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Securities Law

NIN 99/21 - Short Form Offerings of Listed Securities and Units by Qualifying Issuers [NIN - Rescinded]

Published Date: 1999-06-25
Effective Date: 1999-06-24

On April 28, 1999, the Commission issued BOR#99/1 to implement the Short Form Offering prospectus exemption. The Short Form Offering is an initiative of the Vancouver Stock Exchange (the "VSE") and is being administered by the VSE (see NIN#99/14).

BOR#99/1 required, among other conditions, that the securities distributed under the exemption be of a class that are listed for trading on the VSE. As a result, an issuer could not rely on BOR#99/1 to offer warrants as part of a unit offering unless the warrants themselves were to be listed for trading on the VSE.

The Commission has adopted BOR#99/2, which will replace BOR#99/1, so that an issuer may rely on the exemption to distribute units consisting of unlisted warrants as well as listed securities, provided that, among other things, the warrants are exercisable into listed securities.

DATED at Vancouver, British Columbia, on June 24, 1999.

Douglas M. Hyndman

Ref: BOR#99/1