable Group Inc. Common Shares Leland, Brian 7 7/7/2011 00 Equitable Group Inc. Common Shares Leland, Brian 7 20/3/2012 51 11.55 1,800 1,800 Equitable Group Inc. Common Shares Leland, Brian 7 22/3/2012 10 28.51 0 -1,800 Equitable Group Inc. Options Options granted Leland, Brian 7 20/3/2012 51 11.55 11,580 -1,800
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares MIKOS, CAROL 7 15/3/2012 30 10.12 12,463 1,317
Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 14/3/2012 10 0.07 1,066,000 1,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 14/3/2012 10 0.06 1,071,000 5,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3167
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Essex Angel Capital Inc. Common Shares Hawkins, Julian James Edward
5 19/3/2012 16 0.05 100,000 100,000
Essex Angel Capital Inc. Warrants Hawkins, Julian James Edward
5 6/7/2011 00
Essex Angel Capital Inc. Warrants Hawkins, Julian James Edward
5 19/3/2012 16 0.1 100,000 100,000
Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 19/3/2012 10 0.025 1,020,000 Essex Angel Capital Inc. Common Shares Labiak, Michael Leonard 5 19/3/2012 16 0.05 2,628,000 1,020,000 Essex Angel Capital Inc. Warrants Labiak, Michael Leonard 5 29/7/2010 00 Essex Angel Capital Inc. Warrants Labiak, Michael Leonard 5 19/3/2012 10 0.025 1,020,000 Essex Angel Capital Inc. Warrants Labiak, Michael Leonard 5 19/3/2012 16 0.1 1,020,000 1,020,000 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 14/3/2012 10 1.03 1,000 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 14/3/2012 10 1.03 228,400 1,500 Etrion Corporation Options Azrac, Aksel 4 19/3/2012 50 0.52 278,000 83,000 Etrion Corporation Options Craig, John Hunter 4 19/3/2012 50 373,000 83,000 Etrion Corporation Options Heppenstall, C. Ashley 4, 6 19/3/2012 50 0.52 373,000 83,000 Etrion Corporation Options Lundin, Ian Henrik 4, 5 19/3/2012 50 253,000 83,000 Etrion Corporation Options Northland, Marco 4, 5 19/3/2012 50 0.52 415,000 315,000 Eurogas International Inc. Common Shares Dundee Corporation 3 19/3/2012 90 0 -16,646,826 Eurogas International Inc. Common Shares Dundee Corporation 3 26/3/2009 00 Eurogas International Inc. Common Shares Dundee Corporation 3 19/3/2012 90 16,646,826 16,646,826 Exeter Resource Corporation Options Bond, Cecil Robert 5 9/3/2012 38 6.84 1,205,000 -150,000
Exeter Resource Corporation Options Bond, Cecil Robert 5 9/3/2012 38 6.2 1,055,000 -150,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Angus, John Forrest 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Bakti, Deborah 7 15/3/2012 56 55,000 15,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Cunningham, Margery Obrentz
4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Dean, Howard Brush 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Everson, Elaine E. 7 15/3/2012 56 72,000 18,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Fountain, Jillian Elizabeth 5 15/3/2012 56 69,000 18,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Goldsmith, Seth B. 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Harris, Douglas J. 7 15/3/2012 56 120,000 30,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Hutzel, Benjamin John 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
KIRBY, MICHAEL 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Libin, Alvin G. 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Lukenda, Timothy Louis 4, 5 15/3/2012 56 200,000 50,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Luneburg, Richard Burke 7 15/3/2012 56 30,000 15,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
MacQuarrie, James Thomas 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
McKey, Christina L. 7 15/3/2012 56 60,000 15,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Pearce, David Bruce 7 11/10/2010 00
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Pearce, David Bruce 7 16/3/2011 56 18,000 18,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Pearce, David Bruce 7 15/3/2012 56 36,000 18,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Pearl-Agar, Suzanne 7 15/3/2012 56 30,000 15,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Rhinelander, Mel 4 15/3/2012 56 30,000 10,000
Extendicare Real Estate Investment Trust
Rights unit appreciation right
Tuttle, Paul 7 15/3/2012 56 100,000 25,000
Faircourt Gold Income Corp. Common Shares Faircourt Asset Management Inc.
8 22/3/2012 10 8.39 6,200 300
Fairfax Financial Holdings Limited
Subordinate Voting Shares
La Selva, Vincenza 7 21/3/2012 10 399.54 432 -750
Finning International Inc. Units Deferred Share Units
Carter, James Edward Clark 4 20/3/2012 56 29.059 27,376 241
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3168
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Finning International Inc. Common Shares Dickinson, Neil Robert 5 23/3/2012 51 16.27 7,601 4,310 Finning International Inc. Common Shares Dickinson, Neil Robert 5 23/3/2012 10 29 7,301 -300 Finning International Inc. Common Shares Dickinson, Neil Robert 5 23/3/2012 10 28.55 5,081 -2,220 Finning International Inc. Common Shares Dickinson, Neil Robert 5 23/3/2012 51 16.22 14,906 9,825 Finning International Inc. Common Shares Dickinson, Neil Robert 5 23/3/2012 10 28.57 5,081 -9,825 Finning International Inc. Options Dickinson, Neil Robert 5 23/3/2012 51 16.27 263,635 -4,310 Finning International Inc. Options Dickinson, Neil Robert 5 23/3/2012 51 16.22 -22,690 Finning International Inc. Options Dickinson, Neil Robert 5 23/3/2012 51 16.22 240,945 -22,690 Finning International Inc. Units Deferred Share
Units O'Neill, Kathleen M. 4 20/3/2012 56 29.059 20,108 297
Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 51 16.22 4,290 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 51 16.22 1,837 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 51 16.22 6,889 1,873 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 10 28.45 5,689 -1,200 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 10 28.38 5,589 -100 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 10 28.33 5,089 -500 Finning International Inc. Common Shares Thomas, Christopher 5 22/3/2012 10 28.35 5,016 -73 Finning International Inc. Options Thomas, Christopher 5 22/3/2012 51 16.22 -4,290 Finning International Inc. Options Thomas, Christopher 5 22/3/2012 51 16.22 73,154 -4,290 Fire River Gold Corp. Common Shares Oness, John 5 11/2/2011 00 Fire River Gold Corp. Common Shares Oness, John 5 11/2/2011 00 Firm Capital Mortgage Investment Corporation
Common Shares Dadouch, Eli 4, 5 31/12/2010 30 11.8 1,004
Firm Capital Mortgage Investment Corporation
Common Shares Dadouch, Eli 4, 5 31/12/2010 30 11.8 1,004
Firm Capital Mortgage Investment Corporation
Common Shares Dadouch, Eli 4, 5 1/1/2011 00
Firm Capital Mortgage Investment Corporation
Common Shares Dadouch, Eli 4, 5 1/1/2011 00 12,239
Firm Capital Mortgage Investment Corporation
Common Shares Dadouch, Eli 4, 5 31/12/2011 30 12.57 13,242 1,003
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 1/1/2011 00
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 1/1/2011 00 4,160
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2010 30 11.7 311
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2010 30 11.7 311
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2011 30 12.59 4,495 335
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2010 30 11.7 311
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2010 30 11.7 311
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 1/1/2011 00
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 1/1/2011 00 4,146
Firm Capital Mortgage Investment Corporation
Common Shares Gilbert, Edward Allen 4, 5 31/12/2011 30 12.59 4,480 334
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 1/1/2011 00
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 1/1/2011 00 4,074
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 31/12/2010 30 11.63 384
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 31/12/2010 30 11.63 384
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 1/1/2011 00
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 1/1/2011 00 636
Firm Capital Mortgage Investment Corporation
Common Shares McKee, Robert 5 31/12/2011 30 12.47 1,017 381
Firm Capital Mortgage Investment Corporation
Common Shares Rotenberg, James Barry 4 31/12/2011 30 11.89 5,095 95
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/3/2012 10 17.672 14,316 -2,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/3/2012 10 17.672 14,316 -2,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/3/2012 10 17.672 14,316 -2,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3169
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/12/2011 10 17.672 149,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/3/2012 10 17.689 144,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
20/3/2012 10 17.707 139,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
21/3/2012 10 17.71 134,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
21/3/2012 10 17.714 129,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
21/3/2012 10 17.705 124,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
21/3/2012 10 17.635 119,505 -5,000
First Capital Realty Inc. Common Shares Katzman, Chaim 3, 4, 6, 7, 5
22/3/2012 10 17.58 114,505 -5,000
First Capital Realty Inc. Common Shares Kozak, Brian 5 15/3/2012 10 17.76 56,550 -2,500 First Capital Realty Inc. Common Shares Kozak, Brian 5 15/3/2012 10 17.761 55,050 -1,500 First Capital Realty Inc. Common Shares Kozak, Brian 5 15/3/2012 10 17.73 52,550 -2,500 First Capital Realty Inc. Common Shares Kozak, Brian 5 16/3/2012 10 17.77 50,550 -2,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 16/3/2012 10 17.796 48,350 -2,200 First Capital Realty Inc. Common Shares Kozak, Brian 5 16/3/2012 10 17.8 44,350 -4,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 19/3/2012 10 17.65 28,350 -16,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 21/3/2012 10 17.6 26,350 -2,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 21/3/2012 10 17.623 25,150 -1,200 First Capital Realty Inc. Common Shares Kozak, Brian 5 21/3/2012 51 13 75,870 50,720 First Capital Realty Inc. Common Shares Kozak, Brian 5 22/3/2012 10 17.6 75,070 -800 First Capital Realty Inc. Common Shares Kozak, Brian 5 23/3/2012 10 17.6 73,070 -2,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 23/3/2012 10 17.61 71,070 -2,000 First Capital Realty Inc. Common Shares Kozak, Brian 5 23/3/2012 10 17.62 69,070 -2,000 First Capital Realty Inc. Options Kozak, Brian 5 21/3/2012 51 13 370,263 -50,720 First Choice Products Inc. Common Shares sims, brian edward 4, 5 20/3/2012 10 0.085 1,651,900 5,000 First Mexican Gold Corp. Common Shares International Millennium
Mining Corp. 3 20/3/2012 00 5,350,000
First National Financial Corporation
Common Shares 801420 Ontario Limited 3 1/1/2011 00 24,038,976
First National Financial Corporation
Common Shares Biggar, Susan J. 5 1/1/2011 00
First National Financial Corporation
Common Shares Biggar, Susan J. 5 1/1/2011 00 4,145
First National Financial Corporation
Common Shares Biggar, Susan J. 5 1/1/2011 22 4,145
First National Financial Corporation
Common Shares Biggar, Susan J. 5 1/1/2011 22 4,145
First National Financial Corporation
Common Shares Biggar, Susan J. 5 1/1/2011 00 4,000
First National Financial Corporation
Common Shares Ellis, Jason Myles 5 1/1/2011 00 2,000
First National Financial Corporation
Common Shares First National Securities Corporation
3 1/1/2011 00 24,038,976
First National Financial Corporation
Common Shares Inglis, Robert 5 1/1/2011 00 2,073
First National Financial Corporation
Common Shares Inglis, Robert 5 1/1/2011 00 2,073
First National Financial Corporation
Common Shares Inglis, Robert 5 1/1/2011 00 5,000
First National Financial Corporation
Common Shares McKenzie, Scott C. 5 1/1/2011 00 24,500
First National Financial Corporation
Common Shares McKenzie, Scott C. 5 1/1/2011 00 10,500
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 200
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 2,750
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 1,000
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 670
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 500
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 210
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3170
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
First National Financial Corporation
Common Shares mitchell, robert 4 1/1/2011 00 1,310
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 3,077
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 684
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 2,000
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 1,500
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 684
First National Financial Corporation
Common Shares PITKIN, WILLIAM 5 1/1/2011 00 684
First National Financial Corporation
Common Shares Smith, Stephen 4 1/1/2011 00 24,038,976
First National Financial Corporation
Common Shares Tawse, Moray 5 1/1/2011 00 24,038,976
First National Financial Corporation
Common Shares Wedgbury, Jeremy 5 1/1/2011 00 5,000
First Point Minerals Corp. Common Shares Watts, Robert Arthur 4 19/3/2012 10 0.65 759,142 -8,000 FIRSTSERVICE CORPORATION
Subordinate Voting Shares
FirstService Corporation 1 19/3/2012 38 0 -200,000
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Friedrichsen, John 5 21/3/2012 10 31 237,900 -7,100
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Friedrichsen, John 5 22/3/2012 10 30.95 237,100 -800
FIRSTSERVICE CORPORATION
Convertible Debentures 6.5%
Hennick, Jay Steward 1 1/5/1989 00
FIRSTSERVICE CORPORATION
Convertible Debentures 6.5%
Hennick, Jay Steward 1 22/3/2012 10 123.75 $150,000 $150,000
FIRSTSERVICE CORPORATION
Preferred Shares Hennick, Jay Steward 1 20/3/2012 10 25.5 1,414,189 200
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Mayer, Christian 5 16/3/2012 10 31.2 45,827 -1,700
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Mayer, Christian 5 19/3/2012 10 31 43,827 -2,000
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Mayer, Christian 5 19/3/2012 10 31.1 42,827 -1,000
Foraco International SA Common Shares HOLMES, WARREN 4 19/3/2012 10 5 167,000 -3,000 Forbes & Manhattan Coal Corp. (formerly Nyah Resources Corp.)
Common Shares Resource Capital Fund V L.P.
3 21/3/2012 10 6,867,443 674,100
Forsys Metals Corp Options Allen, Thomas Ian Alexander
4 16/3/2012 50 0.95 200,000 100,000
Forsys Metals Corp Options Bamford, T. E. Craig 5 16/3/2012 50 0.95 100,000 100,000 Forsys Metals Corp Options Frewin, Mark 4 16/3/2012 50 0.95 350,000 200,000 Forsys Metals Corp Options Hilmer, Marcel 4, 5 16/3/2012 50 0.95 500,000 500,000 Forsys Metals Corp Options Rowley, Martin 4, 5 16/3/2012 50 0.95 500,000 300,000 Forsys Metals Corp Options SIMONE, LODOVICO P. 4 16/3/2012 50 0.95 200,000 100,000 Fortress Paper Ltd. Common Shares Class A
voting without par value Buckle, Danial 5 19/3/2012 57 29.75 11,202 354
Fortress Paper Ltd. Common Shares Class A voting without par value
Buckle, Danial 5 19/3/2012 57 29.96 12,384 1,182
Fortress Paper Ltd. Common Shares Class A voting without par value
Buckle, Danial 5 19/3/2012 10 29.96 11,734 -650
Fortress Paper Ltd. Rights Restricted Share Units
Buckle, Danial 5 19/3/2012 57 29.75 12,408 -354
Fortress Paper Ltd. Rights Restricted Share Units
Buckle, Danial 5 19/3/2012 57 29.96 11,226 -1,182
Fortress Paper Ltd. Common Shares Class A voting without par value
Hansen, Tracy Leanne 5 19/3/2012 57 29.96 551 118
Fortress Paper Ltd. Rights Restricted Share Units
Hansen, Tracy Leanne 5 19/3/2012 57 29.96 5,352 -118
Fortress Paper Ltd. Common Shares Class A voting without par value
Loewen, Kurt 5 19/3/2012 57 29.75 14,252 354
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3171
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Fortress Paper Ltd. Common Shares Class A voting without par value
Loewen, Kurt 5 19/3/2012 57 29.96 15,434 1,182
Fortress Paper Ltd. Rights Restricted Share Units
Loewen, Kurt 5 19/3/2012 57 29.75 15,408 -354
Fortress Paper Ltd. Rights Restricted Share Units
Loewen, Kurt 5 19/3/2012 57 29.96 14,226 -1,182
Fortress Paper Ltd. Common Shares Class A voting without par value
Sulser, Erich Alexander 5 19/3/2012 57 29.96 10,696 1,182
Fortress Paper Ltd. Rights Restricted Share Units
Sulser, Erich Alexander 5 19/3/2012 57 29.96 6,850 -1,182
Foundation Resources Inc. Common Shares Shearing, Ralph 4 22/11/2011 10 0.09 100,000
Foundation Resources Inc. Common Shares Shearing, Ralph 4 4/2/2011 00
Foundation Resources Inc. Common Shares Shearing, Ralph 4 22/11/2011 10 0.09 100,000 100,000
Gabriel Resources Ltd. Common Shares Prior-Palmer, Simon Erroll 4 22/3/2012 51 100,000 75,000
Gabriel Resources Ltd. Options Prior-Palmer, Simon Erroll 4 22/3/2012 51 250,000 -200,000
Galahad Metals Inc. (Formerly known as Phoenix Matachewan Mines Inc.)
Common Shares Hoover, Larry Edward 4 22/3/2012 10 0.04 1,266,000 82,000
Gamehost Inc. Common Shares Gamehost Inc. 1 1/3/2012 10 11.5 9,200 1,900 Gamehost Inc. Common Shares Gamehost Inc. 1 22/3/2011 10 10.95 18,600 Gamehost Inc. Common Shares Gamehost Inc. 1 22/3/2011 10 10.95 18,600 Gamehost Inc. Common Shares Gamehost Inc. 1 28/3/2011 10 10.85 800 Gamehost Inc. Common Shares Gamehost Inc. 1 28/3/2011 10 10.85 800 Gamehost Inc. Common Shares Thomas, Craig McLeod 5 31/12/2010 00 3,800 Gamehost Inc. Common Shares Thomas, Craig McLeod 5 31/12/2010 00 2,550 Gamehost Inc. Common Shares Thomas, Craig McLeod 5 31/12/2010 00 550 Gamehost Inc. Common Shares Thomas, Craig McLeod 5 31/12/2010 00 7,800 Gamehost Inc. Common Shares Thomas, Craig McLeod 5 31/12/2010 36 15,350 15,350 Gazit America Inc. Units Deferred Share
Units Goodman, Gary Michael 4 31/12/2011 56 5.156 24,101 7,370
Gazit America Inc. Units Deferred Share Units
Reford, Lewis Tewksbury 4 31/12/2011 56 5.179 19,639 6,492
Gazit America Inc. Units Deferred Share Units
Samuel, Gary 4 31/12/2011 56 5.013 25,473 11,419
Gazit America Inc. Units Deferred Share Units
Segal, Dori 4, 6, 5 31/12/2011 56 5.144 12,954 5,686
Gazit America Inc. Units Deferred Share Units
Soffer, Aharon 4 31/12/2011 56 5.197 11,152 5,051
Gazit America Inc. Units Deferred Share Units
Spackman, Pamela Jean 4 31/12/2011 56 5.131 10,116 3,215
Genesis Land Development Corp.
Common Shares Mitchell, Mark William 4 16/3/2012 10 3.177 372,700 44,500
Genesis Land Development Corp.
Common Shares Mitchell, Mark William 4 16/3/2012 10 3.13 374,100 1,400
Genesis Land Development Corp.
Common Shares Mitchell, Mark William 4 16/3/2012 10 3.18 384,300 10,200
Genesis Land Development Corp.
Common Shares Salov, Val 7 23/3/2012 10 3.18 10,550 -700
Genesis Land Development Corp.
Common Shares Singh, Gobi 3 15/3/2012 51 2.01 7,068,251 125,000
Genesis Land Development Corp.
Options Singh, Gobi 3 15/3/2012 51 325,000 125,000
Genesis Land Development Corp.
Options Singh, Gobi 3 15/3/2012 52 0 -325,000
Genesis Worldwide Inc. Common Shares Arabia, James Robert 4 21/3/2012 37 93,750 -843,750 Genesis Worldwide Inc. Options Arabia, James Robert 4 1/11/2011 00 Genesis Worldwide Inc. Options Arabia, James Robert 4 16/3/2012 50 12,000 12,000 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 16/3/2012 50 82,000 12,000 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 19,000 -63,000 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 12,000 -7,000 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 12,400 400 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 13,400 1,000 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 14,000 600 Genesis Worldwide Inc. Options Churchill, Michael John 4, 7 21/3/2012 37 19,000 5,000 Genesis Worldwide Inc. Options Lindgren, William Lain 5 16/3/2012 50 960,000 210,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3172
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Genesis Worldwide Inc. Options Lindgren, William Lain 5 21/3/2012 37 285,000 -675,000 Genesis Worldwide Inc. Options Lindgren, William Lain 5 21/3/2012 37 210,000 -75,000 Genesis Worldwide Inc. Options Lindgren, William Lain 5 21/3/2012 37 285,000 75,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 16/3/2012 50 2,410,000 360,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 21/3/2012 37 2,365,000 -45,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 21/3/2012 37 565,000 -1,800,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 21/3/2012 37 360,000 -205,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 21/3/2012 37 365,000 5,000 Genesis Worldwide Inc. Options Pope, Richard Ernest 4, 5 21/3/2012 37 565,000 200,000 Gennum Corporation Common Shares Adam, Alexander 4 20/3/2012 22 13.55 0 -1,000 Gennum Corporation Common Shares Adam, Alexander 4 20/3/2012 22 13.55 0 -12,965 Gennum Corporation Deferred Share Units Adam, Alexander 4 31/12/2011 30 8.06 33,670 697 Gennum Corporation Deferred Share Units Adam, Alexander 4 20/3/2012 22 13.55 0 -33,670 Gennum Corporation Common Shares Beauchamp, Gary Michel 5 31/12/2011 30 8.1 2,903 23 Gennum Corporation Common Shares Beauchamp, Gary Michel 5 31/12/2011 30 8.25 3,156 253 Gennum Corporation Common Shares Beauchamp, Gary Michel 5 20/3/2012 22 13.55 0 -13,747 Gennum Corporation Common Shares Beauchamp, Gary Michel 5 20/3/2012 22 13.55 0 -12,188 Gennum Corporation Options Beauchamp, Gary Michel 5 20/3/2012 22 13.55 0 -285,455 Gennum Corporation Restricted Share Units Beauchamp, Gary Michel 5 31/12/2011 30 7.81 58,957 1,130 Gennum Corporation Restricted Share Units Beauchamp, Gary Michel 5 20/3/2012 22 13.55 0 -39,195 Gennum Corporation Deferred Share Units Bilodeau, Steven Jules 4 31/12/2011 30 8.1 45,518 1,042 Gennum Corporation Deferred Share Units Bilodeau, Steven Jules 4 20/3/2012 22 13.55 0 -45,518 Gennum Corporation Common Shares Cryer, Thomas W. 4 20/3/2012 22 13.55 0 -5,000 Gennum Corporation Deferred Share Units Cryer, Thomas W. 4 31/12/2011 30 8.06 26,880 551 Gennum Corporation Deferred Share Units Cryer, Thomas W. 4 20/3/2012 22 13.55 0 -26,880 Gennum Corporation Common Shares Fink, Franz Josef 4, 5 31/12/2011 30 8.08 179,813 162 Gennum Corporation Common Shares Fink, Franz Josef 4, 5 31/12/2011 30 8.25 182,216 2,403 Gennum Corporation Common Shares Fink, Franz Josef 4, 5 20/3/2012 22 13.55 0 -206,417 Gennum Corporation Common Shares Fink, Franz Josef 4, 5 20/3/2012 22 13.55 0 -121,809 Gennum Corporation Options Fink, Franz Josef 4, 5 20/3/2012 22 13.55 0 -1,534,817 Gennum Corporation Restricted Share Units Fink, Franz Josef 4, 5 31/12/2011 30 7.89 109,210 3,341 Gennum Corporation Restricted Share Units Fink, Franz Josef 4, 5 20/3/2012 22 13.55 0 -64,053 Gennum Corporation Common Shares Hannah, Bruce William 5 31/12/2011 30 7.9 13,935 50 Gennum Corporation Common Shares Hannah, Bruce William 5 31/12/2011 30 7.45 14,046 111 Gennum Corporation Common Shares Hannah, Bruce William 5 31/12/2011 30 8.35 14,407 361 Gennum Corporation Common Shares Hannah, Bruce William 5 20/3/2012 22 13.55 0 -21,533 Gennum Corporation Common Shares Hannah, Bruce William 5 20/3/2012 22 13.55 0 -13,448 Gennum Corporation Options Hannah, Bruce William 5 20/3/2012 22 13.55 0 -203,611 Gennum Corporation Restricted Share Units Hannah, Bruce William 5 31/12/2011 30 7.82 37,652 711 Gennum Corporation Restricted Share Units Hannah, Bruce William 5 20/3/2012 22 13.55 0 -25,072 Gennum Corporation Common Shares Hutchison, David Chad 5 31/12/2011 30 7.55 11,487 2,422 Gennum Corporation Common Shares Hutchison, David Chad 5 31/12/2011 30 8.73 11,678 191 Gennum Corporation Common Shares Hutchison, David Chad 5 20/3/2012 22 13.55 0 -19,921 Gennum Corporation Common Shares Hutchison, David Chad 5 20/3/2012 22 13.55 0 -4,039 Gennum Corporation Options Hutchison, David Chad 5 20/3/2012 22 13.55 0 -143,358 Gennum Corporation Restricted Share Units Hutchison, David Chad 5 31/12/2011 30 7.5 45,938 826 Gennum Corporation Restricted Share Units Hutchison, David Chad 5 20/3/2012 22 13.55 0 -30,557 Gennum Corporation Common Shares McCreary, Jeffrey Stephen 4 20/3/2012 22 13.55 0 -70,100
Gennum Corporation Deferred Share Units McCreary, Jeffrey Stephen 4 31/12/2011 30 8.06 40,261 839
Gennum Corporation Deferred Share Units McCreary, Jeffrey Stephen 4 20/3/2012 22 13.55 0 -40,261
Gennum Corporation Common Shares Mueller, Klaus Dieter 5 31/12/2011 30 8.24 325 154 Gennum Corporation Common Shares Mueller, Klaus Dieter 5 20/3/2012 22 13.55 0 -9,278 Gennum Corporation Common Shares Mueller, Klaus Dieter 5 20/3/2012 22 13.55 0 -744 Gennum Corporation Options Mueller, Klaus Dieter 5 20/3/2012 22 13.55 0 -346,266 Gennum Corporation Restricted Share Units Mueller, Klaus Dieter 5 31/12/2011 30 7.82 50,031 991 Gennum Corporation Restricted Share Units Mueller, Klaus Dieter 5 20/3/2012 22 13.55 0 -33,325 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 35,620,780 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 38 0 -35,620,780 Gennum Corporation Common Shares Semtech Corporation 3 20/3/2012 00 101 Gennum Corporation Common Shares Shlapak, Theodore 4 20/3/2012 22 13.55 0 -2,662 Gennum Corporation Deferred Share Units Shlapak, Theodore 4 31/12/2011 30 8.06 33,670 697 Gennum Corporation Deferred Share Units Shlapak, Theodore 4 20/3/2012 22 13.55 0 -33,670 Gennum Corporation Common Shares Subramaniam, Hariharan 5 31/12/2011 22 8.1 5,470 195 Gennum Corporation Common Shares Subramaniam, Hariharan 5 31/12/2011 30 4.84 5,793 323 Gennum Corporation Common Shares Subramaniam, Hariharan 5 20/3/2012 22 13.55 0 -12,650 Gennum Corporation Common Shares Subramaniam, Hariharan 5 20/3/2012 22 13.55 0 -16,658 Gennum Corporation Options Subramaniam, Hariharan 5 20/3/2012 22 13.55 0 -146,727
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3173
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Gennum Corporation Restricted Share Units Subramaniam, Hariharan 5 31/12/2011 30 7.82 38,325 749 Gennum Corporation Restricted Share Units Subramaniam, Hariharan 5 20/3/2012 22 13.55 0 -25,530 Gennum Corporation Common Shares Weiss, Robert Samson 4 31/12/2011 30 8.1 41,502 571 Gennum Corporation Common Shares Weiss, Robert Samson 4 20/3/2012 22 13.55 0 -41,502 Gennum Corporation Common Shares Weiss, Robert Samson 4 20/3/2012 22 13.55 0 -1,360 Gennum Corporation Common Shares Weiss, Robert Samson 4 20/3/2012 22 13.55 0 -1,600 Gennum Corporation Deferred Share Units Weiss, Robert Samson 4 31/12/2011 30 8.18 33,760 787 Gennum Corporation Deferred Share Units Weiss, Robert Samson 4 20/3/2012 22 13.55 0 -33,760 Genworth MI Canada Inc. Common Shares Carbonelli, Cecilia 7 31/12/2011 30 21.57 135 8 Genworth MI Canada Inc. Restricted Share Units Carbonelli, Cecilia 7 1/3/2012 35 21.79 23 Genworth MI Canada Inc. Restricted Share Units Carbonelli, Cecilia 7 1/3/2012 35 21.79 1,796 30 Genworth MI Canada Inc. Common Shares Cheung, Samantha 5 31/12/2011 30 23.93 1,400 628 Genworth MI Canada Inc. Common Shares Cheung, Samantha 5 31/12/2011 30 21.57 1,408 8 Genworth MI Canada Inc. Restricted Share Units Cheung, Samantha 5 1/3/2012 35 21.79 21 Genworth MI Canada Inc. Restricted Share Units Cheung, Samantha 5 1/3/2012 35 21.79 1,674 28 Genworth MI Canada Inc. Common Shares Hurley, Brian Leo 4, 5 31/12/2011 30 24.56 24,803 4,108 Genworth MI Canada Inc. Common Shares Hurley, Brian Leo 4, 5 31/12/2011 30 20.96 25,021 218 Genworth MI Canada Inc. Restricted Share Units Hurley, Brian Leo 4, 5 1/3/2012 35 21.79 273 Genworth MI Canada Inc. Restricted Share Units Hurley, Brian Leo 4, 5 1/3/2012 35 21.79 20,810 335 Genworth MI Canada Inc. Restricted Share Units Kirby, Robert 7 1/3/2012 35 21.79 22 Genworth MI Canada Inc. Restricted Share Units Kirby, Robert 7 1/3/2012 35 21.79 1,696 29 Genworth MI Canada Inc. Common Shares Levings, Stuart Kendrick 5 31/12/2011 30 20.83 3,111 91 Genworth MI Canada Inc. Restricted Share Units Levings, Stuart Kendrick 5 1/3/2012 35 21.79 89 Genworth MI Canada Inc. Restricted Share Units Levings, Stuart Kendrick 5 1/3/2012 35 21.79 6,823 104 Genworth MI Canada Inc. Common Shares MacDonald, Gordon 7 31/12/2011 30 24.14 955 510 Genworth MI Canada Inc. Common Shares MacDonald, Gordon 7 31/12/2011 30 21.57 964 9 Genworth MI Canada Inc. Restricted Share Units MacDonald, Gordon 7 1/3/2012 35 21.79 43 Genworth MI Canada Inc. Restricted Share Units MacDonald, Gordon 7 1/3/2012 35 21.79 22 Genworth MI Canada Inc. Restricted Share Units MacDonald, Gordon 7 1/3/2012 35 21.79 1,719 29 Genworth MI Canada Inc. Common Shares Macdonell, Winsor James 5 31/12/2011 30 24.1 4,753 1,178 Genworth MI Canada Inc. Common Shares Macdonell, Winsor James 5 31/12/2011 30 20.83 4,799 46 Genworth MI Canada Inc. Restricted Share Units Macdonell, Winsor James 5 1/3/2012 35 21.79 43 Genworth MI Canada Inc. Restricted Share Units Macdonell, Winsor James 5 1/3/2012 35 21.79 3,310 51 Genworth MI Canada Inc. Common Shares Mayers, Philip Adrian Virgil 5 31/12/2011 30 24.2 6,427 1,566
Genworth MI Canada Inc. Common Shares Mayers, Philip Adrian Virgil 5 31/12/2011 30 20.86 6,522 95
Genworth MI Canada Inc. Restricted Share Units Mayers, Philip Adrian Virgil 5 1/3/2012 35 21.79 118
Genworth MI Canada Inc. Restricted Share Units Mayers, Philip Adrian Virgil 5 1/3/2012 35 21.79 9,049 137
Genworth MI Canada Inc. Common Shares McPherson, Deborah Lynn 5 31/12/2011 30 24.17 4,885 1,367
Genworth MI Canada Inc. Common Shares McPherson, Deborah Lynn 5 31/12/2011 30 20.89 4,945 60
Genworth MI Canada Inc. Restricted Share Units McPherson, Deborah Lynn 5 1/3/2012 35 21.79 65
Genworth MI Canada Inc. Restricted Share Units McPherson, Deborah Lynn 5 1/3/2012 35 21.79 4,962 78
Genworth MI Canada Inc. Common Shares Noonan, Susan Ellen 7 31/12/2011 30 22.59 1,927 459 Genworth MI Canada Inc. Common Shares Noonan, Susan Ellen 7 31/12/2011 30 21.57 1,935 8 Genworth MI Canada Inc. Restricted Share Units Noonan, Susan Ellen 7 1/3/2012 35 21.79 22 Genworth MI Canada Inc. Restricted Share Units Noonan, Susan Ellen 7 1/3/2012 35 21.79 1,694 29 Genworth MI Canada Inc. Common Shares Vukanovich, Peter Michael 4, 5 31/12/2011 30 24.4 12,040 4,147
Genworth MI Canada Inc. Common Shares Vukanovich, Peter Michael 4, 5 31/12/2011 30 20.91 12,244 204
Genworth MI Canada Inc. Restricted Share Units Vukanovich, Peter Michael 4, 5 1/3/2012 35 21.79 147
Genworth MI Canada Inc. Restricted Share Units Vukanovich, Peter Michael 4, 5 1/3/2012 35 21.79 11,274 196
Geodrill Limited Options Im, Daniel 4 13/3/2012 00 Geodrill Limited Options Im, Daniel 4 13/3/2012 00 Geodrill Limited Options Im, Daniel 4 13/3/2012 50 3.41 180,000 180,000 Geologix Explorations Inc. Options Brack, George Leslie 4 13/3/2012 50 525,000 175,000 Geomega Resources Inc. Common Shares Talbot, Réjean 4 21/3/2012 54 0.55 237,100 15,000 Geomega Resources Inc. Warrants Talbot, Réjean 4 21/3/2012 54 0.55 0 -15,000 GeoVenCap Inc. Common Shares Blue Note Mining Inc. 3 21/3/2012 00 11,120,000 GeoVenCap Inc. Special Warrants Blue Note Mining Inc. 3 21/3/2012 00 4,472,876 Gibson Energy Inc. Restricted Share Units Bantle, Rodney James 5 30/9/2011 30 96,839 1,467 Gibson Energy Inc. Restricted Share Units Bantle, Rodney James 5 30/12/2011 30 98,028 1,189 Gibson Energy Inc. Restricted Share Units Bantle, Rodney James 5 15/3/2012 56 102,360 4,332 Gibson Energy Inc. Options Blattler, Brian 5 11/11/2011 00 Gibson Energy Inc. Options Blattler, Brian 5 15/3/2012 50 20.68 13,669 13,669
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3174
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Gibson Energy Inc. Restricted Share Units Blattler, Brian 5 11/11/2011 00 Gibson Energy Inc. Restricted Share Units Blattler, Brian 5 15/3/2012 56 1,852 1,852 Gibson Energy Inc. Restricted Share Units Blattler, Brian 5 15/3/2012 56 5,557 3,705 Gibson Energy Inc. Restricted Share Units Bunz, Gary John 7 30/9/2011 30 64,649 979 Gibson Energy Inc. Restricted Share Units Bunz, Gary John 7 30/12/2011 30 65,481 832 Gibson Energy Inc. Restricted Share Units Bunz, Gary John 7 15/3/2012 56 68,362 2,881 Gibson Energy Inc. Restricted Share Units Bunz, Gary John 7 22/3/2012 57 25,468 Gibson Energy Inc. Restricted Share Units Bunz, Gary John 7 22/3/2012 57 42,894 -25,468 Gibson Energy Inc. Common Shares Campbell, Darryl Richard 7 17/1/2012 30 1,012 12 Gibson Energy Inc. Restricted Share Units Campbell, Darryl Richard 7 30/9/2011 30 31,739 481 Gibson Energy Inc. Restricted Share Units Campbell, Darryl Richard 7 30/12/2011 30 32,128 389 Gibson Energy Inc. Restricted Share Units Campbell, Darryl Richard 7 15/3/2012 56 34,857 2,729 Gibson Energy Inc. Restricted Share Units Carmichael, Harold Leslie 5 7/6/2011 00 Gibson Energy Inc. Restricted Share Units Carmichael, Harold Leslie 5 15/3/2012 56 4,400 4,400 Gibson Energy Inc. Restricted Share Units Duffee, Russell Wade 7 30/9/2011 30 29,845 452 Gibson Energy Inc. Restricted Share Units Duffee, Russell Wade 7 30/12/2011 30 30,211 366 Gibson Energy Inc. Restricted Share Units Duffee, Russell Wade 7 15/3/2012 56 33,384 3,173 Gibson Energy Inc. Options Duffee, Sean William 7 21/3/2012 51 35,493 -50,000 Gibson Energy Inc. Restricted Share Units Duffee, Sean William 7 30/9/2011 30 64,649 979 Gibson Energy Inc. Restricted Share Units Duffee, Sean William 7 30/12/2011 30 65,443 794 Gibson Energy Inc. Restricted Share Units Duffee, Sean William 7 15/3/2012 56 69,492 4,049 Gibson Energy Inc. Deferred Share Units Estey, James 4 30/9/2011 30 4,772 72 Gibson Energy Inc. Deferred Share Units Estey, James 4 30/12/2011 30 4,831 59 Gibson Energy Inc. Restricted Share Units Fowlis, Donald Andrew 5 30/9/2011 30 96,839 1,467 Gibson Energy Inc. Restricted Share Units Fowlis, Donald Andrew 5 30/12/2011 30 98,028 1,189 Gibson Energy Inc. Restricted Share Units Fowlis, Donald Andrew 5 15/3/2012 56 102,259 4,231 Gibson Energy Inc. Common Shares Hall, Ken Wayne 5 17/1/2012 30 2,532 32 Gibson Energy Inc. Deferred Share Units Hall, Ken Wayne 5 30/9/2011 30 23,801 361 Gibson Energy Inc. Deferred Share Units Hall, Ken Wayne 5 30/12/2011 30 24,093 292 Gibson Energy Inc. Restricted Share Units Hall, Ken Wayne 5 7/6/2011 00 Gibson Energy Inc. Common Shares Hanlon, Alan Stewart 4, 5 30/9/2011 30 396 Gibson Energy Inc. Common Shares Hanlon, Alan Stewart 4, 5 21/10/2011 30 25,396 396 Gibson Energy Inc. Common Shares Hanlon, Alan Stewart 4, 5 30/12/2011 30 321 Gibson Energy Inc. Common Shares Hanlon, Alan Stewart 4, 5 17/1/2012 30 25,717 321 Gibson Energy Inc. Restricted Share Units Hanlon, Alan Stewart 4, 5 30/9/2011 30 161,489 2,447 Gibson Energy Inc. Restricted Share Units Hanlon, Alan Stewart 4, 5 30/12/2011 30 163,472 1,983 Gibson Energy Inc. Restricted Share Units Hanlon, Alan Stewart 4, 5 15/3/2012 56 177,857 14,385 Gibson Energy Inc. Restricted Share Units Herman, Gordon Lloyd 7 30/9/2011 30 48,419 733 Gibson Energy Inc. Restricted Share Units Herman, Gordon Lloyd 7 30/12/2011 30 49,013 594 Gibson Energy Inc. Restricted Share Units Herman, Gordon Lloyd 7 15/3/2012 56 51,957 2,944 Gibson Energy Inc. Deferred Share Units Ingram, Donald Richard 4 30/9/2011 30 4,772 72 Gibson Energy Inc. Deferred Share Units Ingram, Donald Richard 4 30/12/2011 30 4,831 59 Gibson Energy Inc. Restricted Share Units Janzen, Frank 7 30/9/2011 30 64,649 979 Gibson Energy Inc. Restricted Share Units Janzen, Frank 7 30/12/2011 30 65,443 794 Gibson Energy Inc. Restricted Share Units Janzen, Frank 7 15/3/2012 56 68,527 3,084 Gibson Energy Inc. Options Maggiano, Dominic 5 17/10/2011 00 Gibson Energy Inc. Options Maggiano, Dominic 5 15/3/2012 50 20.68 13,068 13,068 Gibson Energy Inc. Restricted Share Units Maggiano, Dominic 5 17/10/2011 00 Gibson Energy Inc. Restricted Share Units Maggiano, Dominic 5 15/3/2012 56 6,046 6,046 Gibson Energy Inc. Options McGowan, Michael 7 22/3/2012 51 52,101 -43,418 Gibson Energy Inc. Restricted Share Units McGowan, Michael 7 7/6/2011 00 Gibson Energy Inc. Restricted Share Units McGowan, Michael 7 15/3/2012 56 2,371 2,371 Gibson Energy Inc. Common Shares McRae, Marshall L. 4 17/1/2012 30 4,556 56 Gibson Energy Inc. Deferred Share Units McRae, Marshall L. 4 30/9/2011 30 4,772 72 Gibson Energy Inc. Deferred Share Units McRae, Marshall L. 4 30/12/2011 30 4,831 59 Gibson Energy Inc. Restricted Share Units Osatiuk, Warren Frederick 7 30/9/2011 30 64,649 979 Gibson Energy Inc. Restricted Share Units Osatiuk, Warren Frederick 7 30/12/2011 30 65,443 794 Gibson Energy Inc. Restricted Share Units Osatiuk, Warren Frederick 7 15/3/2012 56 68,590 3,147 Gibson Energy Inc. Options Russell, Shandra 5 15/3/2012 50 20.68 14,551 9,801 Gibson Energy Inc. Restricted Share Units Russell, Shandra 5 30/9/2011 30 2,406 36 Gibson Energy Inc. Restricted Share Units Russell, Shandra 5 30/12/2011 30 2,436 30 Gibson Energy Inc. Restricted Share Units Russell, Shandra 5 15/3/2012 56 7,332 4,896 Gibson Energy Inc. Common Shares Taylor, Richard Gordon 5 21/10/2011 30 508 8 Gibson Energy Inc. Common Shares Taylor, Richard Gordon 5 17/1/2012 30 514 6 Gibson Energy Inc. Common Shares Taylor, Richard Gordon 5 21/10/2011 30 31,745 495 Gibson Energy Inc. Common Shares Taylor, Richard Gordon 5 17/1/2012 30 32,147 402 Gibson Energy Inc. Restricted Share Units Taylor, Richard Gordon 5 30/9/2011 30 161,489 2,447 Gibson Energy Inc. Restricted Share Units Taylor, Richard Gordon 5 30/12/2011 30 163,472 1,983 Gibson Energy Inc. Restricted Share Units Taylor, Richard Gordon 5 15/3/2012 56 169,903 6,431 Gibson Energy Inc. Restricted Share Units van Aken, Samuel 5 30/9/2011 30 96,839 1,467 Gibson Energy Inc. Restricted Share Units van Aken, Samuel 5 30/12/2011 30 98,028 1,189 Gibson Energy Inc. Restricted Share Units van Aken, Samuel 5 15/3/2012 56 102,292 4,264 Gibson Energy Inc. Restricted Share Units Wilkins, Douglas Percy 5 30/9/2011 30 96,839 1,467 Gibson Energy Inc. Restricted Share Units Wilkins, Douglas Percy 5 30/12/2011 30 98,028 1,189
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3175
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Gibson Energy Inc. Restricted Share Units Wilkins, Douglas Percy 5 15/3/2012 56 103,613 5,585 Gibson Energy Inc. Common Shares Wise, Richard Morgan 5 21/10/2011 30 7,111 111 Gibson Energy Inc. Common Shares Wise, Richard Morgan 5 17/1/2012 30 7,201 90 Gibson Energy Inc. Restricted Share Units Wise, Richard Morgan 5 30/9/2011 30 82,394 1,248 Gibson Energy Inc. Restricted Share Units Wise, Richard Morgan 5 30/12/2011 30 83,406 1,012 Gibson Energy Inc. Restricted Share Units Wise, Richard Morgan 5 15/3/2012 56 88,483 5,077 Gibson Energy Inc. Restricted Share Units Wise, Richard Morgan 5 22/3/2012 57 55,122 -33,361 Gibson Energy Inc. Deferred Share Units Woitas, Clayton 4 30/9/2011 30 4,772 72 Gibson Energy Inc. Deferred Share Units Woitas, Clayton 4 30/12/2011 30 4,831 59 Gildan Activewear Inc. Restricted Share Units Brown, Phillip R. 7 31/12/2011 35 16,855 124 Gildan Activewear Inc. Restricted Share Units Caballero, Carlos Francisco 7 31/12/2011 35 17,040 120
Gildan Activewear Inc. Common Shares Carroll, Edward Hunter 7 31/12/2011 30 30.66 13,239 2 Gildan Activewear Inc. Restricted Share Units Carroll, Edward Hunter 7 31/12/2011 35 4,516 16 Gildan Activewear Inc. Restricted Share Units Castro, Marco 5 31/12/2011 35 14,006 97 Gildan Activewear Inc. Restricted Share Units Chamandy, Glenn J. 4, 5 31/12/2011 35 278,086 1,831 Gildan Activewear Inc. Common Shares Cloutier, Lise 5 31/12/2011 30 25.45 1,693 381 Gildan Activewear Inc. Restricted Share Units Cloutier, Lise 5 31/12/2011 35 6,765 39 Gildan Activewear Inc. Common Shares Davis, Ronald Edward 5 31/12/2011 30 25.3 611 58 Gildan Activewear Inc. Restricted Share Units Davis, Ronald Edward 5 31/12/2011 35 13,650 95 Gildan Activewear Inc. Restricted Share Units Duran Scheidegger, Carlos
Jose 7 31/12/2011 35 9,399 64
Gildan Activewear Inc. Restricted Share Units Echeverria, Javier 7 31/12/2011 35 20,080 141 Gildan Activewear Inc. Restricted Share Units Filato, Pietro 5 31/12/2011 35 12,799 131 Gildan Activewear Inc. Restricted Share Units Forster, David Scott 7 31/12/2011 35 16,616 117 Gildan Activewear Inc. Restricted Share Units Fraimund, Marc 5 31/12/2011 35 7,829 51 Gildan Activewear Inc. Restricted Share Units Hepburn, Antonio Jose 7 31/12/2011 35 9,590 65 Gildan Activewear Inc. Common Shares Iliopoulos, Peter 5 31/12/2011 30 29.44 7 Gildan Activewear Inc. Common Shares Iliopoulos, Peter 5 31/12/2011 30 29.44 18 Gildan Activewear Inc. Common Shares Iliopoulos, Peter 5 31/12/2011 30 29.44 18 Gildan Activewear Inc. Common Shares Iliopoulos, Peter 5 31/12/2011 30 29.44 10,358 18 Gildan Activewear Inc. Restricted Share Units Iliopoulos, Peter 5 31/12/2011 35 8,008 47 Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 31/12/2011 30 25.49 68 Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 31/12/2011 30 25.49 4,470 63 Gildan Activewear Inc. Restricted Share Units Lecavalier, Christian 5 31/12/2011 35 13,552 120 Gildan Activewear Inc. Restricted Share Units Léger, Gilles 7 31/12/2011 35 7,331 46 Gildan Activewear Inc. Restricted Share Units Lehman, Eric Ralph 5 31/12/2011 35 53,503 671 Gildan Activewear Inc. Restricted Share Units Lineberger, Stephen L. 7 31/12/2011 35 44,787 204 Gildan Activewear Inc. Common Shares Martin, John 7 31/12/2011 30 26.08 4,815 863 Gildan Activewear Inc. Restricted Share Units Martin, John 7 31/12/2011 35 16,081 110 Gildan Activewear Inc. Common Shares Masi, Benito 5 31/12/2011 30 29.44 84,159 16 Gildan Activewear Inc. Restricted Share Units Masi, Benito 5 31/12/2011 35 13,411 78 Gildan Activewear Inc. Common Shares Matthews, Lindsay 5 31/12/2011 30 25.48 8,744 378 Gildan Activewear Inc. Restricted Share Units Matthews, Lindsay 5 31/12/2011 35 4,811 68 Gildan Activewear Inc. Restricted Share Units Moretz, John Morris 7 31/12/2011 35 157,640 765 Gildan Activewear Inc. Common Shares Newman, Willard 7 31/12/2011 30 30.66 8,533 27 Gildan Activewear Inc. Restricted Share Units Newman, Willard 7 31/12/2011 35 6,248 38 GLG LIFE TECH CORPORATION
Common Shares Hong, Zhaoguang 4 21/5/2009 00
GLG LIFE TECH CORPORATION
Common Shares Hong, Zhaoguang 4 9/7/2010 51 250,000 250,000
GLG LIFE TECH CORPORATION
Common Shares Restricted Share
Hong, Zhaoguang 4 22/12/2010 11 3,000 3,000
GLG LIFE TECH CORPORATION
Common Shares Restricted Share
Meadows, Brian 5 27/5/2011 11 7,000
GLG LIFE TECH CORPORATION
Common Shares Restricted Share
Meadows, Brian 5 27/5/2011 11 7,000
GLG LIFE TECH CORPORATION
Common Shares Palmieri, Brian Andrew 3, 4, 5 13/2/2007 47 12,352,525 -5,000
GLG LIFE TECH CORPORATION
Common Shares Palmieri, Brian Andrew 3, 4, 5 19/4/2007 47 4,110,375 -3,800
GLG LIFE TECH CORPORATION
Common Shares Palmieri, Brian Andrew 3, 4, 5 23/8/2007 47 -26,328
GLG LIFE TECH CORPORATION
Common Shares Palmieri, Brian Andrew 3, 4, 5 23/8/2007 47 4,079,659 -30,716
GLG LIFE TECH CORPORATION
Common Shares Palmieri, Brian Andrew 3, 4, 5 24/11/2007 47 4,000,537 -79,122
GLG LIFE TECH CORPORATION
Common Shares Zhang, Jinduo 4 17/8/2011 47 0 -239,167
GLG LIFE TECH CORPORATION
Common Shares Restricted Share
Zhang, Luke 3, 4 27/5/2011 11 400,000
GLG LIFE TECH CORPORATION
Common Shares Restricted Share
Zhang, Luke 3, 4 27/5/2011 11 1,242,426 200,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3176
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Globex Mining Enterprises Inc.
Common Shares STOCH, JACK 3, 4, 5 21/3/2012 10 1.25 1,908,862 6,000
Globex Mining Enterprises Inc.
Common Shares STOCH, JACK 3, 4, 5 21/3/2012 10 1.22 1,913,862 5,000
Gluskin Sheff + Associates Inc.
Deferred Share Units Beeston, Paul 5 16/3/2012 56 15.03 45
Gluskin Sheff + Associates Inc.
Deferred Share Units Beeston, Paul 5 16/3/2012 56 45
Gluskin Sheff + Associates Inc.
Deferred Share Units Beeston, Paul 5 16/3/2012 35 4,172 45
Gluskin Sheff + Associates Inc.
Deferred Share Units CARTY, DONALD 4 16/3/2012 56 69
Gluskin Sheff + Associates Inc.
Deferred Share Units CARTY, DONALD 4 16/3/2012 56 69
Gluskin Sheff + Associates Inc.
Deferred Share Units CARTY, DONALD 4 16/3/2012 35 6,415 69
Gluskin Sheff + Associates Inc.
Restricted Share Units Freedman, Jeremy Mark 4, 5 16/3/2012 35 52,632 570
Gluskin Sheff + Associates Inc.
Restricted Share Units Ginsler, Brian Leslie 5 16/3/2012 35 14,925 65
Gluskin Sheff + Associates Inc.
Restricted Share Units Ginsler, Brian Leslie 5 16/3/2012 35 15,023 98
Gluskin Sheff + Associates Inc.
Deferred Share Units Gobert, Wilfred Arthur 4 16/3/2012 56 15.03 93
Gluskin Sheff + Associates Inc.
Deferred Share Units Gobert, Wilfred Arthur 4 16/3/2012 56 93
Gluskin Sheff + Associates Inc.
Deferred Share Units Gobert, Wilfred Arthur 4 16/3/2012 35 8,704 93
Gluskin Sheff + Associates Inc.
Restricted Share Units Leboff, Bruce 5 16/3/2012 35 22,797 247
Gluskin Sheff + Associates Inc.
Restricted Share Units Moody, Jeffrey 5 16/3/2012 35 40,392 438
Gluskin Sheff + Associates Inc.
Restricted Share Units Morris, David Roy 5 16/3/2012 35 5,202 56
Gluskin Sheff + Associates Inc.
Deferred Share Units Solway, Herbert 4 16/3/2012 56 122
Gluskin Sheff + Associates Inc.
Deferred Share Units Solway, Herbert 4 16/3/2012 35 11,378 122
Gluskin Sheff + Associates Inc.
Deferred Share Units Themens, Pierre-Andre 4 16/3/2012 56 96
Gluskin Sheff + Associates Inc.
Deferred Share Units Themens, Pierre-Andre 4 16/3/2012 35 8,939 96
Gluskin Sheff + Associates Inc.
Deferred Share Units Wallin, Pamela 4 16/3/2012 56 92
Gluskin Sheff + Associates Inc.
Deferred Share Units Wallin, Pamela 4 16/3/2012 35 8,645 92
Gluskin Sheff + Associates Inc.
Restricted Share Units Webb, William Reid 5 16/3/2012 35 18,666 202
Gluskin Sheff + Associates Inc.
Deferred Share Units Weiss, Robert Samson 4 16/3/2012 56 135
Gluskin Sheff + Associates Inc.
Deferred Share Units Weiss, Robert Samson 4 16/3/2012 35 12,614 135
GMP Capital Inc. Common Shares Meekison, James David 4 16/3/2012 10 7.4881 24,000 10,300 GMP Capital Inc. Common Shares Peters, Robert George 4 13/5/2011 10 15.1 194,000 4,100 GMP Capital Inc. Common Shares Riley, Sanford 4 19/3/2012 10 7.755 10,400 400 GMP Capital Inc. Common Shares Riley, Sanford 4 19/3/2012 10 7.787 19,600 9,200 GMP Capital Inc. Common Shares Riley, Sanford 4 19/3/2012 10 7.76 19,800 200 GMP Capital Inc. Common Shares Riley, Sanford 4 19/3/2012 10 7.745 20,000 200 GMP Capital Inc. Common Shares Riley, Sanford 4 20/3/2012 10 7.62 20,300 300 GMP Capital Inc. Common Shares Riley, Sanford 4 20/3/2012 10 7.593 24,200 3,900 GMP Capital Inc. Common Shares Riley, Sanford 4 20/3/2012 10 7.625 24,800 600 GMP Capital Inc. Common Shares Riley, Sanford 4 20/3/2012 10 7.615 25,000 200 Goldbrook Ventures Inc. Common Shares Jilin Jien Nickel Industry
Co., Ltd. 3 12/3/2012 00 196,350,053
Goldbrook Ventures Inc. Common Shares Jilin Jien Nickel Industry Co., Ltd.
3 22/3/2012 22 0.39 201,760,639 5,410,586
Goldbrook Ventures Inc. Common Shares Jilin Jien Nickel Industry Co., Ltd.
3 12/3/2012 00 19,114,500
Goldbrook Ventures Inc. Warrants Jilin Jien Nickel Industry Co., Ltd.
