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Canadian Securities Regulators Amend Early Warning Reporting Requirements

On February 25, 2016, the Canadian Securities Administrators (“CSA”) announced amendments to the early warning reporting regime (the “Amendments”), which take effect where a party’s total holdings of a reporting issuer’s securities reaches 10 per cent or more.

Once a shareholder reaches the 10 per cent threshold, it must, no later than the opening of trading on the business day following the acquisition of securities bringing it to 10% or more, issue and file a news release containing the information required by section 3.1 of National Instrument 62-103, and within 2 days of the acquisition, file a report on SEDAR with the same information.