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The Ontario Securities Commission

OSC Bulletin

March 9, 2017

Volume 40, Issue 10

(2017), 40 OSCB

The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the

Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)

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March 9, 2017 (2017), 40 OSCB

Table of Contents

Chapter 1 Notices / News Releases ...................... 2061 1.1 Notices .......................................................... 2061 1.1.1 CSA Staff Notice 51-348 – Staff’s Review of Social Media Used by Reporting Issuers ............................................................ 2061 1.2 Notices of Hearing ......................................... (nil) 1.3 Notices of Hearing with Related Statements of Allegations ........................... 2063 1.3.1 Dennis L. Meharchand and Valt.X Holdings Inc. – ss. 127, 127.1 .............. 2063 1.3.2 Larry Keith Davis – ss. 127(1), 127(10) .......... 2068 1.3.3 Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa) – ss. 127(1), 127(10) ..................................... 2073 1.4 News Releases .............................................. (nil) 1.5 Notices from the Office of the Secretary ............................................ 2078 1.5.1 Krishna Sammy .............................................. 2078 1.5.2 Lance Kotton .................................................. 2079 1.5.3 Dennis L. Meharchand and Valt.X Holdings Inc. ........................................ 2079 1.5.4 Waverley Corporate Financial Services Ltd. and Donald McDonald ............................. 2080 1.5.5 Optam Holdings Inc. et al. .............................. 2080 1.5.6 Steven J. Martel et al. ..................................... 2081 1.5.7 Larry Keith Davis ............................................ 2081 1.5.8 Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa) .................. 2082 1.5.9 Garth H. Drabinsky et al. ................................ 2082 1.6 Notices from the Office of the Secretary with Related Statements of Allegations ............................ (nil) Chapter 2 Decisions, Orders and Rulings ............ 2083 2.1 Decisions ...................................................... 2083 2.1.1 Common Wealth Pension Services Inc. ......... 2083 2.1.2 Algonquin Capital Corporation ........................ 2089 2.1.3 Leith Wheeler Investment Counsel Ltd. .......... 2095 2.1.4 HSBC Global Asset Management (Canada) Limited ............................................ 2100 2.1.5 SEI Investments Canada Company ............... 2106 2.1.6 Arrow Capital Management Inc. and Exemplar U.S. High Yield Fund ...................... 2110 2.1.7 IA Clarington Investments Inc. et al. ............... 2114 2.1.8 NGAM Canada LP ......................................... 2117 2.2 Orders............................................................ 2119 2.2.1 Mitec Technologies Inc. ................................. 2119 2.2.2 Krishna Sammy .............................................. 2121 2.2.3 Lance Kotton – ss. 127(7), 127(8) .................. 2122 2.2.4 Thomson Reuters Corporation – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids .... 2123 2.2.5 Thomson Reuters Corporation – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids .... 2127 2.2.6 Optam Holdings Inc. et al. .............................. 2132 2.2.7 Steven J. Martel et al. – s. 127 ....................... 2133

2.2.8 Mettrum Health Corp. –s. 1(6) of the OBCA .. 2135 2.2.9 Garth H. Drabinsky et al. – ss. 127, 127.1 ..... 2136 2.2.10 Campar Capital Corporation ......................... 2138 2.2.11 MarketAxess Canada Limited – s. 15.1 of NI 21-101 Marketplace Operation .................. 2141 2.3 Orders with Related Settlement Agreements .................................................... (nil) 2.4 Rulings ............................................................ (nil)

Chapter 3 Reasons: Decisions, Orders and Rulings .................................................. 2145 3.1 OSC Decisions ............................................. 2145 3.1.1 Waverley Corporate Financial Services Ltd. and Donald McDonald – s. 8 ................... 2145 3.1.2 Optam Holdings Inc. et al. – ss. 127(1), 127(10) ..................................... 2167 3.2 Director’s Decisions ...................................... (nil) 3.3 Court Decisions ............................................. (nil)

Chapter 4 Cease Trading Orders .......................... 2171 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 2171 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ............. 2171 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................... 2171

Chapter 5 Rules and Policies .................................. (nil)

Chapter 6 Request for Comments .......................... (nil)

Chapter 7 Insider Reporting .................................. 2173

Chapter 9 Legislation ............................................... (nil)

Chapter 11 IPOs, New Issues and Secondary Financings ............................................. 2317

Chapter 12 Registrations ......................................... 2327 12.1.1 Registrants ..................................................... 2327

Chapter 13 SROs, Marketplaces, Clearing Agencies and Trade Repositories ............................... 2329

13.1 SROs ............................................................. 2329 13.1.1 IIROC – The Proposed IIROC Dealer Member Plain Language Rule Book – Request for Comment .................................... 2329 13.1.2 IIROC – Proposed Changes to Forms and Guidance Relating to Investment in a Dealer Member – Request for Comment ....... 2330 13.2 Marketplaces .................................................. (nil) 13.3 Clearing Agencies ......................................... (nil) 13.4 Trade Repositories ........................................ (nil)

Chapter 25 Other Information ................................... (nil)

Index ............................................................................ 2331

March 9, 2017

(2017), 40 OSCB 2061

Chapter 1

Notices / News Releases 1.1 Notices 1.1.1 CSA Staff Notice 51-348 – Staff’s Review of Social Media Used by Reporting Issuers CSA Staff Notice 51-348 – Staff’s Review of Social Media Used by Reporting Issuers is reproduced on the following internally numbered pages. Bulletin pagination resumes at the end of the Staff Notice.

Notices / News Releases

March 9, 2017

(2017), 40 OSCB 2062

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1

CSA Staff Notice 51-348Staff’s Review of Social Media Used by Reporting Issuers

March 9, 2017

1. EXECUTIVE SUMMARY

Social media has emerged in recent years as a common and important venue for reporting issuersto connect with potential customers, shareholders and other stakeholders. As social media andthe use of the internet have become increasingly part of how we communicate information, wehave observed a higher proportion of corporate disclosure being provided through chat rooms,investor presentations, blogs and social media websites.

Reporting issuers must constantly be aware of the securities reporting obligations that their socialmedia activities may trigger, even if these activities are not directly intended to communicatewith investors. Given that investment decisions are made on material information, it is criticalfor issuers to adhere to high quality disclosure practices regardless of the venue used fordissemination.

Staff of the Canadian Securities Administrators (Staff or we) are publishing this notice based ona review conducted by the securities regulatory authorities in Alberta, Ontario and Québec. Staffreviewed the disclosure provided on social media by 111 reporting issuers.1 This included areview of information provided on websites such as Facebook, Twitter, YouTube, LinkedIn,Instagram and GooglePlus, amongst others. We also reviewed the disclosure issuers posted ontheir own websites, including on any message boards or blogs hosted on those websites.

We reviewed this material to assess whether the disclosure provided in this relatively new andgrowing disclosure venue adheres to the principles outlined in National Policy 51-201Disclosure Standards (NP 51-201) and the requirements of National Instrument 51-102Continuous Disclosure Obligations (NI 51-102).

Our results identified the following three key areas where issuers are expected to improve theirdisclosure practices:

Selective or early disclosure when some investors receive material information throughsocial media that other investors do not receive because it is not generally disclosed.

Misleading and unbalanced social media disclosure where information is not sufficient toprovide a complete picture or is inconsistent with information already disclosed byissuers on the System for Electronic Document Analysis and Retrieval (SEDAR).

Insufficient social media governance policies in place to support social media activity.

1 Non-investment fund reporting issuers.

2

In some cases we observed deficient disclosure resulting in material stock price movements,which may have led to investor harm. This illustrates how unintended consequences, includingpotential securities regulatory action, may arise when social media is misused.

Where deficient disclosure was identified, one or more of the following outcomes occurred: Issuers provided clarifying disclosure on SEDAR and/or removed social media

disclosure. Issuers committed to improving prospective social media disclosure and/or their internal

controls and policies.

Given the significant growth in the popularity and use of social media in recent years, we willcontinue to monitor these areas in our review program activities. Issuers that have not compliedwill be expected to take corrective action.

2. DISCLOSURE EXPECTATIONS

The following guiding principles, which issuers should consider in order to prevent unbalanced,misleading or selective disclosure, are discussed in securities legislation2 and in NP 51-201. Asummary of disclosure requirements applicable to the presentation of forward-lookinginformation is also included below.

We note that, in some cases, these disclosure expectations refer to our expectations aboutbalanced disclosure for material changes, or for information contained in a press release. Highquality disclosure practices are important regardless of the venue of disclosure and, as a result,these disclosure expectations are equally important in the context of social media.3

Topic Disclosure Expectation

Unbalancedandmisleadingdisclosure4

Do not make a statement that is misleading or untrue, or which does not statea fact that is necessary to make the statement not misleading and would beexpected to have a significant effect on the market price of a security

Announcements of material changes should be factual and balanced

Unfavourable news must be disclosed just as promptly and completely asfavourable news

An issuer’s press release should contain enough detail to enable the mediaand investors to understand the substance and importance of the change it isdisclosing

Issuers should avoid including unnecessary details, exaggerated reports orpromotional commentary

2 As such term is defined in National Instrument 14-101 Definitions (NI 14-101).3 While social media is not explicitly noted in NP 51-201, Staff expect this policy will assist issuers and theirofficers and directors in meeting disclosure obligations on the use of social media.4 The disclosure expectations outlined in securities legislation (as such term is defined in NI 14-101) and insubsection 2.1(2) of NP 51-201 are referred to in this section.

3

Selectivedisclosure5

Issuers (and any person or company in a special relationship with a reportingissuer) are prohibited from informing, other than in the necessary course ofbusiness, anyone of material non-public information before that materialinformation has been generally disclosed

Information has been generally disclosed if it has been disseminated in amanner calculated to effectively reach the marketplace, and if investors havebeen given a reasonable amount of time to analyze the information

Posting material information on an issuer’s website is not acceptable as thesole means of satisfying the requirement to “generally disclose” information

Forward-lookinginformation6

An issuer that discloses material forward-looking information must identifyit as such and state the material factors or assumptions used to develop theforward-looking information

Issuers should discuss in their MD&A events and circumstances thatoccurred in the period that are reasonably likely to cause actual results todiffer materially from material forward-looking information which has beenpreviously disclosed, for a period that is not yet complete

Issuers should disclose in their MD&A any differences between actualresults and previously disclosed forward-looking information for the period

3. REVIEW SCOPE

A breakdown of the issuers that we selected for review by stock exchange, industry classificationand market capitalization is presented in the charts below.

5 The disclosure expectations outlined in section 3.1 and subsections 3.5(2) and 6.11(1) of NP 51-201 are referred toin this section.6 The disclosure requirements outlined in part 4A, part 4B and section 5.8 of NI 51-102 are referred to in thissection.

8%

46%

46%

Exchange

CSE

TSXV

TSX

25%

8%10%19%

24% 14%

Industry

Mining, oil & gasFinancial servicesManufacturing, retail & servicesBiotechnologyTechnologyOther

40%

15%19%

21%

2% 3%

Market Capitalization

Less than $25 million$25 million - $50 million$50 million - $100 million$100 million - $500 million$500 million - $1 billionMore than $1 billion

4

For many of these issuers, our review noted at least one specific instance of potential non-compliance with securities law in connection with information posted on social media websites.As a result, we sent comment letters with specific compliance-based comments to 44% of theissuers that we reviewed.

4. REVIEW OUTCOMES AND ISSUES IDENTIFIED

While a majority of the issuers in our sample that used social media did not raise securitiesrelated concerns, our review results were significant as 30% of these issuers took action toimprove their disclosure in response to issues raised. We also noted that 77% of issuers had notdeveloped specific policies and procedures which would promote internal governance andcompliance with securities law in relation to their use of social media.

72% of the issuers that we reviewed were actively using at least one social media website. Thefollowing chart provides additional information about the nature and frequency of the differenttypes of outcomes that we obtained for these issuers.

Of the issuers we reviewed that were actively using social media, 25% either filed clarifyingdisclosure, edited or removed disclosure, or made prospective commitments to improvedisclosure. These actions were mainly taken in order to address inconsistencies between specificsocial media disclosures and certain securities law requirements. In the case of four specificissuers, the original non-compliant disclosure and/or the subsequent correction of that disclosureresulted on average in a 26% movement in the stock prices of the issuers involved. In thesecases, the deficient disclosure appeared to be material and Staff may consider furtherengagement with these issuers.

Issuers withno review

outcomes, 70%

42%

42%

16%

Breakdown of review outcomes for issuers that use social media*

Filed or agreed to file clarifyingdisclosure on SEDAR, and/orremoved social media disclosure

Made other prospectivecommitments to improve socialmedia disclosure

Made improvements to internaldisclosure controls and/or policies

* Some issuers had multiple outcomes. For the purpose of this chart, only the single most significantoutcome is reflected for each individual issuer.

Issuers withat least oneoutcome, 30%

5

4.1 Selective Disclosure on Social MediaDuring our review, we noted that many reporting issuers use social media as a tool for generalmarketing and customer outreach. Because of the nature and purpose of marketing activities,these issuers may not necessarily intend to provide information on social media websites whichcould interact with their obligations under securities law. However, an unintended breach ofsecurities law obligations can occur if material non-public information is disclosed improperly.

When issuers disclose material information, they should ensure this information is “generallydisclosed” consistent with the disclosure expectations outlined in NP 51-201. Subsection 6.11(1)of NP 51-201 provides that information is not considered to have been generally disclosed solelybecause it has been disclosed on an issuer’s website. Similarly, the disclosure of materialinformation on a social media website alone would not be sufficient in order for information tobe considered “generally disclosed” under NP 51-201. As a result, Staff had selective disclosureconcerns in instances where material information was posted only on a social media website.

During the course of our review, we identified selective disclosure issues in the following areas.

4.1.1 Forward-Looking Information Disclosed Only on Social MediaWe noted a number of instances where issuers provided material forward-looking information onsocial media websites without ensuring that this information had been generally disclosed to allstakeholders. Forward-looking information provides key information to market participants onfuture prospects and, as a result, it was not surprising to see significant share price increases inseveral cases when this information was selectively disclosed on social media. Examples of thetype of forward-looking information which we observed being selectively disclosed on socialmedia websites included revenue, earnings per share and cash flow targets. These projectionswere often material because they were significantly more favourable than historical results orany other information reflected in the issuers’ continuous disclosure record.

We also noted instances where the expected timing of significant future milestones, such as thetiming for a new product launch or the amount of time before an asset can begin generatingrevenue, was selectively disclosed on social media websites only.

We had concerns in all of these cases because some investors may have received the informationand been aware of it when forming an investment decision, whereas other investors may nothave been aware of the selective disclosure. We also noted that issuers who disclosed materialforward-looking information on social media websites alone tended not to comply with otherdisclosure obligations related to forward-looking information. For example, the requirement toprovide material factors and assumptions supporting the forward-looking information or therequirement to update the forward-looking information when events occur that make it no longerlikely for the target to be met. As a result, this forward-looking information could have beenmisleading even to those investors who did receive it.

6

4.1.2 Lack of Coordination about the Timing of Social Media AnnouncementsWe noted instances where the disclosure provided by issuers on social media was eventuallygenerally disclosed on SEDAR or via a news release, but where we still had selective disclosureconcerns because the information was released on social media in advance. This includeddisclosure about events which were not forward-looking but which had recently occurred, suchas an issuer having received a licence to begin selling a key product in a new jurisdiction.

In some cases information was posted on social media minutes before it was disclosedelsewhere, and in other cases there was a time delay amounting to days or weeks. Weak socialmedia disclosure controls and governance policies, combined with incorrect assessments that theitems being disclosed initially on social media were not material, were often involved in theinitial selective disclosure of these items.

4.1.3 Third Party Posts on Social Media Which Suggest Missing Continuous DisclosureArm’s length third parties often post commentary about issuers through online blogs, messageboards or other social media websites. During our review we noted examples of third party postswhich suggested that a material event had occurred, such as the insolvency of a major customer,where those events had not been disclosed by an issuer through their continuous disclosurerecord or otherwise. Although these instances do not relate to social media disclosure provideddirectly by an issuer, they do point to the importance of social media as a venue for investors toreceive potentially material information.

In these cases, investors may have received important information about an issuer which theissuer itself omitted to disclose. We have concerns where investors are receiving materialinformation about an issuer on social media that the issuer itself has not generally disclosed inconnection with its ongoing disclosure obligations, because the end result is the selectivedisclosure of material information.

4.2 Unbalanced or Misleading Disclosure on Social MediaInformation posted by issuers on social media websites generally had a strong positive tone. Wedid not have regulatory concerns solely because an issuer’s social media disclosure focused onpositive information. However, we noted a number of instances where social media postingswere, individually or in the aggregate, sufficiently promotional or unbalanced that they raisedconcerns under securities law.

NP 51-201 states that an issuer’s disclosure should be factual and balanced, giving unfavourablenews equal prominence to favourable news. It also indicates that disclosure should includesufficient detail for investors to be able to understand the substance and significance of theevents being discussed, and that exaggerated reports and promotional commentary should beexcluded.

In connection with our review, all of the issuers identified as having unbalanced or misleadingdisclosure agreed to improve their use of social media in response to comments raised by Staff.

During the course of our review, we identified misleading or unbalanced disclosure issues in thefollowing areas.

7

4.2.1 Misleading or Untrue Statements Provided on Social MediaWe observed instances where the disclosure provided by issuers on social media was eitheruntrue or promotional to such an extent that it could have misled investors. In several instances,issuers provided commentary or other information about their financial results on social mediawhich did not appear to be consistent with or contained in their continuous disclosure onSEDAR. For example, this occurred when figures being disclosed on social media were non-GAAP financial measures which had not been disclosed in any regulatory filings, or in any otherdisclosure outside social media. Beyond any selective disclosure issues which may have existed,those investors who had received the non-GAAP financial measure disclosure on social mediawere not provided with all of the disclosures that issuers should provide when they present non-GAAP financial measures,7 including a quantitative reconciliation of the non-GAAP financialmeasure to its most directly comparable GAAP measure. In the absence of these disclosures,investors may be unable to understand the full meaning and significance of the non-GAAPfinancial measures being disclosed, which can result in their being misled on the basis ofincomplete information.

4.2.2 Analyst Reports and Other Articles Provided on Social MediaIn some cases, misleading or untrue statements were provided through links to other documents.For example, on Twitter issuers are currently subject to a 140 character limit on informationprovided in a single post. As a result of this limit we frequently observed issuers providinglengthier commentary through hyperlinks or file attachments. In many cases these links orattachments included reports and research about the issuer from analysts.

When issuers provide copies of reports from independent analysts, they should ensure that theyare providing the names and/or recommendations of all independent analysts who cover theissuer.8 We expect that this disclosure will be provided in order to prevent issuers fromselectively disclosing the reports of only those analysts whose views are favourable to the issuer.

We also observed a number of cases where analyst reports, or other third party news articles,included fine print disclosure indicating that they were paid for by the issuer. Some of thesedocuments included stock price targets and valuations for the issuer which were more thandouble their stock price at the time the report was written. Given that these documents are notindependent, issuers should provide more prominent disclosure to that effect in order to avoidmisleading investors. Burying a statement at the end of an article or report, or in fine print, thatthe issuer paid for the publication may raise misleading disclosure concerns around prominence.In these cases, issuers provided clarifying disclosure in connection with our review, in order tohighlight that these documents were not independently prepared.

7 CSA Staff Notice 52-306 (Revised) Non-GAAP Financial Measures outlines our disclosure expectations for non-GAAP financial measures.8 Refer to the guidance in subsection 5.2(4) of NP 51-201.

8

Some issuers posted links to analyst reports or other news articles, where the linked documentcontained forward-looking information about the issuer. During our review some of theseissuers indicated that, while they were no longer on track to achieve these forward-lookingtargets, they were not responsible for updating the targets because they were solely the opinionof a third party. In these cases Staff asked issuers to provide clarifying disclosure updating theforward-looking targets, because the issuer had effectively endorsed the targets by linking themto a social media post.

4.3 The Importance of a Social Media Governance PolicyStaff expect reporting issuers to understand the importance of having rigorous governancepolicies and disclosure practices which ensure the integrity of the disclosure they provide informal regulatory filings. However, our review found that a significant number of issuers did nothave the policies, procedures or controls in place which would be required in order to ensure thatsimilarly high standards are met in the disclosure they provide on social media.

This finding is critically important because a misleading statement causing investor harm hasserious implications for the integrity of capital markets. Issuers that provide deficient disclosureon social media may incur significant reputational, regulatory and other costs when addressingdeficiencies. In light of the wide popularity of social media and the lack of significant obstaclesfor issuers and their executive officers to access it, issuers should enhance the strength of theirsocial media governance frameworks.

A strong social media governance policy should include consideration of at least the followingitems:

Who can post information about the issuer on social media What type of sites (including personal social media accounts vs corporate) can be used What type of information about the issuer (financial, legal, operational, marketing, etc.)

can be posted on social media What, if any, approvals are required before information can be posted

30%

47%

23%

Issuers with a governance policy related to social media

Issuer had no applicablegovernance policy

Issuer had a generaldisclosure policy whichindirectly or brieflycovered social media

Issuer had a specificgovernance policyaddressing their use ofsocial media

9

Who is responsible for monitoring the issuer’s social media accounts, including thirdparty postings about the issuer

What other guidelines and best practices are followed (for example, if an employee postsabout the issuer on a personal social media site they should identify themselves as anemployee of the issuer)

While not an exhaustive list, we encourage reporting issuers to consider implementing a specificinternal policy on social media, meeting the principles disclosed above.

Of the four issuers mentioned above, whose non-compliant social media disclosure resulted inmaterial stock price movements, none had a specific governance policy related to how theirdirectors, officers or employees could or should be using social media websites.

A number of the issuers we reviewed that were using social media agreed to improve theirinternal policies and practices by either adopting a specific social media governance policy,restricting internal posting access to the issuer’s social media websites and/or reminding insidersof their obligations under securities law.

10

5. QUESTIONS

Please refer your questions to any of the following:

Ontario Securities CommissionSonny RandhawaDeputy Director, Corporate [email protected]

Melanie SokalskySenior Legal Counsel, Corporate [email protected]

Jonathan BlackwellSenior Accountant, Corporate [email protected]

Alberta Securities CommissionRoger PersaudSenior Securities Analyst, Corporate [email protected]

Zara NanjiSecurities Analyst, Corporate [email protected]

Autorité des marchés financiersMartin LatulippeDirector, Continuous Disclosure514-395-0337, ext. [email protected]

Georgia KoutrikasSecurities Analyst, Corporate Finance514-395-0337, ext. [email protected]

11

British Columbia Securities CommissionAllan LimManager, Corporate [email protected]

Manitoba Securities CommissionWayne BridgemanDeputy Director, Corporate [email protected]

Financial and Consumer Services Commission (New Brunswick)To-Linh HuynhSenior [email protected]

Nova Scotia Securities CommissionKevin ReddenDirector, Corporate [email protected]

Financial and Consumer Affairs Authority of SaskatchewanTony HerdzikDeputy Director, Corporate [email protected]


March 9, 2017

(2017), 40 OSCB 2063

1.3 Notices of Hearing with Related Statements of Allegations 1.3.1 Dennis L. Meharchand and Valt.X Holdings Inc. – ss. 127, 127.1

IN THE MATTER OF THE SECURITIES ACT,

RSO 1990, c S.5

AND

IN THE MATTER OF DENNIS L. MEHARCHAND and

VALT.X HOLDINGS INC.

NOTICE OF HEARING (Sections 127 and 127.1 of the Securities Act)

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, RSO 1990, c S.5 (the “Act”), at the offices of the Commission located at 20 Queen Street West, 17th Floor, Toronto, Ontario, commencing on March 27, 2017 at 11:30 a.m. or as soon thereafter as the hearing can be held; TO CONSIDER whether, in the Commission’s opinion, it is in the public interest for the Commission to make the following orders against Dennis L. Meharchand (“Meharchand”) and Valt.X Holdings Inc. (collectively, the “Respondents”):

(i) that trading in any securities or derivatives by the Respondents cease permanently or for such period as is specified by the Commission, pursuant to paragraph 2 of subsection 127(1) of the Act;

(ii) that the acquisition of any securities by the Respondents is prohibited permanently or for such period as is

specified by the Commission, pursuant to paragraph 2.1 of subsection 127(1) of the Act; (iii) that any exemptions contained in Ontario securities law do not apply to the Respondents permanently or for

such period as is specified by the Commission, pursuant to paragraph 3 of subsection 127(1) of the Act; (iv) that the Respondents be reprimanded, pursuant to paragraph 6 of subsection 127(1) of the Act; (v) that Meharchand resign one or more positions that he holds as a director or officer of any issuer, registrant, or

investment fund manager, pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act; (vi) that Meharchand be prohibited from becoming or acting as a director or officer of any issuer, registrant, or

investment fund manager, permanently or for such period as is specified by the Commission, pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act;

(vii) that Meharchand be prohibited from becoming or acting as a registrant, as an investment fund manager, or as

a promoter, permanently or for such period as is specified by the Commission, pursuant to paragraph 8.5 of subsection 127(1) of the Act;

(viii) that the Respondents pay an administrative penalty of not more than $1 million for each failure by the

respective Respondent to comply with Ontario securities law, pursuant to paragraph 9 of subsection 127(1) of the Act;

(ix) that the Respondents disgorge to the Commission any amounts obtained as a result of non-compliance with

Ontario securities law, pursuant to paragraph 10 of subsection 127(1) of the Act; (x) that the Respondents be ordered to pay the costs of the Commission investigation and the hearing, pursuant

to section 127.1 of the Act; and (xi) such other order as the Commission considers appropriate in the public interest;

BY REASON OF the allegations set out in the Statement of Allegations of Staff of the Commission dated February 27, 2017, and such further allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing;


March 9, 2017

(2017), 40 OSCB 2064

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding; AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French on request, participation may be in either French or English and participants must notify the Secretary’s Office in writing as soon as possible, and in any event, at least thirty (30) days before a hearing if the participant is requesting a proceeding be conducted wholly or partly in French; and ET AVIS EST ÉGALEMENT DONNÉ PAR LA PRÉSENTE que l'avis d'audience est disponible en français sur demande, que la participation à l'audience peut se faire en français ou en anglais et que les participants doivent aviser le Bureau du secrétaire par écrit le plus tôt possible et, dans tous les cas, au moins trente (30) jours avant l'audience si le participant demande qu'une instance soit tenue entièrement ou partiellement en français. DATED at Toronto, this 27th day of February, 2017. “Grace Knakowski” Secretary to the Commission


March 9, 2017

(2017), 40 OSCB 2065


RSO 1990, c S.5

AND

IN THE MATTER OF DENNIS L. MEHARCHAND and

VALT.X HOLDINGS INC.

STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission (“Staff”) make the following allegations: A. Overview 1. During the period from January 2012 to December 2016 (the “Material Time”), Valt.X Holdings Inc. (“Valt.X Holdings”)

and Dennis L. Meharchand (“Meharchand”) (together, the “Respondents”): (i) engaged in the business of trading in securities without being registered, contrary to subsection 25(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”); (ii) illegally distributed securities, contrary to subsection 53(1) of the Act; and (iii) engaged in conduct contrary to the public interest.

2. During the Material Time, the Respondents raised a total of approximately CDN$1.5 million and USD$140,000 through

the sale of shares to approximately 65 investors who were solicited to invest in Valt.X Holdings. The Respondents engaged in the conversion of outstanding loans to convertible notes for shares in Valt.X Holdings worth approximately CDN$1.4 million.

3. Further, Meharchand engaged in fraudulent conduct by making misleading or untrue statements to investors regarding

the use of investors’ funds. Instead of using investor funds exclusively for their stated purpose, Meharchand used a significant portion of investor monies for his personal benefit, including the payment of loans, the payment of personal expenses, and the use of monies for gambling, contrary to subsection 126.1(b) of the Act.

B. The Respondents 4. During the Material Time, Meharchand was a resident of Toronto, Ontario and an officer and/or director and directing

mind of Valt.X Holdings. He has never been registered with the Ontario Securities Commission (the “Commission”) in any capacity.

5. Valt.X Holdings was incorporated in Ontario in March 2006 with a registered address in Toronto, Ontario. During the

Material Time, Valt.X Holdings was not a reporting issuer in Ontario and did not file a preliminary prospectus and prospectus. Valt.X Holdings has never been registered with the Commission in any capacity.

C. Unregistered Trading and Illegal Distribution (a) Trading in Securities 6. During the Material Time, the Respondents solicited Canadian residents, both directly and indirectly, to advance

monies for the purpose of funding Valt.X Holdings’ ongoing business activities. Since 2010, Valt.X Holdings’ business activities have included raising capital through the sale of securities to members of the public and attempts to commercialize proprietary cybersecurity technologies. As a result of investor solicitations, a total of approximately CDN$1.5 million and USD$140,000 from 65 investors was raised.

7. The individuals solicited to invest in Valt.X Holdings were members of the public. Direct solicitations resulted in

numerous investor referrals, which the Respondents accepted. 8. Investors entered into subscription agreements with respect to their investment in Valt.X Holdings. The subscription

agreements were issued by Valt.X Holdings and executed by Meharchand, as a director and/or officer. Typically, investors purchased common shares of Valt.X Holdings at a purchase price of between $0.25 and $1.00 per share.

9. The Valt.X Holdings common shares are “securities”, as defined in subsection 1(1) of the Act.


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(2017), 40 OSCB 2066

10. Meharchand solicited individuals to invest in Valt.X Holdings by contacting them directly by email, offering investment opportunities on the internet, meeting with potential investors, discussing the nature of the investment, making presentations about the investment opportunity, answering inquiries made by potential investors, and disseminating marketing materials to potential investors.

11. Investor monies were accepted and deposited, directly or indirectly, into accounts associated with or related to the

Respondents, including accounts in the name of Valt.X Holdings and Meharchand. The investor monies were then disbursed at the direction of Meharchand for use in the operation of Valt.X Holdings and for wholly unrelated purposes.

(b) The “Crowd Buy” Opportunity 12. In or around February 2016, Meharchand began marketing a “crowd buy” program on behalf of Valt.X Holdings.

Potential investors were given an opportunity to purchase software licenses from Valt.X Holdings at a discount. Under the proposed terms of the “crowd buy” program, investors were told they have the option to (1) sell the licenses themselves or (2) have Valt.X Holdings sell the licenses on their behalf.

13. Potential investors were told that they would receive a fixed return on investment in one year and that their return would

be dependent on the amount of money invested. For example, an investment of $100,000 would provide a 30% return, an investment of $50,000 would provide a 25% return, and an investment of under $50,000 would provide a 20% return. Valt.X Holdings would buy back any unsold inventory at cost.

14. The “crowd buy” program offered by Valt.X Holdings is an investment contract, and therefore a “security” as defined in

subsection 1(1) of the Act. (c) Conversion of Existing Loans to Securities 15. Prior to 2012, Meharchand entered into a series of loans with various individuals. In 2012, Meharchand began

providing convertible notes for Valt.X Holdings shares to his existing lenders. These convertible notes were in lieu of the principal and interest due on the outstanding loans. During the Material Time, Valt.X Holdings issued approximately $1.4 million worth of convertible notes.

16. The convertible notes were offered for a set duration and provided the subscriber the option of converting outstanding

loans to common shares of Valt.X Holdings, typically at a price of $0.19 to $1.00 per share. The terms of the notes varied from 45 days to two years.

17. If the subscriber did not elect to convert to shares and opted instead to redeem the convertible note, Valt.X Holdings

would pay an annual interest rate of 15% from the date of the execution of the convertible note. 18. The Valt.X Holdings convertible notes are “securities”, as defined in subsection 1(1) of the Act. 19. By engaging in the conduct described above, the Respondents engaged in, or held themselves out as engaging in, the

business of trading in securities and participated in acts, solicitations, conduct or negotiations directly or indirectly in furtherance of the sale or disposition of securities, in circumstances where there were no exemptions to the registration requirement available under Ontario securities law, contrary to section 25 of the Act and/or contrary to the public interest.

20. Further, by engaging in the conduct described above, the Respondents traded in securities where those trades were

distributions of securities not previously issued, in circumstances where there were no exemptions to the prospectus requirement available under Ontario securities law or the Respondents improperly relied upon such exemptions, contrary to section 53 of the Act and/or contrary to the public interest.

D. Fraudulent Conduct 21. During the Material Time, Meharchand made representations to investors that their investment monies would be used

for the ongoing operations of Valt.X Holdings. However, the funds raised from investors were not used exclusively for this purpose. Instead of being used exclusively for the stated purpose, and without the knowledge of investors, Meharchand directed a significant amount of investor monies towards other uses, including: (a) paying personal expenditures, including credit card and mortgage payments; (b) repaying individuals who were owed money from loans to Meharchand; (c) paying existing investors;


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(2017), 40 OSCB 2067

(d) significant cash withdrawals; and (e) funding personal gambling activities engaged in by Meharchand.

22. During the Material Time, neither of the Respondents had any significant source of income other than investor funds. Meharchand’s failure to use the investor funds as represented to investors was misleading and/or fraudulent in the circumstances.

23. By engaging in the conduct described above, Meharchand engaged in or participated in acts, practices, or courses of

conduct relating to securities that he knew perpetrated a fraud on persons or companies contrary to subsection 126.1(b) of the Act.

E. Breaches of Ontario Securities Law and/or Conduct Contrary to the Public Interest 24. The specific allegations advanced by Staff are:

(a) During the Material Time, the Respondents engaged in, or held themselves out as engaging in, the business

of trading in securities without being registered, in circumstances where there were no exemptions to the registration requirement available to the Respondents under Ontario securities law, contrary to subsection 25(1) of the Act;

(b) During the Material Time, the trading of securities as set out above constituted a distribution of securities by

the Respondents in circumstances where no preliminary prospectus and prospectus were filed and receipts had not been issued for them by the Director, and where there were no exemptions to the prospectus requirement available to the Respondents under Ontario securities law or the Respondents improperly relied upon such exemptions, contrary to subsection 53(1) of the Act;

(c) During the Material Time, Meharchand engaged in or participated in acts, practices, or courses of conduct

relating to securities that he knew perpetrated a fraud on persons or companies, contrary to subsection 126.1(b) of the Act;

(d) During the Material Time, Meharchand, as an officer or director of the Corporate Respondents, authorized,

permitted or acquiesced in the non-compliance of the Corporate Respondents with Ontario securities law and as a result is deemed to also have not complied with Ontario securities law pursuant to section 129.2 of the Act.

25. The conduct described above was contrary to the fundamental purposes and principles of the Act found in subsections

1.1 and 2.1 of the Act. The Respondents engaged in unfair and improper practices, which harmed investors who invested in Valt.X Holdings, and by impugning the integrity of Ontario’s capital markets.

26. By reason of the foregoing, the Respondents violated the principles and requirements of Ontario securities law such

that it is in the public interest to make orders under section 127 of the Act. 27. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit. DATED at Toronto, February 27, 2017.


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(2017), 40 OSCB 2068

1.3.2 Larry Keith Davis – ss. 127(1), 127(10)


RSO 1990, c S.5

AND

IN THE MATTER OF LARRY KEITH DAVIS

NOTICE OF HEARING

(Subsections 127(1) and 127(10) of the Securities Act) TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the “Act”), at the offices of the Commission, 20 Queen Street West, 17th Floor, commencing on March 13, 2017 at 9:30 a.m., or as soon thereafter as the hearing can be held; TO CONSIDER whether, pursuant to subsection 127(1) and paragraph 4 of subsection 127(10) of the Act, it is in the public interest for the Commission to make an order: 1. against Larry Keith Davis (“Davis”) that:

a. trading in any securities or derivatives by Davis cease permanently, pursuant to paragraph 2 of subsection

127(1) of the Act, except that he may trade securities or derivatives for his own account through a registrant, if he provides the registrant a copy of the British Columbia Securities Commission’s Order dated November 7, 2016 (the “BCSC Order”), and a copy of the Order of the Commission in this proceeding, if granted;

b. the acquisition of any securities by Davis cease permanently, pursuant to paragraph 2.1 of subsection 127(1)

of the Act, except that he may purchase securities for his own account through a registrant, if he provides the registrant a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, if granted;

c. any exemptions contained in Ontario securities law do not apply to Davis permanently, pursuant to paragraph

3 of subsection 127(1) of the Act; d. Davis resign any positions that he holds as a director or officer of any issuer or registrant, pursuant to

paragraphs 7 and 8.1 of subsection 127(1) of the Act; e. Davis be prohibited permanently from becoming or acting as a director or officer of any issuer or registrant,

pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act; and f. Davis be prohibited permanently from becoming or acting as a registrant, investment fund manager or

promoter, pursuant to paragraph 8.5 of subsection 127(1) of the Act;

2. such other order or orders as the Commission considers appropriate. BY REASON of the allegations set out in the Statement of Allegations of Staff of the Commission dated February 28, 2017, and by reason of the BCSC Order, and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that at the hearing on March 13, 2017 at 9:30 a.m., Staff will bring an application to proceed with the matter by written hearing, in accordance with Rule 11 of the Ontario Securities Commission Rules of Procedure (2014), 37 OSCB 4168 and section 5.1 of the Statutory Powers Procedure Act, RSO 1990, c S.22, and any party to the proceeding may make submissions in respect of the application to proceed by written hearing; AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by a representative at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of the party and such party is not entitled to any further notice of the proceeding;


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(2017), 40 OSCB 2069

AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French on request, participation may be in either French or English and participants must notify the Secretary’s Office in writing as soon as possible, and in any event, at least thirty (30) days before a hearing if the participant is requesting a proceeding to be conducted wholly or partly in French; and ET AVIS EST ÉGALEMENT DONNÉ PAR LA PRÉSENTE que l'avis d'audience est disponible en français sur demande, que la participation à l'audience peut se faire en français ou en anglais et que les participants doivent aviser le Bureau du secrétaire par écrit le plut tôt possible et, dans tous les cas, au moins trente (30) jours avant l'audience si le participant demande qu'une instance soit tenue entièrement ou partiellement en français. DATED at Toronto this 1st day of March, 2017. “Grace Knakowski” Secretary to the Commission


March 9, 2017

(2017), 40 OSCB 2070


R.S.O. 1990, c. S.5

AND

IN THE MATTER OF LARRY KEITH DAVIS

STATEMENT OF ALLEGATIONS OF

STAFF OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission (“Staff”) allege: I. OVERVIEW 1. Larry Keith Davis (“Davis” or the “Respondent”) is subject to an order made by the British Columbia Securities

Commission (the “BCSC”) dated November 7, 2016 (the “BCSC Order”) that imposes sanctions, conditions, restrictions or requirements upon him.

2. In its findings on liability dated June 22, 2016 (the “Findings”), a panel of the BCSC (the “BCSC Panel”) found that

Davis perpetrated a fraud, contrary to section 57(b) of the British Columbia Securities Act, RSBC 1996, c 418 (the “BC Act”).

3. Staff are seeking an inter-jurisdictional enforcement order, pursuant to paragraph 4 of subsection 127(10) of the

Ontario Securities Act, R.S.O. 1990, c. S.5 (the “Act”). II. THE BCSC PROCEEDINGS The BCSC Findings 4. The conduct for which Davis was sanctioned took place between June 2011 and May 2013 (the “Material Time”). 5. As of the date of the Findings, Davis was a resident of British Columbia. Davis has never been registered under the BC

Act. 6. During the Material Time, Davis was working in investor relations using the name Bravo International Services

(“Bravo”). In 2009, Davis began doing investor relations work for various companies, including FormCap Corp. (“FormCap”), a Nevada company trading on the U.S. over-the-counter market. His involvement with the companies was through an individual (“Mr. B”).

7. Davis had no agreement with FormCap to provide investor relations services, and received no remuneration from the

company. He obtained information relating to FormCap from Mr. B. and public sources. For a brief period of time in early 2011, Davis was remunerated for his work relating to FormCap through the transfer of FormCap shares to him from existing shareholders, but had sold his shares by April 2011. The BCSC Panel found that Davis never received any FormCap shares after January 2011.

8. WM was a neighbour and family friend of Davis, who had little investment knowledge or experience. First Investment 9. In June 2011, Davis led WM to believe that there was an investment opportunity for her in FormCap, and that she could

purchase shares through him. WM provided Davis $4,000 towards her investment, which was to turn into 40,000 FormCap shares in August or September 2011. WM received a receipt for her investment on Bravo letterhead, with an attached Stock Purchase Agreement (“SPA”) which had been authored by Davis. The SPA set out the terms of the investment, including identifying Davis as the seller of the FormCap shares to WM.

10. The BCSC Panel found that Davis deposited the investor’s initial investment funds into his personal bank account.

Rather than investing the funds as promised, Davis used them instead on personal expenses and cash withdrawals. 11. In July 2011, FormCap announced that it had approved a consolidation of its shares on a 1-for-10 share basis by which

shareholders would receive one share for every ten shares tendered. By October 17, 2011, however, FormCap


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(2017), 40 OSCB 2071

abandoned the proposed 1-for-10 share consolidations and disclosed this publicly. Davis knew the 1-for-10 share consolidation was not proceeding, but did not convey that information to WM.

Second Investment 12. In April 2012, Davis convinced the investor to make a second investment of $3,000 in exchange for 30,000 FormCap

shares. Although WM had yet to receive FormCap shares relating to her first investment, she proceeded with the additional investment. WM believed she was buying FormCap shares from Davis, through Bravo, and opened a brokerage account on Davis’ suggestion, into which her FormCap shares were to be deposited. WM received no purchase agreement or receipt in respect of her second investment.

13. Following WM’s second investment, FormCap restructured and commenced a 1-for-50 share consolidation on August

10, 2012. SPA Amendment and Request for Return of Investment Funds 14. Throughout April and May 2013, WM asked Davis for the return of her investment funds. Davis repeatedly refused her

requests, explaining, among other things, that WM”s investments were in shares tied to the stock market. At the insistence of WM, the SPA was eventually amended in May 2013 to reflect her second investment.

15. The BCSC Panel found that as late as May 2013, Davis continued to represent to WM that he owned FormCap shares,

despite the 1-for-10 share consolidation having been abandoned in October 2011, and the fact that Davis had never received any FormCap shares following the 1-for-50 share consolidation which commenced in August 2012.

16. WM never received any FormCap shares from Davis, but eventually succeeded in getting the return of her funds from

him through a Small Claims Court process. 17. In its Findings, the BCSC Panel concluded that:

a. Davis perpetrated fraud on WM in the aggregate amount of $7,000 contrary to section 57(b) of the BC Act. The BCSC Order 18. The BCSC Order imposed the following sanctions, conditions, restrictions or requirements upon Davis:

a. under sections 161(1)(b)(ii), (c), and (d)(i), (ii), (iii), (iv) and (v) of BC Act,

i. Davis cease trading in, and is permanently prohibited from purchasing, securities; except he may trade or purchase securities for his own account through a registrant if he gives the registrant a copy of the BCSC Order;

ii. any or all of the exemptions set out in the BC Act, regulations or a decision do not apply to Davis; iii. Davis resign any position he holds as, and is permanently prohibited from becoming or acting as, a

director or officer of any issuer or registrant; iv. Davis is permanently prohibited from becoming or acting as a registrant or promoter; v. Davis is permanently prohibited from acting in a management or consultative capacity in connection

with activities in the securities market; and vi. Davis is permanently prohibited from engaging in investor relations activities;

b. under section 162 of the BC Act, that Davis pay to the BCSC an administrative penalty of $15,000.

III. JURISDICTION OF THE ONTARIO SECURITIES COMMISSION 19. The Respondent is subject to an order of the BCSC imposing sanctions, conditions, restrictions or requirements upon

him. 20. Pursuant to paragraph 4 of subsection 127(10) of the Act, an order made by a securities regulatory authority,

derivatives regulatory authority or financial regulatory authority, in any jurisdiction, that imposes sanctions, conditions,


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(2017), 40 OSCB 2072

restrictions or requirements on a person or company may form the basis for an order in the public interest made under subsection 127(1) of the Act.

21. Staff allege that it is in the public interest to make an order against the Respondent. 22. Staff reserve the right to amend these allegations and to make such further and other allegations as Staff deem fit and

the Commission may permit. 23. Staff request that this application be heard by way of a written hearing pursuant to Rules 2.6 and 11 of the Ontario

Securities Commission Rules of Procedure. DATED at Toronto, this 28th day of February, 2017.


March 9, 2017

(2017), 40 OSCB 2073

1.3.3 Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa) – ss. 127(1), 127(10)

IN THE MATTER OF

THE SECURITIES ACT, RSO 1990, c S.5

AND

IN THE MATTER OF

AYAZ DHANANI (also known as AZIM VIRANI, MICHAEL LEE,

ALEX NEBRIS, PAUL DHANANI, SAMUEL RAMOS, and RAHIM JIWA)

NOTICE OF HEARING

(Subsections 127(1) and 127(10) of the Securities Act) TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the “Act”), at the offices of the Commission, 20 Queen Street West, 17th Floor, commencing on March 13, 2017 at 10:30 a.m., or as soon thereafter as the hearing can be held; TO CONSIDER whether, pursuant to subsection 127(1) and paragraph 4 of subsection 127(10) of the Act, it is in the public interest for the Commission to make an order: 1. against Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and

Rahim Jiwa) (“Dhanani”) that: a. trading in any securities or derivatives by Dhanani cease permanently, pursuant to paragraph 2 of subsection

127(1) of the Act; b. the acquisition of any securities by Dhanani cease permanently, pursuant to paragraph 2.1 of subsection

127(1) of the Act; c. Dhanani resign any positions that he holds as a director or officer of any issuer or registrant, pursuant to

paragraphs 7 and 8.1 of subsection 127(1) of the Act; d. Dhanani be prohibited permanently from becoming or acting as a director or officer of any issuer or registrant,

pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act; and e. Dhanani be prohibited permanently from becoming or acting as a registrant, investment fund manager or

promoter, pursuant to paragraph 8.5 of subsection 127(1) of the Act;

2. such other order or orders as the Commission considers appropriate. BY REASON of the allegations set out in the Statement of Allegations of Staff of the Commission dated February 28, 2017, and by reason of an order of the British Columbia Securities Commission dated December 16, 2016, and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that at the hearing on March 13, 2017 at 10:30 a.m., Staff will bring an application to proceed with the matter by written hearing, in accordance with Rule 11 of the Ontario Securities Commission Rules of Procedure (2014), 37 OSCB 4168 and section 5.1 of the Statutory Powers Procedure Act, RSO 1990, c S.22, and any party to the proceeding may make submissions in respect of the application to proceed by written hearing; AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by a representative at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of the party and such party is not entitled to any further notice of the proceeding; AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French on request, participation may be in either French or English and participants must notify the Secretary’s Office in writing as soon as possible, and in any event, at


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(2017), 40 OSCB 2074

least thirty (30) days before a hearing if the participant is requesting a proceeding to be conducted wholly or partly in French; and ET AVIS EST ÉGALEMENT DONNÉ PAR LA PRÉSENTE que l'avis d'audience est disponible en français sur demande, que la participation à l'audience peut se faire en français ou en anglais et que les participants doivent aviser le Bureau du secrétaire par écrit le plut tôt possible et, dans tous les cas, au moins trente (30) jours avant l'audience si le participant demande qu'une instance soit tenue entièrement ou partiellement en français. DATED at Toronto this 1st day of March, 2017. “Grace Knakowski” Secretary to the Commission


March 9, 2017

(2017), 40 OSCB 2075


R.S.O. 1990, c. S.5

AND

IN THE MATTER OF AYAZ DHANANI

(also known as AZIM VIRANI, MICHAEL LEE, ALEX NEBRIS, PAUL DHANANI,

SAMUEL RAMOS, and RAHIM JIWA)

STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission (“Staff”) allege: I. OVERVIEW 1. Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa)

(“Dhanani” or the “Respondent”) is subject to an order made by the British Columbia Securities Commission (the “BCSC”) dated December 16, 2016 (the “BCSC Order”) that imposes sanctions, conditions, restrictions or requirements upon him.

2. In its findings on liability dated May 30, 2016 (the “Findings”), a panel of the BCSC (the “BCSC Panel”) found that

Dhanani perpetrated a fraud on three investors in the collective amount of $188,000, contrary to section 57(b) of the British Columbia Securities Act, RSBC 1996, c 418 (the “BC Act”).

3. Staff are seeking an inter-jurisdictional enforcement order, pursuant to paragraph 4 of subsection 127(10) of the

Ontario Securities Act, R.S.O. 1990, c. S.5 (the “Act”). II. THE BCSC PROCEEDINGS The BCSC Findings 4. The conduct for which Dhanani was sanctioned took place between 2013 and 2014. 5. As of the date of the Findings, Dhanani was a resident of British Columbia. Dhanani has never been registered in any

capacity under the BC Act. Investor A 6. Dhanani met Investor A in 2012 when they worked together. In June 2013, Dhanani presented Investor A with an

investment opportunity, telling her that there was a mining company that was about to go public and that Dhanani had special access to the company’s stock. Dhanani advised Investor A that the mining company’s stock price would increase by 50% within a short time period.

7. Investor A gave Dhanani a cheque for $13,800 to invest in stock of the mining company. Dhanani provided Investor A

with a receipt in that amount, acknowledging that it was for a “stock purchase.” 8. Dhanani gave Investor A’s cheque to his father, who then deposited the cheque into his own bank account. Dhanani’s

father shares the same first initial with his son. Dhanani’s father withdrew $6,500 in cash, and gave that money to Dhanani. Over the following week, the remaining $7,300 was consumed by cash withdrawals and personal expenditures of Dhanani’s father.

9. Shortly thereafter, Dhanani told Investor A that her investment had generated returns. In fact, there was no investment

as Dhanani had not used any of Investor A’s money to buy stock. Investor A has never received any funds back from Dhanani.

Investor B 10. In approximately July 2013, Dhanani approached Investor B, who was working as a bank teller. Dhanani introduced

himself as “Azim Virani.”


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(2017), 40 OSCB 2076

11. During the BCSC proceedings, Investor B was shown a picture of Dhanani, and confirmed that he was the person with whom Investor B had all of his dealings, and who called himself “Azim Virani.” The BCSC Panel found that the person referred to under that name was Dhanani.

12. Dhanani told Investor B that his family owned a local hotel, and that he might be interested in hiring Investor B.

Dhanani and Investor B met several times to discuss this job opportunity. During one meeting, Dhanani presented Investor B with an investment opportunity in an oil company that was about to complete an initial public offering. Dhanani said that Investor B would make an investment return of 40-50% in two weeks.

13. Investor B gave Dhanani four bank drafts totaling $55,000. In return for each draft, Dhanani provided Investor B with a

security agreement, guaranteeing the principal amount, and a receipt acknowledging payment for a “stock purchase.” 14. Dhanani gave his father the four bank drafts, who deposited them into two separate accounts. A total of $38,500 was

immediately withdrawn, some of which went to Dhanani, with the remainder withdrawn by Dhanani’s father to pay for personal expenses.

15. After providing Dhanani with the four bank drafts, Investor B met with Dhanani, who promised him that the stock

investment was going well. Investor B has never received any funds back from Dhanani. Investor C 16. In the fall of 2014, Investor C met Dhanani at a social function. A month later, Dhanani presented Investor C with an

investment opportunity of shares in a gold mining company undergoing an initial public offering, which would result in a 20-40% return over a two month period.

17. Dhanani instructed Investor C to make a bank draft out in the name of “Zhongyun Zhang.” Dhanani’s explanation for

those instructions was that he made stock investments in the names of others to avoid paying taxes. 18. Investor C provided a bank draft in the name of Zhang in the amount of $120,000 to Dhanani. The funds eventually

found their way, through the hands of several intermediaries, into a bank account in the name of Zhongyun Zhang, which was frozen by BCSC Staff as at the time of the BCSC proceedings.

19. In its Findings, the BCSC Panel concluded that:

a. Dhanani perpetrated a fraud on each of Investors A, B and C in the collective amount of $188,800 in contravention of section 57(b) of the BC Act.