3 12/3/2012 00 37,734,307
Golden Predator Corp. Common Shares Sheriff, William Morris 6 22/3/2012 10 0.57 5,541,594 25,000 Gowest Gold Ltd. Common Shares Koningen, Darren 5 15/3/2012 10 0.14 2,753,562 94,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3177
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Great Canadian Gaming Corporation
Units Deferred Shares Baker, Neil W. 3, 4 17/6/2011 00
Great Canadian Gaming Corporation
Units Deferred Shares Baker, Neil W. 3, 4 19/3/2012 56 11,500 11,500
Great Canadian Gaming Corporation
Options Baker, Rodney 4, 5 19/3/2012 50 7.67 1,480,000 400,000
Great Canadian Gaming Corporation
Options barbour, bruce 5 7/3/2012 00 40,440
Great Canadian Gaming Corporation
Options barbour, bruce 5 19/3/2012 50 60,440 20,000
Great Canadian Gaming Corporation
Units Deferred Shares Beaudin, Earnest Charles 4 19/3/2012 56 43,400 21,700
Great Canadian Gaming Corporation
Options Blank, Howard 5 19/3/2012 50 7.67 117,940 30,000
Great Canadian Gaming Corporation
Options BOLTON, CARL VERNON 5 19/3/2012 50 7.67 90,440 30,000
Great Canadian Gaming Corporation
Units Deferred Shares Buski, Richard Stanley 4 19/3/2012 56 33,400 16,700
Great Canadian Gaming Corporation
Options Callarec, Gisele Marie Aline 5 7/3/2012 00 79,940
Great Canadian Gaming Corporation
Units Deferred Shares Campbell, Larry William 4 19/3/2012 56 30,000 15,000
Great Canadian Gaming Corporation
Units Deferred Shares Dimma, William 4 10/11/2011 00
Great Canadian Gaming Corporation
Units Deferred Shares Dimma, William 4 19/3/2012 56 11,500 11,500
Great Canadian Gaming Corporation
Options Douglas, Alasdair John Scott
5 19/3/2012 50 7.67 80,000 30,000
Great Canadian Gaming Corporation
Options Doyle, Darlene Frances 5 7/3/2012 00 45,940
Great Canadian Gaming Corporation
Options Doyle, Darlene Frances 5 19/3/2012 50 7.67 70,940 25,000
Great Canadian Gaming Corporation
Options Doyle, Terrance Michael 5 19/3/2012 50 7.67 170,440 45,000
Great Canadian Gaming Corporation
Options Fretz, William David 7 19/3/2012 50 7.67 180,440 20,000
Great Canadian Gaming Corporation
Units Deferred Shares Gaffney, Thomas Wayne 4 20/3/2012 56 20,000 10,000
Great Canadian Gaming Corporation
Options Goudron, Peter 7 19/3/2012 50 7.67 260,440 60,000
Great Canadian Gaming Corporation
Options Hart, Sarah J. 5 7/3/2012 00 72,107
Great Canadian Gaming Corporation
Options Hart, Sarah J. 5 19/3/2012 50 7.67 97,107 25,000
Great Canadian Gaming Corporation
Options Hart, Sarah J. 5 25/3/2012 52 11.86 87,107 -10,000
Great Canadian Gaming Corporation
Options Keeling, Chuck 7 19/3/2012 50 7.67 96,640 17,500
Great Canadian Gaming Corporation
Units Deferred Shares Keenan, Patrick 4 10/11/2011 00
Great Canadian Gaming Corporation
Units Deferred Shares Keenan, Patrick 4 19/3/2012 56 11,500 11,500
Great Canadian Gaming Corporation
Options MacMillan, Helen Mary 5 10/1/2011 00
Great Canadian Gaming Corporation
Options MacMillan, Helen Mary 5 10/1/2011 00 70,440
Great Canadian Gaming Corporation
Options McGrogan, James 5 22/3/2012 50 7.67 106,940 30,000
Great Canadian Gaming Corporation
Options Meredith, Peter 4 23/3/2012 52 11.86 60,000 -45,000
Great Canadian Gaming Corporation
Units Deferred Shares Meredith, Peter 4 19/3/2012 56 30,000 15,000
Great Canadian Gaming Corporation
Units Restricted Shares Meredith, Peter 4 19/3/2012 56 10,116 3,325
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 13/10/2011 30 8.16 1,672 7
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 25/10/2011 30 8.63 1,679 7
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 9/11/2011 30 8.34 1,686 7
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 21/11/2011 30 8.53 1,693 7
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3178
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 5/12/2011 30 9.07 1,700 7
Great Canadian Gaming Corporation
Common Shares Phouikhoune-Phinith, Chindavone
5 19/12/2011 30 8.37 1,707 7
Great Canadian Gaming Corporation
Options Phouikhoune-Phinith, Chindavone
5 19/3/2012 50 7.67 30,000 15,000
Great Canadian Gaming Corporation
Options Poleschuk, Victor Paul 5 19/3/2012 50 7.67 315,000 60,000
Great Canadian Gaming Corporation
Units Deferred Shares Prupas, David Lewis 4 19/3/2012 46 25,000 15,000
Great Canadian Gaming Corporation
Options Rao, Kiran Sheshagiri 5 19/3/2012 50 205,440 55,000
Great Canadian Gaming Corporation
Options Soo, Walter 5 14/7/2011 52 11.98 153,940 -20,000
Great Canadian Gaming Corporation
Options Soo, Walter 5 19/3/2012 50 7.67 168,940 38,000
Great-West Lifeco Inc. Deferred Share Units Desmarais, André 4 31/12/2011 30 22.55 85,405 13,771 Great-West Lifeco Inc. Deferred Share Units Desmarais, Paul Jr. 4 31/12/2011 30 22.75 16,500 3,197 Great-West Lifeco Inc. Deferred Share Units Harder, Vernon Peter 4 31/12/2011 30 22.96 3,966 205 Great-West Lifeco Inc. Deferred Share Units Mazankowski, Donald F. 6 31/12/2011 30 22.96 18,915 979 Great-West Lifeco Inc. Deferred Share Units Nickerson, Jerry Edgar Alan 4 31/12/2011 30 22.63 15,580 2,950
Great-West Lifeco Inc. Deferred Share Units Plessis-Bélair, Michel 4 31/12/2011 30 22.63 15,580 2,950 Great-West Lifeco Inc. Deferred Share Units Rousseau, Henri-Paul 4, 6 31/12/2011 30 22.59 6,953 3,270 Greenscape Capital Group Inc.
Common Shares Scharfe, Bradley Nixon 3, 4 16/3/2012 10 0.1 8,917,493 7,500
Greenscape Capital Group Inc.
Common Shares Scharfe, Bradley Nixon 3, 4 22/3/2012 10 0.095 8,942,493 25,000
Groupe Aeroplan Inc. (Aimia) Common Shares Ferstman, Joanne Shari 4 1/3/2012 10 26.15 5,600 600
Groupe Aeroplan Inc. (Aimia) Common Shares SONBERG, Melissa 5 19/3/2012 51 8.47 31,077 16,725
Groupe Aeroplan Inc. (Aimia) Common Shares SONBERG, Melissa 5 19/3/2012 10 12.27 14,352 -16,725
Groupe Aeroplan Inc. (Aimia) Options SONBERG, Melissa 5 19/3/2012 51 120,229 -16,725
GTA Resources and Mining Inc.
Common Shares Eaton, Thor 3 15/3/2012 10 0.7182 1,359,000 -141,000
GTA Resources and Mining Inc.
Common Shares Eaton, Thor 3 16/3/2012 10 0.7 1,333,000 -26,000
GTA Resources and Mining Inc.
Common Shares Eaton, Thor 3 19/3/2012 10 0.7 1,264,000 -69,000
GTA Resources and Mining Inc.
Common Shares Eaton, Thor 3 20/3/2012 54 0.3 2,764,000 1,500,000
GTA Resources and Mining Inc.
Warrants Eaton, Thor 3 20/3/2012 54 0.3 0 -1,500,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A ANDREW, WILLIAM E. 4, 5 21/3/2012 10 2.35 398,082 100,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options ANDREW, WILLIAM E. 4, 5 20/3/2012 50 2.3 325,000 25,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A Crabtree, Shivon Maureen 5 21/3/2012 10 2.34 48,800 5,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options Crabtree, Shivon Maureen 5 21/3/2012 50 2.3 350,000 75,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A Fenwick, Lawrence Earl 4 20/3/2012 10 2.35 50,000 40,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A Galleon Energy Inc. 1 20/3/2012 10 2.3467 81,800 81,800
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A Galleon Energy Inc. 1 21/3/2012 10 2.3017 141,800 60,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options Iverson, James Douglas 5 21/3/2012 50 2.3 389,500 60,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options MILLER, DALE A. 4, 5 21/3/2012 50 2.3 625,000 125,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3179
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options Orton, Dale John 5 21/3/2012 50 2.3 367,000 75,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Common Shares Class A Tang Kong, William 5 22/3/2012 10 2.14 213,650 10,000
Guide Exploration Ltd. (formerly Galleon Energy Inc.)
Options Tang Kong, William 5 21/3/2012 50 2.3 360,000 60,000
Guyana Precious Metals Inc. Common Shares Lewis, Doug Grinslade 4 19/3/2012 10 0.14 270,000 30,000
H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.63 107,000 1,000 H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.64 108,800 1,800 H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.65 116,000 7,200 H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.63 880,915 2,100 H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.64 881,015 100 H&R Finance Trust Units Hofstedter, Thomas J. 4 19/3/2012 10 23.65 888,815 7,800 H&R Finance Trust Units Hofstedter, Thomas J. 4 20/3/2012 10 23.44 893,415 4,600 H&R Finance Trust Units Hofstedter, Thomas J. 4 20/3/2012 10 23.45 893,815 400 H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.63 107,000 1,000
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.64 108,800 1,800
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.65 116,000 7,200
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.63 880,915 2,100
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.64 881,015 100
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 19/3/2012 10 23.65 888,815 7,800
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 20/3/2012 10 23.44 893,415 4,600
H&R Real Estate Investment Trust
Units Hofstedter, Thomas J. 4, 5 20/3/2012 10 23.45 893,815 400
H&R Real Estate Investment Trust
Units Rutman, Ronald C. 4 19/3/2012 10 23.684 3,850 -3,800
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Douglas-Hamilton, Diarmaid Hugh
4, 5 12/3/2012 90 210,745 97,365
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Douglas-Hamilton, Diarmaid Hugh
4, 5 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Douglas-Hamilton, Diarmaid Hugh
4, 5 28/10/2009 00 216,368
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Douglas-Hamilton, Diarmaid Hugh
4, 5 12/3/2012 90 119,003 -97,365
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Louisa 3 12/3/2012 90 9,161,427 182,972
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Louisa 3 28/10/2009 00 406,607
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Louisa 3 12/3/2012 90 223,635 -182,972
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Meg Moray 4, 5 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Meg Moray 4, 5 28/10/2009 00 927,473
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Meg Moray 4, 5 12/3/2012 90 510,113 -417,360
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Meg Moray 4, 5 28/10/2009 00 41,698
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Spencer, Meg Moray 4, 5 12/3/2012 90 139,063 97,365
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3180
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Thorne, Daniel Kempner 3 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Thorne, Daniel Kempner 3 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Thorne, Daniel Kempner 3 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Thorne, Daniel Kempner 3 28/10/2009 00
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Common Shares Thorne, Daniel Kempner 3 28/10/2009 00 881,100
Hammond Power Solutions Inc.
Options Plan July 22 2005 Baldwin, Douglas 4 16/3/2012 50 45,000 10,000
Hammond Power Solutions Inc.
Options Plan July 22 2005 FitzGibbon, David Joseph 4 16/3/2012 50 20,000 10,000
Hammond Power Solutions Inc.
Options Plan July 22 2005 GRANOVSKY, DAHRA 4 25/5/2011 00
Hammond Power Solutions Inc.
Options Plan July 22 2005 GRANOVSKY, DAHRA 4 16/3/2012 50 10,000 10,000
Hammond Power Solutions Inc.
Options Plan July 22 2005 HAMMOND, BILL 6 16/3/2012 50 159,500 29,500
Hammond Power Solutions Inc.
Options Plan July 22 2005 HUETHER, CHRIS 5 16/3/2012 50 140,000 29,500
Hammond Power Solutions Inc.
Options Plan July 22 2005 MACADAM, DON 4 16/3/2012 50 45,000 10,000
Hammond Power Solutions Inc.
Options Plan July 22 2005 Robinson, Grant Cameron 4 16/3/2012 50 45,000 10,000
Hammond Power Solutions Inc.
Options Plan July 22 2005 Simo, Zoltan D. 4 16/3/2012 50 40,000 10,000
Hardwoods Distribution Inc. Common Shares Bull, Peter Morris 3 16/3/2012 10 3.98 2,775,000 15,000
Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 15/3/2012 10 0.28 404,500 53,500 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 15/3/2012 10 0.3 405,000 500 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 30/1/2009 00 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 16/3/2012 10 0.29 27,000 27,000 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 16/3/2012 10 0.295 34,000 7,000 Harte Gold Corp. Common Shares Roman, Stephen G. 4, 5 16/3/2012 10 0.3 40,000 6,000 Helix BioPharma Corp. Options Cawkell, Kenneth Anthony 5 29/7/2011 50 55,000 Helix BioPharma Corp. Options Cawkell, Kenneth Anthony 5 29/7/2011 50 260,000 55,000 Helix BioPharma Corp. Options Lickrish, Gordon 4 29/7/2011 50 -55,000 Helix BioPharma Corp. Options Lickrish, Gordon 4 29/7/2011 50 235,000 55,000 Helix BioPharma Corp. Options MICHALARGIAS, FRANK 5 29/7/2011 50 650,000 150,000
Helix BioPharma Corp. Common Shares Verhagen, Robert 4 16/3/2012 00 Hemisphere GPS Inc. Common Shares Gabriel, Philip W 5 31/12/2011 30 0.68 21,378 4,259 Hemisphere GPS Inc. Common Shares Koles, Steven 4 31/12/2011 30 0.71 156,051 7,281 Hemisphere GPS Inc. Common Shares Olson, Cameron Blaine 5 31/12/2011 30 0.7 118,308 5,708 Hemisphere GPS Inc. Common Shares Whitehead, Michael Lloyd 5 31/12/2011 30 0.7 44,337 5,136 Hi Ho Silver Resources Inc. Common Shares McKnight, Dennis Harry 4 20/3/2012 10 0.05 879,551 8,000
Hi Ho Silver Resources Inc. Common Shares McKnight, Dennis Harry 4 20/3/2012 10 0.04 920,022 40,471
High Liner Foods Incorporated
Common Shares LeBlanc, Greg 5 21/3/2012 51 8.65 3,100 600
High Liner Foods Incorporated
Options LeBlanc, Greg 5 21/3/2012 59 8.65 9,600 -900
High Liner Foods Incorporated
Options LeBlanc, Greg 5 21/3/2012 51 8.65 9,000 -600
High Liner Foods Incorporated
Common Shares Pace, Robert 4 19/11/2003 00
High Liner Foods Incorporated
Common Shares Pace, Robert 4 21/3/2012 51 8.65 2,000 2,000
High Liner Foods Incorporated
Options Pace, Robert 4 21/3/2012 51 8.65 28,875 -2,000
Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 19/3/2012 38 50.1 600 600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 19/3/2012 38 50.1 0 -600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 19/3/2012 38 50.6 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 19/3/2012 38 50.6 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 20/3/2012 38 49.6 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 20/3/2012 38 49.6 0 -2,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3181
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 21/3/2012 38 49.65 400 400 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 21/3/2012 38 49.65 0 -400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.75 323,295 -17,800 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.85 322,695 -600 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.9 322,495 -200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.91 318,095 -4,400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.95 317,895 -200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.96 317,695 -200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.98 317,295 -400 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 51 316,095 -1,200 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 51.01 315,795 -300 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 51.02 315,495 -300 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.75 300,795 -14,700 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.79 300,695 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.8 300,595 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.81 300,495 -100 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 16/3/2012 10 50.82 300,395 -100 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.64 3,900 900 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.67 4,000 100 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.67 4,100 100 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.69 4,200 100 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.71 5,000 800 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.664 5,900 900 Home Capital Group Inc. Common Shares Then, Bonita Joan 4 20/3/2012 10 49.75 6,000 100 Hunt Mining Corp Options Brunsdon, Scott Murdo 4 16/3/2012 50 0.3 550,000 50,000 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 1/2/2012 35 8.8 1,128 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 1/2/2012 35 8.8 56,552 128 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 1/3/2012 35 1,151 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 1/3/2012 35 10.15 56,663 111 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 16/3/2012 46 11.79 56,748 85 Huntingdon Capital Corp. Deferred Share Units Evans, Steve 4 1/2/2012 35 8.8 16,403 37 Huntingdon Capital Corp. Deferred Share Units Evans, Steve 4 1/3/2012 35 10.15 16,435 32 Huntingdon Capital Corp. Deferred Share Units Evans, Steve 4 16/3/2012 46 11.79 16,520 85 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 1/2/2012 35 8.8 37,498 85 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 1/3/2012 35 10.15 37,572 74 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 1/3/2012 46 10.15 86,833 49,261 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 16/3/2012 46 11.79 86,918 85 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 1/2/2012 35 8.8 65,756 149 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 1/3/2012 35 10.15 65,886 130 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 16/3/2012 46 11.79 65,971 85 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 1/2/2012 35 8.8 51,218 116 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 1/3/2012 35 11.79 101 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 1/3/2012 35 10.15 51,319 101 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 16/3/2012 46 11.79 51,404 85 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 1/2/2012 35 8.8 15,748 36 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 1/3/2012 35 10.15 15,779 31 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 16/3/2012 46 11.79 15,864 85 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 1/6/2011 00 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.151 1,100 1,100 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.214 5,900 4,800 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.277 7,300 1,400 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.242 8,400 1,100 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.157 12,000 3,600 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.193 12,300 300 HUSKY ENERGY INC. Common Shares Symonds, Robert W. 5 21/3/2012 10 26.084 13,000 700 IAMGOLD Corporation Common Shares Banducci, Carol 5 31/12/2011 30 19.34 19,527 2,997 IAMGOLD Corporation Performance Share Units Banducci, Carol 5 22/3/2012 56 23,800 12,000
IAMGOLD Corporation Performance Share Units Letwin, Stephen Joseph James
4 22/3/2012 56 30,000 10,000
IAMGOLD Corporation Performance Share Units Letwin, Stephen Joseph James
4 16/5/2011 56 20,000
IAMGOLD Corporation Performance Share Units Letwin, Stephen Joseph James
4 16/5/2011 56 20,000 20,000
IAMGOLD Corporation Performance Share Units Little, Benjamin Richard 5 22/3/2012 56 8,805 6,000
IAMGOLD Corporation Common Shares Zangari, Lisa Michelina 5 14/9/2009 00 IAMGOLD Corporation Common Shares Zangari, Lisa Michelina 5 31/12/2011 30 19.4 1,530 1,530 IAMGOLD Corporation Performance Share Units Zangari, Lisa Michelina 5 22/3/2012 56 11,495 6,000
IC Potash Corp. Common Shares Cope, Thomas Joe Cope 5 2/1/2009 00 IC Potash Corp. Options Cope, Thomas Joe Cope 5 2/1/2009 00 IC Potash Corp. Options Cope, Thomas Joe Cope 5 17/10/2011 50 200,000 200,000 IGM Financial Inc. Deferred Share Units Desmarais, André 4, 6 31/12/2011 30 46.16 31,671 3,529
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3182
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
IGM Financial Inc. Deferred Share Units Desmarais, Paul Jr. 4 31/12/2011 30 46.32 15,822 1,632 IGM Financial Inc. Common Shares Gould, J. Luke 7 22/3/2012 51 26 926 926 IGM Financial Inc. Common Shares Gould, J. Luke 7 22/3/2012 51 46.76 26 -900 IGM Financial Inc. Common Shares Gould, J. Luke 7 22/3/2012 51 46.73 0 -26 IGM Financial Inc. Common Shares Gould, J. Luke 7 20/3/2012 97 861 446 IGM Financial Inc. Executive Performance
Share Units Gould, J. Luke 7 27/6/2005 00
IGM Financial Inc. Executive Performance Share Units
Gould, J. Luke 7 20/3/2012 97 1,525 1,525
IGM Financial Inc. Options Gould, J. Luke 7 20/3/2012 97 43,968 19,583 IGM Financial Inc. Options Gould, J. Luke 7 22/3/2012 51 26 43,042 -926 IGM Financial Inc. Common Shares Lawrence, Ian 7 19/3/2012 97 1,102 467 IGM Financial Inc. Executive Performance
Share Units Lawrence, Ian 7 1/2/2008 00
IGM Financial Inc. Executive Performance Share Units
Lawrence, Ian 7 19/3/2012 56 1,034 1,034
IGM Financial Inc. Options Lawrence, Ian 7 19/3/2012 97 17,180 7,050 IGM Financial Inc. Deferred Share Units Mazankowski, Donald F. 6 31/12/2011 30 45.48 9,785 434 IGM Financial Inc. Deferred Share Units Plessis-Bélair, Michel 4 31/12/2011 30 46.38 6,730 1,075 IGM Financial Inc. Deferred Share Units Rousseau, Henri-Paul 4, 6 31/12/2011 30 46.63 2,905 935 Imaging Dynamics Company Ltd.
Common Shares Mitchell, Bruce 3 22/3/2012 10 0.02 16,887,100 -133,000
Imaging Dynamics Company Ltd.
Common Shares Mitchell, Bruce 3 23/3/2012 10 0.02 16,766,100 -121,000
IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 20/3/2012 51 4.85 106,300 18,000 IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 20/3/2012 10 25.79 88,300 -18,000 IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 21/3/2012 51 4.85 106,300 18,000 IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 21/3/2012 10 26.24 88,300 -18,000 IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 22/3/2012 51 4.85 106,300 18,000 IMAX Corporation Common Shares Wechsler, Bradley J. 4, 5 22/3/2012 10 25.78 88,300 -18,000 IMAX Corporation Options 1:1 Wechsler, Bradley J. 4, 5 20/3/2012 51 4.85 673,998 -18,000 IMAX Corporation Options 1:1 Wechsler, Bradley J. 4, 5 21/3/2012 51 4.85 655,998 -18,000 IMAX Corporation Options 1:1 Wechsler, Bradley J. 4, 5 22/3/2012 51 4.85 637,998 -18,000 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/3/2012 38 46.296 100,200 100,200 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/3/2012 38 46.296 0 -100,200 Imperial Oil Limited Common Shares Imperial Oil Limited 1 19/3/2012 38 46.331 30,450 30,450 Imperial Oil Limited Common Shares Imperial Oil Limited 1 19/3/2012 38 46.331 0 -30,450 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/3/2012 38 45.863 46,977 46,977 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/3/2012 38 45.863 0 -46,977 IMRIS Inc. Common Shares Dahan, Meir 5 16/3/2012 10 3.05 8,000 3,000 IMRIS Inc. Common Shares Dahan, Meir 5 19/3/2012 10 3.22 10,000 2,000 INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 16/3/2012 38 10.15 621,600 900
INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 19/3/2012 38 10.1 622,100 500
INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 20/3/2012 38 10 623,100 1,000
INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 21/3/2012 38 10 623,600 500
Indexplus Income Fund Trust Units IndexPlus Income Fund 1 22/3/2012 38 12.45 30,662,845 500 Indigo Books & Music Inc. Deferred Share Units Clegg, Frank Melville 4 31/12/2011 56 27,868 9,012 Indigo Books & Music Inc. Deferred Share Units DEITCHER, JONATHAN 4 31/12/2011 56 37,815 6,082 Indigo Books & Music Inc. Deferred Share Units Goldhar, Mitchell 4 31/12/2011 56 12,895 3,850 Indigo Books & Music Inc. Common Shares Schwartz, Gerald Wilfred 3, 4, 6 22/3/2012 10 9.15 1,000 1,000 Indigo Books & Music Inc. Common Shares Schwartz, Gerald Wilfred 3, 4, 6 22/3/2012 47 9.15 0 -1,000 Indigo Exploration Inc. Common Shares Keir, Reynolds 4, 5 8/3/2012 10 0.3 255,000 10,000 Indigo Exploration Inc. Common Shares Keir, Reynolds 4, 5 16/3/2012 10 0.2 265,000 10,000 Indigo Exploration Inc. Common Shares Keir, Reynolds 4, 5 19/3/2012 10 0.19 275,000 10,000 Indigo Exploration Inc. Common Shares Keir, Reynolds 4, 5 14/12/2011 00 Indigo Exploration Inc. Common Shares Keir, Reynolds 4, 5 15/3/2012 10 0.24 20,000 20,000 Industrial Alliance Insurance and Financial Services inc.
Common Shares Lamoureux, Claude 4 19/3/2012 10 29.92 8,000 2,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Pépin, Normand 5 15/3/2012 51 18.625 65,047 4,500
Industrial Alliance Insurance and Financial Services inc.
Common Shares Pépin, Normand 5 15/3/2012 10 31.7 60,547 -4,500
Industrial Alliance Insurance and Financial Services inc.
Common Shares Pépin, Normand 5 16/3/2012 51 18.625 96,047 35,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3183
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Industrial Alliance Insurance and Financial Services inc.
Common Shares Pépin, Normand 5 16/3/2012 10 31.7 60,547 -35,500
Industrial Alliance Insurance and Financial Services inc.
Options Pépin, Normand 5 15/3/2012 51 18.625 515,500 -4,500
Industrial Alliance Insurance and Financial Services inc.
Options Pépin, Normand 5 16/3/2012 51 18.625 480,000 -35,500
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 51 18.625 12,850 4,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 10 31.603 8,850 -4,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 51 18.625 12,850 4,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 10 31.722 8,850 -4,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 51 18.625 14,850 6,000
Industrial Alliance Insurance and Financial Services inc.
Common Shares Stickney, Michael Lee 5 16/3/2012 10 31.72 8,850 -6,000
Industrial Alliance Insurance and Financial Services inc.
Options Stickney, Michael Lee 5 16/3/2012 51 18.625 234,000 -4,000
Industrial Alliance Insurance and Financial Services inc.
Options Stickney, Michael Lee 5 16/3/2012 51 18.625 230,000 -4,000
Industrial Alliance Insurance and Financial Services inc.
Options Stickney, Michael Lee 5 16/3/2012 51 18.625 224,000 -6,000
Intact Financial Corporation Stock Incentives Beaulieu, Martin 5 31/12/2011 30 53.38 10,074 113
Intact Financial Corporation Stock Incentives Beaulieu, Martin 5 31/12/2011 30 53.38 8,282 129
Intact Financial Corporation Stock Incentives Blais, Jean-François 5 31/12/2011 30 53.38 9,414 59
Intact Financial Corporation Deferred Share Units for Directors
Brouillette, Yves 4 31/12/2011 30 53.38 7,368 180
Intact Financial Corporation Deferred Share Units for Directors
Cantor, Paul George Samuel
4 31/12/2011 30 53.38 5,432 129
Intact Financial Corporation Deferred Share Units for Directors
Côté, Marcel 4 31/12/2011 30 53.38 10,514 253
Intact Financial Corporation Deferred Share Units for Directors
crispin, robert william 4 31/12/2011 30 53.38 4,065 102
Intact Financial Corporation Stock Incentives Dionne, Michel 5 31/12/2011 30 53.38 2,652 33
Intact Financial Corporation Stock Incentives Dionne, Michel 5 31/12/2011 30 53.38 1,362 36
Intact Financial Corporation Deferred Share Units for Directors
Dussault, Claude 4, 5 31/12/2011 30 53.38 1,532 40
Intact Financial Corporation Stock Incentives Federau, Monika 5 31/12/2011 30 53.38 1,182 32
Intact Financial Corporation Stock Incentives Federau, Monika 5 31/12/2011 30 53.38 1,639 21
Intact Financial Corporation Stock Incentives garneau, denis 7 31/12/2011 30 53.38 6,959 81
Intact Financial Corporation Stock Incentives garneau, denis 7 31/12/2011 30 53.38 5,315 90
Intact Financial Corporation Stock Incentives Guénette, Françoise 5 31/12/2011 30 53.38 11,555 129
Intact Financial Corporation Stock Incentives Guénette, Françoise 5 31/12/2011 30 53.38 10,805 148
Intact Financial Corporation Stock Incentives Guertin, Denis 5 16/5/2011 57 1,800
Intact Financial Corporation Stock Incentives Guertin, Denis 5 16/5/2011 56 1,800
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3184
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Intact Financial Corporation Stock Incentives Guertin, Denis 5 16/5/2011 56 7,327 1,800
Intact Financial Corporation Stock Incentives Lamy, Mathieu 5 31/12/2011 30 53.38 3,562 22
Intact Financial Corporation Stock Incentives Lincoln, David Charles 5 31/12/2011 30 53.38 5,492 61
Intact Financial Corporation Stock Incentives Lincoln, David Charles 5 31/12/2011 30 53.38 2,663 70
Intact Financial Corporation Stock Incentives Marcotte, Louis 5 31/12/2011 30 53.38 3,534 42
Intact Financial Corporation Stock Incentives Marcotte, Louis 5 31/12/2011 30 53.38 1,753 46
Intact Financial Corporation Deferred Share Units for Directors
Mercier, Eileen Ann 4 31/12/2011 30 53.38 6,446 162
Intact Financial Corporation Stock Incentives Moushos, Jennie Polyxeni 5 31/12/2011 30 53.38 3,567 22
Intact Financial Corporation Stock Incentives Ott, Jack 5 31/12/2011 30 53.38 8,171 97
Intact Financial Corporation Stock Incentives Ott, Jack 5 31/12/2011 30 53.38 6,414 109
Intact Financial Corporation Stock Incentives PROVOST, MARC 5 31/12/2011 10 53.38 142
Intact Financial Corporation Stock Incentives PROVOST, MARC 5 31/12/2011 30 53.38 12,686 142
Intact Financial Corporation Stock Incentives PROVOST, MARC 5 31/12/2011 30 53.38 7,470 163
Intact Financial Corporation Deferred Share Units for Directors
roy, louise 4 31/12/2011 30 53.38 4,569 113
Intact Financial Corporation Common Shares Sham, Lilia M. 5 31/12/2010 30 44.58 16
Intact Financial Corporation Common Shares Sham, Lilia M. 5 31/12/2010 30 44.58 16
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2010 30 44.58 44
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2010 30 44.58 44
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2010 30 44.58 56
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2010 30 44.58 56
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2011 30 53.38 7,075 71
Intact Financial Corporation Stock Incentives Sham, Lilia M. 5 31/12/2011 30 53.38 3,099 82
Intact Financial Corporation Deferred Share Units for Directors
Snyder, Stephen Gregory 4 31/12/2011 30 53.38 277 7
Intact Financial Corporation Deferred Share Units for Directors
Stephenson, Carol M. 4 31/12/2011 30 53.38 7,899 207
Intact Financial Corporation Stock Incentives Weightman, Peter 5 31/12/2011 30 53.38 10,892 160
Intact Financial Corporation Stock Incentives Weightman, Peter 5 31/12/2011 30 53.38 183
Intact Financial Corporation Stock Incentives Weightman, Peter 5 31/12/2011 30 53.38 6,932 183
Intelimax Media Inc. Common Shares Petry, Christopher Frederick 5 6/7/2011 50 0.45 380,000 250,000
Intelimax Media Inc. Common Shares Petry, Christopher Frederick 5 10/2/2012 50 0.38 630,000 250,000
Intelimax Media Inc. Common Shares Petry, Christopher Frederick 5 1/3/2012 00 130,000
International Datacasting Corporation
Common Shares McBride, Graham MacDonald
4 13/3/2012 10 0.24 22,500 2,000
International Datacasting Corporation
Common Shares McBride, Graham MacDonald
4 14/3/2012 10 0.24 50,500 28,000
International Datacasting Corporation
Common Shares McBride, Graham MacDonald
4 14/3/2012 10 0.235 70,500 20,000
InterRent Real Estate Investment Trust
Trust Units Awrey, Brian 5 20/3/2012 10 3.57 20,900 700
InterRent Real Estate Investment Trust
Instalment Receipts McGahan, Michael Darryl 4, 5 8/3/2012 10 3.97 250,000
InterRent Real Estate Investment Trust
Instalment Receipts McGahan, Michael Darryl 4, 5 8/3/2012 10 3.97 375,000 250,000
Invicta Energy Corp. Options Gee, John 5 22/3/2012 50 0.28 1,120,000 420,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3185
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Invicta Energy Corp. Options Gill, Sanjib Singh 5 22/3/2012 50 0.28 145,000 75,000 Invicta Energy Corp. Options Jones, Larry Michael 4 22/3/2012 50 0.28 375,000 150,000 Invicta Energy Corp. Options MAXWELL, RODERICK
DONALD 4 22/3/2012 50 0.28 375,000 150,000
Invicta Energy Corp. Options McLauchlin, Carrie 5 22/3/2012 50 0.28 1,075,000 450,000 Invicta Energy Corp. Options Nerland, Dennis Leroy 4, 5 22/3/2012 50 375,000 150,000 Invicta Energy Corp. Options Reese, Gordon 4, 5 22/3/2012 50 0.28 1,225,000 525,000 Invicta Energy Corp. Options TIMM, GORDON 5 22/3/2012 50 0.28 975,000 350,000 IROC Energy Services Corp. Common Shares Troob Capital Management
LLC 3 19/3/2012 10 2.5468 259,000 9,400
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 20/3/2012 10 2.5229 294,600 35,600
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 19/3/2012 10 2.55 3,677,974 7,460
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 20/3/2012 10 2.5134 3,687,704 9,730
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 21/3/2012 10 2.5431 3,695,804 8,100
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 22/3/2012 10 2.4722 3,715,729 19,925
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 22/3/2012 10 2.4869 3,724,979 9,250
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 19/3/2012 10 2.55 3,715,011 7,540
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 20/3/2012 10 2.5134 3,725,281 10,270
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 21/3/2012 10 2.5431 3,733,381 8,100
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 22/3/2012 10 2.4722 3,753,456 20,075
IROC Energy Services Corp. Common Shares Troob Capital Management LLC
3 22/3/2012 10 2.4869 3,762,806 9,350
Isotechnika Pharma Inc. Options Foster, Robert Thomas 4, 5 23/3/2012 52 1,750,000 -100,000 Ivanhoe Energy Inc. Rights Friedland, Robert Martin 3, 4, 5 1/8/2003 00 Ivanhoe Energy Inc. Rights Friedland, Robert Martin 3, 4, 5 14/3/2012 56 0.96 1 1 Jovian Capital Corporation Common Shares Andrews, James Stanley 7 16/3/2012 51 6.55 3,554 2,667
Jovian Capital Corporation Common Shares Andrews, James Stanley 7 16/3/2012 51 8.9 4,221 667
Jovian Capital Corporation Common Shares Andrews, James Stanley 7 16/3/2012 10 12.47 887 -3,334
Jovian Capital Corporation Options Andrews, James Stanley 7 16/3/2012 51 6.55 12,833 -2,667
Jovian Capital Corporation Options Andrews, James Stanley 7 16/3/2012 51 8.9 12,166 -667
Jovian Capital Corporation Common Shares Employee Share Purchase Plan
1 15/3/2012 30 12.4 17,458 7,600
Jovian Capital Corporation Options McKenzie, Scott John 7 21/3/2012 51 6.55 3,500 -1,000
Just Energy Group Inc. Common Shares BIRD, STEPHANIE 5 31/12/2011 30 11.46 4,323 926 Just Energy Group Inc. Common Shares DAVIDS, JONAH 5 31/12/2011 30 11.46 2,063 1,680 Just Energy Group Inc. Common Shares HARTWICK, KENNETH 4 31/12/2011 30 11.46 29,264 3,911 Just Energy Group Inc. Common Shares MCARTHUR, CHRISTIAN 5 31/12/2011 30 11.46 4,470 991
Just Energy Group Inc. Common Shares MCARTHUR, CHRISTIAN 5 31/12/2011 30 11.46 6,271 1,801
Just Energy Group Inc. Common Shares Sheppard, Shelley 5 31/12/2011 30 11.46 3,851 1,085 Just Energy Group Inc. Common Shares SILVER, MARK 5 24/11/2011 56 11,913 Just Energy Group Inc. Common Shares SILVER, MARK 5 24/11/2011 56 11,913 Just Energy Group Inc. Common Shares SILVER, MARK 5 16/1/2012 56 7,162 Just Energy Group Inc. Common Shares SILVER, MARK 5 16/1/2012 56 7,162 Just Energy Group Inc. Common Shares SILVER, MARK 5 6/2/2012 56 8,660 Just Energy Group Inc. Common Shares SILVER, MARK 5 6/2/2012 56 8,660 Just Energy Group Inc. Rights 2010 Restricted
Share Grant Plan SILVER, MARK 5 24/11/2011 56 230,897 11,913
Just Energy Group Inc. Rights 2010 Restricted Share Grant Plan
SILVER, MARK 5 1/1/2012 56 249,319 7,162
Just Energy Group Inc. Rights 2010 Restricted Share Grant Plan
SILVER, MARK 5 9/2/2012 56 257,979 8,660
Just Energy Group Inc. Rights 2010 Restricted Share Grant Plan
SILVER, MARK 5 20/3/2012 56 263,416 5,437
Just Energy Group Inc. Rights 2010 Restricted Share Grant Plan
SILVER, MARK 5 23/3/2012 56 270,185 6,769
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3186
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Just Energy Group Inc. Common Shares Summers, Elizabeth 5 31/12/2011 30 11.46 3,998 1,735 Keyera Corp. Common Shares Davies, Michael Bruce Cook 4 21/3/2012 10 41.4 13,857 -2,500
Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 22/3/2012 51 7.94 10,433 550 Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 22/3/2012 51 5.32 13,351 2,918 Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 22/3/2012 51 8.16 18,900 5,549 Killam Properties Inc. Options Crowell, Pamela Florence 5 22/3/2012 51 7.94 21,967 -550 Killam Properties Inc. Options Crowell, Pamela Florence 5 22/3/2012 51 5.32 19,049 -2,918 Killam Properties Inc. Options Crowell, Pamela Florence 5 22/3/2012 51 8.16 13,500 -5,549 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 3/7/2003 00 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 20/3/2012 51 8.06 20,700 20,700 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 20/3/2012 10 12.519 0 -20,700 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 21/3/2012 51 8.06 48,050 48,050 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 21/3/2012 10 12.2 15,000 -33,050 Killam Properties Inc. Options Fraser, Philip 4, 5 20/3/2012 51 8.06 323,050 -20,700 Killam Properties Inc. Options Fraser, Philip 4, 5 21/3/2012 51 8.06 275,000 -48,050 Killam Properties Inc. Common Shares Jackson, Jeremy Winston 5 15/3/2012 51 7.94 4,333 4,333 Killam Properties Inc. Common Shares Jackson, Jeremy Winston 5 15/3/2012 10 12.683 0 -4,333 Killam Properties Inc. Options Jackson, Jeremy Winston 5 15/3/2012 51 7.94 35,667 -4,333 Killam Properties Inc. Common Shares Lawley, James C. 4 22/3/2012 10 12.32 177,369 1,000 Killam Properties Inc. Common Shares Lawley, James C. 4 22/3/2012 10 12.33 178,169 800 Killam Properties Inc. Common Shares McLean, Mike 5 19/3/2012 10 12.6 808 -7,692 Killam Properties Inc. Common Shares McLean, Mike 5 19/3/2012 10 12.61 708 -100 Killam Properties Inc. Common Shares McLean, Mike 5 19/3/2012 51 7.94 1,083 375 Killam Properties Inc. Common Shares McLean, Mike 5 19/3/2012 51 5.32 5,250 4,167 Killam Properties Inc. Common Shares McLean, Mike 5 19/3/2012 51 8.16 8,500 3,250 Killam Properties Inc. Options McLean, Mike 5 19/3/2012 51 7.94 14,350 -375 Killam Properties Inc. Options McLean, Mike 5 19/3/2012 51 5.32 10,183 -4,167 Killam Properties Inc. Options McLean, Mike 5 19/3/2012 51 8.16 6,933 -3,250 KILO Goldmines Ltd. Options Gibbs, Philip Neville 5 21/3/2012 50 0.22 700,000 300,000 KILO Goldmines Ltd. Options Mustard, James 4 21/3/2012 52 360,000 -100,000 Kinross Gold Corporation Common Shares Tomory, Paul Botond
Stilicho 5 22/3/2012 00 9,491
Kinross Gold Corporation Options Tomory, Paul Botond Stilicho
5 22/3/2012 00 47,258
Kinross Gold Corporation Restricted Shares Tomory, Paul Botond Stilicho
5 22/3/2012 00 24,308
Kobex Minerals Inc Options Hills, Alfred Leonard 4, 5 16/3/2012 52 20.31 673,020 -4,604 Kobex Minerals Inc Options Shklanka, Roman 4 16/3/2012 52 20.3 681,233 -4,604 Kobex Minerals Inc Options Shklanka, Roman 4 16/3/2012 52 3.42 667,577 -13,656 KWG Resources Inc. Options Galipeau, René Réal 4 14/3/2012 50 4,350,000 1,600,000 KWG Resources Inc. Options PLADSEN, THOMAS JOHN 4 14/2/2012 00 3,100,000
Labrador Iron Mines Holdings Limited
Common Shares Kearney, John Francis 4, 5 20/3/2012 15 6.1 10,001 10,000
Labrador Iron Mines Holdings Limited
Common Shares Kearney, John Francis 4, 5 20/3/2012 15 6.1 1,680,100 50,000
Lanesborough Real Estate Investment Trust
Options Barker, Cheryl 4 26/7/2011 52 60,000 -50,000
Lanesborough Real Estate Investment Trust
Options Coleman, Earl 7 26/7/2011 52 60,000 -50,000
Lanesborough Real Estate Investment Trust
Options Dando, Kenneth 5 26/7/2011 52 25,000 -50,000
Lanesborough Real Estate Investment Trust
Options Dando, Kenneth 5 12/12/2011 50 0.34 30,000
Lanesborough Real Estate Investment Trust
Options Dando, Kenneth 5 12/12/2011 50 0.34 30,000
Lanesborough Real Estate Investment Trust
Options Loewen, Charles 4 26/7/2011 52 60,000 -50,000
Laramide Resources Ltd. Common Shares Ferron, Greg 5 23/3/2012 10 1.29 72,400 10,000 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 22/3/2012 10 1.2 5,726,712 25,000 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 22/3/2012 10 1.24 5,732,112 5,400 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 22/3/2012 10 1.25 5,751,712 19,600 Laramide Resources Ltd. Options Henderson, Marc Charles 3, 4, 5 19/3/2012 52 525,000 -250,000 Laramide Resources Ltd. Warrants Henderson, Marc Charles 3, 4, 5 5/3/2012 55 63,750 -38,000 Legacy Oil + Gas Inc. Common Shares Ziemer, Curtis Wade 5 21/3/2012 00 110,095 Legacy Oil + Gas Inc. Common Shares Ziemer, Curtis Wade 5 21/3/2012 00 1,745 Legacy Oil + Gas Inc. Options Ziemer, Curtis Wade 5 21/3/2012 00 240,000 Legacy Oil + Gas Inc. Warrants Ziemer, Curtis Wade 5 21/3/2012 00 110,095 Legend Gold Corp. Common Shares Kovacevic, John Gianni 4 19/3/2012 10 0.135 2,424,500 10,000 Linear Metals Corporation Common Shares MacEachen, Brian 5 20/3/2012 10 0.127 136,833 29,500 Linear Metals Corporation Common Shares MacEachen, Brian 5 21/3/2012 10 0.125 147,333 10,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3187
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
LIONS GATE ENTERTAINMENT CORP.
Common Shares Feltheimer, Jon Henry 4, 5 12/3/2012 47 1,719,136 -40
LIONS GATE ENTERTAINMENT CORP.
Common Shares Feltheimer, Jon Henry 4, 5 12/3/2012 47 1,706,880 -12,256
Lydian International Limited Common Shares Wylie, Gordon 4, 5 9/3/2012 15 2.56 1,140,450 3,950 Macarthur Minerals Limited Common Shares Options Phillips, Alan Spence 4 22/12/2011 52 1.6 450,000 -110,000
Macarthur Minerals Limited Common Shares Options Phillips, Alan Spence 4 21/10/2005 00 40,000
MacDonald Mines Exploration Ltd.
Options Butler, Hadyn 4 19/3/2012 50 0.12 2,480,000 30,000
MacDonald Mines Exploration Ltd.
Options Iannone, Alex 4 19/3/2012 50 0.12 280,000 15,000
MacDonald Mines Exploration Ltd.
Common Shares Class A Liabotis, Peter 5 20/3/2012 00 365,800
MacDonald Mines Exploration Ltd.
Options Liabotis, Peter 5 20/3/2012 00 630,000
MacDonald Mines Exploration Ltd.
Warrants Liabotis, Peter 5 20/3/2012 00 105,000
MacDonald Mines Exploration Ltd.
Options McKinnon, Jacob 5 19/3/2012 50 0.12 1,820,000 40,000
MacDonald Mines Exploration Ltd.
Options McKinnon, Kirk 4, 5 19/3/2012 50 0.12 6,800,000 65,000
MacDonald Mines Exploration Ltd.
Options Sanderson, John Peter 4 19/3/2012 50 0.12 1,735,000 35,000
MacDonald Mines Exploration Ltd.
Options Scherba, Craig 5 20/3/2012 00 470,000
MacDonald Mines Exploration Ltd.
Options Schler, Richard 4, 5 19/3/2012 50 0.12 6,040,000 65,000
MacDonald Mines Exploration Ltd.
Options Yarie, Quentin 4, 5 19/3/2012 50 0.12 705,000 245,000
Macro Enterprises Inc. Common Shares Miles, Frank Dorsey 3, 4, 5 23/3/2012 11 0.46 3,205,000 205,000 Macro Enterprises Inc. Convertible Preferred
Shares Class A Convertible Preference Shares
Miles, Frank Dorsey 3, 4, 5 30/1/2006 00
Macro Enterprises Inc. Convertible Preferred Shares Class A Convertible Preference Shares
Miles, Frank Dorsey 3, 4, 5 2/3/2012 11 1000 3,000 3,000
Macro Enterprises Inc. Convertible Preferred Shares Class A Convertible Preference Shares
Miles, Frank Dorsey 3, 4, 5 19/3/2012 11 1000 4,000 1,000
MADALENA VENTURES INC
Common Shares Front Street Investment Management Inc.
3 19/3/2012 10 0.9766 34,574,500 123,500
MADALENA VENTURES INC
Common Shares Front Street Investment Management Inc.
3 20/3/2012 10 0.97 34,581,000 6,500
MADALENA VENTURES INC
Common Shares Front Street Investment Management Inc.
3 22/3/2012 10 1 34,497,600 -83,400
Magma Metals Limited Common Shares Anglo Pacific Group Plc 3 15/3/2012 10 0.16 45,033,155 32,094 Magma Metals Limited Common Shares Anglo Pacific Group Plc 3 19/3/2012 10 0.16 45,123,425 90,270 Magma Metals Limited Common Shares Anglo Pacific Group Plc 3 20/3/2012 10 0.15 45,136,925 13,500 Magma Metals Limited Common Shares Anglo Pacific Group Plc 3 20/3/2012 10 0.16 45,158,591 21,666 Magma Metals Limited Common Shares Anglo Pacific Group Plc 3 21/3/2012 10 0.16 45,411,091 252,500 Magna International Inc. Units Deferred Share
Units Eyton, J. Trevor 4 23/3/2012 56 47.01 5,339 31
Magna International Inc. Units Deferred Share Units
Harris, Michael Deane 4 23/3/2012 56 47.01 110,068 640
Magna International Inc. Units Deferred Share Units
Judge, Barbara Thomas 4 30/12/2011 56 33.31 1,854
Magna International Inc. Units Deferred Share Units
Judge, Barbara Thomas 4 30/12/2011 56 33.31 32,943 1,914
Magna International Inc. Units Deferred Share Units
Judge, Barbara Thomas 4 23/3/2012 56 47.01 33,135 192
Magna International Inc. Units Deferred Share Units
Lataif, Louis Edward 4 23/3/2012 56 47.01 14,929 86
Magna International Inc. Units Deferred Share Units
Lauk, Kurt 4 23/3/2012 56 47.01 2,097 12
Magna International Inc. Units Deferred Share Units
Resnick, Donald 4 23/3/2012 56 47.01 18,447 107
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3188
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Magna International Inc. Units Deferred Share Units
Worrall, Lawrence 4 23/3/2012 56 47.01 17,104 100
Magna International Inc. Units Deferred Share Units
Young, William 4 23/3/2012 56 47.01 5,312 31
Mainstream Minerals Corporation
Common Shares Romanik, Michael 4 19/3/2012 10 0.04 1,954,000 39,000
Mainstream Minerals Corporation
Common Shares Romanik, Michael 4 23/3/2012 10 0.04 1,993,000 39,000
Majescor Resources Inc. Warrants Trottier, Jacques 4 29/2/2012 11 0.25 50,000 Majescor Resources Inc. Warrants Trottier, Jacques 4 29/2/2012 11 0.4 50,000 Majescor Resources Inc. Warrants Trottier, Jacques 4 29/2/2012 11 0.4 75,000 25,000 Maple Leaf Foods Inc. Common Shares Kuhn, Lynda J. 5 5/3/2012 10 11.2 78,960 -200 Maple Leaf Foods Inc. Common Shares Kuhn, Lynda J. 5 5/3/2012 10 11.215 78,560 -400 Maple Leaf Foods Inc. Common Shares Kuhn, Lynda J. 5 5/3/2012 10 11.225 78,160 -400 Maple Leaf Foods Inc. Common Shares Kuhn, Lynda J. 5 5/3/2012 10 11.214 61,160 -17,000 Mariana Resources Limited Options Turner, Randy 4 16/1/2012 50 700,000 300,000
Marquee Energy Ltd. Common Shares Carley, Glenn Robert 4 16/3/2012 22 172,582 102,582 Marquee Energy Ltd. Common Shares Carley, Glenn Robert 4 5/12/2011 00 Marquee Energy Ltd. Common Shares Carley, Glenn Robert 4 16/3/2012 22 71,750 71,750 Marquee Energy Ltd. Common Shares Yip, Sammy Shee 5 16/3/2012 00 Marquee Energy Ltd. Common Shares Yip, Sammy Shee 5 16/3/2012 11 1.84 109,265 109,265 Marquee Energy Ltd. Common Shares Yip, Sammy Shee 5 16/3/2012 00 Marquee Energy Ltd. Common Shares Yip, Sammy Shee 5 16/3/2012 11 1.84 348,500 348,500 Martinrea International Inc. Options Options to
purchase common shares Di Tosto, Alfred 5 23/3/2012 50 145,000 20,000
Martinrea International Inc. Options Options to purchase common shares
Infusino, Daniel 5 23/3/2012 50 307,000 50,000
Martinrea International Inc. Options Options to purchase common shares
Johnson, Bruce Norman 5 23/3/2012 50 102,000 20,000
Martinrea International Inc. Options Options to purchase common shares
La Rosa, Andre 5 23/3/2012 50 151,000 20,000
Martinrea International Inc. Options Options to purchase common shares
Mangov, Ada 5 23/3/2012 50 20,000
Martinrea International Inc. Options Options to purchase common shares
Mangov, Ada 5 23/3/2012 50 45,000 20,000
Martinrea International Inc. Options Options to purchase common shares
Pagliari, Armando 5 23/3/2012 50 201,000 20,000
Martinrea International Inc. Options Options to purchase common shares
Pope, Kerri Lynn 7 23/3/2012 50 55,000 20,000
MATRRIX Energy Technologies Inc.
Common Shares Hawkins, Rodger Glen 4 15/9/2011 00
MATRRIX Energy Technologies Inc.
Common Shares Hawkins, Rodger Glen 4 15/9/2011 00 5,000
MATRRIX Energy Technologies Inc.
Common Shares Hawkins, Rodger Glen 4 15/9/2011 00
MATRRIX Energy Technologies Inc.
Common Shares Hawkins, Rodger Glen 4 15/9/2011 00 100,000
MBAC Fertilizer Corp. Options NAGLE, ANTONIO JOSE 5 13/1/2012 00 MBAC Fertilizer Corp. Options NAGLE, ANTONIO JOSE 5 17/2/2012 00 MBN Corporation Units OilSands Canada 1 19/3/2012 38 5.01 800 800 MBN Corporation Units OilSands Canada 1 19/3/2012 38 0 -800 MBN Corporation Units OilSands Canada 1 22/3/2012 38 5.05 1,300 1,300 MBN Corporation Units OilSands Canada 1 22/3/2012 38 0 -1,300 MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 19/3/2012 10 13.97 83,200 3,200
MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 20/3/2012 10 13.97 90,000 6,800
MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 22/3/2012 10 13.92 93,000 3,000
MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 23/3/2012 10 13.92 100,000 7,000
McCoy Corporation Common Shares McEachern, Andy 5 31/12/2010 30 1.96 16,432 8,244 McCoy Corporation Common Shares McEachern, Andy 5 31/12/2011 30 3.59 22,982 6,550 McCoy Corporation Common Shares McEachern, Andy 5 20/3/2012 52 5.5 52,982 30,000 McCoy Corporation Options Watts, Thomas Alan 5 21/3/2012 52 5.5 80,000 -30,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3189
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Mediagrif Interactive Technologies Inc.
Common Shares Roy, Claude 4, 5 16/3/2012 10 17.64 563,400 200
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 28/12/2011 10 11.75 6,223 -1,000
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 4,393 -1,830
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 10.33 5,105 712
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 28/12/2011 10 11.75 -1,000
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 -1,830
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 10.33 712
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 10.88 2,663 235
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.43 2,680 180
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.55 2,307 202
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.275 1,800 157
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 13.939 3,065 299
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 11/12/2011 30 11.28 4,598 410
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.28 276 20
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.45 272 20
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.67 678 296
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.53 532 41
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.22 3,074 308
Medical Facilities Corporation
Common Shares Temkin, Seymour 4 31/12/2011 30 11.548 2,994 264
MedX Health Corp. Common Shares Canitano, Luigi 5 19/3/2012 10 0.215 736,306 -16,000 MedX Health Corp. Common Shares Canitano, Luigi 5 19/3/2012 10 0.21 727,306 -9,000 Mega Precious Metals Inc. (formerly Mega Silver Inc.)
Common Shares Patricio, Richard J 4 23/3/2012 11 0.76 795,000 100,000
Mega Precious Metals Inc. (formerly Mega Silver Inc.)
Warrants Patricio, Richard J 4 23/3/2012 11 0.85 222,500 50,000
Mega Precious Metals Inc. (formerly Mega Silver Inc.)
Common Shares Sweatman, Michael 4 23/3/2012 11 0.76 60,000 10,000
Mega Precious Metals Inc. (formerly Mega Silver Inc.)
Warrants Sweatman, Michael 4 23/6/1998 00
Mega Precious Metals Inc. (formerly Mega Silver Inc.)
Warrants Sweatman, Michael 4 23/3/2012 11 0.85 5,000 5,000
Metallum Resources Inc. (formerly Young-Shannon Gold Mines, Limited)
Common Shares Bullock, Kevin 4 19/3/2012 10 130,000 30,000
Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 133,909 500 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.84 133,409 -500 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 133,909 500 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.83 133,409 -500 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 135,209 1,800 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.82 133,409 -1,800 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 133,709 300 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.81 133,409 -300 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 135,509 2,100 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.8 133,409 -2,100 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 133,509 100 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.77 133,409 -100 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 51 20.76 138,109 4,700 Methanex Corporation Common Shares AITKEN, BRUCE 4, 5 16/3/2012 10 32.76 133,409 -4,700 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 814,700 -500 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 814,200 -500 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 812,400 -1,800 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 812,100 -300 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 810,000 -2,100 Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 809,900 -100
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3190
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Methanex Corporation Options AITKEN, BRUCE 4, 5 16/3/2012 51 805,200 -4,700 Methanex Corporation Common Shares Boyd, Bradley 5 19/3/2012 51 20.76 23,243 4,300 Methanex Corporation Common Shares Boyd, Bradley 5 19/3/2012 10 33 18,943 -4,300 Methanex Corporation Options Boyd, Bradley 5 19/3/2012 51 26,300 -4,300 Methanex Corporation Common Shares Gonzalez, Juan Enrique 7 15/3/2012 10 32.48 23,431 -1,763 Methanex Corporation Common Shares Gonzalez, Juan Enrique 7 15/3/2012 10 32.49 23,231 -200 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 51 20.76 13,674 3,200 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 10 33.64 10,474 -3,200 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 51 20.76 10,774 300 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 10 33.61 10,474 -300 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 51 20.76 12,274 1,800 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 10 33.6 10,474 -1,800 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 51 20.76 15,174 4,700 Methanex Corporation Common Shares Milner, Randall M. 5 19/3/2012 10 33.55 10,474 -4,700 Methanex Corporation Options Milner, Randall M. 5 19/3/2012 51 179,800 -3,200 Methanex Corporation Options Milner, Randall M. 5 19/3/2012 51 179,500 -300 Methanex Corporation Options Milner, Randall M. 5 19/3/2012 51 177,700 -1,800 Methanex Corporation Options Milner, Randall M. 5 19/3/2012 51 173,000 -4,700 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 19/3/2012 10 0.051 5,870,614 11,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 21/3/2012 10 0.055 5,872,614 2,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 23/3/2012 10 0.055 5,874,614 2,000 Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Brasseur, Jeremy 6 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Brasseur, Jeremy 6 20/3/2012 10 11.593 41,000 41,000
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Faiella, Richard 4 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Faiella, Richard 4 20/3/2012 15 12 1,700 1,700
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Faiella, Richard 4 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Faiella, Richard 4 20/3/2012 15 12 6,800 6,800
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Jestley, W. Garth 6 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Jestley, W. Garth 6 20/3/2012 15 12 46,000 46,000
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Lauzon, Robert 4, 7, 5 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Lauzon, Robert 4, 7, 5 20/3/2012 15 12 8,800 8,800
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Orrico, Dean 4, 6 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Orrico, Dean 4, 6 20/3/2012 15 12 46,000 46,000
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Stinson, Sylvia 5 20/3/2012 00
Middlefield Income Plus II Corp.
