By Alixe Cormick and Brian Koscak “… and we are going to list our securities on the NYSE …” In our prior article (the Prior Article), we discussed how securities laws in Canada prohibit making written or oral representations that: (a) a security will be listed on an exchange or quoted on a quotation […]
Changing Your Mind: Part I – Two Day Cancellation Rights under the Offering Memorandum Exemption
December 30, 2013 by Leave a Comment
By Alixe Cormick and Brian Koscak Do you not hate shopping in stores that will not let you return items? We have all purchased an item we were excited to acquire, but then changed our mind and returned it the following day. Return policies in retail stores vary from no returns allowed, to bring us […]
The Offering Memorandum Exemption in a Nutshell
December 13, 2013 by Leave a Comment
By Brian Koscak and Alixe Cormick The offering memorandum exemption (the OM exemption) in Section 2.9 of National Instrument 45-106 Prospectus and Registration Exemptions (NI 45 106) allows issuers to sell to anyone regardless of their income, net worth, investment amount, or relationship to the principles of the issuer. Everyone an issuer could solicit in […]
Ontario Offering Memorandum is NOT the Same as the Offering Memorandum Exemption
December 12, 2013 by Leave a Comment
By Brian Koscak and Alixe Cormick The term “offering memorandum” has two meanings under securities laws in Canada. In Canadian jurisdictions other than Ontario, an offering memorandum is a document prepared in the prescribed form under National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106 OM) to enable an issuer to rely on the offering […]
Ontario’s Proposed Capital Raising Exemptions – Panel Discussion
October 20, 2013 by Leave a Comment
At the May 2013 Annual Conference of the Exempt Market Dealers Association of Canada, I was privileged to moderate a panel discussing various proposed capital raising exemptions under consideration by the Ontario Securities Commission (OSC) including the Offering Memorandum Exemption which remains unavailable in Ontario. In a recent OSC progress report in August 2013 involving […]