The BCSC Order 20. The BCSC Order imposed the following sanctions, conditions, restrictions or requirements upon Dhanani:

b. under sections 161(1)(b) and (d)(i) through (v) of the BC Act, that Dhanani resign any position he holds as a director or officer of any issuer or registrant and that he permanently:

i. cease trading in, and be prohibited from purchasing, any securities and exchange contracts; ii. be prohibited from becoming or acting as a director or officer of any issuer or registrant; iii. be prohibited from becoming or acting as a registrant or promoter; iv. be prohibited from acting in a management or consultative capacity in connection with activities in the

securities market; and v. be prohibited from engaging in investor relations activities;

c. under section 161(1)(g) of the BC Act, that Dhanani pay to the BCSC $188,800; and d. under section 162 of the BC Act, that Dhanani pay to the BCSC an administrative penalty of $225,000.

III. JURISDICTION OF THE ONTARIO SECURITIES COMMISSION 21. The Respondent is subject to an order of the BCSC imposing sanctions, conditions, restrictions or requirements upon

him.


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(2017), 40 OSCB 2077

22. Pursuant to paragraph 4 of subsection 127(10) of the Act, an order made by a securities regulatory authority, derivatives regulatory authority or financial regulatory authority, in any jurisdiction, that imposes sanctions, conditions, restrictions or requirements on a person or company may form the basis for an order in the public interest made under subsection 127(1) of the Act.

23. Staff allege that it is in the public interest to make an order against the Respondent. 24. Staff reserve the right to amend these allegations and to make such further and other allegations as Staff deem fit and

the Commission may permit. 25. Staff request that this application be heard by way of a written hearing pursuant to Rules 2.6 and 11 of the Ontario

Securities Commission Rules of Procedure. DATED at Toronto, this 28th day of February, 2017.


March 9, 2017

(2017), 40 OSCB 2078

1.5 Notices from the Office of the Secretary 1.5.1 Krishna Sammy

FOR IMMEDIATE RELEASE March 1, 2017

IN THE MATTER OF


AND

IN THE MATTER OF

A REQUEST FOR A HEARING AND REVIEW OF THE DECISION OF A HEARING PANEL OF

THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA

AND

IN THE MATTER OF KRISHNA SAMMY

TORONTO – The Commission issued an Order in the above named matter which provides that:

1. the Application to Revoke or Vary is granted and the October 28, 2016 Order of the Commission is revoked; 2. a confidential pre-hearing conference shall be held by teleconference on March 8, 2017 at 11:00 a.m. EST; 3. pursuant to subsection 9(1)(b) of the Statutory Powers and Procedure Act, RSO 1990, c S.22 and Rule 5.2 of

the Commission’s Rules of Procedure (2014), 37 OSCB 4168, the “Further Amended Application for Further Decision dated February 27, 2017” found at Tab 3 of the Application Record dated February 27, 2017 is confidential; and

4. the hearing of the Application for Hearing and Review shall commence on March 30, 2017, at 11:30 a.m. EST.

A copy of the Order dated February 28, 2017 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)


March 9, 2017

(2017), 40 OSCB 2079

1.5.2 Lance Kotton


IN THE MATTER OF


AND

IN THE MATTER OF

LANCE KOTTON TORONTO – The Commission issued an Order in the above named matter which provides that:

1. the Temporary Order is extended as against Kotton until April 6, 2017; and

2. the hearing of this matter is adjourned

until April 5, 2017 at 10:00 a.m., or such other date and time as provided by the Office of the Secretary and agreed to by the parties.

A copy of the Temporary Order dated March 1, 2017 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.5.3 Dennis L. Meharchand and Valt.X Holdings Inc.


IN THE MATTER OF


AND

IN THE MATTER OF

DENNIS L. MEHARCHAND and VALT.X HOLDINGS INC.

TORONTO – The Office of the Secretary issued a Notice of Hearing on February 27, 2017 setting the matter down to be heard on March 27, 2017 at 11:30 a.m. or as soon thereafter as the hearing can be held in the above named matter. The hearing will be held at the offices of the Commission at 20 Queen Street West, 17th Floor, Toronto. A copy of the Notice of Hearing dated February 27, 2017 and Statement of Allegations of Staff of the Ontario Securities Commission dated February 27, 2017 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)


March 9, 2017

(2017), 40 OSCB 2080

1.5.4 Waverley Corporate Financial Services Ltd. and Donald McDonald

FOR IMMEDIATE RELEASE

March 2, 2017


RSO 1990, c S.5

AND

IN THE MATTER OF WAVERLEY CORPORATE FINANCIAL SERVICES LTD.

and DONALD McDONALD TORONTO – The Commission issued its Reasons and Decision in the above named matter. A copy of the Reasons and Decision dated March 1, 2017 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.5.5 Optam Holdings Inc. et al.


IN THE MATTER OF


AND

IN THE MATTER OF

OPTAM HOLDINGS INC., INFINIVEST MORTGAGE INVESTMENT CORPORATION, and

WADE ROBERT CLOSSON TORONTO – The Commission issued its Reasons and Decision and an Order pursuant to Subsections 127(1) and 127(10) of the Securities Act in the above noted matter. A copy of the Reasons and Decision dated February 28, 2017 and the Order dated March 1, 2017 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)


March 9, 2017

(2017), 40 OSCB 2081

1.5.6 Steven J. Martel et al.


IN THE MATTER OF


AND

IN THE MATTER OF STEVEN J. MARTEL,

MARTEL GROUP OF COMPANIES INC. and 8446997 CANADA INC.

TORONTO – The Commission issued an Order in the above named matter which provides that:

1. The Extension Motion is adjourned to March 16, 2017 at 10:00 a.m., or such other date as may be agreed to by the parties and set by the Office of the Secretary; and

2. The obligations of the parties to serve

and file materials and conduct cross-examinations in advance of the hearing of the Privilege Motion, pursuant to the schedule set out in the January 2017 Order, are hereby adjourned to such other dates to be determined by the Commission after hearing the Extension Motion.

A copy of the Order dated March 2, 2017 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.5.7 Larry Keith Davis


IN THE MATTER OF


AND

IN THE MATTER OF

LARRY KEITH DAVIS TORONTO – The Office of the Secretary issued a Notice of Hearing pursuant to Subsections 127(1) and 127(10) of the Securities Act setting the matter down to be heard on March 13, 2017 at 9:30 a.m. or as soon thereafter as the hearing can be held in the above named matter. The hearing will be held at the offices of the Commission at 20 Queen Street West, 17th Floor, Toronto. A copy of the Notice of Hearing dated March 1, 2017 and Statement of Allegations of Staff of the Ontario Securities Commission dated February 28, 2017 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)


March 9, 2017

(2017), 40 OSCB 2082

1.5.8 Ayaz Dhanani (also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa)

FOR IMMEDIATE RELEASE

March 3, 2017


RSO 1990, c S.5

AND

IN THE MATTER OF AYAZ DHANANI

(also known as AZIM VIRANI, MICHAEL LEE, ALEX NEBRIS, PAUL DHANANI,

SAMUEL RAMOS, and RAHIM JIWA) TORONTO – The Office of the Secretary issued a Notice of Hearing pursuant to Subsections 127(1) and 127(10) of the Securities Act setting the matter down to be heard on March 13, 2017 at 10:30 a.m. or as soon thereafter as the hearing can be held in the above named matter. The hearing will be held at the offices of the Commission at 20 Queen Street West, 17th Floor, Toronto. A copy of the Notice of Hearing dated March 1, 2017 and Statement of Allegations of Staff of the Ontario Securities Commission dated February 28, 2017 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.5.9 Garth H. Drabinsky et al.


IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF

GARTH H. DRABINSKY, MYRON I. GOTTLIEB AND

GORDON ECKSTEIN TORONTO – The Commission issued an Order in the above named matter which provides that:

1. Staff’s written submissions shall be served and filed on or before March 13, 2017;

2. The Respondent’s written submissions

shall be served and filed on or before March 21, 2017;

3. Staff’s reply written submissions, if any,

shall be served and filed on or before March 31, 2017; and

4. Oral closing submissions shall be heard

on April 12, 2017 at 10:00 a.m., or such other date as may be agreed to by the parties and set by the Office of the Secretary.

A copy of the Order dated March 3, 2017 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

March 9, 2017

(2017), 40 OSCB 2083

Chapter 2

Decisions, Orders and Rulings 2.1 Decisions 2.1.1 Common Wealth Pension Services Inc. Headnote National Policy 11-203 Process for Exemptive Relief in Multiple Jurisdictions – Plan Sponsors, CAP Members, and named service provider exempted from the dealer registration and prospectus requirements in the Legislation in respect of trades in securities of mutual funds to tax-assisted and non-tax assisted savings plans (which act as “overflow” savings plans connected to tax-assisted capital accumulation plans serviced by the same service provider), subject to certain terms and conditions – contributions to the non-tax assisted savings plans limited by reference to specified limits in the Income Tax Act (Canada). Applicable Legislative Provisions Statutes Cited Securities Act, R.S.O. 1990, c. S.5, as am., ss. 25(1)(a), 53, 74(1). Rules Cited National Instrument 81-101 Mutual Fund Prospectus Disclosure. National Instrument 81-102 Investment Funds. National Instrument 45-106 Prospectus and Registration Exemptions. Published Documents Cited Amendments to NI 45-106 – Registration and Prospectus Exemption for Certain Capital Accumulation Plans, October 21, 2005 (2005), 25 OSCB 8681.

February 24, 2017

IN THE MATTER OF THE SECURITIES LEGISLATION OF

ONTARIO (the Jurisdiction)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

COMMON WEALTH PENSION SERVICES INC. (the Filer)

DECISION

Background The principal regulator in the Jurisdiction has received an application from the Filer for a decision, on behalf of the Filer (including its respective directors, officers, representatives and employees acting on its behalf), any Plan Sponsor (as defined herein) and any Fund (as defined herein), under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for a ruling that:

Decisions, Orders and Rulings

March 9, 2017

(2017), 40 OSCB 2084

(a) the dealer registration requirements contained in the Legislation shall not apply to the Filer (including its respective directors, officers, representatives and employees acting on its behalf) or any Plan Sponsor of a CAP (as defined herein) or a Non-Tax Assisted CAP (as defined herein) that uses the services of the Filer in respect of its CAP or Non-Tax Assisted CAP in respect of trades in the securities of the Funds to a CAP or a Non-Tax Assisted CAP sponsored by the Plan Sponsor, subject to certain terms and conditions (the Dealer Registration Relief); and

(b) the prospectus requirements contained in the Legislation shall not apply in respect of the distribution of

securities of Funds to CAPs or Non-Tax Assisted CAPs sponsored by the Plan Sponsor for which the Filer provides services (the Prospectus Relief),

(collectively, the Exemptions Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and (b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (“MI 11-

102”) is intended to be relied upon in the jurisdictions of (i) Quebec, Newfoundland and Labrador, the Yukon Territory and Nunavut in respect of CAPs and (ii) Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Nunavut, the Yukon Territory and the Northwest Territories in respect of Non-Tax Assisted CAPs.

Interpretation Terms defined in MI 11-102 and National Instrument 14-101 Definitions and NI 81-102 have the same meaning if used in this Decision, unless otherwise defined. Capitalized terms used in this Decision, have the following meanings:

(a) CAP has the meaning given to the term “capital accumulation plan” as defined in section 1.1 of the CAP Guidelines (as defined herein), namely, a tax assisted investment or savings plan that permits the members of the CAP to make investment decisions among two or more options offered within the plan. CAPs include a defined contribution registered pension plan, a group registered retirement savings plan, a group registered education savings plan, a group tax-free savings plan or a deferred profit sharing plan, and in Quebec and Manitoba, include a simplified pension plan.

(b) CAP Guidelines means the Guidelines for Capital Accumulation Plans published in May 2004 by the Joint

Forum of Financial Market Regulators, as updated in 2009 and 2010. (c) Fund means a mutual fund as defined in section 1 of the Legislation, whether offered by prospectus or

pursuant to prospectus exemptions in the Legislation, and which in both cases, comply with Part 2 of National Instrument 81-102 Investment Funds (NI 81-102), but does not include an exchange-traded fund.

(d) Member means a current or former employee, or a person who belongs, or did belong, to a trade union or

association, or (i) his or her spouse; (ii) a trustee, custodian or administrator who is acting on his or her behalf, or for his or her benefit, or on

behalf of or for the benefit of, his or her spouse; or (iii) his or her holding entity, or a holding entity of his or her spouse, that has assets in a CAP or a Non-Tax Assisted CAP and also includes any person who is eligible to participate in a CAP or Non-Tax Assisted CAP

(e) Non-Tax Assisted CAP means an investment or savings plan that meets the definition of CAP in the CAP Guidelines and that is administered in accordance with the CAP Guidelines, but for the fact that it is an investment or savings plan that is non-tax assisted.

(f) Plan means, depending on the context in which it is used, a CAP or a Non-Tax Assisted CAP or both of them. (g) Plan Sponsor means any employer, trustee, trade union or association or a combination of them that

establishes a CAP or a Non-Tax Assisted CAP and uses the services of the Filer in respect of such CAP or


March 9, 2017

(2017), 40 OSCB 2085

Non-Tax Assisted CAP, and includes the Filer to the extent that the Plan Sponsor has delegated some or all of its responsibilities to the Filer.

Representations This Decision is based on the following facts represented by the Filer: 1. The Filer is a corporation organized under the laws of Ontario. Its head office is in Toronto, Ontario. The Filer is not

registered as a dealer, adviser or investment fund manager under the securities regulation of any Jurisdiction. 2. The Filer provides pensions and retirement plan advisory services to clients including pension plans, pension asset

managers, associations, labour unions, and governments. 3. Among other things related to its principal business of pensions and retirement plan advisory services, the Filer

provides consulting services related to the design, implementation, and ongoing administration and governance of pension and retirement savings arrangements. The Filer has expertise in: (i) Design of pension and retirement plans, including defined benefit pension plans and capital accumulation

plans; (ii) Set up of new pension and retirement plans, including defined benefit pension plans and capital accumulation

plans; (iii) Pension and retirement plan governance; (iv) Pension and retirement plan administration and ongoing operations, including member service and

communication; (v) Pension and retirement plan investments; (vi) Organizational design and effectiveness of pension and retirement institutions and functions; (vii) Pension and retirement plan public policy and regulation; and (viii) Pension and retirement plan strategy.

4. The Filer intends to assist Plan Sponsors in initial Plan design and set up, including providing consulting services to Plan Sponsors on investment choices for the Plan. The investment choices for the Members of the Plans may include Funds, which may be publicly offered mutual funds or mutual funds distributed under private placements that are managed by various investment fund managers registered in one or more Canadian Jurisdictions. The investment choices for the Plans may also be segregated funds managed by insurance companies. Where the investment choices are Funds, the Funds comply with Part 2 of NI 81-102 in respect of their investment restrictions and practices. None of the Funds will be exchange-traded funds.

5. The services that the Filer provides to Plan Sponsors also involve recordkeeping of Member data, transactions

processing in respect of Member accounts, provision of Member statements as required under pension standards legislation and/or the applicable recordkeeping agreement and processing changes to Member accounts such as termination, death, retirement or a change in marital status. The Filer will also allow Members to call for information about a Plan through its call centre and will facilitate access to a variety of self-help tools that allow Members to make investment decisions regarding their investments held through the Plans.

6. The Filer does not engage in discretionary decision-making with respect to the Plans or Member accounts and does

not select investments for the Plans or provide investment advice to Members. The Filer does not manage or administer any of the Funds, nor does it provide custodial services in respect of the Plans or the Funds.

7. Members will make initial investment decisions to invest in Funds chosen by a Plan Sponsor, although the Plan

Sponsor may establish a default option if the Member fails to make an investment choice, and subsequent changes to those investment decisions, with or without the assistance of a registered dealer selected by the Member. Plan Sponsors may facilitate access to a registrant for advice to Members. Member instructions are transmitted to the Filer using electronic systems provided by the Filer. The Filer will process the trades in the Funds as instructed and will establish and maintain the records reflecting the interest of each Member or Plan Sponsor, as the case may be, in each Fund and for each Plan.


March 9, 2017

(2017), 40 OSCB 2086

8. The Filer, the Plan Sponsors and the Funds trade or will trade with the Plans or the Members in accordance with the conditions set out in proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions related to CAPs, which were published by the Canadian Securities Administrators (the CSA) on October 21, 2005 (the Proposed CAP Exemption) and adopted in the form of a blanket exemption in all Jurisdictions (the CAP Blanket Exemption), other than in Ontario, Québec, Newfoundland and Labrador and the Yukon Territory and Nunavut Territory. The Proposed CAP Exemption and the CAP Blanket Exemption contemplate both dealer registration and prospectus exemptions, where required.

9. Although no equivalent to the CAP Blanket Exemption has been adopted in the Jurisdictions of Ontario, Québec,

Newfoundland and Labrador, the Yukon Territory and Nunavut Territory, CSA Notice 81-405 Request for Comment on Proposed Exemptions for Certain Capital Accumulation Plans published on May 28, 2004 (the CAP Staff Notice) states that, in Ontario, the conditions described in the Proposed CAP Exemption will form the basis of the circumstances in which staff of the Ontario Securities Commission expects that they could recommend that the Ontario Securities Commission grant discretionary relief to an applicant. The Jurisdictions in which no equivalent to the CAP Blanket Exemption was adopted made it clear that they would be prepared to grant discretionary relief on terms similar to those contained in the Proposed CAP Exemption. The CAP Staff Notice stated that the purpose of the Proposed CAP Exemption was to remove existing barriers to trading mutual fund securities with members of CAPs where there is no valid regulatory reason for having such barriers.

10. As Plan Sponsors will typically approach retirement consultants, such as the Filer, for assistance with respect to

securities regulatory issues (when the investment choices are Funds), the Filer is seeking an exemption on behalf of itself, the Plan Sponsors and the Funds, as applicable, from the dealer and the prospectus requirements, including the obligation to deliver a prospectus, where required, subject to the conditions as described in this Decision.

11. The Filer is not in default of securities legislation in any Jurisdiction. 12. The Filer may be requested by a Plan Sponsor to provide services to a Non-Tax Assisted CAP established by the Plan

Sponsor for the benefit of individual Members. These Non-Tax Assisted CAPs would not constitute CAPs, as defined in the CAP Guidelines, the Proposed CAP Exemption or the CAP Blanket Exemption, since they are not “tax-assisted” under applicable legislation. Non-Tax Assisted CAPs are intended as non-registered employee savings plans to which excess contributions of Members that cannot be invested in a CAP because of legislative limits for such CAP investments will be invested on behalf of the Members.

13. Non-Tax Assisted CAPs are established in conjunction with CAPs because Canadian tax legislation imposes a limit on

the amounts that may be contributed to a CAP. The benefit formula under a Plan Sponsor's benefit program sometimes results in contributions that exceed that tax limit. A Plan Sponsor may establish a Non-Tax Assisted CAP to allow for those excess contributions to be invested in the same manner as the tax assisted contributions. These excess contributions to Non-Tax Assisted CAPs are not expected to be significant and in any event, will be limited by the calculation set out in the conditions to this Decision and subject to the remaining conditions set out in this Decision.

14. Non-Tax Assisted CAPs will operate in the same manner as CAPs in terms of the relationship between Members and

Plan Sponsors, and the duties, rights and responsibilities of Members and Plan Sponsors. The only significant difference between the two types of plans is the tax-assisted nature of one and not the other.

15. Each Member of a Non-Tax Assisted CAP of a Plan Sponsor that is administered by the Filer will also be a member of

the Plan Sponsor’s CAP. 16. The Filer will administer the Non-Tax Assisted CAPs in accordance with the CAP Guidelines and, in the case of the

Non-Tax Assisted CAPs, in a similar manner to the related CAPs for the applicable Members. The Filer will only administer Non-Tax Assisted CAPs which originate out of CAPs of a Plan Sponsor also serviced by the Filer.

Decision The principal regulator is satisfied that the Decision meets the test set out in the Legislation for the principal regulator to make the Decision. The Decision of the principal regulator under the Legislation is that the Exemptions Sought is granted provided that: 1. for the Dealer Registration Relief;

(a) the Plan Sponsor selects the Funds that Members will be able to invest in under the Plans;


March 9, 2017

(2017), 40 OSCB 2087

(b) the Plan Sponsor establishes a policy, and provides Members with a copy of the policy and any amendments to it, describing what happens if a Member does not make an investment decision;

(c) in addition to any other information that the Plan Sponsor believes is reasonably necessary for a Member to

make an investment decision within the Plan, and unless that information has previously been provided, the Plan Sponsor provides the Member with the following information about each Fund the Member may invest in: (i) the name of the Fund; (ii) the name of the manager of the Fund and its portfolio adviser; (iii) the fundamental investment objective of the Fund; (iv) the investment strategies of the Fund or the types of investments the Fund may hold; (v) a description of the risks associated with investing in the Fund; (vi) where a Member can obtain more information about each Fund's portfolio holdings; and (vii) where a Member can obtain more information generally about each Fund, including any continuous

disclosure;

(d) the Plan Sponsor provides Members with a description and amount of any fees, expenses and penalties relating to the Plan, as the case may be, that are borne by Members, including: (i) any costs that must be paid when a Fund is bought or sold; (ii) costs associated with accessing or using any of the investment information, decision-making tools or

investment advice provided by the Plan Sponsor; (iii) the management fees paid by the Funds; (iv) the operating expenses paid by the Funds; (v) record keeping fees; (vi) any costs for transferring among investment options, including penalties, book and market value

adjustments and tax consequences; (vii) account fees; and (viii) fees for services provided by the Filer, provided that the Plan Sponsor may disclose the fees, penalties and expenses on an aggregate basis, if the Plan Sponsor discloses the nature of the fees, expenses and penalties, and the aggregated fees do not include fees that arise because of a choice that is specific to a particular Member;

(e) the Plan Sponsor has, within the past year, provided the Members with performance information about each

Fund the Members may invest in, including: (i) the name of the Fund for which the performance is being reported; (ii) the performance of the Fund, including historical performance for one, three, five and ten years if

available; (iii) a performance calculation that is net of investment management fees and mutual fund expenses; (iv) the method used to calculate the Fund's performance return calculation, and information about where

a Member could obtain a more detailed explanation of that method; (v) the name and description of a broad-based securities market index, selected in accordance with

National Instrument 81-106 Investment Fund Continuous Disclosure, for the Fund, and corresponding performance information for that index; and


March 9, 2017

(2017), 40 OSCB 2088

(vi) a statement that past performance of the Fund is not necessarily an indication of future performance;

(f) the Plan Sponsor has, within the past year, informed Members if there were any changes in the choice of Funds that Members could invest in and where there was a change, provided information about what Members needed to do to change their investment decision, or make a new investment;

(g) the Plan Sponsor provides Members with investment decision-making tools that the Plan Sponsor reasonably

believes are sufficient to assist them in making an investment decision within the Plan; (h) the Plan Sponsor must provide the information required by paragraphs (b), (c), (d) and (g) prior to the Member

making an investment decision under the Plan; (i) if the Plan Sponsor makes investment advice from a registrant available to Members, the Plan Sponsor must

provide Members with information about how they can contact the registrant; (j) the maximum amount that may be contributed in respect of a Member to a Non-Tax Assisted CAP in a given

year is limited to any positive difference between: (i) the maximum amount that the Member and the Plan Sponsor would have been able to contribute for

that year to the applicable CAP under the terms of the applicable CAP if contributions to the applicable CAP were not restricted to the maximum dollar limit provided in the Income Tax Act (Canada) (the ITA); and

(ii) the maximum dollar limit provided in the ITA for the applicable CAP, provided that this maximum amount that may be contributed in respect of a Member to the Non-Tax Assisted CAP in a given year shall not exceed an amount equal to the “money purchase limit”, as defined in the ITA, for the year. In this paragraph (j), the amount determined under (i) shall be no more than 18% of the Member’s “earned income” as defined in the ITA and the “maximum dollar limit” means the “RRSP dollar limit” as defined in the ITA (in the case where the applicable CAP is an RRSP), the “money purchase limit” as defined in the ITA (in the case where the applicable CAP is a DCPP), one-half of the “money purchase limit” (in the case where the applicable CAP is a DPSP) or any applicable maximum fixed dollar contribution prescribed under the ITA (in the case of any other type of CAP).

2. for the Prospectus Relief;

(a) the conditions set forth in paragraph 1 above are met; (b) the Funds comply with Part 2 of NI 81-102; and (c) where a Member chooses to invest in a publicly available Fund selected by the Plan Sponsor as an

investment option for a Non-Tax Assisted Plan, the current prospectus of the Fund and/or Fund Facts as permitted by the Legislation, will be made available, upon demand, to the Member;

3. before the first time a Fund relies on this Decision, the Fund files a notice in the form found in Appendix C of the

Proposed CAP Exemption in each Jurisdiction in which the Fund expects to distribute its securities; 4. this Decision, as it relates to the jurisdiction of a securities regulatory authority or regulator (a Decision Maker) with

respect to the Dealer Registration Relief will terminate upon the coming into force in securities rules of a registration exemption for trades in a security of a mutual fund to a CAP or 90 days after the Decision Maker publishes in its Bulletin a notice or a statement to the effect that it does not propose to make such a rule;

5. this Decision, as it relates to the jurisdiction of a Decision Maker with respect to the Prospectus Relief will terminate

upon the coming into force in securities rules of a prospectus exemption for the distribution of a security of a mutual fund to a CAP or 90 days after the Decision Maker publishes in its Bulletin a notice or a statement to the effect that it does not propose to make such a rule.

“Janet Leiper” “Frances Kordyback” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2089

2.1.2 Algonquin Capital Corporation Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief from the conflict of interest restrictions in the Securities Act (Ontario) and the self-dealing prohibitions in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to permit fund-on-fund structures involving between pooled funds under common management subject to conditions. Applicable Legislative Provisions Securities Act (Ontario), R.S.O. 1990, c. S.5, as am., ss. 111(2)(b), 111(2)(c), 111(4), 113. National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, s. 13.5(2)(a).

February 24, 2017



AND

IN THE MATTER OF


AND

IN THE MATTER OF

ALGONQUIN CAPITAL CORPORATION (the Filer)

AND

IN THE MATTER OF

THE TOP FUNDS (as defined below)

DECISION

Background The principal regulator in the Jurisdictions has received an application from the Filer, on behalf of each of the Filer, Algonquin Trust (the Initial Top Fund) and one or more investment funds which are not reporting issuers under the securities legislation of the principal regulator (the Legislation) and which are established, advised and managed by the Filer, in the future (the Future Top Funds, and together with the Initial Top Fund, the Top Funds) for a decision under the Legislation in respect of the Fund-on-Fund Structure (as defined below) exempting the Filer and the Top Funds from:

(a) the restriction in the Legislation that prohibits an investment fund from knowingly making an investment in any person or company in which the investment fund, along or together with one or more related investment funds, is a substantial securityholder;

(b) the restriction in the Legislation that prohibits an investment fund from knowingly making an investment in an

issuer in which: (i) any officer or director of the investment fund, its management company or distribution company or an

associate of them, or (ii) any person or company who is a substantial securityholder of the investment fund, its management

company or its distribution company, has a significant interest; and


March 9, 2017

(2017), 40 OSCB 2090

(c) the restriction in the Legislation that prohibits an investment fund, its management company or its distribution company, from knowingly holding an investment described in paragraph (a) or (b) above (collectively, the Related Issuer Relief); and

(d) the restrictions contained in subsection 13.5(2)(a) of National Instrument 31-103 Registration Requirements,

Exemptions and Ongoing Registrant Obligations (NI 31-103) which prohibit a registered adviser from knowingly causing an investment portfolio managed by it, including an investment fund for which it acts as an adviser, to purchase a security of an issuer in which a responsible person or an associate of a responsible person is a partner, officer or director, unless (i) this fact is disclosed to the client and (ii) the written consent of the client to the purchase is obtained before the purchase (the Consent Relief, and together with the Related Issuer Relief, the Requested Relief), to permit the Filer to cause the Top Funds to invest in the Underlying Funds (as defined below).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

a) the Ontario Securities Commission is the principal regulator for this application; and b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System is intended

to be relied upon: a. in respect of the Related Issuer Relief, in Alberta; and b. in respect of the Consent Relief, in each of the other provinces and territories of Canada.

Interpretation Unless otherwise defined herein, terms in this decision have the respective meanings given to them in National Instrument 14-101 Definitions. Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation existing under the laws of Ontario with its head office in Toronto, Ontario. 2. The Filer is registered with the OSC in the categories of investment fund manager, portfolio manager and exempt

market dealer. The Filer is also registered as an exempt market dealer in British Columbia and an exempt market dealer and investment fund manager in Québec.

3. The Filer is not a reporting issuer in any jurisdiction and is not in default of securities legislation of any jurisdiction of

Canada. Top Funds 4. The Initial Top Fund is organized under the laws of Ontario as a trust. Each Future Top Fund will be organized as a

trust under the laws of Ontario or another jurisdiction in Canada. 5. Each Top Fund is or will be a "mutual fund" for the purposes of the Legislation. 6. The Initial Top Fund is not, and each Future Top Fund will not be, a reporting issuer in any province or territory of

Canada. 7. The Filer is, or will be, the investment fund manager and the portfolio manager of the Initial Top Fund and each of the

Future Top Funds. The Filer is the trustee of the Initial Top Fund. The Filer or a third party will act as trustee of a Top Fund.

8. Securities of the Initial Top Fund and each Future Top Fund are, or will be, offered on a private placement basis to

qualified investors pursuant to available exemptions from the prospectus requirements under Canadian securities legislation.


March 9, 2017

(2017), 40 OSCB 2091

9. The Initial Top Fund was created pursuant to a declaration of trust dated January 16, 2017. 10. The Initial Top Fund will invest all or substantially all of its assets in the Initial Underlying Fund. 11. In addition to the Initial Top Fund, each Top Fund will also invest all or substantially all of its assets in an Underlying

Fund. 12. The investment objective of the Initial Top Fund will be the same as the current investment objective of the Initial

Underlying Fund and the strategy for the Initial Top Fund will be to invest substantially all of its assets in the Initial Underlying Fund.

13. The Initial Top Fund is not in default of securities legislation in any province or territory of Canada. Underlying Funds 14. Algonquin Debt Strategies Fund LP (the Initial Underlying Fund) is not, and each investment fund that is established,

managed, and advised by the Filer in the future (the Future Underlying Funds, and together with the Initial Underlying Fund, the Underlying Funds) will not be, a reporting issuer in any province or territory of Canada.

15. The Initial Underlying Fund is a limited partnership formed under the laws of the Province of Ontario by a declaration

dated December 15, 2014. 16. The investment objective of the Initial Underlying Fund is to generate positive absolute returns with an emphasis on

capital preservation and with a low correlation to traditional equity and fixed income markets. 17. Each Future Underlying Fund will be structured as a limited partnership under the laws of the Province of Ontario or

another jurisdiction in Canada, or as an entity organized under the laws of the Cayman Islands. The Initial Underlying Fund is a "mutual fund" for the purposes of the Legislation.

18. Securities of each Underlying Fund will be offered to qualified investors resident in Canada, including the Top Funds,

on a private placement basis pursuant to available exemptions from the prospectus requirements under Canadian securities legislation.

19. The Filer is the investment fund manager and portfolio manager of the Initial Underlying Fund and will be the

investment manager and the portfolio manager of each of the Future Underlying Funds. Fund-on-Fund Structure 20. Securities of the Initial Underlying Fund, structured as a limited partnership, are not qualified investments for tax-free

savings accounts (TFSAs) and trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans, deferred profit sharing plans and registered disability savings plans (collectively, Tax Deferred Plans), each as defined in the Income Tax Act (Canada).

21. The Initial Top Fund and the Future Top Funds will be formed as trusts for the purpose of accessing a broader base of

investors, including TFSAs, Tax Deferred Plans and other investors that may not wish to invest directly in a limited partnership or Cayman Island entity. Rather than operating investment portfolios of the Initial Top Fund and the Initial Underlying Fund as separate pools, the Filer wishes to make use of economies of scale by managing only one investment pool in the Initial Underlying Fund.

22. There are tax advantages for non-Canadian unitholders to invest directly in Future Underlying Funds structured as

entities under laws of the Cayman Islands. Accordingly, the Filer expects non-Canadian investors to invest directly in the Future Underlying Funds which are structured under the laws of the Cayman Islands. However, since similar tax advantages are not available to Canadian resident investors, the Filer expects Canadian resident investors to invest directly in a Top Fund to get indirect exposure to the related Underlying Fund.

23. The Initial Top Fund was, and Future Top Funds will be, created by the Filer to allow investors in the Top Funds to

obtain indirect exposure to the investment portfolio of the Initial Underlying Fund or Future Underlying Funds and their investment strategies through, primarily, direct investments by the Top Funds in securities of the Underlying Funds (the Fund-on-Fund Structure).

24. The Fund-on-Fund Structure will permit the Filer to manage a single portfolio of assets for both a Top Fund and an

Underlying Fund in a single investment vehicle structure.


March 9, 2017

(2017), 40 OSCB 2092

25. Managing a single pool of assets provides economies of scale, allows the Top Funds to achieve their investment objectives in a cost efficient manner and will not be detrimental to the interest of other securityholders of an Underlying Fund.

26. The Fund-of-Fund Structure is expected to increase the asset base of the Underlying Funds, which is expected to

result in additional benefits to unitholders of the Underlying Funds, including more favourable pricing and transaction costs on portfolio trades, increased access to investments when there is a minimum subscription or purchase amount, and better economies of scale through greater administrative efficiency.

27. An investment in an Underlying Fund by a Top Fund will be effected at an objective price. According to the Filer’s

policies and procedures, an objective price for this purpose, will be the net asset value (NAV) per security of the applicable class or series of the applicable Underlying Fund.

28. The portfolio of each Underlying Fund consists, or will consist, primarily of publicly traded securities, debt instruments

and derivatives. No Underlying Fund holds, or will hold, more than 10% of its NAV in illiquid assets (as defined in National Instrument 81-102 – Investment Funds (NI 81-102)).

29. The amounts invested, from time to time, in an Underlying Fund by one or more of the Top Funds, may exceed 20% of

the outstanding voting securities of any single Underlying Fund. Accordingly, each Top Fund could, either alone or together with Future Top Funds, become a substantial securityholder of an Underlying Fund.

30. Upon inception, the Initial Top Fund will not be a substantial securityholder of the Initial Underlying Fund, however, as

the assets of the Initial Top Fund grow and it subscribes for more units of the Initial Underlying Fund, it is expected that the Initial Top Fund will become a substantial securityholder of the Initial Underlying Fund.

31. No Underlying Fund will be a Top Fund in a Fund-on-Fund structure. 32. Each Underlying Fund has, or is expected to have, other investors in addition to the Top Funds. 33. Securities of the Top Funds and their corresponding Underlying Funds have, or will have, matching monthly

redemption dates and matching monthly valuation dates. 34. In all cases, the Filer manages, or will manage, the liquidity of each of each Top Fund having regard to the redemption

features of the corresponding Underlying Fund(s) to ensure that it can meet redemption requests from investors of the Top Funds.

35. The Fund-of-Fund structures involving Future Top Funds and Future Underlying Funds will be similarly structured to

that of the Initial Top Fund and Initial Underlying Fund in that future structures will also reflect trust on limited partnership arrangements, where a Future Top Fund, formed as a trust, invests in an Underlying Fund(s) that is a Canadian entity, formed as a limited partnership. The Filer also expects future Fund-on-Fund structures to resemble that of the Initial Top Fund and Initial Underlying Fund to the extent that they involve a Future Top Fund, formed as a trust, which invests in a Cayman Islands entity, currently expected to be an investment fund formed as a Cayman Island corporation, or other form of entity.

36. In addition, the Fund-on Fund structure may result in a Top Fund investing in an Underlying Fund (i) in which an officer

or director of the Top Fund, of the Filer or of any associate of them, has a significant interest, and/or (ii) where a person or company who is substantial securityholder of the Top Fund or the Filer, has a significant interest.

37. The Top Funds and Underlying Funds subject to National Instrument 81-106 Investment Fund Continuous Disclosure

(NI 81-106) will prepare annual audited financial statements and interim unaudited financial statements in accordance with NI 81-106 and will otherwise comply with the requirements of NI 81-106 applicable to them.

38. The assets of the Initial Top Fund and the Future Top Funds, are, or will be, held by an entity that meets the

qualifications set out in section 6.2 of NI 81-102 (except that its audited financial statements may not have been made public). The assets of the Underlying Funds are, or will be, held by an entity that meets the qualifications of section 6.2 of NI 81-102 (for assets held in Canada), except that its audited financial statements may not have been made public, or an entity that meets the qualifications set out under applicable Cayman Islands laws (for assets of Underlying Funds established under the laws of the Cayman Islands).

39. In the absence of the Related Issuer Relief, the Top Funds would be constrained by the investment restrictions in

Canadian securities legislation in terms of the degree to which they could implement the Fund-on-Fund Structure. Specifically, the Top Funds would be prohibited from: (i) becoming substantial securityholders of the Underlying Funds, either alone or together with related investment funds; and from (ii) a Top Fund investing in an Underlying Fund in


March 9, 2017

(2017), 40 OSCB 2093

which an officer or director of the Filer has a significant interest and/or a Top Fund investing in an Underlying Fund in which a person or company who is a substantial securityholder of the Top Fund or the Filer, has a significant interest.

40. In the absence of the Consent Relief, each Top Fund would be precluded from investing in one or more Underlying

Funds unless the specific fact is disclosed to securityholders of the Top Fund and the written consent of the securityholders of the Top Fund to the investment is obtained prior to the purchase, since an officer and/or director of the Filer, who may be considered a responsible person (as per section 13.5 of NI 31-103) or an associate of a responsible person, may also be a partner, officer and/or director of the applicable Underlying Fund.

41. The Fund-on-Fund Structure represents the business judgment of responsible persons uninfluenced by considerations

other than the best interests of the prospective investors in the Top Funds. Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Requested Relief is granted provided that:

(a) securities of a Top Fund are distributed in Canada solely pursuant to exemptions from the prospectus requirement under Canadian securities legislation;

(b) the investment by a Top Fund in an Underlying Fund is compatible with the fundamental investment objectives

of the Top Fund; (c) no Top Fund will purchase or hold a security of an Underlying Fund unless at the time of purchasing securities

of the Underlying Fund, the Underlying Fund holds no more than 10% of its NAV in securities of other mutual funds unless the Underlying Fund: (i) is a clone fund (as defined in NI 81-102); (ii) purchases or holds securities of a ‘money market fund’ (as defined in NI 81-102); or (iii) purchases or holds securities that are “index participation units” (as defined by NI 810102) issued by

an investment fund;

(d) no management fees or incentive fees are payable by a Top Fund that, to a reasonable person, would duplicate a fee payable by an Underlying Fund for the same service;

(e) no sales fee or redemption fees are payable by a Top Fund in relation to its purchases or redemptions of

securities of an Underlying Fund that, to a reasonable person, would duplicate a fee payable by an investor in the Top Fund other than brokerage fees incurred for the purchase or sale of an index participation unit issued by a mutual fund;

(f) the Filer does not cause the securities of an Underlying Fund held by a Top Fund to be voted at any meeting

of the holders of such securities, except that the Filer may arrange for the securities the Top Fund holds of an Underlying Fund to be voted by the beneficial owners of the securities of the Top Fund;

(g) the offering memorandum, where available, or other disclosure document of a Top Fund, will be provided to

investors in a Top Fund prior to the time of investment, and will disclose: (i) that a Top Fund may purchase securities of the applicable Underlying Fund; (ii) that the Filer is the investment fund manager and portfolio manager of both the Top Fund and the

Underlying Fund; (iii) that the Top Fund will invest all, or substantially all, of its assets in securities of an Underlying Fund; (iv) the fees, expenses and any performance or special incentive distributions payable by the Underlying

Fund in which a Top Fund invests; (v) the process or criteria used to select the Underlying Fund, if applicable;


March 9, 2017

(2017), 40 OSCB 2094

(vi) for each officer, director or substantial securityholder of the Filer, or of a Top Fund, that has a significant interest in an applicable Underlying Fund, the approximate amount of the significant interest they hold, on an aggregate basis, expressed as a percentage of the applicable Underlying Fund’s NAV, and the potential conflicts of interest which may arise from such relationship; and

(vii) that investors are entitled to receive from the Filer, on request and free of charge, a copy of the

offering memorandum or other similar disclosure document of the Underlying Fund, if available; and (viii) that investors are entitled to receive from the Filer, on request and free of charge, the annual and

interim financial statements relating to the Underlying Fund in which the Top Fund invests. The Consent Relief “Vera Nunes” Manager, Investment Funds & Structured Products Branch Ontario Securities Commission The Related Issuer Relief “Janet Leiper” “Frances Kordyback” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2095

2.1.3 Leith Wheeler Investment Counsel Ltd. Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – National Instrument 81-106 Continuous Disclosure Requirements for Investment Funds, s. 17.1 – Relief from the requirement to send a printed information circular to registered holders of securities of an investment fund – use of notice-and-access procedure for meetings of securityholders of investment funds – relief subject to conditions including sending an explanatory document instead of a printed information circular and giving securityholders the option to receive a printed information circular without charge; notice-and-access procedure will only be used for meetings where determined to be appropriate by the management or the manager of an investment fund. Applicable Legislative Provisions National Instrument 81-106 Investment Fund Continuous Disclosure, s. 12.2(2)(a).

February 24, 2017

IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA AND ONTARIO

(the Jurisdictions)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS

IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF LEITH WHEELER INVESTMENT COUNSEL LTD.

(the Filer)

DECISION

Background 1 The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application

from the Filer, on behalf of existing and future investment funds that are or will be managed from time to time by the Filer or by an affiliate or successor of the Filer (the Funds), for a decision under the securities legislation of the Jurisdictions (the Legislation) granting an exemption from the requirement contained in paragraph 12.2(2)(a) of National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106) for a person or company that solicits proxies, by or on behalf of management of a Fund, to send an information circular to each registered holder of securities of a Fund whose proxy is solicited, and instead allow a Fund to send a Notice-and-Access Document (as defined in condition (a) of this decision) using the Notice-and-Access Procedure (as defined in condition (b) of this decision) (the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the British Columbia Securities Commission is the principal regulator for this application; (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System

(MI 11-102) is intended to be relied upon in Alberta, Saskatchewan Manitoba and Quebec (the Other Jurisdictions); and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities

regulatory authority or regulator in Ontario.


March 9, 2017

(2017), 40 OSCB 2096

Interpretation 2 Terms defined in National Instrument 14-101 Definitions, MI 11-102, National Instrument 51-102 Continuous Disclosure

Obligations (NI 51-102) and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101) have the same meaning if used in this decision, unless otherwise defined.

Representations 3 This decision is based on the following facts represented by the Filer:

The Filer and the Funds 1. the head office of the Filer is located in Vancouver, British Columbia; 2. the Filer is registered as a portfolio manager and as an exempt market dealer in each of Alberta, British

Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, Saskatchewan, and Yukon and as an investment fund manager in British Columbia, Newfoundland and Labrador, Ontario and Quebec;

3. the Funds are, or will be, managed by the Filer or by an affiliate or successor of the Filer; 4. the Funds are, or will be, investment funds and are, or will be, reporting issuers in one or more of the

jurisdictions and the other jurisdictions; 5. neither the Filer, nor any of the existing Funds, is in default of any of the requirements of securities legislation

in any jurisdiction of Canada; Meetings of Securityholders of the Funds 6. pursuant to applicable legislation, the Filer must call a meeting of securityholders of one or more Funds from

time to time to consider and vote on matters requiring securityholder approval; 7. in connection with a meeting, a Fund is required to comply with the requirements in NI 81-106 regarding the

sending of proxies and information circulars to registered holders of its securities, which include a requirement that each person or company that solicits proxies by or on behalf of management of a Fund send, with the notice of meeting, to each registered holder of securities of a Fund whose proxy is solicited, an information circular, prepared in compliance with the requirements of Form 51-102F5 of NI 51-102, to securityholders of record who are entitled to receive notice of the meeting;

8. a Fund is also required to comply with NI 51-102 for communicating with registered holders of its securities,

and to comply with NI 54-101 for communicating with beneficial owners of its securities; Notice-and-Access Procedure – Corporate Finance Issuers 9. section 9.1.1 of NI 51-102 permits, if certain conditions are met, a reporting issuer that is not an investment

fund to use the notice-and-access procedure and send, instead of an information circular, a notice to each registered holder of its securities that contains certain specific information regarding the meeting and an explanation of the notice-and-access procedure;

10. section 2.7.1 of NI 54-101 permits a reporting issuer that is not an investment fund to use a similar procedure

to communicate with each beneficial owner of its securities; Notice-and-Access Procedure – Funds 11. securityholders of the Funds will maintain the same access to the same quality of disclosure material currently

available; for example: (a) all securityholders of record entitled to receive an information circular will receive instructions on how

to access the information circular and will be able to receive a printed copy, without charge; and (b) the Notice-and-Access Document will be sent to securityholders sufficiently in advance of a meeting

so that if a securityholder wishes to receive a printed copy of the information circular, there will be sufficient time for the Filer, directly or through the Filer’s agent, to send the information circular;


March 9, 2017

(2017), 40 OSCB 2097

12. with the Notice-and-Access Procedure, no securityholder will be deprived of their ability to access the information circular in their preferred manner of communication;

13. in accordance with the Filer’s standard of care owed to the relevant Fund pursuant to applicable legislation,

the Filer will only use the Notice-and-Access Procedure for a particular meeting where it has concluded that the nature of the meeting business is not expected to be contentious and that the use of a Notice-and-Access Procedure has not resulted in material declines in beneficial owner voting rates in prior meetings where a Notice-and-Access Procedure was used; and

14. there are significant costs involved in the printing and delivery of the proxy-related materials, including

information circulars, to securityholders in the Funds.

Decision 4 Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision

Maker to make the decision. The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted, provided that, in respect of each Fund or the Filer soliciting proxies by or on behalf of management of a Fund:

the registered holders or beneficial owners, as applicable, of securities of the Fund are sent a document that contains the following information and no other information (the Notice-and-Access Document): (i) the date, time and location of the meeting for which the proxy-related materials are being sent; (ii) a description of each matter or group of related matters identified in the form of proxy to be voted on

unless that information is already included in a Form 54-101F6 or Form 54-101F7 as applicable, that is being sent to the beneficial owner of securities of the Fund under condition (b)(iii) of this decision;

(iii) the website addresses for SEDAR and the non-SEDAR website where the proxy-related materials

are posted; (iv) a reminder to review the information circular before voting; (v) an explanation of how to obtain a paper copy of the information circular and, if applicable, the

financial statements; (vi) a plain-language explanation of the Notice-and-Access Procedure that includes the following

information: (A) the estimated date and time by which a request for a paper copy of the information circular

and, if applicable, the financial statements of the Fund, is to be received in order for the registered holder or beneficial owner, as applicable, to receive the paper copy in advance of any deadline for the submission of voting instructions for the meeting;

(B) an explanation of how the registered holders or the beneficial owners, as applicable, of

securities of the Fund are to return voting instructions, including any deadline for return of those instructions;

(C) the sections of the information circular where disclosure regarding each matter or group of

related matters identified in the Notice-and-Access Document can be found; and (D) a toll-free telephone number the registered holders or the beneficial owners, as applicable,

of securities of the Fund can call to get information about the Notice-and-Access Procedure;

the Filer, on behalf of the Fund, sends the Notice-and-Access Document in compliance with the following procedure (the Notice-and-Access Procedure), in addition to any and all other applicable requirements: (i) the proxy-related materials are sent a minimum of 30 days before a meeting and a maximum of 50

days before a meeting; (ii) if the Fund sends proxy-related materials:


March 9, 2017

(2017), 40 OSCB 2098

(A) directly to a NOBO using the Notice-and-Access Procedure, then the Fund must send the Notice-and-Access Document and, if applicable, any paper copies of information circulars and the financial statements, at least 30 days before the date of the meeting; and

(B) indirectly to a beneficial owner using the Notice-and-Access Procedure, then the Fund must

send the Notice-and-Access Document and, if applicable, any paper copies of information circulars and the financial statements to the proximate intermediary (I) at least 3 business days before the 30th day before the date of the meeting, in the case of proxy-related materials that are to be sent on by the proximate intermediary by first class mail, courier or the equivalent, or (II) at least 4 business days before the 30th day before the date of the meeting, in the case of proxy-related materials that are to be sent using any other type of prepaid mail;

(iii) using the procedures referred to in section 2.9 or 2.12 of NI 54-101, as applicable, the beneficial

owner of securities of the Fund is sent, by prepaid mail, courier or the equivalent, the Notice-and-Access Document and a Form 54-101F6 or Form 54-101F7, as applicable;

(iv) the Filer, on behalf of the Fund, files on SEDAR the notification of meeting and record dates on the

same date that it sends the notification of meeting date and record date pursuant to subsection 2.2(1) of NI 54-101 (as such time may be abridged);

(v) public electronic access to the information circular and the Notice-and-Access Document is provided

on or before the date that the Notice-and-Access Document is sent to registered holders or to beneficial owners, as applicable, of securities of the Fund in the following manner:

(A) the information circular and the Notice-and-Access Document are filed on SEDAR; and (B) the information circular and the Notice-and-Access Document are posted until the date that

is one year from the date that the documents are posted, on a website of the Filer or the Fund;

(vi) a toll-free telephone number is provided for use by the registered holders or beneficial owners, as

applicable, of securities of the Fund to request a paper copy of the information circular and, if applicable, the financial statements of the Fund, at any time from the date that the Notice-and-Access Document is sent to the registered holders or the beneficial owners, as applicable, up to and including the date of the meeting, including any adjournment;

(vii) if a request for a paper copy of the information circular and, if applicable, the financial statements of

the Fund, is received at the toll-free telephone number provided in the Notice-and-Access Document or by any other means, a paper copy of any such document requested is sent free of charge to the registered holder or beneficial owner, as applicable, at the address specified in the request in the following manner: (A) in the case of a request received prior to the date of the meeting, within 3 business days

after receiving the request, by first class mail, courier or the equivalent; and (B) in the case of a request received on or after the date of the meeting, and within one year of

the date the information circular is filed on SEDAR, within 10 calendar days after receiving the request, by prepaid mail, courier or the equivalent;

(viii) a Notice-and-Access Document is only accompanied by:

(A) a form of proxy; (B) if applicable, the financial statements of the Fund to be presented at the meeting; and (C) if the meeting is to approve a reorganization of the Fund with a mutual fund, as

contemplated by paragraph 5.1(1)(f) of NI 81-102 Investment Funds, the Fund Facts document, ETF summary document or ETF Facts, as applicable, for the continuing mutual fund;

(ix) a Notice-and-Access Document may only be combined in a single document with a form of proxy;


March 9, 2017

(2017), 40 OSCB 2099

(x) if the Filer, directly or through the Filer’s agent, receives a request for a copy of the information circular and if applicable, the financial statements of the Fund, using the toll-free telephone number referred to Notice-and-Access Document or by any other means, it must not do any of the following: (A) ask for any information about the registered holder or beneficial owner, other than the name

and address to which the information circular and, if applicable, the financial statements of the Fund are to be sent; and

(B) disclose or use the name or address of the registered holder or beneficial owner for any

purpose other than sending the information circular and, if applicable, the financial statements of the Fund;

(xi) the Filer, directly or through the Filer’s agent, must not collect information that can be used to identify

a person or company who has accessed the website address to which it posts the proxy-related materials pursuant to condition (b)(v)(B) of this decision;

(xii) in addition to the proxy-related materials posted on a website in the manner referred to in condition

(b)(v)(B) of this decision, the Filer must also post on the website the following documents:

(A) any disclosure document regarding the meeting that the Filer, on behalf of the Fund, has sent to registered holders or beneficial owners of securities of the Fund; and

(B) any written communications the Filer, on behalf of the Fund, has made available to the

public regarding each matter or group of matters to be voted on at the meeting, whether or not they were sent to registered holders or beneficial owners of securities of the Fund;

(xiii) materials that are posted on a website pursuant to condition (b)(v)(B) of this decision must be posted

in a manner and be in a format that permit an individual with a reasonable level of computer skill and knowledge to do all of the following easily:

(A) access, read and search the documents on the website; and (B) download and print the documents;

(xiv) despite subsection 2.1(b) of NI 54-101, if the Fund relies upon this Decision, it must set a record date

for notice that is no fewer than 40 days before the date of the meeting; (xv) in addition to section 2.20 of NI 54-101, the Fund may only abridge the time prescribed in subsection

2.1(b), 2.2(1) or 2.5(1) of NI 54-101 if the Fund fixes the record date for notice to be at least 40 days before the date of the meeting and sends the notification of meeting and record dates at least 3 business days before the record date for notice;

(xvi) the notification of meeting date and record date sent pursuant to subsection 2.2(1)(b) of NI 54-101

shall specify that the Fund is sending proxy-related materials to registered holders or beneficial owners, as applicable, of securities of the Fund using the Notice-and-Access Procedure pursuant to the terms of this Decision;

(xvii) the Filer, on behalf of the Fund, provides disclosure in the information circular to the effect that the

Fund is sending proxy-related materials to registered holders or beneficial owners, as applicable, of securities of the Fund using the Notice-and-Access Procedure pursuant to the terms of this Decision; and

(xviii) the Filer pays for delivery of the information circular and, if applicable, the financial statements of the

Fund, to registered holders or to beneficial owners, as applicable, of securities of the Fund if a copy of such material is requested following receipt of the Notice-and-Access Document.

