November 7, 2002 - No. 7

Workshop on Continuous Market Access , Thursday, November 28, Toronto

Earlier this year, the British Columbia Securities Commission proposed a replacement for the current prospectus regime. The new system, Continuous Market Access, would require issuers to keep their material information up-to-date at all times and enable them to complete an IPO faster and to go immediately to market without having to prepare a prospectus and having it reviewed by a regulator. The PDAC and the BCSC are holding a workshop on the new system on Thursday, November 28, from 7.30 a.m. to 10 a.m. in the Library Room, Royal York Hotel. The workshop will introduce directors, officers and their professional advisors to a system designed to help companies time and size capital raising to match their operation. Free admission but registration is required. Click here to sign up and for more details.

PDAC invites nominations for board directorships

Every year the terms of sixteen directors out of the 48-member board expire. PDAC members are invited to nominate individual(s) for election to fill these vacancies. All nominations must be delivered to the PDAC no later than December 16, 2002. Click here for details about the nominating process.

Third tier capital market for juniors

On September 18 the PDAC Securities Committee submitted a commentary to the Ontario Securities Commission on a third tier market proposal by the Canadian Trading and Quotation System Inc. The TSX is also developing a proposal for a third tier market which they refer to as J2. The committee intends to comment on the J2 proposal once the British Columbia and Alberta securities commissions announce the consultation period.

Towards a more efficient securities regulatory regime

At the end of September 2002, the federal government announced that it would work with all participants to ensure that Canada has the modern and efficient securities regulatory system it needs. Subsequently, a special representative, Harold MacKay, was appointed to identify the key issues and to recommend a process that could achieve this goal. PDAC representatives met with Mr. MacKay in Toronto on October 28 and in Vancouver on October 31. Mr. MacKay has until mid-November to complete his report. Here is the backgrounder prepared for the meetings.

Sustainability indicators for the minerals and metals sector

Past president Gerald Harper has agreed to represent the PDAC and the interests of the exploration sector on a multi-stakeholder committee set up by Natural Resources Canada and referred to as the Minerals and Metals Indicators initiative, phase II. The committee’s objective is to develop indicators of sustainable development for the minerals and metals sector. To date, the committee has met twice; further meetings are planned for this fall. For more information, contact Gerald Harper, [email protected].

Royalty taxes in Newfoundland

The PDAC has written to Roger Grimes, Premier of Newfoundland and Labrador, recommending the reduction of certain royalty taxes as they apply to prospectors. The finance and taxation committee prepared the letter with the assistance of PriceWaterhouseCoopers. A similar letter will be sent to the Premier of New Brunswick, the only other Canadian jurisdiction with a royalty tax which applies in the same manner. Click here for a copy of the letter.

Association responds to federal government’s Innovation Strategy

Canada's federal government announced its Innovation Strategy in 2001 and has been inviting submissions over the past year. The PDAC and the Canadian Mining Industry Research Organization, Exploration Division, has responded to the strategy in a joint brief entitled Innovation and the mineral exploration sector. On October 4, director Eira Thomas was invited to give a presentation on the subject to the National Roundtable on Innovation and Skills in the Natural Resource Sectors and Allied Industries, in Vancouver. For a copy of Ms. Thomas’ presentation, please contact us.

Dave Comba recognized for ‘super’ flow-through work

Issues manager Dave Comba has received special recognition from the federal government for his contribution to the ‘super’ flow-through share awareness partnership. On November 28th at Camsell Hall in Ottawa Dave will be presented with a Minerals and Metals Sector Merit Award.

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