Non-Voting Shares equity shares
Stinson, Sylvia 5 20/3/2012 15 12 12,500 12,500
Minaurum Gold Inc. Common Shares Rader, Darrell A. 5 21/3/2012 10 0.33 335,300 5,000 MINCO SILVER CORPORATION
Common Shares Spilsbury, Wayne 4 5/3/2009 00
MINCO SILVER CORPORATION
Common Shares Spilsbury, Wayne 4 21/3/2012 51 1.15 200,000 200,000
MINCO SILVER CORPORATION
Options Spilsbury, Wayne 4 14/1/2011 50 5.36 300,000 100,000
MINCO SILVER CORPORATION
Options Spilsbury, Wayne 4 21/3/2012 51 1.15 100,000 -200,000
Mineral Mountain Resources Ltd.
Common Shares baker, nelson 4 12/3/2012 10 0.22 1,389,500 18,000
Miocene Metals Limited Options Stock Option Plan Berukoff, Miranda 5 20/3/2012 00 150,000
Miocene Metals Limited Options Stock Option Plan Farsangi, Parviz 4 14/3/2012 50 0.125 650,000 250,000
Miocene Metals Limited Options Stock Option Plan Garcia, Jose Sayo 5 14/3/2012 50 0.125 400,000 200,000
Miocene Metals Limited Options Stock Option Plan Hussey, Tom 4 14/3/2012 50 0.125 700,000 300,000
Miocene Metals Limited Options Stock Option Plan Jackson, James J. 4 14/3/2012 50 0.125 550,000 200,000
Miocene Metals Limited Options Stock Option Plan Jago, Bruce 5 14/3/2012 50 0.125 600,000 300,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3191
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Miocene Metals Limited Options Stock Option Plan Montgomery, Mary Irene 5 14/3/2012 50 0.125 300,000 200,000
Miocene Metals Limited Options Stock Option Plan Sittler, Darryl 4 14/3/2012 50 0.125 600,000 200,000
Miocene Metals Limited Options Stock Option Plan Soever, Alar 4 14/3/2012 50 0.125 775,000 375,000
Mistango River Resources Inc.
Common Shares Kasner, Robert J. 4, 6, 5 19/3/2012 10 0.2 373,312 2,000
Mistango River Resources Inc.
Common Shares Kasner, Robert J. 4, 6, 5 21/3/2012 10 0.2 385,312 12,000
Mitec Telecom Inc. Common Shares Mandel, Jeffrey 4, 5 21/3/2012 10 0.015 2,100,000 -1,500,000 Mitec Telecom Inc. Convertible Debentures
Issued October 29, 2009 Parkes, David Bruce 4 16/3/2012 10 $0 -$50,000
Mitel Networks Corporation Options Beamish, Stephen 5 19/3/2012 52 3.75 13,667 -1,334
Mitel Networks Corporation Options Bevington, Graham 5 19/3/2012 58 - Expiration
of rights
3.75 96,668 -5,334
Mitel Networks Corporation Options Cossart, Jean-Paul Georges 4 19/3/2012 52 3.75 108,000 -1,334
Mitel Networks Corporation Options Funnell, Gwilym 5 19/3/2012 52 3.75 23,668 -3,400
Mitel Networks Corporation Options Hiscock, Gregory 5 19/3/2012 52 3.75 40,834 -1,600
Mitel Networks Corporation Common Shares McBee, Richard 4, 5 23/3/2012 10 3.91 44,500 4,500
Mitel Networks Corporation Options McCarthy, Douglas Kevin 5 19/3/2012 52 3.75 41,667 -2,693
Mitel Networks Corporation Options Richardson, Todd 5 19/3/2012 52 3.75 53,334 -5,334
Mitel Networks Corporation Options Smith, Donald William 4 19/3/2012 52 3.75 291,668 -40,000
Mitel Networks Corporation Options Spooner, Steven Edward 5 19/3/2012 52 3.75 208,334 -28,334
Mongolia Growth Group Ltd. Common Shares Kupperman, Harris 3, 4, 5 23/6/2011 11 3.51 5,250,000 150,000
Montana Exploration Corp. (formerly AltaCanada Energy Corp.)
Common Shares Collins, James William 4 16/3/2012 10 0.295 9,223,700 32,000
Montana Exploration Corp. (formerly AltaCanada Energy Corp.)
Common Shares Collins, James William 4 19/3/2012 10 0.318 9,235,200 11,500
Montana Exploration Corp. (formerly AltaCanada Energy Corp.)
Common Shares Collins, James William 4 20/3/2012 10 0.39 9,235,700 500
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 10/4/2011 54 0.15 2,441,643
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 10/4/2011 54 0.15 2,441,643
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 1/11/2011 54 0.25 10,949,968 232,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 2/12/2011 11 0.25 10,717,968 -232,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 23/12/2011 11 0.65 10,711,968 -6,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 47 -50,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 47 -50,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 19/3/2012 11 0.07 -300,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3192
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 20/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 20/3/2012 11 0.07 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 20/3/2012 11 0.07 10,419,968 -300,000
Mountain-West Resources Inc.
Common Shares Johnson, Brent H. 5 20/3/2012 47 10,369,968 -50,000
Mountain-West Resources Inc.
Options Johnson, Brent H. 5 23/9/2011 50 1,103,889 500,000
Mountain-West Resources Inc.
Options Johnson, Brent H. 5 24/11/2011 50 1,303,889 200,000
Mountain-West Resources Inc.
Warrants Johnson, Brent H. 5 10/4/2011 54 -2,441,643
Mountain-West Resources Inc.
Warrants Johnson, Brent H. 5 10/4/2011 54 -2,441,643
Mountain-West Resources Inc.
Warrants Johnson, Brent H. 5 3/8/2011 99 41,029
Mountain-West Resources Inc.
Warrants Johnson, Brent H. 5 3/8/2011 99 41,029
Mountain-West Resources Inc.
Warrants Johnson, Brent H. 5 1/11/2011 54 120,400 -232,000
Murgor Resources Inc Common Shares Larche, David Pierre 3 15/3/2012 10 0.06 14,600,000 400,000 Murgor Resources Inc Common Shares Larche, David Pierre 3 15/3/2012 10 0.065 14,900,000 300,000 Murgor Resources Inc Common Shares Larche, David Pierre 3 15/3/2012 10 0.07 14,998,000 98,000 Murgor Resources Inc Common Shares Larche, David Pierre 3 16/3/2012 10 0.06 15,598,000 600,000 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/3/2012 30 7.2 14,163 117 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 16/3/2012 30 7.2 13,218 94 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/3/2012 30 7.2 18,074 8 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 16/3/2012 30 7.2 18,199 125 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/3/2012 30 7.2 1,034 7 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/3/2012 30 7.2 26,823 171 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 16/3/2012 30 7.2 26,849 26 NAL Energy Corporation Common Shares Wiswell, Andrew B. 4 15/3/2012 30 7.2 32,556 237 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 16/3/2012 37 3,632,833 -7,265,667 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 16/3/2012 10 0.045 3,621,833 -11,000 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 24/3/2012 99 0.045 3,632,833 11,000 Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 16/3/2012 37 199,167 -398,333 Nass Valley Gateway Ltd. Common Shares Peter, Dieter Wolf 4, 5 16/3/2012 37 1,760,667 -3,521,333 Nass Valley Gateway Ltd. Common Shares Peter, Dieter Wolf 4, 5 16/3/2012 10 0.045 1,771,667 11,000 Nass Valley Gateway Ltd. Common Shares Peter, Dieter Wolf 4, 5 23/3/2012 10 0.04 1,805,667 34,000 Nass Valley Gateway Ltd. Common Shares Peter, Dieter Wolf 4, 5 24/3/2012 99 0.045 1,794,667 -11,000 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 51 68.67 4,347 4,347 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.45 4,247 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.46 4,000 -247 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.48 3,800 -200 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.5 3,500 -300 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.57 3,400 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.49 3,200 -200 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.52 3,100 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.56 2,900 -200 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.72 2,800 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.69 2,700 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.58 2,600 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.61 2,500 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.59 2,400 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.53 2,200 -200 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.54 2,100 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.43 2,000 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.2 1,900 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.23 1,800 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.4 1,700 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.47 1,600 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.7 1,500 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.64 1,400 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.67 1,300 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.68 1,200 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.89 1,100 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.98 1,000 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.94 900 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.81 700 -200 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.8 600 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.85 500 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.76 200 -300
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3193
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.82 100 -100 National Bank of Canada Common Shares Bujold, Eric 5 16/3/2012 10 80.75 0 -100 National Bank of Canada Options Bujold, Eric 5 16/3/2012 51 68.67 40,951 -4,347 National Bank of Canada Unités d'actions différées
(UAD) / (DSU) Cieslak, John Bernard 5 14/12/2011 35 481
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Cieslak, John Bernard 5 14/12/2011 35 482
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Cieslak, John Bernard 5 14/12/2011 35 14,722 482
National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 30/12/2011 30 73.258 16,611 810 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 51 53.85 63,231 46,620 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.26 62,931 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.24 62,831 -100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.25 60,431 -2,400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.23 59,331 -1,100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.22 59,031 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.2 58,931 -100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.19 58,331 -600 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.18 57,531 -800 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.16 57,231 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.14 56,631 -600 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.17 55,931 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.1 55,031 -900 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.13 54,431 -600 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.09 54,131 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.08 53,831 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.07 53,431 -400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.05 52,731 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.04 52,031 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.06 51,731 -300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.11 51,231 -500 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.03 50,531 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80 47,931 -2,600 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.02 47,231 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.01 46,231 -1,000 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.21 46,131 -100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.15 46,031 -100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 80.12 45,831 -200 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.99 43,331 -2,500 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.98 42,031 -1,300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.96 39,731 -2,300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.92 37,731 -2,000 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.91 36,331 -1,400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.9 34,831 -1,500 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.94 33,531 -1,300 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.95 32,331 -1,200 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.97 31,231 -1,100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.88 30,231 -1,000 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.89 29,431 -800 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.86 28,431 -1,000 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.93 27,931 -500 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.84 27,231 -700 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.81 26,031 -1,200 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.79 24,931 -1,100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.78 24,031 -900 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.8 23,031 -1,000 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.77 22,631 -400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.76 21,531 -1,100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.75 20,931 -600 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.74 20,831 -100 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.73 20,431 -400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.82 20,031 -400 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.83 19,131 -900 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.87 17,611 -1,520 National Bank of Canada Common Shares Curadeau-Grou, Patricia 5 19/3/2012 10 79.85 16,611 -1,000 National Bank of Canada Options Curadeau-Grou, Patricia 5 19/3/2012 51 53.85 151,874 -46,620 National Bank of Canada Unités d'actions
assujetties à un critère de performance
Curadeau-Grou, Patricia 5 14/12/2011 35 358
National Bank of Canada Unités d'actions assujetties à un critère de performance
Curadeau-Grou, Patricia 5 14/12/2011 35 358
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3194
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada Unités d'actions assujetties à un critère de performance
Curadeau-Grou, Patricia 5 14/12/2011 35 23,676 359
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Curadeau-Grou, Patricia 5 14/12/2011 35 1,015
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Curadeau-Grou, Patricia 5 14/12/2011 35 1,015
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Curadeau-Grou, Patricia 5 14/12/2011 35 29,652 1,016
National Bank of Canada Common Shares Giard, Diane 5 30/12/2011 30 68.679 50 50 National Bank of Canada Common Shares Jeanniot, Lynn 5 30/12/2011 30 73.258 2,047 304 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 51 48.2 16,831 16,000 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 51 41 32,131 15,300 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 51 30.95 35,531 3,400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.28 34,881 -650 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.33 34,481 -400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.32 33,981 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.3 33,781 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.34 33,381 -400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.38 33,181 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.43 32,681 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.37 32,581 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.29 32,081 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.31 31,981 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.27 31,581 -400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.26 30,881 -700 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.25 29,881 -1,000 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.24 27,481 -2,400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.23 26,881 -600 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.22 26,481 -400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.21 25,681 -800 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.2 24,477 -1,204 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.18 24,277 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.19 23,677 -600 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.51 -4,000 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.51 -4,000 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.5 23,577 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.49 23,477 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.52 23,277 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.43 23,177 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.41 23,077 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.4 22,977 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.37 22,777 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.35 22,277 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.33 21,477 -800 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.36 21,077 -400 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.38 20,877 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.39 20,777 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.32 20,077 -700 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.31 19,577 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.34 18,977 -600 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.28 17,327 -1,650 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.29 16,427 -900 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.26 15,927 -500 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.25 15,627 -300 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.23 14,927 -700 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.24 13,727 -1,200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.22 13,527 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.27 13,327 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.72 13,227 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.68 13,127 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.67 13,027 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.65 12,927 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.63 12,827 -100 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.59 12,527 -300 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.61 11,927 -600 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.6 11,727 -200 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.58 11,427 -300 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.51 11,331 -96 National Bank of Canada Common Shares Lévesque, Réjean 5 20/3/2012 10 80.51 11,327 -4 National Bank of Canada Options Lévesque, Réjean 5 20/3/2012 51 48.2 224,920 -16,000 National Bank of Canada Options Lévesque, Réjean 5 20/3/2012 51 41 209,620 -15,300 National Bank of Canada Options Lévesque, Réjean 5 20/3/2012 51 30.95 206,220 -3,400
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3195
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada Unités d'actions assujetties à un critère de performance
Lévesque, Réjean 5 14/12/2011 35 358
National Bank of Canada Unités d'actions assujetties à un critère de performance
Lévesque, Réjean 5 14/12/2011 35 358
National Bank of Canada Unités d'actions assujetties à un critère de performance
Lévesque, Réjean 5 14/12/2011 35 25,418 359
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Lévesque, Réjean 5 14/12/2011 35 453
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Lévesque, Réjean 5 14/12/2011 35 453
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Lévesque, Réjean 5 14/12/2011 35 14,392 454
National Bank of Canada Unités d'actions assujetties à un critère de performance
Paiement, Luc 5 14/12/2011 35 882
National Bank of Canada Unités d'actions assujetties à un critère de performance
Paiement, Luc 5 14/12/2011 35 882
National Bank of Canada Unités d'actions assujetties à un critère de performance
Paiement, Luc 5 14/12/2011 35 39,618 881
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Paiement, Luc 5 14/12/2011 35 682
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Paiement, Luc 5 14/12/2011 35 682
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Paiement, Luc 5 14/12/2011 35 20,623 682
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Parent, Ghislain 5 14/12/2011 35 97
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Parent, Ghislain 5 14/12/2011 35 97
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Parent, Ghislain 5 14/12/2011 35 7,350 97
National Bank of Canada Common Shares Pascoe, Ricardo 5 30/12/2011 30 73.258 4,954 658 National Bank of Canada Unités d'actions
assujetties à des restrictions (UAR) /(RUS)
Pascoe, Ricardo 5 14/12/2011 35 1,995
National Bank of Canada Unités d'actions assujetties à des restrictions (UAR) /(RUS)
Pascoe, Ricardo 5 14/12/2011 35 1,995
National Bank of Canada Unités d'actions assujetties à des restrictions (UAR) /(RUS)
Pascoe, Ricardo 5 14/12/2011 35 37,667 1,995
National Bank of Canada Unités d'actions assujetties à un critère de performance
Pascoe, Ricardo 5 14/12/2011 35 835
National Bank of Canada Unités d'actions assujetties à un critère de performance
Pascoe, Ricardo 5 14/12/2011 35 835
National Bank of Canada Unités d'actions assujetties à un critère de performance
Pascoe, Ricardo 5 14/12/2011 35 22,680 835
National Bank of Canada Common Shares Roy Maffeï, France 5 30/12/2011 30 71.93 962 195 National Bank of Canada Unités d'actions différées
(UAD) / (DSU) Roy Maffeï, France 5 23/12/2011 35 157
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Roy Maffeï, France 5 23/12/2011 35 158
National Bank of Canada Unités d'actions différées (UAD) / (DSU)
Roy Maffeï, France 5 23/12/2011 35 9,159 158
National Bank of Canada Common Shares Vachon, Louis 4, 5 31/12/2011 30 72.928 708 National Bank of Canada Common Shares Vachon, Louis 4, 5 31/12/2011 30 73.258 53,912 708 National Bank of Canada Unités d'actions
assujetties à un critère de performance
Vachon, Louis 4, 5 14/12/2011 35 1,594
National Bank of Canada Unités d'actions assujetties à un critère de performance
Vachon, Louis 4, 5 14/12/2011 35 1,594
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3196
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada Unités d'actions assujetties à un critère de performance
Vachon, Louis 4, 5 14/12/2011 35 79,948 1,594
Naturally Advanced Technologies Inc.
Common Shares Barker, Kenneth 4, 5 16/3/2012 10 3.02 24,049 -2,000
Naturally Advanced Technologies Inc.
Common Shares Barker, Kenneth 4, 5 16/3/2012 10 3 22,049 -2,000
Naturally Advanced Technologies Inc.
Common Shares Finnis, Jason 4, 5 16/3/2012 10 3.02 1,414,164 -100
Naturally Advanced Technologies Inc.
Common Shares Harrison, Larisa 4, 5 16/3/2012 10 3.05 1,396,365 -100
Naturally Advanced Technologies Inc.
Common Shares Horvat, Miljenko 4, 5 23/3/2012 51 0.87 344,300 5,000
Naturally Advanced Technologies Inc.
Options Horvat, Miljenko 4, 5 23/3/2012 51 0.87 25,000 -5,000
Nevsun Resources Ltd. Options Ferguson, Anthony John 4 16/3/2012 50 3.53 250,000 250,000 NEW DAWN MINING CORP. Common Shares Clow, Graham Raymond 5 13/6/2008 00
NEW DAWN MINING CORP. Common Shares Clow, Graham Raymond 5 19/3/2012 51 51,620 51,620
NEW DAWN MINING CORP. Options Common Shares Clow, Graham Raymond 5 19/3/2012 51 260,448 -143,409
NEW DAWN MINING CORP. Options Common Shares Clow, Graham Raymond 5 19/3/2012 59 217,610 -42,838
NEW DAWN MINING CORP. Common Shares Milan, Divo 4 13/6/2008 00
NEW DAWN MINING CORP. Common Shares Milan, Divo 4 19/3/2012 51 44,693 44,693
NEW DAWN MINING CORP. Options Common Shares Milan, Divo 4 19/3/2012 51 96,716 -124,165
NEW DAWN MINING CORP. Common Shares Saunders, Ian Robert 4, 5 19/3/2012 51 0.5872 824,388 326,211
NEW DAWN MINING CORP. Common Shares Saunders, Ian Robert 4, 5 19/3/2012 51 885,739 61,351
NEW DAWN MINING CORP. Options Common Shares Saunders, Ian Robert 4, 5 19/3/2012 51 605,663 -326,211
NEW DAWN MINING CORP. Options Common Shares Saunders, Ian Robert 4, 5 19/3/2012 51 435,220 -170,443
NEW DAWN MINING CORP. Common Shares Weingarten, Robert Neal 4 19/3/2012 51 1,407,056 178,772
NEW DAWN MINING CORP. Options Common Shares Weingarten, Robert Neal 4 19/3/2012 51 193,431 -496,654
New Gold Inc. Common Shares Lassonde, Pierre 4 16/3/2012 51 9.3 4,250,000 300,000 New Gold Inc. Common Shares Lassonde, Pierre 4 21/3/2012 10 9.44 1,395,000 20,000 New Gold Inc. Options Lassonde, Pierre 4 16/3/2012 51 9.3 149,150 -300,000 New Gold Inc. Options Lassonde, Pierre 4 16/3/2012 51 9.3 300,000 New Gold Inc. Options Lassonde, Pierre 4 16/3/2012 51 9.3 300,000 New Gold Inc. Options Lassonde, Pierre 4 16/3/2012 51 9.3 300,000 New Pacific Metals Corp. Common Shares Silvercorp Metals Inc. 3 20/3/2012 10 1.1445 9,886,500 20,000 New Pacific Metals Corp. Common Shares Silvercorp Metals Inc. 3 21/3/2012 10 1.1445 20,000 New Pacific Metals Corp. Common Shares Silvercorp Metals Inc. 3 21/3/2012 10 1.1382 9,900,200 13,700 New Pacific Metals Corp. Common Shares Silvercorp Metals Inc. 3 22/3/2012 10 1.1382 13,700 Newalta Corporation Options Riddell, Clayton H. 3 16/3/2012 52 25.5 32,000 -2,500 Nexen Inc. Common Shares Arnold, James Theodore 5 22/3/2012 97 19.6 28,000 6,000 Nexen Inc. Common Shares Arnold, James Theodore 5 31/12/2011 30 20.51 6,420 2,670 Nexen Inc. Common Shares Backus, Jeffrey Michael 5 22/3/2012 97 19.6 8,500 5,500 Nexen Inc. Common Shares Backus, Jeffrey Michael 5 31/12/2011 30 20.52 3,501 1,415 Nexen Inc. Common Shares Backus, Jeffrey Michael 5 31/12/2011 30 19.72 3,884 40 Nexen Inc. Common Shares Bailey, Ronald W. 5 22/3/2012 97 19.6 11,500 5,000 Nexen Inc. Common Shares Hughes, Catherine Jeanne 5 31/12/2011 30 17.81 16,453 92
Nexen Inc. Common Shares Hughes, Catherine Jeanne 5 22/3/2012 97 19.6 25,953 9,500
Nexen Inc. Common Shares Hughes, Catherine Jeanne 5 31/12/2011 30 20.46 4,304 2,284
Nexen Inc. Common Shares Jenkins, Kevin John 4 31/12/2011 30 12,736 126 Nexen Inc. Common Shares McLachlan, Kevin J 7 31/12/2011 30 18.54 6,348 48 Nexen Inc. Common Shares McLachlan, Kevin J 7 22/3/2012 97 19.6 11,098 4,750 Nexen Inc. Common Shares McLachlan, Kevin J 7 31/12/2011 30 20.61 5,439 2,643 Nexen Inc. Common Shares McLachlan, Kevin J 7 31/12/2011 30 20.61 139 1 Nexen Inc. Common Shares McLachlan, Kevin J 7 31/12/2011 30 2,112 14 Nexen Inc. Common Shares Muller, Brendon Troy 5 31/12/2011 30 3,014 26 Nexen Inc. Common Shares Muller, Brendon Troy 5 22/3/2012 97 19.6 4,014 1,000 Nexen Inc. Common Shares Muller, Brendon Troy 5 31/12/2011 30 20.51 7,574 1,700
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3197
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Nexen Inc. Common Shares Muller, Brendon Troy 5 31/12/2011 30 19.48 1,833 19 Nexen Inc. Common Shares Power, Una Marie 7, 5 31/12/2011 30 18.85 12,667 57 Nexen Inc. Common Shares Power, Una Marie 7, 5 22/3/2012 97 19.6 20,667 8,000 Nexen Inc. Common Shares Power, Una Marie 7, 5 31/12/2011 30 20.5 16,394 2,350 Nexen Inc. Common Shares Power, Una Marie 7, 5 31/12/2011 30 19.48 6,071 62 Nexen Inc. Common Shares Reinhart, Kevin Jerome 5 31/12/2011 30 19.01 63,443 401 Nexen Inc. Common Shares Reinhart, Kevin Jerome 5 22/3/2012 97 19.6 78,443 15,000 Nexen Inc. Common Shares Reinhart, Kevin Jerome 5 31/12/2011 30 19.49 1,612 16 Nexen Inc. Common Shares Reinhart, Kevin Jerome 5 31/12/2011 30 20.51 32,040 3,404 Nexen Inc. Common Shares Reinhart, Kevin Jerome 5 31/12/2011 30 19.49 4,267 44 Nexen Inc. Common Shares Roessel, Theresa Anne 7 22/3/2012 97 19.6 9,200 2,500 Nexen Inc. Common Shares Roessel, Theresa Anne 7 31/12/2011 30 20.54 3,757 1,120 Nexen Inc. Common Shares Roessel, Theresa Anne 7 31/12/2011 30 19.71 1,115 11 Nexen Inc. Common Shares Wilson, Quinn Evan 5 28/11/2011 00 Nexen Inc. Common Shares Wilson, Quinn Evan 5 22/3/2012 97 19.6 1,500 1,500 Nexen Inc. Common Shares Wilson, Quinn Evan 5 31/12/2011 30 15.79 1,033 105 Nexen Inc. Common Shares Wilson, Quinn Evan 5 31/12/2011 30 15.79 747 84 Nexen Inc. Common Shares Zaleschuk, Victor Jack 4 31/12/2011 30 19.48 49,001 257 NexJ Systems Inc. Common Shares Predovic, Daniel Thomas 5 23/3/2012 10 7.2 47,500 5,000 NexJ Systems Inc. Common Shares Shepherd, David William 5 15/3/2012 10 7.75 619,257 -1,800 NexJ Systems Inc. Common Shares Shepherd, David William 5 16/3/2012 10 7.7048 596,457 -22,800 NexJ Systems Inc. Common Shares Shepherd, David William 5 19/3/2012 10 7.735 595,057 -1,400 Niocan Inc. Common Shares Marleau, Hubert 4, 5 20/3/2012 51 40000 40,000 40,000 Niocan Inc. Options Marleau, Hubert 4, 5 20/3/2012 51 0.53 450,000 -40,000 Nord Resources Corporation Common Shares Hirsch, Ronald Allen 4, 5 16/3/2012 10 0.05 9,114,685 25,000
Nordion Inc. Common Shares Ashwood, Christopher Kent 5 31/12/2011 30 1,577 1,395
Nordion Inc. Common Shares Benjamin, Tamra 5 4/5/2011 30 11.01 189 Nordion Inc. Common Shares Benjamin, Tamra 5 16/4/2010 00 Nordion Inc. Common Shares Benjamin, Tamra 5 4/5/2011 30 11.01 189 189 Nordion Inc. Common Shares Benjamin, Tamra 5 31/12/2011 30 1,642 1,453 Nordion Inc. Common Shares Brooks, Kevin 5 4/5/2011 30 11.01 306 Nordion Inc. Common Shares Brooks, Kevin 5 23/6/2010 00 Nordion Inc. Common Shares Brooks, Kevin 5 4/5/2011 30 11.01 306 306 Nordion Inc. Common Shares Brooks, Kevin 5 31/12/2011 30 2,656 2,350 Nordion Inc. Common Shares Dans, George Peter 5 31/12/2011 30 7,045 4,263 Nordion Inc. Common Shares Foti, Andrew Alex 5 4/5/2011 30 11.01 196 Nordion Inc. Common Shares Foti, Andrew Alex 5 4/4/2011 00 Nordion Inc. Common Shares Foti, Andrew Alex 5 4/5/2011 30 11.01 196 196 Nordion Inc. Common Shares Foti, Andrew Alex 5 31/12/2011 30 2,360 2,164 Nordion Inc. Common Shares McIntosh, Scott Robert 5 23/6/2010 00 Nordion Inc. Common Shares McIntosh, Scott Robert 5 31/12/2011 30 2,152 2,152 North American Palladium Ltd.
Common Shares Struble, Gregory Robert 5 21/3/2012 10 2.685 116,500 72,000
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 15/3/2012 10 0.4037 2,258,960 48,960
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 16/3/2012 10 0.4187 2,274,685 15,725
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 19/3/2012 10 0.4163 2,280,720 6,035
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 20/3/2012 10 0.421 2,289,390 8,670
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 15/3/2012 10 0.4037 4,385,040 95,040
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 16/3/2012 10 0.4187 4,415,565 30,525
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 19/3/2012 10 0.4163 4,427,280 11,715
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 20/3/2012 10 0.421 4,444,110 16,830
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 15/3/2012 10 0.4037 1,328,800 28,800
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 16/3/2012 10 0.4187 1,338,050 9,250
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 19/3/2012 10 0.4163 1,341,600 3,550
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 20/3/2012 10 0.421 1,346,700 5,100
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 15/3/2012 10 0.4037 5,315,200 115,200
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 16/3/2012 10 0.4187 5,352,200 37,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3198
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 19/3/2012 10 0.4163 5,366,400 14,200
North American Tungsten Corporation Ltd.
Common Shares Douglas, Kevin 3 20/3/2012 10 0.421 5,386,800 20,400
North American Tungsten Corporation Ltd.
Options LEAHY, STEPHEN MARTIN
4, 5 19/3/2012 52 1.25 1,250,000 -350,000
North American Tungsten Corporation Ltd.
Options Lenton, Wayne Douglas 4 19/3/2012 52 1.25 250,000 -75,000
North American Tungsten Corporation Ltd.
Options Porter, Bryce Mitchell 4 19/3/2012 52 1.25 450,000 -200,000
North American Tungsten Corporation Ltd.
Options Scott, Christina Pauline 4, 5 19/3/2012 52 1.25 500,000 -150,000
NORTHCORE TECHNOLOGIES INC. (formerly ADB Systems International Ltd.)
Options Bulger, T. Christopher 4 20/3/2012 50 0.1 2,920,000 400,000
NORTHCORE TECHNOLOGIES INC. (formerly ADB Systems International Ltd.)
Options Monga, Amit Singh 4 20/3/2012 50 0.1 4,150,000 1,250,000
NORTHCORE TECHNOLOGIES INC. (formerly ADB Systems International Ltd.)
Options Moskos, James 4 20/3/2012 50 0.1 4,130,000 1,000,000
NORTHCORE TECHNOLOGIES INC. (formerly ADB Systems International Ltd.)
Common Shares Nguyen, Tam 5 20/3/2012 00 105,000
NORTHCORE TECHNOLOGIES INC. (formerly ADB Systems International Ltd.)
Options Nguyen, Tam 5 20/3/2012 00 1,640,000
Northern Dynasty Minerals Ltd.
Common Shares Thiessen, Ronald William 4 1/11/2011 47 8.09 1,972,228 -123,610
Northern Dynasty Minerals Ltd.
Common Shares Thiessen, Ronald William 4 2/11/2011 10 8.39 2,094,928 122,700
Northern Dynasty Minerals Ltd.
Options Thomas, Trevor 5 2/2/2009 38 9.81 15,000
Northern Dynasty Minerals Ltd.
Options Thomas, Trevor 5 2/2/2009 38 9.81 114,560 -15,000
Northern Dynasty Minerals Ltd.
Options Thomas, Trevor 5 2/2/2009 38 9.74 40,000
Northern Dynasty Minerals Ltd.
Options Thomas, Trevor 5 2/2/2009 38 9.74 74,560 -40,000
Northern Financial Corporation
Common Shares Reid, John Roger 4 21/3/2012 10 0.095 1,738,710 60,000
Northern Gold Mining Inc. Common Shares Caland, Paul 3 19/3/2012 10 0.253 8,974,515 10,000 Northern Gold Mining Inc. Common Shares Caland, Paul 3 21/3/2012 10 0.251 8,979,515 5,000 Northern Gold Mining Inc. Common Shares Szustak, Eric 5 15/3/2012 10 0.25 110,000 3,000 Northern Graphite Corporation
Common Shares Chmelauskas, Jay 4 16/3/2012 51 0.5 75,000 75,000
Northern Graphite Corporation
Options Chmelauskas, Jay 4 16/3/2012 51 0.5 75,000 -75,000
Northern Iron Corp. Common Shares Botha, Basil 4 16/3/2012 10 724,500 94,500 Northern Iron Corp. Common Shares Brown, David Richard 4 20/3/2012 10 525,000 25,000 Northern Superior Resources Inc.
Options Morris, Thomas, Findlay 5 19/3/2012 52 0.63 2,191,667 -200,000
Northland Power Inc. Common Shares Anderson, Anthony Frank 5 15/3/2012 10 17.65 1,100,940 -8,000 Northland Power Inc. Forward Sale 300,000
shares settlement date March 19, 2014
Anderson, Anthony Frank 5 1/1/2011 00
Northland Power Inc. Forward Sale 300,000 shares settlement date March 19, 2014
Anderson, Anthony Frank 5 19/3/2012 70 1 1
Northland Power Inc. Forward Sale 280,000 shares settlement date March 19, 2014
Brace, John Wycliffe 5 1/1/2011 00
Northland Power Inc. Forward Sale 280,000 shares settlement date March 19, 2014
Brace, John Wycliffe 5 19/3/2012 70 1 1
Northland Power Inc. Forward Sale 60,000 common shares - settlement March 2014
Cipolla, Gemi 5 1/1/2011 00
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3199
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Northland Power Inc. Forward Sale 60,000 common shares - settlement March 2014
Cipolla, Gemi 5 19/3/2012 70 1
Northland Power Inc. Forward Sale 60,000 common shares - settlement March 2014
Cipolla, Gemi 5 19/3/2012 70 1 1
Northland Power Inc. Forward Sale 150,000 Common Shares - Settlement Date March 19, 2014
Gliosca, Dino 5 30/11/2011 00
Northland Power Inc. Forward Sale 150,000 Common Shares - Settlement Date March 19, 2014
Gliosca, Dino 5 19/3/2012 70 1 1
Northland Power Inc. Common Shares Gloutney, Pierre 4 25/4/2011 90 22,678 1,400 Northland Power Inc. Common Shares Gloutney, Pierre 4 31/12/2011 30 16.04 23,958 1,280 Northland Power Inc. Common Shares Gloutney, Pierre 4 25/4/2011 90 934 -1,400 Northland Power Inc. Common Shares Gloutney, Pierre 4 31/12/2011 30 16.04 1,014 80 Northland Power Inc. Forward Sale 400,000
common shares - settlement date March 19, 2014
mantenuto, salvatore 5 1/1/2011 00
Northland Power Inc. Forward Sale 400,000 common shares - settlement date March 19, 2014
mantenuto, salvatore 5 19/3/2012 70 1 1
Northland Power Inc. Common Shares Temerty, James C. 3 21/3/2012 90 17.23 1,387 290 Northland Power Inc. Common Shares Temerty, James C. 3 21/3/2012 90 17.23 94,456 -290 Northland Power Inc. Common Shares Temerty, James C. 3 21/3/2012 90 17.23 94,166 -290 Northland Power Inc. Common Shares Temerty, James C. 3 15/3/2012 30 16.76 224,543 1,198 Northland Power Inc. Common Shares Temerty, James C. 3 15/3/2012 30 16.76 8,097 43 Northland Power Inc. Common Shares Temerty, James C. 3 21/3/2012 90 17.23 1,387 290 Northland Power Inc. Common Shares Temerty, James C. 3 15/3/2012 30 16.76 47,716 254 Northland Power Inc. Common Shares Temerty, James C. 3 15/3/2012 30 16.76 93,621 45,905 Novus Energy Inc. (formerly, Regal Energy Ltd.)
Common Shares Din, Julian John 5 21/3/2012 54 0.75 1,846,000 918,000
Novus Energy Inc. (formerly, Regal Energy Ltd.)
Warrants Din, Julian John 5 21/3/2012 54 0.75 0 -918,000
Novus Energy Inc. (formerly, Regal Energy Ltd.)
Common Shares Ross, Hugh 4, 5 19/3/2012 54 0.75 1,588,000 650,000
Novus Energy Inc. (formerly, Regal Energy Ltd.)
Warrants Ross, Hugh 4, 5 19/3/2012 54 0.75 0 -650,000
NSX Silver Inc. Common Shares Holmes, Glenn 4, 5 9/8/2011 00 NSX Silver Inc. Common Shares Holmes, Glenn 4, 5 16/3/2012 15 595,000 595,000 NSX Silver Inc. Options Holmes, Glenn 4, 5 9/8/2011 00 NSX Silver Inc. Options Holmes, Glenn 4, 5 16/3/2012 50 495,000 495,000 NSX Silver Inc. Common Shares Loon, Grant Elliot 4 9/8/2011 00 NSX Silver Inc. Common Shares Loon, Grant Elliot 4 16/3/2012 15 138,500 138,500 NSX Silver Inc. Common Shares Loon, Grant Elliot 4 9/8/2011 00 NSX Silver Inc. Common Shares Loon, Grant Elliot 4 16/3/2012 15 300,000 300,000 NSX Silver Inc. Options Loon, Grant Elliot 4 9/8/2011 00 NSX Silver Inc. Options Loon, Grant Elliot 4 16/3/2012 50 250,000 250,000 NSX Silver Inc. Common Shares NSGold Corporation 3 16/3/2012 15 1,875,804 -43,553,767 NSX Silver Inc. Common Shares Proudfoot, James M. 4 9/8/2011 00 NSX Silver Inc. Common Shares Proudfoot, James M. 4 16/3/2012 15 38,250 38,250 NSX Silver Inc. Options Proudfoot, James M. 4 9/8/2011 00 NSX Silver Inc. Options Proudfoot, James M. 4 16/3/2012 50 250,000 250,000 NSX Silver Inc. Common Shares van Hoof, Johannes
Henricus Cornelis 3, 4, 5 9/8/2011 00
NSX Silver Inc. Common Shares van Hoof, Johannes Henricus Cornelis
3, 4, 5 15/3/2012 10 0.15 2,000 2,000
NSX Silver Inc. Common Shares van Hoof, Johannes Henricus Cornelis
3, 4, 5 16/3/2012 15 11,132,600 11,130,600
NUVISTA ENERGY LTD. Common Shares Froese, Robert 5 16/3/2012 30 5.24 12,973 NUVISTA ENERGY LTD. Common Shares Froese, Robert 5 16/3/2012 30 5.24 18,617 5,645 NUVISTA ENERGY LTD. Common Shares McDavid, Douglas
Christopher 5 16/3/2012 30 5.24 14,549
NUVISTA ENERGY LTD. Common Shares McDavid, Douglas Christopher
5 16/3/2012 30 5.24 43,687 4,571
NUVISTA ENERGY LTD. Common Shares McKinnon, Daniel Bert 5 16/3/2012 30 5.24 6,367
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3200
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
NUVISTA ENERGY LTD. Common Shares McKinnon, Daniel Bert 5 16/3/2012 30 5.24 59,476 4,523 NUVISTA ENERGY LTD. Options Michael, Lawford 5 23/1/2012 00 NUVISTA ENERGY LTD. Options Michael, Lawford 5 21/3/2012 50 4.31 135,000 135,000 NUVISTA ENERGY LTD. Restricted Share Awards Michael, Lawford 5 23/1/2012 00
NUVISTA ENERGY LTD. Restricted Share Awards Michael, Lawford 5 21/3/2012 56 15,000 15,000
NUVISTA ENERGY LTD. Common Shares Olmstead, Wayne 5 16/3/2012 30 5.24 1,141 NUVISTA ENERGY LTD. Common Shares Olmstead, Wayne 5 16/3/2012 30 5.24 4,203 3,256 NUVISTA ENERGY LTD. Common Shares RRSP Olmstead, Wayne 5 16/3/2012 30 5.24 1,136 NUVISTA ENERGY LTD. Common Shares RRSP Olmstead, Wayne 5 16/3/2012 30 5.24 2,522 245 NUVISTA ENERGY LTD. Common Shares Truba, Joshua Thomas 5 16/3/2012 30 5.24 8,043 NUVISTA ENERGY LTD. Common Shares Truba, Joshua Thomas 5 16/3/2012 30 5.24 9,073 1,723 NUVISTA ENERGY LTD. Common Shares RRSP Truba, Joshua Thomas 5 16/3/2012 30 5.24 2,037 NUVISTA ENERGY LTD. Common Shares RRSP Truba, Joshua Thomas 5 16/3/2012 30 5.24 7,688 2,139 NWT Uranium Corp. Common Shares Subotic, David 4 17/2/2011 10 0.11 15,000 NWT Uranium Corp. Common Shares Subotic, David 4 17/2/2012 10 0.11 4,101,500 15,000 OceanaGold Corporation Common Shares Askew, James 4 23/3/2012 11 1,087,008 48,360 Octant Energy Corp. Common Shares BAKE, CHRISTOPHER
PAUL 3 9/3/2012 00
Octant Energy Corp. Common Shares BAKE, CHRISTOPHER PAUL
3 9/3/2012 16 10,000,000 10,000,000
Octant Energy Corp. Options BAKE, CHRISTOPHER PAUL
3 9/3/2012 00
Octant Energy Corp. Common Shares Fleurie, Scott 4 9/3/2012 00 Octant Energy Corp. Options Fleurie, Scott 4 9/3/2012 00 Olympus Pacific Minerals Inc.
Options SETON, DAVID ALEXANDER
4 14/3/2012 50 5,485,409 2,700,000
Olympus Pacific Minerals Inc.
Options SETON, DAVID ALEXANDER
4 14/3/2012 52 3,000,000
Olympus Pacific Minerals Inc.
Options SETON, DAVID ALEXANDER
4 14/3/2012 52 2,485,409 -3,000,000
Olympus Pacific Minerals Inc.
Options SETON, JOHN ANDREW GOWANS
4 14/3/2012 52 2,158,483 -1,000,000
Olympus Pacific Minerals Inc.
Options SETON, JOHN ANDREW GOWANS
4 14/3/2012 50 3,058,483 900,000
ONEX CORPORATION Options Munk, Anthony 7 20/3/2012 38 18.18 395,000 -150,000 ONEX CORPORATION Subordinate Voting
Shares Schwartz, Gerald Wilfred 3, 4, 6, 7,
5 22/3/2012 10 36.984 1,000 1,000
ONEX CORPORATION Subordinate Voting Shares
Schwartz, Gerald Wilfred 3, 4, 6, 7, 5
22/3/2012 47 36.984 0 -1,000
Open Range Energy Corp. Common Shares Winger, Harley Lewis 4 15/3/2012 30 1.37 934,345 1,089 Opta Minerals Inc. Common Shares Beutel, Austin Cecil 6 19/3/2012 10 2.1 3,265,700 700 Osisko Mining Corporation Common Shares Coates, Bryan A. 5 31/12/2011 30 12.6 92,056 1,903
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 51 5.325 421,556 329,500
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11 337,556 -84,000
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.01 298,256 -39,300
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.02 294,956 -3,300
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.03 253,656 -41,300
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.04 206,856 -46,800
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.05 111,556 -95,300
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.06 92,756 -18,800
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.07 92,356 -400
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 21/3/2012 10 11.08 92,056 -300
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 51 5.325 262,556 170,500
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 10 10.875 140,656 -121,900
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 10 10.885 127,456 -13,200
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 10 10.895 125,656 -1,800
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3201
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 10 10.915 123,756 -1,900
Osisko Mining Corporation Common Shares Coates, Bryan A. 5 23/3/2012 10 10.925 92,056 -31,700
Osisko Mining Corporation Options Coates, Bryan A. 5 21/3/2012 51 5.325 1,893,500 -329,500
Osisko Mining Corporation Options Coates, Bryan A. 5 23/3/2012 51 5.325 1,723,000 -170,500
Osisko Mining Corporation Common Shares Roosen, Sean 4 23/3/2012 51 2.2 1,000,014 124,000
Osisko Mining Corporation Common Shares Roosen, Sean 4 23/3/2012 10 10.87 902,014 -98,000
Osisko Mining Corporation Common Shares Roosen, Sean 4 23/3/2012 10 10.87 885,714 -16,300
Osisko Mining Corporation Common Shares Roosen, Sean 4 23/3/2012 10 10.88 877,414 -8,300
Osisko Mining Corporation Common Shares Roosen, Sean 4 23/3/2012 10 10.89 876,014 -1,400
Osisko Mining Corporation Options Roosen, Sean 4 23/3/2012 51 2.2 1,465,300 -98,000
Osisko Mining Corporation Options Roosen, Sean 4 23/3/2012 51 2.2 1,439,300 -26,000
Osisko Mining Corporation Common Shares Sugar, Gary A. 4 13/3/2012 00
Osisko Mining Corporation Common Shares Sugar, Gary A. 4 20/3/2012 10 11.02 10,000 10,000
Pacific North West Capital Corp.
Warrants Holmes, Linda 4, 5 15/3/2012 55 0 -11,667
Pacific North West Capital Corp.
Warrants Inwentash, Sheldon 3, 6 19/3/2012 10 0 -250,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 51 6.78 347,166 52,500
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 30.15 342,166 -5,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 30 324,666 -17,500
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 29.92 319,666 -5,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 29.91 315,466 -4,200
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 29.86 314,666 -800
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 29.81 309,666 -5,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 16/3/2012 10 29.8 294,666 -15,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 51 6.78 304,666 10,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.28 304,266 -400
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.27 303,866 -400
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.2 303,166 -700
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.17 301,166 -2,000
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.16 300,866 -300
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.14 300,366 -500
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.13 299,666 -700
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.11 299,266 -400
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.09 299,166 -100
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.08 298,666 -500
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.05 298,466 -200
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29.04 295,866 -2,600
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3202
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pacific Rubiales Energy Corp.
Common Shares De La Campa, Miguel Angel 4 19/3/2012 10 29 294,666 -1,200
Pacific Rubiales Energy Corp.
Options De La Campa, Miguel Angel 4 16/3/2012 51 6.78 4,529,267 -52,500
Pacific Rubiales Energy Corp.
Options De La Campa, Miguel Angel 4 19/3/2012 51 6.78 -10,000
Pacific Rubiales Energy Corp.
Options De La Campa, Miguel Angel 4 19/3/2012 51 6.78 4,519,267 -10,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 51 6.78 91,500 52,500
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 30.15 86,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 30 69,000 -17,500
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 29.92 64,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 29.91 59,800 -4,200
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 29.86 59,000 -800
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 29.81 54,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 16/3/2012 10 29.8 39,000 -15,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 51 6.78 49,000 10,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.28 48,600 -400
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.27 48,200 -400
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.2 47,500 -700
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.17 45,500 -2,000
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.16 45,200 -300
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.14 44,700 -500
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.13 44,000 -700
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.11 43,600 -400
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.09 43,500 -100
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.08 43,000 -500
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.05 42,800 -200
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29.04 40,200 -2,600
Pacific Rubiales Energy Corp.
Common Shares Iacono, Serafino 4 19/3/2012 10 29 39,000 -1,200
Pacific Rubiales Energy Corp.
Options Iacono, Serafino 4 16/3/2012 52 6.78 -52,500
Pacific Rubiales Energy Corp.
Options Iacono, Serafino 4 16/3/2012 51 6.78 4,209,952 -52,500
Pacific Rubiales Energy Corp.
Options Iacono, Serafino 4 19/3/2012 51 6.78 4,199,952 -10,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 51 22.05 40,500 40,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 30.09 35,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 30 30,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.92 25,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.88 20,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.79 15,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.72 10,500 -5,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3203
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.7 5,500 -5,000
Pacific Rubiales Energy Corp.
Common Shares LeGallais, Christopher J. 5 16/3/2012 10 29.65 500 -5,000
Pacific Rubiales Energy Corp.
Options LeGallais, Christopher J. 5 16/3/2012 51 22.05 280,000 -40,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 51 25.76 80,000 80,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 51 22.75 200,000 120,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.9 199,100 -900
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.85 194,900 -4,200
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.82 189,900 -5,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.81 188,000 -1,900
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.8 185,000 -3,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.76 183,000 -2,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.75 178,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.71 175,000 -3,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.7 170,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.66 168,000 -2,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.65 162,600 -5,400
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.63 161,800 -800
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.62 159,800 -2,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.6 131,900 -27,900
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.57 116,200 -15,700
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.56 114,200 -2,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.55 104,000 -10,200
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.53 81,200 -22,800
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.52 80,000 -1,200
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.5 75,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.48 72,100 -2,900
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.47 71,800 -300
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.46 68,300 -3,500
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.45 55,000 -13,300
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.41 50,100 -4,900
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.4 43,000 -7,100
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.38 37,800 -5,200
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.37 13,000 -24,800
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.35 10,000 -3,000
Pacific Rubiales Energy Corp.
Common Shares Loureiro, Daniel 5 20/3/2012 10 28.32 0 -10,000
Pacific Rubiales Energy Corp.
Options Loureiro, Daniel 5 20/3/2012 51 25.76 120,000 -80,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3204
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pacific Rubiales Energy Corp.
Options Loureiro, Daniel 5 20/3/2012 51 22.75 0 -120,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 51 14.08 78,000 70,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 30 73,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.9 63,000 -10,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.81 62,800 -200
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.8 48,000 -14,800
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.78 45,400 -2,600
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.76 45,000 -400
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.75 28,000 -17,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.68 25,500 -2,500
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.67 22,500 -3,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.66 18,000 -4,500
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.63 13,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 16/3/2012 10 29.5 8,000 -5,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 51 14.08 19,000 11,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.28 18,800 -200
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.27 18,600 -200
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.2 18,000 -600
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.17 17,000 -1,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.16 15,000 -2,000
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.14 14,500 -500
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.13 13,900 -600
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.11 13,500 -400
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.09 13,400 -100
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.08 12,900 -500
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.05 12,600 -300
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29.04 9,900 -2,700
Pacific Rubiales Energy Corp.
Common Shares Pacheco Rodriguez, Luis Augusto
5 19/3/2012 10 29 8,000 -1,900
Pacific Rubiales Energy Corp.
Options Pacheco Rodriguez, Luis Augusto
5 16/3/2012 51 14.08 255,000 -70,000
Pacific Rubiales Energy Corp.
Options Pacheco Rodriguez, Luis Augusto
5 19/3/2012 51 14.08 244,000 -11,000
Pacific Rubiales Energy Corp.
Common Shares Rojas Escalante, Luis Andres
5 16/3/2012 51 7.38 52,250 12,000
Pacific Rubiales Energy Corp.
Common Shares Rojas Escalante, Luis Andres
5 16/3/2012 10 29.68 44,950 -7,300
Pacific Rubiales Energy Corp.
Common Shares Rojas Escalante, Luis Andres
5 16/3/2012 10 29.57 43,650 -1,300
Pacific Rubiales Energy Corp.
Common Shares Rojas Escalante, Luis Andres
5 16/3/2012 10 29.56 40,250 -3,400
Pacific Rubiales Energy Corp.
Options Rojas Escalante, Luis Andres
5 15/3/2012 90 1,820,948 910,474
Pacific Rubiales Energy Corp.
Options Rojas Escalante, Luis Andres
5 16/3/2012 51 7.38 898,474 -12,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3205
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pacific Rubiales Energy Corp.
Options Rojas Escalante, Luis Andres
5 15/3/2012 90 910,474
Pacific Rubiales Energy Corp.
Common Shares Volk, Peter Joseph 5 16/3/2012 51 7.38 57,407 25,000
Pacific Rubiales Energy Corp.
Common Shares Volk, Peter Joseph 5 16/3/2012 10 29.983 57,107 -300
Pacific Rubiales Energy Corp.
Common Shares Volk, Peter Joseph 5 16/3/2012 10 29.9 36,507 -20,600
Pacific Rubiales Energy Corp.
Common Shares Volk, Peter Joseph 5 16/3/2012 10 29.91 34,007 -2,500
Pacific Rubiales Energy Corp.
Common Shares Volk, Peter Joseph 5 16/3/2012 10 29.986 32,407 -1,600
Pacific Rubiales Energy Corp.
Options Volk, Peter Joseph 5 16/3/2012 51 7.38 494,000 -25,000
Paladin Labs Inc. Common Shares McDole, Gerald P. 4 15/3/2012 30 41.29 2,028 124 Paladin Labs Inc. Common Shares Raby, Joel 4 15/3/2012 30 41.29 1,676 125 Paladin Labs Inc. Common Shares Wise, Ted 4 15/3/2012 30 41.29 12,048 243 Paladin Labs Inc. Common Shares Wise, Ted 4 15/3/2012 30 41.29 12,172 124 Paramount Gold and Silver Corp.
