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PDAC e-News and Activities, November 7, 2002 - No. 7
Page Index
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, gharper@gamah.com.
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
Saley Lawton.
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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