The Exemption Sought terminates on the coming into force of any legislation or regulation allowing an investment fund to use a notice-and-access procedure.

“Peter J. Brady” Executive Director British Columbia Securities Commission


March 9, 2017

(2017), 40 OSCB 2100

2.1.4 HSBC Global Asset Management (Canada) Limited Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – National Instrument 81-106 Continuous Disclosure Requirements for Investment Funds, s. 17.1 – Relief from the requirement to send a printed information circular to registered holders of securities of an investment fund – use of notice-and-access procedure for meetings of securityholders of investment funds – relief subject to conditions including sending an explanatory document instead of a printed information circular and giving securityholders the option to receive a printed information circular without charge; notice-and-access procedure will only be used for meetings where determined to be appropriate by the management or the manager of an investment fund. Applicable Legislative Provisions National Instrument 81-106 Investment Fund Continuous Disclosure, s. 12.2(2)(a).

February 24, 2017

IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA AND ONTARIO

(the Jurisdictions)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS


AND

IN THE MATTER OF HSBC GLOBAL ASSET MANAGEMENT (CANADA) LIMITED

(the Filer)

DECISION Background 1 The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application

from the Filer, on behalf of existing and future investment funds that are or will be managed from time to time by the Filer or by an affiliate or successor of the Filer (the Funds), for a decision under the securities legislation of the Jurisdictions (the Legislation) granting an exemption from the requirement contained in paragraph 12.2(2)(a) of National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106) for a person or company that solicits proxies, by or on behalf of management of a Fund, to send an information circular to each registered holder of securities of a Fund whose proxy is solicited, and instead allow a Fund to send a Notice-and-Access Document (as defined in condition (a) of this decision) using the Notice-and-Access Procedure (as defined in condition (b) of this decision) (the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the British Columbia Securities Commission is the principal regulator for this application; (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System

(MI 11-102) is intended to be relied upon in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Quebec and Saskatchewan (the Other Jurisdictions); and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities

regulatory authority or regulator in Ontario.


March 9, 2017

(2017), 40 OSCB 2101

Interpretation 2 Terms defined in National Instrument 14-101 Definitions, MI 11-102, National Instrument 51-102 Continuous Disclosure

Obligations (NI 51-102) and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101) have the same meaning if used in this decision, unless otherwise defined.

Representations 3 This decision is based on the following facts represented by the Filer:

The Filer and the Funds 1. the head office of the Filer is located in Vancouver, British Columbia; 2. the Filer is registered as (i) an exempt market dealer in each of British Columbia, Alberta, Manitoba, New

Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Ontario, Quebec and Saskatchewan, (ii) a portfolio manager in each of British Columbia, Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec and Saskatchewan, and (iii) an investment fund manager in each of British Columbia, Newfoundland and Labrador, Ontario and Quebec;

3. the Funds are, or will be, managed by the Filer or by an affiliate or successor of the Filer; 4. the Funds are, or will be, investment funds and are, or will be, reporting issuers in one or more of the

Jurisdictions and the Other Jurisdictions; 5. neither the Filer, nor any of the existing Funds, is in default of any of the requirements of securities legislation

in any jurisdiction of Canada; Meetings of Securityholders of the Funds 6. pursuant to applicable legislation, the Filer must call a meeting of securityholders of one or more Funds from

time to time to consider and vote on matters requiring securityholder approval; 7. in connection with a meeting, a Fund is required to comply with the requirements in NI 81-106 regarding the

sending of proxies and information circulars to registered holders of its securities, which include a requirement that each person or company that solicits proxies by or on behalf of management of a Fund send, with the notice of meeting, to each registered holder of securities of a Fund whose proxy is solicited, an information circular, prepared in compliance with the requirements of Form 51-102F5 of NI 51-102, to securityholders of record who are entitled to receive notice of the meeting;

8. a Fund is also required to comply with NI 51-102 for communicating with registered holders of its securities,

and to comply with NI 54-101 for communicating with beneficial owners of its securities; Notice-and-Access Procedure – Corporate Finance Issuers 9. section 9.1.1 of NI 51-102 permits, if certain conditions are met, a reporting issuer that is not an investment

fund to use the notice-and-access procedure and send, instead of an information circular, a notice to each registered holder of its securities that contains certain specific information regarding the meeting and an explanation of the notice-and-access procedure;

10. section 2.7.1 of NI 54-101 permits a reporting issuer that is not an investment fund to use a similar procedure

to communicate with each beneficial owner of its securities; Notice-and-Access Procedure – Funds 11. securityholders of the Funds will maintain the same access to the same quality of disclosure material currently

available; for example: (a) all securityholders of record entitled to receive an information circular will receive instructions on how

to access the information circular and will be able to receive a printed copy, without charge; and


March 9, 2017

(2017), 40 OSCB 2102

(b) the Notice-and-Access Document will be sent to securityholders sufficiently in advance of a meeting so that if a securityholder wishes to receive a printed copy of the information circular, there will be sufficient time for the Filer, directly or through the Filer’s agent, to send the information circular;

12. with the Notice-and-Access Procedure, no securityholder will be deprived of their ability to access the

information circular in their preferred manner of communication; 13. in accordance with the Filer’s standard of care owed to the relevant Fund pursuant to applicable legislation,

the Filer will only use the Notice-and-Access Procedure for a particular meeting where it has concluded that the nature of the meeting business is not expected to be contentious and that the use of a Notice-and-Access Procedure has not resulted in material declines in beneficial owner voting rates in prior meetings where a Notice-and-Access Procedure was used; and

14. there are significant costs involved in the printing and delivery of the proxy-related materials, including

information circulars, to securityholders in the Funds.

Decision 4 Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision

Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted, provided that, in respect of each Fund or the Filer soliciting proxies by or on behalf of management of a Fund:

the registered holders or beneficial owners, as applicable, of securities of the Fund are sent a document that contains the following information and no other information (the Notice-and-Access Document): (i) the date, time and location of the meeting for which the proxy-related materials are being sent; (ii) a description of each matter or group of related matters identified in the form of proxy to be voted on

unless that information is already included in a Form 54-101F6 or Form 54-101F7 as applicable, that is being sent to the beneficial owner of securities of the Fund under condition (b)(iii) of this decision;

(iii) the website addresses for SEDAR and the non-SEDAR website where the proxy-related materials

are posted; (iv) a reminder to review the information circular before voting; (v) an explanation of how to obtain a paper copy of the information circular and, if applicable, the

financial statements; (vi) a plain-language explanation of the Notice-and-Access Procedure that includes the following

information: (A) the estimated date and time by which a request for a paper copy of the information circular

and, if applicable, the financial statements of the Fund, is to be received in order for the registered holder or beneficial owner, as applicable, to receive the paper copy in advance of any deadline for the submission of voting instructions for the meeting;

(B) an explanation of how the registered holders or the beneficial owners, as applicable, of

securities of the Fund are to return voting instructions, including any deadline for return of those instructions;

(C) the sections of the information circular where disclosure regarding each matter or group of

related matters identified in the Notice-and-Access Document can be found; and (D) a toll-free telephone number the registered holders or the beneficial owners, as applicable,

of securities of the Fund can call to get information about the Notice-and-Access Procedure.

the Filer, on behalf of the Fund, sends the Notice-and-Access Document in compliance with the following procedure (the Notice-and-Access Procedure), in addition to any and all other applicable requirements:


March 9, 2017

(2017), 40 OSCB 2103

(i) the proxy-related materials are sent a minimum of 30 days before a meeting and a maximum of 50 days before a meeting;

(ii) if the Fund sends proxy-related materials:

(A) directly to a NOBO using the Notice-and-Access Procedure, then the Fund must send the Notice-and-Access Document and, if applicable, any paper copies of information circulars and the financial statements, at least 30 days before the date of the meeting; and

(B) indirectly to a beneficial owner using the Notice-and-Access Procedure, then the Fund must

send the Notice-and-Access Document and, if applicable, any paper copies of information circulars and the financial statements to the proximate intermediary (I) at least 3 business days before the 30th day before the date of the meeting, in the case of proxy-related materials that are to be sent on by the proximate intermediary by first class mail, courier or the equivalent, or (II) at least 4 business days before the 30th day before the date of the meeting, in the case of proxy-related materials that are to be sent using any other type of prepaid mail;

(iii) using the procedures referred to in section 2.9 or 2.12 of NI 54-101, as applicable, the beneficial

owner of securities of the Fund is sent, by prepaid mail, courier or the equivalent, the Notice-and-Access Document and a Form 54-101F6 or Form 54-101F7, as applicable;

(iv) the Filer, on behalf of the Fund, files on SEDAR the notification of meeting and record dates on the

same date that it sends the notification of meeting date and record date pursuant to subsection 2.2(1) of NI 54-101 (as such time may be abridged);

(v) public electronic access to the information circular and the Notice-and-Access Document is provided

on or before the date that the Notice-and-Access Document is sent to registered holders or to beneficial owners, as applicable, of securities of the Fund in the following manner: (A) the information circular and the Notice-and-Access Document are filed on SEDAR; and (B) the information circular and the Notice-and-Access Document are posted until the date that

is one year from the date that the documents are posted, on a website of the Filer or the Fund;

(vi) a toll-free telephone number is provided for use by the registered holders or beneficial owners, as

applicable, of securities of the Fund to request a paper copy of the information circular and, if applicable, the financial statements of the Fund, at any time from the date that the Notice-and-Access Document is sent to the registered holders or the beneficial owners, as applicable, up to and including the date of the meeting, including any adjournment;

(vii) if a request for a paper copy of the information circular and, if applicable, the financial statements of

the Fund, is received at the toll-free telephone number provided in the Notice-and-Access Document or by any other means, a paper copy of any such document requested is sent free of charge to the registered holder or beneficial owner, as applicable, at the address specified in the request in the following manner:

(A) in the case of a request received prior to the date of the meeting, within 3 business days

after receiving the request, by first class mail, courier or the equivalent; and (B) in the case of a request received on or after the date of the meeting, and within one year of

the date the information circular is filed on SEDAR, within 10 calendar days after receiving the request, by prepaid mail, courier or the equivalent;

(viii) a Notice-and-Access Document is only accompanied by:

(A) a form of proxy; (B) if applicable, the financial statements of the Fund to be presented at the meeting; and (C) if the meeting is to approve a reorganization of the Fund with a mutual fund, as

contemplated by paragraph 5.1(1)(f) of NI 81-102 Investment Funds, the Fund Facts


March 9, 2017

(2017), 40 OSCB 2104

document, ETF summary document or ETF Facts, as applicable, for the continuing mutual fund;

(ix) a Notice-and-Access Document may only be combined in a single document with a form of proxy; (x) if the Filer, directly or through the Filer’s agent, receives a request for a copy of the information

circular and if applicable, the financial statements of the Fund, using the toll-free telephone number referred to Notice-and-Access Document or by any other means, it must not do any of the following:

(A) ask for any information about the registered holder or beneficial owner, other than the name

and address to which the information circular and, if applicable, the financial statements of the Fund are to be sent; and

(B) disclose or use the name or address of the registered holder or beneficial owner for any

purpose other than sending the information circular and, if applicable, the financial statements of the Fund;

(xi) the Filer, directly or through the Filer’s agent, must not collect information that can be used to identify

a person or company who has accessed the website address to which it posts the proxy-related materials pursuant to condition (b)(v)(B) of this decision;

(xii) in addition to the proxy-related materials posted on a website in the manner referred to in condition

(b)(v)(B) of this decision, the Filer must also post on the website the following documents:

(A) any disclosure document regarding the meeting that the Filer, on behalf of the Fund, has sent to registered holders or beneficial owners of securities of the Fund; and

(B) any written communications the Filer, on behalf of the Fund, has made available to the

public regarding each matter or group of matters to be voted on at the meeting, whether or not they were sent to registered holders or beneficial owners of securities of the Fund;

(xiii) materials that are posted on a website pursuant to condition (b)(v)(B) of this decision must be posted

in a manner and be in a format that permit an individual with a reasonable level of computer skill and knowledge to do all of the following easily: (A) access, read and search the documents on the website; and (B) download and print the documents;

(xiv) despite subsection 2.1(b) of NI 54-101, if the Fund relies upon this Decision, it must set a record date for notice that is no fewer than 40 days before the date of the meeting;

(xv) in addition to section 2.20 of NI 54-101, the Fund may only abridge the time prescribed in subsection

2.1(b), 2.2(1) or 2.5(1) of NI 54-101 if the Fund fixes the record date for notice to be at least 40 days before the date of the meeting and sends the notification of meeting and record dates at least 3 business days before the record date for notice;

(xvi) the notification of meeting date and record date sent pursuant to subsection 2.2(1)(b) of NI 54-101

shall specify that the Fund is sending proxy-related materials to registered holders or beneficial owners, as applicable, of securities of the Fund using the Notice-and-Access Procedure pursuant to the terms of this Decision;

(xvii) the Filer, on behalf of the Fund, provides disclosure in the information circular to the effect that the

Fund is sending proxy-related materials to registered holders or beneficial owners, as applicable, of securities of the Fund using the Notice-and-Access Procedure pursuant to the terms of this Decision; and

(xviii) the Filer pays for delivery of the information circular and, if applicable, the financial statements of the

Fund, to registered holders or to beneficial owners, as applicable, of securities of the Fund if a copy of such material is requested following receipt of the Notice-and-Access Document.

The Exemption Sought terminates on the coming into force of any legislation or regulation allowing an investment fund to use a notice-and-access procedure.


March 9, 2017

(2017), 40 OSCB 2105

“Peter J. Brady” Executive Director British Columbia Securities Commission


March 9, 2017

(2017), 40 OSCB 2106

2.1.5 SEI Investments Canada Company Headnote NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Existing and future mutual funds managed by the Filer granted relief from paragraphs 15.3(4)(c) and (f) of NI 81-102 Investment Funds to permit references to Fundata A+ awards and relief from paragraphs 15.3(4)(c) to permit references to FundGrade Ratings in sales communications – Relief subject to conditions requiring specified disclosure and the requirement that the Fundata A+ Awards being referenced not have been awarded more than 365 days before the date of the sales communication. Applicable Legislative Provisions National Instrument 81-102 Investment Funds, ss. 15.3(4)(c) and (f), 19.1.

March 2, 2017



AND

IN THE MATTER OF


AND

IN THE MATTER OF

SEI INVESTMENTS CANADA COMPANY (the Filer)

DECISION

Background The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Existing Mutual Funds and Future Mutual Funds (each defined below) (each a Fund and collectively, the Funds) of which the Filer is or becomes the investment fund manager, pursuant to section 19.1 of National Instrument 81-102 – Investment Funds (NI 81-102), for exemptive relief (Requested Relief) from the requirements set out in paragraphs 15.3(4)(c) (in respect of both the FundGrade A+ Awards presented annually by Fundata Canada Inc. (Fundata) and the FundGrade Ratings) and 15.3(4)(f) (in respect of the FundGrade A+ Awards only) of NI 81-102, which provide that a sales communication must not refer to a performance rating or ranking of a mutual fund or asset allocation service unless:

(a) the rating or ranking is provided for each period for which standard performance data is required to be given, except the period since the inception of the mutual fund;

(b) the rating or ranking is to the same calendar month end that is

(i) not more than 45 days before the date of the appearance or use of the advertisement in which it is included, and

(ii) not more than three months before the date of first publication of any other sales communication in

which it is included;

in order to permit the FundGrade A+ Awards and the FundGrade Ratings to be referenced in sales communications relating to the Funds. Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and


March 9, 2017

(2017), 40 OSCB 2107

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Québec, Saskatchewan and Yukon (the Other Jurisdictions).

Interpretation Terms defined in NI 81-102, National Instrument 14-101 Definitions, and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation amalgamated under the laws of the Province of Nova Scotia with its head office in Toronto,

Ontario. 2. The Filer is registered (i) as a portfolio manager and exempt market dealer under the Securities Act (Ontario) (the Act)

and under the securities legislation in each of the Other Jurisdictions; (ii) as an investment fund manager in each of Ontario, Québec and Newfoundland & Labrador, and (iii) as a commodity trading manager under the Commodity Futures Act (Ontario).

3. The Filer is not in default of the securities legislation of any jurisdiction. The Funds 4. The Filer is the manager of mutual funds (the “Existing Mutual Funds”), each of which is subject to the requirements

of NI 81-102. The Filer may, in the future, become the manager of additional mutual funds (the “Future Mutual Funds”) that are subject to the requirements of NI 81-102.

5. Each of the Funds is, or will be, an open-ended mutual fund established under the laws of Canada or a jurisdiction of

Canada. The securities of each of the Funds are, or will be, qualified for distribution pursuant to a prospectus that has been, or will be, prepared and filed in accordance with the securities legislation of each applicable jurisdiction of Canada. Each of the Funds is, or will be, a reporting issuer in one or more of the jurisdictions of Canada. Each of the Funds is, or will be, subject to NI 81-102, including Part 15 thereof which governs sales communications.

6. The Existing Mutual Funds are not in default of securities legislation of any jurisdiction. Fundata FundGrade A+ Awards Program 7. Fundata is not a member of the Funds’ organization. Fundata is a leader in supplying mutual fund information,

analytical tools, and commentary. Fundata’s fund data and analysis, fund awards designations and ratings information provide valuable insight to advisors, media and individual investors.

8. One of Fundata’s programs is the FundGrade A+ Awards program. This program highlights funds that have excelled in

delivering consistently strong risk-adjusted performance relative to their peers. The FundGrade A+ Awards designate award-winning funds in most individual fund classifications for the previous calendar year, and the awards are announced in January of each year. The categories for fund classification used by Fundata are those maintained by the Canadian Investment Funds Standards Committee (CIFSC) (or a successor to CIFSC), a Canadian organization that is independent of Fundata.

9. The FundGrade A+ Awards are based on a proprietary rating methodology developed by Fundata, the FundGrade

Rating system. The FundGrade Rating system evaluates funds based on their risk-adjusted performance measured by three well-known and widely used metrics: the Sharpe Ratio, the Information Ratio, and the Sortino Ratio. The ratios are calculated for the two through ten year time periods for each fund. When there is more than one eligible series of a fund, an average ratio is taken for each period. The ratios are ranked across all time periods and an overall score is calculated by equally weighting the yearly rankings.

10. The FundGrade Ratings are letter grades for each fund and are determined each month. The FundGrade Ratings for

each month are released on the seventh business day of the following month. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. Because the overall score of a fund is calculated by equally


March 9, 2017

(2017), 40 OSCB 2108

weighting the periodic rankings, to receive an A Grade, a Fund must show consistently high scores for all ratios across all time periods.

11. Fundata calculates a grade using only the retail series of each Fund. Institutional series or fee-based series of any

Fund are not included in the calculation. A Fund must have at least two years of history to be included in the calculation. Once a letter grade is calculated for a Fund, it is then applied to all related series of that Fund.

12. At the end of each calendar year, Fundata calculates a “Fund GPA” for each Fund based on the full year’s

performance. The Fund GPA is calculated by converting each month’s FundGrade Rating letter grade into a numerical score. Each A is assigned a grade of 4.0; each B is assigned a grade of 3.0; each C is assigned a grade of 2.0; each D is assigned a grade of 1.0; and each E is assigned a grade of 0. The total of the grades for each Fund is divided by 12 to arrive at the Fund’s GPA for the year. Any Fund earning a GPA of 3.5 or greater earns a FundGrade A+ Award.

13. When a Fund is awarded a FundGrade A+ Award, Fundata will permit such Fund to make reference to the award in its

sales communications. 14. The FundGrade Ratings fall within the definition of “performance data” under NI 81-102, as they constitute “a rating,

ranking, quotation, discussion or analysis regarding an aspect of the investment performance of an investment fund”, given that the FundGrade Ratings are based on performance measures calculated by Fundata. The FundGrade A+ Awards may be considered to be “overall ratings or rankings”, given that the awards are based on the FundGrade Ratings as described above. Therefore, references to FundGrade Ratings and FundGrade A+ Awards in sales communications relating to the Funds need to meet the applicable requirements in Part 15 of NI 81-102.

15. Paragraph 15.3(4)(c) of NI 81-102 imposes a “matching” requirement for performance ratings or rankings that are

included in sales communications for mutual funds. If a performance rating or ranking is referred to in a sales communication, it must be provided for, or “match”, each period for which standard performance data is required to be given for the fund, except for the period since the inception of the fund (i.e., for one, three, five and ten year periods, as applicable).

16. While FundGrade Ratings are based on calculations for a minimum of two years through to a maximum of ten years,

and the FundGrade A+ Awards are based on a yearly average of monthly FundGrade Ratings, specific ratings for the three, five and ten year periods within the two to ten year measurement period are not given. This means that a sales communication referencing FundGrade Ratings cannot comply with the “matching” requirement contained in paragraph 15.3(4)(c) of NI 81-102. Relief from paragraph 15.3(4)(c) of NI 81-102 is, therefore, required in order for a Fund to use FundGrade Ratings in sales communications.

17. The exemption in subsection 15.3(4.1) of NI 81-102 for references to overall ratings or rankings of funds cannot be

relied upon to reference the FundGrade A+ Awards in sales communications for the Funds because it is available only if a sales communication “otherwise complies” with the requirements of subsection 15.3(4). As noted above, sales communications referencing the FundGrade A+ Awards cannot comply with the “matching” requirement in subsection 15.3(4) because the underlying FundGrade Ratings are not available for the three, five and ten year periods within the two to ten year measurement period for the FundGrade Ratings, rendering the exemption in subsection 15.3(4.1) unavailable. Relief from paragraph 15.3(4)(c) of NI 81-102 is, therefore, required in order for a Fund to reference the FundGrade A+ Awards and the FundGrade Ratings in sales communications.

18. Paragraph 15.3(4)(f) of NI 81-102 imposes certain restrictions on disclosure in sales communications. This paragraph

provides that in order for a rating or ranking such as a FundGrade A+ Award to be used in an advertisement, the advertisement must be published within 45 days of the calendar month end to which the rating or ranking applies. Further, in order for the rating or ranking to be used in any other sales communication, the rating or ranking must be published within three months of the calendar month end to which the rating or ranking applies.

19. Because the evaluation of Funds for the FundGrade A+ Awards will be based on data aggregated until the end of

December in any given year and the results are published in January of the following year, by the time a Fund receives a FundGrade A+ Award in January, paragraph 15.3(4)(f) of NI 81-102 will only allow the FundGrade A+ Award to be used in an advertisement until the middle of February and in other sales communications until the end of March.

20. The Requested Relief is required in order for the FundGrade Ratings and the FundGrade A+ Awards to be referenced

in sales communications relating to the Funds. 21. The Filer wishes to include, in sales communications of the Funds, references to the FundGrade Ratings and the

FundGrade A+ Awards, where such Funds have been awarded a FundGrade A+ Award.


March 9, 2017

(2017), 40 OSCB 2109

22. The Filer submits that the FundGrade A+ Awards and the FundGrade Ratings provide important tools for investors, as they provide investors with context when evaluating investment choices. The FundGrade A+ Awards and the FundGrade Ratings provide an objective, transparent and quantitative measure of performance that is based on the expertise of Fundata in fund analysis that alleviates any concern that references to them may be misleading and, therefore, contrary to paragraph 15.2(1)(a) of NI 81-102.

Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Requested Relief is granted to permit the FundGrade A+ Awards and the FundGrade Ratings to be referenced in sales communications relating to a Fund provided that: 1. The sales communication that refers to the FundGrade A+ Awards and the FundGrade Ratings complies with Part 15

of NI 81-102 other than as set out herein and contains the following disclosure in at least 10 point type: (a) the name of the category for which the Fund has received the award or rating; (b) the number of mutual funds in the category for the applicable period; (c) the name of the ranking entity, i.e., Fundata; (d) the length of period and the ending date, or, the first day of the period and the ending date on which the

FundGrade A+ Awards or the FundGrade Rating is based; (e) a statement that FundGrade Ratings are subject to change every month; (f) in the case of a FundGrade A+ Award, a brief overview of the FundGrade A+ Awards; (g) in the case of a FundGrade Rating (other than FundGrade Ratings referenced in connection with a

FundGrade A+ Award), a brief overview of the FundGrade Rating; (h) disclosure of the meaning of the FundGrade Ratings from A to E (e.g., rating of A indicates a fund is in the top

10% of its category); and (i) reference to Fundata’s website (www.fundata.com) for greater detail on the FundGrade A+ Awards and the

FundGrade Ratings;

2. The FundGrade A+ Award being referenced must not have been awarded more than 365 days before the date of the sales communication; and

3. The FundGrade A+ Awards and the FundGrade Ratings being referenced are calculated based on comparisons of

performance of investment funds within a specified category established by the CIFSC (or a successor to the CIFSC). “Darren McKall” Manager Investment Funds and Structured Products Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2110

2.1.6 Arrow Capital Management Inc. and Exemplar U.S. High Yield Fund

Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Approval of mutual fund merger – approval required because the merger did not meet the criteria for pre-approved reorganizations and transfer in National Instrument 81-102 – merger funds do not have substantially similar investment objectives and fee structure - securityholders of the terminating fund provided with timely and adequate disclosure regarding the merger. Applicable Legislative Provisions National Instrument 81-102 Investment Funds, ss.

5.5(1)(b), 5.5(3), 5.6, 5.7.

February 27, 2017



AND

IN THE MATTER OF


AND

IN THE MATTER OF

ARROW CAPITAL MANAGEMENT INC. (the Filer)

AND

EXEMPLAR U.S. HIGH YIELD FUND

(the Terminating Fund)

DECISION Background The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Terminating Fund for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) approving the proposed merger (the Merger) of the Terminating Fund into Exemplar Growth and Income Fund (the Continuing Fund, and together with the Terminating Fund, the Funds) pursuant to paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds (NI 81-102) (the Approval Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):


(b) the Filer has provided notice that subsec-

tion 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon and Northwest Territories (collectively, the Passport Jurisdictions).

Interpretation Terms defined in MI 11-102, National Instrument 14-101 Definitions and NI 81-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer in respect of the Filer and the Funds: The Filer and the Funds 1. The Filer is a corporation existing under the laws

of Ontario having its registered head office in Toronto, Ontario.

2. The Filer is registered in the following categories

in the jurisdictions as indicated below: (a) Ontario: Portfolio Manager (PM), Invest-

ment Fund Manager (IFM), Exempt Mar-ket Dealer (EMD) and Commodity Trad-ing Manager under the Commodity Futures Act (Ontario);

(b) Alberta: EMD; (c) British Columbia: EMD; (d) Quebec: EMD and IFM; and (e) Newfoundland and Labrador: IFM.

3. The Filer is the investment fund manager and portfolio manager of each of the Funds.

4. Each of the Funds is an open-end mutual fund

trust established under the laws of Ontario by a declaration of trust pursuant to which the Filer is the trustee. The head office of each Fund is located in Toronto, Ontario.

5. Each of the Funds is a reporting issuer under the

applicable securities legislation of all the provinces and territories in Canada, other than Nunavut, and subject to NI 81-102.


March 9, 2017

(2017), 40 OSCB 2111

6. Securities of the Terminating Fund were pre-viously qualified for sale in each of the provinces and territories of Canada, except Nunavut, under a simplified prospectus and annual information form each dated March 16, 2016.

7. Securities of the Continuing Fund (and of other

certain mutual funds forming part of the Exemplar Mutual Funds fund family) are qualified for distribution pursuant to the simplified prospectus and annual information form dated June 29, 2016.

8. The net asset value for each series of the Funds

is calculated on a daily basis in accordance with the Funds’ valuation policy and as described in the offering documents of the Terminating Fund and the offering documents of the Continuing Fund.

9. Neither the Filer nor either of the Funds is in

default of securities legislation in any jurisdiction of Canada.

The Meeting and Proposed Merger 10. In its capacity as the manager of the Funds, the

Filer is proposing to merge the Terminating Fund into the Continuing Fund.

11. The unitholders of the Terminating Fund will be

asked to approve the Merger, with the unitholders of Series A units of the Terminating Fund (the Series A Unitholders) voting separately as a class, at a meeting of the unitholders of the Terminating Fund expected to be held on or around February 21, 2017.

12. Subject to receipt of the unitholder approvals and

the Approval Sought, the Merger is expected to occur on or about February 28, 2017 or as soon as practicable thereafter (the Effective Date).

13. If the unitholder approvals are not received at the

meeting in respect of the Terminating Fund, then the Merger will not proceed.

14. The proposed Merger does not require approval of

securityholders of the Continuing Fund as the Filer has determined that the proposed Merger does not constitute a material change to the Continuing Fund.

15. The Merger satisfies all of the requirements for

pre-approved reorganizations and transfers set out in section 5.6(1) of NI 81-102, except the requirement set out in subsection 5.6(1)(a)(ii) as a reasonable person may not consider the Terminating Fund and Continuing Fund to have substantially similar investment objectives or fee structures.

16. A press release describing the proposed Merger

has been issued and the press release, material

change report, amendment to the simplified prospectus of the Terminating Fund, amendment to the annual information form of the Terminating Fund and the amended and restated fund facts of the Terminating Fund, all dated January 13, 2017, and which give notice of the proposed Merger, have been filed via SEDAR.

17. A notice of meeting, management information

circular (the Information Circular), proxy and the most recently filed fund facts of the applicable series of the Continuing Fund (the CF Fund Facts, and together with the Information Circular and proxy, the Meeting Materials) were mailed to unitholders of the Terminating Fund commencing on or about January 31, 2017 and have been filed via SEDAR.

18. The Meeting Materials contain the CF Fund Facts,

a description of the proposed Merger, information about the Terminating Fund and the Continuing Fund and a description of their differences and income tax considerations for investors of the Funds. The Meeting Materials also describe the various ways in which investors can obtain a copy of the simplified prospectus and annual information form of the Continuing Fund, as well as the most recent interim and annual financial statements and management reports of fund performance for the Continuing Fund, at no cost.

19. Unitholders will continue to have the right to

redeem their securities up to the close of business on the last business day before the effective date of the Merger.

20. Subject to receiving the necessary approvals,

including unitholder approval at the unitholder meeting, effective as of the close of business on February 21, 2017, the Terminating Fund will cease distribution of securities and any new purchases of securities will not be allowed. The Terminating Fund will remain closed to purchase-type transactions, except pursuant to the Terminating Fund’s pre-authorized purchase pro-gram, until it is merged with the Continuing Fund on the Effective Date. All systematic programs shall remain unaffected until the business day immediately before the Effective Date.

21. Following the Merger, all optional services (such

as systematic withdrawal plans) will continue to be available to investors. Unitholders of the Termina-ting Fund will be automatically enrolled in comparable plans with respect to their corresponding securities of the Continuing Fund unless they advise otherwise.

22. Unitholders may change or cancel any systematic

program at any time and unitholders of the Terminating Fund who wish to establish one or more systematic programs in respect of their


March 9, 2017

(2017), 40 OSCB 2112

holdings in the Continuing Fund may do so following the Merger.

23. Unitholders of the Terminating Fund who elected

to receive distributions in cash from the Terminating Fund before the Merger will receive distributions in cash from the Continuing Fund after the Merger.

24. As required by National Instrument 81-107

Independent Review Committee for Investment Funds (NI 81-107), the Independent Review Committee (IRC) has been appointed for the Funds. The Filer presented the terms of the Merger to the IRC for a recommendation. The IRC reviewed the proposed Merger and provided a positive recommendation for the Merger, having determined that the Merger, if implemented, would achieve a fair and reasonable result for each of the Funds and their respective securityholders. A summary of the IRC’s recommendation has been included in the notice of special meeting sent to unitholders of the Terminating Fund as required by section 5.1(2) of NI 81-107.

25. The Merger will be completed as a “qualifying

exchange” or a tax-deferred transaction under the Income Tax Act (Canada) (the Tax Act).

Proposed Merger Steps 26. Any investment held by the Terminating Fund that

is not consistent with the investment objective of the Continuing Fund or acceptable to the portfolio manager of the Continuing Fund will be sold prior to the Effective Date. As a result, the Terminating Fund will temporarily hold cash and/or money market instruments and will not be invested in accordance with its investment objectives for a brief period of time prior to the Merger. The value of any investment sold prior to the Effective Date will depend on prevailing market conditions.

27. Prior to the Merger, each of the Terminating Fund

and the Continuing Fund will distribute to their respective unitholders sufficient net income and net realized capital gains so that neither of the Funds will be subject to tax under Part I of the Tax Act for the taxation year ended at the time of the Merger.

28. On the Effective Date, the Terminating Fund will

transfer all of its assets less an amount required to satisfy the liabilities of the Terminating Fund, to the Continuing Fund, in exchange for units of the Continuing Fund. The units of the Continuing Fund received by the Terminating Fund will have an aggregate net asset value (NAV) equal to the value of the net assets transferred by the Terminating Fund.

29. Immediately following the above-noted transfer,

the Terminating Fund will redeem its outstanding

units and distribute the units of the Continuing Fund received by the Terminating Fund to unitholders of the Terminating Fund, in exchange for all such unitholders’ existing units of the Terminating Fund on a series-for-series and dollar-for-dollar basis, as follows: (a) Unitholders of Series A units of the

Terminating Fund will receive Series A units of the Continuing Fund. Series A units of the Continuing Fund are subject to a management fee that is 0.25% higher than the management fee in respect of the Series A Units of the Terminating Fund.

(b) Unitholders of Series F, Series FN and

Series I units of the Terminating Fund will receive Series F, Series FN and Series I units of the Continuing Fund, respec-tively, and such corresponding series of units are subject to the same rate of management fees.

(c) The Terminating Fund does not have any

Unitholders in Series AI, AN, U, FI, G, L, LI or M units.

(d) Because of the difference in manage-

ment fees between the corresponding Series A units, a reasonable person may not consider the Terminating Fund and Continuing Fund to have substantially similar fee structures.

30. Each unitholder of the Terminating Fund will

receive the corresponding series of units of the Continuing Fund with a value equal to the value of the corresponding series of units the Terminating Fund as set out above as determined on the Effective Date.

31. Immediately following the Merger, unitholders of

the Terminating Fund will hold units of the Continuing Fund of a series corresponding to the series of, and of equivalent value to, their units of the Terminating Fund. The Continuing Fund has the same valuation procedure as the Terminating Fund.

32. As soon as reasonably possible following the

Merger, the Terminating Fund will be wound up. 33. Costs and expenses associated with the Merger

will be borne by the Filer and will not be charged to the Funds. The costs of the Merger include legal, printing, mailing and regulatory fees, as well as proxy solicitation and brokerage costs.

34. No sales charges will be payable by unitholders of

the Funds in connection with the Merger.


March 9, 2017

(2017), 40 OSCB 2113

Benefits of Merger 35. The Filer believes that the Merger is in the best

interest of the Terminating Fund and the Continuing Fund and their unitholders and will be beneficial to unitholders of the Terminating Fund and the Continuing Fund for the following reasons: (a) under the Merger, investors in the

Terminating Fund are provided greater flexibility to decide when a disposition and possible taxable event is triggered because they have the option to redeem their units before the Merger if they so choose, or they can participate in the tax-deferred Merger and avoid a disposition and possible taxable event that would occur in connection with the liquidation of the Terminating Fund;

(b) the Continuing Fund is a better alter-

native for investors than the Terminating Fund as it provides the opportunity for greater long term growth and a more diverse portfolio;

(c) the Merger will provide economies of

scale by eliminating duplicative admini-strative and regulatory costs of operating the Terminating Fund and the Continuing Fund as separate mutual funds;

(d) a portion of the Continuing Fund currently

invests directly in the Terminating Fund; (e) the assets of the Terminating Fund have

decreased to such a point where it has become inefficient to manage the Terminating Fund as a standalone fund and provide proper diversification; and

(f) following the Merger, the Continuing

Fund will have more assets allowing for increased portfolio diversification oppor-tunities and a smaller proportion of assets set aside to fund redemptions.

Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make a decision. The decision of the principal regulator under the Legislation is that the Approval Sought is granted, provided that the Filer obtains the prior unitholder approvals for the Merger, including the Series A Unitholders voting separately as a class, at the meeting held for that purpose, or any adjournments thereof.

“Darren McKall” Manager Investment Funds and Structured Products Branch Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2114

2.1.7 IA Clarington Investments Inc. et al. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief granted to mutual funds for extension of lapse dates of their prospectuses for 70 and 73 days respectively – Filer will incorporate offerings of the mutual funds under the same offering documents as related family of funds when they are renewed – Extension of lapse date will not affect the currency or accuracy of the information contained in the current prospectuses. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).

[TRANSLATION]

February 24, 2017


QUEBEC AND ONTARIO (the Jurisdictions)

AND

IN THE MATTER OF


AND

IN THE MATTER OF

IA CLARINGTON INVESTMENTS INC. (the Filer)

AND

IA CLARINGTON CONSERVATIVE PORTFOLIO, IA CLARINGTON MODERATE PORTFOLIO, IA CLARINGTON BALANCED PORTFOLIO, IA CLARINGTON GROWTH PORTFOLIO,

IA CLARINGTON MAXIMUM GROWTH PORTFOLIO, IA CLARINGTON GLOBAL EQUITY EXPOSURE FUND

(the Funds)

DECISION

Background The securities regulatory authority or regulator in each of the Jurisdictions (each a Decision Maker) has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdictions (the Legislation) that the time limits for the renewal of the simplified prospectus of the Funds be extended to the time limits that would apply if the lapse date of the simplified prospectus of the Funds was June 20, 2017 (the Exemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application) :

(a) the Autorite des marches financiers is the principal regulator for this application;

(b) the Filer has provided notice that

subsection 4.7(1) of Regulation 11-102 Passport System (Regulation 11-102) is intended to be relied upon in each of the provinces and territories of Canada other than the Jurisdictions; and

(c) the decision is the decision of the prin-

cipal regulator and evidences the deci-sion of the securities regulatory authority or regulator in Ontario.

Interpretation Terms defined in Regulation 14-101 respecting Definitions and Regulation 11-102 have the same meaning if used in this decision, unless otherwise defined. Capitalized terms used in this decision have the following meanings : IA Clarington Managed Portfolios means IA Clarington Conservative Portfolio, IA Clarington Moderate Portfolio, IA Clarington Balanced Portfolio, IA Clarington Growth Portfolio and IA Clarington Maximum Growth Portfolio GEE Fund means IA Clarington Global Equity Exposure Fund Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation amalgamated under the

laws of Canada. The Filer's head office is in Quebec City, Quebec.

2. The Filer is registered as an investment fund

manager in Quebec, Ontario and Newfoundland and Labrador, as an exempt market dealer in Quebec and Ontario, and as a portfolio manager in all of the provinces of Canada.

3. The Filer is the trustee and manager of the Funds.

The Filer is also the trustee and manager of sixty (60) other IA Clarington mutual funds (the IA Clarington Funds) that are offered in each of the jurisdictions of Canada under a simplified prospectus dated June 20, 2016, as amended by amendment no. 1 dated December 13, 2016, the lapse date of which is June 20, 2017, as well as the three (3) Target Click funds (the Target Click Funds, and together with the IA Clarington Funds, the Other Funds) that are offered in each of the jurisdictions of Canada under a simplified prospectus dated June 20, 2016.


March 9, 2017

(2017), 40 OSCB 2115

4. Neither the Funds nor the Filer is in default of securities legislation in any of the jurisdictions of Canada.

The /A Clarington Managed Portfolios 5. Each of, the IA Clarington Managed Portfolios is

an open-ended mutual fund trust established under the laws of Ontario. Each of the IA Clarington Managed Portfolios is a reporting issuer in each of the jurisdictions of Canada.

6. Units of the IA Clarington Managed Portfolios are

currently qualified for distribution in each of the jurisdictions of Canada under the current sim-plified prospectus of the IA Clarington Managed Portfolios dated April 11, 2016 (the Portfolios Current Prospectus).

7. The lapse date for the Portfolios Current

Prospectus is April 11, 2017 (the Portfolios Current Lapse Date). Accordingly, under section 2.5(7) of Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (Regulation 81-101) and section 62(5) of the Securities Act (Ontario) (the Act), the distribution of units of the IA Clarington Managed Portfolios would have to cease on the Portfolios Current Lapse Date unless (i) a pro-forma simplified prospectus is filed at least 30 days prior to the Portfolios Current Lapse Date, i.e. by March 12, 2017; (ii) a final simplified prospectus is filed no later than 10 days after the Portfolios Current Lapse Date, i.e. by April 21, 2017; and (iii) a receipt for the final simplified prospectus is obtained within 20 days of the Portfolios Current Lapse Date, i.e. by May 1, 2017.

8. The IA Clarington Managed Portfolios were newly

created in 2016 and have not yet provided investors with any audited financial information.

The GEE Fund 9. The GEE Fund is an open-ended mutual fund

trust established under the laws of Ontario. The GEE Fund is a reporting issuer in each of the jurisdictions of Canada.

10. Units of the GEE Fund are currently qualified for

distribution in each of the jurisdictions of Canada under the current simplified prospectus of the GEE Fund dated April 8, 2016 (the GEEF Current Prospectus and together with the Portfolios Current Prospectus, the Current Prospectus).

11. The lapse date for the GEEF Current Prospectus

is April 8, 2017 (the GEEF Current Lapse Date and together with the Portfolios Current Lapse Date, the Current Lapse Dates). Accordingly, under section 2.5(7) of Regulation 81-101 and section 62(5) of the Act, the distribution of units of the GEE Fund would have to cease on the GEEF

Current Lapse Date unless (i) a pro-forma simplified prospectus is filed at least 30 days prior to the GEEF Current Lapse Date, i.e. by March 9, 2017; (ii) a final simplified prospectus is filed no later than 10 days after the GEEF Current Lapse Date, i.e. by April 18, 2017; and (iii) a receipt for the final simplified prospectus is obtained within 20 days of the GEEF Current Lapse Date, i.e. by April 28, 2017.

Renewal Filings 12. The Filer must file annual financial statements and

the management report of fund performance (MRFP) for the Funds and the Other Funds for the financial year ended March 31, 2017 by no later than June 30, 2017, which date is after the Current Lapse Dates.

13. The Filer wishes to combine the simplified

prospectus of the IA Clarington Managed Portfolios with the simplified prospectus of the IA Clarington Funds, and to combine the simplified prospectus of the GEE Fund with the simplified prospectus of the Target Click Funds. Offering the IA Clarington Managed Portfolios under the same renewal simplified prospectus, annual information form and fund facts (the Prospectus Documents) as the IA Clarington Funds, and offering the GEE Fund under the same Prospectus Documents as the Target Click Funds, would facilitate the distribution of the Funds in the jurisdictions of Canada under the same prospectus disclosure and would also assist in disseminating information with respect to the Funds and the Other Funds in such matters such as switching between the Fund and the Other Funds. The Funds share many common operational and administrative features with the Other Funds and combining them in the same simplified prospectuses will allow investors to more easily compare the features of the Other Funds and the Funds.

14. It would be impractical to alter and modify all the

dedicated systems, procedures and resources required to prepare the Prospectus Documents of the Other Funds, and unreasonable to incur the costs and expenses associated therewith, so that the Prospectus Documents of the Other Funds can be filed earlier with the Prospectus Documents of the Funds. Moreover, it would result in the Other Funds not being able to incorporate current audited financial information in their Prospectus Documents.

15. The Filer may make minor changes to the features

of the Other Funds as part of the process of renewing the Other Funds' Prospectus Documents in June 2017. The ability to file the Prospectus Documents of the Funds with those of the Other Funds will ensure that the Filer can make the operational and administrative features of the


March 9, 2017

(2017), 40 OSCB 2116

Funds and the Other Funds consistent with each other, if necessary.

16. As the financial year end of the Funds is March

31, the Funds will need to incorporate by reference unaudited interim financial information (as at September 30, 2016) into the Prospectus Documents under the Current Lapse Dates. In order to incorporate by reference the interim unaudited financial statements into the Prospectus Documents, those interim unaudited financial statements must have been reviewed by the Funds' auditor in accordance with the relevant standards set out in the Handbook of the Canadian Institute of Chartered Accountants for a review of financial statements. Given that the audited financial statements of the Funds will be available no later than June 30, 2017, which is only a few weeks following the filing of the Prospectus Documents under the Current Lapse Dates, this review of the interim unaudited financial statements will incur time and expense which will only be relevant for a short period of time.

17. Moving the Current Lapse Dates of the Current

Prospectus until June 20, 2017 will allow the Filer to finalize and file the audited financial statements and MRFP of the Funds before June 30, 2017 and then complete the task of updating the data in the relevant Prospectus Documents to file the final simplified prospectus shortly following the filing of the audited financial statements and MRFP of the Funds.

18. Once the Prospectus Documents of the Funds

and the Other Funds are consolidated, the Funds will be able to renew their Prospectus Documents on a timeline that allows them to include the most current audited financial information in the Prospectus Documents each year. If the Exemption Sought is granted, investors in the Funds would have the benefit of being provided with the Funds' most current audited financial information and financial reporting when reviewing the Prospectus Documents.

19. There have been no material changes in the

affairs of the Funds since the dates of the Current Prospectus. Accordingly, the Current Prospectus, together with the annual information form and fund facts continues to provide accurate information regarding the Funds.

20. The Exemption Sought will not affect the accuracy

of the information contained in the Current Prospectus and will therefore not be prejudicial to the public interest.

Decision Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision. The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted. “Jacinthe Des Marchais” Director, Investment Funds Autorite des marches financiers


March 9, 2017

(2017), 40 OSCB 2117

2.1.8 NGAM Canada LP Headnote NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Investment fund manager granted exemption from subsection 5.1(a) of NI 81-105 to allow it to pay to a participating dealer direct costs incurred by the participating dealer relating to a sales communication, investor conference or investor seminar prepared or presented by the participating dealer which has a primary purpose of providing educational information on financial planning matters. Applicable Legislative Provisions National Instrument 81-105 Mutual Fund Sales Practices,

ss. 5.1(a), 9.1.

March 3, 2017



AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS


AND

IN THE MATTER OF NGAM CANADA LP

(the Filer)

DECISION Background The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction (the Legislation) for relief from subsection 5.1(a) of National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105) to permit the Filer to pay to a participating dealer direct costs incurred by the participating dealer relating to a sales communication, investor conference or investor seminar prepared or presented by the participating dealer (collectively, the Cooperative Marketing Initiatives and each a Cooperative Marketing Initiative) if the primary purpose of the Cooperative Marketing Initiative is to promote, or provide educational information concerning investment, retirement, tax and estate planning (collectively, Financial Planning) matters (the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):


(b) the Filer has provided notice that section

4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Jurisdic-tions).

Interpretation Terms defined in National Instrument 14-101 Definitions, MI 11-102 or NI 81-105 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: 1. The Filer is a limited partnership established under

the laws of Ontario with its head office based in Toronto, Ontario. The general partner of the Filer is NGAM Canada Limited, a corporation incor-porated under the laws of the Province of Ontario.

2. The Filer is registered as an investment fund

manager in Ontario, Quebec and Newfoundland and Labrador, an exempt market dealer in each of the Jurisdictions, and a portfolio manager and mutual fund dealer in Ontario.

3. The Filer is an affiliate of Natixis Global Asset

Management, a multi-affiliate organization with more than 20 specialized investment firms in the U.S., Europe and Asia.

4. The Filer acts and may in the future act, as

investment fund manager in respect of various mutual funds (the Funds) governed by National Instrument 81-102 Investment Funds, the securities of which are qualified for distribution to investors in each of the Jurisdictions pursuant to various simplified prospectuses, as they may be amended or renewed from time to time.

5. Securities of the Funds are distributed by

participating dealers in the Jurisdictions. 6. Each of the Filer, NGAM Canada Limited, and

Natixis Global Asset Management is a "member of the organization" (as that term is defined in NI 81-105) of the Funds, as the Filer is the manager of the Funds and the corporations and other organizations that form part of Natixis Global Asset Management, including Loomis, Sayles & Company, LP, Harris Associates LP, Gateway Investment Advisers, LLC and Mirova Responsible Investing among others are affiliates of the Filer.


March 9, 2017

(2017), 40 OSCB 2118

7. The Filer complies with NI 81-105, and in particular Part 5 of NI 81-105, in respect of its marketing and educational practices.

8. The Filer is not in default of securities legislation in

any of the Jurisdictions. 9. Under Subsection 5.1(a) of NI 81-105, the Filer is

permitted to pay direct costs incurred by a participating dealer where the purpose of the Cooperative Marketing Initiative is to promote or provide educational information about the Funds, the mutual fund family of which the Funds are members, or mutual funds generally.

10. Subsection 5.1(a) of NI 81-105 prohibits the Filer

from paying direct costs incurred by a participating dealer relating to a Cooperative Marketing Initiative where the primary purpose is to provide educational information about Financial Planning matters. Consequently, the Filer is not permitted to sponsor the cost of sales communications, investor seminars or investor conferences prepared or presented by participating dealers where the main topics discussed include investment planning, retirement planning, tax planning and estate planning, each of which are aspects of Financial Planning.

11. The Filer and its affiliates have expertise in

Financial Planning matters or may retain others with such expertise.

12. In addition to the topics currently permitted under

subsection 5.1(a) of NI 81-105, the Filer wishes to sponsor Cooperative Marketing Initiatives where the primary purpose of the Cooperative Marketing Initiatives is to provide educational information concerning Financial Planning matters. The Filer will comply with Subsections 5.1(b) to (e) of NI 81-105 in respect of such Cooperative Marketing Initiatives it sponsors.

13. Mutual funds, including the Funds managed by

the Filer, can be used to meet a variety of financial goals and accordingly are regularly used as financial planning tools. The Filer’s sponsorship of Cooperative Marketing Initiatives where the primary purpose is to provide educational infor-mation about Financial Planning matters may benefit investors, as it may facilitate and poten-tially increase investors' access to educational information on such matters, which may in turn better equip them to make financial decisions that involve mutual funds.

14. Under Sections 5.2 and 5.5 of NI 81-105, the Filer

is permitted to sponsor the costs incurred by participating dealers in attending or organizing and presenting at conferences where the primary purpose is the provision of educational information on, among other things, financial planning.

15. Specifically, under subsection 5.2(a) of NI-81-105, the Filer is permitted to provide a non-monetary benefit to a representative of a participating dealer by allowing him or her to attend a conference or seminar organized and presented by the Filer where the primary purpose is the provision of educational information about, among other things, financial planning, investing in securities or mutual fund industry matters.

16. Similarly, under subsection 5.5(a) of NI 81-105,

the Filer is permitted to pay to a participating dealer part of the direct costs the participating dealer incurs in organizing or presenting at a conference or seminar that is not an investor conference or investor seminar referred to in section 5.1, where the primary purpose is the provision of educational information about, among other things, financial planning, investing in securities or mutual fund industry matters.

17. The Filer will not require participating dealers to

sell any of its Funds or other financial products to investors as a condition of the Filer's sponsorship of a Cooperative Marketing Initiative.

18. The Filer will pay for its sponsorship of a

Cooperative Marketing Initiative out of its normal sources of revenue. Accordingly, the sponsorship cost will not be borne by the Funds.