Common Shares FCMI Financial Corporation 3 20/3/2012 11 1.05 14,803,502 -1,155,000
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 9/11/2011 00
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 21/3/2012 10 29.82 300 300
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 9/11/2011 00
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 21/3/2012 10 29.78 1,100 1,100
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 9/11/2011 00
Paramount Resources Ltd. Common Shares Class A Bell, James Geral 4 21/3/2012 10 29.8 2,000 2,000
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 194,200 -1,100
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 1,546,400 -8,900
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 1,806,200 -10,400
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 4,323,000 -25,000
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 25,900 -200
Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 19/3/2012 10 30.35 362,300 -2,100
Parkland Fuel Corporation Common Shares Bechtold, John Frederick 4 15/3/2012 30 13.11 45,067 83 Parkland Fuel Corporation Deferred Share Unit Plan Bechtold, John Frederick 4 15/3/2012 30 13.11 4,842 31
Parkland Fuel Corporation Common Shares Cruickshank, Andrew Stuart 5 27/2/2012 30 14 303 145
Parkland Fuel Corporation Common Shares Cruickshank, Andrew Stuart 5 15/3/2012 30 13.11 304 1
Parkland Fuel Corporation Common Shares Dinning, James Francis 4 15/3/2012 30 13.11 61,104 44 Parkland Fuel Corporation Deferred Share Unit Plan Dinning, James Francis 4 15/3/2012 30 13.11 4,842 31
Parkland Fuel Corporation Common Shares Espey, Robert Berthold 5 27/2/2012 30 14 57,072 286 Parkland Fuel Corporation Common Shares Espey, Robert Berthold 5 15/3/2012 30 13.11 57,440 368 Parkland Fuel Corporation Common Shares Ferland, Alain 4 15/3/2012 30 13.11 201,356 43 Parkland Fuel Corporation Deferred Share Unit Plan Ferland, Alain 4 15/3/2012 30 13.11 4,842 31
Parkland Fuel Corporation Common Shares Fink, Bob 5 27/2/2012 30 14 2,570 160 Parkland Fuel Corporation Common Shares Fink, Bob 5 15/3/2012 30 13.11 2,586 16 Parkland Fuel Corporation Common Shares Fink, Bob 5 15/3/2012 30 13.11 1,091 7 Parkland Fuel Corporation Common Shares Lambert, Michael Robert 5 27/2/2012 30 14 1,715 240 Parkland Fuel Corporation Common Shares Lambert, Michael Robert 5 15/3/2012 30 13.11 1,725 10 Parkland Fuel Corporation Common Shares Mackey, Robert Gerard
Dean 5 27/2/2012 30 14 374 142
Parkland Fuel Corporation Common Shares McMillan, Michael Stanley Howie
5 27/2/2012 30 14 653 143
Parkland Fuel Corporation Common Shares McMillan, Michael Stanley Howie
5 15/3/2012 30 13.11 667 14
Parkland Fuel Corporation Common Shares Pantelidis, James 4 15/3/2012 30 13.11 178,324 367 Parkland Fuel Corporation Common Shares Pantelidis, James 4 15/3/2012 30 13.11 178,653 329
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3206
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Parkland Fuel Corporation Deferred Share Unit Plan Pantelidis, James 4 15/3/2012 30 13.11 16,142 104
Parkland Fuel Corporation Common Shares Putnam, Karen 5 27/2/2012 30 14 68,039 172 Parkland Fuel Corporation Common Shares Putnam, Karen 5 15/3/2012 30 13.11 68,086 47 Parkland Fuel Corporation Common Shares ROGERS, Ronald D. 4 15/3/2012 30 13.11 34,882 224 Parkland Fuel Corporation Deferred Share Unit Plan ROGERS, Ronald D. 4 15/3/2012 30 13.11 6,710 43
Parkland Fuel Corporation Common Shares Rouse, William James 5 27/2/2012 30 14 2,820 143 Parkland Fuel Corporation Common Shares Rouse, William James 5 15/3/2012 30 13.11 2,837 17 Parkland Fuel Corporation Common Shares Savage, Jane Elizabeth 5 27/2/2012 30 14 2,041 162 Parkland Fuel Corporation Common Shares Savage, Jane Elizabeth 5 15/3/2012 30 13.11 2,053 12 Parkland Fuel Corporation Common Shares Spencer, David 4 15/3/2012 30 13.11 15,804 26 Parkland Fuel Corporation Deferred Share Unit Plan Spencer, David 4 15/3/2012 30 13.11 4,842 31
Parkland Fuel Corporation Common Shares Strating, Donna Jeanne 5 27/2/2012 30 14 2,739 177 Parkland Fuel Corporation Common Shares Strating, Donna Jeanne 5 15/3/2012 30 13.11 2,740 1 Parkland Fuel Corporation Common Shares Strating, Donna Jeanne 5 15/3/2012 30 13.11 2,001 13 Parkland Fuel Corporation Common Shares Willms, Allan 5 27/2/2012 30 14 218 149 Partners Real Estate Investment Trust
Units Maroun, Louis 4 20/8/2010 00
Partners Real Estate Investment Trust
Units Maroun, Louis 4 20/3/2012 10 7.38 4,000 4,000
Partners Real Estate Investment Trust
Units Maroun, Louis 4 21/3/2012 10 7.37 8,000 4,000
Partners Real Estate Investment Trust
Units Maroun, Louis 4 23/3/2012 10 7.39 27,500 19,500
Passport Energy Ltd. Common Shares Gulka, Christopher David 4, 5 21/3/2012 51 0.06 2,443,000 50,000 Passport Energy Ltd. Options Gulka, Christopher David 4, 5 21/3/2012 51 0.06 900,000 -50,000 Patheon Inc. Restricted Voting Shares
(Common Shares redesignated-Apr/07)
Mullen, James Charles 4, 5 16/3/2012 30 1.86 1,006,285 5,000
Patheon Inc. Restricted Voting Shares (Common Shares redesignated-Apr/07)
Mullen, James Charles 4, 5 19/3/2012 30 1.85 1,201,044 194,759
Pembina Pipeline Corporation
Rights Andersen, Harold 5 19/12/2011 00
Pembina Pipeline Corporation
Rights Andersen, Harold 5 15/3/2012 56 3,992 3,992
Pembina Pipeline Corporation
Rights Andersen, Harold 5 15/3/2012 56 7,984 3,992
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/2/2012 00
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 56 1,548 1,548
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 56 3,714 2,166
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 56 5,880 2,166
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 56 8,209 2,329
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 56 10,538 2,329
Pembina Pipeline Corporation
Rights D'Orazio, Claudia 5 15/3/2012 59 9,816 -722
Pembina Pipeline Corporation
Rights Dilger, Michael H. 5 15/3/2012 56 110,227 14,138
Pembina Pipeline Corporation
Rights Dilger, Michael H. 5 15/3/2012 56 124,365 14,138
Pembina Pipeline Corporation
Rights Dilger, Michael H. 5 15/3/2012 59 119,099 -5,266
Pembina Pipeline Corporation
Rights Dilger, Michael H. 5 15/3/2012 59 114,384 -4,715
Pembina Pipeline Corporation
Rights Dyck, Eric 5 15/3/2012 56 20,719 4,456
Pembina Pipeline Corporation
Rights Dyck, Eric 5 15/3/2012 56 25,175 4,456
Pembina Pipeline Corporation
Rights Dyck, Eric 5 15/3/2012 59 23,206 -1,969
Pembina Pipeline Corporation
Rights Gordon, Lorne 4 15/3/2012 56 18,370 3,327
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3207
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/2/2012 00
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 56 998 998
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 56 2,713 1,715
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 56 3,570 857
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 56 4,917 1,347
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 56 6,264 1,347
Pembina Pipeline Corporation
Rights Harker, Jennifer 5 15/3/2012 59 5,692 -572
Pembina Pipeline Corporation
Rights Hermanutz, Glenys 5 15/3/2012 56 47,898 4,626
Pembina Pipeline Corporation
Rights Hermanutz, Glenys 5 15/3/2012 56 52,524 4,626
Pembina Pipeline Corporation
Rights Hermanutz, Glenys 5 15/3/2012 59 50,336 -2,188
Pembina Pipeline Corporation
Rights Hermanutz, Glenys 5 15/3/2012 59 48,251 -2,085
Pembina Pipeline Corporation
Rights Jones, Robert M. 5 15/3/2012 56 45,703 5,323
Pembina Pipeline Corporation
Rights Jones, Robert M. 5 15/3/2012 56 51,026 5,323
Pembina Pipeline Corporation
Rights Jones, Robert M. 5 15/3/2012 59 48,568 -2,458
Pembina Pipeline Corporation
Rights Jones, Robert M. 5 15/3/2012 59 46,344 -2,224
Pembina Pipeline Corporation
Rights Kanik, Myron 4 15/3/2012 56 16,100 2,828
Pembina Pipeline Corporation
Rights LeGresley, David Malcolm Balfour
4 15/3/2012 56 9,843 2,828
Pembina Pipeline Corporation
Rights Massecar, Michael 5 15/3/2012 56 16,475 3,593
Pembina Pipeline Corporation
Rights Massecar, Michael 5 15/3/2012 56 20,068 3,593
Pembina Pipeline Corporation
Rights Massecar, Michael 5 15/3/2012 59 18,539 -1,529
Pembina Pipeline Corporation
Rights Michaleski, Robert B. 4 15/3/2012 56 220,669 23,391
Pembina Pipeline Corporation
Rights Michaleski, Robert B. 4 15/3/2012 56 244,060 23,391
Pembina Pipeline Corporation
Rights Michaleski, Robert B. 4 15/3/2012 59 233,957 -10,103
Pembina Pipeline Corporation
Rights Michaleski, Robert B. 4 15/3/2012 59 224,865 -9,092
Pembina Pipeline Corporation
Rights Murphy, Paul John 5 15/3/2012 56 29,963 4,824
Pembina Pipeline Corporation
Rights Murphy, Paul John 5 15/3/2012 56 34,787 4,824
Pembina Pipeline Corporation
Rights Murphy, Paul John 5 15/3/2012 59 32,884 -1,903
Pembina Pipeline Corporation
Rights O'Donoghue, Leslie 4 15/3/2012 56 14,350 2,828
Pembina Pipeline Corporation
Rights Robertson, Peter 5 15/3/2012 56 105,960 10,280
Pembina Pipeline Corporation
Rights Robertson, Peter 5 15/3/2012 56 116,240 10,280
Pembina Pipeline Corporation
Rights Robertson, Peter 5 15/3/2012 59 111,340 -4,900
Pembina Pipeline Corporation
Rights Robertson, Peter 5 15/3/2012 59 107,344 -3,996
Pembina Pipeline Corporation
Rights Sulkers, Deborah Ann 5 15/3/2012 56 10,946 3,916
Pembina Pipeline Corporation
Rights Sulkers, Deborah Ann 5 15/3/2012 56 14,862 3,916
Pembina Pipeline Corporation
Rights Sulkers, Deborah Ann 5 15/3/2012 59 14,065 -797
Pembina Pipeline Corporation
Rights Taylor, Robert F. 4 15/3/2012 56 16,100 2,828
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3208
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pembina Pipeline Corporation
Rights Taylor, Stuart 5 15/3/2012 56 39,692 4,990
Pembina Pipeline Corporation
Rights Taylor, Stuart 5 15/3/2012 56 44,682 4,990
Pembina Pipeline Corporation
Rights Taylor, Stuart 5 15/3/2012 59 42,536 -2,146
Pembina Pipeline Corporation
Rights Taylor, Stuart 5 15/3/2012 59 40,451 -2,085
Pembina Pipeline Corporation
Rights Watkinson, Donald James 5 15/3/2012 56 83,983 7,555
Pembina Pipeline Corporation
Rights Watkinson, Donald James 5 15/3/2012 56 91,538 7,555
Pembina Pipeline Corporation
Rights Watkinson, Donald James 5 15/3/2012 59 87,547 -3,991
Pembina Pipeline Corporation
Rights Watkinson, Donald James 5 15/3/2012 59 84,336 -3,211
Pengrowth Energy Corporation
Common Shares Basford, Gillian 5 16/3/2012 36 6,972 2,356
Pengrowth Energy Corporation
Common Shares Basford, Gillian 5 16/3/2012 10 9.99 6,042 -930
Pengrowth Energy Corporation
PSU Basford, Gillian 5 16/3/2012 46 10.09 13,629
Pengrowth Energy Corporation
PSU Basford, Gillian 5 16/3/2012 46 10.09 20,229 13,629
Pengrowth Energy Corporation
RSU Basford, Gillian 5 16/3/2012 30 7,118 518
Pengrowth Energy Corporation
RSU Basford, Gillian 5 16/3/2012 36 4,762 -2,356
Pengrowth Energy Corporation
RSU Basford, Gillian 5 16/3/2012 46 10.09 18,388 13,626
Pengrowth Energy Corporation
Common Shares Bowles, Douglas Currie 5 16/3/2012 36 50,887 5,365
Pengrowth Energy Corporation
Common Shares Bowles, Douglas Currie 5 16/3/2012 10 9.99 48,769 -2,118
Pengrowth Energy Corporation
PSU Bowles, Douglas Currie 5 16/3/2012 46 10.09 27,049 12,512
Pengrowth Energy Corporation
RSU Bowles, Douglas Currie 5 16/3/2012 30 9.88 13,244 1,486
Pengrowth Energy Corporation
RSU Bowles, Douglas Currie 5 16/3/2012 36 7,879 -5,365
Pengrowth Energy Corporation
RSU Bowles, Douglas Currie 5 16/3/2012 46 10.09 20,392 12,513
Pengrowth Energy Corporation
PSU Causgrove, James Edward Arthur
5 16/3/2012 46 10.09 63,220 28,990
Pengrowth Energy Corporation
RSU Causgrove, James Edward Arthur
5 16/3/2012 30 9.88 31,763 3,418
Pengrowth Energy Corporation
RSU Causgrove, James Edward Arthur
5 16/3/2012 46 10.09 60,752 28,989
Pengrowth Energy Corporation
DSU Cumming, Thomas Alexander
4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
Common Shares De Maio, Stephen Joseph 5 16/3/2012 36 9.88 16,091 4,588
Pengrowth Energy Corporation
Common Shares De Maio, Stephen Joseph 5 16/3/2012 10 9.99 14,280 -1,811
Pengrowth Energy Corporation
PSU De Maio, Stephen Joseph 5 16/3/2012 46 10.09 27,827 17,592
Pengrowth Energy Corporation
RSU De Maio, Stephen Joseph 5 16/3/2012 30 10.88 11,083 849
Pengrowth Energy Corporation
RSU De Maio, Stephen Joseph 5 16/3/2012 36 6,495 -4,588
Pengrowth Energy Corporation
RSU De Maio, Stephen Joseph 5 16/3/2012 46 10.09 24,087 17,592
Pengrowth Energy Corporation
Common Shares EVANS, DAVID DEAN 5 16/3/2012 36 13,309 3,813
Pengrowth Energy Corporation
Common Shares EVANS, DAVID DEAN 5 16/3/2012 10 9.99 10,517 -2,792
Pengrowth Energy Corporation
PSU EVANS, DAVID DEAN 5 16/3/2012 46 10.09 16,625 6,301
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/9/2011 36 -88
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/9/2011 36 -1,153
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3209
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/9/2011 99 8,318 -1,153
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/3/2012 30 9.88 9,378 1,060
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/3/2012 36 5,565 -3,813
Pengrowth Energy Corporation
RSU EVANS, DAVID DEAN 5 16/3/2012 46 10.09 11,865 6,300
Pengrowth Energy Corporation
PSU Evans, Derek Watson 4, 5 16/3/2012 46 10.09 145,812 62,438
Pengrowth Energy Corporation
RSU Evans, Derek Watson 4, 5 16/3/2012 30 92,803 9,428
Pengrowth Energy Corporation
RSU Evans, Derek Watson 4, 5 16/3/2012 46 10.09 155,242 62,439
Pengrowth Energy Corporation
DSU Foo, Wayne Kim 4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
Common Shares Grasby, Andrew David 5 16/3/2012 36 9.88 23,314 10,599
Pengrowth Energy Corporation
Common Shares Grasby, Andrew David 5 16/3/2012 10 9.99 19,130 -4,184
Pengrowth Energy Corporation
PSU Grasby, Andrew David 5 16/3/2012 46 10.09 53,347 24,035
Pengrowth Energy Corporation
RSU Grasby, Andrew David 5 16/3/2012 30 27,018 2,394
Pengrowth Energy Corporation
RSU Grasby, Andrew David 5 16/3/2012 36 16,419 -10,599
Pengrowth Energy Corporation
RSU Grasby, Andrew David 5 16/3/2012 46 10.09 40,452 24,033
Pengrowth Energy Corporation
Common Shares McDougall, Marlon John 5 16/3/2012 36 9.88 54,382 8,774
Pengrowth Energy Corporation
Common Shares McDougall, Marlon John 5 16/3/2012 10 9.99 50,918 -3,464
Pengrowth Energy Corporation
PSU McDougall, Marlon John 5 16/3/2012 46 10.09 64,180 38,899
Pengrowth Energy Corporation
RSU McDougall, Marlon John 5 16/3/2012 30 26,510 1,229
Pengrowth Energy Corporation
RSU McDougall, Marlon John 5 16/3/2012 36 17,736 -8,774
Pengrowth Energy Corporation
RSU McDougall, Marlon John 5 16/3/2012 46 10.09 56,637 38,901
Pengrowth Energy Corporation
DSU McFarland, James D. 4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
DSU Parrett, Michael S. 4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
DSU Poole, Albert Terence 4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
Common Shares Rosine, Bob 5 16/3/2012 36 33,301 19,903
Pengrowth Energy Corporation
Common Shares Rosine, Bob 5 16/3/2012 10 9.99 25,444 -7,857
Pengrowth Energy Corporation
PSU Rosine, Bob 5 16/3/2012 46 10.09 69,096 33,448
Pengrowth Energy Corporation
RSU Rosine, Bob 5 16/3/2012 30 9.88 39,672 4,022
Pengrowth Energy Corporation
RSU Rosine, Bob 5 16/3/2012 36 19,769 -19,903
Pengrowth Energy Corporation
RSU Rosine, Bob 5 16/3/2012 46 10.09 53,219 33,450
Pengrowth Energy Corporation
DSU Stewart, Donald Michael Godfrey
4 16/3/2012 46 10.09 22,736 7,929
Pengrowth Energy Corporation
Common Shares Webster, Christopher Geoffrey
5 16/3/2012 36 9.88 238,287 18,361
Pengrowth Energy Corporation
PSU Webster, Christopher Geoffrey
5 16/3/2012 46 10.09 86,068 36,300
Pengrowth Energy Corporation
RSU Webster, Christopher Geoffrey
5 16/3/2012 30 10.09 45,445 5,074
Pengrowth Energy Corporation
RSU Webster, Christopher Geoffrey
5 16/3/2012 36 10.09 27,084 -18,361
Pengrowth Energy Corporation
RSU Webster, Christopher Geoffrey
5 16/3/2012 46 10.09 63,381 36,297
Pengrowth Energy Corporation
DSU Zaozirny, John Brian 4 16/3/2012 46 10.09 38,165 11,893
Peregrine Diamonds Ltd. Common Shares Davey, Roderick 5 19/3/2012 10 0.71 76,700 4,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3210
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Peregrine Diamonds Ltd. Common Shares Friedland, Eric 3, 4, 5 19/3/2012 10 0.69 15,258,816 50,000 Peregrine Diamonds Ltd. Common Shares Friedland, Eric 3, 4, 5 20/3/2012 10 0.67 15,308,816 50,000 PERSEUS MINING LIMITED Common Shares Ordinary Bohm, Michael Andrew 4 28/1/2010 00
PERSEUS MINING LIMITED Common Shares Ordinary Bohm, Michael Andrew 4 21/3/2012 51 400,000 400,000
PERSEUS MINING LIMITED Options Bohm, Michael Andrew 4 21/3/2012 51 0 -400,000
Petaquilla Minerals Ltd. Common Shares Petaquilla Minerals Ltd. 1 20/3/2012 10 0.52 916,700 22,500 Petaquilla Minerals Ltd. Common Shares Petaquilla Minerals Ltd. 1 22/3/2012 10 0.5 931,700 15,000 Petaquilla Minerals Ltd. Common Shares Petaquilla Minerals Ltd. 1 22/3/2012 10 0.5 956,700 25,000 Petaquilla Minerals Ltd. Common Shares Petaquilla Minerals Ltd. 1 23/3/2012 10 0.5 1,006,700 50,000 PetroBakken Energy Ltd. Rights DCS Bulmer, Mary Ann 5 16/3/2012 56 0.05 18,474 15,568 PetroBakken Energy Ltd. Rights DCS Fisher, Lawrence Patrick
Joseph 5 16/3/2012 56 0.05 18,059 15,568
PetroBakken Energy Ltd. Rights DCS Hawkes, Peter Norman 5 16/3/2012 56 0.05 16,420 9,776 PetroBakken Energy Ltd. Rights DCS Kanters, William 5 16/3/2012 56 0.05 12,423 9,413 PetroBakken Energy Ltd. Rights DCS LaPrade, Rene 5 16/3/2012 56 0.05 30,910 21,723 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 16/3/2012 38 17.18 40,500 40,500 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 19/3/2012 38 17.37 95,800 55,300 PetroBakken Energy Ltd. Common Shares PetroBakken Energy Ltd. 1 21/3/2012 38 17.09 155,900 60,100 PetroBakken Energy Ltd. Common Shares Petrobank Energy and
Resources Ltd. 3, 2 15/3/2012 30 15.11 95,424,014 282,122
PetroBakken Energy Ltd. Rights DCS Scott, Peter D. 5 16/3/2012 56 0.05 26,538 21,723 PetroBakken Energy Ltd. Rights DCS Smith, Richard Gregg 5 16/3/2012 56 0.05 27,948 15,206 PetroBakken Energy Ltd. Rights DCS WRIGHT, JOHN DAVID 4, 5 16/3/2012 56 0.05 45,503 38,016 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 19/3/2012 10 0.0097 13,218,707 9,500 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 21/3/2012 10 0.011 13,221,207 2,500 PETROMAGDALENA ENERGY CORP.
Options Ortiz, Alvar Nelson 4 14/3/2012 50 1.84 150,000
PETROMAGDALENA ENERGY CORP.
Options Ortiz, Alvar Nelson 4 14/3/2012 50 1.84 150,000
Petrominerales Ltd. Common Shares Deferred CANO, RUBEN 5 15/3/2012 50 0.05 700
Petrominerales Ltd. Common Shares Deferred CANO, RUBEN 5 15/3/2012 56 0.05 2,875 700
Petrominerales Ltd. Options CANO, RUBEN 5 15/3/2012 51 3.82 117,100 -2,500 Petrominerales Ltd. Options CANO, RUBEN 5 15/3/2012 51 4.41 114,600 -2,500 Petrominerales Ltd. Options CANO, RUBEN 5 15/3/2012 50 17.92 159,225 44,625 Petrominerales Ltd. Rights Incentives CANO, RUBEN 5 15/3/2012 50 4,340 Petrominerales Ltd. Rights Incentives CANO, RUBEN 5 15/3/2012 56 17,530 4,340 Petrominerales Ltd. Common Shares Chant, Jeffrey MacIntosh 5 31/12/2011 30 25.86 1,038 465 Petrominerales Ltd. Common Shares Deferred Chant, Jeffrey MacIntosh 5 15/3/2012 50 0.05 500
Petrominerales Ltd. Common Shares Deferred Chant, Jeffrey MacIntosh 5 15/3/2012 56 0.05 981 500
Petrominerales Ltd. Options Chant, Jeffrey MacIntosh 5 15/3/2012 50 17.92 143,575 38,675 Petrominerales Ltd. Rights Incentives Chant, Jeffrey MacIntosh 5 15/3/2012 50 3,340 Petrominerales Ltd. Rights Incentives Chant, Jeffrey MacIntosh 5 15/3/2012 56 15,156 3,340 Petrominerales Ltd. Common Shares Hatzinikolas, Andrea 5 19/3/2012 10 18.61 10,376 1,400 Petrominerales Ltd. Common Shares Hatzinikolas, Andrea 5 25/3/2012 30 23.11 10,927 551 Petrominerales Ltd. Common Shares Deferred Hatzinikolas, Andrea 5 15/3/2012 50 0.05 600
Petrominerales Ltd. Common Shares Deferred Hatzinikolas, Andrea 5 15/3/2012 50 0.05 600
Petrominerales Ltd. Common Shares Deferred Hatzinikolas, Andrea 5 15/3/2012 56 0.05 5,978 600
Petrominerales Ltd. Options Hatzinikolas, Andrea 5 15/3/2012 50 17.92 100,950 40,950 Petrominerales Ltd. Rights Incentives Hatzinikolas, Andrea 5 15/3/2012 50 4,140 Petrominerales Ltd. Rights Incentives Hatzinikolas, Andrea 5 15/3/2012 56 20,140 4,140 Petrominerales Ltd. Common Shares Lyngberg, J. Erik 5 21/3/2012 30 26.75 11,579 1,602 Petrominerales Ltd. Common Shares Deferred Lyngberg, J. Erik 5 15/3/2012 50 0.05 2,100
Petrominerales Ltd. Common Shares Deferred Lyngberg, J. Erik 5 15/3/2012 56 0.05 31,620 2,100
Petrominerales Ltd. Options Lyngberg, J. Erik 5 15/3/2012 50 17.92 351,000 87,500 Petrominerales Ltd. Rights Incentives Lyngberg, J. Erik 5 15/3/2012 50 7,350 Petrominerales Ltd. Rights Incentives Lyngberg, J. Erik 5 15/3/2012 56 135,221 7,350 Petrominerales Ltd. Common Shares Deferred Morales, Tannya Erika 5 15/3/2012 50 0.05 600
Petrominerales Ltd. Common Shares Deferred Morales, Tannya Erika 5 15/3/2012 56 0.05 13,925 600
Petrominerales Ltd. Options Morales, Tannya Erika 5 15/3/2012 50 17.92 253,425 44,100 Petrominerales Ltd. Rights Incentives Morales, Tannya Erika 5 15/3/2012 50 3,820
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3211
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Petrominerales Ltd. Rights Incentives Morales, Tannya Erika 5 15/3/2012 56 10,390 3,820 Petrominerales Ltd. Common Shares Deferred Ruttan, Corey Christopher 5 15/3/2012 50 0.05 5,100
Petrominerales Ltd. Common Shares Deferred Ruttan, Corey Christopher 5 15/3/2012 56 0.05 25,968 5,100
Petrominerales Ltd. Options Ruttan, Corey Christopher 5 15/3/2012 50 17.92 508,050 131,250
Petrominerales Ltd. Rights Incentives Ruttan, Corey Christopher 5 15/3/2012 50 12,340
Petrominerales Ltd. Rights Incentives Ruttan, Corey Christopher 5 15/3/2012 56 90,316 12,340
Petrominerales Ltd. Common Shares Deferred Scott, John Francis 5 15/3/2012 50 0.05 2,300
Petrominerales Ltd. Common Shares Deferred Scott, John Francis 5 15/3/2012 56 0.05 34,479 2,300
Petrominerales Ltd. Options Scott, John Francis 5 15/3/2012 50 17.92 467,225 88,725 Petrominerales Ltd. Rights Incentives Scott, John Francis 5 15/3/2012 50 7,980 Petrominerales Ltd. Rights Incentives Scott, John Francis 5 15/3/2012 56 20,700 7,980 Petrominerales Ltd. Common Shares Sledz, Kelly 5 20/3/2012 30 26.77 15,230 910 Petrominerales Ltd. Common Shares Deferred Sledz, Kelly 5 15/3/2012 50 0.05 1,100
Petrominerales Ltd. Common Shares Deferred Sledz, Kelly 5 15/3/2012 56 0.05 5,088 1,100
Petrominerales Ltd. Options Sledz, Kelly 5 15/3/2012 50 17.92 208,850 64,750 Petrominerales Ltd. Rights Incentives Sledz, Kelly 5 15/3/2012 50 5,180 Petrominerales Ltd. Rights Incentives Sledz, Kelly 5 15/3/2012 56 20,170 5,180 Petrominerales Ltd. Common Shares Deferred Valenzuela, Jaime 5 3/6/2011 00
Petrominerales Ltd. Common Shares Deferred Valenzuela, Jaime 5 15/3/2012 50 0.05 800
Petrominerales Ltd. Common Shares Deferred Valenzuela, Jaime 5 15/3/2012 56 0.05 800 800
Petrominerales Ltd. Options Valenzuela, Jaime 5 15/3/2012 50 17.92 159,955 47,425 Petrominerales Ltd. Rights Incentives Valenzuela, Jaime 5 15/3/2012 50 4,960 Petrominerales Ltd. Rights Incentives Valenzuela, Jaime 5 15/3/2012 56 17,870 4,960 PetroShale Inc. Options Fair, James Dale 4, 5 21/5/2003 00 PetroShale Inc. Options Fair, James Dale 4, 5 18/3/2012 50 1.5 221,736 221,736 PetroShale Inc. Common Shares Fair, John Gregory 5 8/3/2012 00 27,538 PetroShale Inc. Common Shares Fair, John Gregory 5 8/3/2012 00 333,333 PetroShale Inc. Options Fair, John Gregory 5 8/3/2012 00 PetroShale Inc. Options Fair, John Gregory 5 18/3/2012 50 443,470 443,470 PetroShale Inc. Common Shares Hagg, John Andrew 4 8/3/2012 00 200,000 PetroShale Inc. Common Shares Hagg, John Andrew 4 18/3/2012 50 1.5 110,868 PetroShale Inc. Common Shares Hagg, John Andrew 4 18/3/2012 50 1.5 110,868 PetroShale Inc. Options Hagg, John Andrew 4 8/3/2012 00 PetroShale Inc. Options Hagg, John Andrew 4 18/3/2012 50 110,868 110,868 PetroShale Inc. Common Shares Herman, Brett 4 8/3/2012 00 PetroShale Inc. Common Shares Herman, Brett 4 8/3/2012 00 200,000 PetroShale Inc. Options Herman, Brett 4 8/3/2012 00 PetroShale Inc. Options Herman, Brett 4 18/3/2012 50 1.5 110,868 110,868 PetroShale Inc. Common Shares Jarvie, Daniel M. 4 8/3/2012 00 100,000 PetroShale Inc. Options Jarvie, Daniel M. 4 8/3/2012 00 PetroShale Inc. Options Jarvie, Daniel M. 4 18/3/2012 50 110,868 110,868 PetroShale Inc. Common Shares Roorda, Jacob 4 19/3/2012 10 1.3 235,000 5,000 PetroShale Inc. Common Shares Roorda, Jacob 4 20/3/2012 10 1.5687 251,000 16,000 PetroShale Inc. Options Roorda, Jacob 4 8/3/2012 00 110,868 PetroShale Inc. Options Tingle, Bryce Cyril 5 8/3/2012 00 PetroShale Inc. Options Tingle, Bryce Cyril 5 18/3/2012 50 332,603 332,603 Peyto Exploration & Development Corp.
Common Shares Braund, Rick 4 19/3/2012 10 17.676 1,037,626 -10,000
Peyto Exploration & Development Corp.
Common Shares Gee, Darren 5 23/3/2012 11 17.22 1,745,129 15,660
Peyto Exploration & Development Corp.
Common Shares Lachance, Jean-Paul Henri 5 23/3/2012 11 17.22 15,920 2,490
Peyto Exploration & Development Corp.
Common Shares Robinson, Scott 5 23/3/2012 11 17.22 492,357 15,500
Peyto Exploration & Development Corp.
Common Shares Thomas, David Alan 5 23/3/2012 11 17.22 134,280 14,260
Peyto Exploration & Development Corp.
Common Shares Turgeon, Kathy 5 23/3/2012 11 17.22 80,250 9,400
Phonetime Inc. Common Shares Clifford, Gary 4 19/3/2012 10 0.07 6,150,597 71,000 Phonetime Inc. Common Shares Clifford, Gary 4 19/3/2012 10 0.075 6,175,597 25,000 Phonetime Inc. Common Shares Clifford, Gary 4 19/3/2012 10 0.08 6,308,597 133,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 16/3/2012 10 1.48 8,103,044 20,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3212
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pitchstone Exploration Ltd. Common Shares Blower, Steve 5 14/3/2012 10 0.13 120,000 15,000
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 1/9/2005 00
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 20/3/2012 00 45,000
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 1/9/2005 00
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 20/3/2012 00
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 1/9/2005 00
Pitchstone Exploration Ltd. Common Shares Brown, Mark Thomas 4 20/3/2012 00
Pitchstone Exploration Ltd. Options Brown, Mark Thomas 4 1/9/2005 00
Pitchstone Exploration Ltd. Options Brown, Mark Thomas 4 20/3/2012 00 150,000
Pitchstone Exploration Ltd. Warrants Brown, Mark Thomas 4 1/9/2005 00
Pitchstone Exploration Ltd. Warrants Brown, Mark Thomas 4 20/3/2012 00 45,000
Pivotal Therapeutics Inc. Common Shares Carey, James 4 7/4/2011 00 Pivotal Therapeutics Inc. Common Shares Carey, James 4 21/3/2012 97 0.247 320,000 320,000 Pivotal Therapeutics Inc. Common Shares Carey, James 4 21/3/2012 97 0.247 180,000 -320,000 Platinum Communications Corporation
Common Shares Bobye, Wayne 4 19/3/2012 10 0.08 3,288,511 47,000
Plazacorp Retail Properties Ltd.
Common Shares Brewer, Earl 3, 4, 5 16/2/2012 35 4.7526 231,645 4,082
Plazacorp Retail Properties Ltd.
Common Shares Brewer, Earl 3, 4, 5 21/3/2012 10 4.85 140,370 -14,600
Plazacorp Retail Properties Ltd.
Common Shares Petrie, James M. 5 14/2/2011 35 4.2636 5,571 65
Plazacorp Retail Properties Ltd.
Common Shares Petrie, James M. 5 16/5/2011 35 4.3064 5,636 65
Plazacorp Retail Properties Ltd.
Common Shares Petrie, James M. 5 15/8/2011 35 4.1581 5,707 71
Plazacorp Retail Properties Ltd.
Common Shares Petrie, James M. 5 14/11/2011 35 4.189 5,778 71
Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 13/3/2012 10 0.0015 2,834,425 -750,000 Plexmar Resources Inc. Common Shares Bédard, Guy 4, 5 19/3/2012 10 0.02 809,425 -2,025,000 PMI Gold Corporation Common Shares Ennison, Thomas 4 19/3/2012 51 1,118,210 950,000 PMI Gold Corporation Options Ennison, Thomas 4 19/3/2012 51 0.3 50,000 -900,000 PMI Gold Corporation Options Ennison, Thomas 4 19/3/2012 51 0.2 0 -50,000 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.28 15,735,692 -500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.28 15,735,492 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.27 15,731,792 -3,700 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.28 15,696,592 -35,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.29 15,695,292 -1,300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.28 15,686,492 -8,800 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 16/3/2012 10 1.29 15,686,192 -300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.28 15,685,092 -1,100 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.29 15,684,992 -100 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.28 15,619,592 -65,400 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.29 15,619,392 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.28 15,616,192 -3,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.28 -3,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.28 -3,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.29 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 19/3/2012 10 1.29 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.28 15,603,692 -12,500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,603,392 -300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,603,292 -100 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,598,592 -4,700 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,597,292 -1,300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,591,792 -5,500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,591,292 -500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,577,492 -13,800 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.292 15,577,292 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.282 15,575,792 -1,500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.282 15,574,892 -900 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.28 15,542,992 -31,900 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.29 15,536,192 -6,800 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 20/3/2012 10 1.282 15,534,692 -1,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3213
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,486,592 -48,100 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.28 15,463,092 -23,500 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,439,792 -23,300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.272 15,438,092 -1,700 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,410,792 -27,300 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.28 15,408,592 -2,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,407,392 -1,200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.28 15,405,392 -2,000 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,388,292 -17,100 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.27 15,388,092 -200 PMI Gold Corporation Common Shares Waratah Investments Ltd. 3 21/3/2012 10 1.272 15,386,192 -1,900 Points International Ltd. Options ESOP Barnard, Christopher 5 19/3/2012 50 146,307 16,348 Points International Ltd. Rights Share Units Barnard, Christopher 5 1/6/2003 00 Points International Ltd. Rights Share Units Barnard, Christopher 5 19/3/2012 56 3,183 3,183 Points International Ltd. Options ESOP Beckerman, Michael 4 19/3/2012 50 6,636 2,116 Points International Ltd. Options ESOP Box, Bernay 4 19/3/2012 50 28,528 6,318 Points International Ltd. Options ESOP Carty, Douglas 4 19/3/2012 50 70,603 3,847 Points International Ltd. Options ESOP Croxon, David Bruce 4 19/3/2012 50 17,556 2,481 Points International Ltd. Options ESOP Lam, Anthony 5 19/3/2012 50 60,945 4,779 Points International Ltd. Rights Share Units Lam, Anthony 5 9/5/2007 00 Points International Ltd. Rights Share Units Lam, Anthony 5 19/3/2012 56 2,552 2,552 Points International Ltd. Common Shares Lockhard, Peter 5 12/3/2012 51 9 12,500 12,500 Points International Ltd. Common Shares Lockhard, Peter 5 12/3/2012 10 9.5076 9,900 -2,600 Points International Ltd. Common Shares Lockhard, Peter 5 13/3/2012 10 9.45 0 -9,900 Points International Ltd. Options ESOP Lockhard, Peter 5 12/3/2012 51 9 -12,500 Points International Ltd. Options ESOP Lockhard, Peter 5 12/3/2012 51 9 39,666 -12,500 Points International Ltd. Options ESOP Lockhard, Peter 5 19/3/2012 50 44,955 5,289 Points International Ltd. Rights Share Units Lockhard, Peter 5 25/1/2005 00 Points International Ltd. Rights Share Units Lockhard, Peter 5 19/3/2012 56 2,824 2,824 Points International Ltd. Options ESOP MacLean, Robert 4, 5 19/3/2012 50 9.74 41,965 Points International Ltd. Options ESOP MacLean, Robert 4, 5 19/3/2012 50 191,924 41,965 Points International Ltd. Rights Share Units MacLean, Robert 4, 5 1/6/2003 00 Points International Ltd. Rights Share Units MacLean, Robert 4, 5 19/3/2012 56 3,902 3,902 Points International Ltd. Options ESOP Murdoch, Inez Mary
Christine 5 19/3/2012 50 35,058 3,558
Points International Ltd. Rights Share Units Murdoch, Inez Mary Christine
5 9/2/2011 00
Points International Ltd. Rights Share Units Murdoch, Inez Mary Christine
5 19/3/2012 56 1,900 1,900
Points International Ltd. Options ESOP Simons, David Alan 5 19/3/2012 50 31,488 4,654 Points International Ltd. Rights Share Units Simons, David Alan 5 6/8/2009 00 Points International Ltd. Rights Share Units Simons, David Alan 5 19/3/2012 56 2,485 2,485 Points International Ltd. Options ESOP Thompson, John 4 19/3/2012 50 57,122 3,741 Poseidon Concepts Corp. (formerly Open Range Energy Corp.)
Common Shares Winger, Harley Lewis 4 15/3/2012 30 15.7 513,707 79
Power Corporation of Canada
Deferred Share Units Coutu, Marcel R. 4 13/5/2011 00
Power Corporation of Canada
Deferred Share Units Coutu, Marcel R. 4 31/12/2011 30 23.86 3,519 3,519
Power Corporation of Canada
Deferred Share Units Coutu, Marcel R. 4 31/12/2011 30 23.86 7,038 3,519
Power Corporation of Canada
Subordinate Voting Shares
Dassault, Laurent 4 31/12/2011 30 25.36 14,273 2,464
Power Corporation of Canada
Options de Seze, Amaury-Daniel 4, 5 19/3/2012 50 27.245 453,352 118,813
Power Corporation of Canada
Options Desmarais, André 4, 5 19/3/2012 50 27.245 3,674,950 975,000
Power Corporation of Canada
Options Desmarais, Paul Jr. 4, 5 19/3/2012 50 27.245 3,674,950 975,000
Power Corporation of Canada
Options Johnson, John Edward 5 19/3/2012 50 27.245 476,997 59,736
Power Corporation of Canada
Deferred Share Units Mazankowski, Donald F. 4 31/12/2011 30 24.85 26,623 4,838
Power Corporation of Canada
Deferred Share Units Orr, Robert Jeffrey 4 31/12/2011 30 24.82 26,264 5,804
Power Corporation of Canada
Deferred Share Units Parizeau, Robert 4 31/12/2011 30 24.8 35,197 3,554
Power Corporation of Canada
Options Rae, John Alain 4, 5 19/3/2012 50 27.245 633,657 79,868
Power Corporation of Canada
Deferred Share Units Rousseau, Henri-Paul 4, 5 31/12/2011 30 24.88 5,429 2,196
Power Corporation of Canada
Options Vial, Arnaud 5 19/3/2012 50 27.245 665,147 150,803
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3214
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Power Financial Corporation Deferred Share Units Bibeau, Marc A. 4 31/12/2011 30 27.81 12,748 5,148
Power Financial Corporation Deferred Share Units Frère, Gérald 4 31/12/2011 30 28.27 31,074 3,204
Power Financial Corporation Deferred Share Units Mazankowski, Donald F. 4 31/12/2011 30 28.03 24,462 3,861
Power Financial Corporation Deferred Share Units Orr, Robert Jeffrey 4, 6, 7, 5 31/12/2011 30 27.96 25,908 5,379
Power Financial Corporation Deferred Share Units Rousseau, Henri-Paul 4, 6, 5 31/12/2011 30 27.76 5,026 1,989
Power Financial Corporation Deferred Share Units roy, louise 4 31/12/2011 30 27.74 7,212 4,331
Power Financial Corporation Deferred Share Units Royer, Raymond 4 31/12/2011 30 28.17 64,092 9,728
Powertech Uranium Corp. Common Shares The K2 Principal Fund L.P. 3 16/3/2012 10 0.165 19,136,000 10,500
Poynt Corporation (formerly Multiplied Media Corporation)
Options Glover-Campbell, Margaret 5 21/3/2012 50 1,850,000 1,000,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Gontier, Philip 5 21/3/2012 50 500,000 100,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Hunstad, Marco Roberto 5 25/7/2011 00
Poynt Corporation (formerly Multiplied Media Corporation)
Options Hunstad, Marco Roberto 5 21/3/2012 50 350,000 350,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Kojalo, Matthew Jacob 5 21/3/2012 50 300,000 150,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Lee, Lawrence Henry 5 1/12/2009 00
Poynt Corporation (formerly Multiplied Media Corporation)
Options Lee, Lawrence Henry 5 21/3/2012 50 2,000,000 2,000,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Miller, Damon 5 21/3/2012 50 550,000 250,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Murray, Bradley Carl 5 21/3/2012 50 2,000,000 1,000,000
Poynt Corporation (formerly Multiplied Media Corporation)
Options Oudijk, Cornelis Willem 5 21/3/2012 50 300,000 100,000
Precious Metals and Mining Trust
Units Worth, Donald 7 15/2/2012 30 9.674 70 70
Precious Metals and Mining Trust
Units Worth, Donald 7 22/3/2012 10 9.05 0 -70
Precision Drilling Corporation Common Shares Neveu, Kevin A. 4 20/3/2012 51 5.85 306,888 109,732
Precision Drilling Corporation Options Neveu, Kevin A. 4 20/3/2012 51 5.85 730,268 -109,732
Precision Drilling Corporation Common Shares Strong, Douglas John 5 22/3/2012 51 5.85 61,000 26,413
Precision Drilling Corporation Options Strong, Douglas John 5 22/3/2012 51 5.85 260,387 -26,413
Pretium Resources Inc. Common Shares Paterson, Richard 6 15/3/2012 10 17.439 0 -25,000 Pretium Resources Inc. Common Shares Silver Standard Resources
Inc. 3 14/3/2012 16 12.5 24,503,683 -100
Primary Petroleum Corporation
Options Bailey, Colleen Joyce 5 14/3/2012 50 0.48 618,333 200,000
Primary Petroleum Corporation
Options Ehrets, James Russell 4 14/3/2012 50 0.48 1,700,000 700,000
Primary Petroleum Corporation
Options Haverslew, Rod 4 13/3/2012 50 1,700,000 150,000
Primary Petroleum Corporation
Options Koenig, William David Brock 4 14/3/2012 50 0.48 420,000 220,000
Prime City One Capital Corp. Common Shares Lorenzo, John Michael 4 22/3/2012 10 0.032 7,094,567 36,000
Prism Medical Ltd. Common Shares Chiarucci, George 5 21/3/2012 90 6.05 3,940 826 Prism Medical Ltd. Common Shares Chiarucci, George 5 21/3/2012 90 6.05 12,060 -826
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3215
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Carrigan, Keith 4 21/3/2012 10 21.4 0 -156,143
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares DEGROOTE, MICHAEL G. 4 22/3/2012 10 21.73 5,253 777
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares DeGroote, Michael H. 4 22/3/2012 10 21.73 3,127 777
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dickinson, Daniel McKenzie 4 22/3/2012 10 21.73 3,127 777
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dillon, John T 4 25/5/2011 00
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dillon, John T 4 20/3/2012 10 21.55 5,000 5,000
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dillon, John T 4 22/3/2012 10 21.73 3,127 777
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dillon, John T 4 22/3/2012 10 21.73 1,150
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Dillon, John T 4 22/3/2012 10 21.73 1,150
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Forese, James John 4 22/3/2012 10 21.73 4,631 1,150
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Knight, Douglas 4 22/3/2012 10 21.73 10,052 891
Progressive Waste Solutions Ltd.(formerly IESI-BFC Ltd.)
Common Shares Milliard, Daniel 4 22/3/2012 10 21.73 9,850 834
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 31/1/2012 10 0.43 8,412,470 -100,000
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 2/2/2012 10 0.46 8,032,470 -380,000
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 6/2/2012 10 0.44 7,932,470 -100,000
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 21/2/2012 54 0.49 9,137,670 1,205,200
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 14/3/2012 16 0.45 10,137,670 1,000,000
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 27/1/2012 10 0.43 1,922,000 -100,000
Prophecy Coal Corp. Common Shares without par value
Lee, John 4, 5 27/1/2012 10 0.42 1,872,000 -50,000
Prophecy Coal Corp. Options Lee, John 4, 5 23/3/2012 50 3,075,000 600,000 Prophecy Coal Corp. Warrants Lee, John 4, 5 21/2/2012 54 0.49 223,650 -1,205,200 ProSep Inc. Common Shares Caron, Gérard 4 19/3/2012 50 0.105 150,000 ProSep Inc. Common Shares Caron, Gérard 4 19/3/2012 50 0.105 150,000 ProSep Inc. Common Shares Caron, Gérard 4 19/3/2012 57 0.105 249,238 150,000 ProSep Inc. Rights Restricted Shares Caron, Gérard 4 19/3/2012 57 0.105 100,000 -150,000
ProSep Inc. Common Shares Coppinger, Paul Mac 4 19/3/2012 50 0.105 125,000 ProSep Inc. Common Shares Coppinger, Paul Mac 4 19/3/2012 50 0.105 125,000 ProSep Inc. Common Shares Coppinger, Paul Mac 4 19/3/2012 57 0.105 286,640 125,000 ProSep Inc. Rights Restricted Shares Coppinger, Paul Mac 4 19/3/2012 57 0.105 100,000 -125,000
ProSep Inc. Common Shares Drouin, Jacques 4, 5 19/3/2012 50 0.105 300,000 ProSep Inc. Common Shares Drouin, Jacques 4, 5 19/3/2012 50 0.105 300,000 ProSep Inc. Common Shares Drouin, Jacques 4, 5 19/3/2012 57 0.105 1,451,926 300,000 ProSep Inc. Rights Restricted Shares Drouin, Jacques 4, 5 19/3/2012 57 0.105 1,000,000 -300,000
ProSep Inc. Common Shares Fontaine, Claude 4 20/3/2012 11 0.115 556,000 200,000 ProSep Inc. Common Shares Jhonsa, Parag 5 19/3/2012 50 0.105 65,000 ProSep Inc. Common Shares Jhonsa, Parag 5 19/3/2012 50 0.105 65,000 ProSep Inc. Common Shares Jhonsa, Parag 5 19/3/2012 57 0.105 809,875 65,000 ProSep Inc. Rights Restricted Shares Jhonsa, Parag 5 19/3/2012 57 0.105 1,110,000 -65,000
ProSep Inc. Common Shares Laidley, David Howard 4 19/3/2012 50 0.105 125,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3216
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ProSep Inc. Common Shares Laidley, David Howard 4 19/3/2012 50 0.105 125,000 ProSep Inc. Common Shares Laidley, David Howard 4 19/3/2012 57 0.105 387,394 125,000 ProSep Inc. Rights Restricted Shares Laidley, David Howard 4 19/3/2012 57 0.105 125,000 -125,000
ProSep Inc. Common Shares Lint, Richard Elliott 4 19/3/2012 50 0.105 150,000 ProSep Inc. Common Shares Lint, Richard Elliott 4 19/3/2012 50 0.105 150,000 ProSep Inc. Common Shares Lint, Richard Elliott 4 19/3/2012 57 0.105 665,000 150,000 ProSep Inc. Rights Restricted Shares Lint, Richard Elliott 4 19/3/2012 57 0.105 100,000 -150,000
ProSep Inc. Common Shares Minville, Dominique 5 19/3/2012 50 0.105 20,000 ProSep Inc. Common Shares Minville, Dominique 5 19/3/2012 50 0.105 20,000 ProSep Inc. Common Shares Minville, Dominique 5 19/3/2012 57 0.105 133,387 20,000 ProSep Inc. Rights Restricted Shares Minville, Dominique 5 19/3/2012 57 0.105 200,000 -20,000
ProSep Inc. Common Shares Rummer, Matthew Travis 5 19/3/2012 50 0.105 100,000 ProSep Inc. Common Shares Rummer, Matthew Travis 5 19/3/2012 50 0.105 100,000 ProSep Inc. Common Shares Rummer, Matthew Travis 5 19/3/2012 57 0.105 269,008 100,000 ProSep Inc. Rights Restricted Shares Rummer, Matthew Travis 5 19/3/2012 57 0.105 1,200,000 -100,000
ProSep Inc. Common Shares Rustin, Anthony 4 19/3/2012 50 0.105 300,000 ProSep Inc. Common Shares Rustin, Anthony 4 19/3/2012 50 0.105 300,000 ProSep Inc. Common Shares Rustin, Anthony 4 19/3/2012 57 0.105 778,673 300,000 ProSep Inc. Common Shares Rustin, Anthony 4 20/3/2012 11 0.115 959,173 180,500 ProSep Inc. Common Shares Rustin, Anthony 4 21/3/2012 11 0.115 1,109,173 150,000 ProSep Inc. Rights Restricted Shares Rustin, Anthony 4 19/3/2012 57 0.105 200,000 -300,000
ProSep Inc. Common Shares Ste-Marie, Danielle 5 19/3/2012 50 0.105 20,000 ProSep Inc. Common Shares Ste-Marie, Danielle 5 19/3/2012 50 0.105 20,000 ProSep Inc. Common Shares Ste-Marie, Danielle 5 19/3/2012 57 0.105 185,750 20,000 ProSep Inc. Rights Restricted Shares Ste-Marie, Danielle 5 19/3/2012 57 0.105 700,000 -20,000
Prospero Silver Corp. Options Huffer, David William 5 15/7/2008 00 Prospero Silver Corp. Options Huffer, David William 5 27/11/2009 00 Prospero Silver Corp. Options Huffer, David William 5 27/11/2009 00 100,000 Prospero Silver Corp. Options Huffer, David William 5 5/1/2010 50 0.35 100,000 Prospero Silver Corp. Options Huffer, David William 5 5/1/2010 50 0.35 100,000 Pulse Seismic Inc. Rights Performance Share
Unit Bectold, Jeffrey Patrick 5 1/4/2011 00
Pulse Seismic Inc. Rights Performance Share Unit
Bectold, Jeffrey Patrick 5 15/3/2012 56 65,735 65,735
Pulse Seismic Inc. Rights Restricted Share Unit
Bectold, Jeffrey Patrick 5 1/4/2011 00
Pulse Seismic Inc. Rights Restricted Share Unit
Bectold, Jeffrey Patrick 5 15/3/2012 56 32,867 32,867
Pulse Seismic Inc. Rights Restricted Share Unit
Burnham, Peter James 4 6/2/2012 00
Pulse Seismic Inc. Rights Restricted Share Unit
Burnham, Peter James 4 15/3/2012 56 7,706 7,706
Pulse Seismic Inc. Rights Performance Share Unit
Coleman, Neal James 5 1/4/2008 00
Pulse Seismic Inc. Rights Performance Share Unit
Coleman, Neal James 5 15/3/2012 56 76,101 76,101
Pulse Seismic Inc. Rights Restricted Share Unit
Coleman, Neal James 5 1/4/2008 00
Pulse Seismic Inc. Rights Restricted Share Unit
Coleman, Neal James 5 15/3/2012 56 38,050 38,050
Pulse Seismic Inc. Rights Restriced Share Unit
Corbett, Daphne Elizabeth 4 16/6/2004 00
Pulse Seismic Inc. Rights Restriced Share Unit
Corbett, Daphne Elizabeth 4 15/3/2012 56 7,706 7,706
Pulse Seismic Inc. Rights Performance Share Units
Cutts, Douglas Allan 4, 5 20/11/2002 00
Pulse Seismic Inc. Rights Performance Share Units
Cutts, Douglas Allan 4, 5 15/3/2012 56 151,849 151,849
Pulse Seismic Inc. Rights Restricted Share Units
Cutts, Douglas Allan 4, 5 20/11/2002 00
Pulse Seismic Inc. Rights Restricted Share Units
Cutts, Douglas Allan 4, 5 15/3/2012 56 75,924 75,924
Pulse Seismic Inc. Rights Performance Share Unit
GALE, Brent Donald 5 21/9/1999 00
Pulse Seismic Inc. Rights Performance Share Unit
GALE, Brent Donald 5 15/3/2012 56 62,297 62,297
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3217
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pulse Seismic Inc. Rights Restricted Share Units
GALE, Brent Donald 5 21/9/1999 00
Pulse Seismic Inc. Rights Restricted Share Units
GALE, Brent Donald 5 15/3/2012 56 31,148 31,148
Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 785,000 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 2,725,070 785,000 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 907,595 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 360,000 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 1,267,595 360,000 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 1,355,000 Pulse Seismic Inc. Common Shares Robotti, Robert Edward 4 9/1/2012 10 1.55 4,749,735 1,355,000 Pulse Seismic Inc. Rights Restricted Share
Unit Robotti, Robert Edward 4 17/12/2007 00
Pulse Seismic Inc. Rights Restricted Share Unit
Robotti, Robert Edward 4 15/3/2012 56 7,706 7,706
Pulse Seismic Inc. Rights Restricted Share Unit
Weir, J. Graham 4 30/7/2002 00
Pulse Seismic Inc. Rights Restricted Share Unit
Weir, J. Graham 4 15/3/2012 56 7,706 7,706
Pulse Seismic Inc. Rights Restricted Share Units
West, Donald 4 15/6/2000 00
Pulse Seismic Inc. Rights Restricted Share Units
West, Donald 4 15/3/2012 56 7,706 7,706
Pulse Seismic Inc. Rights Performance Share Unit
Wicks, Pamela Darlene Elizabeth
5 22/5/2007 00
Pulse Seismic Inc. Rights Performance Share Unit
Wicks, Pamela Darlene Elizabeth
5 15/3/2012 56 70,370 70,370
Pulse Seismic Inc. Rights Restricted Share Unit
Wicks, Pamela Darlene Elizabeth
5 22/5/2007 00
Pulse Seismic Inc. Rights Restricted Share Unit
Wicks, Pamela Darlene Elizabeth
5 15/3/2012 56 35,185 35,185
Pulse Seismic Inc. Rights Restricted Share Unit
Zentner, Clark 4 21/5/2002 00
Pulse Seismic Inc. Rights Restricted Share Unit
Zentner, Clark 4 15/3/2012 56 7,706 7,706
Puma Exploration Inc. Common Shares Robillard, Marcel 5 22/3/2012 10 0.295 1,221,500 4,000 Pure Energy Services Ltd. Common Shares Allsopp, Harold 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Allsopp, Harold 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Allsopp, Harold 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Common Shares Allsopp, Harold 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Options Allsopp, Harold 4 20/3/2012 51 -3,334 Pure Energy Services Ltd. Options Allsopp, Harold 4 20/3/2012 51 -3,334 Pure Energy Services Ltd. Options Allsopp, Harold 4 20/3/2012 51 -3,333 Pure Energy Services Ltd. Options Allsopp, Harold 4 20/3/2012 51 -3,333 Pure Energy Services Ltd. Common Shares Buchanan, Ian Hamilton 7, 5 20/3/2012 51 1.77 18,334 Pure Energy Services Ltd. Common Shares Buchanan, Ian Hamilton 7, 5 20/3/2012 51 1.77 18,334 Pure Energy Services Ltd. Common Shares Buchanan, Ian Hamilton 7, 5 20/3/2012 51 3.15 8,333 Pure Energy Services Ltd. Common Shares Buchanan, Ian Hamilton 7, 5 20/3/2012 51 3.15 8,333 Pure Energy Services Ltd. Options Buchanan, Ian Hamilton 7, 5 20/3/2012 51 -18,334 Pure Energy Services Ltd. Options Buchanan, Ian Hamilton 7, 5 20/3/2012 51 -18,334 Pure Energy Services Ltd. Options Buchanan, Ian Hamilton 7, 5 20/3/2012 51 -8,333 Pure Energy Services Ltd. Options Buchanan, Ian Hamilton 7, 5 20/3/2012 51 -8,333 Pure Energy Services Ltd. Common Shares Delaney, James Kevin 4, 7, 5 20/3/2012 51 1.77 23,334 Pure Energy Services Ltd. Common Shares Delaney, James Kevin 4, 7, 5 20/3/2012 51 1.77 23,334 Pure Energy Services Ltd. Common Shares Delaney, James Kevin 4, 7, 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Common Shares Delaney, James Kevin 4, 7, 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Options Delaney, James Kevin 4, 7, 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Delaney, James Kevin 4, 7, 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Delaney, James Kevin 4, 7, 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Options Delaney, James Kevin 4, 7, 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Common Shares Gabel, Bradley Warren 4, 5 20/3/2012 51 1.77 23,334 Pure Energy Services Ltd. Common Shares Gabel, Bradley Warren 4, 5 20/3/2012 51 1.77 23,334 Pure Energy Services Ltd. Common Shares Gabel, Bradley Warren 4, 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Common Shares Gabel, Bradley Warren 4, 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Options Gabel, Bradley Warren 4, 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Gabel, Bradley Warren 4, 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Gabel, Bradley Warren 4, 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Options Gabel, Bradley Warren 4, 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Common Shares Knutson, Harry Louis 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Knutson, Harry Louis 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Knutson, Harry Louis 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Common Shares Knutson, Harry Louis 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Options Knutson, Harry Louis 4 20/3/2012 51 -3,334 Pure Energy Services Ltd. Options Knutson, Harry Louis 4 20/3/2012 51 -3,334
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3218
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pure Energy Services Ltd. Options Knutson, Harry Louis 4 20/3/2012 51 -3,333 Pure Energy Services Ltd. Options Knutson, Harry Louis 4 20/3/2012 51 -3,333 Pure Energy Services Ltd. Common Shares Martin, Christopher Neill 5 20/3/2012 51 1.86 23,334 Pure Energy Services Ltd. Common Shares Martin, Christopher Neill 5 20/3/2012 51 1.86 23,334 Pure Energy Services Ltd. Common Shares Martin, Christopher Neill 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Common Shares Martin, Christopher Neill 5 20/3/2012 51 3.15 10,000 Pure Energy Services Ltd. Options Martin, Christopher Neill 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Martin, Christopher Neill 5 20/3/2012 51 -23,334 Pure Energy Services Ltd. Options Martin, Christopher Neill 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Options Martin, Christopher Neill 5 20/3/2012 51 -10,000 Pure Energy Services Ltd. Common Shares Pusch, Shari J. 7, 5 20/3/2012 51 1.77 2,000 Pure Energy Services Ltd. Common Shares Pusch, Shari J. 7, 5 20/3/2012 51 1.77 2,000 Pure Energy Services Ltd. Common Shares Pusch, Shari J. 7, 5 20/3/2012 51 3.15 1,333 Pure Energy Services Ltd. Common Shares Pusch, Shari J. 7, 5 20/3/2012 51 3.15 1,333 Pure Energy Services Ltd. Options Pusch, Shari J. 7, 5 20/3/2012 51 -2,000 Pure Energy Services Ltd. Options Pusch, Shari J. 7, 5 20/3/2012 51 -2,000 Pure Energy Services Ltd. Options Pusch, Shari J. 7, 5 20/3/2012 51 -1,333 Pure Energy Services Ltd. Options Pusch, Shari J. 7, 5 20/3/2012 51 -1,333 Pure Energy Services Ltd. Common Shares Smith, James Cameron 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Smith, James Cameron 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Common Shares Smith, James Cameron 4 20/3/2012 51 3.15 333 Pure Energy Services Ltd. Common Shares Smith, James Cameron 4 20/3/2012 51 3.15 333 Pure Energy Services Ltd. Options Smith, James Cameron 4 20/3/2012 51 1.77 3,334 Pure Energy Services Ltd. Options Smith, James Cameron 4 20/3/2012 51 1.77 -3,334 Pure Energy Services Ltd. Options Smith, James Cameron 4 20/3/2012 51 1.77 -3,334 Pure Energy Services Ltd. Options Smith, James Cameron 4 20/3/2012 51 3.15 -333 Pure Energy Services Ltd. Options Smith, James Cameron 4 20/3/2012 51 3.15 -333 Pure Energy Services Ltd. Common Shares WILKINSON, ROBERT 4 20/3/2012 52 1.77 3,334 Pure Energy Services Ltd. Common Shares WILKINSON, ROBERT 4 20/3/2012 52 1.77 3,334 Pure Energy Services Ltd. Common Shares WILKINSON, ROBERT 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Common Shares WILKINSON, ROBERT 4 20/3/2012 51 3.15 3,333 Pure Energy Services Ltd. Options WILKINSON, ROBERT 4 20/3/2012 51 -3,334 Pure Energy Services Ltd. Options WILKINSON, ROBERT 4 20/3/2012 51 -3,334 Pure Energy Services Ltd. Options WILKINSON, ROBERT 4 20/3/2012 51 -3,333 Pure Energy Services Ltd. Options WILKINSON, ROBERT 4 20/3/2012 51 -3,333 Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Common Shares GASBARRO, BRUNO 4 21/3/2012 16 0.05 7,200,000 1,400,000
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Warrants GASBARRO, BRUNO 4 27/3/2007 00
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Warrants GASBARRO, BRUNO 4 21/3/2012 53 1,400,000 1,400,000
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Common Shares Giantomaso, Salvatore 4 20/1/2012 00
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Common Shares Giantomaso, Salvatore 4 21/3/2012 16 0.05 350,000 350,000
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Warrants Giantomaso, Salvatore 4 20/1/2012 00
Pure Living Media Inc. (formerly TinyMassive Technologies Inc.)
