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Future of mineral exploration financing

Tuesday, March 8, 2016, 9:00 AM - 4:30 PM
The Capital Markets Program will focus on evolving structural changes to the traditional mineral finance model. Several factors are having a profound impact on how mining companies raise capital to fund exploration, including the current macroeconomic realities, changing investor demographics and capital markets regulations.
Location: Room 711

Recognizing the early signs of improving metals and mining markets: A global banker’s perspective

Chair: John Bridges, JP Morgan

Egizio Bianchini, BMO Capital Markets
Peter Collibee, Scotia Capital Inc.
Rick McCreary, TD Securities
David Shaver, RBC Capital Markets

This year PDAC is privileged to hold a keynote session that provides a global perspective on mining finance from the major Canadian banks. The mining sector is known to go through upturns and downturns and dovetails closely with commodity price cycles and the broader macroeconomy. We are currently in a commodity downturn and forecasts indicate that the condition for an improved outlook is not imminent. How is the sector coping in this challenging financing environment and when will we see a turnaround?

Demographic shifts: How they have changed capital raising for junior mining companies

Chair: Brian Prill, BLP Law Professional Corporation

Rory S. Godinho, Boughton Law Corporation
Michael White, IBK Capital Corporation
Vijay Jog, Carleton University

Perspective from International exchanges on how other jurisdictions are coping with the capital raising challenges for junior issuers

Canadian capital markets: A new regulator and new prospectus exemptions

Chairs: Jim Borland, Co-Chair PDAC Securities Committee; Brian Prill, BLP Law Professional Corporation

This presentation is broken down into two sections. The first section is on the new securities regulator in Canada – the Capital Market Regulatory Authority – and how it will impact mining issuers as its consolidated regulations are implemented. The second section will focus specifically on two recent innovations – the Offering Memorandum prospectus exemption and the Crowdfunding regime – and how mining issuers can benefit from them.

Capital Market Regulatory Authority
Lawrence Ritchie, Osler, Hoskin & Harcourt LLP
Denis Frawley, Ormston List Frawley LLP

An overview of new exemptions
Rick Whiler, Ontario Securities Commission
Maria Carelli, Ontario Securities Commission

Offering memorandum exemption for mining
Greg Gosson, Amec Foster Wheeler
James McVicor, Dentons Canada LLP

Equity crowdfunding for mining
Al Wiens, Wildeboer Dellelce LLP
Chad Williams, Klondike Strike

Financing exploration through fiscal incentives

Chair: Tom King, KPMG LLP

Teri Kirk, The Funding Portal
Lisa Davis, PearTree Financial
Shawn Ryan, Independent Prospector

Several macroeconomic factors are impacting the attractiveness of investing in the mineral exploration business. Although these factors are often beyond the control of any one actor, governments have a role to play through the use of fiscal policy. As we experience a decline in the availability of risk capital from investors, there is a role of fiscal incentives in generating revenue streams that can sustain exploration in Canada through the downturn. Is the exploration sector taking full advantage of these incentives?

Related Technical Session

Raising capital: Will new prospectus exemptions help raise capital & lower regulatory costs?

For information, contact Nadim Kara at or 416 362 1969, ext 230.