Decision The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted, provided that in respect of a Cooperative Marketing Initiative whose primary purpose is to provide educational information concerning Financial Planning matters:

(a) the Filer otherwise complies with the requirements of subsections 5.1(b) through (e) of NI 81-105;

(b) the Filer does not require any parti-

cipating dealer to sell any of the Funds or other financial products to investors;

(c) other than as permitted by NI 81-105, the

Filer does not provide participating deal-ers and their representatives with any financial or other incentives for recom-mending any of its Funds to investors;

(d) the materials presented in a Cooperative

Marketing Initiative concerning Financial Planning matters contain only general educational information about such matters;


March 9, 2017

(2017), 40 OSCB 2119

(e) the Filer prepares or approves the con-tent of the general educational infor-mation about Financial Planning matters presented in a Cooperative Marketing Initiative it sponsors and selects or approves an appropriately-qualified speaker for each presentation about such matters delivered in a Cooperative Marketing Initiative;

(f) any general educational information

about Financial Planning matters pre-sented in a Cooperative Marketing Initiative contains an express statement that the content presented is for information purposes only, and is not providing advice to the attendees of the investor conference or investor seminar or the recipients of the sales communi-cation, as applicable; and

(g) any general educational information

about Financial Planning matters presented in a Cooperative Marketing Initiative contains an indication of the types of professionals who may generally be qualified to provide advice on the subject matter of the information presented.

“AnneMarie Ryan” Commissioner Ontario Securities Commission “Janet Leiper” Commissioner Ontario Securities Commission

2.2 Orders 2.2.1 Mitec Technologies Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for a decision that the issuer is not a reporting issuer under applicable securities laws – issuer in default of its obligation to file and deliver its quarterly financial statements and related management’s discussion and analysis and certain MI 61-101 deficiencies – requested relief granted. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). National Policy 11-206 Process for Cease to be a

Reporting Issuer Applications.

February 21, 2017


ONTARIO (THE JURISDICTION)

AND

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

AND

IN THE MATTER OF

MITEC TECHNOLOGIES INC. (THE FILER)

ORDER

Background The principal regulator in the Jurisdiction has received an application from the Filer for an order under the securities legislation of the Jurisdiction (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought). Under the Process for Cease to be a Reporting Issuer Application (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) the Filer has provided notice that

subsection 4C.5(1) of Multilateral Instru-ment 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick,


March 9, 2017

(2017), 40 OSCB 2120

Nova Scotia, Prince Edward Island and Newfoundland.

Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. Representations This order is based on the following facts represented by the Filer: 1. The Filer is a corporation governed by the Ontario

Business Corporations Act with its head office located at 2333 North Sheridan Way, Suite 200, Mississauga, Ontario.

2. The Filer is a reporting issuer in British Columbia,

Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland. The Filer is not a reporting issuer in any other jurisdiction in Canada.

3. The Filer is applying for a decision that it is not a

reporting issuer in all of the jurisdictions of Canada in which it is currently a reporting issuer.

4. At the special and annual shareholders meeting of

the Filer held on June 6, 2016 (the Meeting), the shareholders of the Filer approved a resolution providing for the consolidation (the Consoli-dation) of the Filer’s common shares (Common Shares) on the basis of one new Common Share (each a Post-Consolidation Share) for every five million two hundred thousand (5,200,000) Com-mon Shares outstanding prior to the Consolidation (each a Pre-Consolidation Share). The Con-solidation provided that no fractional Post-Consolidation Shares would be issued and each shareholder holding less than 5,200,000 Pre-Consolidation Shares would be paid $0.02 per Pre-Consolidation Share (the Consideration).

5. The Consideration is equal to the Filer’s cash on

hand after liquidating its assets, paying its regulatory, legal and accounting costs, costs associated with the Meeting and other payables of the Filer.

6. The Consolidation was approved by 73.60% of the

votes cast at the Meeting. Following the completion of the Consolidation on September 29, 2016, the sole remaining shareholder of the Filer is a related party of the Filer (the Related Party) within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).

7. The Consolidation was subject to Part 4 and Part

8 of MI 61-101 (the Business Combination

Requirements). The Filer’s management infor-mation circular in respect of the Meeting did not disclose that the Consolidation was subject to the Business Combination Requirements or fully comply with the Business Combination Require-ments (the MI 61-101 Deficiencies).

8. The Related Party did not vote on the Consoli-

dation and did not receive any Consideration pursuant to the Consolidation.

9. The Common Shares of the Filer were delisted

from the TSX Venture Exchange effective at the close of business on September 29, 2016. No securities of the Filer are traded on, or listed or quoted on, any exchange or market.

10. The Filer is not an OTC reporting issuer under

Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets.

11. No securities of the Filer, including debt securities,

are traded in Canada or another country on a marketplace (as defined in National Instrument 21-101 Marketplace Operation) or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.

12. As a result of the Consolidation, the outstanding

securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide.

13. The Filer has no current intention to seek public

financing by way of an offering of securities. 14. The Filer is not in default of securities legislation in

any jurisdiction except for (i) the failure to file, by the prescribed deadline, interim financial state-ments for the three and nine month period ended September 30, 2016 and management’s discus-sion & analysis relating to the interim financial statements for the three and nine month period ended September 30, 2016 and certification of the foregoing filings under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (the Filings); and (ii) the MI 61-101 Deficiencies.

15. The Filer has no contractual commitments that

require it to maintain reporting issuer status. 16. The Filer is not eligible to use the simplified

procedure under National Policy 11-206 Process for Cease to be a Reporting Issuer Application as it is in default for (i) the failure to file the Filings; and (ii) the MI 61-101 Deficiencies in relation to the Consolidation.


March 9, 2017

(2017), 40 OSCB 2121

17. Upon granting of the Order Sought, the Filer will not be a reporting issuer or the equivalent in any jurisdiction in Canada.

Order The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the order. The decision of the principal regulator under the Legislation is that the Order Sought is granted. “Grant Vingoe” Commissioner Ontario Securities Commission “Monica Kowal” Commissioner Ontario Securities Commission

2.2.2 Krishna Sammy


RSO 1990, c S.5

AND

IN THE MATTER OF A REQUEST FOR A HEARING AND REVIEW OF

THE DECISION OF A HEARING PANEL OF THE INVESTMENT INDUSTRY REGULATORY

ORGANIZATION OF CANADA

AND

IN THE MATTER OF KRISHNA SAMMY

ORDER

WHEREAS on February 28, 2017, the Ontario Securities Commission (“Commission”) held a hearing by teleconference with respect to an application by Krishna Sammy (“Sammy”) for an order pursuant to section 144 of the Securities Act, RSO 1990, c S.5, revoking or varying the order of the Commission dated October 28, 2016 (the “Application to Revoke or Vary”), which order dismissed his Application for a Hearing and Review of the decision of a Hearing Panel of the Investment Industry Regulatory Organization of Canada (“IIROC”) dated January 22, 2016 (the “Application for Hearing and Review”);

ON HEARING submissions from Sammy’s counsel, counsel for IIROC Staff and counsel for Commission Staff;

IT IS ORDERED that:

1. the Application to Revoke or Vary is granted and the October 28, 2016 Order of the Commission is revoked;

2. a confidential pre-hearing conference shall be held by teleconference on March 8, 2017 at 11:00 a.m. EST;

3. pursuant to subsection 9(1)(b) of the Statutory Powers and Procedure Act, RSO 1990, c S.22 and Rule 5.2 of the Commission’s Rules of Procedure (2014), 37 OSCB 4168, the “Further Amended Application for Further Decision dated February 27, 2017” found at Tab 3 of the Application Record dated February 27, 2017 is confidential; and

4. the hearing of the Application for Hearing and Review shall commence on March 30, 2017, at 11:30 a.m. EST.

DATED at Toronto, this 28th day of February 2017.

“Timothy Moseley”


March 9, 2017

(2017), 40 OSCB 2122

2.2.3 Lance Kotton – ss. 127(7), 127(8)


RSO 1990, c S.5

AND

IN THE MATTER OF LANCE KOTTON

TEMPORARY ORDER

(Subsections 127(7) and (8)) WHEREAS: 1. on November 6, 2015, the Ontario Securities

Commission (the “Commission”) ordered pursuant to subsections 127(1) and (5) of the Securities Act, RSO 1990, c S.5 (the “Act”), that: (a) pursuant to clause 2 of subsection 127(1)

of the Act, trading in any securities by Lance Kotton (“Kotton”) shall cease; and

(b) pursuant to clause 3 of subsection 127(1)

of the Act, any exemptions contained in Ontario securities law do not apply to Kotton;

(the “Temporary Order”);

2. the Commission further ordered that the Temporary Order shall take effect immediately and shall expire on the 15th day after its making unless extended by order of the Commission;

3. on November 9, 2015, the Commission issued a

Notice of Hearing providing notice that it would hold a hearing on November 19, 2015, to consider whether, pursuant to subsections 127(7) and 127(8) of the Act, it is in the public interest for the Commission to extend the Temporary Order until the conclusion of the hearing or until such further time as considered necessary by the Commission, and to make such further orders as the Commission considers appropriate;

4. Kotton consented to an extension of the

Temporary Order until December 17, 2015, which order was further extended until March 3, 2017;

5. on March 1, 2017, Staff of the Commission and

counsel for Kotton appeared before the Commission requesting that the Temporary Order be extended on consent as against Kotton until April 6, 2017, and made submissions; and

6. the Commission is of the opinion that it is in the

public interest to make this Order;

IT IS ORDERED that: 1. the Temporary Order is extended as against

Kotton until April 6, 2017; and 2. the hearing of this matter is adjourned until April 5,

2017 at 10:00 a.m., or such other date and time as provided by the Office of the Secretary and agreed to by the parties.

DATED at Toronto, Ontario this 1st day of March, 2017. “Timothy Moseley”


March 9, 2017

(2017), 40 OSCB 2123

2.2.4 Thomson Reuters Corporation – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids

Headnote Section 6.1 of NI 62-104 – Issuer bid – relief from the requirements applicable to issuer bids in Part 2 of NI 62-104 – Issuer proposes to purchase, at a discounted purchase price, up to 2,000,000 of its common shares from one of its shareholders – due to the discounted purchase price, proposed purchases cannot be made through the TSX trading system – but for the fact that the proposed purchases cannot be made through the TSX trading system, the Issuer could otherwise acquire the subject shares in accordance with the TSX rules governing normal course issuer bids, in reliance on the issuer bid exemption in subsection 4.8(2) of NI 62-104 – the selling shareholder did not purchase the subject shares in anticipation or contemplation of resale to the Issuer and no common shares have been purchased by the selling shareholder for a minimum of 30 days prior to the date of the application seeking the requested relief in anticipation or contemplation of a sale of common shares by the selling shareholder to the Issuer – no adverse economic impact on, or prejudice to, the Issuer or other security holders – proposed purchases exempt from the requirements applicable to issuer bids in Part 2 of NI 62-104, subject to conditions, including that the Issuer not purchase, in the aggregate, more than one-third of the maximum number of shares to be purchased under its normal course issuer bid by way of off-exchange block purchases, and that the Issuer not make any proposed purchase unless it has first obtained written confirmation from the selling shareholder that between the date of the order and the date on which the proposed purchase is completed, the selling shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any common shares of the Issuer to re-establish its holdings of common shares which will have been reduced as a result of the sale of the subject shares pursuant to the proposed purchases. Applicable Legislative Provisions National Instrument 62-104 Take-Over Bids and Issuer

Bids, Part 2 and s. 6.1.


R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF THOMSON REUTERS CORPORATION

ORDER

(Section 6.1 of National Instrument 62-104)

UPON the application (the “Application”) of Thomson Reuters Corporation (the “Issuer”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to section 6.1 of National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”) exempting

the Issuer from the requirements applicable to issuer bids in Part 2 of NI 62-104 (the “Issuer Bid Requirements”) in respect of the proposed purchases (the “Proposed Purchases”) by the Issuer of up to 2,000,000 (the “Subject Shares”) of the Issuer’s common shares (the “Common Shares”) in one or more trades with Royal Bank of Canada (the “Selling Shareholder”); AND UPON considering the Application and the recommendation of staff of the Commission; AND UPON the Issuer (and the Selling Shareholder in respect of paragraphs 5, 6, 7, 8, 9, 10, 12, 23 and 24 as they relate to the Selling Shareholder) having represented to the Commission that: 1. The Issuer is a corporation governed by the

Business Corporations Act (Ontario). 2. The head office of the Issuer is located at 3 Times

Square, New York, New York 10036 and its registered office is located at 333 Bay Street, Suite 400, Toronto, Ontario M5H 2R2.

3. The Issuer is a reporting issuer in each of the

provinces of Canada and the Common Shares are listed for trading on the Toronto Stock Exchange (the “TSX”) and the New York Stock Exchange (the “NYSE”) under the symbol “TRI”. The Issuer is not in default of any requirement of the securities legislation in the jurisdictions in which it is a reporting issuer.

4. The Issuer’s authorized share capital consists of

an unlimited number of Common Shares, an unlimited number of preference shares, issuable in series, and one Thomson Reuters Founders Share, of which 727,774,134 Common Shares, 6,000,000 series II preference shares and one Thomson Reuters Founders Share were issued and outstanding as of February 10, 2017.

5. The corporate headquarters of the Selling

Shareholder is located in Toronto, Ontario. 6. The Selling Shareholder does not, directly or

indirectly, own more than 5% of the issued and outstanding Common Shares.

7. The Selling Shareholder is the beneficial owner of

at least 2,000,000 Common Shares. None of the Subject Shares were acquired by, or on behalf of, the Selling Shareholder in anticipation or contemplation of resale to the Issuer.

8. The Subject Shares are held by the Selling

Shareholder in connection with arrangements to hedge client transactions in respect of the Common Shares. Between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder will not purchase, have purchased on its behalf, or otherwise accumulate, any Common Shares to re-


March 9, 2017

(2017), 40 OSCB 2124

establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

9. No Common Shares were purchased by, or on

behalf of, the Selling Shareholder on or after January 16, 2017, being the date that was 30 days prior to the date of the Application, in anticipation or contemplation of a sale of Common Shares by the Selling Shareholder to the Issuer.

10. The Selling Shareholder is at arm’s length to the

Issuer and is not an “insider” of the Issuer, an “associate” of an “insider” of the Issuer, or an “associate” or “affiliate” of the Issuer, as such terms are defined in the Securities Act (Ontario) (the “Act”). In addition, the Selling Shareholder is an “accredited investor” within the meaning of National Instrument 45-106 Prospectus Exemptions.

11. Pursuant to the terms of a “Notice of Intention to

Make a Normal Course Issuer Bid” filed with, and accepted by, the TSX, dated May 24, 2016 (the “Notice”), the Issuer is permitted to make purchases pursuant to a normal course issuer bid (the “Normal Course Issuer Bid”), during the 12-month period beginning on May 30, 2016 and ending on May 29, 2017, up to a maximum of 37,500,000 Common Shares, representing approximately 5% of the issued and outstanding Common Shares as at the date specified in the Notice. The Issuer may make purchases under the Normal Course Issuer Bid through the facilities of the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or the NYSE or under applicable law by a registered investment dealer (or an affiliate of the dealer) in accordance with sections 628 to 629.3 of Part VI of the TSX Company Manual (the “TSX NCIB Rules”), including by private agreements under issuer bid exemption orders issued by a securities regulatory authority (each, an “Off-Exchange Block Purchase”). The TSX has been advised of the Issuer’s intention to enter into the Proposed Purchases and has confirmed that it has no objection to the Proposed Purchases.

12. The Issuer and the Selling Shareholder intend to

enter into one or more agreements of purchase and sale (each, an “Agreement”), pursuant to which the Issuer will agree to acquire some or all of the Subject Shares from the Selling Shareholder by way of one or more Proposed Purchases, each occurring by May 29, 2017 for a purchase price (each such price, a “Purchase Price” in respect of such Proposed Purchase) that will be negotiated at arm’s length between the Issuer and the Selling Shareholder. The Purchase Price, in each case, will be at a discount to the prevailing market price and below the prevailing

bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase.

13. The Subject Shares acquired under each

Proposed Purchase will constitute a “block” as that term is defined in section 628 of the TSX NCIB Rules.

14. The purchase of any of the Subject Shares by the

Issuer pursuant to an Agreement will constitute an “issuer bid” for the purposes of the Act to which the Issuer Bid Requirements would apply.

15. Because the Purchase Price will, in each case, be

at a discount to the prevailing market price and below the prevailing bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase, none of the Proposed Purchases can be made through the TSX trading system and, therefore, will not occur “through the facilities” of the TSX. As a result, the Issuer will be unable to acquire Subject Shares from the Selling Shareholder in reliance upon the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104.

16. But for the fact that the Purchase Price will be at a

discount to the prevailing market price and below the prevailing bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase, the Issuer could otherwise acquire the applicable Subject Shares through the facilities of the TSX as a “block purchase” (a “Block Purchase”) in accordance with the block purchase exception in clause 629(l)7 of the TSX NCIB Rules and the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104.

17. The sale of any of the Subject Shares to the

Issuer will not be a “distribution” (as defined in the Act).

18. For each Proposed Purchase, the Issuer will be

able to acquire the applicable Subject Shares from the Selling Shareholder without the Issuer being subject to the dealer registration requirements of the Act.

19. Management of the Issuer is of the view that: (a)

through the Proposed Purchases, the Issuer will be able to purchase the Subject Shares at a lower price than the price at which the Issuer would otherwise be able to purchase Common Shares under the Normal Course Issuer Bid in accordance with the TSX NCIB Rules and the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104; and (b) the Proposed Purchases are an appropriate use of the Issuer’s funds.

20. The purchase of Subject Shares will not adversely

affect the Issuer or the rights of any of the Issuer’s security holders and it will not materially affect


March 9, 2017

(2017), 40 OSCB 2125

control of the Issuer. To the knowledge of the Issuer, the Proposed Purchases will not prejudice the ability of other security holders of the Issuer to otherwise sell Common Shares in the open market at the then-prevailing market price. The Proposed Purchases will be carried out at minimal cost to the Issuer.

21. To the best of the Issuer’s knowledge, as of

February 10, 2017, the “public float” for the Common Shares represented approximately 37% of all issued and outstanding Common Shares for the purposes of the TSX NCIB Rules.

22. The Common Shares are “highly-liquid securities”

within the meaning of section 1.1 of OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions and section 1.1 of the Universal Market Integrity Rules.

23. Other than the Purchase Price, no fee or other

consideration will be paid by the Issuer to the Selling Shareholder in connection with the Proposed Purchases.

24. At the time that each Agreement is entered into by

the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer, nor any member of the Equity Finance Canada group of the Selling Shareholder, nor any personnel of the Selling Shareholder that negotiated the Agreement or made, participated in the making of, or provided any advice in connection with, the decision to enter into the Agreement and sell the Subject Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed.

25. The Issuer will not make any Proposed Purchase

unless it has first obtained confirmation in writing from the Selling Shareholder that, between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any Common Shares to re-establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

26. The Commission granted two orders on

September 23, 2016 pursuant to section 6.1 of NI 62-104 exempting the Issuer from the Issuer Bid Requirements in respect of the proposed purchases by the Issuer pursuant to private agreements of up to 2,000,000 Common Shares from Royal Bank of Canada (the “RBC Order”) and 4,500,000 Common Shares from National Bank of Canada (the “NBC Order” and, together with the RBC Order, the “Existing Orders”).

27. The Issuer has made one other application to the Commission for exemptive relief from the Issuer Bid Requirements in respect of the proposed purchases by the Issuer of up to 4,000,000 Common Shares from one holder of Common Shares, pursuant to one or more private agreements (the “Concurrent Application”). As of February 10, 2017, the Issuer has acquired a total of 25,694,842 Common Shares pursuant to the Normal Course Issuer Bid, including 2,000,000 under the RBC Order and 4,500,000 under the NBC Order.

28. The Issuer will not purchase, pursuant to Off-

Exchange Block Purchases, in aggregate, more than one-third of the maximum number of Common Shares that the Issuer can purchase under the Normal Course Issuer Bid, such one-third being equal to 12,500,000 Common Shares as of the date of this Order, taking into account, for greater certainty, the Subject Shares and the Common Shares which are the subject of the Concurrent Application and the Existing Orders.

29. The Issuer has established a form of automatic

share repurchase plan (the “Plan”) that would permit the Issuer to make purchases under its Normal Course Issuer Bid during internal trading blackout periods, including regularly scheduled quarterly blackout periods, when the Issuer would not otherwise be permitted to trade in its Common Shares (each such time, a “Blackout Period”). No Plan is in place as of the date of this Order, but the Issuer intends to enter into a Plan prior to the commencement of the Issuer’s next scheduled quarterly blackout period. The form of Plan was approved by the TSX and is in compliance with the TSX NCIB Rules, applicable securities laws and this Order. The terms of the Plan provide that, at times when it is not subject to blackout restrictions, the Issuer may, but will not be required to, instruct its designated broker to make purchases under the Normal Course Issuer Bid in accordance with the terms of the Plan. Such purchases under the Plan will be determined by the designated broker in its sole discretion based on parameters established by the Issuer prior to any Blackout Period in accordance with the TSX NCIB Rules, applicable securities laws (including this Order) and the terms of the agreement between the designated broker and the Issuer. If the Issuer implements a Plan prior to completing the Proposed Purchases, the Issuer will ensure that the Plan contains provisions restricting the Issuer from conducting any Block Purchases during any calendar week in which the Issuer completes a Proposed Purchase and restricting the Issuer from making any further purchases under the Normal Course Issuer Bid for the remainder of the calendar day on which it completes a Proposed Purchase.


March 9, 2017

(2017), 40 OSCB 2126

30. No Agreement will be negotiated or entered into during a time when the Issuer would not be permitted to trade in Common Shares, including a Blackout Period. If a Blackout Period is in effect, the Issuer will not purchase Subject Shares pursuant to the Proposed Purchases until the later of (a) the end of such Blackout Period, and (b) the passage of two clear trading days from the date of the dissemination to the public of the Issuer’s financial results and/or any and all “material changes” or any “material facts” (each as defined in the Act) in respect of the Issuer or the Common Shares relating to such Blackout Period.

31. Assuming completion of the purchase of the

maximum number of Subject Shares, being 2,000,000 Common Shares, and the maximum number of Common Shares that are the subject of the Concurrent Application, being 4,000,000 Common Shares, the Issuer will have purchased under the Normal Course Issuer Bid an aggregate of 12,500,000 Common Shares pursuant to Off-Exchange Block Purchases, representing one-third of the maximum of 37,500,000 Common Shares authorized to be purchased under the Normal Course Issuer Bid.

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest; IT IS ORDERED pursuant to section 6.1 of NI 62-104 that the Issuer be exempt from the Issuer Bid Requirements in connection with the Proposed Purchases, provided that:

(a) the Proposed Purchases will be taken into account by the Issuer when calcu-lating the maximum annual aggregate limit that is imposed upon the Issuer’s Normal Course Issuer Bid in accordance with the TSX NCIB Rules;

(b) the Issuer will refrain from conducting

either a Block Purchase in accordance with the TSX NCIB Rules, or another Off-Exchange Block Purchase, during the calendar week in which it completes a Proposed Purchase and will not make any further purchases under the Normal Course Issuer Bid for the remainder of the calendar day on which it completes a Proposed Purchase;

(c) the Purchase Price in respect of each

Proposed Purchase will be at a discount to the last “independent trade” (as that term is used in clause 629(l)1 of the TSX NCIB Rules) of a board lot of Common Shares immediately prior to the execution of such Proposed Purchase;

(d) the Issuer will otherwise acquire any

additional Common Shares pursuant to

the Normal Course Issuer Bid in accordance with the Notice and the TSX NCIB Rules, including by means of open market transactions and by such other means as may be permitted by the TSX and, subject to condition (i) below, by Off-Exchange Block Purchases;

(e) immediately following each Proposed

Purchase of Subject Shares from the Selling Shareholder, the Issuer will report the purchase of such Subject Shares to the TSX;

(f) at the time that each Agreement is enter-

ed into by the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer, nor any member of the Equity Finance Canada group of the Selling Share-holder, nor any personnel of the Selling Shareholder that negotiated the Agree-ment or made, participated in the making of, or provided any advice in connection with, the decision to enter into the Agreement and sell the Subject Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed;

(g) in advance of the first Proposed Pur-

chase, the Issuer will issue a press release disclosing (i) its intention to make the Proposed Purchases, and (ii) that information regarding each Proposed Pur-chase, including the number of Subject Shares purchased and the aggregate Purchase Price, will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) following the completion of each such Proposed Purchase;

(h) the Issuer will report information

regarding each Proposed Purchase, including the number of Subject Shares purchased and the aggregate Purchase Price, on SEDAR before 5:00 p.m. (Toronto time) on the business day following such purchase;

(i) the Issuer does not purchase, pursuant

to Off-Exchange Block Purchases, in the aggregate, more than one-third of the maximum number of Common Shares the Issuer can purchase under the Normal Course Issuer Bid, such one-third being equal to, as of the date of this Order, 12,500,000 Common Shares; and

(j) the Issuer will not make any Proposed

Purchase unless it has first obtained


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(2017), 40 OSCB 2127

confirmation in writing from the Selling Shareholder that, between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any Common Shares to re-establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

DATED at Toronto this 28th day of February, 2017. “Naizam Kanji” Director, Office of Mergers & Acquisitions Ontario Securities Commission

2.2.5 Thomson Reuters Corporation – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids

Headnote Section 6.1 of NI 62-104 – Issuer bid – relief from the requirements applicable to issuer bids in Part 2 of NI 62-104 – Issuer proposes to purchase, at a discounted purchase price, up to 4,000,000 of its common shares from one of its shareholders – due to the discounted purchase price, proposed purchases cannot be made through the TSX trading system – but for the fact that the proposed purchases cannot be made through the TSX trading system, the Issuer could otherwise acquire the subject shares in accordance with the TSX rules governing normal course issuer bids, in reliance on the issuer bid exemption in subsection 4.8(2) of NI 62-104 – the selling shareholder did not purchase the subject shares in anticipation or contemplation of resale to the Issuer and no common shares have been purchased by the selling shareholder for a minimum of 30 days prior to the date of the application seeking the requested relief in anticipation or contemplation of a sale of common shares by the selling shareholder to the Issuer – no adverse economic impact on, or prejudice to, the Issuer or other security holders – proposed purchases exempt from the requirements applicable to issuer bids in Part 2 of NI 62-104, subject to conditions, including that the Issuer not purchase, in the aggregate, more than one-third of the maximum number of shares to be purchased under its normal course issuer bid by way of off-exchange block purchases, and that the Issuer not make any proposed purchase unless it has first obtained written confirmation from the selling shareholder that between the date of the order and the date on which the proposed purchase is completed, the selling shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any common shares of the Issuer to re-establish its holdings of common shares which will have been reduced as a result of the sale of the subject shares pursuant to the proposed purchases. Applicable Legislative Provisions National Instrument 62-104 Take-Over Bids and Issuer

Bids, Part 2 and s. 6.1.


R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF THOMSON REUTERS CORPORATION

ORDER

(Section 6.1 of National Instrument 62-104)

UPON the application (the “Application”) of Thomson Reuters Corporation (the “Issuer”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to section 6.1 of National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”) exempting


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(2017), 40 OSCB 2128

the Issuer from the requirements applicable to issuer bids in Part 2 of NI 62-104 (the “Issuer Bid Requirements”) in respect of the proposed purchases (the “Proposed Purchases”) by the Issuer of up to 4,000,000 (the “Subject Shares”) of the Issuer’s common shares (the “Common Shares”) in one or more trades with Canadian Imperial Bank of Commerce (the “Selling Shareholder”); AND UPON considering the Application and the recommendation of staff of the Commission; AND UPON the Issuer (and the Selling Shareholder in respect of paragraphs 5, 6, 7, 8, 9, 10, 12, 23 and 24 as they relate to the Selling Shareholder) having represented to the Commission that: 1. The Issuer is a corporation governed by the

Business Corporations Act (Ontario). 2. The head office of the Issuer is located at 3 Times

Square, New York, New York 10036 and its registered office is located at 333 Bay Street, Suite 400, Toronto, Ontario M5H 2R2.

3. The Issuer is a reporting issuer in each of the

provinces of Canada and the Common Shares are listed for trading on the Toronto Stock Exchange (the “TSX”) and the New York Stock Exchange (the “NYSE”) under the symbol “TRI”. The Issuer is not in default of any requirement of the securities legislation in the jurisdictions in which it is a reporting issuer.

4. The Issuer’s authorized share capital consists of

an unlimited number of Common Shares, an unlimited number of preference shares, issuable in series, and one Thomson Reuters Founders Share, of which 727,774,134 Common Shares, 6,000,000 series II preference shares and one Thomson Reuters Founders Share were issued and outstanding as of February 10, 2017.

5. The corporate headquarters of the Selling

Shareholder is located in Toronto, Ontario. 6. The Selling Shareholder does not, directly or

indirectly, own more than 5% of the issued and outstanding Common Shares.

7. The Selling Shareholder is the beneficial owner of

at least 4,000,000 Common Shares. None of the Subject Shares were acquired by, or on behalf of, the Selling Shareholder in anticipation or contemplation of resale to the Issuer.

8. The Subject Shares are held by the Selling

Shareholder in connection with arrangements to hedge client transactions in respect of the Common Shares. Between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder will not purchase, have purchased on its behalf, or otherwise accumulate, any Common Shares to re-

establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

9. No Common Shares were purchased by, or on

behalf of, the Selling Shareholder on or after January 16, 2017, being the date that was 30 days prior to the date of the Application, in anticipation or contemplation of a sale of Common Shares by the Selling Shareholder to the Issuer.

10. The Selling Shareholder is at arm’s length to the

Issuer and is not an “insider” of the Issuer, an “associate” of an “insider” of the Issuer, or an “associate” or “affiliate” of the Issuer, as such terms are defined in the Securities Act (Ontario) (the “Act”). In addition, the Selling Shareholder is an “accredited investor” within the meaning of National Instrument 45-106 Prospectus Exemp-tions.

11. Pursuant to the terms of a “Notice of Intention to

Make a Normal Course Issuer Bid” filed with, and accepted by, the TSX, dated May 24, 2016 (the “Notice”), the Issuer is permitted to make purchases pursuant to a normal course issuer bid (the “Normal Course Issuer Bid”), during the 12-month period beginning on May 30, 2016 and ending on May 29, 2017, up to a maximum of 37,500,000 Common Shares, representing approximately 5% of the issued and outstanding Common Shares as at the date specified in the Notice. The Issuer may make purchases under the Normal Course Issuer Bid through the facilities of the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or the NYSE or under applicable law by a registered investment dealer (or an affiliate of the dealer) in accordance with sections 628 to 629.3 of Part VI of the TSX Company Manual (the “TSX NCIB Rules”), including by private agreements under issuer bid exemption orders issued by a securities regulatory authority (each, an “Off-Exchange Block Purchase”). The TSX has been advised of the Issuer’s intention to enter into the Proposed Purchases and has confirmed that it has no objection to the Proposed Purchases.

12. The Issuer and the Selling Shareholder intend to

enter into one or more agreements of purchase and sale (each, an “Agreement”), pursuant to which the Issuer will agree to acquire some or all of the Subject Shares from the Selling Shareholder by way of one or more Proposed Purchases, each occurring by May 29, 2017 for a purchase price (each such price, a “Purchase Price” in respect of such Proposed Purchase) that will be negotiated at arm’s length between the Issuer and the Selling Shareholder. The Purchase Price, in each case, will be at a discount to the prevailing market price and below the prevailing


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(2017), 40 OSCB 2129

bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase.

13. The Subject Shares acquired under each

Proposed Purchase will constitute a “block” as that term is defined in section 628 of the TSX NCIB Rules.

14. The purchase of any of the Subject Shares by the

Issuer pursuant to an Agreement will constitute an “issuer bid” for the purposes of the Act to which the Issuer Bid Requirements would apply.

15. Because the Purchase Price will, in each case, be

at a discount to the prevailing market price and below the prevailing bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase, none of the Proposed Purchases can be made through the TSX trading system and, therefore, will not occur “through the facilities” of the TSX. As a result, the Issuer will be unable to acquire Subject Shares from the Selling Shareholder in reliance upon the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104.

16. But for the fact that the Purchase Price will be at a

discount to the prevailing market price and below the prevailing bid-ask price for the Common Shares on the TSX at the time of the applicable Proposed Purchase, the Issuer could otherwise acquire the applicable Subject Shares through the facilities of the TSX as a “block purchase” (a “Block Purchase”) in accordance with the block purchase exception in clause 629(l)7 of the TSX NCIB Rules and the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104.

17. The sale of any of the Subject Shares to the

Issuer will not be a “distribution” (as defined in the Act).

18. For each Proposed Purchase, the Issuer will be

able to acquire the applicable Subject Shares from the Selling Shareholder without the Issuer being subject to the dealer registration requirements of the Act.

19. Management of the Issuer is of the view that: (a)

through the Proposed Purchases, the Issuer will be able to purchase the Subject Shares at a lower price than the price at which the Issuer would otherwise be able to purchase Common Shares under the Normal Course Issuer Bid in accordance with the TSX NCIB Rules and the exemption from the Issuer Bid Requirements in subsection 4.8(2) of NI 62-104; and (b) the Proposed Purchases are an appropriate use of the Issuer’s funds.

20. The purchase of Subject Shares will not adversely

affect the Issuer or the rights of any of the Issuer’s security holders and it will not materially affect

control of the Issuer. To the knowledge of the Issuer, the Proposed Purchases will not prejudice the ability of other security holders of the Issuer to otherwise sell Common Shares in the open market at the then-prevailing market price. The Proposed Purchases will be carried out at minimal cost to the Issuer.

21. To the best of the Issuer’s knowledge, as of

February 10, 2017, the “public float” for the Common Shares represented approximately 37% of all issued and outstanding Common Shares for the purposes of the TSX NCIB Rules.

22. The Common Shares are “highly-liquid securities”

within the meaning of section 1.1 of OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions and section 1.1 of the Universal Market Integrity Rules.

23. Other than the Purchase Price, no fee or other

consideration will be paid by the Issuer to the Selling Shareholder in connection with the Proposed Purchases.

24. At the time that each Agreement is entered into by

the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer, nor any member of the Canadian Equity Derivatives Trading Group of the Selling Shareholder, nor any personnel of the Selling Shareholder that negotiated the Agreement or made, participated in the making of, or provided any advice in connection with, the decision to enter into the Agreement and sell the Subject Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed.

25. The Issuer will not make any Proposed Purchase

unless it has first obtained confirmation in writing from the Selling Shareholder that, between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any Common Shares to re-establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

26. The Commission granted two orders on

September 23, 2016 pursuant to section 6.1 of NI 62-104 exempting the Issuer from the Issuer Bid Requirements in respect of the proposed purchases by the Issuer pursuant to private agreements of up to 2,000,000 Common Shares from Royal Bank of Canada (the “RBC Order”) and 4,500,000 Common Shares from National Bank of Canada (the “NBC Order” and, together with the RBC Order, the “Existing Orders”).


March 9, 2017

(2017), 40 OSCB 2130

27. The Issuer has made one other application to the Commission for exemptive relief from the Issuer Bid Requirements in respect of the proposed purchases by the Issuer of up to 2,000,000 Common Shares from one holder of Common Shares, pursuant to one or more private agreements (the “Concurrent Application”). As of February 10, 2017, the Issuer has acquired a total of 25,694,842 Common Shares pursuant to the Normal Course Issuer Bid, including 2,000,000 under the RBC Order and 4,500,000 under the NBC Order.

28. The Issuer will not purchase, pursuant to Off-

Exchange Block Purchases, in aggregate, more than one-third of the maximum number of Common Shares that the Issuer can purchase under the Normal Course Issuer Bid, such one-third being equal to 12,500,000 Common Shares as of the date of this Order, taking into account, for greater certainty, the Subject Shares and the Common Shares which are the subject of the Concurrent Application and the Existing Orders.

29. The Issuer has established a form of automatic

share repurchase plan (the “Plan”) that would permit the Issuer to make purchases under its Normal Course Issuer Bid during internal trading blackout periods, including regularly scheduled quarterly blackout periods, when the Issuer would not otherwise be permitted to trade in its Common Shares (each such time, a “Blackout Period”). No Plan is in place as of the date of this Order, but the Issuer intends to enter into a Plan prior to the commencement of the Issuer’s next scheduled quarterly blackout period. The form of Plan was approved by the TSX and is in compliance with the TSX NCIB Rules, applicable securities laws and this Order. The terms of the Plan provide that, at times when it is not subject to blackout restrictions, the Issuer may, but will not be required to, instruct its designated broker to make purchases under the Normal Course Issuer Bid in accordance with the terms of the Plan. Such purchases under the Plan will be determined by the designated broker in its sole discretion based on parameters established by the Issuer prior to any Blackout Period in accordance with the TSX NCIB Rules, applicable securities laws (including this Order) and the terms of the agreement between the designated broker and the Issuer. If the Issuer implements a Plan prior to completing the Proposed Purchases, the Issuer will ensure that the Plan contains provisions restricting the Issuer from conducting any Block Purchases during any calendar week in which the Issuer completes a Proposed Purchase and restricting the Issuer from making any further purchases under the Normal Course Issuer Bid for the remainder of the calendar day on which it completes a Proposed Purchase.

30. No Agreement will be negotiated or entered into during a time when the Issuer would not be permitted to trade in Common Shares, including a Blackout Period. If a Blackout Period is in effect, the Issuer will not purchase Subject Shares pursuant to the Proposed Purchases until the later of (a) the end of such Blackout Period, and (b) the passage of two clear trading days from the date of the dissemination to the public of the Issuer’s financial results and/or any and all “material changes” or any “material facts” (each as defined in the Act) in respect of the Issuer or the Common Shares relating to such Blackout Period.

31. Assuming completion of the purchase of the

maximum number of Subject Shares, being 4,000,000 Common Shares, and the maximum number of Common Shares that are the subject of the Concurrent Application, being 2,000,000 Common Shares, the Issuer will have purchased under the Normal Course Issuer Bid an aggregate of 12,500,000 Common Shares pursuant to Off-Exchange Block Purchases, representing one-third of the maximum of 37,500,000 Common Shares authorized to be purchased under the Normal Course Issuer Bid.

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest; IT IS ORDERED pursuant to section 6.1 of NI 62-104 that the Issuer be exempt from the Issuer Bid Requirements in connection with the Proposed Purchases, provided that:

(a) the Proposed Purchases will be taken into account by the Issuer when calcu-lating the maximum annual aggregate limit that is imposed upon the Issuer’s Normal Course Issuer Bid in accordance with the TSX NCIB Rules;

(b) the Issuer will refrain from conducting

either a Block Purchase in accordance with the TSX NCIB Rules, or another Off-Exchange Block Purchase, during the calendar week in which it completes a Proposed Purchase and will not make any further purchases under the Normal Course Issuer Bid for the remainder of the calendar day on which it completes a Proposed Purchase;

(c) the Purchase Price in respect of each

Proposed Purchase will be at a discount to the last “independent trade” (as that term is used in clause 629(l)1 of the TSX NCIB Rules) of a board lot of Common Shares immediately prior to the execution of such Proposed Purchase;

(d) the Issuer will otherwise acquire any

additional Common Shares pursuant to


March 9, 2017

(2017), 40 OSCB 2131

the Normal Course Issuer Bid in accordance with the Notice and the TSX NCIB Rules, including by means of open market transactions and by such other means as may be permitted by the TSX and, subject to condition (i) below, by Off-Exchange Block Purchases;

(e) immediately following each Proposed

Purchase of Subject Shares from the Selling Shareholder, the Issuer will report the purchase of such Subject Shares to the TSX;

(f) at the time that each Agreement is

entered into by the Issuer and the Selling Shareholder and at the time of each Proposed Purchase, neither the Issuer, nor any member of the Canadian Equity Derivatives Trading Group of the Selling Shareholder, nor any personnel of the Selling Shareholder that negotiated the Agreement or made, participated in the making of, or provided any advice in connection with, the decision to enter into the Agreement and sell the Subject Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) in respect of the Issuer that has not been generally disclosed;

(g) in advance of the first Proposed Pur-

chase, the Issuer will issue a press release disclosing (i) its intention to make the Proposed Purchases, and (ii) that information regarding each Proposed Purchase, including the number of Sub-ject Shares purchased and the aggregate Purchase Price, will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) following the completion of each such Proposed Purchase;

(h) the Issuer will report information regard-

ing each Proposed Purchase, including the number of Subject Shares purchased and the aggregate Purchase Price, on SEDAR before 5:00 p.m. (Toronto time) on the business day following such purchase;

(i) the Issuer does not purchase, pursuant

to Off-Exchange Block Purchases, in the aggregate, more than one-third of the maximum number of Common Shares the Issuer can purchase under the Normal Course Issuer Bid, such one-third being equal to, as of the date of this Order, 12,500,000 Common Shares; and

(j) the Issuer will not make any Proposed Purchase unless it has first obtained confirmation in writing from the Selling Shareholder that, between the date of this Order and the date on which a Proposed Purchase is to be completed, the Selling Shareholder has not purchased, had purchased on its behalf, or otherwise accumulated, any Common Shares to re-establish its holdings of Common Shares which will have been reduced as a result of the sale of Subject Shares pursuant to the Proposed Purchases.

DATED at Toronto this 28th day of February, 2017. “Naizam Kanji” Director, Office of Mergers & Acquisitions Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2132

2.2.6 Optam Holdings Inc. et al.


RSO 1990, c S.5

AND

IN THE MATTER OF OPTAM HOLDINGS INC., INFINIVEST

MORTGAGE INVESTMENT CORPORATION, and WADE ROBERT CLOSSON

ORDER

WHEREAS: 1. On October 18, 2016, Staff of the Ontario

Securities Commission filed a Statement of Allegations, in which Staff seeks an order against Optam Holdings Inc., Infinivest Mortgage Invest-ment Corporation and Wade Robert Closson (collectively, the “Respondents”), pursuant to sub-sections 127(1) and 127(10) of the Securities Act (the “Act”);

2. On October 19, 2016, the Commission issued a

Notice of Hearing in respect of that Statement of Allegations, setting November 16, 2016 as the date of the hearing;

3. On November 11, 2016, Staff filed an affidavit of

service sworn by Lee Crann, describing steps taken by Staff to serve the Respondents with the Notice of Hearing, Statement of Allegations and Staff’s disclosure materials;

4. On November 16, 2016:

a. Staff appeared before the Commission

and made submissions; b. the Respondents did not appear or make

submissions, although properly served; c. Staff applied to continue this proceeding

by way of a written hearing, in accor-dance with Rule 11.5 of the Ontario Securities Commission Rules of Proce-dure (2014), 37 OSCB 4168, and sub-section 5.1(1) of the Statutory Powers Procedure Act, RSO 1990, c S.22; and

d. the Commission issued an Order (the

“Order”) granting Staff’s application to continue to proceeding by way of written hearing and setting a schedule for the delivery of the parties’ materials;

5. On November 25, 2016, Staff filed its Hearing

Brief, Brief of Authorities and Factum in accordance with the schedule in the Order;

6. On December 1, 2016, Staff filed an affidavit of service sworn by Lee Crann, describing steps taken by Staff to serve the Respondents with the Order, Staff’s Hearing Brief, Brief of Authorities and Factum;

7. The Respondents did not file responding materials

although they were properly served with the Order and Staff’s materials;

8. Pursuant to paragraph 4 of subsection 127(10) of

the Act, an order made by a securities regulatory authority in any jurisdiction that imposes sanc-tions, conditions, restrictions or requirements on a person may form the basis for an order made under subsection 127(1) of the Act; and

9. The Commission is of the opinion that it is in the

public interest to make this order; IT IS ORDERED: 1. against Optam Holdings Inc. (“Optam”) and

Infinivest Mortgage Investment Corporation (“Infinivest”) that : a. pursuant to paragraph 2 of subsection

127(1) of the Act, trading in any securities of Optam or of Infinivest cease permanently;

b. pursuant to paragraph 2 of subsection

127(1) of the Act, trading in any securities or derivatives by Optam or by Infinivest cease permanently;

c. pursuant to paragraph 2.1 of subsection

127(1) of the Act, the acquisition of any securities by Optam or by Infinivest is prohibited permanently;

d. pursuant to paragraph 3 of subsection

127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Optam or to Infinivest permanently; and

e. pursuant to paragraph 8.5 of subsection

127(1) of the Act, Optam and Infinivest are each prohibited permanently from becoming or acting as registrants, investment fund managers or promoters;

2. against Wade Robert Closson (“Closson”) that:

a. pursuant to paragraph 2 of subsection

127(1) of the Act, trading in any securities or derivatives by Closson cease permanently;

b. pursuant to paragraph 2.1 of subsection

127(1) of the Act, the acquisition of any


March 9, 2017

(2017), 40 OSCB 2133

securities by Closson is prohibited permanently;

c. pursuant to paragraph 3 of subsection

127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Closson permanently;

d. pursuant to paragraphs 7, 8.1 and 8.3 of

subsection 127(1) of the Act, Closson resign any positions that he holds as a director or officer of any issuer, registrant or investment fund manager;

e. pursuant to paragraphs 8, 8.2 and 8.4 of

subsection 127(1) of the Act, Closson is prohibited permanently from becoming or acting as a director or officer of any issuer, registrant or investment fund manager; and

f. pursuant to paragraph 8.5 of subsection

127(1) of the Act, Closson is prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter.

DATED at Toronto this 1st day of March, 2017. “Monical Kowal” Vice-Chair

2.2.7 Steven J. Martel et al. – s. 127


RSO 1990, c S.5

AND

IN THE MATTER OF STEVEN J. MARTEL,

MARTEL GROUP OF COMPANIES INC. and 8446997 CANADA INC.

ORDER

(Section 127 of the Securities Act) WHEREAS: 1. On March 29, 2016, Staff of the Ontario Securities

Commission filed a Statement of Allegations and the Commission issued a Notice of Hearing in respect of that Statement of Allegations, setting April 15, 2016 as the hearing date;

2. On April 15, 2016, Staff of the Commission and an

agent for a respondent, Steven J. Martel (“Martel”), attended the hearing. The Commission adjourned the matter to a Second Appearance on August 10, 2016 and ordered a schedule for delivery of Staff’s disclosures, witness lists and information regarding experts;

3. On August 10, 2016, Staff and counsel for Martel

attended the Second Appearance and requested the scheduling of a pre-hearing conference. The Commission ordered that the matter be adjourned to a prehearing conference on September 27, 2016;

4. On September 27, 2016, Staff and counsel for

Martel attended a pre-hearing conference and requested the scheduling of a further pre-hearing conference and a Third Appearance. The Com-mission issued an Order (the “September 2016 Order”), adjourning this matter to a further pre-hearing conference on November 4, 2016, scheduling the Third Appearance for December 12, 2016, and ordering delivery of the respondents’ witness lists, witness summaries and information regarding experts by no later than 30 days before the date of the Third Appearance;

5. On October 31, 2016, counsel for Martel

requested amendments to the schedule set in the September 2016 Order and Staff consented;

6. On November 2, 2016, the Commission issued an

Order vacating the pre-hearing conference scheduled for November 4, 2016, vacating the Third Appearance scheduled for December 12, 2016, adjourning this matter to a further pre-hearing conference on December 12, 2016 and adjourning the respondents’ other obligations


March 9, 2017

(2017), 40 OSCB 2134

arising out of the September 2016 Order pending the rescheduling of the Third Appearance;

7. On December 8, 2016, counsel for Martel and

counsel for Staff agreed to request an adjourn-ment of the pre-hearing conference scheduled for December 12, 2016. The Commission issued an Order, vacating the pre-hearing conference scheduled for December 12, 2016 and adjourning this matter to a further pre-hearing conference on January 11, 2017;

8. On January 11, 2017, Staff and counsel for Martel

attended a pre-hearing conference and Martel requested the scheduling of a motion seeking a stay of proceedings. The Commission issued an Order scheduling a motion brought by Martel seeking a stay of proceedings for April 27, 2017 and a timeline for the exchange of materials (the “January 2017 Order”);

9. On February 6, 2017, Martel served and filed an

Amended Notice of Motion and Motion Record, seeking a stay of proceedings and other relief, including constitutional relief (the “Privilege Motion”);

10. On February 22, 2017, Staff served and filed a

Notice of Motion seeking an adjournment of the Privilege Motion and an extension to the timeline for the exchange of materials (the “Extension Motion”). The Extension Motion was scheduled to be heard on March 2, 2017 at 9:00 a.m.;

11. On March 1, 2017, counsel for Martel and counsel

for Staff agreed to request an adjournment of the Extension Motion to March 16, 2017 and to adjourn the obligations of the parties to serve and file materials as set down in the January 2017 Order; and

12. On March 2, 2017, counsel for Martel and counsel

for Staff appeared before the Panel and requested an adjournment of the Extension Motion and an adjournment of the obligations of the parties to serve and file materials as set down in the January 2017 Order, on consent;

IT IS ORDERED that: 1. The Extension Motion is adjourned to March 16,

2017 at 10:00 a.m., or such other date as may be agreed to by the parties and set by the Office of the Secretary; and

2. The obligations of the parties to serve and file

materials and conduct cross-examinations in advance of the hearing of the Privilege Motion, pursuant to the schedule set out in the January 2017 Order, are hereby adjourned to such other dates to be determined by the Commission after hearing the Extension Motion.

DATED at Toronto, this 2nd day of March, 2017. “D. Grant Vingoe”


March 9, 2017

(2017), 40 OSCB 2135

2.2.8 Mettrum Health Corp. –s. 1(6) of the OBCA Headnote Applicant deemed to have ceased to be offering its securities to the public under the Business Corporations Act (Ontario). Applicable Legislative Provisions Business Corporations Act, R.S.O. 1990, c. B.16, as am., s. 1(6).

IN THE MATTER OF THE BUSINESS CORPORATIONS ACT (ONTARIO),

R.S.O. 1990, c. B.16, AS AMENDED (the OBCA)

AND

IN THE MATTER OF

METTRUM HEALTH CORP. (the Applicant)

ORDER

(Subsection 1(6) of the OBCA) UPON the application of the Applicant to the Ontario Securities Commission (the Commission) for an order pursuant to subsection 1(6) of the OBCA to be deemed to have ceased to be offering its securities to the public; AND UPON the Applicant representing to the Commission that: 1. The Applicant is incorporated under the OBCA, is

an “offering corporation” as defined therein, and has an authorized capital consisting of an unlimited number of common shares (the Common Shares).

2. The head office of the Applicant is located at 314

Bennett Road, Bowmanville, Ontario, L1C 3K5. 3. On December 1, 2016, Canopy Growth

Corporation (Canopy) and the Applicant entered into an arrangement agreement pursuant to which Canopy agreed to acquire all of the issued and outstanding Common Shares of the Applicant (the Transaction). The Transaction was effected by way of a court-approved plan of arrangement in accordance with Section 182 of the OBCA.

4. Upon the consummation of the Transaction:

(a) the issued and outstanding Common Shares were exchanged for fully-paid and non-assessable common shares in the capital of Canopy (the Canopy Shares), on the basis of one Canopy Share for every 0.7132 Common Share; and

(b) each issued and outstanding stock option of the Applicant (the Options) was cancelled and in its place, Canopy granted a replacement option to pur-chase such number of Canopy Shares (rounded down to the nearest whole share) equal to 0.7132 multiplied by the number of Common Shares subject to such Option immediately prior to the effective time of the Transaction.

5. The Transaction was completed on January 31,

2017 and the Applicant became a wholly-owned subsidiary of Canopy.

6. As of the date hereof, all of the outstanding

securities of the Applicant are beneficially owned, directly or indirectly, by Canopy.

7. As a result of the completion of the Transaction,

all of the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide.

8. The Common Shares of the Applicant were de-

listed (the De-listing) from the TSX Venture Exchange, effective as of the close of trading on February 2, 2017.

9. Following the De-listing, no securities of the

Applicant, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.