Warrants Giantomaso, Salvatore 4 21/3/2012 53 350,000 350,000
Pure Technologies Ltd. Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 22/3/2012 30 3.93 113,550 1
Pure Technologies Ltd. Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 22/3/2012 30 3.94 115,950 2,400
QLT Inc. Common Shares Butchofsky, Robert 5 20/3/2012 48 - Acquisition by inheritance or disposition by bequest
0 -1,400
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3219
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
QLT Inc. Common Shares Butchofsky, Robert 5 20/3/2012 48 - Acquisition by inheritance or disposition by bequest
168,847 350
QRS Capital Corp. Common Shares Seaman, John 4, 5 23/3/2012 10 0.52 1,280,500 5,000 Quantitative Alpha Trading Inc. (formerly RTN Stealth Software Inc)
Common Shares McGovern, James Lawrence
4, 5 30/3/2011 00
Quantitative Alpha Trading Inc. (formerly RTN Stealth Software Inc)
Common Shares McGovern, James Lawrence
4, 5 20/3/2012 10 0.1 25,000 25,000
Quantitative Alpha Trading Inc. (formerly RTN Stealth Software Inc)
Common Shares McGovern, James Lawrence
4, 5 22/3/2012 10 0.09 50,000 25,000
Quantitative Alpha Trading Inc. (formerly RTN Stealth Software Inc)
Common Shares Schaeffer, Richard Michael 4 19/3/2012 10 0.12 9,674,310 5,000
Questfire Energy Corp. Common Shares Class A Dahl, Richard Herbert 4, 5 21/3/2012 10 1 606,500 19,000
Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 15/3/2012 00 178,000
Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 15/3/2012 00 108,000
Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 15/3/2012 00 12,000
Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 15/3/2012 00 12,000
Raging River Exploration Inc. Warrants Beynon, Bruce Michael 5 15/3/2012 00 310,000
Raging River Exploration Inc. Common Shares Burton, David Jonathan 5 15/3/2012 00 1,800,000
Raging River Exploration Inc. Common Shares Burton, David Jonathan 5 15/3/2012 00 147,474
Raging River Exploration Inc. Common Shares Burton, David Jonathan 5 15/3/2012 00 257,400
Raging River Exploration Inc. Warrants Burton, David Jonathan 5 15/3/2012 00 1,800,000
Raging River Exploration Inc. Warrants Burton, David Jonathan 5 15/3/2012 00 29,495
Raging River Exploration Inc. Warrants Burton, David Jonathan 5 15/3/2012 00 51,480
Raging River Exploration Inc. Common Shares Fink, George Frederick 4 15/3/2012 00
Raging River Exploration Inc. Common Shares Fink, George Frederick 4 15/3/2012 22 405,400 405,400
Raging River Exploration Inc. Common Shares Fink, George Frederick 4 15/3/2012 22 1.61 715,400 310,000
Raging River Exploration Inc. Warrants Fink, George Frederick 4 15/3/2012 00
Raging River Exploration Inc. Warrants Fink, George Frederick 4 15/3/2012 22 1.61 81,080 81,080
Raging River Exploration Inc. Warrants Fink, George Frederick 4 15/3/2012 22 2 391,080 310,000
Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 15/3/2012 00 1,250,000
Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 15/3/2012 00 422,963
Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 15/3/2012 00 71,692
Raging River Exploration Inc. Warrants Jaskela, Jason Jowill 5 15/3/2012 00 1,250,000
Raging River Exploration Inc. Warrants Jaskela, Jason Jowill 5 15/3/2012 00 84,593
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3220
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Raging River Exploration Inc. Common Shares Mack, Raymond 4 15/3/2012 00 85,433
Raging River Exploration Inc. Common Shares Mack, Raymond 4 15/3/2012 16 1.61 395,433 310,000
Raging River Exploration Inc. Warrants Mack, Raymond 4 15/3/2012 00
Raging River Exploration Inc. Warrants Mack, Raymond 4 15/3/2012 22 1.61 17,086 17,086
Raging River Exploration Inc. Warrants Mack, Raymond 4 15/3/2012 16 2 327,086 310,000
Raging River Exploration Inc. Common Shares Olson, Kevin 4 15/3/2012 00 74,383
Raging River Exploration Inc. Common Shares Olson, Kevin 4 15/3/2012 00 939,067
Raging River Exploration Inc. Warrants Olson, Kevin 4 15/3/2012 00 14,877
Raging River Exploration Inc. Warrants Olson, Kevin 4 15/3/2012 00 387,813
Raging River Exploration Inc. Common Shares Pearce, David Lawrence 4 15/3/2012 00 160,000
Raging River Exploration Inc. Warrants Pearce, David Lawrence 4 15/3/2012 00 160,000
Raging River Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 00 31,600
Raging River Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 00 31,900
Raging River Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 00 310,000
Raging River Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 00 4,812,112
Raging River Exploration Inc. Warrants ROBERTSON, BRUCE 5 15/3/2012 00 30,320
Raging River Exploration Inc. Warrants ROBERTSON, BRUCE 5 15/3/2012 00 30,380
Raging River Exploration Inc. Warrants ROBERTSON, BRUCE 5 15/3/2012 00 310,000
Raging River Exploration Inc. Warrants ROBERTSON, BRUCE 5 15/3/2012 00 2,666,422
Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 00 44,433
Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 00 2,840,200
Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 00 44,433
Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 00 44,433
Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 00 3,540,011
Raging River Exploration Inc. Warrants ROSZELL, NEIL JACK 4 15/3/2012 00 8,887
Raging River Exploration Inc. Warrants ROSZELL, NEIL JACK 4 15/3/2012 00 1,751,240
Raging River Exploration Inc. Warrants ROSZELL, NEIL JACK 4 15/3/2012 00 8,887
Raging River Exploration Inc. Warrants ROSZELL, NEIL JACK 4 15/3/2012 00 8,887
Raging River Exploration Inc. Warrants ROSZELL, NEIL JACK 4 15/3/2012 00 1,892,002
Raging River Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 922,700
Raging River Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 86,000
Raging River Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 1,003,813
Raging River Exploration Inc. Warrants SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 684,540
Raging River Exploration Inc. Warrants SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 17,200
Raging River Exploration Inc. Warrants SAPIEHA, JERRY MICHAEL
5 15/3/2012 00 825,762
Raging River Exploration Inc. Warrants SAPIEHA, JERRY MICHAEL
5 15/3/2012 99 700,761 -125,001
Red Pine Exploration Inc. Common Shares Liabotis, Peter 5 20/3/2012 00 825,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3221
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Red Pine Exploration Inc. Options Liabotis, Peter 5 20/3/2012 00 490,000 Red Pine Exploration Inc. Warrants Liabotis, Peter 5 20/3/2012 00 437,500 Red Pine Exploration Inc. Common Shares Scherba, Craig 5 20/3/2012 00 210,000 Red Pine Exploration Inc. Options Scherba, Craig 5 20/3/2012 00 125,000 Red Pine Exploration Inc. Warrants Scherba, Craig 5 20/3/2012 00 105,000 Redhawk Resources, Inc. Options Sandberg, Ramey Joe 4 22/2/2012 52 0.65 250,000 Redhawk Resources, Inc. Options Sandberg, Ramey Joe 4 22/2/2012 52 0.65 1,050,000 -250,000 Redline Communications Group Inc.
Common Shares Kramer, David 3 19/3/2012 10 0.95 1,195,270 43,000
Redtail Metals Corp. Common Shares Sheriff, William Morris 3 20/3/2012 10 0.2 1,910,921 20,500 Redtail Metals Corp. Common Shares Sheriff, William Morris 3 22/3/2012 10 0.2 1,915,421 4,500 Regal Resources Inc. Options McKay, Sean Alexander 5 19/3/2012 50 0.205 450,000 150,000 REIT INDEXPLUS Income Fund
Trust Units Brasseur, Jeremy 6 20/3/2012 10 11 0 -5,000
REIT INDEXPLUS Income Fund
Trust Units REIT Indexplus Income Fund
1 16/3/2012 38 11.15 714,200 600
REIT INDEXPLUS Income Fund
Trust Units REIT Indexplus Income Fund
1 19/3/2012 38 11.07 717,900 3,700
REIT INDEXPLUS Income Fund
Trust Units REIT Indexplus Income Fund
1 19/3/2012 38 11.05 719,900 2,000
Revolution Resources Corp. Options Bell, Terry 4 8/12/2011 00 150,000
Revolution Resources Corp. Options Elsdon, Sheryl 5 1/6/2011 00 50,000
Revolution Resources Corp. Options Keay, Aaron 4 1/2/2012 50 0.43 950,000 250,000
Revolution Resources Corp. Options McLeod, Robert John 4 1/2/2012 50 0.43 950,000 250,000
Revolution Resources Corp. Options Williams, Michael Jeffrey 4 1/2/2012 50 0.43 950,000 250,000
Richmont Mines Inc. Common Shares Chamandy, H. Gregory 3, 4 28/10/2011 10 10.85 32,040 40 Ridgeline Energy Services Inc.
Options Sledz, Kelly 4 19/3/2012 50 1.15 375,000 225,000
Ridley Inc. Common Shares HAYWARD, BRIAN 4 21/3/2012 10 8.1 7,300 600 Rio Novo Gold Inc. Options Rubenstein, Jonathan A. 4 13/2/2012 50 0.8 400,000 50,000 RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Copeland, Clare Robert 4 23/3/2012 10 26.501 6,400 -10,000
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Robins, Jordan 5 7/3/2012 30 26.52 31,594 136
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 2,635 11
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 2,298 9
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 1,828 7
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 1,828 7
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 28,225 121
RIOCAN REAL ESTATE INVESTMENT TRUST
Trust Units Waks, Frederic Allen 5 7/3/2012 30 26.52 2,247 9
Riverstone Resources Inc. Common Shares Golden Star Resources Ltd. 3 13/3/2012 10 0.65 25,662,301 -14,000
Riverstone Resources Inc. Common Shares Golden Star Resources Ltd. 3 16/3/2012 10 0.65 25,651,301 -11,000
Rock Energy Inc. Common Shares Bey, Allen J. 4, 5 19/3/2012 51 0.84 192,912 66,667 Rock Energy Inc. Options Bey, Allen J. 4, 5 19/3/2012 51 0.84 208,666 -66,667 Rock Energy Inc. Common Shares Campbell, Jeffrey G. 5 19/3/2012 51 0.84 225,901 66,667 Rock Energy Inc. Options Campbell, Jeffrey G. 5 19/3/2012 51 0.84 306,666 -66,667 Rock Energy Inc. Common Shares Clark, Stuart George 4 19/3/2012 51 0.84 29,543 11,667 Rock Energy Inc. Options Clark, Stuart George 4 19/3/2012 51 0.84 44,666 -11,667 RockBridge Resources Inc. Common Shares Mathiesen, Gary Kenneth 3, 4, 5 16/3/2012 10 0.04 418,500 10,000
RockBridge Resources Inc. Common Shares Mathiesen, Gary Kenneth 3, 4, 5 16/3/2012 10 0.035 428,500 10,000
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Common Shares Borovec, Michael 5 14/3/2012 10 0.34 432,000 1,000
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Common Shares Borovec, Michael 5 15/3/2012 10 0.34 439,500 7,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3222
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Common Shares Borovec, Michael 5 20/3/2012 10 0.34 449,500 10,000
Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 16/3/2012 10 0.14 1,126,000 500 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 19/3/2012 10 0.11 1,127,500 1,500 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 20/3/2012 10 0.115 1,128,000 500 Rogers Communications Inc. Non-Voting Shares Class
B Schleyer, William 4 19/3/2012 51 8.685 62,600 4,600
Rogers Communications Inc. Non-Voting Shares Class B
Schleyer, William 4 19/3/2012 51 10.42 67,200 4,600
Rogers Communications Inc. Non-Voting Shares Class B
Schleyer, William 4 19/3/2012 51 23.44 71,468 4,268
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,268
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 38 -4,268
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 51 8.685 8,868 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 51 10.42 4,268 -4,600
Rogers Communications Inc. Options Schleyer, William 4 19/3/2012 51 23.44 0 -4,268
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 30.018 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 30.018 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 28.283 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 28.283 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 15.263 -4,268
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 59 15.263 -4,268
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 38 8,868 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 38 4,268 -4,600
Rogers Communications Inc. Stock Appreciation Rights Schleyer, William 4 19/3/2012 38 0 -4,268
Rokmaster Resources Corp. Common Shares Mirko, John Martin 4, 5 20/3/2012 10 0.18 3,020,501 500
Romarco Minerals Inc Options Sugar, Gary A. 4 21/3/2012 00 Romarco Minerals Inc Options Sugar, Gary A. 4 22/3/2012 50 0.92 400,000 400,000 Royal Bank of Canada Common Shares Friis, Morten Nicolai 5 21/3/2012 51 29 71,054 1,283 Royal Bank of Canada Common Shares Friis, Morten Nicolai 5 21/3/2012 10 57.76 70,236 -818 Royal Bank of Canada Options Friis, Morten Nicolai 5 21/3/2012 51 29 411,257 -1,283 Royal Bank of Canada Common Shares McKay, David Ian 5 21/3/2012 51 29 3,230 772 Royal Bank of Canada Common Shares McKay, David Ian 5 21/3/2012 10 57.759 2,458 -772 Royal Bank of Canada Options McKay, David Ian 5 21/3/2012 51 29 491,204 -772 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 17/11/2011 00 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 17/11/2011 00 6,200 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 51 12 11,200 5,000 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 51 11.5 15,450 4,250 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 51 25.22 23,950 8,500 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 51 21.2 27,520 3,570 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 51 22 30,020 2,500 RuggedCom Inc. Common Shares Azarcon, Jonathan 5 15/3/2012 22 33 0 -30,020 RuggedCom Inc. Options Azarcon, Jonathan 5 15/3/2012 51 12 18,820 -5,000 RuggedCom Inc. Options Azarcon, Jonathan 5 15/3/2012 51 11.5 14,570 -4,250 RuggedCom Inc. Options Azarcon, Jonathan 5 15/3/2012 51 25.22 6,070 -8,500 RuggedCom Inc. Options Azarcon, Jonathan 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Azarcon, Jonathan 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Brett, Allan 4 15/3/2012 51 20.88 12,700 10,000 RuggedCom Inc. Common Shares Brett, Allan 4 15/3/2012 22 33 0 -12,700
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3223
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
RuggedCom Inc. Options Brett, Allan 4 15/3/2012 51 20.88 0 -10,000 RuggedCom Inc. Common Shares Bridgeman, Guy Alfred 4 15/3/2012 51 20.88 14,000 10,000 RuggedCom Inc. Common Shares Bridgeman, Guy Alfred 4 15/3/2012 22 33 0 -14,000 RuggedCom Inc. Options Bridgeman, Guy Alfred 4 15/3/2012 51 20.88 0 -10,000 RuggedCom Inc. Common Shares Carolsfeld, Rudolf 5 15/3/2012 51 11.75 5,900 2,500 RuggedCom Inc. Common Shares Carolsfeld, Rudolf 5 15/3/2012 51 25.22 8,900 3,000 RuggedCom Inc. Common Shares Carolsfeld, Rudolf 5 15/3/2012 51 21.2 23,900 15,000 RuggedCom Inc. Common Shares Carolsfeld, Rudolf 5 15/3/2012 51 22 26,400 2,500 RuggedCom Inc. Common Shares Carolsfeld, Rudolf 5 15/3/2012 22 33 0 -26,400 RuggedCom Inc. Options Carolsfeld, Rudolf 5 15/3/2012 51 11.75 20,500 -2,500 RuggedCom Inc. Options Carolsfeld, Rudolf 5 15/3/2012 51 25.22 17,500 -3,000 RuggedCom Inc. Options Carolsfeld, Rudolf 5 15/3/2012 51 21.2 2,500 -15,000 RuggedCom Inc. Options Carolsfeld, Rudolf 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Crombie, Peter Scott 4 15/3/2012 22 33 0 -15,000 RuggedCom Inc. Common Shares Crombie, Peter Scott 4 15/3/2012 51 20.88 10,000 10,000 RuggedCom Inc. Common Shares Crombie, Peter Scott 4 15/3/2012 22 33 0 -10,000 RuggedCom Inc. Options Crombie, Peter Scott 4 15/3/2012 51 20.88 0 -10,000 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 1.48 70,625 31,250 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 12 76,875 6,250 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 11.5 89,625 12,750 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 25.22 98,125 8,500 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 21.2 101,695 3,570 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 51 22 104,195 2,500 RuggedCom Inc. Common Shares Dalton, Roy Sheldon 5 15/3/2012 22 33 0 -104,195 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 1.48 33,570 -31,250 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 12 27,320 -6,250 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 11.5 14,570 -12,750 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 25.22 6,070 -8,500 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Dalton, Roy Sheldon 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Giffen, J. Ian 4 15/3/2012 22 33 0 -5,000 RuggedCom Inc. Common Shares Giffen, J. Ian 4 15/3/2012 51 20.88 20,700 10,000 RuggedCom Inc. Common Shares Giffen, J. Ian 4 15/3/2012 22 33 0 -20,700 RuggedCom Inc. Options Giffen, J. Ian 4 15/3/2012 51 20.88 0 -10,000 RuggedCom Inc. Common Shares Gill, Jeff William 5 15/3/2012 22 33 0 -3,000 RuggedCom Inc. Common Shares Gill, Jeff William 5 17/11/2011 00 RuggedCom Inc. Common Shares Gill, Jeff William 5 15/3/2012 51 16.85 21,000 21,000 RuggedCom Inc. Common Shares Gill, Jeff William 5 15/3/2012 22 33 0 -21,000 RuggedCom Inc. Options Gill, Jeff William 5 15/3/2012 51 16.85 0 -21,000 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 1.48 33,000 33,000 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 12 39,250 6,250 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 11.5 52,000 12,750 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 25.22 60,500 8,500 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 21.2 64,070 3,570 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 51 22 66,570 2,500 RuggedCom Inc. Common Shares Gould, Joe 5 15/3/2012 22 33 0 -66,570 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 1.48 33,570 -33,000 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 12 27,320 -6,250 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 11.5 14,570 -12,750 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 25.22 6,070 -8,500 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Gould, Joe 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Jaeger, Alexander Elik 5 17/11/2011 00 RuggedCom Inc. Common Shares Jaeger, Alexander Elik 5 15/3/2012 51 20.88 25,000 25,000 RuggedCom Inc. Common Shares Jaeger, Alexander Elik 5 15/3/2012 51 21.2 28,570 3,570 RuggedCom Inc. Common Shares Jaeger, Alexander Elik 5 15/3/2012 51 22 31,070 2,500 RuggedCom Inc. Common Shares Jaeger, Alexander Elik 5 15/3/2012 22 33 0 -31,070 RuggedCom Inc. Options Jaeger, Alexander Elik 5 15/3/2012 51 20.88 6,070 -25,000 RuggedCom Inc. Options Jaeger, Alexander Elik 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Jaeger, Alexander Elik 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Marquesini, Emiliano 5 15/3/2012 51 11.5 625 625 RuggedCom Inc. Common Shares Marquesini, Emiliano 5 15/3/2012 51 25.22 9,125 8,500 RuggedCom Inc. Common Shares Marquesini, Emiliano 5 15/3/2012 51 21.2 12,695 3,570 RuggedCom Inc. Common Shares Marquesini, Emiliano 5 15/3/2012 51 22 15,195 2,500 RuggedCom Inc. Common Shares Marquesini, Emiliano 5 15/3/2012 22 33 0 -15,195 RuggedCom Inc. Options Marquesini, Emiliano 5 15/3/2012 51 11.5 14,570 -625 RuggedCom Inc. Options Marquesini, Emiliano 5 15/3/2012 51 25.22 6,070 -8,500 RuggedCom Inc. Options Marquesini, Emiliano 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Marquesini, Emiliano 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 22 33 0 -34,122 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 1.48 39,598 12,500 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 12 45,848 6,250 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 11.5 54,348 8,500 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 25.22 62,848 8,500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3224
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 21.2 66,418 3,570 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 51 22 68,918 2,500 RuggedCom Inc. Common Shares Moore, Roger 5 15/3/2012 22 33 0 -68,918 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 52 1.48 29,320 -12,500 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 51 12 23,070 -6,250 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 51 11.5 14,570 -8,500 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 51 25.22 6,070 -8,500 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 51 21.2 2,500 -3,570 RuggedCom Inc. Options Moore, Roger 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Pozzuoli, Marzio Paride 5 15/3/2012 22 33 0 -28,808 RuggedCom Inc. Common Shares Pozzuoli, Marzio Paride 5 15/3/2012 22 33 0 -1,020,588 RuggedCom Inc. Common Shares Pozzuoli, Marzio Paride 5 15/3/2012 22 33 0 -37,500 RuggedCom Inc. Common Shares Ross, Charles Ian 4 15/3/2012 22 33 0 -1,500 RuggedCom Inc. Common Shares Ross, Charles Ian 4 15/3/2012 51 20.88 11,000 10,000 RuggedCom Inc. Common Shares Ross, Charles Ian 4 15/3/2012 22 33 0 -11,000 RuggedCom Inc. Options Ross, Charles Ian 4 15/3/2012 51 20.88 0 -10,000 RuggedCom Inc. Common Shares Siemens Acquisition Ontario
Limited 3 15/3/2012 00
RuggedCom Inc. Common Shares Siemens Acquisition Ontario Limited
3 15/3/2012 22 33 12,556,180 12,556,180
RuggedCom Inc. Common Shares Simpson, Donald George 5 11/11/2011 00 RuggedCom Inc. Common Shares Simpson, Donald George 5 15/3/2012 51 15.71 20,000 20,000 RuggedCom Inc. Common Shares Simpson, Donald George 5 15/3/2012 22 33 0 -20,000 RuggedCom Inc. Options Simpson, Donald George 5 15/3/2012 51 15.71 0 -20,000 RuggedCom Inc. Common Shares Slinowsky, Jim 5 15/3/2012 22 33 0 -1,000 RuggedCom Inc. Common Shares Slinowsky, Jim 5 1/5/2010 00 RuggedCom Inc. Common Shares Slinowsky, Jim 5 15/3/2012 51 21.2 7,500 7,500 RuggedCom Inc. Common Shares Slinowsky, Jim 5 15/3/2012 51 22 10,000 2,500 RuggedCom Inc. Common Shares Slinowsky, Jim 5 15/3/2012 22 33 0 -10,000 RuggedCom Inc. Options Slinowsky, Jim 5 15/3/2012 51 21.2 2,500 -7,500 RuggedCom Inc. Options Slinowsky, Jim 5 15/3/2012 51 22 0 -2,500 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -523,071 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -250 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -1,000 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -150 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -300 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -250 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 51 20.88 10,000 10,000 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 51 1.48 16,250 6,250 RuggedCom Inc. Common Shares Zarek, Harry 4 15/3/2012 22 33 0 -16,250 RuggedCom Inc. Options Zarek, Harry 4 15/3/2012 51 20.88 6,250 -10,000 RuggedCom Inc. Options Zarek, Harry 4 15/3/2012 51 1.48 0 -6,250 Russel Metals Inc. Rights Deferred Share
Units (cash settled) Benedetti, Alain 4 15/3/2012 56 13,101 142
Russel Metals Inc. Common Shares Britton, Marion Eleanor 5 31/12/2011 30 23.4 90,020 1,801 Russel Metals Inc. Rights Restricted Share
Units (cash settled) Britton, Marion Eleanor 5 15/3/2012 56 16,551 862
Russel Metals Inc. Rights Restricted Share Units (cash settled)
Britton, Marion Eleanor 5 15/3/2012 58 - Expiration of rights
15,738 -813
Russel Metals Inc. Common Shares Coleman, Lesley Margaret Seppings
5 19/3/2012 30 23.29 28,299 1,382
Russel Metals Inc. Rights Deferred Share Units (cash settled)
Dinning, James Francis 4 15/3/2012 56 11,897 128
Russel Metals Inc. Rights Deferred Share Units (cash settled)
Fiora, Carl 4 15/3/2012 56 11,897 128
Russel Metals Inc. Rights Deferred Share Units (cash settled)
Griffiths, Anthony Frear 4 15/3/2012 56 11,897 128
Russel Metals Inc. Common Shares Halcrow, David 5 31/12/2011 30 23.51 13,374 611 Russel Metals Inc. Common Shares Hedges, Brian Robie 5 31/12/2011 30 23.65 103,644 1,905 Russel Metals Inc. Rights Restricted Share
Units (cash settled) Hedges, Brian Robie 5 15/3/2012 56 52,825 1,774
Russel Metals Inc. Rights Restricted Share Units (cash settled)
Hedges, Brian Robie 5 15/3/2012 58 - Expiration of rights
51,148 -1,677
Russel Metals Inc. Common Shares Kelly, Maureen Ann 5 31/12/2011 30 23.47 8,482 1,107 Russel Metals Inc. Rights Deferred Share
Units (cash settled) Laberge, Alice D. 4 15/3/2012 56 6,714 73
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3225
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Russel Metals Inc. Rights Deferred Share Units (cash settled)
Lachapelle, Lise 4 15/3/2012 56 11,897 128
Russel Metals Inc. Common Shares Mangialardi, Giuseppe 5 31/12/2011 30 23.32 14,783 1,136 Russel Metals Inc. Common Shares McMullen, Francine Denise 5 31/12/2011 30 23.55 2,327 528
Russel Metals Inc. Common Shares Mooser, Sherri Lynn 5 31/12/2011 30 23.59 1,140 313 Russel Metals Inc. Rights Deferred Share
Units (cash settled) O'Reilly, William Michael 5 15/3/2012 56 6,092 67
Russel Metals Inc. Common Shares Peckham, Edward John 5 19/3/2012 30 23.58 19,022 523 Russel Metals Inc. Common Shares Peckham, Edward John 5 19/3/2012 10 27.9 17,422 -1,600 Russel Metals Inc. Common Shares Robb, Lloyd Bruce 5 31/12/2011 30 22.87 3,377 377 Russel Metals Inc. Rights Deferred Share
Units (cash settled) Robinson, John Wayne 4 15/3/2012 56 129
Russel Metals Inc. Rights Deferred Share Units (cash settled)
Robinson, John Wayne 4 15/3/2012 56 11,897 128
Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.43 1,900 -1,100 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.39 1,200 -700 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.38 1,100 -100 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.41 1,000 -100 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.4 700 -300 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.33 500 -200 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.38 300 -200 Russel Metals Inc. Common Shares Vaillancourt, Michel 5 9/3/2012 10 27.31 0 -300 Russel Metals Inc. Common Shares Willis, Allan Stephen 5 31/12/2011 30 23.3 29,603 1,154 Rutter Inc. Common Shares Clarke, Donald 3, 4 21/3/2012 10 0.06 11,758,258 165,000 Rutter Inc. Common Shares Clarke, Donald 3, 4 22/3/2012 10 0.06 12,246,258 488,000 Sabina Gold & Silver Corp. Common Shares Hynes, Jason Franklin 5 21/3/2012 10 2.89 32,200 5,000 San Gold Corporation Options Anderson, Michael 4 20/3/2012 50 550,000 250,000 San Gold Corporation Options Ginn, Dale 4, 5 20/3/2012 50 1.58 750,000 250,000 San Gold Corporation Options Harapiak, Stephen William 4 21/6/2011 00 San Gold Corporation Options Harapiak, Stephen William 4 21/6/2011 50 300,000 300,000 San Gold Corporation Options Harapiak, Stephen William 4 20/3/2012 50 550,000 250,000 San Gold Corporation Options Hubert, Benjamin Arthur 4 20/3/2012 50 1.58 1,800,000 250,000 San Gold Corporation Options Kristjansson, Gestur 5 20/3/2012 50 1.58 1,200,000 250,000 San Gold Corporation Options Pirie, George E. 7 20/3/2012 50 1,500,000 250,000 San Gold Corporation Options Power, Michael 4 20/3/2012 50 1.58 1,016,667 250,000 San Gold Corporation Options Wynne, Hugh 4, 5 20/3/2012 50 1.58 1,700,000 250,000 SANDSTORM METALS & ENERGY LTD.
Common Shares Libra Advisors, LLC 3 16/3/2012 10 0.47 40,821,115 -65,500
SANDSTORM METALS & ENERGY LTD.
Common Shares Libra Advisors, LLC 3 20/3/2012 10 0.466 40,696,615 -124,500
SANDSTORM METALS & ENERGY LTD.
Common Shares Libra Advisors, LLC 3 21/3/2012 10 0.465 40,489,415 -207,200
Sandvine Corporation Common Shares Caputo, David 4 9/3/2012 30 1.62 924 Sandvine Corporation Common Shares Caputo, David 4 9/3/2012 30 1.62 924 Sandvine Corporation Common Shares Caputo, David 4 22/3/2012 30 1.69 45,841 885 Sandvine Corporation Common Shares Donnelly, Tom 5 9/3/2012 30 1.62 231 Sandvine Corporation Common Shares Donnelly, Tom 5 9/3/2012 30 1.62 231 Sandvine Corporation Common Shares Donnelly, Tom 5 22/3/2012 30 1.69 4,874 222 Sandvine Corporation Common Shares Hamilton, Scott 4 22/3/2012 30 1.69 15,937 78 Saputo Inc. Common Shares Brockman, Terry 5 31/12/2011 30 43.22 16,832 125 Saputo Inc. Common Shares Canuto, Gianfranco 5 15/8/2011 10 39.75 1,437 400 Saputo Inc. Common Shares Canuto, Gianfranco 5 31/12/2011 30 42.302 1,531 94 Saputo Inc. Common Shares Carrière, Louis-Philippe 5 31/12/2011 30 42.302 22,178 156 Saputo Inc. Common Shares Dello Sbarba, Dino 5 31/12/2011 30 42.302 30,355 143 Saputo Inc. Common Shares Lamarre, Michel 5 31/12/2011 30 42.302 3,898 113 Saputo Inc. Common Shares Marsilii, Joe 6 31/12/2011 30 42.302 1,779 3 Saputo Inc. Common Shares Palombaro, Gabriel 5 31/12/2011 30 42.302 7,569 93 Saputo Inc. Common Shares Saputo, Lino Anthony 4, 5 31/12/2011 30 42.302 47,313 16 Saputo Inc. Common Shares St-Jean, Louise 5 31/12/2011 30 42.302 297 94 Saputo Inc. Common Shares Therrien, Maxime 5 31/12/2011 30 42.302 3,218 140 Saputo Inc. Common Shares Viger, Isabelle 5 31/12/2011 30 42.302 3,006 139 Saputo Inc. Common Shares Wagner, Gaétane 5 31/12/2011 30 42.302 218 97 Savanna Energy Services Corp.
Common Shares Brooks, Gilbert Allen 4 2/10/2009 00
Savanna Energy Services Corp.
Common Shares Brooks, Gilbert Allen 4 20/3/2012 10 8.02 5,000 5,000
Savanna Energy Services Corp.
Common Shares Draudson, Darcy 5 19/3/2012 10 8.06 123,711 10,000
Savanna Energy Services Corp.
Common Shares Draudson, Darcy 5 20/3/2012 10 7.95 16,926 4,860
Savanna Energy Services Corp.
Common Shares MULLEN, Kenneth Brandon 4, 5 22/3/2012 10 7.72 260,028 15,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3226
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Semcan Inc. (formerly Semco Technologies Inc.)
Options CONN, IAN LORNE THOMPSON
4 19/3/2012 52 1.3 25,000 -50,000
Semcan Inc. (formerly Semco Technologies Inc.)
Options Jamieson, Philip 3, 4 19/3/2012 52 1.3 25,000 -150,000
Semtech Canada Inc. Common Shares Dickhout, Roger Mervin 4 31/12/2011 30 8.17 22,371 471 Semtech Canada Inc. Common Shares Dickhout, Roger Mervin 4 20/3/2012 22 13.55 0 -22,371 Semtech Canada Inc. Deferred Share Units Dickhout, Roger Mervin 4 31/12/2011 30 8.06 33,670 697 Semtech Canada Inc. Deferred Share Units Dickhout, Roger Mervin 4 20/3/2012 22 13.55 0 -33,670 Semtech Canada Inc. Special Incentive Plan Fink, Franz Josef 4, 5 20/3/2012 22 13.55 0 -22,493 Semtech Canada Inc. Common Shares Miller, Ralph Gregory 5 31/12/2011 22 7.55 6,432 3,721 Semtech Canada Inc. Common Shares Miller, Ralph Gregory 5 31/12/2011 30 13.52 6,454 22 Semtech Canada Inc. Common Shares Miller, Ralph Gregory 5 20/3/2012 22 13.55 0 -14,904 Semtech Canada Inc. Options Miller, Ralph Gregory 5 20/3/2012 22 13.55 0 -195,161 Semtech Canada Inc. Restricted Share Units Miller, Ralph Gregory 5 31/12/2011 30 7.85 24,766 484 Semtech Canada Inc. Restricted Share Units Miller, Ralph Gregory 5 20/3/2012 22 13.55 0 -16,316 Seprotech Systems Incorporated
Common Shares Growth Works Capital Ltd. & Affiliates (venture capital unit)
3 20/3/2012 10 0.05 7,098,677 -177,000
Seprotech Systems Incorporated
Common Shares GrowthWorks Canadian Fund Ltd.
3 20/3/2012 10 0.05 7,098,677 -177,000
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Avis, Deb 5 1/2/2012 00 6,696
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Avis, Deb 5 1/2/2012 00 8,983
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Avis, Deb 5 1/2/2012 00 2,800
SHAW COMMUNICATIONS INC.
Options Avis, Deb 5 1/2/2012 00 185,000
SHAW COMMUNICATIONS INC.
Restricted Share Units Avis, Deb 5 1/2/2012 00 3,607
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Bashnick, Rhonda 5 31/12/2010 30 20.61 8,020 1,590
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Bashnick, Rhonda 5 31/12/2011 30 20.816 9,943 1,923
SHAW COMMUNICATIONS INC.
Restricted Share Units Bashnick, Rhonda 5 31/12/2011 56 4,328 95
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Bissonnette, Peter 4, 5 31/12/2011 30 20.847 23,751 6,210
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Brazeau, Jean 5 31/12/2011 30 20.85 10,427 2,819
SHAW COMMUNICATIONS INC.
Restricted Share Units Brazeau, Jean 5 31/12/2011 56 5,770 126
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Cummins, Jim 5 31/12/2011 30 20.894 4,222 2,382
SHAW COMMUNICATIONS INC.
Restricted Share Units Cummins, Jim 5 31/12/2011 56 7,934 173
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
D'Avella, Michael 5 31/12/2011 30 20.87 6,732 2,645
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
English, Trevor 5 31/12/2011 30 20.829 7,493 1,698
SHAW COMMUNICATIONS INC.
Restricted Share Units English, Trevor 5 31/12/2011 56 3,607 79
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Johnson, Peter 5 31/12/2011 30 20.517 7,145 370
SHAW COMMUNICATIONS INC.
Restricted Share Units Johnson, Peter 5 31/12/2011 56 3,607 79
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
MEHR, JEFFREY 5 31/12/2011 30 20.863 12,529 4,238
SHAW COMMUNICATIONS INC.
Restricted Share Units MEHR, JEFFREY 5 31/12/2011 56 23,442 512
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Porter, Mark 5 31/12/2011 30 20.855 5,917 1,734
SHAW COMMUNICATIONS INC.
Restricted Share Units Porter, Mark 5 31/12/2011 56 3,607 79
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Reynolds, John Edward Paul
5 1/9/2011 00
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Reynolds, John Edward Paul
5 31/12/2011 30 20.53 178 178
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Robertson, Paul William 5 27/10/2010 00 5,500
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Robertson, Paul William 5 31/12/2011 30 20.891 3,318 2,415
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3227
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
SHAW COMMUNICATIONS INC.
Restricted Share Units Robertson, Paul William 5 31/12/2011 56 5,049 110
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Shaw, Bradley 4, 5 19/3/2012 30 20.13 13,673 646
SHAW COMMUNICATIONS INC.
Restricted Share Units Shaw, Bradley 4, 5 31/12/2011 56 39,672 867
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Shaw, JR 3, 4, 5 19/3/2012 30 20.13 76,359 388
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Shaw, Julie 5 19/3/2012 30 20.13 3,855 168
SHAW COMMUNICATIONS INC.
Restricted Share Units Shaw, Julie 5 31/12/2011 56 4,688 102
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Stakic, Zoran 5 31/12/2011 30 20.834 8,990 1,951
SHAW COMMUNICATIONS INC.
Restricted Share Units Stakic, Zoran 5 31/12/2011 56 4,328 95
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Steiger, Dennis 5 31/12/2011 30 21.09 817 817
SHAW COMMUNICATIONS INC.
Restricted Share Units Steiger, Dennis 5 31/12/2011 56 4,328 95
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Stuart, Ellamarja Elizabeth 5 31/12/2011 30 20.862 4,122 1,358
SHAW COMMUNICATIONS INC.
Restricted Share Units Stuart, Ellamarja Elizabeth 5 31/12/2011 56 3,246 71
SHAW COMMUNICATIONS INC.
Non-Voting Shares Class "B"
Wilson, Stephen 5 31/12/2011 30 20.86 16,087 5,123
SHAW COMMUNICATIONS INC.
Restricted Share Units Wilson, Stephen 5 31/12/2011 56 23,442 512
ShawCor Ltd. Employee Share Unit Barkhouse, John Leslie 5 15/3/2012 56 3,403 2,267 ShawCor Ltd. Employee Share Unit Cockrell, Michael 5 15/3/2012 56 1,618 799 ShawCor Ltd. Employee Share Unit Evans, Philip Lee 7 1/10/2002 00 ShawCor Ltd. Employee Share Unit Evans, Philip Lee 7 17/3/2010 56 1,959 1,959 ShawCor Ltd. Employee Share Unit Evans, Philip Lee 7 15/3/2012 56 5,218 3,259 ShawCor Ltd. Options Class A Evans, Philip Lee 7 15/3/2007 50 12,000 ShawCor Ltd. Options Class A Evans, Philip Lee 7 15/3/2007 50 25.02 38,000 12,000 ShawCor Ltd. Options Class A Evans, Philip Lee 7 21/12/2007 51 13.25 4,800 ShawCor Ltd. Options Class A Evans, Philip Lee 7 21/12/2007 51 13.25 33,200 -4,800 ShawCor Ltd. Options Class A Evans, Philip Lee 7 22/2/2008 50 29.9 45,200 12,000 ShawCor Ltd. Options Class A Evans, Philip Lee 7 13/3/2009 50 15.51 60,200 15,000 ShawCor Ltd. Options Units - Class A Evans, Philip Lee 7 17/3/2010 50 1,959 ShawCor Ltd. Subordinate Voting
Shares Class A Evans, Philip Lee 7 21/12/2007 51 13.25 10,800 4,800
ShawCor Ltd. Subordinate Voting Shares Class A
Evans, Philip Lee 7 22/2/2008 50 29.9 12,000
ShawCor Ltd. Subordinate Voting Shares Class A
Evans, Philip Lee 7 22/2/2008 50 29.9 12,000
ShawCor Ltd. Subordinate Voting Shares Class A
Evans, Philip Lee 7 13/3/2009 50 15.51 15,000
ShawCor Ltd. Subordinate Voting Shares Class A
Evans, Philip Lee 7 13/3/2009 50 15.51 15,000
ShawCor Ltd. Employee Share Unit Graham, Garry Lee 5 19/3/2012 56 1,992 326 ShawCor Ltd. Options Class A Graham, Garry Lee 5 19/3/2012 50 32.81 62,700 1,700 ShawCor Ltd. Employee Share Unit Hutzul, Timothy 5 19/12/2011 00 ShawCor Ltd. Employee Share Unit Hutzul, Timothy 5 15/3/2012 56 853 853 ShawCor Ltd. Employee Share Unit Pierroz, Paul Anthony 5 10/3/2012 56 31.68 1,260 ShawCor Ltd. Employee Share Unit Pierroz, Paul Anthony 5 15/3/2012 56 10,979 1,260 ShawCor Ltd. Options Class A Pierroz, Paul Anthony 5 3/3/2012 50 32.81 6,500 ShawCor Ltd. Options Class A Pierroz, Paul Anthony 5 15/3/2012 50 32.81 66,500 6,500 ShawCor Ltd. Employee Share Unit Simmons, Michael James 7 2/3/2012 00 ShawCor Ltd. Employee Share Unit Simmons, Michael James 7 15/3/2012 00 6,078 ShawCor Ltd. Employee Share Unit Tikkanen, John Douglas 5 26/4/2011 56 2,828 ShawCor Ltd. Employee Share Unit Tikkanen, John Douglas 5 26/4/2011 56 11,603 2,848 ShawCor Ltd. Employee Share Unit Tikkanen, John Douglas 5 10/3/2012 56 25,194 7,486 ShawCor Ltd. Employee Share Unit Tikkanen, John Douglas 5 10/3/2012 56 28,939 3,745 Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 4, 5 22/3/2012 10 0.075 1,897,570 8,000 Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 4, 5 22/3/2012 10 0.085 1,899,570 2,000 SIERRA MADRE DEVELOPMENTS INC.
Common Shares Kirkham, Garth 4 23/3/2012 10 0.075 300,000 200,000
SIERRA MADRE DEVELOPMENTS INC.
Common Shares Kirkham, Garth 4 23/3/2012 53 0.1 500,000 200,000
SIERRA MADRE DEVELOPMENTS INC.
Options Kirkham, Garth 4 30/11/2010 00
SIERRA MADRE DEVELOPMENTS INC.
Options Kirkham, Garth 4 23/3/2012 50 0.1 200,000 200,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3228
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
SIERRA MADRE DEVELOPMENTS INC.
Options Kirkham, Garth 4 23/3/2012 50 0.1 300,000 100,000
Silver Standard Resources Inc.
Common Shares Smith, John 4, 5 6/8/2010 00
Silver Standard Resources Inc.
Common Shares Smith, John 4, 5 19/3/2012 10 14.96 135,000 135,000
Silvermet Inc. Common Shares Roman, Stephen G. 4, 5 7/3/2012 10 0.09 74,000 44,000 Silvermex Resources Inc. Options Brown, Arthur 4 6/2/2012 50 1,450,000 250,000 Silvermex Resources Inc. Options Brown, Arthur 4 8/3/2012 50 0.49 250,000 Silvermex Resources Inc. Warrants Brown, Arthur 4 22/3/2012 55 0 -100,000 Silvermex Resources Inc. Options Callahan, Michael 4, 5 6/2/2012 50 2,825,000 350,000 Silvermex Resources Inc. Options Callahan, Michael 4, 5 8/3/2012 50 0.49 350,000 Silvermex Resources Inc. Warrants Callahan, Michael 4, 5 22/3/2012 55 0 -225,000 Silvermex Resources Inc. Options Dea, Lisa Joanne 5 10/5/2011 00 286,231 Silvermex Resources Inc. Options Dea, Lisa Joanne 5 6/2/2012 50 550,000 263,769 Silvermex Resources Inc. Options Nelson, Duane Anthony 4, 5 16/11/2010 00 Silvermex Resources Inc. Options Nelson, Duane Anthony 4, 5 16/11/2010 00 1,125,000 Silvermex Resources Inc. Options Nelson, Duane Anthony 4, 5 25/1/2011 50 1,425,000 300,000 Silvermex Resources Inc. Options Nelson, Duane Anthony 4, 5 6/2/2012 50 1,975,000 750,000 Silvermex Resources Inc. Options Nelson, Duane Anthony 4, 5 8/3/2012 50 0.49 750,000 SMART Technologies Inc. Options Stock Options
under 2010 Equity Incentive Plan
BATTISTEL, CESARINO M 7 12/1/2012 38 17 8,500 -14,000
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
BATTISTEL, CESARINO M 7 12/1/2012 38 5.83 0 -8,500
SMART Technologies Inc. Performance Share Units BATTISTEL, CESARINO M 7 12/1/2012 38 0 -8,500
SMART Technologies Inc. Restricted Share Units BATTISTEL, CESARINO M 7 12/1/2012 38 0 -4,200
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
CIPRICK, WILLIAM J 7 16/3/2012 38 17 8,500 -14,000
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
CIPRICK, WILLIAM J 7 16/3/2012 38 5.83 0 -8,500
SMART Technologies Inc. Performance Share Units CIPRICK, WILLIAM J 7 16/3/2012 38 0 -8,500
SMART Technologies Inc. Restricted Share Units CIPRICK, WILLIAM J 7 16/3/2012 38 0 -4,200 SMART Technologies Inc. Options Stock Options
under 2010 Equity Incentive Plan
MCGURK, BRIAN K 7 17/2/2012 38 17 8,500 -14,000
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
MCGURK, BRIAN K 7 17/2/2012 38 5.83 0 -8,500
SMART Technologies Inc. Performance Share Units MCGURK, BRIAN K 7 17/2/2012 38 0 -8,500
SMART Technologies Inc. Restricted Share Units MCGURK, BRIAN K 7 17/2/2012 38 0 -4,200 SMART Technologies Inc. Options Stock Options
under 2010 Equity Incentive Plan
MONRO, ALAN DAVID 7 23/12/2011 38 17 77,500 -85,000
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
MONRO, ALAN DAVID 7 23/12/2011 38 5.83 65,000 -12,500
SMART Technologies Inc. Options Stock Options under 2010 Equity Incentive Plan
MONRO, ALAN DAVID 7 23/12/2011 38 17 0 -65,000
SMART Technologies Inc. Performance Share Units MONRO, ALAN DAVID 7 23/12/2011 38 0 -12,500
SMART Technologies Inc. Restricted Share Units MONRO, ALAN DAVID 7 23/12/2011 38 0 -6,250 SMART Technologies Inc. Subordinate Voting
Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 14/7/2010 00 57,500
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 7/10/2011 30 7.06 75,000 17,500
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 7/10/2011 30 7.06 84,800 9,800
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3229
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 13/2/2012 30 2.12 116,300 31,500
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 2/3/2012 30 2.12 123,800 7,500
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 9/3/2012 30 2.12 158,800 35,000
SMART Technologies Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
SMART TECHNOLOGIES INC
1 23/3/2012 30 2.12 218,300 59,500
Softchoice Corporation Options Foster, Nick 5 3/3/2010 50 8.39 80,000 Softchoice Corporation Options Foster, Nick 5 3/3/2010 50 8.39 80,000 Softchoice Corporation Options Foster, Nick 5 3/3/2010 50 8.39 80,000 Softchoice Corporation Options Leslie, Steve 5 3/3/2010 50 8.39 100,000 Softchoice Corporation Options Leslie, Steve 5 3/3/2010 50 8.39 100,000 Softchoice Corporation Options Leslie, Steve 5 3/3/2010 50 8.39 100,000 Softchoice Corporation Options Long, David Allan 5 3/3/2010 50 8.39 90,000 Softchoice Corporation Options Long, David Allan 5 3/3/2010 50 8.39 90,000 Softchoice Corporation Options Long, David Allan 5 3/3/2010 50 8.39 90,000 Softchoice Corporation Options MacDonald, David Leo 4, 5 3/3/2010 50 8.39 180,000 Softchoice Corporation Options MacDonald, David Leo 4, 5 3/3/2010 50 8.39 180,000 Softchoice Corporation Options MacDonald, David Leo 4, 5 3/3/2010 50 8.39 180,000 Softchoice Corporation Common Shares Odoardi, Maria A. 5 19/3/2012 10 12.19 15,570 1,500 Softchoice Corporation Options Odoardi, Maria A. 5 3/3/2010 50 8.39 45,000 Softchoice Corporation Options Odoardi, Maria A. 5 3/3/2010 50 8.39 45,000 Softchoice Corporation Options Odoardi, Maria A. 5 3/3/2010 50 8.39 45,000 Softchoice Corporation Common Shares Reesor, Allan James 4 19/3/2012 10 12.33 15,100 100 Softchoice Corporation Common Shares Reesor, Allan James 4 19/3/2012 10 12.34 15,300 200 Softchoice Corporation Common Shares Reesor, Allan James 4 19/3/2012 10 12.35 20,000 4,700 Softchoice Corporation Options Wright, Kevin Jason 5 3/3/2010 50 8.39 90,000 Softchoice Corporation Options Wright, Kevin Jason 5 3/3/2010 50 8.39 90,000 Softchoice Corporation Options Wright, Kevin Jason 5 3/3/2010 50 8.39 90,000 SOLITARIO EXPLORATION & ROYALTY CORP.
Common Shares Herald, Christopher 4 22/3/2012 10 1.35 800,262 10,000
SOLITARIO EXPLORATION & ROYALTY CORP.
Common Shares Herald, Christopher 4 22/3/2012 10 1.3 810,262 10,000
Sonde Resources Corp. Common Shares Riddell, Clayton H. 3 20/3/2012 10 2.3977 125,000 125,000 Sonde Resources Corp. Common Shares Riddell, Clayton H. 3 21/3/2012 10 2.41 0 -17 Southern Pacific Resource Corp.
Common Shares Barefoot, Jeffrey Arthur 5 31/12/2011 30 1.28 38,886 2,202
Southern Pacific Resource Corp.
Options Barefoot, Jeffrey Arthur 5 31/12/2011 30 1.28 637,202 2,202
Southern Pacific Resource Corp.
Common Shares Miller, Glenn D. 5 31/12/2011 30 1.28 51,702 2,202
Southern Pacific Resource Corp.
Options Miller, Glenn D. 5 31/12/2011 30 1.28 1,162,202 2,202
SouthGobi Resources Ltd. Options Church, Curtis 5 21/3/2012 50 6.16 845,000 150,000 SouthGobi Resources Ltd. Options Deepwell, Andre 4 21/3/2012 50 6.16 240,000 40,000 SouthGobi Resources Ltd. Options Flood, Raymond Edward 4, 6 21/3/2012 50 6.16 167,500 17,500 SouthGobi Resources Ltd. Options Giardini, Tony Serafino 6 21/3/2012 50 6.16 91,800 10,000 SouthGobi Resources Ltd. Options Hanson, Robert 7 21/3/2012 50 6.16 167,500 17,500 SouthGobi Resources Ltd. Options Kapla, Justin 7 21/3/2012 50 6.16 235,000 40,000 SouthGobi Resources Ltd. Options Lancaster, Gordon 4 21/3/2012 50 6.16 202,500 17,500 SouthGobi Resources Ltd. Options Lebel, Pierre 4, 5 21/3/2012 50 6.16 250,000 20,000 SouthGobi Resources Ltd. Options Macken, John 6, 5 21/3/2012 50 6.16 463,500 17,500 SouthGobi Resources Ltd. Options Meredith, Peter 4, 6, 5 21/3/2012 50 6.16 775,000 30,000 SouthGobi Resources Ltd. Options Molyneux, Alexander 5 21/3/2012 50 6.16 1,550,000 200,000 SouthGobi Resources Ltd. Options O'Kane, Matthew James
Gerard 5 21/3/2012 50 6.16 545,000 125,000
Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 16/3/2012 10 0.2014 6,694,567 12,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 20/3/2012 90 5,944,567 -750,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 21/3/2012 10 0.19 5,953,067 8,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 22/3/2012 10 0.19 5,959,567 6,500 ST ANDREW GOLDFIELDS LTD.
Common Shares Abramson, Randall 3 23/3/2012 97 23,646,189 -17,648
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3230
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ST ANDREW GOLDFIELDS LTD.
Options Gignac, Louis P. 4 15/3/2012 50 0.52 595,000 130,000
ST ANDREW GOLDFIELDS LTD.
Options Seyffert, Warren S. R. 4 14/3/2012 50 430,000 90,000
St. Augustine Gold and Copper Limited
Options Lazo II, Louis Hall 5 6/7/2011 00
St. Augustine Gold and Copper Limited
Options Lazo II, Louis Hall 5 26/1/2012 50 1,000,000 1,000,000
St. Augustine Gold and Copper Limited
Options Lazo II, Louis Hall 5 26/1/2012 50 1,100,000 100,000
Stans Energy Corp. Options Kuranova, Anna 5 7/3/2012 00 Stans Energy Corp. Options Kuranova, Anna 5 7/3/2012 50 300,000 300,000 Stantec Inc. Common Shares
Restricted Share Units Allen, Richard 7, 5 28/2/2012 56 29.75 6,482
Stantec Inc. Common Shares Restricted Share Units
Allen, Richard 7, 5 28/2/2012 56 29.75 11,570 5,882
Stantec Inc. Common Shares Franceschini, Anthony P. 4 19/3/2012 51 13.55 215,342 30,000 Stantec Inc. Common Shares Franceschini, Anthony P. 4 19/3/2012 10 31.9 185,342 -30,000 Stantec Inc. Options Franceschini, Anthony P. 4 19/3/2012 51 13.55 0 -30,000 Stantec Inc. Common Shares
Restricted Share Units Lefaivre, Daniel Joseph 7 28/2/2012 56 29.75 7,203 3,697
Star Navigation Systems Group Ltd.
Common Shares Sparks, Dale 1, 5 16/3/2012 10 0.12 882,782 -50,000
Star Navigation Systems Group Ltd.
Common Shares Sparks, Dale 1, 5 19/3/2012 10 0.125 832,782 -50,000
Stella-Jones Inc. Restricted Stock Units (RSU's)
Bourgault, Lyne 7 10/3/2007 00
Stella-Jones Inc. Restricted Stock Units (RSU's)
Bourgault, Lyne 7 19/3/2012 97 41.8 225 225
Stella-Jones Inc. Restricted Stock Units (RSU's)
Caric, George 7 20/10/2011 00
Stella-Jones Inc. Restricted Stock Units (RSU's)
Caric, George 7 19/3/2012 97 41.8 864 864
Stella-Jones Inc. Rights restricted stock units (RSU's)
Caric, George 7 20/10/2011 00
Stella-Jones Inc. Rights restricted stock units (RSU's)
Caric, George 7 19/3/2012 56 41.8 864
Stella-Jones Inc. Rights restricted stock units (RSU's)
Caric, George 7 19/3/2012 56 41.8 864
Stella-Jones Inc. Restricted Stock Units (RSU's)
Downy, William Garfield Jr. 7 1/1/2009 00 1,533
Stella-Jones Inc. Restricted Stock Units (RSU's)
Downy, William Garfield Jr. 7 19/3/2012 97 41.8 2,387 854
Stella-Jones Inc. Restricted Stock Units (RSU's)
Eichenbaum, Marla 5 15/6/2003 00 1,550
Stella-Jones Inc. Restricted Stock Units (RSU's)
Eichenbaum, Marla 5 19/3/2012 97 41.8 2,428 878
Stella-Jones Inc. Restricted Stock Units (RSU's)
Fox, Doug 7 31/8/2005 00 2,340
Stella-Jones Inc. Restricted Stock Units (RSU's)
Fox, Doug 7 19/3/2012 97 41.8 3,865 1,525
Stella-Jones Inc. Common Shares Godin, Rémi 5 20/3/2012 51 13 3,000 3,000 Stella-Jones Inc. Options Godin, Rémi 5 20/3/2012 51 13 5,000 -3,000 Stella-Jones Inc. Restricted Stock Units
(RSU's) Godin, Rémi 5 15/6/2003 00 1,550
Stella-Jones Inc. Restricted Stock Units (RSU's)
Godin, Rémi 5 19/3/2012 97 41.8 2,404 854
Stella-Jones Inc. Restricted Stock Units (RSU's)
Hedding, Kris David 7 1/1/2009 00 1,301
Stella-Jones Inc. Restricted Stock Units (RSU's)
Hedding, Kris David 7 19/3/2012 97 41.8 2,045 744
Stella-Jones Inc. Restricted Stock Units (RSU's)
James, Kenner 7 20/10/2011 00
Stella-Jones Inc. Restricted Stock Units (RSU's)
James, Kenner 7 19/3/2012 97 41.8 802 802
Stella-Jones Inc. Rights restricted stock units
James, Kenner 7 20/10/2011 00
Stella-Jones Inc. Rights restricted stock units
James, Kenner 7 19/3/2012 56 41.8 802
Stella-Jones Inc. Rights restricted stock units
James, Kenner 7 19/3/2012 56 41.8 802
Stella-Jones Inc. Restricted Stock Units (RSU's)
Jones, Ian 7 1/7/2006 00 1,950
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3231
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Stella-Jones Inc. Restricted Stock Units (RSU's)
Jones, Ian 7 19/3/2012 97 41.8 2,902 952
Stella-Jones Inc. Restricted Stock Units (RSU's)
McManus, Brian 4, 5 9/6/2003 00 20,000
Stella-Jones Inc. Restricted Stock Units (RSU's)
McManus, Brian 4, 5 19/3/2012 97 41.8 30,000 10,000
Stella-Jones Inc. Restricted Stock Units (RSU's)
Murray, Gordon 5 1/11/1997 00 1,429
Stella-Jones Inc. Restricted Stock Units (RSU's)
Murray, Gordon 5 19/3/2012 97 41.8 2,259 830
Stella-Jones Inc. Restricted Stock Units (RSU's)
Poirier, Martin 5 9/6/2003 00 1,550
Stella-Jones Inc. Restricted Stock Units (RSU's)
Poirier, Martin 5 19/3/2012 97 41.8 2,282 732
Stella-Jones Inc. Restricted Stock Units (RSU's)
Ritchie, Glen 7 1/7/2006 00 986
Stella-Jones Inc. Restricted Stock Units (RSU's)
Ritchie, Glen 7 19/3/2012 97 41.8 1,550 564
Stella-Jones Inc. Restricted Stock Units (RSU's)
Sylvester, Mike 7 20/10/2011 00
Stella-Jones Inc. Restricted Stock Units (RSU's)
Sylvester, Mike 7 19/3/2012 97 41.8 964 964
Stella-Jones Inc. Rights Restricted Stock Units -RSUs
Sylvester, Mike 7 20/10/2011 00
Stella-Jones Inc. Rights Restricted Stock Units -RSUs
Sylvester, Mike 7 19/3/2012 56 41.8 964
Stella-Jones Inc. Rights Restricted Stock Units -RSUs
Sylvester, Mike 7 19/3/2012 56 41.8 964
Stella-Jones Inc. Restricted Stock Units (RSU's)
Thompson, Richard 7 15/6/2003 00 1,550
Stella-Jones Inc. Restricted Stock Units (RSU's)
Thompson, Richard 7 19/3/2012 97 41.8 2,282 732
Stella-Jones Inc. Restricted Stock Units (RSU's)
Vachon, Eric 7 10/3/2007 00 1,311
Stella-Jones Inc. Restricted Stock Units (RSU's)
Vachon, Eric 7 19/3/2012 97 41.8 2,092 781
Stellar Pharmaceuticals Inc. Options Harris, Robert Paul 3, 4, 5 1/12/2011 50 517,138
Stellar Pharmaceuticals Inc. Options Harris, Robert Paul 3, 4, 5 1/12/2011 50 1,034,276 1,034,276
Stellar Pharmaceuticals Inc. Options Langille, Scott 3, 5 1/12/2011 50 423,113
Stellar Pharmaceuticals Inc. Options Langille, Scott 3, 5 1/12/2011 50 846,226 846,226
Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 16/3/2012 00 22,266,000 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 20/3/2012 10 1.621 23,566,000 1,300,000 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 20/3/2012 10 1.6563 23,603,843 37,843 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 21/3/2012 10 1.6649 23,643,843 40,000 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 1.6013 23,673,843 30,000 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 1.6013 23,693,843 20,000 Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 1.611 23,835,043 141,200 Storm Resources Ltd. Common Shares Brister, Matthew 4 23/3/2012 22 2.37 759,697 7,328 Storm Resources Ltd. Common Shares Brister, Matthew 4 23/3/2012 11 3.4 829,697 70,000 Storm Resources Ltd. Common Shares Lavergne, Brian 4, 5 23/3/2012 11 3.4 1,582,404 664,000 Storm Resources Ltd. Common Shares Lavergne, Brian 4, 5 23/3/2012 22 1,608,578 26,174 Storm Resources Ltd. Common Shares McLean, Donald Galloway 5 23/3/2012 16 3.4 774,303 190,000 Strait Gold Corporation Warrants Pinetree Capital Ltd. 3 15/3/2012 55 0.25 833,333 -1,500,000 Strathmore Minerals Corp. Rights Christy, Craig Vasil 5 21/3/2012 56 125,000 50,000 Strathmore Minerals Corp. Rights Crouch, James 5 21/3/2012 56 75,000 Strathmore Minerals Corp. Rights Crouch, James 5 21/3/2012 56 185,000 75,000 Strathmore Minerals Corp. Rights DeJoia, John 5 21/3/2012 56 185,000 75,000 Strathmore Minerals Corp. Rights Goehring, Ralph 4 21/3/2012 56 130,000 50,000 Strathmore Minerals Corp. Rights Groening, Patrick 5 21/3/2012 56 160,000 60,000 Strathmore Minerals Corp. Common Shares Janke, Timothy Mark 4 23/11/2010 00 Strathmore Minerals Corp. Common Shares Janke, Timothy Mark 4 22/3/2012 10 0.4882 10,000 10,000 Strathmore Minerals Corp. Common Shares Janke, Timothy Mark 4 22/3/2012 10 0.483 39,000 29,000 Strathmore Minerals Corp. Rights Janke, Timothy Mark 4 21/3/2012 56 130,000 50,000 Strathmore Minerals Corp. Rights Khan, Steven Nizam 4 21/3/2012 56 275,000 100,000 Strathmore Minerals Corp. Rights Krewedl, Dieter 4 21/3/2012 56 130,000 50,000 Strathmore Minerals Corp. Rights Miller, David 5 21/3/2012 56 275,000 100,000 Stratton Resources Inc. Common Shares Wallace, Shawn 4 20/3/2012 10 0.43 3,965,250 2,500 Stratton Resources Inc. Common Shares Wallace, Shawn 4 23/3/2012 10 0.43 3,990,250 25,000 Stream Oil & Gas Ltd. Common Shares Berezowski, Michael Jacob 5 10/6/2011 90 0 -744,760
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3232
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Stream Oil & Gas Ltd. Options Berezowski, Michael Jacob 5 10/6/2011 90 0 -700,000
Stream Oil & Gas Ltd. Options Berezowski, Michael Jacob 5 10/6/2011 90 0 -700,000
Stream Oil & Gas Ltd. Options Berezowski, Michael Jacob 5 10/6/2011 90 0 -700,000
Stream Oil & Gas Ltd. Common Shares Tognetti, John 3 21/3/2012 10 0.82 9,428,100 6,000 Strike Minerals Inc. Common Shares Harrington, Michael S 4 22/3/2012 10 0.118 847,692 -10,000 Student Transportation Inc. (formerly, Student Transportation of America Ltd.)
Common Shares SNCF Participations, S.A. 3 15/3/2012 30 6.61 9,527,456 66,329
Sun Life Financial Inc. Common Shares Connor, Dean 4, 5 20/3/2012 10 22.9 500 500 Sun Life Financial Inc. Common Shares Connor, Dean 4, 5 20/3/2012 10 23.14 1,700 1,200 Sun Life Financial Inc. Common Shares Connor, Dean 4, 5 20/3/2012 10 23.11 3,000 1,300 Superior Plus Corp. Convertible Debentures
5.75% (issued March 2010)
Billing, Grant Donald 4 19/3/2012 10 89.49 $179,000 $32,000
Superior Plus Corp. Convertible Debentures 5.75% (issued March 2010)
Billing, Grant Donald 4 19/3/2012 10 89.5 $188,000 $9,000
Superior Plus Corp. Convertible Debentures 5.75% (issued March 2010)
Billing, Grant Donald 4 19/3/2012 10 89.5 $216,000 $28,000
Superior Plus Corp. Convertible Debentures 5.75% (issued March 2010)
Billing, Grant Donald 4 20/3/2012 10 89.5 $441,000 $225,000
Superior Plus Corp. Convertible Debentures 5.75% (issued March 2010)
Billing, Grant Donald 4 21/3/2012 10 89.5 $556,000 $115,000
Superior Plus Corp. Convertible Debentures 5.75% (issued March 2010)
Billing, Grant Donald 4 21/3/2012 10 89 $578,000 $22,000
Sure Energy Inc. Common Shares Boyce, Jeff 4 16/3/2012 10 1 5,030,557 3,700 Sure Energy Inc. Common Shares Boyce, Jeff 4 22/3/2012 10 1 5,046,857 16,300 SXC Health Solutions Corp. Common Shares Berman, Clifford 5 19/3/2012 51 5.225 18,482 12,500
SXC Health Solutions Corp. Common Shares Berman, Clifford 5 19/3/2012 10 72.382 5,982 -12,500
SXC Health Solutions Corp. Options Berman, Clifford 5 19/3/2012 51 5.225 28,332 -12,500
Symphony Floating Rate Senior Loan Fund
Units Class A Caranci, Mark A. 4, 5 21/10/2011 00
Symphony Floating Rate Senior Loan Fund
Units Class A Caranci, Mark A. 4, 5 23/3/2012 10 9.85 1,000 1,000
Synex International Inc. Common Shares Stephens, Alan William 4, 5 21/3/2012 10 0.51 487,055 -5,000 TAG Oil Ltd Common Shares Guidi, Alex P. 3 16/3/2012 10 10.05 3,829,539 -100,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 6/2/2012 10 0.1 1,291,000 -129,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 9/2/2012 10 0.1 1,196,000 -95,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 13/3/2012 10 0.13 1,224,000 28,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 14/3/2012 10 0.13 1,266,000 42,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 14/3/2012 10 0.135 1,343,000 77,000 Tajiri Resources Corp. Common Shares Smith, Stephen 4 16/3/2012 10 0.125 1,376,000 33,000 Tajiri Resources Corp. Common Shares Tangent Management Corp 5 19/3/2012 00 329,500
Tajiri Resources Corp. Common Shares Timcke, Albert Richard 7 25/11/2011 16 0.1 90,000 50,000 Tajiri Resources Corp. Warrants Timcke, Albert Richard 7 26/4/2011 00 Tajiri Resources Corp. Warrants Timcke, Albert Richard 7 25/11/2011 30 50,000 50,000 Talon Metals Corp. Options Crothers, Frank 4 11/6/2009 50 0.385 250,000 50,000 Talon Metals Corp. Options Crothers, Frank 4 21/5/2010 50 0.4 565,000 315,000 Talon Metals Corp. Options Crothers, Frank 4 5/10/2010 52 365,000 -200,000 Talon Metals Corp. Options Crothers, Frank 4 17/1/2011 50 1.58 35,000 Talon Metals Corp. Options Crothers, Frank 4 17/1/2011 50 1.58 35,000 Talon Metals Corp. Options Crothers, Frank 4 17/1/2011 50 1.58 400,000 35,000 Talon Metals Corp. Options Newfield, Warren Eric 4 11/6/2009 50 0.385 250,000 50,000 Talon Metals Corp. Options Newfield, Warren Eric 4 18/4/2010 52 100,000 -150,000 Talon Metals Corp. Options Newfield, Warren Eric 4 21/5/2010 50 0.4 415,000 315,000 Talon Metals Corp. Options Newfield, Warren Eric 4 17/1/2011 50 1.58 600,000 185,000 Talon Metals Corp. Options Newfield, Warren Eric 4 31/5/2011 52 550,000 -50,000 Tanzanian Royalty Exploration Corporation
Common Shares SINCLAIR, JAMES E. 4, 5 19/3/2012 10 4.603 1,525,621 -13,000
Taseko Mines Limited Common Shares Taseko Mines Limited 1 19/3/2012 10 3.552 1,286,760 122,600 Taseko Mines Limited Common Shares Taseko Mines Limited 1 20/3/2012 10 3.541 1,350,460 63,700 Taseko Mines Limited Common Shares Taseko Mines Limited 1 21/3/2012 10 3.549 1,470,460 120,000
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3233
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Taseko Mines Limited Common Shares Taseko Mines Limited 1 22/3/2012 10 3.504 1,586,760 116,300 Tawsho Mining Inc. Common Shares Arandjelovic, Zoran 3, 4 20/3/2012 10 0.2867 1,264,500 15,000 Teck Resources Limited Class B Subordinate
Voting Shares Caisse de dépôt et placement du Québec
3 16/3/2012 10 36.75 7,584,766 26,700
Teck Resources Limited Class B Subordinate Voting Shares
Thompson, Chris M 4 16/3/2012 10 35.607 84,000 -37,000
Telehop Communications Inc.
Options Cyna, Lawrence 4 22/3/2012 50 348,875 223,875
TELUS Corporation Common Shares Blair, Joshua Andrew 5 31/12/2011 30 2,029 835 TELUS Corporation Common Shares Blair, Joshua Andrew 5 31/12/2011 30 2,327 298 TELUS Corporation Common Shares Gardner, Robert 5 14/3/2012 30 4,543 932 TELUS Corporation Common Shares Sayles, William Michael 5 14/3/2012 00 4,157 TELUS Corporation Options Sayles, William Michael 5 14/3/2012 00 16,212 TELUS Corporation Restricted Share Units Sayles, William Michael 5 14/3/2012 00 4,274 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 184.59 -146 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 184.59 -146 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 133.32 -225 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 133.32 -225 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 133.09 -180 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 133.09 -180 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 125.86 -180 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 125.86 -180 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 59.25 -584 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 59.25 -584 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 36.47 -658 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 36.47 -658 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 16.61 -292 Tembec Inc. Options Norris, Stephen J. 5 9/3/2012 52 16.61 -292 TeraGo Inc. Performance Share Units Talbot, Tara 5 16/3/2012 58 - Expiration
of rights 0 -4,278
Tesco Corporation Common Shares Nemeth, Randall S. 7 22/3/2012 10 13.74 8,526 -281 Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 20/3/2012 10 0.8737 30,192,292 -54,000 Thallion Pharmaceuticals Inc. Options Alves, Sandra 5 19/3/2012 50 48,000 17,000
Thallion Pharmaceuticals Inc. Options Bellini, Roberto 4 19/3/2012 50 106,000 36,000
Thallion Pharmaceuticals Inc. Options BERGER, FRANKLIN MILAN
4 19/3/2012 50 106,000 27,000
Thallion Pharmaceuticals Inc. Options Bismuth, Claude 4 19/3/2012 50 106,000 27,000
Thallion Pharmaceuticals Inc. Options Chiche, Dan, Albert 4 19/3/2012 50 87,000 27,000
Thallion Pharmaceuticals Inc. Options Couillard, Philippe 4 19/3/2012 50 87,000 27,000
Thallion Pharmaceuticals Inc. Options Mandelzys, Allan 4, 5 19/3/2012 50 933,000 280,000
Thallion Pharmaceuticals Inc. Options Reymond, Didier 5 19/3/2012 50 476,000 146,000
Thallion Pharmaceuticals Inc. Options SEGAL, Lloyd M. 4 19/3/2012 50 784,500 27,000
Thallion Pharmaceuticals Inc. Options Singer, Michael 5 19/3/2012 50 533,500 146,000
The Brick Ltd. Debentures Secured Fairfax Financial Holdings Limited
3 21/3/2012 11 $0 -$10,000,000
The Brick Ltd. Debentures Secured Fairfax Financial Holdings Limited
3 30/12/2010 00
The Brick Ltd. Debentures Secured Fairfax Financial Holdings Limited
3 21/3/2012 11 $40,000,000 $40,000,000
The Brick Ltd. Debentures Secured Fairfax Financial Holdings Limited
3 21/3/2012 11 $0 -$10,000,000
The Brick Ltd. Debentures Secured Fairfax Financial Holdings Limited
3 21/3/2012 11 $0 -$20,000,000
The Brick Ltd. Common Shares Grondin, Kenneth Joseph 5 23/3/2012 10 3.3 15,000 5,000 The Brick Ltd. Common Shares Grondin, Kenneth Joseph 5 23/3/2012 10 3.3 15,000 5,000 The Churchill Corporation Common Shares Apedoe, Andrew Yaw
Lovely 5 21/3/2012 10 16.05 0 -3,000
The Churchill Corporation Common Shares Apedoe, Andrew Yaw Lovely
5 31/12/2011 30 14.75 7,098 1,516
The Churchill Corporation Common Shares Apedoe, Andrew Yaw Lovely
5 21/3/2012 10 16.05 3,498 -3,600
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3234
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Churchill Corporation Options Apedoe, Andrew Yaw Lovely
5 19/3/2012 50 27,402 8,275
The Churchill Corporation Rights Performance Share Units
Apedoe, Andrew Yaw Lovely
5 19/3/2012 56 15.48 7,503 2,689
The Churchill Corporation Rights Deferred Share Units (DSUs)
Bellstedt, Albrecht Wilhelm Albert
4 31/12/2011 30 17.09 17,190 91
The Churchill Corporation Rights Deferred Share Units (DSUs)
Bellstedt, Albrecht Wilhelm Albert
4 31/12/2011 30 12.46 17,334 144
The Churchill Corporation Rights Deferred Share Units (DSUs)
Bellstedt, Albrecht Wilhelm Albert
4 31/12/2011 30 17.09 17,335 1
The Churchill Corporation Rights Deferred Share Units (DSUs)
Bellstedt, Albrecht Wilhelm Albert
4 31/12/2011 30 12.46 17,336 1
The Churchill Corporation Common Shares Broda, Gordie 7 31/12/2011 30 15.6 203,423 1,923 The Churchill Corporation Options Broda, Gordie 7 19/3/2012 50 75,451 37,276 The Churchill Corporation Rights Performance Share
Units Broda, Gordie 7 19/3/2012 56 15.48 17,512 12,112
The Churchill Corporation Common Shares Decore, Joette 5 31/12/2011 30 15.03 3,950 1,375 The Churchill Corporation Rights Deferred Share
Units (DSUs) Decore, Joette 5 4/2/2008 00
The Churchill Corporation Rights Deferred Share Units (DSUs)
Decore, Joette 5 31/12/2011 30 17.09 5 5
The Churchill Corporation Rights Deferred Share Units (DSUs)
Decore, Joette 5 31/12/2011 30 12.46 14 9
The Churchill Corporation Rights Deferred Share Units (DSUs)
Hanrahan, Wendy 4 31/12/2011 30 17.09 12,750 61
The Churchill Corporation Rights Deferred Share Units (DSUs)
Hanrahan, Wendy 4 31/12/2011 30 12.46 12,852 102
The Churchill Corporation Options Houck, James Curtis 5 19/3/2012 50 720,574 106,730 The Churchill Corporation Rights Deferred Share
Units (DSUs) Houck, James Curtis 5 31/12/2011 30 17.09 11,998 77
The Churchill Corporation Rights Deferred Share Units (DSUs)
Houck, James Curtis 5 31/12/2011 30 12.46 12,108 110
The Churchill Corporation Rights Deferred Share Units (DSUs)
Houck, James Curtis 5 16/3/2012 56 15.5 12,625 83
The Churchill Corporation Rights Performance Share Units
Houck, James Curtis 5 19/3/2012 56 15.48 172,164 34,680
The Churchill Corporation Common Shares Johnston, Evan 5 12/9/2011 00 The Churchill Corporation Common Shares Johnston, Evan 5 31/12/2011 30 11.94 354 354 The Churchill Corporation Options Johnston, Evan 5 19/3/2012 50 23,215 14,215 The Churchill Corporation Rights Deferred Share
Units (DSUs) Johnston, Evan 5 16/3/2012 56 15.5 1,108 55
The Churchill Corporation Rights Performance Share Units
Johnston, Evan 5 12/9/2011 00
The Churchill Corporation Rights Performance Share Units
Johnston, Evan 5 19/3/2012 56 15.48 4,619 4,619
The Churchill Corporation Rights Deferred Share Units (DSUs)
King, Harry 4 31/12/2011 30 17.09 13,755 73
The Churchill Corporation Rights Deferred Share Units (DSUs)
King, Harry 4 31/12/2011 30 12.46 13,870 115
The Churchill Corporation Common Shares LeMay, David 5 31/12/2011 30 14.47 14,243 1,733 The Churchill Corporation Options LeMay, David 5 19/3/2012 50 109,385 25,919 The Churchill Corporation Rights Deferred Share
Units (DSUs) LeMay, David 5 31/12/2011 30 17.09 1,299 7
The Churchill Corporation Rights Deferred Share Units (DSUs)
LeMay, David 5 31/12/2011 30 12.46 1,310 11
The Churchill Corporation Rights Deferred Share Units (DSUs)
LeMay, David 5 16/3/2012 56 15.5 1,423 16
The Churchill Corporation Rights Performance Share Units
LeMay, David 5 19/3/2012 56 15.48 24,059 8,422
The Churchill Corporation Rights Deferred Share Units (DSUs)
Loberg, Carmen Richard 4 31/12/2011 30 17.09 17,404 89
The Churchill Corporation Rights Deferred Share Units (DSUs)
Loberg, Carmen Richard 4 31/12/2011 30 12.46 17,548 144
The Churchill Corporation Common Shares Martineau, Ronald L. 5 31/12/2011 30 11.04 82,854 2,501 The Churchill Corporation Common Shares Miller, Al 7 31/12/2011 30 15.96 2,369 1,932 The Churchill Corporation Options Miller, Al 7 19/3/2012 50 88,073 35,537 The Churchill Corporation Rights Performance Share
Units Miller, Al 7 19/3/2012 56 15.48 27,765 11,547
The Churchill Corporation Common Shares Pearson, Donald, Patrick 5 31/12/2011 30 15.62 21,195 2,622 The Churchill Corporation Options Pearson, Donald, Patrick 5 19/3/2012 50 163,054 50,477 The Churchill Corporation Rights Deferred Share
Units (DSUs) Pearson, Donald, Patrick 5 31/12/2011 30 17.09 3,283 23
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3235
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Churchill Corporation Rights Deferred Share Units (DSUs)
Pearson, Donald, Patrick 5 31/12/2011 30 12.46 3,314 31
The Churchill Corporation Rights Performance Share Units
Pearson, Donald, Patrick 5 19/3/2012 56 15.48 49,909 16,402
The Churchill Corporation Rights Deferred Share Units (DSUs)
REID, HENRY ROBERT 4 31/12/2011 30 17.09 15,579 80
The Churchill Corporation Rights Deferred Share Units (DSUs)
REID, HENRY ROBERT 4 31/12/2011 30 12.46 15,708 129
The Churchill Corporation Rights Deferred Share Units (DSUs)
Reid, Ian MacNevin 4 31/12/2011 30 17.09 20,594 114
The Churchill Corporation Rights Deferred Share Units (DSUs)
Reid, Ian MacNevin 4 31/12/2011 30 12.46 20,770 176
The Churchill Corporation Options Sands, Daryl 5 19/3/2012 50 147,402 48,385 The Churchill Corporation Rights Deferred Share
Units (DSUs) Sands, Daryl 5 31/12/2011 30 17.09 2,584 13
The Churchill Corporation Rights Deferred Share Units (DSUs)
Sands, Daryl 5 31/12/2011 30 12.46 2,605 21
The Churchill Corporation Rights Deferred Share Units (DSUs)
Sands, Daryl 5 16/3/2012 56 15.5 3,293 110
The Churchill Corporation Rights Performance Share Units
Sands, Daryl 5 19/3/2012 56 15.48 43,217 15,722
The Churchill Corporation Rights Deferred Share Units (DSUs)
Schneider, George Michael 4 31/12/2011 30 17.09 13,755 73
The Churchill Corporation Rights Deferred Share Units (DSUs)
Schneider, George Michael 4 31/12/2011 30 12.46 13,870 115
The Churchill Corporation Rights Deferred Share Units (DSUs)
Tod, Brian William Leslie 4 31/12/2011 30 17.09 13,755 73
The Churchill Corporation Rights Deferred Share Units (DSUs)
Tod, Brian William Leslie 4 31/12/2011 30 12.46 13,870 115
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Bateman, Monqiue 5 5/12/2007 00 2,786
The Toronto-Dominion Bank Rights Performance Share Units (PSU)
Bateman, Monqiue 5 5/12/2007 00 7,451
The Toronto-Dominion Bank Common Shares CUSIP 891160 50 9
Clark, William Edmund 4 20/3/2012 51 60.02 26,684 26,684
The Toronto-Dominion Bank Common Shares CUSIP 891160 50 9
Clark, William Edmund 4 20/3/2012 10 83.03 1,000 -25,684
The Toronto-Dominion Bank Common Shares CUSIP 891160 50 9
Clark, William Edmund 4 23/3/2012 47 84.537 0 -1,000
The Toronto-Dominion Bank Options Clark, William Edmund 4 20/3/2012 51 60.02 80,052 -26,684
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Hockey, Timothy 5 31/12/2011 30 2,152
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Hockey, Timothy 5 31/12/2011 30 77.07 23,390 775
The Toronto-Dominion Bank Rights Vesting Share Units (VSU)
Hockey, Timothy 5 31/12/2011 30 77.07 41,516 1,377
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Masrani, Bharat 5 31/12/2011 30 3,551
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Masrani, Bharat 5 31/12/2011 30 77.07 65,588 2,174
The Toronto-Dominion Bank Rights Vesting Share Units (VSU)
Masrani, Bharat 5 31/12/2011 30 77.07 41,516 1,377
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Pedersen, Mike 5 31/12/2011 30 374
The Toronto-Dominion Bank Rights Deferred Share Units (DSU)
Pedersen, Mike 5 31/12/2011 30 77.07 5,579 185
The Toronto-Dominion Bank Rights Vesting Share Units (VSU)
Pedersen, Mike 5 31/12/2011 30 77.07 5,702 189
Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 1/3/2012 10 2.4058 6,313,745 38,700 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 2.0539 6,572,045 1,000 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 1.9643 6,573,045 1,000 Theratechnologies Inc. Common Shares Ingalls & Snyder, LLC 3 22/3/2012 10 1.9777 6,627,645 54,600 Thomson Reuters Corporation
Common Shares Banga, Manvinder Singh 4 15/3/2012 10 28.82 9,592 846
Thomson Reuters Corporation
Common Shares Cirillo, Mary 4 15/3/2012 10 28.83 9,592 846
Thomson Reuters Corporation
Deferred Share Units Cirillo, Mary 4 15/3/2012 30 28.79 12,346 136
Thomson Reuters Corporation
Common Shares Denning, Steven Aaron 4 15/3/2012 10 28.83 33,241 943
Thomson Reuters Corporation
Deferred Share Units Denning, Steven Aaron 4 15/3/2012 30 28.79 19,989 220
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3236
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Thomson Reuters Corporation
Common Shares Kibarian, Christopher A. 7, 5 14/3/2012 57 11,068 1,952
Thomson Reuters Corporation
Restricted Share Units Kibarian, Christopher A. 7, 5 14/3/2012 57 44,575 -1,952
Thomson Reuters Corporation
Deferred Share Units Martin, Roger Lloyd 4 15/3/2012 30 28.79 39,560 435
Thomson Reuters Corporation
Deferred Share Units Martin, Roger Lloyd 4 15/3/2012 46 28.79 40,862 1,302
Thomson Reuters Corporation
Deferred Share Units Maughan, Deryck 4 15/3/2012 30 28.79 10,930 120
Thomson Reuters Corporation
Deferred Share Units Maughan, Deryck 4 15/3/2012 46 28.79 11,798 868
Thomson Reuters Corporation
Common Shares Olisa, Ken 4 15/3/2012 10 28.83 3,180 167
Thomson Reuters Corporation
Deferred Share Units Opperman, Vance K. 4 15/3/2012 30 28.79 47,604 523
Thomson Reuters Corporation
Deferred Share Units Opperman, Vance K. 4 15/3/2012 46 28.79 49,080 1,476
Thomson Reuters Corporation
Common Shares The Woodbridge Company Limited
3 15/3/2012 30 27.08 456,391,805 297,410
Thomson Reuters Corporation
Common Shares Thompson, John Munro 4 15/3/2012 10 28.83 24,055 498
Thomson Reuters Corporation
Deferred Share Units Thompson, John Munro 4 15/3/2012 30 28.79 24,845 273
Thomson Reuters Corporation
Deferred Share Units Thompson, John Munro 4 15/3/2012 46 28.79 25,496 651
Thomson Reuters Corporation
Deferred Share Units Thomson, Peter J. 4, 6 15/3/2012 30 28.79 1,830 20
Thomson Reuters Corporation
Deferred Share Units von Schimmelmann, Wulf 4 15/3/2012 30 28.79 2,434 27
Thomson Reuters Corporation
Deferred Share Units von Schimmelmann, Wulf 4 15/3/2012 46 28.79 3,737 1,303
Thunderstruck Resources Ltd.
Common Shares Wallster, Dale 3, 4 14/3/2012 51 600,000 100,000
Thunderstruck Resources Ltd.
Options Wallster, Dale 3, 4 14/3/2012 51 0.1 0 -100,000
Tim Hortons Inc. Restricted Stock Units Aebker, Jill E. 5 20/3/2012 35 52.44 3,010 12 Tim Hortons Inc. Restricted Stock Units Anthony, Douglas G. 7 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Deferred Stock Units
(DSU) Atkins, Margaret Shan 4 20/3/2012 35 52.44 10,358 41
Tim Hortons Inc. Restricted Stock Units Blackmore, David J.G. 7 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Bonikowsky, Scott 5 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Clanachan, David F. 5 20/3/2012 35 52.44 11,858 47 Tim Hortons Inc. Restricted Stock Units Devine, Cynthia Jane 5 20/3/2012 35 52.44 13,023 52 Tim Hortons Inc. Restricted Stock Units Dimmel, D. Bruce 7 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Deferred Stock Units
(DSU) Endres, Michael 4 20/3/2012 35 52.44 15,102 60
Tim Hortons Inc. Restricted Stock Units Fife, Diana 5 20/3/2012 35 52.44 3,010 12 Tim Hortons Inc. Restricted Stock Units Fraser, Garry 7 20/3/2012 35 52.44 1,530 6 Tim Hortons Inc. Restricted Stock Units Fryday, Jeff 7 20/3/2012 35 52.44 2,358 9 Tim Hortons Inc. Deferred Stock Units
(DSU) Greene, Moya Marguerite 4 20/3/2012 35 52.44 11,001 43
Tim Hortons Inc. Restricted Stock Units Hemeon, John M. 5 20/3/2012 35 52.44 6,759 27 Tim Hortons Inc. Restricted Stock Units Hollis, Glenn O. 7 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units House, Paul 4, 5 20/3/2012 35 52.44 44,694 178 Tim Hortons Inc. Deferred Stock Units
(DSU) Iacobucci, Frank 4 20/3/2012 35 52.44 27,048 108
Tim Hortons Inc. Restricted Stock Units Javor, Nikola S. 5 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Johnston, Stephen A. 5 20/3/2012 35 52.44 4,595 18 Tim Hortons Inc. Restricted Stock Units Kahansky, Steven A. 5 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Kipker, Mira 7 20/3/2012 35 52.44 1,877 7 Tim Hortons Inc. Deferred Stock Units
(DSU) Lederer, John A. 4 20/3/2012 35 52.44 17,692 71
Tim Hortons Inc. Deferred Stock Units (DSU)
Lees, David 4 20/3/2012 35 52.44 17,559 70
Tim Hortons Inc. Restricted Stock Units McMullen, David H. 7 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Meilleur, Mike 5 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Michetti, Meredith 5 20/3/2012 35 52.44 1,898 8 Tim Hortons Inc. Restricted Stock Units Moir, William A. 5 20/3/2012 35 52.44 11,852 47 Tim Hortons Inc. Restricted Stock Units Montgomery, John R. 7 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Mortimer, Glen A. 7 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Myskiw, Michael J. 5 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Nadeau, Michael G. 7 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Nesbitt, James C. 5 20/3/2012 35 52.44 2,359 9
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3237
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Tim Hortons Inc. Deferred Stock Units (DSU)
Osborne, Ronald Walter 4 20/3/2012 35 52.44 9,257 37
Tim Hortons Inc. Restricted Stock Units Pelino, Brigid V. 5 20/3/2012 35 52.44 4,827 19 Tim Hortons Inc. Restricted Stock Units Piggot, Cara M. 7 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Restricted Stock Units Preston, James H. 7 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Deferred Stock Units
(DSU) Sales, Wayne Carlyle 4 20/3/2012 35 52.44 17,468 70
Tim Hortons Inc. Restricted Stock Units Vogeli, Gregory A. 7 20/3/2012 35 52.44 1,878 8 Tim Hortons Inc. Restricted Stock Units Walton, Roland M. 5 20/3/2012 35 52.44 11,858 47 Tim Hortons Inc. Restricted Stock Units Wettlaufer, Michelle 5 20/3/2012 35 52.44 3,827 15 Tim Hortons Inc. Restricted Stock Units Wiant, James A. 5 20/3/2012 35 52.44 2,359 9 Tim Hortons Inc. Deferred Stock Units
(DSU) Williams, Catherine 4 20/3/2012 35 52.44 9,432 38
Tim Hortons Inc. Restricted Stock Units Wisch, Gesa 7 20/3/2012 35 52.44 1,617 7 Tintina Mines Limited Common Shares Spiegel, Robert Neil 4, 5 20/3/2005 00 2,000 Tintina Mines Limited Common Shares Spiegel, Robert Neil 4, 5 22/3/2012 10 0.11 30,000 28,000 TORO RESOURCES CORP. Common Shares ATLAS, RONALD J. 4 16/3/2012 10 19.5 10,000
TORO RESOURCES CORP. Common Shares ATLAS, RONALD J. 4 16/3/2012 10 0.195 1,730,000 10,000
TORO RESOURCES CORP. Common Shares ATLAS, RONALD J. 4 16/3/2012 10 0.195 1,735,000 5,000
TORO RESOURCES CORP. Common Shares ATLAS, RONALD J. 4 19/3/2012 10 0.19 1,740,000 5,000
Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 51 13.87 63,000 5,000 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.34 62,800 -200 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.37 61,300 -1,500 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.39 60,500 -800 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.4 60,100 -400 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.42 58,500 -1,600 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.45 58,100 -400 Toromont Industries Ltd. Common Shares McCallum, John S. 4 19/3/2012 10 24.51 58,000 -100 Toromont Industries Ltd. Options McCallum, John S. 4 19/3/2012 51 13.87 28,350 -5,000 Toromont Industries Ltd. Common Shares Wetherald, David 5 19/3/2012 10 24.6 24,400 -4,300 Toromont Industries Ltd. Common Shares Wetherald, David 5 21/3/2012 10 23.9 22,000 -2,400 Toromont Industries Ltd. Common Shares Wetherald, David 5 21/3/2012 10 23.91 21,200 -800 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 19/3/2012 10 17.67 28,400 15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 20/3/2012 10 17.355 43,500 15,100 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 21/3/2012 10 16.818 58,500 15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 22/3/2012 10 16.079 73,500 15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 23/3/2012 10 16.213 88,500 15,000 TransAlta Corporation Common Shares Bridge, William David 5 31/12/2011 35 20.53 35,942 232 TransAlta Corporation Common Shares Bridge, William David 5 23/2/2012 30 21.02 39,191 3,249 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Bridge, William David 5 1/1/2012 30 21.02 100,200 26,700
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Bridge, William David 5 23/2/2012 30 79,100 -21,100
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Chakravarti, Nipa 5 15/1/2012 00
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Chakravarti, Nipa 5 15/1/2012 30 21.02 11,500 11,500
TransAlta Corporation Common Shares de Lima, Dawn Elizabeth 5 31/12/2011 35 20.53 4,480 245 TransAlta Corporation Common Shares de Lima, Dawn Elizabeth 5 23/2/2012 30 21.02 5,254 774 TransAlta Corporation PSOP (Performance
Share Ownership Plan) de Lima, Dawn Elizabeth 5 1/1/2012 30 21.02 54,400 28,600
TransAlta Corporation PSOP (Performance Share Ownership Plan)
de Lima, Dawn Elizabeth 5 23/2/2012 30 48,900 -5,500
TransAlta Corporation Common Shares Emmott, Robert 5 31/12/2011 35 20.53 1,088 59 TransAlta Corporation Common Shares Emmott, Robert 5 23/2/2012 30 21.02 1,946 858 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Emmott, Robert 5 1/1/2012 30 21.02 52,300 22,900
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Emmott, Robert 5 23/2/2012 30 46,200 -6,100
TransAlta Corporation Common Shares Farrell, Dawn Lorraine 4, 5 15/3/2012 90 4,663 -4,057 TransAlta Corporation Common Shares Farrell, Dawn Lorraine 4, 5 15/3/2012 90 39,088 4,057 TransAlta Corporation Common Shares Farrell, Dawn Lorraine 4, 5 15/3/2012 99 14,080 -4,857 TransAlta Corporation Common Shares Florence, Louis Algernon 5 23/2/2012 30 21.02 240 240 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Florence, Louis Algernon 5 1/1/2012 30 21.02 20,300 9,600
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Florence, Louis Algernon 5 23/2/2012 30 18,600 -1,700
TransAlta Corporation RSU (Restricted Share Units)
Florence, Louis Algernon 5 12/3/2007 00
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3238
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransAlta Corporation RSU (Restricted Share Units)
Florence, Louis Algernon 5 12/3/2012 30 19.83 10,086 10,086
TransAlta Corporation Common Shares Gellner, Brett 5 23/2/2012 30 21.02 2,095 2,095 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Gellner, Brett 5 1/1/2012 30 21.02 130,300 59,500
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Gellner, Brett 5 23/2/2012 30 117,900 -12,400
TransAlta Corporation Common Shares Jackson, Douglas Allan 5 31/12/2011 35 20.53 5,246 232 TransAlta Corporation Common Shares Jackson, Douglas Allan 5 23/2/2012 30 21.02 6,878 1,632 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Jackson, Douglas Allan 5 1/1/2012 30 21.02 76,300 22,900
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Jackson, Douglas Allan 5 23/2/2012 30 64,700 -11,600
TransAlta Corporation Common Shares Johnston, Cynthia 5 23/2/2012 30 21.02 2,644 2,644 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Johnston, Cynthia 5 1/1/2012 30 21.02 88,500 28,600
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Johnston, Cynthia 5 23/2/2012 30 69,700 -18,800
TransAlta Corporation Common Shares Koch, David 5 31/12/2011 35 20.53 7,825 427 TransAlta Corporation Common Shares Koch, David 5 23/2/2012 35 21.02 8,556 731 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Koch, David 5 1/1/2012 30 21.02 36,600 11,900
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Koch, David 5 23/2/2012 30 31,400 -5,200
TransAlta Corporation RSU (Restricted Share Units)
Koch, David 5 15/12/2006 00
TransAlta Corporation RSU (Restricted Share Units)
Koch, David 5 12/3/2012 30 19.83 12,607 12,607
TransAlta Corporation Common Shares Koch, Sterling Gordon 5 31/12/2011 35 20.53 7,346 26 TransAlta Corporation Common Shares Koch, Sterling Gordon 5 23/2/2012 30 21.02 8,022 676 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Koch, Sterling Gordon 5 1/1/2012 30 21.02 32,600 10,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Koch, Sterling Gordon 5 23/2/2012 30 27,800 -4,800
TransAlta Corporation RSU (Restricted Share Units)
Koch, Sterling Gordon 5 15/12/2009 00
TransAlta Corporation RSU (Restricted Share Units)
Koch, Sterling Gordon 5 12/3/2012 30 19.83 10,590 10,590
TransAlta Corporation Common Shares LUCIUK, DEAN RICHARD 5 31/12/2011 35 20.53 2,252 35
TransAlta Corporation Common Shares LUCIUK, DEAN RICHARD 5 23/2/2012 30 21.02 3,124 872
TransAlta Corporation PSOP (Performance Share Ownership Plan)
LUCIUK, DEAN RICHARD 5 1/1/2012 30 21.02 39,300 13,400
TransAlta Corporation PSOP (Performance Share Ownership Plan)
LUCIUK, DEAN RICHARD 5 23/2/2012 30 33,100 -6,200
TransAlta Corporation Common Shares Mackay, Mark Bruce 5 31/12/2011 35 20.53 7,673 70 TransAlta Corporation Common Shares Mackay, Mark Bruce 5 23/2/2012 30 21.02 8,447 774 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Mackay, Mark Bruce 5 1/1/2012 30 21.02 36,400 11,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Mackay, Mark Bruce 5 23/2/2012 30 30,900 -5,500
TransAlta Corporation RSU (Restricted Share Units)
Mackay, Mark Bruce 5 15/2/2006 00
TransAlta Corporation RSU (Restricted Share Units)
Mackay, Mark Bruce 5 12/3/2012 30 19.83 11,599 11,599
TransAlta Corporation Common Shares McFadden, Alex 5 31/12/2011 35 20.53 8,053 441 TransAlta Corporation Common Shares McFadden, Alex 5 23/2/2012 30 21.02 8,756 703 TransAlta Corporation PSOP (Performance
Share Ownership Plan) McFadden, Alex 5 1/1/2012 30 21.02 32,700 9,600
TransAlta Corporation PSOP (Performance Share Ownership Plan)
McFadden, Alex 5 23/2/2012 30 27,700 -5,000
TransAlta Corporation Common Shares Mohamed, Parviz 5 31/12/2011 35 20.53 331 54 TransAlta Corporation Common Shares Mohamed, Parviz 5 23/2/2012 30 21.02 1,062 731 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Mohamed, Parviz 5 1/1/2012 30 21.02 35,200 10,500
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Mohamed, Parviz 5 23/2/2012 30 30,000 -5,200
TransAlta Corporation Common Shares Pierce, Jennifer 5 31/12/2011 35 20.53 5,551 54 TransAlta Corporation Common Shares Pierce, Jennifer 5 23/2/2012 30 21.02 6,310 759 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Pierce, Jennifer 5 1/1/2012 30 21.02 38,400 11,900
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3239
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Pierce, Jennifer 5 23/2/2012 30 33,000 -5,400
TransAlta Corporation RSU (Restricted Share Units)
Pierce, Jennifer 5 23/4/2008 00
TransAlta Corporation RSU (Restricted Share Units)
Pierce, Jennifer 5 12/3/2012 30 19.83 12,607 12,607
TransAlta Corporation Common Shares Reinhart, Gregory 5 31/12/2011 35 20.53 10,376 291 TransAlta Corporation Common Shares Reinhart, Gregory 5 23/2/2012 30 21.02 11,079 703 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Reinhart, Gregory 5 1/1/2012 30 21.02 34,600 10,800
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Reinhart, Gregory 5 23/2/2012 30 29,600 -5,000
TransAlta Corporation RSU (Restricted Share Units)
Reinhart, Gregory 5 6/3/2003 00
TransAlta Corporation RSU (Restricted Share Units)
Reinhart, Gregory 5 12/3/2012 30 19.83 11,346 11,346
TransAlta Corporation Common Shares Ridge, Martin 5 10/4/2007 00 TransAlta Corporation Common Shares Ridge, Martin 5 23/2/2012 30 21.02 731 731 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Ridge, Martin 5 1/1/2012 30 21.02 35,700 11,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Ridge, Martin 5 23/2/2012 30 30,500 -5,200
TransAlta Corporation RSU (Restricted Share Units)
Ridge, Martin 5 10/4/2007 00
TransAlta Corporation RSU (Restricted Share Units)
Ridge, Martin 5 12/3/2012 30 19.83 11,599 11,599
TransAlta Corporation Common Shares Schaefer, Robert Ian 5 23/2/2012 30 21.02 3,603 1,603 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Schaefer, Robert Ian 5 1/1/2012 30 21.02 86,600 31,400
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Schaefer, Robert Ian 5 23/2/2012 30 75,200 -11,400
TransAlta Corporation Common Shares Shaw, Joseph Wilfrid Hugo 5 31/12/2011 35 20.53 110 6
TransAlta Corporation Common Shares Shaw, Joseph Wilfrid Hugo 5 23/2/2012 30 21.02 982 872
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Shaw, Joseph Wilfrid Hugo 5 1/1/2012 30 21.02 76,400 33,400
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Shaw, Joseph Wilfrid Hugo 5 23/2/2012 30 70,200 -6,200
TransAlta Corporation Common Shares St.-Laurent, Maryse C. 5 31/12/2011 35 20.53 11,427 624 TransAlta Corporation Common Shares St.-Laurent, Maryse C. 5 23/2/2012 30 21.02 12,075 648 TransAlta Corporation PSOP (Performance
Share Ownership Plan) St.-Laurent, Maryse C. 5 1/1/2012 30 21.02 32,000 10,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
St.-Laurent, Maryse C. 5 23/2/2012 30 27,400 -4,600
TransAlta Corporation RSU (Restricted Share Units)
St.-Laurent, Maryse C. 5 13/6/2005 00
TransAlta Corporation RSU (Restricted Share Units)
St.-Laurent, Maryse C. 5 12/3/2012 30 19.83 10,590 10,590
TransAlta Corporation Common Shares Stack, Todd John 5 23/2/2012 30 21.02 1,299 212 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Stack, Todd John 5 1/1/2012 30 21.02 15,300 5,200
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Stack, Todd John 5 23/2/2012 30 13,800 -1,500
TransAlta Corporation RSU (Restricted Share Units)
Stack, Todd John 5 29/10/2010 00
TransAlta Corporation RSU (Restricted Share Units)
Stack, Todd John 5 12/3/2012 30 19.83 4,545 4,545
TransAlta Corporation Common Shares Stickland, Kenneth 5 31/12/2011 35 20.53 76,351 534 TransAlta Corporation Common Shares Stickland, Kenneth 5 23/2/2012 30 21.02 80,007 3,656 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Stickland, Kenneth 5 1/1/2012 30 21.02 154,600 47,600
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Stickland, Kenneth 5 23/2/2012 30 128,600 -26,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
TAYLOR, PAUL H. E. 5 5/4/2011 00
TransAlta Corporation PSOP (Performance Share Ownership Plan)
TAYLOR, PAUL H. E. 5 5/4/2011 30 21.15 26,500 26,500
TransAlta Corporation PSOP (Performance Share Ownership Plan)
TAYLOR, PAUL H. E. 5 1/1/2012 30 21.02 60,500 34,000
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Toole, Deborah Jean 5 13/9/2011 30 21.15 10,200 10,200
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3240
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Toole, Deborah Jean 5 1/1/2012 30 21.02 20,500 10,300
TransAlta Corporation Common Shares Wharton, Donald Charles 5 31/12/2011 35 20.53 10,731 489 TransAlta Corporation Common Shares Wharton, Donald Charles 5 23/2/2012 30 21.02 11,392 661 TransAlta Corporation PSOP (Performance
Share Ownership Plan) Wharton, Donald Charles 5 1/1/2012 30 21.02 33,100 10,800
TransAlta Corporation PSOP (Performance Share Ownership Plan)
Wharton, Donald Charles 5 23/2/2012 30 28,400 -4,700
TransAlta Corporation RSU (Restricted Share Units)
Wharton, Donald Charles 5 1/11/2007 00
TransAlta Corporation RSU (Restricted Share Units)
Wharton, Donald Charles 5 12/3/2012 30 19.83 11,346 11,346
TransCanada Corporation Executive Share Units Anderson, Brandon M. 7 31/12/2011 56 20,646 7,565 TransCanada Corporation Common Shares Anderson, Ronald D. 5 31/12/2011 30 39.56 8,168 333 TransCanada Corporation Common Shares Anderson, Ronald D. 5 31/12/2011 35 8,946 778 TransCanada Corporation Executive Share Units Anderson, Ronald D. 5 31/12/2011 56 20,915 6,259 TransCanada Corporation Common Shares Baggs, James M. 5 31/12/2011 35 882 882 TransCanada Corporation Common Shares Baggs, James M. 5 31/12/2011 30 39.68 2,665 107 TransCanada Corporation Executive Share Units Baggs, James M. 5 31/12/2011 56 23,553 7,303 TransCanada Corporation Common Shares Becker, Steven D. 5 31/12/2011 35 17,474 690 TransCanada Corporation Executive Share Units Becker, Steven D. 5 31/12/2011 56 18,526 5,530 TransCanada Corporation Common Shares Bennett, Terry J. 7 31/12/2011 35 11,009 385 TransCanada Corporation Executive Share Units Bennett, Terry J. 7 31/12/2011 56 9,709 2,816 TransCanada Corporation Common Shares Benson, Kevin E. 4 31/12/2011 56 17,935 4,935 TransCanada Corporation Common Shares Benson, Kevin E. 4 31/12/2011 30 19,434 1,499 TransCanada Corporation Common Shares Bertovic, Jasmin 7 31/12/2011 30 41.09 45 -1 TransCanada Corporation Common Shares Brett, Sean M. 7 31/12/2011 35 4,935 441 TransCanada Corporation Executive Share Units Brett, Sean M. 7 31/12/2011 56 11,909 3,923 TransCanada Corporation Common Shares Burney, Derek Hudson 4 31/12/2011 30 39.14 4,606 188 TransCanada Corporation Common Shares Burney, Derek Hudson 4 31/12/2011 56 6,625 2,019 TransCanada Corporation Common Shares Burney, Derek Hudson 4 31/12/2011 30 7,970 1,345 TransCanada Corporation Common Shares Calantone, Carl S. 5 31/12/2011 35 1,473 473 TransCanada Corporation Executive Share Units Calantone, Carl S. 5 31/12/2011 56 12,642 3,964 TransCanada Corporation Common Shares Cashin, John B 5 31/12/2011 35 266 241 TransCanada Corporation Executive Share Units Cashin, John B 5 31/12/2011 56 6,511 1,860 TransCanada Corporation Common Shares Charette, Gary C. 7 31/12/2011 30 41.94 19 TransCanada Corporation Common Shares Charette, Gary C. 7 31/12/2011 30 41.94 587 19 TransCanada Corporation Common Shares Charette, Gary C. 7 31/12/2011 35 1,101 514 TransCanada Corporation Executive Share Units Charette, Gary C. 7 31/12/2011 56 13,721 4,256 TransCanada Corporation Common Shares Clark, Stephen M.V. 5 31/12/2011 35 3,535 605 TransCanada Corporation Executive Share Units Clark, Stephen M.V. 5 31/12/2011 56 16,186 4,956 TransCanada Corporation Common Shares Cook, Ronald L. 5 31/12/2011 35 11,124 624 TransCanada Corporation Common Shares Cook, Ronald L. 5 31/12/2011 30 39.52 5,363 216 TransCanada Corporation Common Shares Cook, Ronald L. 5 31/12/2011 30 39.52 1,228 48 TransCanada Corporation Executive Share Units Cook, Ronald L. 5 31/12/2011 56 16,724 5,007 TransCanada Corporation Common Shares Coutts, Rick T. 7 31/12/2011 35 637 637 TransCanada Corporation Executive Share Units Coutts, Rick T. 7 31/12/2011 56 16,859 5,633 TransCanada Corporation Common Shares Cowling, Robert Dean 5 31/12/2011 35 1,475 404 TransCanada Corporation Executive Share Units Cowling, Robert Dean 5 31/12/2011 56 11,116 3,365 TransCanada Corporation Common Shares DAVIS, MARY CATHARINE 7 31/12/2011 30 41.06 265 52
TransCanada Corporation Executive Share Units DAVIS, MARY CATHARINE 7 31/12/2011 56 6,312 2,190
TransCanada Corporation Common Shares DeGrandis, Donald J. 5 31/12/2011 35 368 368 TransCanada Corporation Executive Share Units DeGrandis, Donald J. 5 31/12/2011 56 9,882 2,917 TransCanada Corporation Common Shares Delkus, Kristine 7, 5 31/12/2011 35 8,807 958 TransCanada Corporation Executive Share Units Delkus, Kristine 7, 5 31/12/2011 56 25,715 7,720 TransCanada Corporation Common Shares Dobson, Wendy K. 4 31/12/2011 56 8,019 2,019 TransCanada Corporation Common Shares Dobson, Wendy K. 4 31/12/2011 30 9,941 1,922 TransCanada Corporation Common Shares Draper, E. Linn 4 31/12/2011 56 4,925 4,925 TransCanada Corporation Common Shares Draper, E. Linn 4 31/12/2011 30 6,461 1,536 TransCanada Corporation Common Shares EMOND, STEVE A. 5 31/12/2011 35 501 476 TransCanada Corporation Executive Share Units EMOND, STEVE A. 5 31/12/2011 56 12,636 3,990 TransCanada Corporation Common Shares Ferguson, Dean K. 7 31/12/2011 35 955 655 TransCanada Corporation Executive Share Units Ferguson, Dean K. 7 31/12/2011 56 17,409 5,478 TransCanada Corporation Common Shares Gateman, Richard N. 5 31/12/2011 35 2,398 598 TransCanada Corporation Executive Share Units Gateman, Richard N. 5 31/12/2011 56 16,031 4,800 TransCanada Corporation Common Shares Gauthier, Paule 4 31/12/2011 56 6,925 4,925 TransCanada Corporation Common Shares Gauthier, Paule 4 31/12/2011 30 8,462 1,537 TransCanada Corporation Common Shares Girling, Russell 5 31/12/2011 35 67,978 6,961 TransCanada Corporation Executive Share Units Girling, Russell 5 31/12/2011 56 182,342 70,422 TransCanada Corporation Common Shares Goulet, Corey J. 7 31/12/2011 35 724 724 TransCanada Corporation Executive Share Units Goulet, Corey J. 7 31/12/2011 56 19,328 6,051 TransCanada Corporation Common Shares Hachey, Michael E. 7 31/12/2011 35 248 248
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3241
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransCanada Corporation Common Shares Hachey, Michael E. 7 31/12/2011 30 40.2 277 92 TransCanada Corporation Common Shares Hanrahan, Wendy 5 31/12/2011 35 710 TransCanada Corporation Common Shares Hanrahan, Wendy 5 31/12/2011 35 3,673 710 TransCanada Corporation Executive Share Units Hanrahan, Wendy 5 31/12/2011 56 19,007 6,051 TransCanada Corporation Common Shares Hobbs, Lee G. 5 31/12/2011 35 4,927 927 TransCanada Corporation Executive Share Units Hobbs, Lee G. 5 31/12/2011 56 24,517 8,137 TransCanada Corporation Executive Share Units Hunter, Joel E. 7 31/12/2011 56 8,668 3,365 TransCanada Corporation Common Shares Jenkins, Andrew K. 5 31/12/2011 35 666 641 TransCanada Corporation Executive Share Units Jenkins, Andrew K. 5 31/12/2011 56 17,213 5,216 TransCanada Corporation Common Shares Johannson, Karl 5 31/12/2011 35 1,300 1,300 TransCanada Corporation Executive Share Units Johannson, Karl 5 31/12/2011 56 34,687 10,892 TransCanada Corporation Executive Share Units Johnston, Christine R. 7 31/12/2011 56 9,783 3,521 TransCanada Corporation Common Shares Jones, Robert E. 7 31/12/2011 35 7,580 688 TransCanada Corporation Executive Share Units Jones, Robert E. 7 31/12/2011 56 18,316 6,259 TransCanada Corporation Common Shares Joskow, Paul L. 4 31/12/2011 56 7,333 2,333 TransCanada Corporation Common Shares Joskow, Paul L. 4 31/12/2011 30 8,669 1,336 TransCanada Corporation Common Shares Keys, Patrick M. 7 31/12/2011 35 617 617 TransCanada Corporation Executive Share Units Keys, Patrick M. 7 31/12/2011 56 16,498 5,007 TransCanada Corporation Common Shares King, Dan A. 7 31/12/2011 30 39.13 28 1 TransCanada Corporation Common Shares King, Dan A. 7 31/12/2011 35 524 496 TransCanada Corporation Executive Share Units King, Dan A. 7 31/12/2011 56 13,297 4,225 TransCanada Corporation Common Shares Kohlenberg, David M. 5 31/12/2011 35 4,690 779 TransCanada Corporation Executive Share Units Kohlenberg, David M. 5 31/12/2011 56 20,872 6,536 TransCanada Corporation Common Shares Kruselnicki, Peter 5 31/12/2011 35 421 421 TransCanada Corporation Executive Share Units Kruselnicki, Peter 5 31/12/2011 56 11,266 3,521 TransCanada Corporation Common Shares Kunz, Kenneth W. 7 31/12/2011 35 627 627 TransCanada Corporation Executive Share Units Kunz, Kenneth W. 7 31/12/2011 56 16,618 5,399 TransCanada Corporation Common Shares Lamb, Garry 5 31/12/2011 35 570 570 TransCanada Corporation Executive Share Units Lamb, Garry 5 31/12/2011 56 15,214 5,164 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 31/12/2011 35 13,006 2,216 TransCanada Corporation Executive Share Units Lohnes, Gregory Alan 5 31/12/2011 56 58,845 21,449 TransCanada Corporation Common Shares MacGregor, Paul F. 5 31/12/2011 35 6,875 565 TransCanada Corporation Executive Share Units MacGregor, Paul F. 5 31/12/2011 56 15,081 4,904 TransCanada Corporation Common Shares Marchand, Donald R. 5 31/12/2011 35 3,483 1,107 TransCanada Corporation Executive Share Units Marchand, Donald R. 5 31/12/2011 56 29,002 13,693 TransCanada Corporation Common Shares McConaghy, Dennis John 5 31/12/2011 35 6,682 1,657 TransCanada Corporation Executive Share Units McConaghy, Dennis John 5 31/12/2011 56 44,296 13,693 TransCanada Corporation Common Shares McMaster, Sean 5 31/12/2011 30 39.52 1,250 48 TransCanada Corporation Common Shares McMaster, Sean 5 31/12/2011 30 39.58 6,204 251 TransCanada Corporation Common Shares McMaster, Sean 5 31/12/2011 35 1,657 TransCanada Corporation Common Shares McMaster, Sean 5 31/12/2011 35 7,861 1,657 TransCanada Corporation Executive Share Units McMaster, Sean 5 31/12/2011 56 44,296 13,693 TransCanada Corporation Common Shares McWilliams, John J. 7 31/12/2011 35 460 460 TransCanada Corporation Common Shares McWilliams, John J. 7 31/12/2011 30 40.96 410 136 TransCanada Corporation Executive Share Units McWilliams, John J. 7 31/12/2011 56 12,303 3,964 TransCanada Corporation Common Shares MEIER, VERN J. 7 31/12/2011 35 486 461 TransCanada Corporation Common Shares MEIER, VERN J. 7 31/12/2011 30 40.64 2,797 237 TransCanada Corporation Executive Share Units MEIER, VERN J. 7 31/12/2011 56 12,228 3,990 TransCanada Corporation Common Shares Menuz, G. Glen 5 31/12/2011 35 736 736 TransCanada Corporation Executive Share Units Menuz, G. Glen 5 31/12/2011 56 19,688 6,118 TransCanada Corporation Common Shares Miller, Paul E. 7 31/12/2011 35 812 812 TransCanada Corporation Executive Share Units Miller, Paul E. 7 31/12/2011 56 21,422 7,824 TransCanada Corporation Common Shares Moneta, David B. 7 31/12/2011 35 547 522 TransCanada Corporation Executive Share Units Moneta, David B. 7 31/12/2011 56 13,997 4,173 TransCanada Corporation Common Shares Montemurro, David 7 31/12/2011 35 530 530 TransCanada Corporation Executive Share Units Montemurro, David 7 31/12/2011 56 14,164 4,460 TransCanada Corporation Common Shares Murray, Geoff 7 31/12/2011 35 426 426 TransCanada Corporation Common Shares Murray, Geoff 7 31/12/2011 30 40.62 648 241 TransCanada Corporation Common Shares Murray, Geoff 7 31/12/2011 30 38.47 677 29 TransCanada Corporation Executive Share Units Murray, Geoff 7 31/12/2011 56 11,206 3,636 TransCanada Corporation Common Shares O'Brien, David Peter 4 31/12/2011 30 39.44 46,624 1,910 TransCanada Corporation Common Shares O'Brien, David Peter 4 31/12/2011 56 50,306 3,682 TransCanada Corporation Common Shares O'Brien, David Peter 4 31/12/2011 30 52,148 1,842 TransCanada Corporation Common Shares Palmer, Anthony M. 5 31/12/2011 35 692 667 TransCanada Corporation Executive Share Units Palmer, Anthony M. 5 31/12/2011 56 17,894 5,697 TransCanada Corporation Common Shares Patry, Dean C. 7 31/12/2011 35 1,191 691 TransCanada Corporation Executive Share Units Patry, Dean C. 7 31/12/2011 56 21,502 5,478 TransCanada Corporation Common Shares Pohlod, Stefan 7 31/12/2011 35 544 544 TransCanada Corporation Executive Share Units Pohlod, Stefan 7 31/12/2011 56 14,594 4,414 TransCanada Corporation Common Shares Pourbaix, Alex 5 31/12/2011 35 19,140 5,140 TransCanada Corporation Executive Share Units Pourbaix, Alex 5 31/12/2011 56 137,818 43,427 TransCanada Corporation Common Shares Reynolds, Paula Rosput 4 31/12/2011 56 2,831 331 TransCanada Corporation Common Shares Samuel, Murray J. 5 31/12/2011 35 674 674 TransCanada Corporation Executive Share Units Samuel, Murray J. 5 31/12/2011 56 18,082 5,586
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3242
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransCanada Corporation Common Shares Scaman, Garnet J. 7 31/12/2011 35 7,375 496 TransCanada Corporation Executive Share Units Scaman, Garnet J. 7 31/12/2011 56 13,297 4,225 TransCanada Corporation Common Shares Schock, Steven 5 31/12/2011 35 6,306 806 TransCanada Corporation Executive Share Units Schock, Steven 5 31/12/2011 56 21,677 6,468 TransCanada Corporation Common Shares SOINI, JOHN F. 7 31/12/2011 30 42.49 1,650 31 TransCanada Corporation Common Shares SOINI, JOHN F. 7 31/12/2011 30 42.29 1,666 16 TransCanada Corporation Executive Share Units SOINI, JOHN F. 7 31/12/2011 56 11,796 3,286 TransCanada Corporation Common Shares Stephens, W.Thomas 4 31/12/2011 56 4,353 2,553 TransCanada Corporation Common Shares Stephens, W.Thomas 4 31/12/2011 30 4,877 524 TransCanada Corporation Common Shares Stewart, Donald Michael
Godfrey 4 31/12/2011 56 2,019 2,019
TransCanada Corporation Common Shares Stewart, Donald Michael Godfrey
4 31/12/2011 30 2,620 601
TransCanada Corporation Common Shares Stewart, Donald Michael Godfrey
4 31/12/2011 30 39.14 11,862 488
TransCanada Corporation Common Shares Stewart, Donald Michael Godfrey
4 31/12/2011 30 39.14 1,639 66
TransCanada Corporation Common Shares Tate, Kenneth R. 7 31/12/2011 35 5,291 490 TransCanada Corporation Executive Share Units Tate, Kenneth R. 7 31/12/2011 56 13,116 4,225 TransCanada Corporation Common Shares Taylor, William C. 5 31/12/2011 35 1,049 1,049 TransCanada Corporation Executive Share Units Taylor, William C. 5 31/12/2011 56 27,719 9,787 TransCanada Corporation Common Shares Van der Put, Jan 7 31/12/2011 35 425 425 TransCanada Corporation Common Shares Van der Put, Jan 7 14/3/2012 51 37.93 1,425 1,000 TransCanada Corporation Common Shares Van der Put, Jan 7 14/3/2012 10 44.6 425 -1,000 TransCanada Corporation Executive Share Units Van der Put, Jan 7 31/12/2011 56 11,421 3,423 TransCanada Corporation Options Granted Feb. 18,
2011 @ $37.93 CDN Expiry Feb. 18, 2018
Van der Put, Jan 7 14/3/2012 51 4,766 -1,000
TransCanada Corporation Common Shares Wishart, Donald M. 5 31/12/2011 30 39.13 61,709 2,552 TransCanada Corporation Common Shares Wishart, Donald M. 5 31/12/2011 35 65,257 3,548 TransCanada Corporation Common Shares Wishart, Donald M. 5 31/12/2011 30 39.13 16,352 589 TransCanada Corporation Executive Share Units Wishart, Donald M. 5 31/12/2011 56 94,848 29,342 TransCanada Corporation Common Shares Zimmerman, Mark A.P. 7 31/12/2011 35 625 625 TransCanada Corporation Common Shares Zimmerman, Mark A.P. 7 31/12/2011 30 42.16 38 38 TransCanada Corporation Executive Share Units Zimmerman, Mark A.P. 7 31/12/2011 56 16,694 5,697 Transeuro Energy Corp. Common Shares Questerre Energy 3 7/12/2011 00 46,782,399 Transeuro Energy Corp. Common Shares Questerre Energy 3 12/3/2012 10 0.12 27,682,399 -19,100,000 TransGlobe Apartment Real Estate Investment Trust
Trust Units Hanczyk, Kelly Clark 4, 5 30/12/2011 30 10.76 2,706 176
Transition Therapeutics Inc. Common Shares CRUZ, TONY 4, 5 21/3/2012 10 1.81 16,600 1,600
Transition Therapeutics Inc. Common Shares CRUZ, TONY 4, 5 22/3/2012 10 1.81 20,000 3,400
Treasury Metals Inc. Options YERLY, Blaise F. 4 24/2/2012 50 1.3 50,000 Treasury Metals Inc. Options YERLY, Blaise F. 4 24/2/2012 50 1.3 50,000 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 51 2.67 11,245 8,000 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 10 14.95 7,945 -3,300 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 10 14.96 7,545 -400 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 10 14.97 7,145 -400 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 10 14.98 6,345 -800 Trican Well Service Ltd. Common Shares Cox, Robert, John 5 22/3/2012 10 14.99 3,245 -3,100 Trican Well Service Ltd. Options Employee Stock
Options Cox, Robert, John 5 22/3/2012 51 2.67 216,150 -8,000
Trican Well Service Ltd. Options Employee Stock Options
Croft, Bonita Maria 5 22/3/2012 50 15.85 183,300 7,500
Trican Well Service Ltd. Performance Unit Awards (PSUs)
Croft, Bonita Maria 5 21/3/2012 56 16.21 13,884 734
Trican Well Service Ltd. Performance Unit Awards (PSUs)
Croft, Bonita Maria 5 21/3/2012 56 16.21 14,617 733
Trican Well Service Ltd. Performance Unit Awards (PSUs)
Croft, Bonita Maria 5 21/3/2012 56 16.21 15,350 733
Trilogy Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6 20/3/2012 51 11.11 239,848 50,000 Trilogy Energy Corp. Options Riddell, Clayton H. 3, 4, 6 20/3/2012 51 11.11 650,000 -50,000 Trimac Transportation Ltd. Common Shares Class A Malysa, Edward V. 5 21/3/2012 11 4.65 90,716 4,301
Trimac Transportation Ltd. Common Shares Class A McCaig, Jeffrey James 4 19/3/2012 11 4.65 4,066,498 612,982
Trimac Transportation Ltd. Common Shares Class A McCaig, Jeffrey James 4 19/3/2012 11 4.65 3,914,654 1,107,448
Trimac Transportation Ltd. Common Shares Class A McCaig, Jeffrey James 4 21/3/2012 11 4.65 3,456,956 -609,542
Trimac Transportation Ltd. Common Shares Class A McCaig, Maurice Wayne 4 21/3/2012 11 4.65 173,591 173,591
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3243
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Trimac Transportation Ltd. Common Shares Class A McCaig, Maurice Wayne 4 1/1/2011 00
Trimac Transportation Ltd. Common Shares Class A McCaig, Maurice Wayne 4 21/3/2012 11 4.65 1,720 1,720
Trimac Transportation Ltd. Common Shares Class A TRIMAC HOLDINGS LTD. 3 1/1/2011 00
Trimac Transportation Ltd. Common Shares Class A TRIMAC HOLDINGS LTD. 3 19/3/2012 11 4.65 1,720,430 1,720,430
Trimac Transportation Ltd. Common Shares Class A TRIMAC HOLDINGS LTD. 3 21/3/2012 11 4.65 1,110,888 -609,542
Trimel Pharmaceuticals Corporation (formerly J5 Acquisition Corp.)