10. The Applicant has no intention to seek public

financing by way of an offering of securities. 11. On February 6, 2017, the Applicant made an

application to the Ontario Securities Commission, as principal regulator on behalf of the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island (collectively, the Jurisdictions), for a decision that the Applicant is not a reporting issuer in the Jurisdictions in accordance with the simplified procedure set out in National Policy 11-206 Process for Cease to be a Reporting Issuer Applications (the Order). The Order was granted on February 21, 2017.

12. The Applicant is not a reporting issuer or the

equivalent in any other jurisdiction of Canada.


March 9, 2017

(2017), 40 OSCB 2136

13. The Applicant is not in default of any requirement of the securities legislation in any of the Jurisdictions.

AND UPON the Commission being satisfied to do so would not be prejudicial to the public interest; IT IS HEREBY ORDERED by the Commission pursuant to subsection 1(6) of the OBCA that the Applicant be deemed to have ceased to be offering its securities to the public for the purposes of the OBCA. DATED at Toronto on this 28th day of February, 2017. “Anne Marie Ryan” Commissioner Ontario Securities Commission “Philip Anisman” Commissioner Ontario Securities Commission

2.2.9 Garth H. Drabinsky et al. – ss. 127, 127.1


RSO 1990, c S.5

AND

IN THE MATTER OF GARTH H. DRABINSKY,

MYRON I. GOTTLIEB and GORDON ECKSTEIN

ORDER

(Sections 127 and 127.1 of the Securities Act)

WHEREAS: 1. On February 20, 2013, the Ontario Securities

Commission (the “Commission”) issued a Notice of Hearing in relation to an Amended Statement of Allegations issued by Staff of the Commission (“Staff”) regarding Garth H. Drabinsky, Myron I. Gottlieb and Gordon Eckstein (collectively, the “Respondents”), setting March 19, 2013 as the hearing date;

2. On March 19, 2013, the Commission convened a

hearing and ordered that the matter be adjourned to a confidential pre-hearing conference on May 23, 2013;

3. On May 23, 2013, a confidential pre-hearing

conference was held, at which counsel for Staff and counsel for each of the Respondents attended;

4. On September 8, 2014, a confidential pre-hearing

conference was held, at which counsel for Staff and counsel for each of the Respondents attended. The Commission adjourned the matter to a further confidential pre-hearing conference on December 2, 2014, set the hearing dates and ordered a schedule for delivery of the parties’ expert evidence, witness lists, witness summaries and hearing briefs;

5. On September 9, 2014, the Commission approved

the settlement agreement reached between Staff and Gottlieb;

6. On December 2, 2014, a confidential pre-hearing

conference was held, at which counsel for Staff, counsel for Drabinsky and counsel for Eckstein attended, and all parties agreed to adjourn the matter to a further confidential pre-hearing conference to be held at a later-scheduled date;

7. On April 7, 2015, a confidential pre-hearing

conference was commenced, at which counsel for each of Staff, Drabinsky and Eckstein attended;


March 9, 2017

(2017), 40 OSCB 2137

8. On April 23 and May 6, 2015, the confidential pre-hearing conference was continued, counsel for each of Staff and Drabinsky attended, and Drabinsky requested that the scheduled hearing be adjourned;

9. On May 22, 2015, the Commission issued an

Order approving the Settlement Agreement between Staff and Eckstein dated April 20, 2015;

10. On May 25, 2015, the Commission adjourned the

matter to a further confidential pre-hearing conference on September 24, 2015, vacated the previous hearing dates, set new hearing dates and ordered a revised schedule for delivery of the parties’ expert evidence, witness lists, witness summaries and hearing briefs;

11. On September 24, 2015, a confidential pre-

hearing conference was held, at which counsel for Staff and counsel for Drabinsky attended, and Drabinsky requested that the scheduled hearing be adjourned to a later date;

12. On September 29, 2015, the Commission

adjourned the matter to a further confidential pre-hearing conference on February 22, 2016, vacated the previous hearing dates, set new hearing dates and ordered a revised schedule for delivery of the parties’ expert evidence, witness lists, witness summaries and hearing briefs:

13. On February 22, 2016, a confidential pre-hearing

conference was held, at which counsel for Staff and counsel for Drabinsky attended, and Drabinsky again requested that the hearing scheduled in this matter be adjourned to a later date. The Commission adjourned the matter to a further confidential pre-hearing conference on June 20, 2016, vacated the previous hearing dates, set new hearing dates and ordered a revised schedule for delivery of the parties’ expert evidence, witness lists, witness summaries and hearing briefs;

14. Staff requested, on consent, that the pre-hearing

conference scheduled to take place on June 20, 2016 be rescheduled to June 27, 2016;

15. On June 27, 2016, a confidential pre-hearing

conference was held, at which Staff and counsel for Drabinsky attended, and Drabinsky again requested that the hearing scheduled in this matter be adjourned to a later date. The Commission adjourned the matter to a further confidential pre-hearing conference on November 22, 2016, vacated the previous hearing dates, set new hearing dates for the matter to be heard on February 22, 23, 24, 27 and 28, 2017 and March 10, 2017and ordered a revised schedule for delivery of the parties’ expert evidence, witness lists, witness summaries and hearing briefs;

16. Drabinsky continues to be subject to an interim undertaking made to the Director of Enforcement of the Commission (the “Director”) providing that, pending the conclusion of the Commission proceeding, he will not apply to become a registrant or an employee of a registrant or an officer or director of a reporting issuer without the express written consent of the Director or an order of the Commission releasing him from the undertaking;

17. Drabinsky continued to be subject to parole terms

in effect until September 2016 (the “Parole Terms”) which prohibited him from owning or operating a business or being in a position of responsibility for the management of finances or investments of any other individual, charity, business or institution, among other things;

18. Upon expiry of the Parole Terms, and as a

condition of the adjournment sought on June 27, 2016, Drabinsky agreed to the following terms until the conclusion of the Commission proceeding:

a. He will not own or operate a business;

and b. He will not be in a position that would

entail the management, control or administration of finances or investments of any other individual, charity, business or institution;

19. On November 22, 2016, a confidential pre-hearing

conference was held, at which Staff and counsel for Drabinsky attended;

20. On January 10, 2017, a confidential pre-hearing

conference was held, at which Staff and counsel for Drabinsky attended;

21. On February 22, 2017, the hearing commenced

and continued on February 23 and 24, 2017; and 22. On February 27, 2017, the Commission ordered

that the further hearing dates were vacated and oral closing submissions shall be heard on a date to be determined by the Commission;

IT IS HEREBY ORDERED that:

1. Staff’s written submissions shall be served and filed on or before March 13, 2017;

2. The Respondent’s written submissions

shall be served and filed on or before March 21, 2017;

3. Staff’s reply written submissions, if any,

shall be served and filed on or before March 31, 2017; and


March 9, 2017

(2017), 40 OSCB 2138

4. Oral closing submissions shall be heard on April 12, 2017 at 10:00 a.m., or such other date as may be agreed to by the parties and set by the Office of the Secretary.

DATED at Toronto this 3rd day of March, 2017 “D. Grant Vingoe” “Judith N. Robertson” “William J. Furlong”

2.2.10 Campar Capital Corporation Headnote National Policy 11-206 Process for Cease to be a Reporting Issuer Applications – application for a decision that the issuer is not a reporting issuer under applicable securities laws – previous order that the issuer is not a reporting issuer is not effective as it did not include all jurisdictions in which the issuer was a reporting issuer – issuer in default of certain obligations as a reporting issuer under applicable securities laws. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). National Policy 11-206 Process for Cease to be a

Reporting Issuer Applications.

February 27, 2017


ONTARIO (the “Jurisdiction”)

AND

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

AND

IN THE MATTER OF

CAMPAR CAPITAL CORPORATION (collectively, the “Filer”)

ORDER

Background The principal regulator in the Jurisdiction has received an application from the Filer for an order under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that the Filer has ceased to be reporting issuers in all jurisdictions of Canada in which the Filer is a reporting issuer (the Order Sought). Under the Process for Cease to be a Reporting Issuer Applications (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) the Filers have provided notice that sub-

section 4C.5(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta, British Columbia and Québec.


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(2017), 40 OSCB 2139

Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this order, unless otherwise defined. Representations This order is based on the following facts represented by the Filer: 1. The Filer is a corporation existing under the laws

of the Business Corporations Act (Ontario). 2. The Filer’s head office is located in Toronto,

Ontario. 3. On September 6, 2016, the Filer, Starlight U.S.

Multi-Family Core Fund, Starlight U.S. Multi-Family (No. 2) Core Fund, Starlight U.S. Multi-Family (No. 3) Core Fund, Starlight U.S. Multi-Family (No. 4) Core Fund (collectively, the Starlight Funds) and Starlight U.S. Multi-Family (No. 5) Core Fund (the Purchaser), among others, entered into an arrangement agreement pursuant to which the Purchaser, agreed to acquire all of the issued and outstanding limited partnership units of each Starlight Fund pursuant to an arrangement (the Arrangement) under the Business Corporations Act (Alberta) and all of the issued and outstanding common shares (the Common Shares) of the Filer pursuant to the Business Corporations Act (Ontario).

4. The Arrangement was approved at joint special

meetings of the unitholders of the Starlight Funds and the shareholders of the Filer held on October 6, 2016.

5. The Arrangement was effected on October 14,

2016 and completed on October 15, 2016. 6. The Common Shares were delisted from the TSX

Venture Exchange on October 17, 2016. 7. All of the Common Shares are held by the

Purchaser and no person has a right to acquire Common Shares.

8. The Filer applied on October 20, 2016 to the

principal regulator for an order (the Previous Order) under National Policy 11-206 Process for Cease to be a Reporting Issuer Applications for the Filer to cease to be a reporting issuer in the provinces of Ontario, Alberta and British Columbia.

9. The principal regulator granted the Previous Order

on November 29, 2016. 10. As of the date that the Previous Order was

granted, the Filer’s profile on the System for Electronic Document Analysis and Retrieval

indicated that the Filer was a reporting issuer in Alberta, British Columbia and Ontario only.

11. The Autorité des marchés financiers informed the

principal regulator on December 9, 2016 that the Filer was deemed to be a reporting issuer in the province of Québec as a result of the Arrangement.

12. As a result, the Previous Order contained an

incorrect representation that the Filer ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer, and the Previous Order is not effective.

13. The Filer is applying for an order that the Filer has

ceased to be a reporting issuer in the provinces of Alberta, British Columbia, Ontario and Québec.

14. The Filer is not an OTC reporting issuer under

Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets.

15. The outstanding securities of the Filer, including

debt securities, are beneficially owned by a sole securityholder, the Purchaser.

16. No securities of the Filer, including debt securities,

are traded in Canada or another country on a marketplace as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.

17. The Filer is not in default of securities legislation in

any jurisdiction other than an obligation to file on or before November 29, 2016 its interim financial statements and its management discussion and analysis in respect of such statements for the three and nine months ended September 30, 2016, as required under National Instrument 51-102 Continuous Disclosure Obligations and the required certificates as required under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.

18. If the Filer had applied to cease to be a reporting

issuer before November 29, 2016 in Ontario, Alberta, British Columbia and Québec, the order would have been granted. If not for the inadvertent omission of the Filer being a reporting issuer in Quebec, the Filer would not have been in default of securities legislation in any jurisdiction as the default occurred subsequent to the date that the order would have been granted.

19. Following the granting of the Order Sought, the

Filer will not be a reporting issuer in any jurisdiction of Canada.


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(2017), 40 OSCB 2140

Order The principal regulator is satisfied that the order meets the test set out in the Legislation for the principal regulator to make the order. The decision of the principal regulator under the Legislation is that the Order Sought is granted. “Philip Anisman” Commissioner Ontario Securities Commission “Deborah Leckman” Commissioner Ontario Securities Commission


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(2017), 40 OSCB 2141

2.2.11 MarketAxess Canada Limited – s. 15.1 of NI 21-101 Marketplace Operation Headnote National Policy 11-203 Process for Exemptive Relief Application in Multiple Jurisdictions – relief from section 6.3 of National Instrument 21-101 Marketplace Operation to permit MarketAxess Canada Limited to trade fixed income securities not listed in section 6.3 of NI 21-101 under certain terms and conditions. Applicable Legislative Provisions National Instrument 21-101 Marketplace Operation, ss. 6.3, 15.1. National Policy 11-203 Process for Exemptive Relief in Multiple Jurisdictions, s. 3.6(10). Multilateral Instrument 11-102 Passport System, s. 4.4(c). Securities Act, R.S.O. 1990, c. S.5, s. 144(1).


ONTARIO (THE JURISDICTION)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

MARKETAXESS CANADA LIMITED (THE APPLICANT)

DECISION

(s. 15.1 of National Instrument 21-101 Marketplace Operation) Background The principal regulator in the Jurisdiction has received an application (the Application) from the Applicant for a decision under securities legislation of the Jurisdiction of the principal regulator (the Legislation) for an exemption pursuant to section 15.1 of National Instrument 21-101 – Marketplace Operation (NI 21-101) from the restriction in section 6.3 of NI 21-101 relating to trading in Non-Canadian Fixed Income Securities, as defined below (Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) The Ontario Securities Commission is the principal regulator for the Applicant, and (b) The Applicant has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI

11-102) is intended to be relied upon in Quebec, British Columbia and Alberta. The Applicant has also applied for an order pursuant to Section 144 of the Securities Act (Ontario) (the Act) to revoke, as of the date thereof, the 2016 Relief, as defined below (the Revocation). Interpretation Terms defined in National Instrument 14-101 Definitions and National Policy 11-203 Process for Exemptive Relief in Multiple Jurisdictions (NP 11-203), NI 21-101 and the Act have the same meaning if used in this Decision, unless otherwise defined. Representations The Decision is based on the following facts represented by the Applicant:


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(2017), 40 OSCB 2142

1. The Applicant is a corporation formed under the laws of the Province of Nova Scotia and is an indirect wholly-owned subsidiary of MarketAxess Holdings Inc., a corporation formed under the laws of the State of Delaware, listed and publicly traded on NASDAQ.

2. The Applicant is an alternative trading system (ATS) under NI 21-101 that is registered as an investment dealer (or

equivalent) in Ontario, Quebec, British Columbia and Alberta and is a member of the Investment Industry Regulatory Organization of Canada (IIROC).

3. The Applicant is an affiliate of MarketAxess Corporation. MarketAxess Corporation operates an ATS for the trading of

fixed income securities in the United States, is registered as a broker-dealer under the United States Securities Exchange Act of 1934, relies in Ontario on the international dealer registration exemption in section 8.18 of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations, and is a member of the Financial Industry Regulatory Authority. The Applicant is also an affiliate of MarketAxess Europe Limited (together with MarketAxess Corporation, the Affiliate ATSs), which has received regulatory approval from the Financial Services Authority (FSA) in the United Kingdom to operate as a multilateral trading facility (MTF). The Applicant and the Affiliate ATSs are all wholly-owned subsidiaries of MarketAxess Holdings Inc.

4. The Applicant, as an ATS, facilitates the execution of orders on its Affiliate ATSs by its subscribers, as defined in NI 21-

101 and described in its Form 21-101F2 Information Statement Alternative Trading System, as amended from time to time, (Subscribers), through the use of routing and execution agreements between the Applicant and its Affiliate ATSs.

5. The Applicant, as an ATS, currently offers access to its Subscribers based in Ontario, Quebec, British Columbia and

Alberta to a fixed income system (the Fixed Income System) operated by its Affiliate ATSs that facilitate trading in the following Non-Canadian Fixed Income Securities: i. High-grade and high-yield U.S. corporate bonds; ii. U.S. Government sponsored agency bonds (e.g. Ginnie Mae, issued by the Government National Mortgage

Association, Fannie Mae, issued by the Federal National Mortgage Association, and Freddie Mac, issued by the Federal Home Loan Mortgage Corporation);

iii. Emerging market bonds, which are defined as U.S. dollar or Euro-denominated bonds issued by sovereign

entities or corporations domiciled in a developing country, including both high-grade and non-investment grade debt;

iv. European high-grade corporate bonds, which are defined as corporate bonds issued by entities domiciled in

Europe; v. Non-Canadian structured products, consisting of asset-backed securities, non-agency residential mortgage-

backed securities and commercial mortgage-backed securities; vi. Preferred stock of Non-Canadian issuers, which are shares of ownership in a corporation that have a higher

claim on its assets and earnings than common stock, and that generally have a dividend that must be paid out before dividends to common shareholders;

6. The Applicant, as an ATS, wishes to offers access to its Subscribers based in Ontario, Quebec, British Columbia and

Alberta to additional Non-Canadian Fixed Income Securities, such as: vii. Municipal bonds issued by U.S. states, cities, counties and other governmental entities; and viii. Leverage loans of Non-Canadian issuers.

7. Section 6.3 of NI 21-101 provides that an ATS can only execute trades in Corporate Debt Securities. The definition of Corporate Debt Securities only includes debt securities issued in Canada by companies or corporations that are not listed on a recognized exchange or on a recognized quotation and trade reporting system.

8. By order dated September 13, 2016 and cited as In the Matter of MarketAxess Canada Limited (2016) 39 OSCB 8276,

the Applicant was granted relief (the 2016 Relief) from section 6.3 of NI 21-101 to be able to offer Non-Canadian Fixed Income Securities described in paragraph 5i to 5vi for trading to its Subscribers in Ontario, Quebec, British Columbia and Alberta.


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(2017), 40 OSCB 2143

9. The effect of the Exemption Sought and the Revocation will be to replace and extend the 2016 Relief in Ontario, Quebec, British Columbia and Alberta to grant the Exemption Sought, in each case with the effect as of and from the date thereof. The Revocation is required to ensure a clear and consistent public record.

10. Should the Applicant extend its registration in the future as to be permitted to offer access to the Fixed Income System

in Canadian jurisdictions other than Ontario, Quebec, British Columbia and Alberta, the Applicant may seek to extend the Exemption Sought to such other jurisdictions on such terms and conditions as may be appropriate from time to time.

Decision The principal regulator is satisfied that the Decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the 2016 Relief is revoked and the Exemption Sought is granted provided that the Fixed Income System is only made available to the Subscribers as described above. Dated this 6th, day of March, 2017 “Susan Greenglass” Director, Market Regulation Branch Ontario Securities Commission


March 9, 2017

(2017), 40 OSCB 2144


March 9, 2017

(2017), 40 OSCB 2145

Chapter 3

Reasons: Decisions, Orders and Rulings 3.1 OSC Decisions 3.1.1 Waverley Corporate Financial Services Ltd. and Donald McDonald – s. 8


RSO 1990, c S.5

AND

IN THE MATTER OF WAVERLEY CORPORATE FINANCIAL SERVICES LTD. and

DONALD McDONALD

REASONS AND DECISION (Section 8 of the Act)

Hearing: September 12, 15, 2016 October 11, 2016

Decision: March 1, 2017

Panel: D. Grant Vingoe Monica Kowal William J. Furlong

– – –

Vice-Chair, Chair of the Panel Vice-Chair Commissioner

Appearances: Michelle Vaillancourt Michael Denyszyn

– For Staff of the Commission

Melissa MacKewn Natalia Vandervoort

– For the Respondents

Reasons: Decisions, Orders and Rulings

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(2017), 40 OSCB 2146

TABLE OF CONTENTS I. Overview II. Background

A. History of the Matter B. Introduction

III. Law

A. Nature of Hearing and Review B. Basis for Imposition of Terms and Conditions

IV. Failure to Comply with Ontario Securities Law

A. To What Extent are Waverley’s Representatives Acting on Behalf of Sponsoring Issuers? 1. Analysis 2. Conclusion

B. Is Waverley’s Management of Conflicts of Interest Adequate? 1. Application

(a) Chris Cheng (b) Chris Wong (c) Marshall Liang (d) Morgan Marchant (e) Theresa Johnston (f) Other Representatives

2. Conclusion C. Are Waverley’s Systems of Control and Supervision Adequate?

1. Analysis (a) Referral Arrangements and Related Books and Records (b) Marketing Materials and Due Diligence (c) Branch Offices

2. Conclusion V. Suitable for Registration

A. Analysis 1. Managing Conflicts of Interest 2. Systems of Control and Supervision

(a) Marketing Materials and Due Diligence (b) KYC and Suitability Obligations

B. Conclusion VI. Registration is Otherwise Objectionable VII. Conclusion VIII. Terms and Conditions


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REASONS AND DECISION I. OVERVIEW [1] The Applicants, Waverley Corporate Financial Services Ltd. (Waverley) and Donald McDonald, have been registered

with the Ontario Securities Commission (the Commission) as an exempt market dealer (EMD) and as Waverley’s Ultimate Designated Person (UDP) and Chief Compliance Officer (CCO), respectively, since June 26, 2012. They are the subject of a decision of a Director of the Compliance and Registrant Regulation (CRR) branch of the Commission, dated July 15, 2016 (Re Waverley Corporate Financial Services Ltd. (2016), 39 OSCB 6657) (the Director’s Decision).

[2] The Applicants sought and were granted a stay of the Director’s Decision and have applied for a review of that

decision. These Reasons and Decision result from the hearing and review in respect of that application conducted on September 12 and 15, 2016 and October 11, 2016 (Hearing and Review). For the reasons that follow, we order that the Applicants comply with the terms and conditions set forth in Part VIII of this decision.

II. BACKGROUND A. History of the Matter [3] On September 4, 2014, CRR Staff commenced a compliance review of Waverley for a review period from August 1,

2013 to July 31, 2014 (the Compliance Review). As Waverley began trading in May 2014, the Compliance Review only captures the first three months and the first 22 trades of the firm’s operation. However, as discussed below, CRR Staff continued inquiring into Waverley’s business beyond the Compliance Review period, including interviews, e-mail exchanges and requests for documents, evidence of which was presented to this Panel.

[4] On January 22, 2015, CRR Staff held an interview with Mr. McDonald to discuss the Compliance Review. At the

interview, CRR Staff noted the deficiencies it had found and advised Mr. McDonald that it would be referring these deficiencies to the Registrant Conduct Team.

[5] CRR Staff delivered to Waverley its Compliance Field Review Report on July 3, 2015 (the Compliance Report). In the

cover letter, CRR Staff stated that it was “not requesting a response at this time” with respect to the noted deficiencies. [6] Following the release of the Compliance Report, CRR Staff and Waverley engaged in further discussions to resolve

issues arising therein, some of which became the subject of this proceeding. [7] On February 8, 2016, CRR Staff sent a recommendation letter to the Director (the Recommendation Letter)

recommending that Waverley’s registration be subject to certain terms and conditions. [8] In response, on February 19, 2016, the Applicants requested an opportunity to be heard (the OTBH) in writing pursuant

to section 31 of the Securities Act, RSO 1990, c S.5 (the Act). Written submissions were exchanged between March 14, 2016 and April 22, 2016. On May 25, 2016, the Director convened an in-person meeting between herself, CRR Staff and the Applicants in respect of the OTBH.

[9] On July 15, 2016, the Director issued the Director’s Decision, in which she ordered that:

• Waverley shall cease all activity conducted under the Issuer-Connected DR Model … and shall not sponsor a

dealing representative, except in accordance with Ontario securities law, effective 30 days from the date of this decision to allow for an orderly transition; and

• McDonald is required to successfully complete, and provide proof thereof for, the Osgoode Certificate in

Regulatory Compliance and Legal Risk Management for Financial Institutions, by no later than July 15, 2017.

[10] The Director’s Decision defined those dealing representatives who fall under Waverley’s “Issuer-Connected DR Model” to be: • employees, principles [sic] or connected to an independent issuer and they exclusive[ly] market the securities

of that issuer to clients through their registration with Waverley (i.e., they do not market or sell any other exempt security that is offered by Waverley);

• primarily compensated by the issuer, but receives a commission from the sale of the securities that is split 90

to 95% to the Issuer-Connected DR and 5 to 10% to Waverley;


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• located in the offices of the issuer and conducts all registerable activity from that office; • required to pay a “desk fee”, which is a flat fee to Waverley for use of technology and supervision and

compliance oversight provided by Waverley; and • [required to] execute a Dealing Representative and Branch Services agreement, which is a business services

agreement with Waverley.

[11] Rather than rely on the attributes of a business model for the purposes of these Reasons and Decision, based on the evidence presented in the Hearing and Review, the Panel chose to focus on the broad array of financial and family relationships affecting Waverley’s dealing representatives, who account for most of the firm’s revenues and trading activities, and on Waverley’s issuer clients and the conflicts of interest and other business and compliance risks created by these relationships.

B. Introduction [12] Waverley’s business relies primarily upon marketing its services to issuers (Sponsoring Issuers), who introduce

dealing representatives (Representatives or DRs) to Waverley in order to market their securities. Marketing to investors, who thereby become Waverley’s customers, can be conducted directly or can occur through referral agents, who direct potential trades to Waverley’s Representatives. Waverley markets its services to issuers as a way of avoiding the financial costs and compliance responsibilities that would be required of issuers if they were to register as dealers themselves, referred to, in such cases, as “captive dealers.”

[13] As part of the service that Waverley offers to issuers, Waverley has undertaken, among other responsibilities, to:

a. train Representatives on the legal and compliance requirements involved in their sales activities; b. maintain required books and records; c. maintain required capital and prepare required financial statements; d. interface with securities regulators, making all required filings (including National Registration Database (NRD)

filings), developing and maintaining client intake forms for know-your-client (KYC) and suitability requirements and disclosing conflicts of interest;

e. conduct due diligence for each securities offering; f. supervise referral fee arrangements; g. review proposed sales for compliance with suitability requirements; and h. update Representatives on changes in legal and compliance requirements.

[14] Waverley conducts its business using an independent contractor model under which its Representatives are not intended to be full-time employees of Waverley. The Representatives’ business activities are conducted using a “virtual office model,” in which the Representatives typically operate from locations connected with the Sponsoring Issuers.

[15] Representatives overwhelmingly sell only the securities of the Sponsoring Issuer that introduced them to Waverley.

Many of the Representatives have either business connections, through business interests or roles with Sponsoring Issuers, or family connections with the owners or personnel of Sponsoring Issuers.

[16] Waverley is compensated through a combination of monthly desk fees paid by or on behalf of the Representatives and

a share of commissions paid by the Sponsoring Issuers with, in cases in which commissions are directly earned by a Representative, the substantial majority of the commission dollars going to the Representative rather than to Waverley.

[17] Where the relationship between a Representative and a Sponsoring Issuer is perceived by Mr. McDonald to be direct,

the Representative does not receive the direct payment of commissions. As discussed below, these Representatives nevertheless receive other benefits arising from their relationships with the Sponsoring Issuers.

[18] The sharing of commissions is further adjusted to reflect payments made to referral agents, which generally come out

of the Representatives’ share of commissions. [19] These arrangements are not applied in a completely consistent manner and are subject to differing practices.


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(2017), 40 OSCB 2149

[20] In its application to register a new limited partnership in June 2014, Waverley described its business on its Form 33 – 109F6 as follows: “Corporate finance advisory services to small and mid-cap issuers.” Waverley’s new business plan did not disclose its intended business practice of sourcing Representatives from Sponsoring Issuers, a practice that became the core of its business. At no point in time was this business practice disclosed to the Commission in a business plan submitted as part of its registration application or in connection with its proposed change in corporate structure.

[21] Once CRR Staff learned of the business practice, Waverley was already trading on behalf of customers. The

disagreements between CRR Staff and Waverley regarding this business practice were subsequently addressed by way of the Recommendation Letter and then through the OTBH, rather than being considered as part of Waverley’s registration process.

[22] The Panel expects that novel features of any dealer’s business be reflected in business plans submitted to CRR Staff

or be raised in discussions with CRR Staff if no application is pending and if the activities were not reasonably covered in the firm’s prior applications. It appears to the Panel that Mr. McDonald believes either that (i) Waverley’s business practice is not novel and is essentially the same as the captive dealer model or (ii) Waverley’s business practice and the captive dealer model are sufficiently similar that he could persuade CRR Staff of its permissibility after the fact rather than seek approval from the outset. The former view is erroneous since the captive dealer model, unlike Waverley’s business practice, requires the issuer and its chief executive officer to be subject to registration and full Commission jurisdiction as registrants. The latter view is equally erroneous since this business practice raises material conflicts of interest and supervisory issues. Either perception suggests a potential lack of proficiency on Mr. McDonald’s part in his understanding of the principles underlying Ontario securities regulation and our expectations of those seeking to conduct a securities business with the public. Mr. McDonald’s lack of proficiency in these areas is confirmed by the evidence, as discussed below.

[23] Regardless of why the Applicants proceeded the way they did, this Panel is now required to consider the attributes of

Waverley’s business practices, including the perceived deficiencies in Waverley’s management of conflicts of interest of its Representatives, its systems of control and supervision and Mr. McDonald’s proficiency.

III. LAW A. Nature of Hearing and Review [24] Pursuant to subsection 8(3) of the Act, upon a hearing and review of a Director’s decision, the Commission may

“confirm the decision … or make such other decision as [it] considers proper.” [25] A hearing and review of a Director’s decision is a hearing de novo and therefore a fresh consideration of the matter (Re

Sterling Grace & Co (2014), 37 OSCB 8298 at para 24). The Commission may substitute its own decision for that of the Director (Sterling Grace at para 23; Re Sawh (2012), 35 OSCB 7431 at paras 16-17).

[26] Staff bears the onus of establishing that terms and conditions ought to be imposed upon the registrations of Waverley

and Mr. McDonald (Sterling Grace at para 25; Sawh at paras 147-48). B. Basis for Imposition of Terms and Conditions [27] Section 28 of the Act provides that the Director “may impose terms and conditions of registration at any time during the

period of registration of [a] company if it appears to the Director” that one or more of the following three tests are satisfied: a. the person or company “is not suitable for registration”; b. the person or company “has failed to comply with Ontario securities law”; or c. “the registration is otherwise objectionable.”

[28] Each one of these tests, if satisfied, is a sufficient basis by itself for the imposition of terms and conditions (Sterling Grace at para 150).

[29] At the OTBH and at the Hearing and Review, Staff relied on the first two tests set out in section 28 of the Act; namely,

that it is apparent that the Applicants have failed to comply with Ontario securities law and that Mr. McDonald is not suitable for registration.


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(2017), 40 OSCB 2150

[30] As we explain below, given our findings regarding the first two tests, we find it unnecessary to engage in an analysis of the third test: whether Waverley’s or Mr. McDonald’s registrations are otherwise objectionable.

[31] After a consideration of the first two tests, the Panel must then determine whether or not terms and conditions should

be imposed on Waverley and Mr. McDonald and what, if any, terms and conditions are appropriate. IV. FAILURE TO COMPLY WITH ONTARIO SECURITIES LAW [32] Staff alleges that Waverley has failed to comply with numerous provisions of Ontario securities law, including:

a. subsection 25(1)(b) of the Act, which requires dealing representatives to act on behalf of their sponsoring firm; b. subsection 32(1) of the Act and section 13.4 of National Instrument 31-103 – Registration Requirements,

Exemptions and Ongoing Registrant Obligations (NI 31-103), which describes the requirements of a firm in identifying and addressing conflicts of interest; and

c. subsection 32(2) of the Act, which sets out the control and supervision obligations required of a firm.

A. To What Extent are Waverley’s Representatives Acting on Behalf of Sponsoring Issuers? [33] Subsection 25(1)(b) of the Act states:

Unless a person or company is exempt under Ontario securities law from the requirement to comply with this subsection, the person or company shall not engage in or hold himself, herself or itself out as engaging in the business of trading in securities unless the person or company, … (b) is a representative registered in accordance with Ontario securities law as a dealing representative of a registered dealer and is acting on behalf of the registered dealer.

[34] CRR Staff has issued guidance on its interpretation and application of this requirement in the context of regulatory concerns that some EMDs are inappropriately “renting out” their firm’s registration to issuers who are avoiding the registration requirement. While it does not form part of Ontario securities law, OSC Staff Notice 33-746 – Annual Summary Report for Dealers, Advisers and Investment Fund Managers, published on September 21, 2015, which we note was a few months after the Compliance Report was sent to Waverley, states (at 54):

A person or company engaged in the business of trading must be registered as a dealer. To comply with the dealer registration requirement, section 25(1)(b) of the Act requires that individuals not only be registered as dealing representatives of a registered firm, but that they be acting on behalf of that registered firm. A dealing representative who engages in, or holds themselves out as engaging in, the business of trading on behalf of an unregistered entity (such as their employing issuer) is therefore not complying with the dealer registration requirement.

We consider this guidance to accurately state the effect of subsection 25(1)(b) of the Act and turn to the application of this provision of the Act to Waverley.

1. Analysis [35] Staff alleges that Representatives are acting entirely on behalf of the Sponsoring Issuers when performing registrable

activities in contravention of subsection 25(1)(b) of the Act. On the record before us, we do not find such a breach. [36] The Director, in her decision, found that Waverley’s Representatives operating under the “Issuer-Connected DR Model”

are not acting on behalf of Waverley and that, as a result, Waverley was in breach of subsection 25(1)(b) of the Act. The Director defined the “Issuer-Connected DR Model” as Waverley’s business of providing “registration and compliance services to independent issuers by sponsoring an employee, principle [sic] or person connected to an independent issuer as a dealing representative.”

[37] It is Staff’s position, which it confirmed when questioned by the Panel, that some of the Representatives are not acting

on behalf of Waverley at all but instead are exclusively operating on behalf of the Sponsoring Issuers with whom they are connected. In support of its argument, Staff pointed to the following:


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(2017), 40 OSCB 2151

a. Representatives are introduced to Waverley by Sponsoring Issuers with whom many continue to have close relationships;

b. Representatives sell only, or substantially only, the product of their Sponsoring Issuers; c. desk fees payable by Representatives to Waverley are, in some instances, paid by an affiliate of their

Sponsoring Issuer; d. conflicts of interest continually arise from the relationships between Representatives and their respective

Sponsoring Issuers; e. Waverley relies, at least in some instances, on books and records prepared by Sponsoring Issuers as its own

books and records (e.g. the trade blotters prepared by RESCO Mortgage Investment Corporation (RESCO); f. Waverley has limited oversight over the marketing materials used by the Representatives; g. Waverley remotely supervises the Representatives, who typically share office space with their respective

Sponsoring Issuer; h. Waverley appears to have a lack of control over substantial portions of the Representatives’ compensation

regardless of the written compensation arrangements in place; and i. Representatives receive less compensation or fewer other financial benefits from Waverley relative to those

that they directly or indirectly receive from their Sponsoring Issuers and thus do not appear to be financially dependent on Waverley, suggesting that Waverley consequently lacks authority over them.

[38] Staff argued in submissions to the Director that registrable actions of a Representative on behalf of its Sponsoring

Issuer constitute a breach of subsection 25(1)(b) of the Act:

In Waverley’s case, the fact that [c]onflicted DRs primarily earn their compensation from their employing issuers, and not Waverley, demonstrates that they are in fact acting on behalf of their employing issuers. When the [c]onflicted DRs act on behalf of their employing issuers when soliciting or contacting directly any prospective purchasers, they are not complying with ss. [sic] 25(1) of the Act and they are removing the ability of the particular issuer to rely on s. 8.5 of NI 31-103.

[39] The Applicants submit that Waverley’s Representatives solely perform registrable activities on the firm’s behalf. The

Applicants argue that Waverley’s level of supervision is sufficient to demonstrate that the Representatives are acting solely on behalf of Waverley. The Applicants pointed out the ways in which Waverley takes the issue of “holding out” seriously, emphasizing the capacity in which Representatives are required to act as set out in their contractual arrangements, in customer communications, through the use of separate business cards and through training of the Representatives.

[40] The Applicants assert that, since Waverley markets itself as a registration alternative to issuers, the issue of

Representatives not holding themselves out on behalf of the Sponsoring Issuers is at the very heart of Waverley’s business conduct and is certainly not ignored by the firm.

[41] To find that Representatives are not acting on behalf of Waverley to any degree, as argued by Staff, we would have to

find that: a. the Representatives are in a continuing and material breach of contractual terms that:

i. require them to carefully observe the capacity in which they are acting; and ii. do not provide them with the power to bind Waverley, with all trades remaining subject to Waverley’s

approval; and b. Waverley is essentially no more than a compliance consultant to Sponsoring Issuers and their

Representatives, who engage in registrable activities away from Waverley. On the record before us, we are not persuaded this is the case.


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[42] We are, rather, persuaded by the Applicants’ evidence that Waverley’s Representatives, at least to some extent, act on behalf of Waverley. Indeed, in some instances, the Representatives may act entirely on behalf of Waverley. In no instance, however, do we find that a Representative acts solely for his or her Sponsoring Issuer.

[43] It was open to Staff to advance the argument that Representatives who both conduct registrable activity on behalf of

their Sponsoring Issuer and on behalf of Waverley contravene subsection 25(1)(b) of the Act. Staff declined to do so. 2. Conclusion [44] To establish a breach of subsection 25(1)(b) of the Act, it is insufficient to demonstrate that Waverley performs its

supervisory functions inadequately since that does not necessarily indicate that the Representatives are acting on behalf of the Sponsoring Issuer. Such evidence goes to the adequacy of Waverley’s supervision and compliance of its Representatives rather than to the capacity in which they are acting.

[45] Only by showing that Representatives act exclusively on behalf of Sponsoring Issuers would Staff be justified in

seeking terms and conditions that substantially discontinue Waverley’s business. To impose such terms and conditions, this Panel would need to be persuaded that Staff’s specific concerns in respect of Waverley’s business practice could not otherwise be remedied, which would have required more developed submissions from Staff.

[46] We conclude that no violation of subsection 25(1)(b) has been established such that Waverley would be required to

discontinue its present business, provided that the shortcomings in compliance that we have identified are addressed. B. Is Waverley’s Management of Conflicts of Interest Adequate? [47] Staff alleges that Waverley has committed breaches of subsection 32(1) of the Act and section 13.4 of NI 31-103 by

inadequately responding to conflicts of interest between Waverley and its Representatives. [48] Section 13.4 of NI 31-103 requires a firm to identify and respond to material conflicts of interest:

(1) A registered firm must take reasonable steps to identify existing material conflicts of

interest, and material conflicts of interest that the registered firm in its reasonable opinion would expect to arise, between the firm, including each individual acting on the firm's behalf, and a client.

(2) A registered firm must respond to an existing or potential conflict of interest identified

under subsection (1). (3) If a reasonable investor would expect to be informed of a conflict of interest identified

under subsection (1), the registered firm must disclose, in a timely manner, the nature and extent of the conflict of interest to the client whose interest conflicts with the interest identified.

[49] The Companion Policy to NI 31-103 (31-103CP) describes conflicts of interest as “any circumstance where the

interests of different parties, such as the interests of a client and those of a registrant, are inconsistent or divergent.” Section 13.4 of 31-103CP sets out three methods to respond to conflicts of interest: avoidance, control and disclosure.

[50] 31-103CP provides further guidance that under subsection 13.4(3) of NI 31-103 “if a reasonable investor would expect

to be informed of a conflict, a registered firm must disclose the conflict in a timely manner” and a registered firm must “explain the conflict of interest and how it could affect the service the client is being offered.” Such disclosure should “be prominent specific, clear and meaningful to the client.”

[51] The Panel notes that subsection 14.2(1) of NI 31-103 requires relationship disclosures to be provided to clients:

A registered firm must deliver to a client all information that a reasonable investor would consider important about the client’s relationship with the registrant.

[52] Paragraph (e) of subsection 14.2(2) of NI 31-103 requires this information to include “a description of the conflicts of

interest that the registered firm is required to disclose to a client under securities legislation.” [53] The Panel interprets Ontario securities law to require Waverley to:

a. identify material conflicts of interest;


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b. respond to the material conflicts of interest by appropriately disclosing, managing or avoiding the conflict; and c. describe in writing to a client the conflicts of interest and how they could affect the service the client is being

offered.

[54] Subsection 2.2(1) of National Instrument 33-109 – Registration Information Requirements requires registrants to submit Form 33-109F4 to the NRD website. Item 10 of the form requires applicants to complete Schedule G, which is titled, “Current employment, other business activities, officer positions held and directorships.” Parts 3 and 5 of Schedule G require applicants to: a. describe the duties for which they will be responsible at their sponsoring firm; and b. disclose any potential for confusion by clients and any potential conflicts of interest arising from other

employment, confirm whether the applicant’s firm has procedures for minimizing potential conflicts of interest and confirm that the applicant is aware of those procedures.

[55] Staff further alleges that Waverley has breached paragraph (g) of subsection 32(1) of the Act, which states that every

person and company registered under the Act shall comply at all times with Ontario securities law, specifically including regulations that relate to conflicts of interest.

1. Application [56] Many of Waverley’s Representatives have either business connections, through business interests or roles with

Sponsoring Issuers, or family connections with the owners or personnel of Sponsoring Issuers. Waverley and these Representatives are dependent on or benefit from, to varying degrees, Sponsoring Issuers through desk fees paid by such issuers or their affiliates and, in the case of some Representatives, through employment income or capital appreciation.

[57] The Panel heard evidence relating to Representatives’ conflict of interest disclosures that were provided to customers

and conflict of interest descriptions in Representatives’ NRD filings. Mr. McDonald stated at the Hearing and Review that he prepared each Form 33-109F4 for each Representative.

[58] The disclosures of the conflicts of interest arising from these outside activities and relationships made to customers and

in the NRD filings are inconsistent and deficient. Additional disclosures are made in offering memoranda, potentially allowing an investor to gain a somewhat better understanding of the relationships by carefully parsing these multiple disclosures. In the Panel’s view, this does not constitute clear and effective communication of these conflicts.

[59] We detail the deficiencies in Waverley’s conflict of interest disclosures and NRD filings that were in evidence, with the

expectation that they will be remedied by Waverley pursuant to our order in this matter and that future disclosures will be compliant.

(a) Chris Cheng

[60] Chris Cheng has been registered with the Commission as a Waverley Representative since February 2014. Mr.

McDonald, in his testimony and as reflected in filings made under his direction, did not appear to be diligent in identifying potential conflicts of interest in relation to Mr. Cheng. For example, Mr. McDonald testified that RESCO and Radiance Mortgage Brokerage Inc. (Radiance), the manager of RESCO, are independent companies despite their common owners. He also does not readily recognize that the multiple roles Mr. Cheng has with RESCO, his Sponsoring Issuer, Radiance and 5C Capital Inc. (5C Capital), the administrator of RESCO, create material conflicts of interest.

[61] Mr. Cheng, in addition to being a Waverley Representative, is a Director and the Chief Operating Officer of RESCO

and a Managing Partner of both Radiance and 5C Capital. The evidence provided indicates that Mr. Cheng is also a significant shareholder, in the range of 15-25%, of one or both of Radiance and 5C Capital. Radiance collects a management fee from RESCO in the amount of 1.5% of RESCO assets. 5C Capital receives an administration fee from Radiance equal to one third of the management fee Radiance receives from RESCO (i.e., 0.5% of RESCO assets). The profit-earning vehicles for the owners of RESCO are therefore Radiance and 5C Capital, whose revenues grow as more securities of RESCO are sold.

[62] Mr. McDonald acknowledged in his cross-examination that, as a shareholder of both Radiance and 5C Capital, Mr.

Cheng benefits financially from the sale of RESCO securities as the management fee for Radiance (and the corresponding administration fee for 5C Capital) increases with the size of RESCO’s assets. However, he did not appear to appreciate the significance of Waverley’s failure to appropriately identify Mr. Cheng’s conflicts of interest to


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the Commission in its NRD applications. In response to the question on Mr. Cheng’s NRD disclosure that asked the applicant to “disclose any potential for confusion by clients and any potential for conflicts of interest arising from your multiple employment or business related activities,” Mr. McDonald responded on this NRD form that “the company [Radiance] as a mortgage broker, does not issue exempt products and we do not see the potential for any confusion.” Mr. McDonald provided a similar answer in response to the same question in the NRD section that related to Mr. Cheng’s relationship with 5C Capital, where he indicated that “5C Capital, the company, is a mortgage administrator, it does not issue exempt products and we do not see the potential for any confusion.” Here, in completing this form on behalf of Waverley, Mr. McDonald seemed to exclusively focus on possible client confusion as to which entity was offering securities rather than on the conflicts of interest arising from compensation arrangements that could reasonably be viewed as influencing Mr. Cheng’s recommendations of RESCO securities to Waverley’s customers.

[63] Mr. McDonald sought to justify Mr. Cheng’s conflicts of interest by analogizing the benefit Mr. Cheng receives through

an increase in Radiance’s revenues from management fees, which increases with the size of RESCO assets, to the sales commission that a dealing representative receives when selling a product. This view, if accepted, would reduce these conflicts to the same level of significance.

[64] We reject the view that a commission paid by a dealer to a representative where the dealer is exercising appropriate

control over the representative’s activities is the same as a payment to the representative from the issuer, or a related party, where the representative is beholden to the issuer for his or her livelihood. In either case, as a general matter, the control of compensation can be used to either promote sales efforts that further compliance objectives or as leverage in sales efforts that are harmful to investors. However, a registrant’s control over compensation with the attendant regulatory expectations and oversight over the registrant does not pose the same inherent compliance risks as the type of leverage over a representative’s livelihood exhibited in this instance.

[65] Mr. McDonald appeared to minimize the significance of the fact that Mr. Cheng benefits financially from the sale of

RESCO securities. When he acknowledged that a significant portion of his Representatives’ compensation is derived from growing sales of their Sponsoring Issuers’ securities due to their relationship to their Sponsoring Issuer, either as an employee of the Sponsoring Issuer or otherwise, he analogized the practice to a portfolio manager:

My model is because there are other forms of benefit to the Waverley dealer rep, in this case the growth of assets under management, and I think I compared it before to a portfolio manager who is also registered as an EMD, they would be out collecting client funds and they benefit from increased AUM. So that’s the exact same model here. Clearly my DRs benefit from the growth of AUM, which is why they do not receive a commission.

[66] In his testimony, Mr. McDonald did not communicate an appreciation for why an undisclosed benefit to a Representative derived from selling securities would be an important matter on which a reasonable customer would expect to be informed. Not all conflicts are equal. Unlike Waverley’s Representatives, portfolio managers are fiduciaries of the investors whose assets they manage and have a legal obligation to act in their clients’ best interest, and the arrangements would be required to be disclosed in material detail. Incentives provided directly by the Sponsoring Issuer to a Representative are particularly sensitive and are not of the kind that an investor would reasonably expect to exist in the absence of clear disclosure. They are essentially “secret commissions” that are obscured from an investor’s view.

[67] At the time of the Compliance Review, Waverley had not provided a conflict of interest disclosure to any of Mr. Cheng’s

customers. Assuming that Mr. Cheng’s conflicts are not of a type that must be avoided, this disclosure failure breached section 13.4 of NI 31-103.

[68] Waverley’s conflict of interest disclosures provided to Mr. Cheng’s customers initially and for the period that Radiance

paid desk fees to Waverley in respect of Mr. Cheng’s registration make no mention of the fact that an entity that was benefitting financially from sales of RESCO securities was paying a monthly desk fee to Waverley in support of Waverley’s continued sponsorship of Mr. Cheng’s registration. Omitting this information from the customer disclosure is a deficiency.

[69] Mr. Cheng’s current “Conflict of Interest Disclosure Statement” does not disclose the nature and extent of how his

various positions could affect the interests of customers. For example, there is no reference to the fact that Mr. Cheng is a shareholder of Radiance and 5C Capital and that he benefits indirectly from his sales of RESCO securities. Again, omitting this information from the customer disclosure is a deficiency.

[70] The Applicants submit that a customer is not prejudiced by the non-disclosure of Mr. Cheng’s shareholdings, as the

implication of an indirect financial benefit may be drawn from RESCO’s offering memorandum. These arguments are unpersuasive, as customers should not have to search multiple documents to parse together the implications of partially disclosed conflicts of interest affecting the investment services offered by a Representative.


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[71] Waverley’s conflict of interest disclosure to customers also does not explain how Mr. Cheng’s conflicts of interest could affect the service the customer is being offered. In particular, customers are not informed that they are being offered, to an overwhelming extent, only one of Waverley’s investment products. Nor are customers informed that Mr. Cheng’s multiple roles with his Sponsoring Issuer and its affiliates are the reason for the constraint on the products being offered to them.

[72] Assuming that Mr. Cheng’s conflicts are not of a type that must be avoided, these deficiencies in disclosure also

contravene section 13.4 of NI 31-103. [73] Mr. Cheng’s Conflict of Interest Disclosure Statement goes on to express the view that:

Chris Cheng’s services as COO of the issuer and Dealing Representative of Waverley are integrated and generally not separable from each other when it acts as Dealing Representative on trades of RESCO MIC Class B Preferred Shares.

[74] If these roles are truly inseparable in terms of the duties owed to RESCO on the one hand and Waverley’s customers

on the other hand, even robust disclosure is insufficient and Waverley falls well short of that. Waverley’s own statement clearly demonstrates that the conflicts of interest inherent in Mr. Cheng’s dual capacity are not being managed effectively and therefore must currently be avoided.

[75] Taken together, the evidence before us leads us to conclude that Waverley, in its relationship with Mr. Cheng,

continues to contravene the requirements under Ontario securities law to identify conflicts of interest; respond to the conflicts of interest by appropriately disclosing, managing or avoiding the conflict; and describe the conflict to a customer in terms of how it could affect the services offered to them.

(b) Chris Wong

[76] Chris Wong has been registered with the Commission as a Waverley Representative since February 2014. Mr. Wong is

married to Phoebe Lam, a Director, Managing Partner and part owner of RESCO. She is also a principal of Radiance and 5C Capital. The nature of Mr. Wong’s relationship with Ms. Lam creates a potential or actual conflict of interest with Waverley customers when he is selling RESCO products.

[77] The NRD form (Form 33-109F4, Schedule G, Part 3) requires applicants to describe the duties for which they will be

responsible at their sponsoring firm. Waverley failed to meet this requirement with respect to Mr. Wong when it did not disclose that his primary role would be the marketing of RESCO units. Instead, it describes Mr. Wong’s role as being “responsible for marketing approved exempt products” whose duties include “due diligence assistance on new issues, maintaining client relationships, [and] maintaining account and KYC information.”

[78] Mr. Wong’s NRD disclosure also does not identify his relationship with Ms. Lam. While this is not a conflict of interest

from employment or other business activity requiring disclosure in the NRD filing, this non-disclosure prevented CRR Staff from learning of Mr. Wong’s Sponsoring Issuer relationship from the outset.

[79] A conflict of interest disclosure was not provided to Waverley’s customers in respect of Mr. Wong prior to the

Compliance Review. Customers could reasonably expect to be informed of a family relationship, including a family relationship with a corporate officer, which may be perceived as creating economic incentives to recommend a certain investment product or to offer only one issuer’s investment product.

[80] In addition, Waverley received desk fees from Radiance in connection with Mr. Wong up until June 2015. Waverley’s

conflict of interest disclosure for the period in which Radiance paid desk fees to Waverley in respect of Mr. Wong’s registration was deficient. The disclosure made no mention of the fact that an entity that was benefitting financially from the RESCO capital raising was paying a monthly desk fee to Waverley in support of Waverley’s continued sponsorship of Mr. Wong’s registration.

[81] We find that Waverley’s failure to provide conflict of interest disclosure to its customers prior to the Compliance Review

in respect of Mr. Wong contravened section 13.4 of NI 31-103. These prior violations are sufficient to establish violations of Ontario securities law.

[82] In addition, Mr. Wong’s current disclosure states that his advice “might be perceived as bias[ed] since he is related to

the director of the Issuer” and that “no assurance can be given that [he] would be considered to be independent within the meaning of the applicable securities laws.” These descriptions are not, in light of Mr. Wong’s circumstances, adequate affirmative disclosures concerning the effect of the conflicts on Waverley’s customers, including the impact Mr. Wong’s conflicts of interest have on the range of investment products he offers customers.


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(c) Marshall Liang [83] Marshall Liang has been registered with the Commission as a Waverley Representative since February 2016. He is

also a mortgage broker with Radiance, receives a regular monthly salary from Radiance and reports directly to Ms. Lam in that role.

[84] Mr. McDonald confirmed in his testimony that his response on Mr. Liang’s NRD application of “N/A” regarding possible

conflicts of interest was satisfactory because he considered Radiance to be an unrelated business. This is inadequate disclosure in the circumstances because it fails to recognize the potential conflicts of interest that can arise when a dealing representative selling securities primarily of an issuer is also an employee of that issuer, which benefits when its securities are sold.