Common Shares Kreppner, Wayne Walter 5 14/7/2011 00 230,000
Trimel Pharmaceuticals Corporation (formerly J5 Acquisition Corp.)
Options Kreppner, Wayne Walter 5 14/7/2011 00 25,000
Trimel Pharmaceuticals Corporation (formerly J5 Acquisition Corp.)
Options Kreppner, Wayne Walter 5 14/7/2011 50 4 190,625 165,625
Trimel Pharmaceuticals Corporation (formerly J5 Acquisition Corp.)
Options Kreppner, Wayne Walter 5 14/7/2011 50 2.2 279,440 88,815
Trimel Pharmaceuticals Corporation (formerly J5 Acquisition Corp.)
Options Kreppner, Wayne Walter 5 12/3/2012 50 3.3 336,740 57,300
Troy Resources Limited Common Shares Parish, Clement Robin Woodbine
4 21/3/2012 10 4.307 4,266,507 -40,000
Tuckamore Capital Management Inc.
Common Shares Brown, Douglas 6 1/4/2011 00 1,107,381
Tucson Acquisition Corporation
Common Shares Jacob, Mario 4, 5 14/3/2012 00 100,000
Tucson Acquisition Corporation
Common Shares Lambert, Alain 3, 4, 5 22/3/2012 00 350,000
Tucson Acquisition Corporation
Common Shares LEFEBVRE, GILLES 4 14/3/2012 00 200,000
Tucson Acquisition Corporation
Common Shares Linder, Neil Robin 4 14/3/2012 00 350,000
TVA Group Inc. Common Shares classe A Quebecor Média inc. 3 16/3/2012 11 9.08 4,317,168 480
Tyhee Gold Corp. Options Briggs, Brian 5 16/12/2011 00 Tyhee Gold Corp. Options Briggs, Brian 5 15/3/2012 50 1,000,000 1,000,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 16/3/2012 10 0.1 48,879,555 200,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 19/3/2012 10 0.9 49,247,555 368,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 20/3/2012 10 0.9 49,647,555 400,000 U3O8 Corp. Common Shares Inwentash, Sheldon 4 19/3/2012 10 0.51 965,925 38,500 U3O8 Corp. Common Shares Inwentash, Sheldon 4 20/3/2012 10 0.51 977,425 11,500 U3O8 Corp. Common Shares Inwentash, Sheldon 4 16/3/2012 10 0.5537 3,621,361 36,500 U3O8 Corp. Common Shares Inwentash, Sheldon 4 19/3/2012 10 0.54 3,656,861 35,500 UI Capital Inc. Options Goineau, Yvan 3, 4 19/8/2011 00 UI Capital Inc. Options Goineau, Yvan 3, 4 23/9/2011 50 18,000 18,000 UI Capital Inc. Options Mathurin, Paul 3, 4 19/8/2011 00 UI Capital Inc. Options Mathurin, Paul 3, 4 23/9/2011 50 27,000 27,000 UI Capital Inc. Options McDonald, James 3, 4, 5 19/8/2011 00 UI Capital Inc. Options McDonald, James 3, 4, 5 23/9/2011 50 45,000 45,000 UI Capital Inc. Options Robidoux, Daniel 3, 4, 5 19/8/2011 00 UI Capital Inc. Options Robidoux, Daniel 3, 4, 5 23/9/2011 50 33,000 33,000 UI Capital Inc. Options Tardif, Simon 3, 4, 5 19/8/2011 00 UI Capital Inc. Options Tardif, Simon 3, 4, 5 23/9/2011 50 27,000 27,000 Uni-Sélect Inc. Common Shares Chesnay, Pierre 5 13/3/2012 10 28.15 2,070 -800 Uni-Sélect Inc. Common Shares Chesnay, Pierre 5 14/3/2012 10 28.15 1,870 -200 Unigold Inc. Common Shares Hamilton, Joseph Andrew 4 12/3/2012 11 0.35 1,466,667 166,667 Unigold Inc. Warrants Hamilton, Joseph Andrew 4 12/3/2012 11 583,333 83,333 Unigold Inc. Common Shares Inwentash, Sheldon 3, 6 16/3/2012 10 0.25 3,017,000 62,000 Unigold Inc. Common Shares Inwentash, Sheldon 3, 6 19/3/2012 10 0.25 3,029,500 12,500 Unigold Inc. Common Shares Inwentash, Sheldon 3, 6 20/3/2012 10 0.25 3,105,000 75,500 Unite Capital Corp. Options Bernholtz, Martin 3, 4 1/9/2011 00 Unite Capital Corp. Options Bernholtz, Martin 3, 4 16/3/2012 50 0.1 74,522 74,522 Unite Capital Corp. Options Droznika, Philip 4 1/9/2011 00 Unite Capital Corp. Options Droznika, Philip 4 16/3/2012 50 0.1 31,938 31,938 Unite Capital Corp. Options Johnson, David 4 1/9/2011 00 Unite Capital Corp. Options Johnson, David 4 16/3/2012 50 0.1 31,938 31,938 Unite Capital Corp. Options Marsiglio, Paul 3, 4, 5 1/9/2011 00 Unite Capital Corp. Options Marsiglio, Paul 3, 4, 5 16/3/2012 50 0.1 165,013 165,013 Unite Capital Corp. Options Miguelo, Licinio 4 1/9/2011 00
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3244
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Unite Capital Corp. Options Miguelo, Licinio 4 16/3/2012 50 0.1 15,969 15,969 Unite Capital Corp. Options Pesner, Michael 3, 4 1/9/2011 00 Unite Capital Corp. Options Pesner, Michael 3, 4 16/3/2012 50 0.1 63,876 63,876 Unite Capital Corp. Options Phillipson, James Ernest 3, 4, 5 1/9/2011 00 Unite Capital Corp. Options Phillipson, James Ernest 3, 4, 5 16/3/2012 50 0.1 149,044 149,044 United Corporations Limited Common Shares SHANNON, Margaret
Kimberley 4 15/3/2012 10 50.4 1,100 300
United Corporations Limited Common Shares SHANNON, Margaret Kimberley
4 20/3/2012 10 50.6 1,200 100
United Corporations Limited Common Shares United-Connected Holdings Corp.
3 22/3/2012 10 50.59 2,858,042 2,100
United Corporations Limited Common Shares United-Connected Holdings Corp.
3 22/3/2012 10 50.1 2,858,542 500
Uranium Energy Corp. Common Shares Yancey, Clyde Layton 5 6/2/2012 10 4 1,160,136 -30,000 Uranium One Inc. Options du Preez, Graham 5 8/12/2011 52 14.12 475,000 -18,468 Uranium One Inc. Options Heyns, Thys 5 8/12/2011 52 14.12 175,000 -18,173 Uranium One Inc. Options Sattler, Christopher Joseph 4, 7, 5 28/5/2011 52 9.9 609,740 -27,600
Uranium One Inc. Options Sattler, Christopher Joseph 4, 7, 5 8/12/2011 52 14.12 600,000 -9,740
Uranium One Inc. Options SCHWAB, NORMAN MICHAEL
7 8/12/2010 52 6.39 72,042 -5,422
Uranium One Inc. Options Sibley, John MacKenzie 7, 5 8/12/2011 52 14.12 493,000 -12,099 Uranium One Inc. Options Theunissen, Marthinus
Wilhelmus 5 20/11/2011 52 12.93 97,203 -4,800
Uranium One Inc. Options Theunissen, Marthinus Wilhelmus
5 8/12/2011 52 14.12 97,000 -203
Uranium One Inc. Options Wichers, Donna Lynn 7 19/2/2011 52 11.57 157,500 -172,500 Valhalla Resources Ltd. Common Shares Ramshaw, Douglas William 5 2/2/2012 00 72,000
Valhalla Resources Ltd. Common Shares Ramshaw, Douglas William 5 28/2/2012 10 0.15 112,000 40,000
Valhalla Resources Ltd. Warrants Ramshaw, Douglas William 5 2/2/2012 00 36,000
Velocity Minerals Ltd. Common Shares YOON, Kwon-youb 4, 5 2/12/2011 11 0 -2,000,000 Velocity Minerals Ltd. Warrants YOON, Kwon-youb 4, 5 2/5/2010 55 0 -2,000,000 Veraz Petroleum Ltd. Common Shares Baay, Paul Raymond 4 19/3/2012 30 0.52 7,588 Veraz Petroleum Ltd. Common Shares Baay, Paul Raymond 4 19/3/2012 30 0.52 558,873 4,905 Veraz Petroleum Ltd. Common Shares Caulfield, David Case 5 19/3/2012 30 0.52 64,946 2,666 Veraz Petroleum Ltd. Common Shares Christie, Colin Matthew 5 19/3/2012 30 0.52 277,374 2,963 Veraz Petroleum Ltd. Common Shares Cosijn, Gerardjan (Oppe) 4, 5 24/2/2012 90 0.8 1,938,192 -68,750 Veraz Petroleum Ltd. Common Shares Cosijn, Gerardjan (Oppe) 4, 5 19/3/2012 30 0.52 1,941,797 3,605 Veraz Petroleum Ltd. Common Shares Mitzel, Trevor 4 19/3/2012 30 0.52 176,682 1,602 Vermilion Energy Inc. Common Shares Donovan, John 5 31/12/2011 30 44.93 166,239 4,945 Vermilion Energy Inc. Common Shares Donovan, John 5 31/12/2011 30 44.86 18 12 Vermilion Energy Inc. Common Shares Jasinski, Mona Jean 5 31/12/2011 30 44.86 16,353 51 Vermilion Energy Inc. Common Shares Marchant, Timothy 4 31/12/2011 30 44.86 8,086 110 Vero Energy Inc. Options Gilewicz, Gerald 5 21/3/2012 50 2.8 585,000 300,000 Victory Ventures Inc. Common Shares SZIGETY, DIANNE MARIE 5 20/3/2012 10 0.055 12,000 1,000
Vista Gold Corp. Common Shares Sun Valley Gold LLC 3 16/3/2012 10 3.069 9,120,644 149,313 Wajax Corporation Rights Directors' Deferred
Share Unit Plan Barrett, Edward Malcolm 4 20/3/2012 56 47.55 18,708 78
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Bourne, Ian Alexander 4 20/3/2012 56 47.55 8,988 38
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Carty, Douglas 4 20/3/2012 56 47.55 3,694 15
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Dexter, Robert P. 4 20/3/2012 56 47.55 40,421 169
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Duvar, Ivan E. H. 4 20/3/2012 56 47.55 15,506 65
Wajax Corporation Rights Share Ownership Plan
Dyck, Brian 5 20/3/2012 56 47.55 4,638 19
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Eby, John Clifford 4 20/3/2012 56 47.55 9,723 41
Wajax Corporation Common Shares Foote, Alan Mark 4 15/3/2012 10 47.68 2,700 200 Wajax Corporation Common Shares Foote, Alan Mark 4 15/3/2012 10 47.74 2,800 100 Wajax Corporation Common Shares Foote, Alan Mark 4 15/3/2012 10 47.75 3,300 500
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3245
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Wajax Corporation Common Shares Foote, Alan Mark 4 16/3/2012 10 47.895 3,700 400 Wajax Corporation Common Shares Foote, Alan Mark 4 16/3/2012 10 47.89 3,800 100 Wajax Corporation Common Shares Foote, Alan Mark 4 16/3/2012 10 47.94 4,000 200 Wajax Corporation Common Shares Foote, Alan Mark 4 16/3/2012 10 47.885 4,100 100 Wajax Corporation Common Shares Foote, Alan Mark 4 19/3/2012 10 48.78 4,400 300 Wajax Corporation Common Shares Foote, Alan Mark 4 19/3/2012 10 48.79 4,900 500 Wajax Corporation Common Shares Foote, Alan Mark 4 20/3/2012 10 48.33 5,100 200 Wajax Corporation Common Shares Foote, Alan Mark 4 20/3/2012 10 48.34 5,700 600 Wajax Corporation Common Shares Foote, Alan Mark 4 21/3/2012 10 48.89 5,800 100 Wajax Corporation Common Shares Foote, Alan Mark 4 21/3/2012 10 48.98 6,300 500 Wajax Corporation Common Shares Foote, Alan Mark 4 21/3/2012 10 48.99 6,400 100 Wajax Corporation Common Shares Foote, Alan Mark 4 21/3/2012 10 49 6,500 100 Wajax Corporation Common Shares Foote, Alan Mark 4 22/3/2012 10 48.27 7,300 800 Wajax Corporation Rights Directors' Deferred
Share Unit Plan Gagne, Paul Ernest 4 20/3/2012 56 47.55 25,908 109
Wajax Corporation Rights Share Ownership Plan
Hamilton, John Joseph 5 20/3/2012 56 47.55 20,689 87
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Hole, James Douglas 4 20/3/2012 56 47.55 17,059 71
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Nielsen, Valerie Anne Abernethy
4 20/3/2012 56 47.55 34,680 145
Wajax Corporation Rights Directors' Deferred Share Unit Plan
Taylor, Alelxander S. 4 20/3/2012 56 47.55 4,345 18
Walton Westphalia Development Corporation
Common Shares Fryers, Clifford Howard 4 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Fryers, Clifford Howard 4 20/3/2012 15 5 2,000 2,000
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Clifford Howard 4 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Clifford Howard 4 20/3/2012 15 100 $100 $100
Walton Westphalia Development Corporation
Common Shares Fryers, Leslie Lee 5 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Fryers, Leslie Lee 5 20/3/2012 15 5 75,000 75,000
Walton Westphalia Development Corporation
Common Shares Fryers, Leslie Lee 5 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Fryers, Leslie Lee 5 20/3/2012 15 5 2,000 2,000
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Leslie Lee 5 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Leslie Lee 5 20/3/2012 15 100 $3,750 $3,750
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Leslie Lee 5 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Fryers, Leslie Lee 5 20/3/2012 15 100 $100 $100
Walton Westphalia Development Corporation
Common Shares Hagan, Jon 4 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Hagan, Jon 4 20/3/2012 15 5 2,500 2,500
Walton Westphalia Development Corporation
Convertible Debentures Hagan, Jon 4 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Hagan, Jon 4 20/3/2012 15 100 $125 $125
Walton Westphalia Development Corporation
Common Shares Nixon, Donald Blair 5 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Nixon, Donald Blair 5 20/3/2012 15 5 75,000 75,000
Walton Westphalia Development Corporation
Common Shares Nixon, Donald Blair 5 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Nixon, Donald Blair 5 20/3/2012 15 5 6,000 6,000
Walton Westphalia Development Corporation
Convertible Debentures Nixon, Donald Blair 5 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Nixon, Donald Blair 5 20/3/2012 15 100 $3,750 $3,750
Walton Westphalia Development Corporation
Convertible Debentures Nixon, Donald Blair 5 20/3/2012 00
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3246
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Walton Westphalia Development Corporation
Convertible Debentures Nixon, Donald Blair 5 20/3/2012 15 100 $300 $300
Walton Westphalia Development Corporation
Common Shares Walton Global Investments Ltd.
7 20/3/2012 00
Walton Westphalia Development Corporation
Common Shares Walton Global Investments Ltd.
7 20/3/2012 15 5 172,500 172,500
Walton Westphalia Development Corporation
Convertible Debentures Walton Global Investments Ltd.
7 20/3/2012 00
Walton Westphalia Development Corporation
Convertible Debentures Walton Global Investments Ltd.
7 20/3/2012 15 100 $8,625 $8,625
Warnex Inc. Common Shares Persistence Capital Partners LP
3 20/3/2012 36 0.0157 58,417,094 46,178,344
Warnex Inc. Convertible Debentures Persistence Capital Partners LP
3 20/3/2012 36 $712,629 -$782,371
Westbridge Energy Corporation
Options Cotter, Martin 4, 5 16/3/2012 52 0 -2,500,000
Westbridge Energy Corporation
Options Cotter, Martin 4, 5 16/3/2012 50 50,000 50,000
Westbridge Energy Corporation
Options Henry, Peter John 4 9/2/2012 00
Westbridge Energy Corporation
Options Henry, Peter John 4 16/3/2012 11 0.35 450,000 450,000
Westbridge Energy Corporation
Options Iverson, Neal 4, 5 16/3/2012 52 0 -300,000
Westbridge Energy Corporation
Options Iverson, Neal 4, 5 16/3/2012 50 50,000 50,000
WesternOne Equity Income Fund
Options Latoski, Darren Todd 4, 5 19/3/2012 51 4.3 235,000 -20,000
WesternOne Equity Income Fund
Units WEQ.UN Latoski, Darren Todd 4, 5 19/3/2012 10 7.36 29,771 1,200
WesternOne Equity Income Fund
Units WEQ.UN Latoski, Darren Todd 4, 5 19/3/2012 10 7.42 30,571 800
WesternOne Equity Income Fund
Units WEQ.UN Latoski, Darren Todd 4, 5 19/3/2012 51 4.3 50,571 20,000
WesternOne Equity Income Fund
Units WEQ.UN McAleer, Ronald James 5 22/3/2012 10 10,256 400
WesternOne Equity Income Fund
Options Turner, Thomas Richard 4 19/3/2012 51 4.3 77,000 -6,500
WesternOne Equity Income Fund
Options Turner, Thomas Richard 4 19/3/2012 51 4.9 57,500 -19,500
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 19/3/2012 51 4.3 13,000 6,500
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 19/3/2012 51 4.9 32,500 19,500
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 19/3/2012 10 7.37 30,200 -2,300
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 19/3/2012 10 7.38 29,900 -300
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 19/3/2012 10 7.37 20,700 -9,200
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 20/3/2012 10 7.4 11,600 -9,100
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 20/3/2012 10 7.39 11,200 -400
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 21/3/2012 10 7.39 8,700 -2,500
WesternOne Equity Income Fund
Units WEQ.UN Turner, Thomas Richard 4 21/3/2012 10 7.35 6,500 -2,200
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 -21,300,000
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 -21,300,000
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 21,300,000
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 21,300,000
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 42,635,294 -2,130,000
White Tiger Gold Ltd. Common Shares Finskiy, Maxim Valerievich 4, 6, 5 20/3/2012 97 0.475 44,765,294 2,130,000
Wi-LAN Inc. Common Shares Skippen, James 4, 5 16/3/2012 10 5.28 446,000 7,000 Wild Stream Exploration Inc. Common Shares Crescent Point Energy
Corp. 3 15/3/2012 00 71,070,657
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3247
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Wild Stream Exploration Inc. Common Shares Fink, George Frederick 4 15/3/2012 22 9.86 0 -380,400
Wild Stream Exploration Inc. Common Shares Jaskela, Jason Jowill 5 15/3/2012 22 0 -422,963
Wild Stream Exploration Inc. Common Shares Jaskela, Jason Jowill 5 13/4/2010 00 71,692
Wild Stream Exploration Inc. Common Shares Jaskela, Jason Jowill 5 15/3/2012 22 0 -71,692
Wild Stream Exploration Inc. Options Jaskela, Jason Jowill 5 15/3/2012 51 10.75 90,000 -150,000
Wild Stream Exploration Inc. Options Jaskela, Jason Jowill 5 15/3/2012 52 0 -90,000
Wild Stream Exploration Inc. Common Shares Olson, Kevin 4 15/3/2012 22 0 -689,067
Wild Stream Exploration Inc. Common Shares Olson, Kevin 4 15/3/2012 22 0 -74,383
Wild Stream Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 22 0 -1,600
Wild Stream Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 22 0 -3,700
Wild Stream Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 22 0 -1,900
Wild Stream Exploration Inc. Common Shares ROBERTSON, BRUCE 5 15/3/2012 22 0 -2,682,112
Wild Stream Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 22 0 -44,433
Wild Stream Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 22 0 -1,361,200
Wild Stream Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 22 0 -44,433
Wild Stream Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 22 0 -44,433
Wild Stream Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 15/3/2012 22 0 -2,060,011
Wild Stream Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 22 0 -297,700
Wild Stream Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 22 0 -11,100
Wild Stream Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 22 0 -86,000
Wild Stream Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 22 0 -186,250
Wild Stream Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL
5 15/3/2012 22 0 -478,813
Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 15/3/2012 11 0.5 797,163 163,300 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 15/3/2012 11 0.5 1,434,070 40,000 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 13/3/2012 10 0.51 6,199,606 30,000 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 14/3/2012 10 0.5 6,205,702 6,096 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 14/3/2012 10 0.5 6,226,206 20,504 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 15/3/2012 11 0.5 6,526,239 300,033 Yangarra Resources Ltd. Warrants Bowerman, Gordon 4 15/3/2012 54 0.5 20,000 -163,300 Yangarra Resources Ltd. Warrants Bowerman, Gordon 4 15/3/2012 54 0.5 0 -280,033 Yangarra Resources Ltd. Common Shares Evaskevich, J. Grant 5 15/3/2012 11 0.5 858,353 140,000 Yangarra Resources Ltd. Warrants Evaskevich, J. Grant 5 15/3/2012 54 0.5 0 -126,666 Yangarra Resources Ltd. Common Shares Gardiner, Ron 5 15/3/2012 54 0.5 389,000 30,000 Yangarra Resources Ltd. Warrants Gardiner, Ron 5 15/3/2012 54 0.5 30,000 -30,000 Yangarra Resources Ltd. Common Shares Helman, Daniel 5 15/3/2012 11 0.5 146,500 40,000 Yangarra Resources Ltd. Warrants Helman, Daniel 5 15/3/2012 54 0.5 26,666 -40,000 Yangarra Resources Ltd. Warrants Helman, Daniel 5 15/3/2012 55 0.5 0 -26,666 Yukon-Nevada Gold Corp. Warrants Deutsche Bank AG 3 8/2/2012 11 1 Yukon-Nevada Gold Corp. Warrants Deutsche Bank AG 3 8/2/2012 11 33,488,373 1 Zazu Metals Corporation Common Shares Relling, Thomas Peter Max 3 20/3/2012 10 1.2 3,956,500 -2,000
Zazu Metals Corporation Common Shares Relling, Thomas Peter Max 3 22/3/2012 10 1.15 3,945,600 -10,900
Zedi Inc. Common Shares Deane, Debra 5 22/3/2012 10 0.78 310,632 727 Zedi Inc. Common Shares Exner, Ronald Grant 5 22/3/2012 10 0.78 207,542 1,271 Zedi Inc. Common Shares Freeman, James Edward 5 22/3/2012 10 0.78 216,410 2,692 Zedi Inc. Common Shares Gaudet, Clement 5 22/3/2012 10 0.78 478,041 34 Zedi Inc. Common Shares Gordon, Robert Wilson 5 22/3/2012 10 0.78 666,026 3,295 Zedi Inc. Common Shares Heard, Roderick Reece 5 22/3/2012 10 0.78 470,904 1,200 Zedi Inc. Common Shares Heffernan, Matthew 4 22/3/2012 10 0.78 789,410 1,870 Zedi Inc. Common Shares Ito, Tokunosuke 5 22/3/2012 10 0.78 916,603 247 Zedi Inc. Common Shares Spagnolo, Ilario Cosimo 5 22/3/2012 10 0.78 97,323 1,346
Insider Reporting
March 30, 2012
(2012) 35 OSCB 3248
Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
ZENN Motor Company Inc. Options Vandesluis, Natasha Almorinda
5 18/3/2012 52 28,600 -4,800
Zimtu Capital Corp. Common Shares Hodge, David 4, 5 15/3/2012 10 1.26 722,794 3,200 Zonte Metals Inc. Common Shares Christopher, Kevin Terry 4 20/3/2012 10 0.15 1,565,000 12,000 Zuri Capital Corp. Common Shares Smith, Stephen 4 21/3/2012 10 0.105 430,000 70,000 Zuri Capital Corp. Options Smith, Stephen 4 29/12/2011 00 Zuri Capital Corp. Options Smith, Stephen 4 16/3/2012 50 0.1 60,000 60,000
March 30, 2012
(2012) 35 OSCB 3249
Chapter 8
Notice of Exempt Financings REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1 Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
03/06/2012 6 7944047 Canada Inc. - Common Shares 408,000.00 100.00
07/07/2011 to 11/02/2011
3 Addenda Canadian Equity Pooled Fund - Trust Units 47,673,231.00 5,373,718.00
03/31/2011 to 11/30/2011
18 Addenda Commercial Mortgages Pooled Fund - Trust Units
41,543,730.00 4,122,629.00
01/04/2011 to 12/30/2011
25 Addenda Money Market Liquidity Pooled Fund - Trust Units
277,387,432.00 27,749,743.00
01/06/2011 to 10/27/2011
39 Addenda Money Market Pooled Fund - Trust Units 289,449,500.00 29,225,450.00
07/07/2011 3 Addenda U.S. Equity Pooled Fund - Trust Units 3,001,866.00 249,718.00
02/29/2012 29 African Metals Corp. - Units 1,283,650.00 11,669,545.00
01/03/2011 to 12/30/2011
6 AHL Strategies PCC Limited - Common Shares 30,125,644.24 31,024,044.00
02/24/2012 54 Alix Resources Corp. - Units 763,200.00 8,490,000.00
02/24/2012 7 American Solar Direct Holdings Inc. - Preferred Shares
1,498,200.00 750,000.00
12/21/2011 1 Archer Capital Trust 5B - Investment Trust Interest 46,611,000.00 1.00
12/21/2011 3 Archer Capital VCLP 5, LP - Limited Partnership Interest
162,620,600.00 3.00
02/27/2012 to 02/29/2012
29 Argent Energy Trust - Trust Units 1,135,000.00 227,000.00
02/29/2012 1 Asher Resources Corporation - Common Shares 22,500.00 62,500.00
02/16/2012 1 Atna Resources Ltd. - Common Shares 599,999.32 618,556.00
03/07/2012 2 Azelon Pharmaceuticals Canada, Inc. - Common Shares
917,840.06 917,840.06
02/29/2012 to 03/09/2012
50 Baccalieu Energy Inc. - Common Shares 19,981,850.00 2,160,200.00
05/09/2011 to 12/29/2011
2 Baillie Gifford Global Alpha Fund - Units 4,615,816.44 381,213.30
07/26/2011 1 Baillie Gifford Overseas Fund - Units 26,170,000.00 2,295,452.95
03/02/2012 5 Banro Corporation - Units 173,040,000.00 175,000.00
11/01/2011 to 11/25/2011
104 Banyan Capital Partners Fund II Limited Partnership - Limited Partnership Units
2,600,000.00 260,000.00
03/01/2011 to 07/01/2011
8 Baryshnik Fund L.P. - Limited Partnership Units 8,505,010.00 850,626.61
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3250
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
02/29/2012 7 Bazaarvoice, Inc. - Common Shares 1,823,236.80 154,000.00
03/07/2012 24 bcIMC Realty Corporation - Notes 500,000,000.00 24.00
01/29/2011 5 Benefuel Inc. - Notes 504,495.00 225,854.00
03/05/2012 2 Bill Barrett Corporation - Notes 2,980,800.00 2.00
09/01/2011 to 12/21/2011
43 Bison Income Trust II - Trust Units 5,971,132.06 597,113.21
01/21/2011 to 11/21/2011
1 BlackRock Mortgage (Offshore) Investors AIV I, L.P. - Limited Partnership Interest
16,081,301.66 1.00
02/01/2011 1 BlueGold Global Fund Inc. - Common Shares 99,220,000.00 1,000,000.00
03/08/2012 16 Bombardier Inc. - Notes 496,050,000.00 16.00
10/31/2011 1 Brevan Howard Asia Fund Limited - Common Shares 293,140.40 1,499.74
09/30/2011 1 Brevan Howard Credit Catalysts Fund Limited - Common Shares
439,060.58 3,070.35
08/31/2011 to 12/31/2011
5 Brevan Howard Fund Limited - Common Shares 29,472,578.30 137,518.60
01/31/2011 to 12/31/2011
37 BT Global Growth Fund LP - Limited Partnership Units
3,033,786.00 156,900.90
01/01/2011 to 12/31/2011
8 B.S.P. Funds Canada Inc. - Units 2,550,000.00 N/A
02/28/2012 29 C2C Industrial Properties Ltd. - Units 10,453,982.15 N/A
08/08/2011 to 12/30/2011
19 Caldwell Canadian Value Momentum Fund - Units 1,732,100.00 175,182.09
02/02/2012 21 Caledonian Royalty Corporation - Units 1,450,000.00 145,000.00
03/02/2012 90 Caltex Resources Ltd. - Common Shares 13,452,865.10 9,277,838.00
03/08/2012 1 CanAir Nitrogen Fund - Trust Units 204,750.00 325,000.00
12/30/2011 43 Canoe Unique Energy (CDN) Limited Partnership II - Limited Partnership Units
19,560,000.00 19,560.00
08/30/2011 to 12/29/2011
1 Castor Cat Fund, Ltd. - Common Shares 162,586,350.00 144,016.34
03/05/2011 25 Cavan Ventures Inc. - Units 372,500.00 7,450,000.00
03/06/2012 178 Cedar Mountain Explortion Inc. - Common Shares 6,400,000.00 32,000,000.00
02/21/2012 1 Celmatix Inc. - Preferred Shares 144,845.25 42,990.00
02/29/2012 129 Centurion Apartment Real Estate Investment Trust - Units
6,196,580.71 608,402.62
01/01/2011 to 12/31/2011
151 CGOV Balanced Fund - Class A - Trust Units 7,007,849.86 457,334.00
01/01/2011 to 12/31/2011
17 CGOV Balanced Fund - Class F - Trust Units 7,112,182.99 457,280.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3251
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/01/2011 to 12/31/2011
6 CGOV Canadian Equity Fund - Class A - Trust Units 646,426.56 71,993.00
01/01/2011 to 12/31/2011
2 CGOV Canadian Equity Fund - Class F - Trust Units 3,100.00 321.00
01/01/2011 to 12/31/2011
197 CGOV Equity Fund - Class A - Trust Units 3,658,618.67 198,351.00
01/01/2011 to 12/31/2011
71 CGOV Equity Fund - Class F - Trust Units 7,624,211.48 405,818.00
01/01/2011 to 12/31/2011
208 CGOV Equity Income Fund - Class A - Trust Units 11,049,642.61 783,617.00
01/01/2011 to 12/31/2011
46 CGOV Equity Income Fund - Class F - Trust Units 8,999,358.23 622,289.00
01/01/2011 to 12/31/2011
25 CGOV Equity Income Fund - Class G - Trust Units 5,494,719.15 376,239.00
01/01/2011 to 12/31/2011
77 CGOV Fixed Income Fund - Class A - Trust Units 5,894,594.06 544,431.00
01/01/2011 to 12/31/2011
44 CGOV Fixed Income Fund - Class F - Trust Units 10,620,075.21 946,484.00
01/01/2011 to 12/31/2011
20 CGOV Fixed Income Fund - Class G - Trust Units 2,802,947.72 242,656.00
01/01/2011 to 12/31/2011
25 CGOV Focused 15 Fund - Trust Units 1,285,681.69 108,632.00
01/01/2011 to 12/31/2011
1 CGOV Private Equity Fund - Trust Units 35,343.15 2,145.00
01/01/2011 to 12/31/2011
2 CGOV U.S. Equity Fund - Class A - Trust Units 150,000.00 10,764.00
01/01/2011 to 12/31/2011
2 CGOV U.S. Equity Fund - Class F - Trust Units 98,222.46 7,049.00
04/15/2011 to 10/17/2011
1 CIF Global High Income Opportunities Fund - Common Shares
307,941.95 12,786.66
02/28/2012 5 CiRBA Inc. - Common Shares 15,000,000.40 11,990,408.00
01/26/2011 to 11/30/2011
102 Claret Growth Limited Partnership - Limited Partnership Units
8,201,602.10 837,305.00
02/02/2012 2 Cobalt International Energy, Inc. - Common Shares 3,729,348.00 135,000.00
03/05/2012 1 Colfax Corporation - Common Shares 684,354.00 20,000.00
02/24/2012 20 Colombia Minerals Inc. - Common Shares 164,625.01 1,646,250.00
01/06/2011 to 11/28/2011
10 Comgest Growth PLC - Common Shares 283,432,639.81 8,816,983.35
11/30/2011 7 CoreCap Fund LP - Limited Partnership Units 9,137,501.00 9,137,501.00
05/30/2011 2 Coventry Resources Limited - Common Shares 10,620.00 60,000.00
06/30/2011 6 Coventry Resources Limited - Common Shares 60,720.00 120,000.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3252
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
02/16/2012 3 Coventry Resources Limited - Common Shares 33,000.00 220,000.00
04/20/2010 1 Coventry Resources Limited - Common Shares 2,904,000.00 12,000,000.00
01/01/2011 to 12/31/2011
123 Crystal Enhanced Mortgage Fund - Trust Units 7,520,819.00 745,553.95
09/02/2011 to 12/31/2011
17 Crystal Wealth Strategic Yield Media Fund - Trust Units
4,142,484.09 413,611.29
02/03/2012 3 Cyrium Technologies Incorporated - Common Shares
400,000.00 N/A
02/03/2012 3 Cyrium Technologies Incorporated - Common Shares
400,000.00 400,000.00
03/09/2012 3 Cyrium Technologies Incorporated - Debentures 400,000.00 3.00
12/07/2011 3 D-Wave Systems Inc. - Notes 3,508,625.00 5.00
12/07/2011 2 D-Wave Systems Inc. - Warrants 0.00 695,164.00
02/28/2012 1 Dealer Track Holdings, Inc. - Notes 250,000.00 250.00
01/07/2011 to 12/15/2011
43 Deans Knight Equity Growth Fund - Trust Units 11,229,155.69 5,120.00
01/07/2011 to 12/15/2011
54 Deans Knight Income Fund - Trust Units 27,470,571.04 3,433,508.00
01/13/2012 3 Direct Media Technologies Inc. - Units 715,890.00 700,000.00
02/21/2012 5 Duncan Park Holdings Corporation - Common Shares
319,200.00 3,000,000.00
06/06/2011 to 10/14/2011
1 Emerging Markets Value Portfolio of DFA Investment Dimensions Group Inc. - Common Shares
201,119,871.46 6,074,530.89
05/18/2011 to 11/28/2011
1 Emerging Markets Value Portfolio of DFA Investment Dimensions Group Inc. - Common Shares
59,519,936.47 1,719,500.22
02/28/2012 6 Energy Future Intermediate Holding Company LLC - Notes
4,978,000.00 6.00
02/13/2012 10 Entourage Metals Ltd. - Common Shares 109,500.00 20,000.00
02/10/2012 29 Erin Ventures Inc. - Units 955,500.00 9,555,000.00
03/08/2012 4 EV Energy Partners, L.P. and EV Energy Finance Corp. - Notes
58,246,191.00 4.00
01/01/2011 to 12/31/2011
3 ExxonMobil Canada Master Trust - Trust Units 146,909,860.69 10,589,628.02
03/17/2011 to 10/12/2011
1 Farallon Special Situation Partners III, L.P. - Limited Partnership Interest
167,124,800.00 2.00
05/01/2011 1 Fir Tree International Value Fund II, Ltd. - Common Shares
71,145,000.00 7,500.00
02/22/2012 58 Flinders Resources Limited (Formerly Tasex Capital Limited) - Units
5,200,000.00 10,400,000.00
01/01/2011 to 01/01/2012
42 Front Street Canadian Energy Resource Fund - Trust Units
1,617,019.73 54,527.71
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3253
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/01/2011 to 12/31/2011
12 Front Street Canadian Hedge - Trust Units 26,111,666.00 1,236,936.36
02/01/2012 to 02/17/2012
13 GDV Resources Inc. - Common Shares 129,000.00 2,580,000.00
01/31/2012 1 Green Swan Capital Corp. - Common Shares 82,500.00 600,000.00
02/27/2012 2 Health Care REIT, Inc. - Common Shares 3,471,650.00 18,000,000.00
03/05/2012 1 Hexion U.S. Finance Corp. - Note 248,400.00 1.00
03/02/2012 2 Hornbeck Offshore Services, Inc. - Notes 1,483,200.00 2.00
01/01/2011 to 12/31/2011
195 IA Clarington Canadian Equities Pooled Fund-Defensive - Trust Units
2,884,884.00 577.91
01/01/2011 to 12/31/2011
367 IA Clarington Money Market Pooled Fund - Trust Units
1,344,596.00 2,096.56
03/05/2012 to 03/09/2012
7 IGW Real Estate Investment Trust - Units 1,769,501.40 1,769,501.40
03/05/2012 to 03/09/2012
8 IGW Real Estate Investment Trust - Units 257,199.54 244,952.00
02/27/2012 to 03/02/2012
20 IGW Real Estate Investment Trust - Units 760,370.00 760,370.00
02/27/2012 to 03/02/2012
51 IGW Real Estate Investment Trust - Units 759,470.72 723,305.00
02/28/2012 3 Initio Fuels LLC - Debentures 800,000.00 800.00
12/22/2010 to 01/25/2011
1 International Small Cap Value Portfolio of DFA Investment Dimensions Group Inc. - Common Shares
2,529,210.47 147,576.12
03/31/2011 to 06/24/2011
115 Invico Energy III LP - Limited Partnership Units 10,310,000.00 103,100.00
03/31/2011 to 06/24/2011
3 Invico Energy III (Int) LP - Limited Partnership Units 165,000.00 1,650.00
02/24/2012 9 Iron South Mining Corp. (Formerly Panthera Exploration Inc.) - Units
250,000.00 1,250,000.00
01/01/2011 to 12/31/2011
45 Jarislowsky International Equity Fund - Units 34,166,717.29 1,725,921.31
01/01/2011 to 12/31/2011
73 Jarislowsky Special Equity Fund - Units 96,568,618.11 4,982,654.51
01/01/2011 to 12/31/2011
65 Jarislowsky, Fraser Balanced Fund - Units 135,305,513.88 9,857,995.74
01/01/2011 to 12/31/2011
17 Jarislowsky, Fraser Bond Fund - Units 25,321,423.46 2,245,197.38
01/01/2011 to 12/31/2011
51 Jarislowsky, Fraser Canadian Equity Fund - Units 285,210,004.20 8,747,941.07
01/01/2011 to 12/31/2011
19 Jarislowsky, Fraser Global Balanced Fund - Units 15,376,117.83 1,453,030.38
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3254
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/01/2011 to 12/31/2011
11 Jarislowsky, Fraser Global Equity Fund - Units 4,619,454.41 565,142.60
01/01/2011 to 12/31/2011
207 Jarislowsky, Fraser Money Market Fund - Units 177,090,604.00 17,709,060.40
01/01/2011 to 12/31/2011
18 Jarislowsky, Fraser Special Bond Fund - Units 5,261,500.00 502,177.30
01/01/2011 to 12/31/2011
8 Jarislowsky, Fraser U.S. Equity Fund - Units 27,567,491.35 3,982,050.25
01/01/2011 to 12/31/2011
101 Jarislowsky, Fraser U.S. Money Market Fund - Units 26,283,417.19 2,668,260.00
01/07/2011 to 12/30/2011
114 KFA Balanced Pooled Fund - Units 6,906,191.00 370,871.29
02/01/2011 to 12/01/2011
2 King & Victoria Fund LP - Units 4,490,841.70 530.65
02/21/2012 97 Kivalliq Energy Corporation - Common Shares 9,466,749.80 19,972,444.00
03/01/2012 to 03/06/2012
3 KmX Corp. - Common Shares 994,113.74 1,334,560.00
02/29/2012 36 Kootenay Silver Inc. - Warrants 2,163,000.00 1,430,000.00
03/14/2012 6 Lakeside Minerals Inc. - Common Shares 222,700.00 1,713,079.00
02/27/2012 24 Laurion Mineral Exploration Inc. - Units 413,539.80 6,892,330.00
02/01/2011 3 Lazard Emerging Income, Ltd. - Common Shares 4,500,000.00 45,000.00
01/04/2011 to 12/30/2011
4 Lazard Global Listed Infrastructure (Canada) Fund - Trust Units
20,580,103.18 2,397,414.76
03/01/2012 1 Lily Lake Solar Inc. - Debenture 35,475,000.00 1.00
02/24/2012 11 Lithium One Inc. - Common Shares 9,784,750.00 9,318,810.00
02/28/2012 3 MarketAxess Holdings Inc. - Common Shares 5,314,750.00 3,597,333.00
01/01/2011 to 12/31/2011
23 Mawer Balanced Pooled Fund - Trust Units 93,542,860.91 9,528,133.10
01/01/2011 to 12/31/2011
12 Mawer Canadian Bond Pooled Fund - Trust Units 56,613,248.06 5,956,021.09
01/01/2011 to 12/31/2011
21 Mawer Canadian Equity Pooled Fund - Trust Units 312,532,673.72 19,179,342.13
03/07/2012 1 Member-Partners Solar Energy Limited Partnership - Units
10,000.00 10,000.00
03/08/2012 255 Millennium Stimulation Services Ltd. - Common Shares
32,860,500.00 28,110,000.00
01/01/2011 to 10/01/2011
11 MMCAP Fund Inc. - Common Shares 2,935,654.00 2,280.09
10/12/2011 1 Monarques Resources Inc. - Common Shares 14,500.00 50,000.00
09/01/2011 1 Morgan Stanley Hedge Premier/Millenium International, Ltd. - Common Shares
97,522.92 92.31
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3255
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
07/01/2011 1 Morgan Stanley Hedge Premier/Millenium Strategic Capital LP - Limited Partnership Interest
239,946.25 250.00
07/01/2011 1 Morgan Stanley Hedge Premier/OZ DP II Fund II LP - Limited Partnership Interest
95,978.50 100.87
01/01/2011 to 12/31/2011
76 Mortgage Investment Corporation of Eastern Ontario - Common Shares
6,976,667.60 697,666.76
02/29/2012 1 Motors Mechanical Reinsurance Company, Limited - Common Shares
7,601.86 100.00
02/29/2012 3 MOVE Trust, BNY Trust Company of Canada as Trustee - Notes
13,589,867.85 3.00
02/28/2012 to 03/02/2012
39 Netco Energy Inc. - Units 804,375.00 6,435,000.00
02/27/2012 5 Newbaska Gold and Copper Mines Ltd. - Common Shares
45,445.35 302,969.00
03/05/2012 1 Newcastle Minerals Ltd. - Common Shares 500,000.00 10,000,000.00
01/31/2012 4 Newstart Financial Inc. - Notes 415,000.00 4.00
02/17/2012 7 Newstrike Resources Ltd. - Units 370,000.00 2,000,000.00
01/01/2011 62 Norema Income Fund - Units 60,250.00 1,205.00
03/02/2012 19 NorthIsle Copper and Gold Inc. - Flow-Through Shares
1,499,995.00 4,285,700.00
02/23/2012 80 Northland Resources S.A. - Common Shares 74,161,208.44 65,629,388.00
03/07/2012 27 Northland Resources S.A. - Common Shares 33,985,270.00 N/A
01/23/2012 3 Nuinsco Resources Limited - Common Shares 300,000.00 3,157,894.00
03/07/2012 15 NXT Energy Solutions Inc. - Units 1,501,078.01 2,002,839.00
12/15/2011 to 01/16/2012
36 Omniarch Capital Corporation - Bonds 849,088.45 N/A
04/21/2011 to 06/09/2011
1 Orbis Institutional SPC Limited - Global Equity Fund Segregated Portfolio - Common Shares
47,757,182.34 382,852.84
03/05/2012 2 Oxane Materials, Inc. - Preferred Shares 9,027,107.32 4,266,304.00
02/22/2012 1 OYO Geospace Corporation - Common Shares 1,900,000.00 20,000.00
01/14/2011 to 12/16/2011
29 Palos Credit Fund L.P. - Limited Partnership Units 953,824.06 N/A
01/01/2011 to 12/31/2011
137 Palos Income Fund L.P. - Limited Partnership Units 9,461,789.06 962,150.02
04/28/2011 to 12/01/2011
5 Palos Majestic Commondity Fund L.P. - Limited Partnership Units
265,925.00 21,133.00
01/01/2011 to 12/31/2011
78 Palos Merchant Bank L.P. - Limited Partnership Units
2,678,978.08 N/A
04/05/2011 88 Palos Rendez-Vous Fund - Trust Units 1,189,611.74 N/A
02/29/2012 84 Pan Terra Industries Inc. - Receipts 13,157,000.00 26,314,000.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3256
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
03/08/2012 35 Panoro Minerals Ltd. - Units 13,800,000.00 23,000,000.00
01/01/2011 to 06/01/2011
6 Parkwood Limited Partnership Fund - Limited Partnership Units
8,200,000.00 7,035.93
02/29/2012 6 Pershimco Resources Inc. - Common Shares 30,000,000.00 30,000,000.00
03/02/2012 99 Petrocapita Income Trust - Trust Units 1,981,841.00 1,981,841.00
02/24/2012 5 PetroSahara Energy Corp. - Special Warrants 375,000.00 375,000.00
02/06/2012 to 02/15/2012
82 PetroSahara Energy Corp. - Special Warrants 5,534,000.00 550,400.00
02/28/2012 47 Petrotoro Inc. - Debentures 2,961,200.00 N/A
03/05/2012 to 03/09/2012
4 Place Trans Canadienne Commercial Limited Partnership - Notes
125,000.00 125,000.00
01/05/2011 to 12/22/2011
295 Polar Investment Funds Limited - Common Shares 39,427,889.43 386,276.42
02/01/2011 to 10/01/2011
7 Portland India Select Business Portfolio Inc. - Common Shares
1,402,947.85 1,416.40
07/29/2011 to 12/30/2011
9 Portland India Select Business Portfolio Trust - Units 685,879.57 73,653.81
02/16/2012 1 Pounder Venture Capital Corp. - Common Shares 15,750.00 100,000.00
01/01/2011 to 12/31/2011
6 Premium Value Partnership LP - Units 345,921.77 436.09
03/08/2012 16 Prestige Hospitality HW Limited Partnership - Limited Partnership Units
1,088,750.00 1,090.00
10/26/2011 527 Priviti Energy Limited Partnership 2011 - Limited Partnership Units
60,000,000.00 12,000.00
02/22/2012 1 Protalix BioTherapeutics, Inc. - Common Shares 262,500.00 50,000.00
02/23/2012 2 Rainy River Resources Ltd. - Common Shares 87,960.00 12.00
01/01/2011 to 12/31/2011
339 RBC Dexia Short-Term Investment Fund - Units 7,662,292,408.84 11,207,068,252.00
01/01/2011 to 12/31/2011
7 RBC $U.S. ARC Fund - Units 810,000.00 34,187.43
11/01/2011 to 12/31/2011
11 REDF V Limited Partnership - Limited Partnership Units
80,000,000.00 80,000.00
11/01/2011 to 12/31/2011
10 REDF VI Limited Partnership - Limited Partnership Units
20,012,000.00 20,012.00
03/01/2011 to 12/31/2011
5 REDF VI Limited Partnership - Limited Partnership Units
10,250,000.00 10,250.00
02/14/2012 3 Return on Innovation Capital Ltd. - Units 5,400,000.00 5,400,000.00
02/13/2012 2 Return on Innovation Capital Ltd. - Units 9,200,000.00 9,200,000.00
01/01/2011 1 Robeco WPG Opportunistic Value Fund, L.P. - Limited Partnership Interest
180,633.87 1.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3257
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
02/13/2012 1 ROI Capital Ltd. - Units 14,917.38 14,917.38
01/01/2011 to 12/31/2011
1710 ROI High Income Private Placement Fund - Units 172,741,647.89 1,344,919.87
01/01/2011 to 12/31/2011
433 ROI Institutional Private Placement Fund - Units 48,616,059.59 466,349.51
01/01/2011 to 12/31/2011
1373 ROI Private Placement Fund - Units 230,842,288.94 1,973,571.09
01/01/2011 to 12/31/2011
753 ROI Strategic Private Placement Fund - Units 107,744,924.30 928,975.96
01/01/2011 to 12/31/2011
831 Romspen Mortgage Investment Fund - Units 206,930,525.70 20,693,085.00
02/28/2012 20 Roxgold Inc. - Common Shares 25,900,000.00 14,000,000.00
03/01/2012 1 Royal Bank of Canada - Notes 1,477,350.00 1,500.00
02/27/2012 14 Royal Bank of Canada - Notes 2,021,557.50 2,025.00
02/28/2012 1 Royal Bank Of Canada - Notes 1,991,200.00 2,000.00
01/01/2011 to 07/01/2011
45 RP Debt Opportunities Fund LP - Limited Partnership Units
48,738,425.00 48,738.43
04/01/2011 to 12/01/2011
211 RP Debt Opportunities Fund Trust - Trust Units 285,144,877.19 28,514,487.72
06/01/2010 to 07/01/2011
7 RP Debt Opportunities Trust - Units 11,900,100.00 119,001.00
02/17/2012 18 RXT 110 Inc. - Units 366,000.00 1,847,500.00
02/28/2012 1 R.R. Donnelley & Sons Company - Notes 2,000,000.00 2,000.00
02/28/2012 55 Saturn Minerals Inc. - Units 1,188,066.00 5,400,300.00
03/14/2011 to 07/14/2011
4 SEAMARK Pooled Balanced Fund - Units 245,351.06 17,045.00
02/07/2011 1 SEAMARK Pooled Canadian Small Cap Fund - Units 50,000.00 3,859.00
01/17/2011 to 12/06/2011
19 SEAMARK Pooled Money Market Fund - Units 4,153,044.24 415,305.00
04/01/2011 to 12/08/2011
17 Secure Capital MIC Inc. - Preferred Shares 1,352,671.00 1,352,671.00
11/01/2011 2 Silver Point Capital Offshore Fund, Ltd. - Common Shares
2,523,750.00 250.00
03/01/2012 8 Snipp Interactive Inc. - Common Shares 2,956,499.65 22,742,305.00
03/01/2012 66 Snipp Interactive Inc. - Units 1,999,999.95 13,333,333.00
01/27/2012 14 Sonoro Metals Corp. (formerly Becker Gold Mines Ltd.) - Units
331,250.00 1,325,000.00
02/27/2012 4 Sprint Nextel Corporation - Notes 28,950,700.00 290,000.00
02/28/2012 78 Standard Exploration Ltd. - Units 4,417,287.00 21,948,063.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3258
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/14/2011 to 12/30/2011
134 Steinberg High Yield Fund - Trust Units 14,629,182.13 1,495,009.56
01/14/2011 to 12/30/2011
129 Steinberg Value Equity Fund - Trust Units 4,084,190.53 409,157.11
03/06/2012 5 Stone Energy Corporation - Notes 3,004,500.00 5.00
06/30/2011 to 11/30/2011
4 Stratus Feeder Limited - Common Shares 185,158,447.00 141,509.87
03/05/2012 25 Surmont Energy Ltd. - Common Shares 1,449,600.00 1,932,800.00
01/01/2011 to 12/01/2011
145 SW8 Strategy Fund LP - Limited Partnership Units 19,778,021.30 1,534,259.91
01/01/2011 to 12/01/2011
208 SW8 Strategy Trust - Trust Units 12,730,324.55 1,201,056.52
02/21/2012 15 Taranis Resources Inc. - Units 518,500.20 3,456,668.00
03/09/2012 2 TCL Funding Limited Partnership - Notes 60,000,000.00 2.00
01/01/2011 to 12/31/2011
2 TD Emerald 2020 Retirement Target Date Pooled Fund Trust - Trust Units
3,490,318.00 331,852.00
01/01/2011 to 12/31/2011
2 TD Emerald 2030 Retirement Target Date Pooled Fund Trust - Trust Units
3,985,378.00 360,314.00
01/01/2011 to 12/31/2011
3 TD Emerald 2040 Retirement Target Date Pooled Fund Trust - Trust Units
3,572,950.00 325,004.00
01/01/2011 to 12/31/2011
3 TD Emerald 2050 Retirement Target Date Pooled Fund Trust - Trust Units
2,915,724.00 266,588.00
01/01/2011 to 12/31/2011
5 TD Emerald 20+ Strip Bond Pooled Fund Trust - Trust Units
3,252,824.00 326,250.00
01/01/2011 to 12/31/2011
1 TD Emerald Active Canadian Long Bond Pooled Fund Trust - Trust Units
100.00 10.00
01/01/2011 to 12/31/2011
2 TD Emerald Active Core Canadian Bond Pooled Fund Trust - Trust Units
13,954.00 1,423.00
01/01/2011 to 12/31/2011
31 TD Emerald Canadian Bond Pooled Fund Trust - Trust Units
254,846,687.00 23,905,830.00
01/01/2011 to 12/31/2011
1 TD Emerald Canadian Core Plus Bond Pooled Fund Trust - Trust Units
9,458,000.00 893,303.00
01/01/2011 to 12/31/2011
5 TD Emerald Canadian Equity Market Neutral Fund - Trust Units
8,473,401.00 930,277.00
01/01/2011 to 12/31/2011
15 TD Emerald Canadian Equity Market Pooled Fund Trust II - Trust Units
20,583,743.00 2,264,732.00
01/01/2011 to 12/31/2011
3 TD Emerald Canadian Government Bond Pooled Fund Trust - Trust Units
4,091,279.00 412,458.00
01/01/2011 to 12/31/2011
16 TD Emerald Canadian Long Bond Broad Market Pooled Fund Trust - Trust Units
65,772,477.00 6,311,275.00
01/01/2011 to 12/31/2011
27 TD Emerald Canadian Long Bond Pooled Fund Trust - Trust Units
312,129,882.00 26,648,230.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3259
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/01/2011 to 12/31/2011
4 TD Emerald Canadian Long Government Bond Pooled Fund Trust - Trust Units
128,715,305.00 12,572,760.00
01/01/2011 to 12/31/2011
9 TD Emerald Canadian Market Capped Pooled Fund Trust - Trust Units
11,160,839.00 7,820,705.00
01/01/2011 to 12/31/2011
9 TD Emerald Canadian Real Return Bond Pooled Fund Trust - Trust Units
48,825,528.00 3,386,756.00
01/01/2011 to 12/31/2011
2 TD Emerald Enhanced Canadian Equity Pooled Fund Trust - Trust Units
6,182,092.00 679,704.00
01/01/2011 to 12/31/2011
2 TD Emerald Enhanced Hedged U.S. Equity Pooled Fund Trust - Trust Units
4,813,022.00 691,416.00
01/01/2011 to 12/31/2011
2 TD Emerald Enhanced U.S. Equity Pooled Fund Trust - Trust Units
605,630.00 51,691.00
01/01/2011 to 12/31/2011
9 TD Emerald Global Equity Pooled Fund Trust - Trust Units
15,844,200.00 2,502,858.00
01/01/2011 to 12/31/2011
4 TD Emerald Hedged Synthetic International Equity Pooled Fund Trust - Trust Units
6,928,099.00 903,912.00
01/01/2011 to 12/31/2011
11 TD Emerald Hedged Synthetic U.S. Equity Pooled Fund Trust - Trust Units
128,950,365.00 17,128,900.00
01/01/2011 to 12/31/2011
9 TD Emerald Hedged U.S. Equity Pooled Fund Trust II - Trust Units
20,958,100.00 2,529,446.00
01/01/2011 to 12/31/2011
2 TD Emerald Low Volatility All World Equity Pooled Fund Trust - Trust Units
109,015,368.00 10,889,801.00
01/01/2011 to 12/31/2011
7 TD Emerald Low Volatility Canadian Equity Pooled Fund Trust - Trust Units
421,251,108.00 35,911,352.00
01/01/2011 to 12/31/2011
6 TD Emerald Low Volatility Global Equity Pooled Fund Trust - Trust Units
7,707,794.00 689,065.00
01/01/2011 to 12/31/2011
5 TD Emerald North American Equity Pairs Fund - Trust Units
15,861,613.00 1,466,340.00
01/01/2011 to 12/31/2011
36 TD Emerald Pooled U.S. Fund - Trust Units 166,030,055.00 9,116,052.00
01/01/2011 to 12/31/2011
2 TD Emerald Provincial Long Bond Pooled Fund Trust - Trust Units
298,150,157.00 29,902,088.00
01/01/2011 to 12/31/2011
3 TD Emerald Retirement Income Pooled Fund Trust - Trust Units
3,095,522.00 299,338.00
01/01/2011 to 12/31/2011
5 TD Emerald U.S. Equity Market Neutral Fund - Trust Units
4,503,869.00 415,188.00
01/01/2011 to 12/31/2011
25 TD Harbour Capital Balanced Fund - Trust Units 2,397,472.56 1,861.94
01/01/2011 to 12/31/2011
68 TD Harbour Capital Canadian Balanced Fund - Trust Units
1,192,008.66 10,379.02
01/01/2011 to 12/31/2011
11 TD Harbour Capital Commodity Fund - Trust Units 1,205,022.00 14,402.14
01/01/2011 to 12/31/2011
1 TD Harbour Capital Foreign Balanced Fund - Trust Units
3,266.72 27.02
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3260
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
01/01/2011 to 12/31/2011
3 TD Lancaster Balanced Fund II - Trust Units 875,519.00 93,219.00
01/01/2011 to 12/31/2011
2 TD Lancaster Canadian Equity Fund - Trust Units 15,397,825.00 1,737,149.00
01/01/2011 to 12/31/2011
16 TD Lancaster Fixed Income Fund II - Trust Units 296,355,754.00 21,701,472.00
01/01/2011 to 12/31/2011
80 TD Private Canadian Diversified Equity Fund - Trust Units
12,276,951.78 122,295.00
02/02/2012 8 Tembec Industries Inc. - Notes 14,221,136.25 8.00
09/16/2011 to 02/17/2012
11 Tembo Gold Corp. - Units 1,427,000.00 1,402,000.00
02/29/2012 15 Terrapro Mat Investors Group Limited Partnership #1 - Limited Partnership Units
1,305,000.00 1,305.00
02/28/2012 2 The Hertz Corporation - Notes 776,568.00 2.00
01/05/2011 to 12/01/2011
124 The SoundVest Portfolio Fund - Trust Units 2,897,950.61 226,598.23
02/15/2012 31 TomaGold Corporation - Common Shares 298,400.00 1,243,332.00
02/15/2012 32 TomaGold Corporation - Units 84,600.00 423,000.00
02/23/2012 to 03/01/2012
3 Touchdown Resources Inc. - Common Shares 37,500.00 500,000.00
01/30/2012 75 Touchpoint Metrics, Inc. - Common Shares 633,019.00 2,524,000.00
02/27/2012 46 Toyota Credit Canada Inc. - Notes 399,964,000.00 46.00