[85] Waverley does not provide customers with any conflict of interest disclosure in respect of Mr. Liang. Mr. Liang’s

employment with Radiance, the manager of RESCO, is a relationship of which a reasonable customer would expect to be informed. Customers should be informed of the impact that this relationship has on the services and the range of investment products they are offered. The Panel views this as evidence that Waverley failed and continues to fail to consider and evaluate the actual conflicts that exist between its Representatives and its customers.

[86] We find that the conflict of interest information provided by Waverley to the Commission via Mr. Liang’s NRD filings is

deficient and therefore breaches subsection 32(1) of the Act. We also find that Waverley’s failure to provide a conflict of interest disclosure to its customers in respect of Mr. Liang constitutes a breach of section 13.4 of NI 31-103.

(d) Morgan Marchant

[87] Morgan Marchant became registered with the Commission as a Waverley Representative in April 2014. She is the

daughter of Greg Marchant, a Vice-President and Director of MM Realty and an Executive Officer of one of the Legacy Lifestyles limited partnerships, both issuers who have engaged the services of Waverley and sponsored Ms. Marchant as a Representative.

[88] Customers were not informed of Ms. Marchant’s conflicts of interest prior to March 2016. The Panel was provided with

the current disclosure, a document entitled “Connected Issuer Disclosure.” We find this disclosure to be ineffective since it does not plainly disclose how Ms. Marchant and her father’s relationship may affect the services Ms. Marchant provides to Waverley’s customers and the range of investment products she offers. Furthermore, references to the absence of a formal “economic interest” between them are not helpful to customers in understanding the nature of the conflict and, in the Panel’s view, are used to explain away the conflict rather than to specifically address the concern.

[89] The disclosure is also imprecise in its reference to limited partner versus limited partnership, as well as in its failure to

state that the limited partnership is a connected issuer, not merely that it could be. This type of imprecision hampers the effectiveness of a conflict of interest disclosure by making it inaccessible and unreadable. We expect conflict of interest disclosures to be plainly written with the customer’s comprehension as the primary objective.

[90] We find that Ms. Marchant’s conflict of interest disclosure to customers falls short of the standard required under

section 13.4 of NI 31-103.

(e) Theresa Johnston [91] Theresa Johnston has been registered with the Commission as a Waverley Representative since December 2015. Ms.

Johnston is also the Vice-President of Investor Relations for Canadian Mortgages Inc., a peer-to-peer lending platform for which Waverley is engaged to act as its agent.

[92] Ms. Johnston’s NRD profile describes any potential conflicts of interest as follows: “Ms Johnston is a mortgage agent

for CMI [Canadian Mortgages Inc.] and may be recommending title mortgage products to clients. While this is not a conflict, we will make it clear to potential investors when she is representing CMI with mortgage products or Waverley with other products.” Staff submits that it should have stated “that Johnston was going to be selling units of a MIC that was managed by a company that shared the same ownership as her employer company.”

[93] We find that the NRD conflict disclosure related to Ms. Johnston is inadequate and constitutes a violation of Ontario

securities law.

(f) Other Representatives [94] Jason Sucheki has been registered with the Commission as a Waverley Representative since April 2015. We were

presented with evidence that, as of the time of the Hearing and Review, Mr. Sucheki’s LinkedIn page states: “Through


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Waverley, we facilitate clients to become equity partners with MM [Realty],” which Staff submits demonstrates an employment relationship or business activity with MM Realty that should have been disclosed in his NRD profile.

[95] We conclude that the evidence with respect to Mr. Sucheki, although suggesting an employment or other relationship,

is too indefinite to support Staff’s submission. [96] The Panel was provided with evidence relating to other Representatives in relation to Staff’s allegations regarding

breaches of subsection 32(1) of the Act and section 13.4 of NI 31-103. However, the evidence is insufficient for us to address these allegations in relation to these individuals.

2. Conclusion [97] In each of the cases of Mr. Cheng, Mr. Wong and Mr. Liang, we find that there has been non-compliance by Waverley

with both the NRD filing requirement and the customer conflict of interest disclosure requirement. [98] In the case of Mr. Cheng, we find that the conflicts of interest are so severe due to his entanglements with his

Sponsoring Issuer and affiliates that they must be avoided and, based on Waverley’s present system of controls and supervision, are not capable of being dealt with through disclosure alone. We also find that in the case of Ms. Marchant, there has been material non-compliance with customer conflict of interest disclosure requirements. Furthermore, we find that Waverley’s NRD conflict disclosure related to Ms. Johnston is inadequate and constitutes a violation of Ontario securities law.

C. Are Waverley’s Systems of Control and Supervision Adequate? [99] Subsection 32(2) of the Act requires registrants to “establish and maintain systems of control and supervision in

accordance with the regulations for controlling [their] activities and supervising [their] representatives.” [100] Section 11.1 of NI 31-103 requires that a registered firm establish a system of control and supervision to:

(a) provide reasonable assurance that the firm and each individual acting on its behalf

complies with securities legislation, and (b) manage the risks associated with its business in accordance with prudent business

practices.

[101] The Commission’s jurisprudence has established that proper supervision is an essential component of a firm’s compliance system. In Re Rowan (2008), 31 OSCB 6515, the Commission stated:

The notion of “supervision” may be seen as shorthand for the array of systems, procedures, checks and balances that firms put in place to ensure that trading and other activities carried on with and for firm clients proceeded fairly and in accordance with applicable regulatory requirements and norms. Registered firms, and their supervisory and compliance procedures, serve as gatekeepers for dealings between the firms and the world outside. When they do their job, misconduct or simple error on the part of the individual personnel can be deterred or, failing that, detected promptly before harm (or further harm) to investors and the capital markets generally. (Rowan at para 312, citing Re Roche Securities Ltd, [2004] ASCD No 400 at para 151)

[102] Further, in Sterling Grace, the Commission stated that “dealing representatives must be connected to an appropriate compliance structure to ensure that a responsible party has appropriate oversight of the trades conducted” (at para 213).

[103] The Panel finds that Waverley’s systems of control and supervision are not effective in addressing key attributes of its

activities and those of its Representatives. Accordingly, Waverley is in breach of subsection 32(2) of the Act and section 11.1 of NI 31-103, as detailed below.

1. Analysis

(a) Referral Arrangements and Related Books and Records [104] Sections 13.8 and 13.10 of NI 31-103 permit registrants to enter into referral arrangements if they are appropriately

disclosed to customers. Section 13.10 of 31-103CP provides guidance as to the disclosure of information that should be provided to customers. This information should be provided to customers before or at the time the referred services


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are provided, and registrants should take reasonable steps to ensure that customers understand the nature of the referral arrangement and any potential resulting conflicts of interest.

[105] Waverley and its Representatives source few, if any, of their own customers. They depend heavily on finders to

generate customer relationships. Referral arrangements are clearly a critical aspect of Waverley’s business. [106] When Waverley started to implement its business practice in which Representatives primarily sell the products of

Sponsoring Issuers, it did not have independent processes in place to manage its Representatives in respect of referral arrangements and to identify undisclosed referral arrangements. Specifically, there were no controls in place to ensure that such arrangements were appropriately documented by Representatives in written contracts with Waverley or that unauthorized payments were not made by others to finders in respect of sales made through Waverley.

[107] Mr. McDonald was not aware of this deficiency until he received an e-mail from Mr. Cheng on this matter on October

22, 2014. The same issue was raised several months later by Ms. Lam. [108] No evidence was presented showing any specific recurrences of arrangements with, or payments to, unauthorized

finders. However, with respect to Waverley’s current practice regarding the monitoring of referral arrangements, Mr. McDonald stated, “If a DR doesn’t get paid, but they’re supposed to, I would hear about it.” This does not demonstrate an established reconciliation system that would reveal whether a Representative or a Sponsoring Issuer entered into a referral arrangement or effected referral payments. A compliance system cannot solely rely on Representatives to monitor any potential breakdowns in that system. Waverley has failed to maintain adequate systems of control over this critical aspect of its business from the outset of its activities, establishing a breach of Ontario securities law. This is not a minor lapse in administrative practice but goes to the core of Waverley’s business-generating activities.

[109] We are also concerned that Waverley appears to be excessively dependent, at least in some instances involving its

most material Sponsoring Issuers, on the books and records of these entities as the source of information necessary for the control and supervision of its own business. For example, Waverley depended on the trade blotters prepared by RESCO as its source of information on referral fees and commission payments without an apparent ability to control for the accuracy of this information. This concern leads to questions as to who at RESCO prepared the trade blotters and, if it was a Representative, in what capacity and on whose behalf he or she was acting when doing so. Since these questions were not addressed at the Hearing and Review, we draw no conclusions.

[110] From the outset of its operations, Waverley has failed to implement an adequate system of control and supervision in

these critical matters involving referral arrangements as required by Ontario securities law.

(b) Marketing Materials and Due Diligence [111] Waverley typically hires Representatives who, as discussed above, have an array of close relationships with

Sponsoring Issuers. These conditions create a serious risk that Representatives have an inherent bias when promoting the securities of the Sponsoring Issuers.

[112] Among other supervisory implications, this serious risk of bias requires that Waverley carefully monitor Sponsoring

Issuers’ marketing materials to ensure they are fair and accurate. Further, the fact that many of Waverley’s Sponsoring Issuers are in near “continuous distribution” (e.g. RESCO and MM Realty) places a responsibility upon Mr. McDonald as Waverley’s CCO to ensure that marketing materials in these cases are subject to continuing review and are updated appropriately.

[113] The Panel finds that Mr. McDonald, and hence Waverley, does not demonstrate a comprehensive understanding of a

dealer’s critical role in reviewing issuers’ marketing materials used in offers of securities to the public, as further discussed below. We expect registrants retained in corporate finance mandates to act as gatekeepers of Ontario’s capital markets with respect to the key representations made to investors concerning an investment opportunity, regardless of dealers’ disclaimers of liability to their customers or issuer clients.

[114] Waverley has no control system in place to identify and review the marketing material used by its Representatives,

despite its responsibility under Ontario securities law and its obligation under the terms of its agreement with its Representatives.

[115] The DR Agreement dated December 12, 2013, between Waverley and Mr. Cheng states at section 4(b):

During the currency of this Agreement, the Dealing Representative is authorised to use only those marketing materials which are pre-approved in writing by the Chief Compliance Office of Waverley. The Dealing Representative also agrees that he or she will always use only Waverley marketing


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materials in conformity with the Standards and Guidelines and in the manner from time to time specified by Waverley.

However, the evidence demonstrates that Waverley was not aware that its RESCO-sponsored Representatives used a product guide and slide deck prepared by RESCO to market RESCO investments to prospective customers of Waverley.

[116] Waverley was also not informed or aware of marketing materials of a Sponsoring Issuer. Problematic statements that

encourage investment persisted on the RESCO website as of the date of the commencement of the Hearing and Review. Examples where Waverley should have engaged in a more careful and diligent analysis include: a. representations of low mortgage delinquency rates in Canada generally being misapplied to specific lower

grade market segments; b. a comparison of RESCO product yields to interest rates paid by Guaranteed Investment Certificates without

explaining the differences in products; c. solicitations to the public on RESCO’s website without reference to Waverley and without RESCO being

registered; and d. references that certain RESCO investments are less sensitive to interest rate changes without providing a

sufficient discussion concerning factors affecting risk more generally, including default risk.

[117] The Applicants’ counsel’s assertions that other issuers of comparable securities made similar problematic statements suggest that Waverley believes that it is entitled to substitute the opinion of others rather than conduct an independent assessment of whether such comparisons are misleading. This is not the case. Waverley bears the responsibility of reviewing and forming its own assessment of the marketing materials used by its Representatives.

[118] The standard Agency Agreement between Waverley and the Sponsoring Issuers does not enable Waverley to review

all marketing materials and to require changes based on its due diligence efforts. [119] In its Engagement Letter with RESCO dated February 19, 2014, Waverley offers, but is not obligated, to assist RESCO

in the preparation of appropriate marketing materials and any other documentation necessary to complete the financing. These services are on an “if desired” basis. RESCO does not give Waverley the power to insist on changes to their marketing materials.

[120] In its Agency Agreement with MM Realty dated July 3, 2014, Waverley is specifically required to not prepare or

distribute any marketing, advertising, education or other promotional material in connection with the limited partnership units. This is antithetical to the role of a dealer in acting as an agent in a corporate finance mandate, for which the expectations are described above.

[121] Mr. McDonald provided evidence that he made certain changes in marketing materials in response to concerns

expressed by CRR Staff. Mr. McDonald also testified that the Sponsoring Issuers would make changes to marketing materials if he asked for them, regardless of any contractual ability to insist on such changes. The Applicants’ counsel also expressed a commitment that the Agency Agreements with Sponsoring Issuers could be modified to include a provision that enables Waverley to insist on changes, if this Panel requires such a term.

[122] In any event, a critical review of marketing materials is not a function that Waverley consistently performs. Due

diligence efforts, rather than being tied to the marketing materials utilized, appear to be more of an exercise to determine whether Waverley is willing to accept the offering as a threshold matter. This review does not routinely include claims made on the websites for those issuers or related parties. A registrant’s due diligence review of an issuer should not be designed solely for the purpose of assessing whether to take the issuer on as a client. A due diligence review, among other things, is intended to assess and validate the fairness and accuracy of marketing materials.

[123] If an inadequate due diligence investigation overlooks a material misrepresentation, a registrant is not in a position to

satisfy itself that the investment is suitable for a customer. The evidence relating to Waverley’s limited due diligence procedures supports our conclusion that Waverley does not appear to have a sufficient know-your-product (KYP) process in place to properly support its obligation under section 13.3 of NI 31-103 to conduct suitability assessments.

[124] Mr. McDonald’s evidence on the due diligence he conducted and his review of marketing materials lead us to conclude

that he does not fully understand his responsibilities as a registrant and the interconnection between the due diligence function and the suitability assessment, and hence Waverley failed in its responsibilities in these respects. Waverley


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does not review the Sponsoring Issuers’ marketing materials with the care and diligence required by a dealer under Ontario securities law allowing for potentially misleading materials to be used in marketing efforts on its behalf.

(c) Branch Offices

[125] The Commission has previously commented on a registrant’s supervisory obligation with respect to branch offices. In

Re Argosy Securities Inc. (2016), 39 OSCB 4040 at para 121, the Commission stated:

In the case of a registered firm that has branch offices, this supervisory obligation necessarily extends to those branch offices, which by their very existence make supervision from the head office more difficult. The increased difficulty does not relieve the firm of its obligation.

[126] Waverley’s virtual office structure poses additional challenges to effective supervision as compared to a structure

where the UDP and CCO work in close proximity to his or her Representatives or a structure that has an alternative, effective means of supervision in place. Similarly, the conflicts of interest inherent in the relationships between many of Waverley’s Representatives and their Sponsoring Issuers pose additional challenges as compared to a business model without these conflicts.

[127] These challenges must be addressed in a meaningful way with appropriate policies and procedures. They are not in

this case. [128] The Applicants submit that their written policies and procedures are sufficient, in part, because they were drafted by

legal counsel. Upon review by the Panel, it is apparent that Waverley’s policies and procedures manual is an off-the-shelf template and was not created with Waverley’s compliance challenges in mind. For example, Waverley’s current policies and procedures manual contemplates certain measures that have not been implemented, including a two-tier management structure and individual branch managers to supervise the activities of the Representatives.

[129] A firm’s policies and procedures manual is an important document for ensuring compliance by a firm’s representatives.

The Panel expects Waverley’s, and indeed all firms’, written policies and procedures to reflect their actual business practices and to be responsive to the business and compliance risks posed by those practices.

2. Conclusion [130] Throughout the Hearing and Review, Waverley repeatedly offered to fix deficiencies identified by Staff. This is an

inadequate approach to supervision. A registrant must have systems of control and supervision in place to provide reasonable assurance that the firm, and each individual acting on its behalf, are complying with Ontario securities law. A firm is responsible for establishing and maintaining its compliance system. Waverley’s practice of fixing key deficiencies found by regulatory authorities after the fact in areas that are central to its activities is an inadequate approach to compliance.

[131] The weaknesses that we have found involving the most central aspects of Waverley’s control and supervision activities

(i.e., lack of compliance procedures tailored to the risks posed by its business, failure to supervise referral arrangements, lack of control over books and records, failure to conduct adequate due diligence in connection with marketing materials and inadequate branch office supervision) are significant and together represent a serious violation of Ontario securities law.

V. SUITABLE FOR REGISTRATION [132] As discussed earlier, section 28 of the Act permits the Director to revoke or suspend a registration or impose terms and

conditions on a registration in certain circumstances. One of these circumstances is when the person or company is “not suitable for registration.”

[133] Section 28 of the Act does not specify how a lack of suitability is to be determined. We are guided by the same

requirements applicable to an application for registration under section 27 of the Act. [134] Subsection 27(1) of the Act does not explicitly prescribe a test for determining whether a person is “not suitable” for

registration. However, it is appropriate to apply the considerations set out in subsection 27(2) of the Act applicable to an application for registration (Sterling Grace at para 149):

(2) Matters to be considered — In considering … whether a person or company is not suitable for registration, the Director shall consider, (a) whether the person or company has satisfied,


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(i) the requirements prescribed in the regulations relating to proficiency, solvency and integrity, and

(ii) such other requirements for registration … as may be prescribed by the

regulations; and (b) such other factors as the Director considers relevant.

Paragraph (i) of subsection 27(2)(a) of the Act enumerates three criteria: proficiency, solvency and integrity. [135] Staff alleges that Mr. McDonald’s registration should be subject to terms and conditions pursuant to section 28 of the

Act because he does not meet the necessary standard of proficiency of a CCO. We therefore limit our review to that criterion.

[136] Even if we conclude that Mr. McDonald did not act with sufficient proficiency at some time in the past, our inquiry does

not end there. Section 27 of the Act requires us to assess Mr. McDonald’s proficiency, and therefore his suitability for registration, as of the date of the commencement of the Hearing and Review.

[137] Subsection 3.4(1) of NI 31-103 requires that “[a]n individual must not perform an activity that requires registration

unless the individual has the education, training and experience that a reasonable person would consider necessary to perform the activity competently … .” Subsection 3.4(2) relates specifically to the duties of a CCO and states that “a chief compliance officer must not perform an activity set out in section 5.2 [responsibilities of the chief compliance officer] unless the individual has the education, training and experience that a reasonable person would consider necessary to perform the activity competently.”

[138] The Commission has held that the purpose of proficiency requirements is protective and intended “to ensure that the

public deal with qualified registrants … [and] regulatory compliance and enhance the efficiency of the capital markets” (Re Michalik (2007), 30 OSCB 6717 at paras 48–49). The Commission has also held that “proficiency requirements are meant to ensure that registered individuals have a sufficient level of knowledge before providing dealing or advising services to clients, or compliance functions for their firms” (Re Ittihad Securities Inc. (2010), 33 OSCB 10458 at para 13).

A. Analysis [139] Section 5.2 of NI 31-103 requires that a CCO, among other things, “establish and maintain policies and procedures for

assessing compliance by the firm, and individuals acting on its behalf, with securities legislation” and “monitor and assess compliance by the firm” with these requirements.

[140] Waverley, under Mr. McDonald’s direction, hires Representatives with an array of close relationships with Sponsoring

Issuers. This business practice exposes a customer to serious risks since the Representative’s interests may be closely aligned with his or her Sponsoring Issuer.

[141] The alignment of interests between a Representative and a Sponsoring Issuer increases the complexity of Waverley’s

business and compliance risks, requiring that a CCO be capable of responding to these more complex risks through a system of appropriate controls and supervision. The proficiency required of a CCO is not satisfied solely by passing qualifying exams. Proficiency is gained through accumulated relevant experience that is then applied from the commencement of a firm’s business and adapted as circumstances change.

[142] It is the view of the Panel that Mr. McDonald has not demonstrated the proficiency necessary to establish and maintain

policies and procedures that reasonably ensure compliance with Ontario securities legislation by Waverley and its Representatives in a manner that is attuned to Waverley’s business and compliance risks.

[143] The Panel does not consider that its conclusions hold Mr. McDonald as CCO of Waverley to a higher standard than

CCOs of other EMDs. Rather, the Panel is holding Mr. McDonald to a standard of proficiency dictated by Waverley’s business practices.

1. Managing Conflicts of Interest [144] The Commission has found that a failure to identify or respond to conflicts of interest raises proficiency concerns in

circumstances where it appears that registrants do not adequately appreciate their responsibilities to customers (Sterling Grace at para 193).


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[145] Waverley’s business practice of hiring Representatives aligned with Sponsoring Issuers creates the potential for acute conflicts of interest between Waverley and its customers. This situation requires Mr. McDonald, as the firm’s CCO, to be focused on and skilled at identifying and managing these conflicts. It is critical for the protection of Waverley’s customers that these conflicts are effectively identified and responded to on a continuing basis. Mr. McDonald must monitor and assess whether Waverley’s Representatives are prioritizing the interests of their Sponsoring Issuers over those of Waverley’s customers.

[146] In response to a question from the Panel, Mr. McDonald stated that he considers the conflict of interest disclosures

provided to its customers to be sufficient. As we have found in the cases of at least Chris Cheng, Chris Wong, Marshall Liang and Morgan Marchant, whose activities account for the vast majority of Waverley’s activities under review, these disclosures are deficient. Mr. McDonald’s failure to adequately address this fundamental issue for the protection of Waverley’s customers is problematic.

[147] It also gives the Panel concern that Mr. McDonald consistently failed to correctly provide the information required by

Form 33-109F4 for his Representatives, including the following items of information: a. their potential conflicts of interest arising from outside employment; b. whether the firm has procedures for minimizing potential conflicts of interest; c. whether the Representative is aware of those procedures; and d. if the Representative does not perceive any conflicts of interest arising from this employment, to explain why.

[148] When confronted with this deficient disclosure by Staff at the hearing, Mr. McDonald explained that investors would be able to get this information by parsing together these disclosures with the disclosure provided in documents used for particular offerings.

[149] Continuing his testimony, Mr. McDonald suggested that the deficiencies in the Representatives’ NRD filings and the

conflict of interest disclosures could have been corrected at the outset had CRR Staff raised these issues with him at an earlier time. The Panel rejects this suggestion. As CCO, it is Mr. McDonald’s responsibility to ensure compliance with Ontario securities law by Waverley and its Representatives. CRR Staff’s procedures in processing applications and examining for compliance are not a substitute for careful compliance by the firm itself. It appears to us that, too often, Mr. McDonald thought it was sufficient if he corrected matters brought to his attention by CRR Staff rather than being compliant in the first place.

[150] Mr. McDonald testified that, when he crafted the conflict of interest disclosures for those Representatives introduced by

RESCO, he considered Radiance and RESCO to be independent entities. He therefore concluded that there was no need to disclose that Radiance was paying desk fees to Waverley on behalf of some of those Representatives. The Panel rejects Mr. McDonald’s analysis regarding these two entities. Radiance earns income related to the sale of RESCO securities. Mr. McDonald’s assertion that these two entities are independent for the purpose of conflict disclosure demonstrates his lack of proficiency.

[151] The evidence in this proceeding raises serious concerns for the Panel regarding Mr. McDonald’s proficiency with

respect to his understanding, identification and proper management of conflicts of interest from the time of the first NRD application for a Waverley Representative and continuing up to the date of the commencement of the Hearing and Review.

2. Systems of Control and Supervision [152] Mr. McDonald, as CCO of Waverley, has not implemented a system of control and supervision that adequately

responds to the close alignment of interests between Waverley’s Representatives and their Sponsoring Issuers. The Panel concludes that Mr. McDonald has not demonstrated sufficient proficiency in this regard.

(a) Marketing Materials and Due Diligence

[153] Given this close alignment, Mr. McDonald needs to be particularly vigilant in identifying and responding to the risks to

Waverley’s customers arising from the use of unapproved marketing materials prepared by Sponsoring Issuers, especially with Waverley’s Representatives acting in potentially multiple capacities. His failure to implement robust procedures to ensure that fair and accurate marketing materials are used gives the Panel serious concerns regarding his proficiency in carrying out financing mandates. Since Waverley is often engaged by issuer clients involved in ongoing distributions, Mr. McDonald must exercise continuing quality control over these materials to avoid materially misleading disclosures.


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[154] When presented by Staff with examples of potentially misleading disclosures in Sponsoring Issuers’ marketing materials, Mr. McDonald provided weak rationalizations to the Panel. First, he stated that, since similar statements can be found in equally poor disclosures used by other issuers, this embodies an acceptable industry disclosure practice. Second, he maintained that, where multiple dealers are involved, any one dealer is unable to control an issuer’s disclosure practices without recognizing the responsibility of each dealer to decline to participate in any offering based on misleading marketing materials. The Panel finds these reasons to be completely unpersuasive and further finds that such rationalizations show a lack of proficiency up to the date of the commencement of the Hearing and Review. Dealers must rely on their own judgment and must always make an independent decision whether to lend its name and credibility to an offering.

[155] We reviewed the examples presented to the Panel relating to Mr. McDonald’s due diligence procedures. The evidence

confirms our concerns that his process mainly comprises of a passive acceptance of information from others and a lack of critical analysis of the products being considered. The Panel was not persuaded that the evidence supported Mr. McDonald’s proficiency in relation to the due diligence process.

[156] It appears to us that Mr. McDonald views his due diligence efforts as primarily an intake or engagement process. Going

forward, it is vital that Mr. McDonald understand that such due diligence procedures are essential aspects of his gatekeeping role in ensuring that Waverley provides its customers with accurate and balanced materials with which to make investment decisions in support of an appropriate customer suitability assessment.

(b) KYC and Suitability Obligations

[157] Section 13.2 of NI 31-103 requires a registrant to take reasonable steps to ensure that it has information regarding a

client’s investment needs and objectives, financial circumstances and risk tolerance. As required by section 13.3 of NI 31-103, KYC information must be sufficient to enable a registrant to determine whether a proposed purchase or sale of a security for a customer is suitable for the customer. Mr. McDonald is responsible for monitoring and assessing Waverley’s Representatives’ compliance with KYC and suitability obligations of the firm and its Representatives.

[158] Registrants are required to apply KYC and suitability standards in carrying out their functions and they must have the

proficiency to discharge the application of these standards (Michalik at para 23). [159] One counterbalance to the conflicts of interest inherent in Waverley’s business activities is an independent, robust and

highly proficient KYC process. [160] Waverley’s initial KYC processes were not adequate. For example, Waverley’s original KYC form was not clear that a

client’s asset calculation must be net of liabilities. This is a significant oversight of one of the most fundamental aspects of investor eligibility. Yet, this oversight was not detected by Mr. McDonald but rather by CRR Staff during its Compliance Review when a number of other significant deficiencies were also identified. The Panel, however, accepts that Waverley’s KYC process has been updated and improved as a result of CRR Staff’s prompting.

[161] While the Panel recognizes that Mr. McDonald has taken steps to correct the deficiencies related to Waverley’s KYC

process, we emphasize that Waverley’s business practices continue to present risks to customers that require Mr. McDonald to respond proficiently to those specific risks.

[162] For example, Mr. McDonald testified that his focus as CCO is in-house compliance and that the Representatives are

responsible for customer contact. Given this exclusive assignment of responsibility to the Representatives and given the inherent conflicts that exist, some follow-up with customers on at least a spot-check basis is warranted to assess the effectiveness of the KYC and suitability processes.

B. Conclusion [163] The alignment of Waverley’s Representatives’ interests with the interests of Sponsoring Issuers creates pervasive

conflicts of interest and supervisory and control challenges that necessitate the engagement of an experienced and skilled CCO.

[164] Proficiency is a principles-based standard necessarily custom-designed for the specific environment and risks of a

particular registrant’s business. Such proficiency is only partially gained through the successful completion of mandated exams. Indeed, Mr. McDonald testified that he views the specified course requirements relating to the exempt market as insufficient and that registrants are required to rely heavily on the gradual accumulation of experience gained through “on the job learning.” During the Hearing and Review, Mr. McDonald said, “So you go through the proficiency requirements and you know really very little about running an exempt market dealer, their regulations, [S]taff’s expectations. So it's really on the job learning.”


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[165] Mr. McDonald lacks the requisite practical, relevant CCO experience to augment his academic credentials and financial industry work experience. Prior to Waverley’s registration, Mr. McDonald had been registered as a Representative for only three months, did not have previous compliance responsibilities, had no experience implementing policies and procedures based upon NI 31-103 and had not worked in an environment where he learned these skills.

[166] The evidence presented at the hearing before us strongly supports the view that Mr. McDonald does not possess

sufficient proficiency to fulfill this challenging role for Waverley. VI. REGISTRATION IS OTHERWISE OBJECTIONABLE [167] Staff submits that Waverley’s continued registration is otherwise objectionable. [168] In light of our conclusions set out above, it is unnecessary for us to consider whether Waverley’s registration is

otherwise objectionable and we decline to do so. VII. CONCLUSION [169] For the reasons set out above, we find it proper to impose upon the registrations of Waverley and Mr. McDonald the

terms and conditions set forth in Part VIII of this decision. VIII. TERMS AND CONDITIONS [170] The Panel has decided not to prohibit outright Waverley’s business practice of sourcing Representatives from

Sponsoring Issuers, as requested by Staff. Instead, we are imposing terms and conditions that address the contraventions of Ontario securities law and other material deficiencies we have found in Waverley’s activities. These terms and conditions are designed to give Waverley and Mr. McDonald a further opportunity to demonstrate that they can conduct their activities in a manner that will, as a foremost goal, protect investors from the effects of the conflicts of interest pervading this business as well as from Waverley’s inadequate systems of control and supervision. These terms and conditions directly address these deficiencies by means of improved disclosure to Waverley’s customers and the Commission, more robust supervisory controls and procedures relating to Waverley’s oversight of its Representatives’ interactions with customers and a prohibition on certain roles that Representatives can perform for their Sponsoring Issuers and their affiliates.

[171] The Panel is also concerned that the way in which Waverley operates may encourage issuers to avoid registration as

captive dealers with the possible attendant consequence of an insufficient window into the full scope of relationships between a Sponsoring Issuer and the principals associated with a Sponsoring Issuer on the one hand and a Representative on the other. Such a window is provided by the process of registering captive dealers. We have crafted terms and conditions designed to mitigate this potential gap in the effective identification and management of conflicts of interest while preserving the opportunity to realize the potential efficiencies arising from the reliance on a shared, registered and compliant dealer.

[172] These requirements do not apply directly to Sponsoring Issuers, as they are not parties to this proceeding, but rather

apply to Waverley and set out the conditions under which Waverley can provide capital-raising services to these issuers. We note that shielding investors from the conflicts existing in Waverley’s activities is of paramount importance and that Waverley itself can only be suitable for registration if investor protection is achieved in practice.

[173] We address particular deficiencies in Waverley’s business practices regarding disclosure and record keeping, including

due diligence, review of marketing materials, documentation of referral arrangements and payments to referral agents. [174] We also impose a term and condition on Mr. McDonald designed to increase his proficiency in handling conflicts of

interest arising from Waverley’s business activities. [175] We hereby order that the following terms and conditions be imposed upon the registration of Waverley:

A. Waverley shall amend its agreements with each issuer whose securities are offered or sold by Waverley within

sixty (60) days of the date of this Decision to require that the issuer: i. submit to Waverley all materials, and any amendments to such materials, in any form or media

(including, but not limited to, the issuer’s or its affiliate’s website), to be used in the offer, sale or marketing of its securities (including, but not limited to, training materials and scripts for use by Waverley’s Representatives) for Waverley’s approval in advance of its first use (or any continued use of pre-existing materials after the date of this Decision);


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ii. agree to make such modifications as Waverley may require under subparagraph A(i) as a condition of Waverley’s acceptance or continuation of its mandate in connection with the offering of such securities;

iii. provide to Waverley, if the issuer sponsors any Representative, the same information that it would be

required to provide CRR Staff in an application for registration as a captive dealer, and on a continuing basis if the issuer were registered as a captive dealer with the Commission concerning the background of the issuer’s executive officers and shareholders, or persons occupying similar positions or having a similar control relationship, however arising;

iv. shall not, along with any of its affiliates, directly or indirectly compensate Waverley’s Representatives

for any registrable activities in respect of securities offered through Waverley, and the issuer or its affiliate may only compensate an employee who is also a Waverley Representative for bona fide non-registrable activities for the issuer or affiliate;

v. provide to Waverley, if the issuer sponsors any Representative, immediate written notice of any facts

or circumstances that could give rise to termination for cause by the issuer or Waverley of any of Waverley’s Representatives employed by the issuer or any of its affiliates; and

vi. provide to Waverley, if the issuer sponsors any Representative, upon demand such materials and

information that a captive dealer would be required to provide to the Commission;

B. Waverley shall immediately cease to provide dealer services to any issuer that does not comply with paragraph A;

C. Waverley shall maintain a file of all materials submitted to it under subparagraph A(i) as part of its books and

records; D. The marketing materials submitted to Waverley under subparagraph A(i) shall be signed by Waverley’s UDP

and CCO as evidence of their review and approval; E. Upon request from the Commission, Waverley shall require from an issuer the delivery to it of any materials

under subparagraph A(vi) and deliver forthwith such materials to the Commission upon receipt; F. Waverley shall ensure the implementation of a reconciliation system, or other reliable process or processes,

that provides reasonable assurance that no payments attributable to any offer, sale or marketing of a security of an issuer are made to any finder or referral agent unless and until arrangements between Waverley and such finders or referral agents are reflected in a binding written agreement and such arrangements are disclosed to each customer to the extent required by law;

G. As soon as reasonably practicable, Waverley shall prepare a clear and complete revised conflict of interest

statement that includes a description of how a Representative’s relationships with an issuer or its affiliates may affect the services and range of investment products the Representative offers to customers, which statement shall be prepared for all Representatives who have any direct or indirect economic, family or other material relationship with any issuer or its affiliate in a form satisfactory to CRR Staff (it being acknowledged that the information used in preparing such a statement is within Waverley’s control and the accuracy and completeness of such statements is solely Waverley’s responsibility), and Waverley shall deliver such approved statement to each customer of Waverley whose account is handled by any such Representative as required by Ontario securities law;

H. Within thirty (30) days of the date of this Decision, all communications by Representatives with customers,

potential customers, finders and referral agents, other than in-person meetings, shall be conducted on e-mail servers, telephonic and other electronic communications systems operated by Waverley and capable of being recorded, monitored and stored by Waverley, and shall be subject to review by Waverley to address the risks arising from the conflicts of interest existing in Waverley’s business activities as described in this Decision, and this procedure shall be authorized in a binding agreement entered into by Waverley with each of its Representatives to the extent required by law;

I. Waverley shall not permit any of its Representatives to perform executive responsibilities for any issuer or its

affiliate, including, but not limited to, the roles of Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, General Partner, Managing Partner, Corporate Secretary, Chief Legal Officer or any similar role, regardless of title, involving the performance of comparable executive functions;


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J. Waverley’s written compliance procedures shall incorporate these terms and conditions; and K. Waverley shall not submit any new applications for Representatives, and the processing of any applications

for Representatives that are pending shall be held in abeyance until all of the foregoing terms and conditions have been implemented.

[176] We hereby order that the following terms and conditions be imposed upon the registration of Mr. McDonald:

A. As soon as practicable in the reasonable view of the Director, but no later than twelve (12) months after the date of this Decision, Mr. McDonald shall successfully complete a course, as approved by the Director, for senior executives in the securities industry that provides an in-depth understanding concerning best practices to identify, appropriately respond to and adequately disclose conflicts of interest.

Dated at Toronto this 1st day of March, 2017. “D. Grant Vingoe” “Monica Kowal” “William J. Furlong”


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3.1.2 Optam Holdings Inc. et al. – ss. 127(1), 127(10)


RSO 1990, c S.5

AND

IN THE MATTER OF OPTAM HOLDINGS INC.,

INFINIVEST MORTGAGE INVESTMENT CORPORATION and WADE ROBERT CLOSSON

REASONS AND DECISION

(Subsections 127(1) and 127(10) of the Securities Act)

Hearing: In writing

Decision: February 28, 2017

Panel: Monica Kowal – Vice-Chair

Appearances: Malinda Alvaro Evan Rankin, Student-at-Law

– For Staff of the Commission

No one appearing for the Respondents

TABLE OF CONTENTS

I. Staff’s Request II. Procedure III. ASC Proceedings IV. Analysis V. Decision

REASONS AND DECISION

I. STAFF’S REQUEST [1] In this written hearing, Staff of the Ontario Securities Commission seeks an enforcement order pursuant to subsection

127(1) of the Securities Act, RSO 1990, c S.5 (the “Act”), imposing sanctions and restrictions on the Respondents: Optam Holdings Inc. (“Optam”), Infinivest Mortgage Investment Corporation (“Infinivest”) and Wade Robert Closson (“Closson”). Closson is an officer and director of Optam and Infinivest, which are both Alberta corporations.

[2] The Alberta Securities Commission (the “ASC”) made orders imposing sanctions, conditions and restrictions on the

Respondents. Accordingly, Staff relies on paragraph 4 of the inter-jurisdictional enforcement provision found in subsection 127(10) of the Act.

[3] The Commission conducted a written hearing to consider Staff’s request. These are the reasons granting Staff’s

requested order, which will be issued separately. II. PROCEDURE [4] On October 18, 2016, Staff of the Commission filed a Statement of Allegations against the Respondents. On October

19, 2016, the Commission issued a Notice of Hearing in respect of that Statement of Allegations. The Commission set November 16, 2016 for a hearing of Staff’s application to continue this proceeding in writing.

[5] On November 16, 2016, the Respondents did not appear although properly served with the Statement of Allegations

and Notice of Hearing. Staff made submissions and applied to continue by way of written hearing. The Commission


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issued an Order granting Staff’s request and setting a timetable. Staff’s materials were required to be served and filed no later than November 28, 2016. The Respondents were allowed until January 16, 2017 to serve and file responding materials.

[6] Staff’s materials were served and filed in accordance with the ordered schedule. None of the Respondents served or

filed responding materials although they were properly served with the Commission’s Order and with Staff’s materials. [7] Subsection 7(2) of the Statutory Powers Procedure Act, RSO 1990, c S.22 and Rule 7.1 of the Ontario Securities

Commission Rules of Procedure (2014), 37 OSCB 4168 permit the Commission to proceed in the absence of a party where that party has received notice of a written hearing and fails to act or participate. I am therefore authorized to proceed with this written hearing in the absence of the Respondents.

III. ASC PROCEEDINGS [8] On November 2, 2015, the Respondents entered into a Statement of Admissions with the ASC (the “Admissions”) with

respect to allegations made in a Notice of Hearing issued by the ASC on December 18, 2014. In the Admissions, the Respondents admitted to unregistered trading and illegal distribution and further admitted that their conduct was contrary to the public interest. Closson also admitted to fraud. Specifically, the Respondents’ admissions included the following: a. the Respondents traded in securities of Optam and Infinivest without being registered in accordance with

Alberta securities laws and without an exemption from that requirement for some or all of those trades, in breach of subsection 75(1)(a) of the Alberta Securities Act, RSA 2000, c S-4 (the “Alberta Act”);

b. the Respondents traded in distributions of securities without having filed and received a receipt for a

preliminary prospectus or a prospectus, and without an exemption from that requirement for some or all of those distributions, in breach of section 110 of the Alberta Act;

c. Closson directly or indirectly engaged or participated in “an act, practice, or course of conduct relating to a

security that he knew or ought to have reasonably known would perpetrate a fraud on a person or company”, in breach of subsection 93(b) of the Alberta Act; and

d. the misconduct described in the above breaches of the Alberta Act also constituted conduct that was contrary

to the public interest.

[9] According to the Admissions, Infinivest "was ostensibly in the business of mortgage lending as a mortgage investment corporation". The Admissions presented alternatives regarding business administration: either Closson administered Infinivest’s ostensible business through Optam, or "the investment funds were provided to Optam through Infinivest and other entities controlled by" Closson. Investors also apparently "transfer[red] registered accounts to Closson's control" via Infinivest.

[10] At the hearing on November 23, 2015, the ASC received evidence, including the Admissions (which the ASC accepted

as accurate), and heard submissions from counsel for Staff and counsel for the Respondents. Counsel’s submissions included the parties’ shared position as to appropriate orders. With the parties’ agreement, the ASC proceeded to decide both the merits of the allegations and the appropriate orders in a single decision.

[11] The ASC issued a decision dated December 29, 2015 (the “ASC Decision”). The ASC Decision found that, from

January 1, 2009 to April 2, 2013, Closson raised a total of some $10.8 million for Optam and Infinivest from as many as 125 investors. In exchange, investors received either promissory notes issued by Closson and Optam (the “Optam Scheme”) or preferred shares in Infinivest (the “Infinivest Scheme”). Investors in the Optam Scheme were to earn a return from the profits of the purported mortgage investment operation to which their pooled money was supposedly directed, while investors in the Infinivest Scheme were to receive dividends from the same purported operation.

[12] The ASC Decision found that the reality was different. Almost no investor money was used to fund mortgages. The

investments under the Optam Scheme and the Infinivest Schemes (collectively, the “Schemes”) were not secured by any encumbrance on any real estate in favour of the investors. Instead, Closson diverted money to uses not authorized by investors, including using approximately $5.6 million of investor money to pay returns to other investors, approximately $3.9 million for projects outside the scope of the purpose of the investments, and at least $800,000 for Closson’s own use. The ASC held that the Schemes continued at a time when Closson knew or ought to have known that one or more of himself, Optam and Infinivest was insolvent or on the cusp of insolvency. Though investors in the Schemes received some payments of dividends, interest and principal, many reinvested with Optam or Infinivest, such that almost all of the principal invested in the Schemes remained outstanding to investors at the time of the ASC Decision.


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[13] The ASC found that Closson had subjective knowledge that his representations were false and that investor money was being diverted to unauthorized purposes. Closson also had subjective knowledge of the risk of resulting harm to investors' pecuniary interests. Therefore, the mens rea of fraud was established.

[14] The ASC found that the case warranted significant sanctions, sufficient in breadth and extent to deliver clear and robust

deterrence, both to the Respondents and others. After providing detailed reasons, the ASC Decision ordered the following: a. under subsection 198(1)(a) of the Alberta Act, all trading in or purchasing in respect of any security or

derivative of Optam or Infinivest must cease, permanently; b. under subsections 198(1)(b) and (c) of the Alberta Act, the Respondents are each permanently prohibited

from trading in and purchasing all securities or derivatives, and all exemptions contained in Alberta securities laws do not apply to them, permanently;

c. under subsections 198(1)(e.1), (e.2) and (e.3) of the Alberta Act, the Respondents are each permanently

prohibited from advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, or acting in a management or consultative capacity in connection with activities in the securities market;

d. under subsections 198(d) and (e) of the Alberta Act, Closson must immediately resign all positions he holds

as, and he is permanently prohibited from becoming or acting as, a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository or recognized quotation and trade reporting system;

e. under section 199 of the Alberta Act, Closson must pay an administrative penalty of $1 million to the ASC; and f. under section 202 of the Alberta Act, Closson must pay $30,000 of the costs of the ASC’s investigation.

IV. ANALYSIS [15] At paragraph 4 of subsection 127(10), the Act provides for inter-jurisdictional enforcement where another securities

regulatory authority has imposed “sanctions, conditions, restrictions or requirements on the person or company”. The Commission must determine whether, based on any such finding by another securities regulatory authority, an order should be made under subsection 127(1) of the Act.

[16] I find that Staff established the threshold criteria under paragraph 4 of subsection 127(10) of the Act. In addition, I find

that it is in the public interest to grant Staff’s requested order. I am guided by the public interest mandate of the Act, to provide protection to investors from unfair, improper or fraudulent practices, and to foster fair and efficient capital markets and confidence in capital markets. While the Commission must make its own determination of what is in the public interest, it is also important that the Commission be aware of and responsive to an increasingly complex and interconnected cross-border securities industry. For comity to be effective and the public interest to be protected, the threshold for reciprocity must be low when the findings of a foreign jurisdiction qualify under subsection 127(10) of the Act.

[17] In my view, Staff’s requested order is appropriate for the following reasons:

a. Staff requested trading bans and registrant bans that mirror the bans imposed by the ASC. The terms of

Staff’s requested bans align with the sanctions imposed in the ASC Decision, to the extent possible under the Act. Appropriately, Staff does not seek an order in Ontario that would require the payment of an additional administrative penalty;

b. The terms of Staff’s proposed order are consistent with the fundamental principle that the Commission

maintain high standards of fitness and business conduct to ensure honest and responsible conduct by market participants;

c. The sanctions proposed by Staff are prospective in nature, proportionate to the Respondents’ conduct and will

serve to deter similar wrongdoing in Ontario; d. The Respondents admitted to their breaches of securities law in Alberta and acknowledged that the

Admissions could be used for securities regulatory proceedings in other jurisdictions; and


March 9, 2017

(2017), 40 OSCB 2170

e. Staff provided no evidence to suggest that the Respondents were soliciting investors in Ontario. But, if the Respondents’ conduct had occurred in Ontario, it is almost certain that it would have constituted breaches of the Act in Ontario and would have been considered to be contrary to the public interest, such that it would have attracted similar sanctions.

[18] A nexus to Ontario is not a necessary pre-condition to the exercise of the Commission's jurisdiction under subsection

127(1), in reliance upon subsection 127(10). However, Staff submits that the Respondents' conduct warrants an order designed to protect Ontario investors from similar misconduct by the Respondents by preventing or limiting the Respondents' participation in Ontario's capital markets. I agree with that submission.

V. DECISION [19] Taking into consideration the evidence filed and the submissions of Staff and having found that it is in the public

interest to do so, an Order will be issued imposing the following sanctions: a. against Optam and Infinivest:

i. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities of Optam or of

Infinivest shall cease permanently; ii. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by

Optam or by Infinivest shall cease permanently; iii. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Optam

or by Infinivest is prohibited permanently; iv. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario

securities law do not apply to Optam or to Infinivest permanently; and v. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Optam and Infinivest are each prohibited

permanently from becoming or acting as registrants, investment fund managers or promoters; b. against Closson:

i. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by

Closson shall cease permanently; ii. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by

Closson is prohibited permanently; iii. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario

securities law do not apply to Closson permanently; iv. pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act, Closson shall resign any

positions that he holds as a director or officer of any issuer, registrant or investment fund manager; v. pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act, Closson is prohibited

permanently from becoming or acting as a director or officer of any issuer, registrant or investment fund manager; and

vi. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Closson is prohibited permanently from

becoming or acting as a registrant, investment fund manager or promoter.

DATED at Toronto this 28th day of February, 2017. “Monica Kowal” Vice-Chair

March 9, 2017

(2017), 40 OSCB 2171

Chapter 4

Cease Trading Orders 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Company Name Date of Temporary Order

Date of Hearing

Date of Permanent Order

Date ofLapse/Revoke

THERE IS NOTHING TO REPORT THIS WEEK. Failure to File Cease Trade Orders

Company Name Date of Order Date of Revocation

Abattis Bioceuticals Corp. 03 February 2017 02 March 2017

9342-8530 Québec Inc. 07 March 2017

4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date of Order or Temporary Order

Date ofHearing

Date ofPermanent Order

Date of Lapse/Expire

Date of Issuer

Temporary Order

THERE IS NOTHING TO REPORT THIS WEEK. 4.2.2 Outstanding Management & Insider Cease Trading Orders

Company Name Date of Order or Temporary Order

Date ofHearing

Date ofPermanent Order

Date of Lapse/ Expire

Date of Issuer

Temporary Order

Performance Sports Group Ltd.

19 October 2016 31 October 2016 31 October 2016

Quest Rare Minerals Ltd.

02 February 2017 15 February 2017 15 February 2017

Cease Trading Orders

March 9, 2017

(2017), 40 OSCB 2172


March 9, 2017

(2017), 40 OSCB 2173

Chapter 7

Insider Reporting

The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2

Guide to Codes

Relationship of Insider to Issuer (Rel=n) 1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider

Nature of Transaction (T/O)

00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information

Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the

transaction was reported.

1 SEDI® is a registered trademark owned by CDS INC.

2 ©CDS INC.

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2174

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price

Date/Month End Holdings

Acquired/ Disposed

5N Plus Inc. Common Shares 5N Plus Inc. 1 23/02/2017 38 1.7251 63,144 8,096



5N Plus Inc. Common Shares 6895409 Canada Inc. 3 24/02/2017 10 1.7 0 -14,055,588

5N Plus Inc. Options Audet, Nicholas 5 24/02/2017 50 1.75 782,650 58,000

5N Plus Inc. Restricted Share Unit/Unités d'actions incessibles

Audet, Nicholas 5 24/02/2017 56 1.75 65,000 30,000

5N Plus Inc. Common Shares Bertrand, Luc 4 24/02/2017 10 1.7 1,025,000 1,000,000

5N Plus Inc. Common Shares BOURASSA, JEAN-MARIE 4 24/02/2017 10 1.7 881,200 250,000

5N Plus Inc. Common Shares L'Écuyer, Jacques 3 24/02/2017 10 1.7 0 -14,055,588

5N Plus Inc. Options Mayer, Jean 5 24/02/2017 50 1.75 141,250 25,000


Mayer, Jean 5 24/02/2017 56 1.75 35,000 15,000

5N Plus Inc. Options Perron, Richard 5 24/02/2017 50 1.75 780,000 63,000


Perron, Richard 5 24/02/2017 56 1.75 32,000


Perron, Richard 5 24/02/2017 56 1.75 67,000 32,000


Roshan, Arjang 4, 5 24/02/2017 56 1.75 126,360


Roshan, Arjang 4, 5 24/02/2017 56 1.75 1,126,360 126,360

5N Plus Inc. Stock Appreciation Rights/Droits à la plus-value des actions

Roshan, Arjang 4, 5 15/02/2016 00


Roshan, Arjang 4, 5 24/02/2017 56 1.75 245,700 245,700

5N Plus Inc. Common Shares S. Hwang, Jennie 4 24/02/2017 10 1.32 365,100 21,500


Tancell, Paul 5 20/02/2017 00


Tancell, Paul 5 24/02/2017 56 1.75 50,000


Tancell, Paul 5 24/02/2017 56 1.75 50,000 50,000


Tancell, Paul 5 20/02/2017 00


Tancell, Paul 5 24/02/2017 56 1.75 100,000 100,000

A&W Revenue Royalties Income Fund

Exchangeable Shares A&W Food Services of Canada Inc.

3 03/03/2017 11 39.25 3,359,700 -373,300

Absolute Software Corporation

Common Shares Olsen, Errol 5 27/02/2017 57 116,091 14,701


Common Shares Olsen, Errol 5 27/02/2017 57 7.21 108,091 -8,000


Rights Phantom Share Units

Olsen, Errol 5 27/02/2017 56 29,263 2,496


Rights Phantom Share Units

Olsen, Errol 5 27/02/2017 57 14,562 -14,701

Acasti Pharma Inc. Common Shares (Actions de catégorie A)

Bélanger, Jean-Daniel 5 24/02/2017 97 1.57 60,250 60,000


Bélanger, Jean-Daniel 5 28/02/2017 10 1.57 51,199 -9,051


Canan, Jean-Marie 4 21/02/2017 15 1.45 57,500 52,500

Acasti Pharma Inc. Options Canan, Jean-Marie 4 12/07/2016 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2175



Acquired/ Disposed

Acasti Pharma Inc. Options Canan, Jean-Marie 4 24/02/2017 50 1.65 50,000 50,000

Acasti Pharma Inc. Warrants Public Offering 2017

Canan, Jean-Marie 4 12/07/2016 00


Canan, Jean-Marie 4 21/02/2017 15 26,250 26,250


D'Alvise, Janelle 5 21/02/2017 15 1.45 52,500 52,500


D'Alvise, Janelle 5 22/02/2017 15 1.45 52,500


D'Alvise, Janelle 5 12/05/2016 00


D'Alvise, Janelle 5 21/02/2017 15 26,250 26,250


Fitzgibbon, Pierre 6 21/02/2017 15 1.45 52,224 51,724


Fitzgibbon, Pierre 6 19/06/2014 00


Fitzgibbon, Pierre 6 21/02/2017 15 25,862 25,862

Acasti Pharma Inc. Options Harvey, Laurent 5 24/02/2017 50 1.65 82,200 50,000

Acasti Pharma Inc. Options Lemieux, Pierre 5 24/02/2017 50 1.65 120,800 50,000


O'Keefe, Linda Parinella 5 21/02/2017 15 1.45 30,000 30,000

Acasti Pharma Inc. Options O'Keefe, Linda Parinella 5 24/02/2017 50 1.65 200,000 200,000


O'Keefe, Linda Parinella 5 27/11/2016 00


O'Keefe, Linda Parinella 5 21/02/2017 15 15,000 15,000

Acasti Pharma Inc. Options Staal, Leendert Henderik 4 14/07/2015 00

Acasti Pharma Inc. Options Staal, Leendert Henderik 4 24/02/2017 50 1.65 50,000 50,000

Accord Financial Corp. Common Shares Jang, James Chadwick 7 01/09/2016 10 9.35 13,085 124

Accord Financial Corp. Common Shares Jang, James Chadwick 7 01/12/2016 10 9 13,215 130

Accord Financial Corp. Common Shares Jang, James Chadwick 7 27/02/2017 10 9 15,715 200

Accord Financial Corp. Common Shares Jang, James Chadwick 7 01/03/2017 10 9.05 15,846 131

ACTIVEnergy Income Fund Trust Units ACTIVEnergy Income Fund 1 24/02/2017 38 4.6557 34,405,180 700

Advantage Oil & Gas Ltd. Rights Deferred Share Units

Angevine, Jill Terilee 4 28/02/2017 56 14,941 781


Balog, Stephen 4 28/02/2017 56 25,084 781


Fagerheim, Grant Bradley 4 28/02/2017 56 23,206 781


Haggis, Paul 4 28/02/2017 56 28,646 781


McIntosh, Ronald A 4 28/02/2017 56 35,824 1,042

Aecon Group Inc. Common Shares Hole, James Douglas 4 01/04/2009 00

Aecon Group Inc. Common Shares Hole, James Douglas 4 02/03/2017 51 12.95 20,000 20,000

Aecon Group Inc. Common Shares Hole, James Douglas 4 02/03/2017 51 12.95 20,000

Aecon Group Inc. Options Hole, James Douglas 4 02/03/2017 51 12.95 30,000 -20,000

Aecon Group Inc. Common Shares Tobin, Brian Vincent 4 03/03/2017 51 12.95 86,150 20,000

Aecon Group Inc. Options Tobin, Brian Vincent 4 03/03/2017 51 12.95 30,000 -20,000

African Queen Mines Ltd. Common Shares Olian, Irwin Alois 3, 4, 5 29/04/2016 10 0.025 14,588,500 2,000

African Queen Mines Ltd. Common Shares Olian, Irwin Alois 3, 4, 5 03/06/2016 10 0.025 14,788,500 200,000

Agellan Commercial Real Estate Investment Trust

Units ELAD Canada Inc. 3 23/02/2017 10 11.447 5,521,846 140,000









Insider Reporting

March 9, 2017

(2017), 40 OSCB 2176



Acquired/ Disposed



AGF Management Limited Common Shares Deferred Share Units

Camilli, Kathleen Mary 4 28/02/2017 56 6.26 4,881 799


Davis, Sarah Ruth 4 28/02/2017 56 6.26 23,545 2,316


Derry, Douglas 4 28/02/2017 56 6.26 55,158 2,496


Smith Jr., Winthrop 4 28/02/2017 56 6.26 4,881 799


Squibb, Geoffrey Wayne 4 28/02/2017 56 6.26 77,538 4,034

Agnico Eagle Mines Limited Common Shares Boyd, Sean 4, 5 28/02/2017 10 56.158 116,364 5,000

Aimia Inc. Options Allsop, Marc Stephen 5 28/02/2017 50 9.2 75,576

Aimia Inc. Options Allsop, Marc Stephen 5 28/02/2017 50 9.2 75,576

Aimia Inc. Options Allsop, Marc Stephen 5 28/02/2017 50 302,743 75,576

Aimia Inc. Rights - Performance Share Units - Aimia LTIP

Allsop, Marc Stephen 5 28/02/2017 56 9.2 60,831 17,572


Allsop, Marc Stephen 5 28/02/2017 58 - Expiration of rights

59,314 -1,517


Allsop, Marc Stephen 5 28/02/2017 59 9.2 54,173 -5,141

Aimia Inc. Options Baidwan, Shailesh Singh 5 28/02/2017 50 9.2 100,940

Aimia Inc. Options Baidwan, Shailesh Singh 5 28/02/2017 50 9.2 100,940

Aimia Inc. Options Baidwan, Shailesh Singh 5 28/02/2017 50 318,229 100,940


Baidwan, Shailesh Singh 5 28/02/2017 56 9.2 76,974 23,468


Baidwan, Shailesh Singh 5 28/02/2017 58 - Expiration of rights

75,699 -1,275


Baidwan, Shailesh Singh 5 28/02/2017 59 9.2 71,378 -4,321

Aimia Inc. Options Duchesne, Rupert 4, 5 28/02/2017 50 9.2 532,959

Aimia Inc. Options Duchesne, Rupert 4, 5 28/02/2017 50 9.2 532,959

Aimia Inc. Options Duchesne, Rupert 4, 5 28/02/2017 50 2,704,015 532,959


Duchesne, Rupert 4, 5 28/02/2017 56 9.2 467,280 123,913


Duchesne, Rupert 4, 5 28/02/2017 58 - Expiration of rights

444,685 -22,595


Duchesne, Rupert 4, 5 28/02/2017 59 9.2 368,106 -76,579

Aimia Inc. Options Graham, Elizabeth 5 28/02/2017 50 9.2 140,252

Aimia Inc. Options Graham, Elizabeth 5 28/02/2017 50 9.2 140,252

Aimia Inc. Options Graham, Elizabeth 5 28/02/2017 50 772,011 140,252


Graham, Elizabeth 5 28/02/2017 56 9.2 110,644 32,609


Graham, Elizabeth 5 28/02/2017 58 - Expiration of rights

107,505 -3,139


Graham, Elizabeth 5 28/02/2017 59 9.2 96,870 -10,635

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 01/04/2016 56 8.49 2,639

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 01/04/2016 56 8.49 4,260 4,260

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/06/2016 35 7.88 67

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/06/2016 35 7.88 4,368 108

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/09/2016 35 141

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/09/2016 35 7,650 181

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/12/2016 35 8.75 197

Aimia Inc. Deferred Share Units Griffin, Emma Kate 4 30/12/2016 35 8.75 10,556 236

Aimia Inc. Options Johnston, David William 5 28/02/2017 50 9.2 332,923

Aimia Inc. Options Johnston, David William 5 28/02/2017 50 9.2 332,923

Aimia Inc. Options Johnston, David William 5 28/02/2017 50 1,438,568 332,923


Johnston, David William 5 28/02/2017 56 9.2 219,800 77,405

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2177



Acquired/ Disposed


Johnston, David William 5 28/02/2017 58 - Expiration of rights

214,806 -4,994


Johnston, David William 5 28/02/2017 59 9.2 197,884 -16,922

Aimia Inc. Options Lønnum, Tor Magne 5 28/02/2017 50 9.2 187,588

Aimia Inc. Options Lønnum, Tor Magne 5 28/02/2017 50 9.2 187,588

Aimia Inc. Options Lønnum, Tor Magne 5 28/02/2017 50 471,438 187,588


Lønnum, Tor Magne 5 28/02/2017 56 9.2 100,329 43,614

Aimia Inc. Options Timpano, Vincent Robert 5 28/02/2017 50 9.2 171,809

Aimia Inc. Options Timpano, Vincent Robert 5 28/02/2017 50 9.2 171,809

Aimia Inc. Options Timpano, Vincent Robert 5 28/02/2017 50 966,439 171,809


Timpano, Vincent Robert 5 28/02/2017 56 9.2 138,871 39,946


Timpano, Vincent Robert 5 28/02/2017 58 - Expiration of rights

132,438 -6,433


Timpano, Vincent Robert 5 28/02/2017 59 9.2 110,634 -21,804

Aimia Inc. Deferred Share Units Walker, Sandy 5 28/02/2017 56 9.2 8,391 5,341

Aimia Inc. Options Walker, Sandy 5 28/02/2017 50 9.2 71,529

Aimia Inc. Options Walker, Sandy 5 28/02/2017 50 9.2 71,529

Aimia Inc. Options Walker, Sandy 5 28/02/2017 50 349,871 71,529


Walker, Sandy 5 28/02/2017 56 9.2 53,123 16,630


Walker, Sandy 5 28/02/2017 58 - Expiration of rights

51,397 -1,726


Walker, Sandy 5 28/02/2017 59 9.2 45,547 -5,850

Air Canada Class B Voting Shares Bureau, Duncan 5 30/12/2016 30 9.91 2,583 1,731

Air Canada Class B Voting Shares Bureau, Duncan 5 30/12/2016 30 8.8587 2,934 351

Air Canada Class B Voting Shares Doyle, Eddy 5 11/11/2016 30 8.89 1,924

Air Canada Class B Voting Shares Doyle, Eddy 5 11/11/2016 30 8.89 4,032 1,749

Air Canada Class B Voting Shares Doyle, Eddy 5 30/12/2016 30 13.84 1,620 117

Air Canada Class B Voting Shares Galardo, Mark 5 01/01/2017 00

Air Canada Class B Voting Shares Galardo, Mark 5 02/03/2017 51 9.23 467 467

Air Canada Class B Voting Shares Galardo, Mark 5 02/03/2017 10 14 0 -467

Air Canada Options (Long-Term Incentive Plan)

Galardo, Mark 5 02/03/2017 51 9.23 5,734 -467

Alabama Graphite Corp. Common Shares PAMPLIN, Ann-Marie Michelle

8 27/02/2017 10 0.205 1,006,000 8,000


8 27/02/2017 10 0.215 1,008,000 2,000


8 28/02/2017 90 1,000,000 -8,000


8 02/03/2017 90 1,050,000 50,000


8 27/02/2017 10 0.21 27,000 3,000


8 28/02/2017 90 35,000 8,000


8 28/02/2017 10 0.215 40,000 5,000


8 01/03/2017 10 0.21 45,000 5,000


8 01/03/2017 10 0.205 47,000 2,000


8 01/03/2017 10 0.2 55,000 8,000


8 02/03/2017 10 0.21 58,000 3,000


8 02/03/2017 10 0.205 61,000 3,000


8 02/03/2017 10 0.2 67,000 6,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2178



Acquired/ Disposed


8 02/03/2017 90 17,000 -50,000

Alchemist Mining Incorporated

Common Shares Anderson, Keith 4, 5 27/02/2017 10 0.11 3,326,600 -50,000


Common Shares Anderson, Keith 4, 5 27/02/2017 10 0.1 3,286,600 -40,000


Common Shares Meagher, Patrick Joseph 4, 5 27/02/2017 10 0.1 753,000 -100,000

Alianza Minerals Ltd. (formerly Tarsis Resources Ltd.)

Common Shares Brown, Mark Thomas 4 24/02/2017 10 0.13 1,780,000 50,000









Allied Properties Real Estate Investment Trust

Options Burns, Thomas Gerard 5 22/02/2017 50 411,642 60,720


Units Burns, Thomas Gerard 5 22/02/2017 10 38,395 8,745


Units Connor, Gerald R. 4 22/02/2017 10 52,577 1,132


Options Cunningham, Gordon R. 4 27/02/2017 51 26.51 8,341 -5,338


Units Cunningham, Gordon R. 4 22/02/2017 10 9,769 1,698


Units Cunningham, Gordon R. 4 27/02/2017 51 26.51 15,107 5,338


Units Cunningham, Gordon R. 4 27/02/2017 10 34.55 9,769 -5,338


Options Emory, Michael R. 4, 5 22/02/2017 50 790,393 187,500


Units Emory, Michael R. 4, 5 22/02/2017 10 847,752 27,006


Options Griffiths, James Clark 4 28/02/2017 51 26.51 4,171 -2,669


Units Griffiths, James Clark 4 22/02/2017 10 8,763 1,132


Units Griffiths, James Clark 4 28/02/2017 51 26.51 11,432 2,669


Units Griffiths, James Clark 4 28/02/2017 10 34.737 8,832 -2,600


Units Low, Sean Timothy 5 22/02/2017 10 3,336 1,019


Units Nelligan, Margaret 4 22/02/2017 10 1,938 1,132


Options Neville, Ralph Thomas 4 28/02/2017 51 26.51 4,171 -2,669


Units Neville, Ralph Thomas 4 22/02/2017 10 8,319 1,132


Units Neville, Ralph Thomas 4 27/02/2017 10 34.5 6,124 -2,195


Units Neville, Ralph Thomas 4 28/02/2017 51 26.51 8,793 2,669


Units Riches, Douglas 5 22/02/2017 10 6,010 891


Units Sharpe, Leonard Peter 4 22/02/2017 10 11,322 1,132


Options Sullivan, Daniel Francis 4 28/02/2017 51 26.51 4,171 -2,669

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2179



Acquired/ Disposed


Units Sullivan, Daniel Francis 4 22/02/2017 10 24,255 1,132


Units Sullivan, Daniel Francis 4 28/02/2017 51 26.51 26,924 2,669


Units Sullivan, Daniel Francis 4 28/02/2017 10 34.655 24,655 -2,269


Options Williams, Cecilia Catalina 5 22/02/2017 50 126,228 31,434


Units Williams, Cecilia Catalina 5 22/02/2017 10 7,690 4,527

Almadex Minerals Limited Common Shares McDonald, Douglas John 4 28/02/2017 47 1.32 94,700 -30,500

AltaGas Ltd. Common Shares Best, Catherine May 4 30/11/2011 00

AltaGas Ltd. Common Shares Best, Catherine May 4 27/02/2017 51 29.32 20,000 20,000

AltaGas Ltd. Common Shares Best, Catherine May 4 27/02/2017 51 30.89 0 -20,000

AltaGas Ltd. Options at $29.32 expiring June 7, 2022

Best, Catherine May 4 27/02/2017 51 29.32 0 -20,000

AltaGas Ltd. Rights Deferred Share Unit (DSU)

Best, Catherine May 4 27/02/2017 56 31.04 7,110 966


Calvert, Victoria Anne 4 27/02/2017 56 31.04 4,394 966

AltaGas Ltd. Rights Restricted Units (RU)

Cornhill, David Wallace 4 02/03/2017 59 20,222 -7,836

AltaGas Ltd. Subscription Rights issued February 3, 2017

Cornhill, David Wallace 4 01/07/2010 00


Cornhill, David Wallace 4 27/02/2017 10 29.916 10,000 10,000

AltaGas Ltd. Common Shares Edgeworth, Allan Leslie 4 02/03/2017 51 27.13 42,677 15,000

AltaGas Ltd. Common Shares Edgeworth, Allan Leslie 4 02/03/2017 10 31.06 37,577 -5,100

AltaGas Ltd. Common Shares Edgeworth, Allan Leslie 4 02/03/2017 10 31.07 36,877 -700

AltaGas Ltd. Common Shares Edgeworth, Allan Leslie 4 02/03/2017 10 31.08 36,277 -600




AltaGas Ltd. Options at $27.13 expiring December 11, 2016

Edgeworth, Allan Leslie 4 02/03/2017 51 27.13 0 -15,000


Edgeworth, Allan Leslie 4 27/02/2017 56 31.04 3,554 483

AltaGas Ltd. Common Shares Gilbert, Daryl Harvey 4 27/02/2017 51 15000 15,000

AltaGas Ltd. Common Shares Gilbert, Daryl Harvey 4 27/02/2017 51 15000 15,000

AltaGas Ltd. Common Shares Gilbert, Daryl Harvey 4 27/02/2017 51 27.13 40,900 15,000

AltaGas Ltd. Options at $27.13 expiring December 11, 2016

Gilbert, Daryl Harvey 4 27/02/2017 51 27.13 0 -15,000


Hodgins, Robert Bruce 4 27/02/2017 56 31.04 3,554 483


Knoll, Phillip R. 4 27/02/2017 56 31.04 2,197 483

AltaGas Ltd. Common Shares Mackie, David French 4 27/02/2017 10 30.98 5,000

AltaGas Ltd. Common Shares Mackie, David French 4 27/02/2017 10 30.98 5,000

AltaGas Ltd. Common Shares Mackie, David French 4 27/02/2017 10 30.98 1,300,000 5,000


Mackie, David French 4 27/02/2017 56 31.04 7,110 966


McCrank, Michael Neil 4 27/02/2017 56 31.04 7,110 966

AltaGas Ltd. Common Shares Toivanen, Shaun William 5 27/02/2017 10 30.9 4,980 -1,550


Toivanen, Shaun William 5 10/01/2011 00


Toivanen, Shaun William 5 27/02/2017 10 29.94 1,550 1,550

Alterra Power Corp. Common Shares Carson, John 5 24/02/2017 51 5.2 238,844 2,164

Alterra Power Corp. Options Carson, John 5 24/02/2017 51 5.2 273,729 -51,124

Altiplano Minerals Ltd. Common Shares Mager, Sean Richard William

3, 4 24/12/2010 00


3, 4 27/02/2017 16 0.15 521,133 521,133

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2180



Acquired/ Disposed


3, 4 27/02/2017 16 0.15 521,133


3, 4 27/02/2017 16 0.15 521,133

Altiplano Minerals Ltd. Warrants Mager, Sean Richard William

3, 4 24/12/2010 00

Altiplano Minerals Ltd. Warrants Mager, Sean Richard William

3, 4 27/02/2017 16 0.25 521,133 521,133

Altiplano Minerals Ltd. Common Shares Price, Joanne Rachel 4 17/07/2014 00

Altiplano Minerals Ltd. Common Shares Price, Joanne Rachel 4 01/03/2017 15 0.15 80,000 80,000

Altiplano Minerals Ltd. Warrants Price, Joanne Rachel 4 17/07/2014 00

Altiplano Minerals Ltd. Warrants Price, Joanne Rachel 4 01/03/2017 15 0.25 80,000 80,000

Amerigo Resources Ltd Options Gayton, Robert 4 24/02/2017 50 0.53 1,050,000 200,000

Amerigo Resources Ltd Options Ireland, George R. 4 24/02/2017 50 0.53 700,000 200,000

Amerigo Resources Ltd Options Robinson, Sidney P H 4 24/02/2017 50 0.53 1,000,000 200,000

Amerigo Resources Ltd Options Salas, Alberto 4, 7 24/02/2017 50 0.53 1,300,000 200,000

Antler Gold Inc. Common Shares Bird, Howard Michael 4 23/02/2017 15 0.7 50,000 50,000

Antler Gold Inc. Common Shares Bird, Howard Michael 4 24/02/2017 15 0.7 50,000

Antler Gold Inc. Common Shares Dawe, Wade K. 3 19/08/2016 00

Antler Gold Inc. Common Shares Dawe, Wade K. 3 23/02/2017 16 0.85 150,000 150,000

Aphria Inc. (formerly, Black Sparrow Capital Corp.)

Common Shares Caciavillani, Cole 3, 4, 5 01/03/2017 10 6.5 6,666,667 -1,000,000


Common Shares Cervini, John 3, 4, 5 01/03/2017 10 6.5 9,500,001 -1,000,000


Common Shares MERTON, Carl 5 01/03/2017 51 1.1 75,000 50,000


Options MERTON, Carl 5 01/03/2017 51 285,000 -50,000


Common Shares Neufeld, Victor 4, 5 01/03/2017 51 1.1 881,514 210,000


Options Neufeld, Victor 4, 5 01/03/2017 51 1,600,000 -210,000

Aquila Resources Inc. Common Shares FABIAN, Stephen Leslie 4 23/01/2013 00

Aquila Resources Inc. Common Shares FABIAN, Stephen Leslie 4 31/01/2017 16 100,000 100,000

Aquila Resources Inc. Common Shares FABIAN, Stephen Leslie 4 23/01/2013 00

Aquila Resources Inc. Common Shares FABIAN, Stephen Leslie 4 01/09/2016 11 484,143 484,143

Aquila Resources Inc. Warrants FABIAN, Stephen Leslie 4 23/01/2013 00

Aquila Resources Inc. Warrants FABIAN, Stephen Leslie 4 31/01/2017 16 50,000 50,000

Aquila Resources Inc. Common Shares Hildred, David Barrett 5 18/03/2013 00

Aquila Resources Inc. Common Shares Hildred, David Barrett 5 18/03/2013 00

Aquila Resources Inc. Common Shares Hildred, David Barrett 5 26/09/2014 10 0.13 100,000

Aquila Resources Inc. Common Shares Hildred, David Barrett 5 26/09/2014 10 0.13 2,449,210 100,000

ARC Resources Ltd. Common Shares Kvisle, Harold N. 4 01/03/2017 10 19.8 85,000 4,500

ARC Resources Ltd. Common Shares Kvisle, Harold N. 4 02/03/2017 10 19.7 90,000 5,000

Argo Gold Inc. (formerly Arbitrage Exploration Inc.)

Common Shares Olmsted, Paul Burton 4 07/07/2016 00

Argo Gold Inc. (formerly Arbitrage Exploration Inc.)

Common Shares Olmsted, Paul Burton 4 03/03/2017 10 0.165 50,000 50,000

ARHT Media Inc. (formerly known as Vast Exploration Inc.)

Common Shares NetDragon Websoft Inc. 3 01/03/2017 16 0.15 32,611,437 13,333,333

Aritzia Inc. Rights Deferred Share Unit

Bensadoun, Aldo 4 27/02/2017 56 2,197 1,162


Currie, John Edward 4 27/02/2017 56 2,197 1,162


Holmes, Ryan 4 27/02/2017 56 2,197 1,162


Labistour, David Barrie 4 27/02/2017 56 2,197 1,162


Senk, Glen Todd 4 27/02/2017 56 2,197 1,162

Armada Mercantile Ltd. Common Shares Cole, Patrick 5 24/02/2017 10 0.06 6,215,700 -200,000

Armada Mercantile Ltd. Common Shares Cole, Patrick 5 24/02/2017 10 0.065 6,115,700 -100,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2181



Acquired/ Disposed

Asanko Gold Inc. Options Breese, Peter 4 27/02/2017 50 3.98 2,050,000 250,000

Asanko Gold Inc. Options de Groot, Marcel H. 4 27/02/2017 50 3.98 402,000 42,000

Asanko Gold Inc. Options Di Trapani, Fausto 5 27/02/2017 50 3.98 975,000 180,000

Asanko Gold Inc. Options Fretwell, Gordon 4 27/02/2017 50 3.98 377,000 42,000

Asanko Gold Inc. Options Price, Michael 4 27/02/2017 50 3.98 362,000 42,000

Asanko Gold Inc. Options Smart, William Keith 4 27/02/2017 50 3.98 142,000 42,000

Asanko Gold Inc. Options Steyn, Colin 4 27/02/2017 50 3.98 382,000 42,000

Asanko Gold Inc. Options Truter, Hugo Johannes 5 27/02/2017 50 3.98 1,320,000 150,000

Ashburton Ventures Inc. Common Shares England, Michael Bruno John Franz

4 02/03/2017 10 0.2 266,877 15,000

Ashburton Ventures Inc. Common Shares England, Michael Bruno John Franz

4 02/03/2017 10 0.21 271,877 5,000

Ashburton Ventures Inc. Common Shares Gdanski, David Christopher 4, 5 19/05/2016 00

Ashburton Ventures Inc. Common Shares Gdanski, David Christopher 4, 5 20/02/2017 11 0.1 200,000 200,000

Ashburton Ventures Inc. Common Shares Gdanski, David Christopher 4, 5 21/02/2017 11 0.1 200,000

Ashburton Ventures Inc. Options Gdanski, David Christopher 4, 5 19/05/2016 00

Ashburton Ventures Inc. Options Gdanski, David Christopher 4, 5 01/02/2017 50 0.15 100,000 100,000

Ashburton Ventures Inc. Warrants Gdanski, David Christopher 4, 5 19/05/2016 00

Ashburton Ventures Inc. Warrants Gdanski, David Christopher 4, 5 20/02/2017 11 0.15 200,000 200,000

Asiamet Resources Limited Options Peter, Bird 4, 5 20/02/2017 00

Asiamet Resources Limited Options Peter, Bird 4, 5 20/02/2017 50 0.06 2,000,000

Asiamet Resources Limited Options Peter, Bird 4, 5 20/02/2017 50 0.06 2,000,000 2,000,000

Asiamet Resources Limited Options Peter, Bird 4, 5 20/02/2017 50 0.08 2,000,000




Aston Bay Holdings Ltd. Common Shares Thomas, Ullrich 5 22/02/2017 10 0.171 1,100,000 30,000

Atalaya Mining plc Options Lavandeira, Alberto 4 23/02/2017 50 1.44 350,000 150,000

Atalaya Mining plc Options Sánchez Fernández, César 5 05/07/2016 00

Atalaya Mining plc Options Sánchez Fernández, César 5 23/02/2017 50 1.44 100,000 100,000

ATCO LTD. Non-Voting Shares Class I Booth, Robert T. 4 31/12/2016 30 44.02 755

ATCO LTD. Non-Voting Shares Class I Booth, Robert T. 4 31/12/2016 30 44.02 755

ATCO LTD. Non-Voting Shares Class I Booth, Robert T. 4 31/12/2016 30 44.02 17,561 755

ATCO LTD. Non-Voting Shares Class I Charlton, Loraine M. 7 31/12/2016 30 43.89 458

ATCO LTD. Non-Voting Shares Class I Charlton, Loraine M. 7 31/12/2016 30 43.89 458

ATCO LTD. Non-Voting Shares Class I Charlton, Loraine M. 7 31/12/2016 30 43.89 464 458

ATCO LTD. Non-Voting Shares Class I Ellard, Denis M. 4 31/12/2016 30 43.9 1,894

ATCO LTD. Non-Voting Shares Class I Ellard, Denis M. 4 31/12/2016 30 43.9 1,894

ATCO LTD. Non-Voting Shares Class I Ellard, Denis M. 4 31/12/2016 30 43.9 5,060 1,894

ATCO LTD. Non-Voting Shares Class I Fountain, C. Anthony 4 31/12/2016 30 43.89 1,908

ATCO LTD. Non-Voting Shares Class I Fountain, C. Anthony 4 31/12/2016 30 43.89 1,908

ATCO LTD. Non-Voting Shares Class I Fountain, C. Anthony 4 31/12/2016 30 43.89 3,317 1,908

ATCO LTD. Non-Voting Shares Class I Rayfield, Michael 7 31/12/2016 30 43.93 19,067 2,172

ATCO LTD. Non-Voting Shares Class I Routs, Robert John 4 31/12/2016 30 43.9 9,083 1,991

Athabasca Oil Corporation Restricted Share Units Broen, Robert Anthony 5 10/09/2014 56 0.1 160,000

Athabasca Oil Corporation Restricted Share Units Broen, Robert Anthony 5 10/09/2014 56 0.1 538,700 135,300

Atlas Financial Holdings, Inc. Common Shares Kupinsky, Jordan 4 28/02/2017 36 13.5 53,944 7,408

Atlas Financial Holdings, Inc. Common Shares Restricted Units

Kupinsky, Jordan 4 28/02/2017 36 13.5 14,816 -7,408

ATS Automation Tooling Systems Inc.

Common Shares Gyles, Chuck 5 13/02/2017 10 13.15 1,400 -3,000


Common Shares Gyles, Chuck 5 13/02/2017 10 13.154 0 -1,400


Common Shares Gyles, Chuck 5 13/02/2017 10 13.26 0 -665

Aura Silver Resources Inc. Common Shares McNeice, John Darin 5 22/02/2017 10 0.055 3,850,200 5,000

Aurcana Corporation Common Shares Drover, Kevin Cameron 4 27/02/2017 16 0.3 515,033 333,333

Aurcana Corporation Warrants Drover, Kevin Cameron 4 27/02/2017 16 515,033 333,333

Aurcana Corporation Common Shares Huerta, Salvador 5 27/02/2017 16 0.3 108,000 83,000

Aurcana Corporation Warrants Huerta, Salvador 5 27/02/2017 16 95,500 83,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2182



Acquired/ Disposed

Aurcana Corporation Common Shares Moroney, Donna 5 21/04/2016 00

Aurcana Corporation Common Shares Moroney, Donna 5 27/02/2017 16 0.3 40,000 40,000

Aurcana Corporation Warrants Moroney, Donna 5 21/04/2016 00

Aurcana Corporation Warrants Moroney, Donna 5 27/02/2017 16 40,000 40,000

Aurinia Pharmaceuticals Inc. Options Jayne, David Roland Walker 4 16/02/2017 50 4.73 40,000 10,000

Aurinia Pharmaceuticals Inc. Options Lee, Hyuek Joon 4 16/02/2017 50 4.73 40,000 10,000

Aurora Cannabis Inc. Common Shares Belot, Neil 5 14/06/2016 00

Aurora Cannabis Inc. Common Shares Belot, Neil 5 28/02/2017 16 2.25 135,000 135,000

Aurora Cannabis Inc. Warrants Belot, Neil 5 14/06/2016 00

Aurora Cannabis Inc. Warrants Belot, Neil 5 28/02/2017 16 3 67,500 67,500

Aurora Cannabis Inc. Common Shares Booth, Terry 4 28/02/2017 16 2.25 13,137,782 224,600

Aurora Cannabis Inc. Warrants Booth, Terry 4 28/02/2017 16 3 112,300 112,300

Aurora Cannabis Inc. Common Shares Rifici, Charles 4 01/09/2015 00

Aurora Cannabis Inc. Common Shares Rifici, Charles 4 28/02/2017 15 2.25 223,000 223,000

Aurora Cannabis Inc. Options Rifici, Charles 4 01/09/2015 00

Aurora Cannabis Inc. Options Rifici, Charles 4 28/02/2017 15 111,500 111,500

Aurvista Gold Corporation Options MacRae, Paul 5 01/03/2017 00

Aurvista Gold Corporation Options MacRae, Paul 5 01/03/2017 50 0.4 200,000 200,000

Auryn Resources Inc. Common Shares Kosowan, Michael 4 24/02/2017 10 3.3 2,881,500 26,400

Auryn Resources Inc. Common Shares Kosowan, Michael 4 27/02/2017 10 3.25 2,905,100 23,600

Avalon Advanced Materials Inc.

Options Bubar, Donald Stephen 4, 5 01/03/2017 50 0.18 1,950,000 200,000

Avante Logixx Inc. Options Sampath, Raghunath Kannan

5 28/02/2017 50 150,000 50,000

Avante Logixx Inc. Common Shares Wechsler, Rodney Alan 7 28/02/2017 90 0.33 1,709,519 -16,272

Avante Logixx Inc. Common Shares Wechsler, Rodney Alan 7 28/02/2017 90 0.33 1,485,378 16,272

Avante Logixx Inc. Options Wechsler, Rodney Alan 7 28/02/2017 50 300,000 200,000

Avarone Metals Inc. Common Shares levy, marc evan 4, 5 27/02/2017 10 0.035 831,300 15,000

Aveda Transportation and Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.)

Options Aveda Transportation and Energy Services

5 27/02/2017 50 302,800 200,000


Options Mahajan, Bharat 5 27/02/2017 50 739,000 225,000


Deferred Share Units McCartney, Douglas Todd 4 27/02/2017 46 76,800 50,000


Common Shares SHELLEY, PAUL H. 4 16/02/2017 15 0.6 42,000


Common Shares SHELLEY, PAUL H. 4 22/02/2017 15 0.6 63,300 42,000


Deferred Share Units SHELLEY, PAUL H. 4 27/02/2017 56 76,800 50,000


Options Witherspoon, Ronnie 5 27/02/2017 50 678,500 400,000

Avivagen Inc. Common Shares Basek, Andrew Lee 5 20/02/2017 00 200,000



Avivagen Inc. Options Basek, Andrew Lee 5 20/02/2017 00

Avivagen Inc. Options Basek, Andrew Lee 5 24/02/2017 50 600,000 600,000

Avivagen Inc. Options Hui, Louis 8 23/01/2017 00

Avivagen Inc. Options Hui, Louis 8 24/02/2017 50 200,000 200,000

Backstageplay Inc. (formerly Oramericas Corp.)

Common Shares White, Scott Fulton 4 28/02/2017 10 0.13 219,437 50,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2183



Acquired/ Disposed

Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 27/02/2017 10 0.82 3,156,925 -1,500

Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 27/02/2017 10 0.82 3,119,425 -37,500

Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 03/03/2017 10 0.75 3,125,925 6,500

Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 03/03/2017 10 0.78 3,127,425 1,500

Bank of Montreal Deferred Share Units Babiak, Jan 4 28/02/2017 35 100.79 13,089 108

Bank of Montreal Deferred Share Units Brochu, Sophie 4 28/02/2017 35 100.79 17,692 149

Bank of Montreal Deferred Share Units Cope, George 4 28/02/2017 35 100.79 34,292 292

Bank of Montreal Common Shares Dousmanis-Curtis, Alexandra

5 03/03/2017 51 57.78 6,338 2,427


5 03/03/2017 51 60.23 9,088 2,750


5 03/03/2017 51 68.6 11,088 2,000


5 03/03/2017 10 102.9 3,911 -7,177

Bank of Montreal Options Dousmanis-Curtis, Alexandra

5 03/03/2017 51 57.78 48,750 -2,427


5 03/03/2017 51 60.23 46,000 -2,750


5 03/03/2017 51 68.6 44,000 -2,000

Bank of Montreal Deferred Share Units Edwards, Christine A. 4 28/02/2017 35 100.79 23,232 195

Bank of Montreal Deferred Share Units Eichenbaum, Martin Stewart 4 28/02/2017 35 100.79 5,080 39

Bank of Montreal Deferred Share Units Farmer, Ron 4 28/02/2017 35 100.79 55,365 473

Bank of Montreal Deferred Share Units Mitchelmore, Lorraine 4 28/02/2017 35 100.79 5,080 39

Bank of Montreal Deferred Share Units Orsino, Philip 4 28/02/2017 35 100.79 72,004 617

Bank of Montreal Deferred Share Units Prichard, John Robert Stobo 4, 7 28/02/2017 35 100.79 88,325 667

Bank of Montreal Deferred Share Units Prichard, John Robert Stobo 4, 7 28/02/2017 35 100.79 88,415 90

Bank of Montreal Deferred Share Units RICHER LA FLÈCHE, ERIC 4 28/02/2017 35 100.79 13,989 117

Bank of Montreal Deferred Share Units Wilson III, Don Matthew 4 28/02/2017 35 100.79 38,546 327

Banyan Gold Corp. Common Shares Class "A"

Graham, Richmond Edward Mayson

4 03/03/2017 16 0.08 1,253,254 236,254

Banyan Gold Corp. Common Shares Class "A"

Graham, Richmond Edward Mayson

4 03/03/2017 53 0.115 1,489,508 236,254

Barker Minerals Ltd. Common Shares Doyle, Colleen 5 22/02/2017 10 0.005 3,326,510 -450,000

Barker Minerals Ltd. Common Shares Doyle, Colleen 5 22/02/2017 10 0.01 3,301,510 -25,000

Barrick Gold Corporation Rights Performance Restricted Share Units (cash settled)

Dushnisky, Kelvin Paul Michael

4, 5 28/02/2017 59 25.46 0 -98,562

Barrick Gold Corporation Rights Restricted Share Units (cash settled)

Dushnisky, Kelvin Paul Michael

4, 5 28/02/2017 59 25.46 0 -32,854

Barrick Gold Corporation Common Shares Hill, Mark Francis 5 14/09/2016 00

Barrick Gold Corporation Common Shares Hill, Mark Francis 5 01/03/2017 10 24.58 9,453 9,453


Krcmarov, Robert Ljubomir 5 28/02/2017 59 25.46 0 -36,303


Krcmarov, Robert Ljubomir 5 28/02/2017 59 25.46 0 -12,101


Rich, Darian Kevin 5 28/02/2017 59 25.46 0 -32,672


Rich, Darian Kevin 5 28/02/2017 59 25.46 0 -10,891

Bayhorse Silver Inc. Common Shares O'Neill, Graeme 5 27/02/2017 10 0.155 4,540,717 -105,000

Bayhorse Silver Inc. Common Shares O'Neill, Graeme 5 01/03/2017 54 0.15 4,640,717 100,000

Bayhorse Silver Inc. Warrants O'Neill, Graeme 5 01/03/2017 54 0.15 1,630,000 -100,000

Baylin Technologies Inc. Deferred Share Units Day, Stockwell 4 28/02/2017 56 41,668 1,250

Baylin Technologies Inc. Deferred Share Units Jones, Douglas Aubrey 4 28/02/2017 56 39,823 625

Baylin Technologies Inc. Deferred Share Units Reiter, Barry 4 28/02/2017 56 59,928 1,667

Baylin Technologies Inc. Deferred Share Units SIMMONDS, DONALD E. 4 28/02/2017 56 41,668 1,250

Baylin Technologies Inc. Deferred Share Units Wolkin, Harold Morton 4 28/02/2017 56 53,890 1,667

BCE Inc. Options Bibic, Mirko 7 28/02/2017 50 58.62 297,188 81,593

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2184



Acquired/ Disposed

BCE Inc. Performance-based Restricted Share Units

Bibic, Mirko 7 28/02/2017 56 58.62 16,088 5,331

BCE Inc. Restricted Share Units Bibic, Mirko 7 28/02/2017 56 58.62 32,174 10,662

BCE Inc. Common Shares Brown, Charles 7 02/03/2017 51 47.9 81,807 81,807

BCE Inc. Common Shares Brown, Charles 7 02/03/2017 10 57.99 0 -81,807

BCE Inc. Options Brown, Charles 7 28/02/2017 50 58.62 313,549 81,593

BCE Inc. Options Brown, Charles 7 02/03/2017 51 47.9 231,742 -81,807


Brown, Charles 7 28/02/2017 56 58.62 15,985 5,331

BCE Inc. Restricted Share Units Brown, Charles 7 28/02/2017 56 58.62 31,969 10,662

BCE Inc. Options Cole, Michael 7 28/02/2017 50 58.62 549,625 81,593


Cole, Michael 7 28/02/2017 56 58.62 15,985 5,331

BCE Inc. Restricted Share Units Cole, Michael 7 28/02/2017 56 58.62 31,969 10,662

BCE Inc. Options Cope, George 4, 5 28/02/2017 50 58.62 1,473,673 383,486


Cope, George 4, 5 28/02/2017 56 58.62 75,129 25,056

BCE Inc. Restricted Share Units Cope, George 4, 5 28/02/2017 56 58.62 150,255 50,111

BCE Inc. Options HOWE, STEPHEN GUY 7 28/02/2017 50 58.62 471,712 107,703


HOWE, STEPHEN GUY 7 28/02/2017 56 58.62 21,265 7,037

BCE Inc. Restricted Share Units HOWE, STEPHEN GUY 7 28/02/2017 56 58.62 42,530 14,074

BCE Inc. Options Jamal, Rizwan 7 28/02/2017 50 58.62 255,912 65,275


Jamal, Rizwan 7 28/02/2017 56 58.62 7,618 4,265

BCE Inc. Rights Restricted Deferred Share Units

Jamal, Rizwan 7 28/02/2017 56 58.62 17,094 8,530

BCE Inc. Options Kirby, Blaik 5 28/02/2017 50 58.62 311,265 65,275


Kirby, Blaik 5 28/02/2017 56 58.62 12,694 4,265

BCE Inc. Restricted Share Units Kirby, Blaik 5 28/02/2017 56 58.62 25,388 8,530

BCE Inc. Options le Duc, Bernard 5 28/02/2017 50 58.62 283,143 81,593


le Duc, Bernard 5 28/02/2017 56 58.62 14,926 5,331

BCE Inc. Restricted Share Units le Duc, Bernard 5 28/02/2017 56 58.62 29,848 10,662

BCE Inc. Options LeBlanc, Glen 5 28/02/2017 50 58.62 217,698 81,593


LeBlanc, Glen 5 28/02/2017 56 58.62 10,006 5,331

BCE Inc. Rights Restricted Deferred Share Units

LeBlanc, Glen 5 28/02/2017 56 58.62 21,366 10,662

BCE Inc. Common Shares Lee, Katherine M 4 01/03/2017 10 57.57 3,000 1,000

BCE Inc. Options Lennox, Randal 5 27/02/2017 00 37,708

BCE Inc. Options Lennox, Randal 5 28/02/2017 50 58.62 67,082 29,374


Lennox, Randal 5 27/02/2017 00 2,757


Lennox, Randal 5 28/02/2017 56 58.62 4,677 1,920

BCE Inc. Restricted Share Units Lennox, Randal 5 27/02/2017 00 5,513

BCE Inc. Restricted Share Units Lennox, Randal 5 28/02/2017 56 58.62 9,352 3,839

BCE Inc. Common Shares Little, Thomas (Tom) 7 28/02/2017 51 47.9 81,807 81,807

BCE Inc. Common Shares Little, Thomas (Tom) 7 28/02/2017 10 58.29 0 -81,807

BCE Inc. Options Little, Thomas (Tom) 7 28/02/2017 51 47.9 150,149 -81,807

BCE Inc. Options Little, Thomas (Tom) 7 28/02/2017 50 58.62 238,270 88,121


Little, Thomas (Tom) 7 28/02/2017 56 58.62 11,060 5,758

BCE Inc. Restricted Share Units Little, Thomas (Tom) 7 28/02/2017 56 58.62 32,822 11,515

BCE Inc. Options Oosterman, Wade 7 28/02/2017 50 58.62 517,953 163,186


Oosterman, Wade 7 28/02/2017 56 58.62 19,248 10,662

BCE Inc. Restricted Share Units Oosterman, Wade 7 28/02/2017 56 58.62 37,037 21,324

BCE Inc. Options Turcotte, Martine 5 28/02/2017 50 58.62 397,555 81,593

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2185



Acquired/ Disposed


Turcotte, Martine 5 28/02/2017 56 58.62 15,985 5,331

BCE Inc. Restricted Share Units Turcotte, Martine 5 28/02/2017 56 58.62 31,969 10,662

BCE Inc. Options Watson, John 7 28/02/2017 50 58.62 359,897 97,912


Watson, John 7 28/02/2017 56 58.62 19,286 6,398

BCE Inc. Restricted Share Units Watson, John 7 28/02/2017 56 58.62 38,569 12,795

Bear Creek Mining Corporation

Options Antunez de Mayolo, Elsiario 5 02/09/2016 52 4.01 985,000 -100,000


Options Antunez de Mayolo, Elsiario 5 23/01/2017 52 3.73 820,000 -165,000


Options Antunez de Mayolo, Elsiario 5 16/02/2017 50 2.73 955,000 135,000


Options De Witt, David E. 4, 5 23/01/2017 52 3.73 366,000 -150,000


Options De Witt, David E. 4, 5 16/02/2017 50 2.73 438,000 72,000


Options Dean, Corey Michael 5 16/02/2017 50 2.73 72,000 18,000


Options Henderson, Barbara 5 16/02/2017 50 2.73 46,750 20,000


Options Krause, Steven Karl 5 16/02/2017 50 2.73 120,000 22,500


Options McLeod-Seltzer, Catherine 4, 5 23/01/2017 52 3.73 300,000




Options McLeod-Seltzer, Catherine 4, 5 23/01/2017 52 3.73 678,600 -300,000






Options McLeod-Seltzer, Catherine 4, 5 16/02/2017 50 2.73 813,600 135,000


Options Morano, Kevin Robert 4 23/01/2017 52 3.73 705,000 -300,000


Options Morano, Kevin Robert 4 16/02/2017 50 2.73 840,000 135,000


Options Swarthout, Andrew 4, 5 23/01/2017 52 3.72 -450,000


Options Swarthout, Andrew 4, 5 23/01/2017 52 3.73 1,125,000 -450,000


Options Swarthout, Andrew 4, 5 16/02/2017 50 2.73 1,350,000 225,000


Options Tweddle, Frank R. 4 23/01/2017 52 3.73 366,000 -150,000


Options Tweddle, Frank R. 4 16/02/2017 50 2.73 438,000 72,000


Options Watson, Nolan Allan 4 23/01/2017 52 3.73 366,000 -150,000


Options Watson, Nolan Allan 4 16/02/2017 50 2.73 438,000 72,000

Beaufield Resources Inc. Common Shares Stewart, Ronald W. 5 02/03/2017 00 250,000

Beaufield Resources Inc. Common Shares Stewart, Ronald W. 5 02/03/2017 00 1,000,000

Bengal Energy Ltd. Common Shares Blanchard, Jerrad James 5 23/02/2017 30 0.1613 207,868 7,441

Bengal Energy Ltd. Common Shares Blanchard, Jerrad James 5 23/02/2017 30 0.1613 311,768 11,161

Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 23/02/2017 30 0.1613 1,217,311 23,770

Bengal Energy Ltd. Common Shares MacMahon, Gordon R 5 23/02/2017 30 0.1613 134,553 18,603

Big Rock Brewery Inc. Rights Share Appreciation Rights (SARs)

Hartley, John 4 02/03/2017 56 28,500 6,000


Noble, Tracie 5 30/12/2016 00


Noble, Tracie 5 02/03/2017 56 6.16 12,000 12,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2186



Acquired/ Disposed

Black Diamond Group Limited

Common Shares Klukus, Michael Wayne 5 15/04/2016 30 4.38 165 11



































BlackBerry Limited (formerly Research In Motion Limited)

Deferred Share Units Alsup, Laurie Frances Smaldone

4 28/02/2017 56 49,276 5,417


Deferred Share Units Daniels, Michael Alan 4 28/02/2017 56 60,599 5,417


Deferred Share Units Dattels, Timothy 4 28/02/2017 56 114,395 5,417


Deferred Share Units Lynch, Richard John 4 28/02/2017 56 90,491 5,417


Deferred Share Units Stymiest, Barbara Gayle 4, 5 28/02/2017 56 122,268 5,383


Deferred Share Units Watsa, V. Prem 4 28/02/2017 56 70,717 5,959


Deferred Share Units Wouters, Wayne Gordon 4 28/02/2017 56 42,144 5,417

Blackline Safety Corp. Common Shares Herdman, Robert 4 02/03/2017 10 3 13,000 -12,000

BlackPearl Resources Inc. Rights Restricted Share Units

Cook, Donald Wayne 5 08/01/2009 00






Cook, Donald Wayne 5 28/02/2017 56 200,000


Cook, Donald Wayne 5 28/02/2017 56 200,000


Cook, Donald Wayne 5 28/02/2017 56 200,000 200,000


Craig, John Hunter 4 06/05/2009 00


Craig, John Hunter 4 28/02/2017 56 50,000 50,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2187



Acquired/ Disposed


Edgar, Brian Douglas 4 24/02/2006 00


Edgar, Brian Douglas 4 28/02/2017 56 50,000 50,000


Festival, John Larry 4, 5 08/01/2009 00


Festival, John Larry 4, 5 28/02/2017 56 200,000 200,000


Hill, Keith Charles 4, 5 05/01/2006 00


Hill, Keith Charles 4, 5 28/02/2017 56 50,000 50,000


Hogue, Chris W. 5 08/01/2009 00


Hogue, Chris W. 5 28/02/2017 56 200,000 200,000


Luhowy, Victor M. 4 08/01/2009 00


Luhowy, Victor M. 4 28/02/2017 56 50,000 50,000


SOBEL, EDWARD 5 09/01/2009 00


SOBEL, EDWARD 5 28/02/2017 56 200,000 200,000

Blind Creek Resources Ltd. Common Shares Callaghan, James Frances Gerard

3 28/02/2017 10 0.21 8,646,243 -165,000

BlueOcean NutraSciences Inc.

Options Heuer, Marvin 4 24/02/2017 50 0.15 550,000 450,000

Boardwalk Real Estate Investment Trust

Trust Units DEWALD, James Richard 4 24/02/2017 10 44.01 18,019 -1,234

Bombardier Inc. Options Brennan, Daniel 5 24/02/2017 50 994,845 994,845

Bombardier Inc. Performance Share Units/Unites d'actions liees au rendement

Brennan, Daniel 5 24/02/2017 56 2.53 434,783 434,783

Bombardier Inc. Subordinate Voting Shares Classe B/ Class B Shares ( Subordinate Voting)

Brennan, Daniel 5 24/02/2017 10 2.5 50,000 50,000


Brennan, Daniel 5 27/02/2017 10 2.37 60,000 10,000


Brennan, Daniel 5 28/02/2017 10 2.35 100,000 40,000


Brennan, Daniel 5 01/03/2017 10 2.34 140,000 40,000


Brennan, Daniel 5 02/03/2017 10 2.44 180,000 40,000


Brennan, Daniel 5 03/03/2017 10 2.41 220,000 40,000

Bombardier Inc. Options Véronneau, Louis G. 5 24/02/2017 50 2,255,175 135,661


Véronneau, Louis G. 5 24/02/2017 56 2.53 401,928 59,289

Bombardier Inc. Options Vounassis, Dimitrios (Jim) 5 24/02/2017 50 2,281,021 226,101


Vounassis, Dimitrios (Jim) 5 24/02/2017 56 2.53 390,692 98,814

Bonavista Energy Corporation

Common Shares Slubicki, Christopher Paul 4 31/12/2016 30 232

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2188



Acquired/ Disposed


Common Shares Slubicki, Christopher Paul 4 31/12/2016 30 91,311 465


Common Shares Slubicki, Christopher Paul 4 01/03/2017 90 87,534 -8,695


Common Shares Slubicki, Christopher Paul 4 31/12/2010 00


Common Shares Slubicki, Christopher Paul 4 01/03/2017 90 8,695 8,695

Boston Pizza Royalties Income Fund

Units Brown, William C 4, 5 03/03/2017 10 22.97 540 240

Boston Pizza Royalties Income Fund

Units Brown, William C 4, 5 03/03/2017 10 22.97 540 240

Bow Energy Ltd. Common Shares Tjandra, Robert 4 02/03/2017 10 0.09 0 -26,000

Brompton 2017 Flow-Through Limited Partnership

Limited Partnership Units Kikuchi, Craig 4, 5 27/02/2017 00

Brookfield Asset Management Inc.

Common Shares Class A Limited Voting

Blidner, Jeffrey Miles 4, 5 23/02/2017 47 529,399 102,250



Blidner, Jeffrey Miles 4, 5 23/02/2017 51 21.08 528,084 42,382



Blidner, Jeffrey Miles 4, 5 23/02/2017 51 11.767 754,964 226,880



Blidner, Jeffrey Miles 4, 5 23/02/2017 10 48.78 587,952 -167,012



Blidner, Jeffrey Miles 4, 5 23/02/2017 47 485,702 -102,250


Options Blidner, Jeffrey Miles 4, 5 23/02/2017 51 21.08 600,000 -75,000


Options Blidner, Jeffrey Miles 4, 5 23/02/2017 51 11.767 300,000 -300,000



Cockwell, Jack Lynn 4, 6 27/02/2017 10 48 15,850,231 -200,000

Brookfield Infrastructure Partners L.P.

Limited Partnership Units Pollock, Sam JB 7 14/09/2016 37 35,390 11,727









Brookfield Property Partners L.P.

Limited Partnership Units Brookfield Property Partners L.P.