03/06/2012 14 Transurban Finance Company Pty Ltd. - Notes 250,000,000.00 2,500,000.00
02/22/2012 1 Tri Origin Exploration Ltd. - Common Shares 350,000.00 5,000,000.00
03/09/2012 156 Triple Dragon Resources Inc. - Common Shares 2,353,514.90 23,535,149.00
01/04/2011 to 12/01/2011
205 Turtle Creek Equity Fund - Trust Units 21,730,059.61 988,154.91
01/04/2011 to 12/01/2011
34 Turtle Creek Investment Fund - Trust Units 9,732,602.70 584,737.11
02/27/2012 55 UBS AG, Jersey Branch - Certificates 15,543,015.89 110.00
02/23/2012 36 UR- Energy Inc. - Common Shares 17,250,000.00 17,250,000.00
03/09/2012 13 UR Financing Escrow Capital - Notes 24,581,159.00 13.00
03/02/2012 6 U.S. Bancorp. - Notes 28,689,903.00 6.00
12/22/2010 to 01/25/2011
1 U.S. Small Cap Value Portfolio of DFA Investment Dimensions Group Inc. - Common Shares
2,936,325.61 112,863.43
03/06/2012 2 Vennsa Technologies Inc. - Common Shares 150,000.00 50,000.00
08/18/2010 2 Vennsa Technologies Inc. - Common Shares 300,000.00 109,090.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3261
Transaction Date
No. of Purchasers
Issuer/Security Total Purchase Price ($)
No. of Securities Distributed
12/29/2011 1 Victoria South American Partners II LP - Limited Partnership Interest
20,420,000.00 1.00
02/16/2012 13 Victory Ventures Inc. - Units 65,940.00 1,099,000.00
01/24/2012 1 Viper Gold Ltd. - Common Shares 0.00 400,000.00
03/02/2012 22 Walton AZ Casa Grande Investment Corporation - Units
532,410.00 53,241.00
03/02/2012 9 Walton AZ Casa Grande LP - Units 851,118.52 85,989.00
01/27/2012 15 Walton AZ Casa Grande LP - Units 712,695.75 70,915.00
02/29/2012 28 Walton Canadian Land 1 Development Investment Corporation - Common Shares
598,184.00 62,966.74
02/29/2012 32 Walton Canadian Land Development LP 1 - Units 5,796,823.00 610,191.89
03/02/2012 22 Walton GA Crossroads Investment Corporation - Common Shares
400,240.00 40,024.00
01/27/2012 49 Walton GA Crossroads Investment Corporation - Common Shares
760,870.00 76,087.00
03/02/2012 14 Walton GA Crossroads LP - Units 916,653.78 92,610.00
01/27/2012 6 Walton GA Crossroads LP - Units 915,635.40 91,108.00
02/29/2012 25 Walton Income 4 Corporation - Notes 1,031,000.00 2,062.00
01/27/2012 7 Walton MD Gardner Ridge Investment Corporation - Common Shares
192,370.00 19,237.00
01/27/2012 2 Walton MD Gardner Ridge LP - Units 343,117.05 34,141.00
01/31/2012 14 Walton NC Westlake LP - Units 2,487,682.36 249,117.00
03/02/2012 1 Waste Connections, Inc. - Common Shares 9,210,672.00 300,000.00
02/24/2012 7 Westridge Resources Inc. - Units 166,125.05 255,577.00
02/29/2012 19 Wolf Coulee Resources Inc. - Special Warrants 4,572,000.00 2,286,000.00
03/13/2012 6 Wolfden Resources Corporation - Units 180,000.00 720,000.00
03/07/2012 4 Yelp Inc. - Common Shares 851,432.00 56,800.00
12/30/2011 1 Z-Gold Exploration Inc. - Common Shares 50,000.00 333,333.33
02/21/2012 31 Zaio Corporation - Units 1,033,000.00 10,380,000.00
Notice of Exempt Financings
March 30, 2012
(2012) 35 OSCB 3262
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March 30, 2012
(2012) 35 OSCB 3263
Chapter 11
IPOs, New Issues and Secondary Financings Issuer Name: Agrium Inc. Principal Regulator - Alberta Type and Date: Preliminary Base Shelf Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: U.S.$2,500,000,000.00: Common Shares Preferred Shares Subscription Receipts Debt Securities Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #1876167 _______________________________________________ Issuer Name: Allied Properties Real Estate Investment Trust Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 21, 2012 Offering Price and Description: $90,350,000.00 - 3,475,000 Units Price: $26.00 per Unit Underwriter(s) or Distributor(s): SCOTIA CAPITAL INC. RBC DOMINION SECURITIES INC. CIBC WORLD MARKETS INC. BMO NESBITT BURNS INC. TD SECURITIES INC. MACQUARIE CAPITAL MARKETS CANADA LTD. NATIONAL BANK FINANCIAL INC. CANACCORD GENUITY CORP. DESJARDINS SECURITIES INC. DUNDEE SECURITIES LTD. Promoter(s): - Project #1874730 _______________________________________________
Issuer Name: Canadian Banc Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Warrants to Subscribe for up to * Units (each Unit consisting of one Class A Share and one Preferred Share) at a Subscription Price of $* Underwriter(s) or Distributor(s): - Promoter(s): - Project #1875774 _______________________________________________ Issuer Name: Canadian Convertibles Plus Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Maximum $* (* Units) Price: $* per Unit Minimum Purchase: 200 Units Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. RBC DOMINION SECURITIES INC. NATIONAL BANK FINANCIAL INC. GMP SECURITIES L.P. SCOTIA CAPITAL INC. TD SECURITIES INC. CANACCORD GENUITY CORP. DESJARDINS SECURITIES INC. RAYMOND JAMES LTD. DUNDEE SECURITIES LTD. MACQUARIE PRIVATE WEALTH INC. MANULIFE SECURITIES INCORPORATED Promoter(s): PROPEL CAPITAL CORPORATION Project #1875777 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3264
Issuer Name: Commonwealth Silver and Gold Mining Inc. Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: $ * - * Units Price: $ * per Unit Underwriter(s) or Distributor(s): Frazer Mackenzie Limited, Haywood Securities Inc. Canaccord Genuity Corp. Sprott Private Wealth LP Promoter(s): Michael Farrant, Hall Stewart Donald Greco Project #1876577 _______________________________________________ Issuer Name: Coxe Global Agribusiness Income Fund Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $* Maximum - Up to * Units Price: $* per Unit Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. Promoter(s): BMO NESBITT BURNS INC. Project #1875230 _______________________________________________ Issuer Name: Dividend Select 15 Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Warrants to Subscribe for up to * Equity Shares at a Subscription Price of $* Underwriter(s) or Distributor(s): - Promoter(s): - Project #1875762 _______________________________________________
Issuer Name: Dynamic Power Managed Growth Class Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus dated March 20, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Series A, F, IP, O, OP and T Shares Underwriter(s) or Distributor(s): GCIC Ltd. GCIC Ltd. Promoter(s): GCIC Ltd. Project #1875875 _______________________________________________ Issuer Name: Fidelity Canadian Focused Equity Investment Trust Fidelity Canadian Focused Equity Private Pool Fidelity Total Bond Capital Yield Private Pool Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectuses dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Series B, Series S5, Series S8, Series I, Series I5, Series I8, Series F, Series F5, Series F8 and Series O Securities Underwriter(s) or Distributor(s): - Promoter(s): FIDELITY INVESTMENTS CANADA ULC Project #1876218 _______________________________________________ Issuer Name: Fidelity Total Bond Fund Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Series A, Series B, Series F and Series O Units Underwriter(s) or Distributor(s): - Promoter(s): FIDELITY INVESTMENTS CANADA ULC Project #1876224 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3265
Issuer Name: Horizons Universa Canadian Black Swan ETF Horizons Universa US Black Swan ETF Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Class E and Advisor Class Units Underwriter(s) or Distributor(s): - Promoter(s): ALPHAPRO MANAGEMENT INC. Project #1875845 _______________________________________________ Issuer Name: JFT Strategies Fund Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Maximum $* - Price: $10.00 per Unit Minimum Purchase: 200 Units Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. NATIONAL BANK FINANCIAL INC. RBC DOMINION SECURITIES INC. TD SECURITIES INC. SCOTIA CAPITAL INC. CANACCORD GENUITY CORP. GMP SECURITIES L.P. RAYMOND JAMES LTD. DESJARDINS SECURITIES INC. DUNDEE SECURITIES LTD. MACQUARIE PRIVATE WEALTH INC. Promoter(s): FIRST ASSET INVESTMENT MANAGEMENT INC. Project #1876004 _______________________________________________ Issuer Name: Prime Dividend Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Warrants to Subscribe for up to * Units (each Unit consisting of one Class A Share and one Preferred Share) at a Subscription Price of $* Underwriter(s) or Distributor(s): - Promoter(s): - Project #1875733 _______________________________________________
Issuer Name: Sentry Select Primary Metals Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $* Maximum - Up to * Class A Shares Price: $* per Share Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. CANACCORD GENUITY CORP. RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. NATIONAL BANK FINANCIAL INC. SCOTIA CAPITAL INC. TD SECURITIES INC. GMP SECURITIES L.P. RAYMOND JAMES LTD. MACQUARIE PRIVATE WEALTH INC. DESJARDINS SECURITIES INC. DUNDEE SECURITIES LTD. HSBC SECURITIES (CANADA) INC. MACKIE RESEARCH CAPITAL CORPORATION MANULIFE SECURITIES INCORPORATED Promoter(s): SENTRY INVESTMENTS INC. Project #1874914 _______________________________________________ Issuer Name: Silver Bull Resources, Inc. Principal Regulator - British Columbia Type and Date: Amended and Restated Preliminary MJDS Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: US$125,000,000.00: Senior Debt Securities Subordinated Debt Securities Common Stock Warrants Rights Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #1872577 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3266
Issuer Name: Spartan Oil Corp. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 21, 2012 Offering Price and Description: $57,501,840 -13,068,600 Common Shares issuable on exercise of 13,068,600 outstanding Special Warrants Price: $4.40 per SpecialWarrant Underwriter(s) or Distributor(s): CLARUS SECURITIES INC. GMP SECURITIES L.P. PETERS & CO. LIMITED ALTACORP CAPITAL INC. SCOTIA CAPITAL INC. Promoter(s): - Project #1874802 _______________________________________________ Issuer Name: AGF Canadian Growth Equity Class (Mutual Fund Series Securities, Series D Securities, Series F Securities and Series O Securities) (Class of AGF All World Tax Advantage Group Limited) AGF Canadian Growth Equity Fund (Series S Securities) AGF Canadian High Yield Bond Fund (Mutual Fund Series Securities, Series D Securities, Series F Securities and Series O Securities) AGF Canadian Stock Class (Mutual Fund Series Securities, Series D Securities, Series F Securities, Series G Securities, Series H Securities, Series O Securities, Series T Securities and Series V Securities) (Class of AGF All World Tax Advantage Group Limited) AGF Canadian Value Fund (Mutual Fund Series Securities, Series D Securities, Series F Securities, Series G Securities, Series H Securities and Series O Securities) AGF Global Resources Fund (Series S Securities) Principal Regulator - Ontario Type and Date: Amendment #5 dated March 6, 2012 to the Simplified Prospectuses and Annual Information Form dated April 19, 2011 NP 11-202 Receipt dated March 21, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): AGF Funds Inc. Promoter(s): - Project #1711344 _______________________________________________
Issuer Name: Bloom Select Income Fund Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Maximum: $100,000,000.00 - 10,000,000 Units @ $10.00 per Unit; Minimum: $20,000,000.00 - 2,000,000 Units @ $10.00 per Unit Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. RBC DOMINION SECURITIES INC. TD SECURITIES INC. GMP SECURITIES L.P. NATIONAL BANK FINANCIAL INC. SCOTIA CAPITAL INC. CANACCORD GENUITY CORP. RAYMOND JAMES LTD. DESJARDINS SECURITIES INC. MACQUARIE PRIVATE WEALTH INC. MACKIE RESEARCH CAPITAL CORPORATION DUNDEE SECURITIES LTD. HSBC SECURITIES (CANADA) INC. Promoter(s): BLOOM INVESTMENT COUNSEL, INC. Project #1860844 _______________________________________________ Issuer Name: Canadian Imperial Bank of Commerce Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $8,000,000,000.00 - Debt Securities (unsubordinated indebtedness) Debt Securities (subordinated indebtedness) Common Shares Class A Preferred Shares Underwriter(s) or Distributor(s): - Promoter(s): - Project #1871266 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3267
Issuer Name: Claymore Canadian Fundamental Index ETF Claymore US Fundamental Index ETF Claymore International Fundamental Index ETF Claymore Japan Fundamental Index ETF C$ hedged Claymore S&P/TSX Canadian Dividend ETF Claymore Global Monthly Advantaged Dividend ETF Claymore S&P/TSX CDN Preferred Share ETF Claymore S&P US Dividend Growers ETF Claymore Oil Sands Sector ETF Claymore S&P/TSX Global Mining ETF Claymore S&P Global Water ETF Claymore Global Real Estate ETF Claymore Global Infrastructure ETF Claymore Global Agriculture ETF Claymore BRIC ETF Claymore Broad Emerging Markets ETF Claymore China ETF Claymore Small-Mid Cap BRIC ETF Claymore Balanced Income CorePortfolio ETF Claymore Balanced Growth CorePortfolio ETF Claymore Canadian Balanced Income CorePortfolio ETF Claymore Conservative CorePortfolio ETF Claymore Advantaged Canadian Bond ETF Claymore Advantaged High-Yield Bond ETF Claymore Inverse 10 Yr Government Bond ETF Claymore 1-5 Yr Laddered Government Bond ETF Claymore 1-5 Yr Laddered Corporate Bond ETF Claymore 1-10 Yr Laddered Government Bond ETF Claymore 1-10 Yr Laddered Corporate Bond ETF Claymore Advantaged Short Duration High Income ETF Principal Regulator - Ontario Type and Date: Amendment #2 dated March 16, 2012 to the Long Form Prospectus dated May 12, 2011 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): Claymore Investments, Inc. Promoter(s): Claymore Investments Inc. Project #1726989 _______________________________________________ Issuer Name: Claymore Advantaged Convertible Bond ETF Principal Regulator - Ontario Type and Date: Amendment #2 dated March 16, 2012 to the Long Form Prospectus dated June 7, 2011 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): Claymore Investments, Inc. Promoter(s): Claymore Investments Inc. Project #1745804 _______________________________________________
Issuer Name: Claymore Broad Commodity ETF Claymore Canadian Financial Monthly Income ETF Claymore Equal Weight Banc & Lifeco ETF Claymore Managed Futures ETF Claymore Natural Gas Commodity ETF Claymore Premium Money Market ETF Principal Regulator - Ontario Type and Date: Amendment #2 dated March 16, 2012 to the Long Form Prospectus dated November 28, 2011 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): Claymore Investments, Inc. Promoter(s): CLAYMORE INVESTMENTS, INC. Project #1818813 _______________________________________________ Issuer Name: Claymore Gold Bullion ETF Principal Regulator - Ontario Type and Date: Amendment #1 dated March 16, 2012 to the Long Form Prospectus dated January 31, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): Claymore Investments, Inc. Promoter(s): CLAYMORE INVESTMENTS, INC. Project #1843581 _______________________________________________ Issuer Name: Constellation Software Inc. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated March 26, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: C$150,062,500.00 - 1,715,000 Common Shares Price: C$87.50 per Common Share Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. NATIONAL BANK FINANCIAL INC. SCOTIA CAPITAL INC. TD SECURITIES INC. Promoter(s): - Project #1873523 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3268
Issuer Name: Corona Minerals Limited Principal Regulator - British Columbia Type and Date: Final Long Form Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: Minimum $5,000,000 (33,333,333 Units) Maximum $6,500,000 (43,333,333 Units) $0.15 per Unit Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): - Project #1854772 _______________________________________________ Issuer Name: Dundee Real Estate Investment Trust Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 21, 2012 Offering Price and Description: $201,495,000.00 - 5,700,000 REIT Units, Series A PRICE: $35.35 per Unit Underwriter(s) or Distributor(s): TD SECURITIES INC. SCOTIA CAPITAL INC. CIBC WORLD MARKETS INC. RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. CANACCORD GENUITY CORP. DUNDEE SECURITIES LTD. HSBC SECURITIES (CANADA) INC. BROOKFIELD FINANCIAL CORP. GMP SECURITIES L.P. NATIONAL BANK FINANCIAL INC. Promoter(s): - Project #1871732 _______________________________________________
Issuer Name: E-L Financial Corporation Limited Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated March 26, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: $100,000,000.00 - (4,000,000 shares) 5.50% Non-Cumulative Redeemable First Preference Shares, Series 3 Price: $25.00 per share to yield 5.50% Underwriter(s) or Distributor(s): SCOTIA CAPITAL INC. TD SECURITIES INC. RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. NATIONAL BANK FINANCIAL INC. DESJARDINS SECURITIES INC. CANACCORD GENUITY CORP. Promoter(s): - Project #1871930 _______________________________________________ Issuer Name: Exall Energy Corporation Principal Regulator - Alberta Type and Date: Final Short Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $20,000,000.00 - 7.75% Convertible Unsecured Subordinated Debentures Underwriter(s) or Distributor(s): STONECAP SECURITIES INC. EMERGING EQUITIES INC. ACUMEN CAPITAL FINANCE PARTNERS LIMITED DUNDEE SECURITIES LTD. RAYMOND JAMES LTD. Promoter(s): - Project #1871208 _______________________________________________ Issuer Name: Great Basin Gold Ltd. Principal Regulator - British Columbia Type and Date: Final Short Form Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: $50,025,000.00 - 66,700,000 Units Price: $0.75 per Unit Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. RAYMOND JAMES LTD. CIBCWORLD MARKETS INC. MACQUARIE CAPITAL MARKETS CANADA LTD. STIFEL NICOLAUS CANADA INC. Promoter(s): - Project #1872995 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3269
Issuer Name: Amaya Gaming Group Inc. Principal Regulator - Quebec Type and Date: Final Short Form Prospectus dated March 27, 2012 NP 11-202 Receipt dated March 27, 2012 Offering Price and Description: $28,750,000.00 - 28,750 Units comprised of 28,750 Convertible Debentures and 1,437,500 Warrants issuable upon exercise of 28,750 Special Warrants Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Desjardins Securities Inc. Union Securities Ltd. Promoter(s): David Baazov Project #1872524 _______________________________________________ Issuer Name: Advisor Series, Series F, Series I, Series IT and Series T6 Securities of: Manulife Canadian Equity Balanced Fund Manulife Dividend Income Fund Manulife Strategic Balanced Yield Fund Manulife Canadian Equity Balanced Class* Manulife Dividend Income Class* Manulife Strategic Balanced Yield Class* Manulife Corporate Bond Class* * Shares of Manulife Investment Exchange Funds Corp. Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated March 22, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: ADVISOR SERIES, SERIES F, SERIES I, SERIES IT AND SERIES T6 SECURITIES Underwriter(s) or Distributor(s): Manulife Asset Management Limited Promoter(s): Manulife Asset Management Limited Project #1857581 _______________________________________________ Issuer Name: Marquis Balanced Class Portfolio Marquis Balanced Growth Class Portfolio Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated March 21, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): GCIC Ltd. GCIC Ltd. Promoter(s): GCIC Ltd. Project #1861301 _______________________________________________
Issuer Name: Marquis Institutional Balanced Portfolio Marquis Institutional Balanced Growth Portfolio Marquis Institutional Growth Portfolio Marquis Institutional Equity Portfolio Marquis Institutional Canadian Equity Portfolio Marquis Institutional Global Equity Portfolio Marquis Institutional Bond Portfolio Marquis Balanced Portfolio Marquis Balanced Growth Portfolio Marquis Growth Portfolio Marquis Equity Portfolio Marquis Balanced Income Portfolio Principal Regulator - Ontario Type and Date: Amendment #1 dated February 21, 2012 to the Simplified Prospectuses and Annual Information Form dated December 7, 2011 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): GCIC Ltd. Promoter(s): Goodman & Company, Investment Counsel Inc. Project #1818180 _______________________________________________ Issuer Name: Novadaq Technologies Inc. Principal Regulator - Ontario Type and Date: Final Based Shelf Prospectus dated March 26, 2012 NP 11-202 Receipt dated March 27, 2012 Offering Price and Description: US$100,000,000.00: Preferred Shares Common Shares Underwriter(s) or Distributor(s): - Promoter(s): - Project #1873684 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3270
Issuer Name: imaxx Canadian Balanced Fund imaxx Canadian Equity Value Fund imaxx Canadian Small Cap Fund imaxx U.S. Equity Growth Fund imaxx U.S. Equity Value Fund imaxx Global Equity Value Fund imaxx TOP Income Portfolio imaxx Global Equity Growth Fund Principal Regulator - Ontario Type and Date: Amendment #1 dated March 8, 2012 to the Simplified Prospectuses and Annual Information Form dated May 27, 2011 NP 11-202 Receipt dated March 27, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): - Promoter(s): AEGON Fund Management Inc. Project #1732488 _______________________________________________ Issuer Name: Nautilus Minerals Inc. Principal Regulator - British Columbia Type and Date: Final Base Shelf Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: Cdn$400,000,000.00: COMMON SHARES WARRANTS Underwriter(s) or Distributor(s): - Promoter(s): - Project #1869568 _______________________________________________ Issuer Name: Northland Power Inc. Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 26, 2012 Offering Price and Description: $500,000,000.00: Common Shares Preferred Shares Debentures (unsecured) Subscription Receipts Underwriter(s) or Distributor(s): - Promoter(s): - Project #1872763 _______________________________________________
Issuer Name: Plata Latina Minerals Corporation Principal Regulator - British Columbia Type and Date: Final Long Form Prospectus dated March 21, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $3,450,000.00 - 6,900,000 Common Shares Price: $0.50 per Share Underwriter(s) or Distributor(s): HAYWOOD SECURITIES INC. Promoter(s): Gilmour Clausen Richard Warke Michael Clarke W. Durand Eppler Project #1837214 _______________________________________________ Issuer Name: PYROGENESIS CANADA INC. Principal Regulator - Quebec Type and Date: Final Short Form Prospectus dated March 22, 2012 NP 11-202 Receipt dated March 22, 2012 Offering Price and Description: $3,000,000.00 (Minimum Offering); $7,000,000.00 (Maximum Offering) A minimum of 3,750,000 Units and a maximum of 8,750,000 Units Price: $0.80 per Unit Underwriter(s) or Distributor(s): VERSANT PARTNERS INC. STONECAP SECURITIES INC. Promoter(s): P. Peter Pascali Project #1858393 _______________________________________________ Issuer Name: Renegade Petroleum Ltd. Principal Regulator - Alberta Type and Date: Final Short Form Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: $40,000,000.00 - 10,000,000 Common Shares; $10,003,200.00 - 2,084,000 Flow-Through Shares Price: $4.00 per Common Share and $4.80 per Flow-Through Share Underwriter(s) or Distributor(s): GMP SECURITIES L.P. CANACCORD GENUITY CORP. DUNDEE SECURITIES LTD. MACQUARIE CAPITAL MARKETS CANADA LTD. PARADIGM CAPITAL INC. TD SECURITIES INC. ALTACORP CAPITAL INC. FIRSTENERGY CAPITAL CORP. Promoter(s): - Project #1873637 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3271
Issuer Name: Sandspring Resources Ltd. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated March 23, 2012 NP 11-202 Receipt dated March 23, 2012 Offering Price and Description: $25,002,000.00 - 23,150,000 Common Shares Price: $1.08 per common share Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. SCOTIA CAPITAL INC. BMO NESBITT BURNS INC. CLARUS SECURITIES INC. Promoter(s): Richard A. Munson Crescent Global Gold Ltd. Project #1871703 _______________________________________________ Issuer Name: Verde Potash Plc (formerly Amazon Mining Holding Plc) Principal Regulator - Ontario Type and Date: Amended and Restated Short Form Prospectus dated March 21, 2012 to NP 11-202 Receipt dated March 21, 2012 Offering Price and Description: $25,000,000.00 - 3,875,969 ORDINARY SHARES Price: $6.45 PER ORDINARY SHARE Underwriter(s) or Distributor(s): GMP Securities L.P. Mackie Research Capital Corporation Promoter(s): - Project #1869073 _______________________________________________
IPOs, New Issues and Secondary Financings
March 30, 2012
(2012) 35 OSCB 3272
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March 30, 2012
(2012) 35 OSCB 3273
Chapter 12
Registrations 12.1.1 Registrants
Type Company Category of Registration Effective Date
Name Change
From: Claymore Investments, Inc. To: BlackRock Investments Canada Inc.
Investment Fund Manager, Portfolio Manager and Exempt Market Dealer March 16, 2012
Change in Registration Category
Capital International Asset Management (Canada), Inc.
From: Investment Fund Manager and Portfolio Manager To: Investment Fund Manager, Portfolio Manager and Exempt Market Dealer
March 22, 2012
Voluntary Surrender Notre-Dame Capital Inc. / Capital Notre-Dame Inc. Exempt Market Dealer March 23, 2012
Voluntary Surrender Newport Securities LP Exempt Market Dealer March 23, 2012
Consent to Suspension (Pending Surrender)
Helvea Inc. Exempt Market Dealer March 27, 2012
New Registration Foremost Financial Corporation Exempt Market Dealer March 28, 2012
Registrations
March 30, 2012
(2012) 35 OSCB 3274
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March 30, 2012
(2012) 35 OSCB 3275
Chapter 13
SROs, Marketplaces and Clearing Agencies 13.1 SROs 13.1.1 IIROC Rules Notice – Request for Comment – Plain Language Rule Re-write Project: Clean Up Amendments
IIROC RULES NOTICE – REQUEST FOR COMMENT
PLAIN LANGUAGE RULE RE-WRITE PROJECT: CLEAN UP AMENDMENTS
The Commission is publishing for comment IIROC’s proposed Amendments to its Dealer Member Rules. The main objective of these proposed amendments is to ensure that all of the rule provisions that may not have been included in the previously submitted series under the Plain Language Rule Re-write Project have been accounted for. The proposed rules and IIROC’s Rule Notice can be found at http://www.osc.gov.on.ca/en/20447.htm. Comments on the proposed amendments should be in writing and submitted within 90 days following the date of publication of this notice in the Ontario Securities Commission Bulletin.
SROs, Marketplaces and Clearing Agencies
March 30, 2012
(2012) 35 OSCB 3276
13.2 Marketplaces 13.2.1 Notice of Effective Date of Recognition: Recognition of Alpha Trading Systems Limited Partnership and
Alpha Exchange Inc. as an Exchange NOTE: The full text of the following notice was posted to the OSC website on March 30, 2012 at http://www.osc.gov.on.ca, and has not been reproduced in the OSC Bulletin below. Specifically, Appendices B and C referred to in the below notice are only available on the OSC website at the previously mentioned internet address.
RECOGNITION OF
ALPHA TRADING SYSTEMS LIMITED PARTNERSHIP AND ALPHA EXCHANGE INC. AS AN EXCHANGE
NOTICE OF EFFECTIVE DATE OF RECOGNITION
On December 8, 2011, the Commission approved the recognition of each of Alpha Trading Systems Limited Partnership (Alpha LP) and Alpha Exchange Inc. (Alpha Exchange) as an exchange. The recognition order states that the recognition of Alpha LP and Alpha Exchange is effective as at the later of: (a) February 1, 2012; or (b) the date the operations of Alpha ATS Limited Partnership have been legally transferred to Alpha Exchange. The order was published on December 16, 2011 in the OSC Bulletin at (2001) 34 OSCB 12623. Alpha Exchange has announced that the operations of Alpha ATS Limited Partnership will be legally transferred to Alpha Exchange on April 1, 2012, with the first day of trading on Alpha Exchange to take place on Monday, April 2, 2012. Commission staff confirm that April 1, 2012 will be the effective date of the recognition of each of Alpha LP and Alpha Exchange. The recognition order sets out the terms and conditions of recognition and includes the review process to be followed for the rules, policies and other similar instruments of Alpha Exchange (Rules). After the recognition order for Alpha LP and Alpha Exchange was granted, the name of a party to the recognition order, Alpha Services Inc., was changed to Alpha Market Services Inc. The Commission has approved a variation to the recognition order to reflect this name change. This order is found at Appendix A. Pursuant to various terms and conditions of recognition, the Commission also approved on December 8, 2012 the Rules of Alpha Exchange, those being Alpha Exchange’s Trading Policies, Member Agreement, Market Maker Agreements, the Alpha Main Listing Handbook and related Forms, and the Alpha Venture Plus Listing Handbook and related Forms. There have been some non-material changes made to Alpha Exchange’s Trading Policies and Member Agreement. The changes to the Trading Policies may be found at Appendix B and the changes to the Member Agreement may be found at Appendix C.
SROs, Marketplaces and Clearing Agencies
March 30, 2012
(2012) 35 OSCB 3277
APPENDIX A
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990,
CHAPTER. S.5, AS AMENDED (the Act)
AND
IN THE MATTER OF ALPHA TRADING SYSTEMS LIMITED PARTNERSHIP,
ALPHA TRADING SYSTEMS INC., ALPHA MARKET SERVICES INC.
AND ALPHA EXCHANGE INC.
ORDER (Section 144 of the Act and section 6.1 of Rule 13-502 Fees)
WHEREAS the Ontario Securities Commission (the Commission) issued an order dated December 8, 2011 recognizing each of Alpha Exchange Inc. and Alpha Trading Systems Limited Partnership as an exchange pursuant to section 21 of the Act (the Recognition Order); AND WHEREAS Alpha Services Inc. is a party to the Recognition Order is subject to the terms and conditions thereof; AND WHEREAS, subsequent to the date of the Recognition Order, the articles of incorporation of Alpha Services Inc. were amended to change the name of Alpha Services Inc. to Alpha Market Services Inc.; AND WHEREAS Alpha Exchange Inc., Alpha Trading Systems Limited Partnership, Alpha Trading Systems Inc. and Alpha Market Services Inc. (collectively, the Applicants) have applied for an order pursuant to section 144 of the Act to vary the Recognition Order to replace all references to Alpha Services Inc. therein with Alpha Market Services Inc. (the Variation Application); AND WHEREAS the Applicants have further applied for an order pursuant to section 6.1 of Rule 13-502 Fees (the Fee Exemption Application) exempting the Applicants from the requirement to pay the prescribed activity fees of $3,000 for the Variation Application and $1,500 for the Fee Exemption Application; AND UPON the Applicants have represented to the Commission and the Director that the change of name of Alpha Services Inc. to Alpha Market Services Inc. was made because Industry Canada did not accept the name Alpha Services Inc.; AND UPON considering the Variation Application, the Fee Exemption Application and the recommendation of staff of the Commission; AND UPON the Commission and the Director, respectively, being of the opinion that it would not be prejudicial to the public interest: IT IS ORDERED in respect of the Variation Application pursuant to section 144 of the Act, that the Recognition Order be varied by replacing the name “Alpha Services Inc.” wherever it occurs with “Alpha Market Services Inc.” DATED this 27th day of March, 2012 “James Carnwath” “Wesley Scott” IT IS FURTHER ORDERED, in respect of the Fee Exemption Application pursuant to section 6.1 of Rule 13-502, that the Applicants are exempted from:
(i) paying an activity fee of $3,000 in connection with the Variation Application, and (ii) paying an activity fee of $1,500 in connection with the Fee Exemption Application.
DATED this 26th day of March, 2012 “Susan Greenglass” Director, Market Regulation Ontario Securities Commission
SROs, Marketplaces and Clearing Agencies
March 30, 2012
(2012) 35 OSCB 3278
13.2.2 TRIACT Canada Marketplace LP – Notice of Completion of Staff Review of Proposed Changes – No Self Trade Feature
TRIACT CANADA MARKETPLACE LP
NOTICE OF COMPLETION OF STAFF REVIEW OF PROPOSED CHANGES
NO SELF TRADE FEATURE TriAct Canada Marketplace LP (TriAct) had previously announced its plans to implement changes to its Form 21-101F2 that would provide for a “no self trade” feature. A notice describing the proposed changes was published in accordance with OSC Staff Notice 21-703 – Transparency of the Operations of Stock Exchanges and Alternative Trading Systems on February 10, 2012 in the OSC Bulletin. Pursuant to OSC Staff Notice 21-703, market participants were also invited by OSC staff to provide the Commission with feedback on the proposed changes. No comment letters were received. OSC staff have completed their review of the proposed changes and have no further comment. TriAct is expected to publish a notice indicating the intended implementation date of the proposed changes.
March 30, 2012
(2012) 35 OSCB 3279
Chapter 25
Other Information 25.1.1 OSC Bulletin publication day is changing from
Fridays to Thursdays, effective April 26, 2012 Effective April 26, 2012 the OSC Bulletin will change its weekly publication day from Friday to Thursday. Apart from the weekly publication day, there are no other changes to the OSC Bulletin and the currency of the information in each week's Bulletin will be the same. From April 26, documents published in the Bulletin will be posted on the OSC website (www.osc.gov.on.ca) on Thursday afternoons instead of Friday afternoons. Also see the OSC website for information released between issues of the Bulletin. Subscribers to the OSC Bulletin may contact their representative at Carswell Thomson Reuters for any questions concerning their subscription to the Bulletin or any related Carswell products. For other questions about this change, please contact the Inquiries & Contact Centre at the OSC, at 416-593-8314 or toll-free at 1-877-785-1555, or by email at [email protected].
Other Information
March 30, 2012
(2012) 35 OSCB 3280
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March 30, 2012 (2012) 35 OSCB 3281
Index
Alpha Exchange Inc. Marketplaces ............................................................. 3276 Alpha Trading Systems Limited Partnership Marketplaces ............................................................. 3276 American Heritage Stock Transfer Inc. Notice from the Office of the Secretary ..................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ................................................ 3067 American Heritage Stock Transfer, Inc. Notice from the Office of the Secretary ..................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ................................................ 3067 BFM Industries Inc. Notice from the Office of the Secretary ..................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ................................................ 3067 BioMS Medical Corp. News Release ........................................................... 3031 BlackRock Investments Canada Inc. Name Change ........................................................... 3273 Brekelmans, Jenifer Notice of Hearing – ss. 127, 127.1 ............................ 3014 Notice from the Office of the Secretary ..................... 3032 Bridgewater Associates, LP Decision .................................................................... 3062 Bunting & Waddington Inc. Notice of Hearing – ss. 127, 127.1 ............................ 3014 Notice from the Office of the Secretary ..................... 3032 Canadian Banc Corp. Decision .................................................................... 3055 Capital International Asset Management (Canada), Inc. Change in Registration Category .............................. 3273 Caza, Joseph Notice of Hearing – s. 127......................................... 3019 Notice of Hearing – s. 127......................................... 3022 Notice from the Office of the Secretary ..................... 3033 Notice from the Office of the Secretary ..................... 3038 Order ......................................................................... 3069 Order ......................................................................... 3070 Settlement Agreement .............................................. 3102 Settlement Agreement .............................................. 3108
Chau, Henry Joe Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Chau, Joe Henry Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Chow, Henry Shung Kai Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Chow, Shung Kai Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Christodoulidis, Alexandros Notice from the Office of the Secretary .................... 3035 Claymore Investments, Inc. Name Change .......................................................... 3273 Compagnie de Saint-Gobain Decision .................................................................... 3050 CSA Staff Notice 81-320 (Revised) – Update on International Financial Reporting Standards for Investment Funds Notice ....................................................................... 3005 Curry, Gregory J. Notice from the Office of the Secretary .................... 3036 Order – s. 127, 127.1 ............................................... 3067 Curry, Kolt Notice from the Office of the Secretary .................... 3036 Order – s. 127, 127.1 ............................................... 3067 Temporary Order – s. 127(7) .................................... 3066 Da Silva, Abel Notice from the Office of the Secretary .................... 3040 Order – ss. 127(1), 127(8) ........................................ 3072 Denver Gardner Inc. Notice from the Office of the Secretary .................... 3036 Temporary Order – s. 127(7) .................................... 3066
Index
March 30, 2012 (2012) 35 OSCB 3282
Diadamo, Marco Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 Dividend Select 15 Corp. Decision .................................................................... 3057 Domenicucci, Carmine Notice of Hearing – ss. 127, 127.1 ............................ 3026 Notice of Hearing – ss. 127, 127.1 ............................ 3031 Notice from the Office of the Secretary ..................... 3035 Notice from the Office of the Secretary ..................... 3037 Doulis, Alexander Christ Notice from the Office of the Secretary ..................... 3035 Doulis, Alexander Christos Notice from the Office of the Secretary ..................... 3035 Ekonomidis, Konstantinos Notice from the Office of the Secretary ..................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................. 3071 Eldorado Gold Yukon Corp. Decision .................................................................... 3061 European Goldfields Limited Decision .................................................................... 3061 Fibrek Inc. Notice of Hearing – s. 21.7........................................ 3025 Notice from the Office of the Secretary ..................... 3034 Notice from the Office of the Secretary ..................... 3037 Order – s. 21.7 .......................................................... 3068 Foremost Financial Corporation New Registration ....................................................... 3273 Gahunia, Gurdip Singh Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 Gahunia, Michael Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 Grossman, Abraham Herbert Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 Grossman, Allen Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 Helvea Inc. Consent to Suspension (Pending Surrender) ........... 3273 Higher River Gold Mines Ltd. Cease Trading Order ................................................ 3115
IIROC Rules Notice – Request for Comment – Plain Language Rule Re-write Project: Clean Up Amendments SROs ........................................................................ 3275 Kanji, Salim Notice of Hearing – s. 127 ........................................ 3019 Notice of Hearing – s. 127 ........................................ 3022 Notice from the Office of the Secretary .................... 3033 Notice from the Office of the Secretary .................... 3038 Order ........................................................................ 3069 Order ........................................................................ 3070 Settlement Agreement .............................................. 3102 Settlement Agreement .............................................. 3108 Levack, Robert Notice from the Office of the Secretary .................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................ 3071 Levy, Pauline Notice from the Office of the Secretary .................... 3039 Order ........................................................................ 3071 Liberty Consulting Ltd. Notice from the Office of the Secretary .................... 3035 Liquid Gold International Inc. Notice from the Office of the Secretary .................... 3036 Order – s. 127, 127.1 ............................................... 3067 Lone Pine Resources Inc. Decision .................................................................... 3043 Mankofsky, William Notice from the Office of the Secretary .................... 3040 Order – ss. 127(1), 127(8) ........................................ 3072 Maple Leaf Investment Fund Corp. Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Martinez, Wayne Gerard Notice from the Office of the Secretary .................... 3039 Order ........................................................................ 3071 Mateyak, Laura Notice from the Office of the Secretary .................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ............................................... 3067 McCarthy, Andrea Lee Notice from the Office of the Secretary .................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ............................................... 3067 McQuarrie, Gord Notice from the Office of the Secretary .................... 3040 Order – ss. 127(1), 127(8) ........................................ 3072
Index
March 30, 2012 (2012) 35 OSCB 3283
Medwell Capital Corp. News Release ........................................................... 3031 Nanotech Industries Inc. Notice from the Office of the Secretary ..................... 3036 Order – s. 127, 127.1 ................................................ 3067 New Found Freedom Financial Notice from the Office of the Secretary ..................... 3039 Order ......................................................................... 3071 Newport Securities LP Voluntary Surrender .................................................. 3273 Notre-Dame Capital Inc. / Capital Notre-Dame Inc. Voluntary Surrender .................................................. 3273 O’Brien, Eric Notice from the Office of the Secretary ..................... 3040 Order – ss. 127(1), 127(8)......................................... 3072 ONE Financial All-Weather Profit Family Corp. Opportunity to be Heard by the Director ................... 3083 ONE Financial Corporation Opportunity to be Heard by the Director ................... 3083 OSC Bulletin publication day is changing from Fridays to Thursdays, effective April 26, 2012 Other Information ...................................................... 3279 OSC Notice 11-766 – Statement of Priorities – Request for Comment Regarding Statement of Priorities for Financial Year to End March 31, 2013 Notice ........................................................................ 3007 OSC Staff Notice 51-719 – Emerging Markets Issuer Review Notice ........................................................................ 3004 Prime Dividend Corp. Decision .................................................................... 3059 Quadra FNX Mining Ltd. Decision – s. 1(10) .................................................... 3063 Quadravest Capital Management Inc. Decision .................................................................... 3055 Decision .................................................................... 3057 Decision .................................................................... 3059 Sanmugam, Arvind Notice of Hearing – ss. 127, 127.1 ............................ 3014 Notice from the Office of the Secretary ..................... 3032 Seaview Energy Inc. Decision .................................................................... 3046 Sextant Capital GP Inc. Notice from the Office of the Secretary ..................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................. 3071
Sextant Capital Management Inc. Notice from the Office of the Secretary .................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................ 3071 Shallow Oil & Gas Inc. Notice from the Office of the Secretary .................... 3040 Order – ss. 127(1), 127(8) ........................................ 3072 Singh, Ron Deonarine Notice from the Office of the Secretary .................... 3039 Order ........................................................................ 3071 Spork, Natalie Notice from the Office of the Secretary .................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................ 3071 Spork, Otto Notice from the Office of the Secretary .................... 3039 Order – s. 127 of the Act and Rule 3 of the OSC Rules of Procedure ................................ 3071 Swaby, Paul Notice from the Office of the Secretary .................... 3039 Order ........................................................................ 3071 Titan Uranium Inc. Decision .................................................................... 3041 TRIACT Canada Marketplace LP Marketplaces ............................................................ 3278 Tulsiani Investments Inc. Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Tulsiani, Ravinder Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Tulsiani, Sunil Notice from the Office of the Secretary .................... 3033 Order – s. 127, 127.1 ............................................... 3064 OSC Reasons for Decision on Sanctions and Costs – ss. 127, 127.1 ....................................... 3075 Wash, Kevin Notice from the Office of the Secretary .................... 3040 Order – ss. 127(1), 127(8) ........................................ 3072 Whidden, David Notice from the Office of the Secretary .................... 3039 Order ........................................................................ 3071 Winget, Julie Notice of Hearing – ss. 127, 127.1 ........................... 3014 Notice from the Office of the Secretary .................... 3032
Index
March 30, 2012 (2012) 35 OSCB 3284
Winick, Sandy Notice from the Office of the Secretary ..................... 3036 Temporary Order – s. 127(7) .................................... 3066 Order – s. 127, 127.1 ................................................ 3067 Zompas Consulting Notice from the Office of the Secretary ..................... 3039 Order ......................................................................... 3071