1 08/02/2017 38 30.27 500,000 500,000



1 17/02/2017 38 23 4,061,944 3,561,944



1 28/02/2017 38 0 -4,061,944


Limited Partnership Units DeNardo, Stephen 4 02/03/2017 10 22.8 6,783 79






Limited Partnership Units DeNardo, Stephen 4 02/03/2017 10 22.8 9,604 2,421



Cadillac Ventures Inc. Common Shares Brewster, Norman 5 17/02/2017 10 0.04 379,757 15,000



Cadillac Ventures Inc. Common Shares Brewster, Norman 5 17/02/2017 10 0.04 15,000



Cadillac Ventures Inc. Common Shares Brewster, Norman 5 28/02/2017 10 0.04 4,423,120 30,000

Cadillac Ventures Inc. Common Shares Brewster, Norman 5 28/02/2017 10 0.04 4,443,120 20,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2189



Acquired/ Disposed

Caldwell U.S. Dividend Advantage Fund

Units Caldwell US Dividend Advantage Fund

1 02/03/2017 10 10.5 33,000 -1,200

Calfrac Well Services Ltd. Performance Share Units Aguilar, Fernando 4, 5 22/02/2017 56 701,330 62,000

Calfrac Well Services Ltd. Performance Share Units Aguilar, Fernando 4, 5 22/02/2017 56 763,330 62,000

Calfrac Well Services Ltd. Deferred Share Units Baker, Kevin Robert 4 22/02/2017 56 20,000 20,000

Calfrac Well Services Ltd. Deferred Share Units Blair, James S. 4 22/02/2017 56 20,000 20,000

Calfrac Well Services Ltd. Deferred Share Units Fletcher, Gregory Scott 4 22/02/2017 56 20,000 20,000

Calfrac Well Services Ltd. Deferred Share Units Gartner, Lorne 4 22/02/2017 56 20,000 20,000

Calfrac Well Services Ltd. Deferred Share Units Mathison, Ronald 4, 6 22/02/2017 56 40,000 40,000

Calfrac Well Services Ltd. Deferred Share Units Ramsay, Douglas Robert 4 22/02/2017 56 25,000 25,000

Calian Group Ltd. Deferred Share Units (Cash Value of Common Shares)

Basler, Raymond Gregory 4 01/03/2017 56 27.1 1,555 9

Calian Group Ltd. Common Shares Ford, Kevin Lee 5 28/02/2017 10 25.8 7,799 -1,200

Calian Group Ltd. Common Shares Ford, Kevin Lee 5 03/03/2017 10 25.9 7,499 -300


loeb, kenneth jeffrey 4 01/03/2017 56 27.1 5,700 49


Poirier, Jo-Anne Cecile 4 01/03/2017 56 27.1 1,229 5

Calian Group Ltd. Common Shares Thera, Patrick Joseph 5 03/03/2017 51 20.54 4,682 2,000

Calian Group Ltd. Options Thera, Patrick Joseph 5 03/03/2017 51 20.54 37,000 -2,000


Vickers, Richard Allan 4 01/03/2017 56 27.1 2,969 24


weber, george brian 4 01/03/2017 56 27.1 2,221 16

Callidus Capital Corporation Options Nohdomi, Dan 5 22/02/2017 50 355,172 3,885

Cameco Corporation Options Barsukov, Dmitry 5 01/03/2017 50 76,411 23,880

Cameco Corporation Rights Performance Share Units

Barsukov, Dmitry 5 01/03/2017 56 24,697 8,160

Cameco Corporation Options Phantom Stock Options

Bopp, Markus Rolf 7 01/03/2017 50 85,502 24,550

Cameco Corporation Options Clark, Dale Robert 5 01/03/2017 50 102,991 26,830


Clark, Dale Robert 5 01/03/2017 56 27,815 9,170

Cameco Corporation Options Dobchuk, James Allan 7 01/03/2017 50 119,102 30,000


Dobchuk, James Allan 7 01/03/2017 56 27,253 10,250

Cameco Corporation Options Doerksen, David Fehr 5 01/03/2017 50 120,331 25,890


Doerksen, David Fehr 5 01/03/2017 56 27,219 8,850

Cameco Corporation Options Gabruch, Timothy Stephen 5 01/03/2017 50 106,218 24,930


Gabruch, Timothy Stephen 5 01/03/2017 56 26,120 8,520

Cameco Corporation Options Gitzel, Tim Scott 5 01/03/2017 50 1,969,600 434,500


Gitzel, Tim Scott 5 01/03/2017 56 445,700 148,500


Glattes, Gerhard 7 01/03/2017 50 103,052 26,510

Cameco Corporation Options Gorsalitz, Caroline Marie 5 01/03/2017 50 108,159 25,820


Gorsalitz, Caroline Marie 5 01/03/2017 56 27,149 8,830

Cameco Corporation Options Isaac, Grant Everett 5 01/03/2017 50 647,568 164,200


Isaac, Grant Everett 5 01/03/2017 56 157,750 56,100

Cameco Corporation Options Leach, Mark Sean 5 01/03/2017 50 102,280 23,880


Leach, Mark Sean 5 01/03/2017 56 24,946 8,160

Cameco Corporation Options McGraw, Timothy York 7 09/01/2013 00

Cameco Corporation Options McGraw, Timothy York 7 01/03/2017 50 22,390 22,390

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2190



Acquired/ Disposed


McGraw, Timothy York 7 09/01/2013 00


McGraw, Timothy York 7 01/03/2017 56 8,500 8,500

Cameco Corporation Options McHardy, Scott 5 01/03/2017 50 84,341 23,880


McHardy, Scott 5 01/03/2017 56 24,564 8,160

Cameco Corporation Options McNally-Power, Lynn Debra 5 01/03/2017 50 80,682 23,880


McNally-Power, Lynn Debra 5 01/03/2017 56 20,969 8,160

Cameco Corporation Options Mooney, Ronald Liam 5 01/03/2017 50 111,409 25,820


Mooney, Ronald Liam 5 01/03/2017 56 27,149 8,830


Orr, Kelly Lovern 7 01/03/2017 50 85,691 28,490

Cameco Corporation Options Quinn, Sean Anthony 5 01/03/2017 50 328,807 102,700


Quinn, Sean Anthony 5 01/03/2017 56 91,273 35,100

Cameco Corporation Options Shockey, Heidi Lynn 5 01/03/2017 50 89,570 23,880


Shockey, Heidi Lynn 5 01/03/2017 56 24,906 8,160

Cameco Corporation Options Steane, Robert Albert 5 01/03/2017 50 870,405 182,550


Steane, Robert Albert 5 01/03/2017 56 196,700 62,400

Cameco Corporation Options Thorne, Andrew Miles 5 01/03/2017 50 135,804 28,020


Thorne, Andrew Miles 5 01/03/2017 56 29,466 9,580

Cameco Corporation Options Wong, Alice Louise 5 01/03/2017 50 431,555 106,200


Wong, Alice Louise 5 01/03/2017 56 103,100 36,300

Canada Energy Partners Inc. Common Shares Jones, Benjamin 4 27/02/2017 10 0.04 4,090,949 368,000

Canada Energy Partners Inc. Common Shares Jones, Benjamin 4 28/02/2017 10 0.04 4,522,949 432,000

Canada Jetlines Ltd. Common Shares King & Bay West Management Corp.

8 27/02/2017 37 1,463,055 -731,528

Canada Jetlines Ltd. Warrants King & Bay West Management Corp.

8 27/02/2017 37 0 -666,667

Canada Jetlines Ltd. Warrants King & Bay West Management Corp.

8 27/02/2017 37 444,444 444,444

Canada Jetlines Ltd. Common Shares Morabito Family Trust 3 27/02/2017 37 1,333,333 -666,667

Canada Jetlines Ltd. Warrants Morabito Family Trust 3 27/02/2017 37 0 -2,000,000

Canada Jetlines Ltd. Warrants Morabito Family Trust 3 27/02/2017 37 1,333,333 1,333,333

Canada Jetlines Ltd. Common Shares Morabito, Mark Joseph 7 27/02/2017 37 1,463,055 -731,528

Canada Jetlines Ltd. Common Shares Morabito, Mark Joseph 7 27/02/2017 37 408,333 -204,167

Canada Jetlines Ltd. Common Shares Morabito, Mark Joseph 7 27/02/2017 37 448,592 -224,296

Canada Jetlines Ltd. Options Morabito, Mark Joseph 7 28/02/2017 50 600,000 600,000

Canada Jetlines Ltd. Warrants Morabito, Mark Joseph 7 27/02/2017 37 0 -666,667

Canada Jetlines Ltd. Warrants Morabito, Mark Joseph 7 27/02/2017 37 444,444 444,444

Canada Jetlines Ltd. Warrants Morabito, Mark Joseph 7 27/02/2017 37 0 -666,668

Canada Jetlines Ltd. Warrants Morabito, Mark Joseph 7 27/02/2017 37 444,445 444,445

Canada Jetlines Ltd. Common Shares Valente, Carlo 5 28/02/2017 00 90,555

Canada Jetlines Ltd. Options Valente, Carlo 5 28/02/2017 00 300,000

Canada Jetlines Ltd. Warrants Valente, Carlo 5 28/02/2017 00 88,888

Canadian Apartment Properties Real Estate Investment Trust

Rights Restricted Unit Rights

Cryer, Scott 5 27/02/2017 56 32.02 56,354 10,675



Cryer, Scott 5 28/02/2017 56 32.03 56,479 125



Cryer, Scott 5 28/02/2017 56 32.03 57,568 1,089



Ehrlich, David 5 04/02/2013 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2191



Acquired/ Disposed



Ehrlich, David 5 27/02/2017 56 32.02 15,615 15,615



Kenney, Mark 5 31/12/2016 30 137,825 5,439



Kenney, Mark 5 27/02/2017 56 32.02 152,554 14,729



Kenney, Mark 5 28/02/2017 56 32.03 1,930



Kenney, Mark 5 28/02/2017 56 32.03 1,930



Kenney, Mark 5 28/02/2017 56 32.03 155,043 2,489



Kenney, Mark 5 28/02/2017 56 32.03 156,973 1,930



Lieberman-zbar, Jodi 5 27/02/2017 56 32.02 28,523 7,039



Lieberman-zbar, Jodi 5 28/02/2017 56 32.03 28,648 125



Lieberman-zbar, Jodi 5 28/02/2017 56 32.03 29,148 500



MacPherson, Patricia 5 27/02/2017 56 32.02 23,565 4,372



MacPherson, Patricia 5 28/02/2017 56 32.03 24,189 624



Pruzanski, Corinne 5 27/02/2017 56 32.02 27,754 6,105



Pruzanski, Corinne 5 28/02/2017 56 32.03 28,378 624



Roberto, Israel 5 27/02/2017 56 32.02 10,773 6,977



Schwartz, Thomas 4, 5 31/12/2016 30 279,902 11,061



Schwartz, Thomas 4, 5 27/02/2017 56 32.02 308,428 28,526



Schwartz, Thomas 4, 5 28/02/2017 56 32.03 312,612 4,184



Schwartz, Thomas 4, 5 28/02/2017 56 32.03 317,270 4,658


Trust Units Schwartz, Thomas 4, 5 16/01/2017 30 30.181 408,062 121







Insider Reporting

March 9, 2017

(2017), 40 OSCB 2192



Acquired/ Disposed






Trust Units Schwartz, Thomas 4, 5 16/01/2017 30 30.182 330,633 1,137















Canadian National Railway Company

Common Shares Barker, Matthew 5 24/02/2017 56 94.64 2,889


Common Shares Barker, Matthew 5 24/02/2017 56 94.64 2,889


Deferred Share Units/Unités d'actions différées

Barker, Matthew 5 31/12/2016 35 83.393 20,833 367


Performance Share Units/Unités d'actions de performance

Barker, Matthew 5 24/02/2017 59 0 -4,130



Barker, Matthew 5 24/02/2017 57 -4,130



Barker, Matthew 5 24/02/2017 57 -4,130


Directors Deferred Share Units

CARTY, DONALD 4 31/12/2016 35 63.37 19,710 352


Common Shares Cory, Michael A 5 23/02/2017 10 95.11 13,581 -1,139


Common Shares Cory, Michael A 5 24/02/2017 57 94.64 18,870 5,289


Deffered Share Units/Unités d'actions différées

Cory, Michael A 5 31/12/2016 35 83.393 25,188 450



Cory, Michael A 5 24/02/2017 57 26,517 -7,560


Common Shares DRYSDALE, Janet 5 24/02/2017 56 94.64 1,926


Common Shares DRYSDALE, Janet 5 24/02/2017 56 94.64 1,926


Common Shares DRYSDALE, Janet 5 24/02/2017 57 94.64 7,639 1,926



DRYSDALE, Janet 5 31/12/2016 35 83.393 1,816 239



DRYSDALE, Janet 5 24/02/2017 57 9,201 -2,750

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2193



Acquired/ Disposed


Common Shares Finn, Sean 5 24/02/2017 57 94.64 31,956 18,031


Common Shares Finn, Sean 5 24/02/2017 90 30,866 -1,090


Common Shares Finn, Sean 5 28/02/2017 10 93.45 19,866 -11,000


Common Shares Finn, Sean 5 24/02/2017 90 16,752 1,090



Finn, Sean 5 24/02/2017 57 2,610 -25,770



Giffin, Gordon D. 4 31/12/2016 35 63.39 47,499 848



Holiday, Edith E. 4 31/12/2016 35 63.41 594



Holiday, Edith E. 4 31/12/2016 35 63.41 594



Holiday, Edith E. 4 31/12/2016 35 63.41 33,282 593


Common Shares Houle, Ghislain 5 24/02/2017 56 94.64 2,889


Common Shares Houle, Ghislain 5 24/02/2017 56 94.64 2,889


Common Shares Houle, Ghislain 5 24/02/2017 57 94.64 66,217 2,889



Houle, Ghislain 5 31/12/2016 30 83.393 39,034 691



Houle, Ghislain 5 24/02/2017 57 32,040 -4,130


Common Shares JOBIN, Luc 4, 5 31/12/2016 30 82.13 33,721 1,711


Common Shares JOBIN, Luc 4, 5 24/02/2017 57 94.64 55,957 22,236


Common Shares JOBIN, Luc 4, 5 24/02/2017 10 91.796 33,721 -22,236



JOBIN, Luc 4, 5 31/12/2016 35 83.393 1,047



JOBIN, Luc 4, 5 31/12/2016 35 83.393 1,047



JOBIN, Luc 4, 5 31/12/2016 35 83.393 58,627 1,048



JOBIN, Luc 4, 5 31/12/2016 35 83.393 1,047



JOBIN, Luc 4, 5 31/12/2016 35 83.393 1,047



JOBIN, Luc 4, 5 24/02/2017 57 92,923 -31,780



Kempston Darkes, V. Maureen

4 31/12/2016 35 83.14 962




4 31/12/2016 35 83.14 962




4 31/12/2016 35 83.14 963




4 31/12/2016 35 83.14 963




4 31/12/2016 35 83.14 53,909 963


Common Shares Leduc, Serge 5 24/02/2017 57 94.64 5,215 3,130

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2194



Acquired/ Disposed



Leduc, Serge 5 31/12/2016 35 83.393 10,836 192



Leduc, Serge 5 24/02/2017 56 -4,470



Leduc, Serge 5 24/02/2017 56 -4,470



Leduc, Serge 5 24/02/2017 57 -4,470



Leduc, Serge 5 24/02/2017 57 12,146 -4,470



Losier, Denis 4 31/12/2016 35 83.15 111,806 1,995



Lynch, Kevin Gordon 4 31/12/2016 35 83.19 12,952 231


Common Shares Madigan, Kimberley A. 5 24/02/2017 57 71.96 32,884 4,343


Common Shares Madigan, Kimberley A. 5 24/02/2017 10 70.821 28,541 -4,343



Madigan, Kimberley A. 5 31/12/2016 35 83.393 83,496 1,491



Madigan, Kimberley A. 5 24/02/2017 57 2,543 -6,530


Common Shares Orr, John Frederick 5 24/02/2017 57 94.64 18,240 3,822



Orr, John Frederick 5 31/12/2016 35 83.393 11,021 196



Orr, John Frederick 5 24/02/2017 57 14,347 -4,470



Pace, Robert 4 31/12/2016 35 83.15 1,951



Pace, Robert 4 31/12/2016 35 83.15 1,951



Pace, Robert 4 31/12/2016 35 83.15 109,309 1,949



Phillips, Robert L. 4 31/12/2016 35 83.26 194



Phillips, Robert L. 4 31/12/2016 35 83.26 194



Phillips, Robert L. 4 31/12/2016 35 83.26 10,886 193


Common Shares Ruest, Jean-Jacques 5 24/02/2017 57 94.64 138,025 21,032



Ruest, Jean-Jacques 5 31/12/2016 35 83.393 163,670 2,923



Ruest, Jean-Jacques 5 24/02/2017 57 9,666 -30,060



Stein, Laura 4 31/12/2016 35 63.39 223



Stein, Laura 4 31/12/2016 35 63.39 223



Stein, Laura 4 31/12/2016 35 63.39 12,490 222

Canadian Natural Resources Limited

Common Shares Fichter, Darren 5 04/03/2017 30 38.76 45,547 1,211

Canadian Natural Resources Limited

Common Shares Fichter, Darren 5 04/03/2017 30 36.15 49,317 3,770

Canadian Pacific Railway Limited

Common Shares Brooks, John Kenneth 5 31/12/2016 30 137.53 1,489 149

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2195



Acquired/ Disposed


Rights DSU Brooks, John Kenneth 5 31/12/2016 30 137.22 977 9


Common Shares Browning, Thompson 5 31/12/2016 30 136.96 122 1


Common Shares 401K Browning, Thompson 5 31/12/2016 30 136.26 77 36


Rights RSU Browning, Thompson 5 31/12/2016 30 183.77 1,223 11


Common Shares Clements, James Dominic Luther

5 31/12/2016 30 181.31 1,833 143


Rights DSU Clements, James Dominic Luther

5 23/02/2016 56 175.05 2,464 1,203



5 31/12/2016 30 185.93 2,484 20



5 24/02/2017 56 192.48 2,737 253


Rights RSU Clements, James Dominic Luther

5 31/12/2016 30 183.77 866 8


Common Shares Creel, Keith E. 5 31/12/2016 30 137.53 1,772 515


Common Shares 401K Creel, Keith E. 5 31/12/2016 30 136.83 88 20


Options Creel, Keith E. 5 01/02/2017 50 151.14 560,784 177,225


Options Creel, Keith E. 5 01/02/2017 50 151.14 579,546 18,762


Rights DSU Creel, Keith E. 5 31/12/2016 30 137.21 30,860 287


Common Shares Derry, John E. 5 31/12/2016 30 198.39 168 19


Rights DSU Derry, John E. 5 31/12/2016 30 198.93 443 1


Common Shares Edwards, Peter John 5 31/12/2016 30 181.31 2,344 250


Rights DSU Edwards, Peter John 5 31/12/2016 30 182.27 6,399 59


Rights PSU Edwards, Peter John 5 31/12/2013 30 135.14 15


Rights PSU Edwards, Peter John 5 31/12/2013 30 135.14 3,935 37


Common Shares Ellis, Jeffrey 5 23/11/2015 00


Common Shares Ellis, Jeffrey 5 31/12/2016 30 183.24 197 197


Rights DSU Ellis, Jeffrey 5 31/12/2016 30 191.02 364 2


Common Shares Foran, Mike 5 31/12/2016 30 181.31 1,519 115


Rights RSU Foran, Mike 5 31/12/2016 30 183.77 917 8


Common Shares Johnson, Robert Allen 5 24/06/2013 00


Rights DSU Johnson, Robert Allen 5 31/12/2016 30 137.21 5,510 51


Rights RSU Johnson, Robert Allen 5 31/12/2016 30 183.77 2,446 22


Common Shares MacDonald, Stanley Scott 5 31/12/2016 30 182.89 2,410 183


Rights DSU MacDonald, Stanley Scott 5 31/12/2016 30 182.27 3,031 28


Common Shares Marquis, Tony 5 31/12/2016 30 181.75 502 250


Rights DSU Marquis, Tony 5 23/02/2016 56 175.05 1,949 987


Rights DSU Marquis, Tony 5 31/12/2016 30 186.09 1,965 16

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2196



Acquired/ Disposed


Rights DSU Marquis, Tony 5 24/02/2017 56 192.48 3,367 1,402


Rights RSU Marquis, Tony 5 31/12/2016 30 183.77 2,446 22


Rights DSU Meyer, Justin Dale 5 24/02/2017 56 192.48 683 325


Rights DSU Nettleton, Steven 5 20/04/2016 00


Rights DSU Nettleton, Steven 5 28/02/2017 56 144.25 1,589 1,589


Common Shares Redeker, Michael 5 31/12/2016 30 181.31 829 208


Rights DSU Redeker, Michael 5 31/12/2016 30 182.27 3,566 33


Rights RSU Redeker, Michael 5 31/12/2016 30 183.77 2,038 19


Common Shares Velani, Nadeem 5 31/12/2016 30 181.31 241 116


Rights DSU Velani, Nadeem 5 31/12/2016 30 182.27 987 9


Rights DSU Velani, Nadeem 5 24/02/2017 56 192.48 1,590 603


Rights RSU Velani, Nadeem 5 31/12/2016 30 183.77 815 7

Canadian Real Estate Investment Trust

Units Real Estate Investment Trust Units

Barrafato, Mario 5 23/02/2017 10 47.98 32,494 7,478



Diamond, Rael Lee 5 23/02/2017 10 47.98 22,793 13,027



Diamond, Rael Lee 5 28/02/2017 11 47.98 9,766 -13,027



Diamond, Rael Lee 5 28/02/2017 11 47.98 66,846 13,027



Holfeld, Trent Harold 5 23/02/2017 10 47.98 18,262 3,632



Johnson, Stephen Edward 5 23/02/2017 10 47.98 483,560 38,037



Johnson, Stephen Edward 5 28/02/2017 11 47.98 445,523 -38,037



Johnson, Stephen Edward 5 28/02/2017 11 47.98 155,156 38,037



Ponder, Dale Rosa Winnifred

4 19/05/2016 00



Ponder, Dale Rosa Winnifred

4 23/02/2017 10 50.584 1,110 1,110



Radic, Ana 5 23/02/2017 10 47.98 12,853 3,205

Canadian Tire Corporation, Limited

Non-Voting Shares Class A


1 27/02/2017 38 154.2 15,000 15,000




1 27/02/2017 38 0 -15,000




1 28/02/2017 38 153.9 15,000 15,000




1 28/02/2017 38 0 -15,000




1 01/03/2017 38 152.97 15,000 15,000




1 01/03/2017 38 0 -15,000




1 02/03/2017 38 153.17 15,000 15,000




1 02/03/2017 38 0 -15,000




1 03/03/2017 38 152.16 15,000 15,000




1 03/03/2017 38 0 -15,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2197



Acquired/ Disposed


Non-Voting Shares Class A (CT Savings Plan)

Christie, James Robert 5 31/12/2016 30 133.36 617












Christie, James Robert 5 31/12/2016 30 133.36 2,008 617



Christie, James Robert 5 31/12/2016 35 137.6 2,036 28



Collver, Robyn Anne 3, 7, 5 31/12/2016 35 137.3 116 2












Craig, Gregory George 7, 5 31/12/2016 30 132.03 1,251 400





Non-Voting Shares Class A (Share Purchase Plan)




Fulton, Duncan Stanley Allpress

7, 5 31/12/2016 35 137.3 648 11




7, 5 31/12/2016 35 137.3 134 2




7, 5 31/12/2016 30 133.31 1,386 450




7, 5 31/12/2016 35 137.62 1,405 19



MacDonald, Allan Angus 5 31/12/2016 30 133.39 2,217 601



MacDonald, Allan Angus 5 31/12/2016 35 137.74 2,248 31



McCann, Dean Charles 7, 5 31/12/2016 35 137.3 7,646 127



McCann, Dean Charles 7, 5 24/12/2016 30 129.19 776 17



McCann, Dean Charles 7, 5 31/12/2016 35 137.33 789 13









Nakamachi, Jane 5 31/12/2016 30 136.04 603 67



Nakamachi, Jane 5 31/12/2016 35 141.33 605 2



Nathanson, Douglas Bigler 7, 5 31/12/2016 35 137.3 1,596 26









O'Brien, Susan M 5 31/12/2016 30 137.23 649 166



O'Brien, Susan M 5 31/12/2016 35 137.76 658 9


Non-Voting Shares Class A (Share Purchase Plan)

O'Brien, Susan M 5 31/12/2016 35 137.3 983 16



Roman, Eugene O. 5 31/12/2016 35 140.64 226 4

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2198



Acquired/ Disposed



Roman, Eugene O. 5 31/12/2016 30 133.31 1,355 563



Roman, Eugene O. 5 31/12/2016 35 138.07 1,372 17



Sheldon, Joseph Barry 7 31/12/2016 30 135.79 19 19






Sheldon, Joseph Barry 7 27/02/2017 30 154.05 0 -28









Sheldon, Joseph Barry 7 27/02/2017 30 154.05 0 -28

Canadian Utilities Limited Non-Voting Shares Class A

Bichsel, Matthias F. 4 31/12/2016 30 37.27 2,320


Bichsel, Matthias F. 4 31/12/2016 30 37.27 2,320


Bichsel, Matthias F. 4 31/12/2016 30 37.27 6,027 2,320


Booth, Robert T. 4 01/03/2017 30 35.304 3,217 32


Booth, Robert T. 4 01/03/2017 30 35.304 12,435 124


Charlton, Loraine M. 4 31/12/2016 30 36.61 984


Charlton, Loraine M. 4 31/12/2016 30 36.61 984


Charlton, Loraine M. 4 31/12/2016 30 36.61 22,250 984


Charlton, Loraine M. 4 01/03/2017 30 35.304 22,303 53


Francis, Robert, B 4 31/12/2016 30 37.11 14,428 2,500


Francis, Robert, B 4 01/03/2017 30 35.304 14,459 31


Normand, Robert John 4 31/12/2016 30 36.89 19,646 1,802


Rangel, Hector A. 4 31/12/2016 30 36.94 6,128 2,322


Rayfield, Michael 4 01/03/2017 30 35.304 16,536 125


Reed, Laura A. 4 31/12/2016 30 36.9 3,723 1,139


Sembo, William, George 4 31/12/2016 30 37.19 12,193 2,365


Sentgraf Enterprises Ltd. 3 01/12/2016 30 34.89 229,548 1,647


Southern-Heathcott, Linda A.

4 01/12/2016 30 34.89 76,384,705 1,647


Southern, Margaret E 3 01/12/2016 30 34.89 76,384,705 1,647


Southern, Nancy C. 4, 6, 7, 5 01/12/2016 30 34.89 76,384,705 1,647

Canadian Western Bank Common Shares Bowling, James Jeffrey 5 31/12/2016 30 24.78 2,921 1,184

Canadian Western Bank Rights Performance Share Units

Bowling, James Jeffrey 5 15/08/2016 00


Bowling, James Jeffrey 5 31/12/2016 56 1,466 1,466

Canadian Western Bank Rights Restricted Share Units

Bowling, James Jeffrey 5 31/12/2016 30 6,209 56

Canadian Western Bank Common Shares Davies, Diane Marie 5 31/12/2016 30 24.78 2,392 1,288

Canadian Western Bank Common Shares Davies, Diane Marie 5 24/02/2017 90 0 -2,392

Canadian Western Bank Common Shares Davies, Diane Marie 5 24/02/2017 90 23,019 2,392

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2199



Acquired/ Disposed

Canadian Western Bank Options Davies, Diane Marie 5 11/03/2016 50 56,144 9,343

Canadian Western Bank Options Davies, Diane Marie 5 17/06/2016 52 30.757 47,956 -3,273


Davies, Diane Marie 5 01/04/2011 00


Davies, Diane Marie 5 31/12/2016 56 1,556 1,556


Davies, Diane Marie 5 31/12/2016 56 9,520 3,856


Davies, Diane Marie 5 31/12/2016 59 6,772 -2,748

Canadian Western Bank Common Shares Fowler, Christopher Hector 5 31/12/2016 30 24.78 67,315 4,347

Canadian Western Bank Common Shares Fowler, Christopher Hector 5 31/12/2016 30 24.68 68,430 1,115

Canadian Western Bank Common Shares Fowler, Christopher Hector 5 31/12/2016 30 24.68 2,073 38

Canadian Western Bank Options Fowler, Christopher Hector 5 11/03/2016 50 381,864 67,306

Canadian Western Bank Options Fowler, Christopher Hector 5 17/06/2016 52 30.757 367,790 -14,074


Fowler, Christopher Hector 5 31/12/2016 56 50,771 17,446


Fowler, Christopher Hector 5 31/12/2016 59 44,083 -6,688


Fowler, Christopher Hector 5 31/12/2016 56 24,123 9,291


Fowler, Christopher Hector 5 31/12/2016 59 16,601 -7,522

Canadian Western Bank Common Shares Harding, Gail Linda 5 31/12/2016 30 13,326 492

Canadian Western Bank Common Shares Harding, Gail Linda 5 31/12/2016 30 24.78 62,266 1,875

Canadian Western Bank Common Shares Harding, Gail Linda 5 31/12/2016 30 64,422 2,156

Canadian Western Bank Options Harding, Gail Linda 5 11/03/2016 50 134,428 22,556

Canadian Western Bank Options Harding, Gail Linda 5 17/06/2016 52 30.757 126,376 -8,052


Harding, Gail Linda 5 31/12/2016 56 10,371 2,450


Harding, Gail Linda 5 31/12/2016 59 9,226 -1,145


Harding, Gail Linda 5 31/12/2016 56 13,496 5,574


Harding, Gail Linda 5 31/12/2016 59 9,421 -4,075

Canadian Western Bank Common Shares Mulligan, Margaret Jean 4 02/03/2017 00 1,800

Canadian Western Bank Common Shares Pundyk, Thomas Edward 7 31/12/2016 30 24.78 99,700 1,802

Canadian Western Bank Options Pundyk, Thomas Edward 7 11/03/2016 50 103,261 17,172

Canadian Western Bank Options Pundyk, Thomas Edward 7 17/06/2016 52 30.757 96,067 -2,926


Pundyk, Thomas Edward 7 31/12/2016 56 8,495 2,628


Pundyk, Thomas Edward 7 31/12/2016 59 7,214 -1,281


Pundyk, Thomas Edward 7 31/12/2016 56 8,726 4,199


Pundyk, Thomas Edward 7 31/12/2016 59 6,415 -2,311

Canadian Western Bank Common Shares Stephen, Allen David 5 31/12/2016 30 24.78 9,396 1,285

Canadian Western Bank Options Stephen, Allen David 5 11/03/2016 50 47,337 10,557

Canadian Western Bank Options Stephen, Allen David 5 17/06/2016 52 30.757 46,001 -1,336


Stephen, Allen David 5 31/12/2016 56 10,097 4,339


Stephen, Allen David 5 31/12/2016 59 7,327 -2,770

Canfor Corporation Common Shares Pattison, James A. 3, 4 28/02/2017 10 17.15 36,560,572 328,700

Canfor Pulp Products Inc. Common Shares Canfor Pulp Products Inc. 1 14/02/2017 38 11.021 15,900 6,000





Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.25 20,579 665

Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.46 19,914 -665

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2200



Acquired/ Disposed

Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.25 623,079 82,720

Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.46 540,359 -82,720



Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.25 4,806 56

Canoe EIT Income Fund Trust Units Chernoff, M. Bruce 3, 4 31/12/2016 30 10.46 4,750 -56



Canoe EIT Income Fund Trust Units Lake, Darcy Malcolm 5 31/12/2016 30 11.31 1,490 178

Canoe EIT Income Fund Trust Units Lake, Darcy Malcolm 5 27/02/2017 10 11.88 0 -1,490

Canopy Growth Corporation Common Shares Saunders, Timothy Rob 5 01/06/2015 00

Canopy Growth Corporation Common Shares Saunders, Timothy Rob 5 27/02/2017 10 1.92 116,667 116,667

Canopy Growth Corporation Common Shares Saunders, Timothy Rob 5 27/02/2017 10 11.763 0 -116,667

Canopy Growth Corporation Common Shares Saunders, Timothy Rob 5 27/02/2017 10 2.95 50,000 50,000

Canopy Growth Corporation Common Shares Saunders, Timothy Rob 5 02/03/2017 10 12 0 -50,000

Canopy Growth Corporation Options Saunders, Timothy Rob 5 27/02/2017 51 1.92 483,333 -116,667

Canopy Growth Corporation Options Saunders, Timothy Rob 5 27/02/2017 51 2.95 433,333 -50,000

Canopy Growth Corporation Common Shares Schnarr, Christopher James 4 26/03/2014 00

Canopy Growth Corporation Common Shares Schnarr, Christopher James 4 27/02/2017 51 2.95 100,000 100,000

Canopy Growth Corporation Common Shares Schnarr, Christopher James 4 27/02/2017 10 0 -100,000

Canopy Growth Corporation Common Shares Schnarr, Christopher James 4 27/02/2017 51 2.96 50,000 50,000

Canopy Growth Corporation Common Shares Schnarr, Christopher James 4 27/02/2017 10 0 -50,000

Canopy Growth Corporation Options Schnarr, Christopher James 4 27/02/2017 51 2.95 100,000 -100,000

Canopy Growth Corporation Options Schnarr, Christopher James 4 27/02/2017 51 2.96 50,000 -50,000

Canopy Growth Corporation Common Shares Zekulin, Mark Anthony Nicholas

5 07/02/2017 10 0.43 468,830 234,415


5 27/02/2017 10 11.763 368,830 -100,000


5 02/03/2017 10 11.94 234,415 -134,415

Canopy Growth Corporation Options Zekulin, Mark Anthony Nicholas

5 27/02/2017 51 0.43 488,072 -234,415

Canuc Resources Corporation

Common Shares Berlet, Christopher James 4 21/02/2017 22 0.25 3,735,000 3,200,000


Options Berlet, Christopher James 4 21/02/2017 22 0.1 180,000 100,000


Common Shares Waddington, Dennis Howson

7 21/02/2017 00 600,000


Options Waddington, Dennis Howson

7 21/02/2017 00 100,000

Capital Power Corporation Performance Share Units Chisholm, Burness Kathryn 5 24/02/2017 59 13,256 -6,609

Capital Power Corporation Performance Share Units DeNeve, Bryan 5 24/02/2017 59 19,176 -6,403

Capital Power Corporation Performance Share Units Pylypiuk, Jacquelyn Marie 5 24/02/2017 59 2,027 -690

Capital Power Corporation Restricted Share Units Pylypiuk, Jacquelyn Marie 5 24/02/2017 59 4,055 -1,379

Capital Power Corporation Performance Share Units TRUFYN, DARCY 5 24/02/2017 59 19,359 -6,609

Capital Power Corporation Performance Share Units Vaasjo, Brian Tellef 4, 5 24/02/2017 59 56,288 -31,823

Capstone Mining Corp. Deferred Share Units Bell, Larry I. 4 22/02/2017 56 563,579 60,268

Capstone Mining Corp. Options Bell, Larry I. 4 22/02/2017 50 629,175 50,859

Capstone Mining Corp. Deferred Share Units Brack, George Leslie 8 22/02/2017 56 869,320 89,286

Capstone Mining Corp. Options Brack, George Leslie 8 22/02/2017 50 875,102 75,347

Capstone Mining Corp. Options Bush, Gregg 5 22/02/2017 50 1,783,933 190,895

Capstone Mining Corp. Performance Share Units Bush, Gregg 5 22/02/2017 56 821,568 169,658

Capstone Mining Corp. Restricted Share Units Bush, Gregg 5 22/02/2017 56 733,732 56,553

Capstone Mining Corp. Options Estrada, Manuel Arturo 7 22/02/2017 50 700,802 95,098

Capstone Mining Corp. Restricted Share Units Estrada, Manuel Arturo 7 22/02/2017 56 776,518 112,691

Capstone Mining Corp. Deferred Share Units Gallagher, Robert 4 22/02/2017 56 119,791 60,268

Capstone Mining Corp. Options Gallagher, Robert 4 01/11/2016 00

Capstone Mining Corp. Options Gallagher, Robert 4 22/02/2017 50 1.68 50,859 50,859

Capstone Mining Corp. Deferred Share Units Gardiner, Jill Veronica 4 22/02/2017 56 119,791 60,268

Capstone Mining Corp. Options Gardiner, Jill Veronica 4 01/11/2016 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2201



Acquired/ Disposed

Capstone Mining Corp. Options Gardiner, Jill Veronica 4 22/02/2017 50 50,859 50,859

Capstone Mining Corp. Options Howe, Jason Paul 5 22/02/2017 50 1,092,792 104,261

Capstone Mining Corp. Performance Share Units Howe, Jason Paul 5 22/02/2017 56 439,412 92,662

Capstone Mining Corp. Restricted Share Units Howe, Jason Paul 5 22/02/2017 56 397,169 30,888

Capstone Mining Corp. Deferred Share Units Kwon, Soon Jin 4 22/02/2017 56 367,086 60,268

Capstone Mining Corp. Options Kwon, Soon Jin 4 22/02/2017 50 282,769 50,859

Capstone Mining Corp. Deferred Share Units Madhavpeddi, Kalidas 4 22/02/2017 56 533,176 60,268

Capstone Mining Corp. Options Madhavpeddi, Kalidas 4 22/02/2017 50 676,029 50,859

Capstone Mining Corp. Options Pylot, Darren Murvin 4, 5 22/02/2017 50 6,515,831 612,192

Capstone Mining Corp. Performance Share Units Pylot, Darren Murvin 4, 5 22/02/2017 56 2,636,035 544,085

Capstone Mining Corp. Restricted Share Units Pylot, Darren Murvin 4, 5 22/02/2017 56 2,308,032 181,362

Capstone Mining Corp. Options Slattery, D. James 5 22/02/2017 50 1,803,869 180,832

Capstone Mining Corp. Performance Share Units Slattery, D. James 5 22/02/2017 56 780,246 160,715

Capstone Mining Corp. Restricted Share Units Slattery, D. James 5 22/02/2017 56 673,103 53,572

Capstone Mining Corp. Deferred Share Units Zimmer, Richard Norman 4 22/02/2017 56 560,187 60,268

Capstone Mining Corp. Options Zimmer, Richard Norman 4 22/02/2017 50 2,164,425 50,859

Cara Operations Limited Multiple Voting Shares Fairfax Financial Holdings Limited

3 23/02/2017 90 25.35 821,247 -420,000


3 10/04/2015 00


3 23/02/2017 90 25.35 420,000 420,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 3 24/02/2017 10 0.075 33,241,166 -61,000

CardioComm Solutions, Inc. Common Shares Langer, Anatoly 3 28/02/2017 10 0.075 32,841,166 -400,000

Caribbean Utilities Company, Ltd.

Common Shares Class A Ordinary Shares

Ritch, David E. 4 28/02/2017 11 13.2 3,067 2,500



Watler, David 5 28/02/2017 51 8.76 20,031 14,000



Watler, David 5 28/02/2017 11 13.35 6,031 -14,000



Watler, David 5 28/02/2017 51 9.66 22,031 16,000



Watler, David 5 28/02/2017 11 13.35 6,031 -16,000


Options Watler, David 5 28/02/2017 51 9.66 0 -16,000


Options Watler, David 5 28/02/2017 51 8.76 0 -14,000

Cascades Inc. Common Shares Couture, Martin 4 22/07/2016 00



Cascades Inc. Common Shares Couture, Martin 4 22/07/2016 00 1,600

Castle Silver Resources Inc. (formerly Takara Resources Inc.)

Common Shares Basa, Elaine Margaret 3 23/02/2017 10 0.24 2,975,000 -200,000

Cathedral Energy Services Ltd.

Common Shares Hill, Michael F 5 15/02/2017 15 1.12 89,286


Common Shares Hill, Michael F 5 15/02/2017 16 1.12 121,286 89,286


Common Shares MACFARLANE, PETER SCOTT

5 15/02/2017 15 1.12 89,286


Common Shares MACFARLANE, PETER SCOTT

5 15/02/2017 16 1.12 383,411 89,286


Common Shares MAXWELL, RODERICK DONALD

4 18/12/2009 00



4 15/02/2017 15 1.12 290,178



4 15/02/2017 16 1.12 290,178 290,178


Common Shares PUSTANYK, RANDAL HAROLD

4 15/02/2017 15 1.12 178,571


Common Shares PUSTANYK, RANDAL HAROLD

4 15/02/2017 16 1.12 621,842 178,571

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2202



Acquired/ Disposed


Common Shares SARJEANT, SCOTT DOUGLAS

4 15/02/2017 15 1.12 290,178


Common Shares SARJEANT, SCOTT DOUGLAS

4 15/02/2017 16 1.12 628,998 290,178


Common Shares Tremblay, Dale E. 4 15/02/2017 10 1.12 109,286 89,286

Cava Resources Inc. (formerly Sea Green Capital Corp.)

Common Shares Murray, Robert Brian 4 27/02/2017 10 0.155 52,000 -100,000

Cava Resources Inc. (formerly Sea Green Capital Corp.)

Common Shares Murray, Robert Brian 4 27/02/2017 10 0.155 543,730 -100,000

Caza Gold Corp. Common Shares Montecinos, Marco 5 15/02/2017 46 1,606,250 1,000,000

Caza Gold Corp. Common Shares Polygon Mining Opportunity Master Fund

3 28/02/2017 22 0 -110,702,499

Caza Gold Corp. Common Shares Polygon Mining Opportunity Master Fund

3 01/03/2017 54 0.05 2,450,000 2,450,000

Caza Gold Corp. Warrants Polygon Mining Opportunity Master Fund

3 01/03/2017 54 0.05 84,510,000 -2,450,000

Caza Gold Corp. Warrants Polygon Mining Opportunity Master Fund

3 01/03/2017 97 0 -84,510,000

Caza Gold Corp. Common Shares Royal Road Minerals Limited

3 28/02/2017 00

Caza Gold Corp. Common Shares Royal Road Minerals Limited

3 28/02/2017 22 134,886,372 134,886,372

CCL Industries Inc. Non-Voting Shares Class B

1281228 Ontario Inc. 3 01/03/2017 11 1,386,896 1,386,896


1281228 Ontario Inc. 3 01/03/2017 11 1,201,698 -185,198


1281228 Ontario Inc. 3 01/03/2017 11 0 -1,201,698


1281228 Ontario Inc. 3 01/03/2017 11 2,658,526 2,658,526


1281228 Ontario Inc. 3 01/03/2017 11 2,299,046 -359,480


1281228 Ontario Inc. 3 01/03/2017 11 842,783 359,480


1281228 Ontario Inc. 3 01/03/2017 16 1,027,981 185,198


1281228 Ontario Inc. 3 01/03/2017 11 0 -2,658,526


1281228 Ontario Inc. 3 01/03/2017 11 0 -1,386,896


1281228 Ontario Inc. 3 02/04/1998 00


1281228 Ontario Inc. 3 01/03/2017 11 185,198 185,198


1281228 Ontario Inc. 3 01/03/2017 47 0 -185,198


1281228 Ontario Inc. 3 02/04/1998 00


1281228 Ontario Inc. 3 01/03/2017 11 1,201,698 1,201,698

CCL Industries Inc. Options Birkner, Gunther Johann 7 27/02/2017 50 290.16 61,750 14,000


Brayley, Anne Marie 5 28/02/2017 51 137.39 625 625


Brayley, Anne Marie 5 28/02/2017 10 287 25 -600


Brayley, Anne Marie 5 28/02/2017 10 284 0 -25

CCL Industries Inc. Options Brayley, Anne Marie 5 27/02/2017 50 290.16 5,375 1,750

CCL Industries Inc. Options Brayley, Anne Marie 5 28/02/2017 51 137.39 4,750 -625


Horn, Alan Douglas 4 02/03/2017 10 285.34 55,800 -1,700


Horn, Alan Douglas 4 02/03/2017 10 285.62 55,700 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2203



Acquired/ Disposed












Kotecha, Kamal Chandrakant

5 28/02/2017 10 282.35 144 44


Kotecha, Kamal Chandrakant

5 27/02/2017 10 285 2,555 110

CCL Industries Inc. Options Kotecha, Kamal Chandrakant

5 27/02/2017 50 290.16 8,000 2,000


Lang, Donald G. 4, 5 28/02/2017 51 35.65 12,500 12,500


Lang, Donald G. 4, 5 28/02/2017 10 283.5 11,300 -1,200


Lang, Donald G. 4, 5 28/02/2017 10 283.3 10,800 -500


Lang, Donald G. 4, 5 28/02/2017 10 283.25 10,100 -700


Lang, Donald G. 4, 5 28/02/2017 10 283.2 9,600 -500


Lang, Donald G. 4, 5 28/02/2017 10 283 2,100 -7,500


Lang, Donald G. 4, 5 28/02/2017 10 282.5 800 -1,300


Lang, Donald G. 4, 5 28/02/2017 10 282 0 -800


Lang, Donald G. 4, 5 01/03/2017 51 35.65 12,500 12,500


Lang, Donald G. 4, 5 01/03/2017 10 282.85 12,400 -100


Lang, Donald G. 4, 5 01/03/2017 10 283 12,300 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.1 12,200 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.38 12,100 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.54 12,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.57 11,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.64 11,800 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.66 11,600 -200


Lang, Donald G. 4, 5 01/03/2017 10 283.69 11,500 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.7 11,400 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.71 11,300 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.73 11,200 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.75 11,100 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.76 11,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.77 10,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.83 10,800 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2204



Acquired/ Disposed


Lang, Donald G. 4, 5 01/03/2017 10 283.86 10,700 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.87 10,600 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.88 10,500 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.9 10,200 -300


Lang, Donald G. 4, 5 01/03/2017 10 283.95 10,000 -200


Lang, Donald G. 4, 5 01/03/2017 10 283.96 9,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.98 9,800 -100


Lang, Donald G. 4, 5 01/03/2017 10 283.99 9,500 -300


Lang, Donald G. 4, 5 01/03/2017 10 284 6,600 -2,900


Lang, Donald G. 4, 5 01/03/2017 10 284.06 6,500 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.2 6,400 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.49 6,300 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.59 6,200 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.72 6,100 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.74 6,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.75 5,500 -500


Lang, Donald G. 4, 5 01/03/2017 10 284.76 5,400 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.85 5,300 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.9 5,200 -100


Lang, Donald G. 4, 5 01/03/2017 10 284.94 5,000 -200


Lang, Donald G. 4, 5 01/03/2017 10 284.97 4,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 285 4,100 -800


Lang, Donald G. 4, 5 01/03/2017 10 285.05 4,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 285.42 3,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 285.5 3,800 -100


Lang, Donald G. 4, 5 01/03/2017 10 285.71 3,700 -100


Lang, Donald G. 4, 5 01/03/2017 10 286 3,000 -700


Lang, Donald G. 4, 5 01/03/2017 10 286.02 2,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.18 2,800 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.38 2,700 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.4 2,600 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.42 2,500 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.47 2,200 -300

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2205



Acquired/ Disposed


Lang, Donald G. 4, 5 01/03/2017 10 286.54 2,100 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.56 2,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.59 1,900 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.8 1,800 -100


Lang, Donald G. 4, 5 01/03/2017 10 286.99 1,700 -100


Lang, Donald G. 4, 5 01/03/2017 10 287 1,100 -600


Lang, Donald G. 4, 5 01/03/2017 10 287.04 1,000 -100


Lang, Donald G. 4, 5 01/03/2017 10 287.06 700 -300


Lang, Donald G. 4, 5 01/03/2017 10 287.07 600 -100


Lang, Donald G. 4, 5 01/03/2017 10 287.49 500 -100


Lang, Donald G. 4, 5 01/03/2017 10 288 0 -500

CCL Industries Inc. Options Lang, Donald G. 4, 5 28/02/2017 51 35.65 144,240 -12,500

CCL Industries Inc. Options Lang, Donald G. 4, 5 01/03/2017 51 35.65 131,740 -12,500


Lang, Stuart W. 4 01/03/2017 47 185,198 185,198


Lang, Stuart W. 4 01/03/2017 16 0 -185,198


Martin, Geoffrey 4, 5 28/02/2017 51 56 141,754 12,500


Martin, Geoffrey 4, 5 28/02/2017 10 281.7 141,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 281.71 141,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 281.79 141,354 -200


Martin, Geoffrey 4, 5 28/02/2017 10 281.86 141,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 281.9 140,854 -400


Martin, Geoffrey 4, 5 28/02/2017 10 281.93 140,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282 139,654 -1,100


Martin, Geoffrey 4, 5 28/02/2017 10 282.02 139,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.11 139,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.12 139,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.23 139,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.32 139,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.34 138,954 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.45 138,754 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.45 138,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.47 138,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.48 138,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.49 138,354 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2206



Acquired/ Disposed


Martin, Geoffrey 4, 5 28/02/2017 10 282.52 138,054 -300


Martin, Geoffrey 4, 5 28/02/2017 10 282.55 137,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.57 137,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.57 137,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.59 137,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.59 137,454 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.6 137,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.64 137,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.65 137,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.68 136,854 -300


Martin, Geoffrey 4, 5 28/02/2017 10 282.7 136,654 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.71 136,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.73 136,154 -400


Martin, Geoffrey 4, 5 28/02/2017 10 282.74 136,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.75 135,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.83 135,754 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.85 135,454 -300


Martin, Geoffrey 4, 5 28/02/2017 10 282.89 135,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.9 135,054 -300


Martin, Geoffrey 4, 5 28/02/2017 10 282.92 134,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.94 134,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.94 134,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.95 134,554 -200


Martin, Geoffrey 4, 5 28/02/2017 10 282.96 134,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.98 134,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 282.99 134,154 -200


Martin, Geoffrey 4, 5 28/02/2017 10 283 133,454 -700


Martin, Geoffrey 4, 5 28/02/2017 10 283.02 133,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.03 133,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.07 133,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.09 133,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.1 132,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.14 132,854 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2207



Acquired/ Disposed


Martin, Geoffrey 4, 5 28/02/2017 10 283.16 132,454 -400


Martin, Geoffrey 4, 5 28/02/2017 10 283.17 132,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.22 132,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.25 132,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.27 132,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.3 131,754 -300


Martin, Geoffrey 4, 5 28/02/2017 10 283.34 131,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.42 131,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.49 131,354 -200


Martin, Geoffrey 4, 5 28/02/2017 10 283.5 131,154 -200


Martin, Geoffrey 4, 5 28/02/2017 10 283.63 130,954 -200


Martin, Geoffrey 4, 5 28/02/2017 10 286.65 130,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.68 130,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.69 130,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.7 130,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.89 130,354 -200


Martin, Geoffrey 4, 5 28/02/2017 10 283.91 130,154 -200


Martin, Geoffrey 4, 5 28/02/2017 10 283.92 130,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 283.97 129,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284 129,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.08 129,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.25 129,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.26 129,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.28 129,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.48 129,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.5 129,254 -100


Martin, Geoffrey 4, 5 28/02/2017 51 87.17 135,154 5,900


Martin, Geoffrey 4, 5 28/02/2017 10 284.5 135,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.51 134,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.56 134,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.62 134,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.65 134,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.69 134,554 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2208



Acquired/ Disposed


Martin, Geoffrey 4, 5 28/02/2017 10 284.75 134,254 -300


Martin, Geoffrey 4, 5 28/02/2017 10 284.76 134,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.78 134,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.8 133,854 -200


Martin, Geoffrey 4, 5 28/02/2017 10 284.81 133,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.82 133,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.87 133,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.89 133,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.9 133,354 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.92 133,254 -100


Martin, Geoffrey 4, 5 28/02/2017 10 284.95 133,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285 132,554 -600


Martin, Geoffrey 4, 5 28/02/2017 10 285.23 132,354 -200


Martin, Geoffrey 4, 5 28/02/2017 10 285.25 132,054 -300


Martin, Geoffrey 4, 5 28/02/2017 10 285.3 131,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.35 131,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.44 131,654 -200


Martin, Geoffrey 4, 5 28/02/2017 10 285.75 131,254 -400


Martin, Geoffrey 4, 5 28/02/2017 10 285.77 131,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.8 131,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.82 130,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.84 130,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.85 130,654 -200


Martin, Geoffrey 4, 5 28/02/2017 10 285.95 130,554 -100


Martin, Geoffrey 4, 5 28/02/2017 10 285.99 130,454 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286 130,254 -200


Martin, Geoffrey 4, 5 28/02/2017 10 286.02 130,154 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.06 130,054 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.17 129,954 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.45 129,854 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.78 129,754 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.79 129,654 -100


Martin, Geoffrey 4, 5 28/02/2017 10 286.95 129,554 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2209



Acquired/ Disposed


Martin, Geoffrey 4, 5 28/02/2017 10 287 129,254 -300


Martin, Geoffrey 4, 5 01/03/2017 51 87.17 135,854 6,600


Martin, Geoffrey 4, 5 01/03/2017 10 282.35 135,754 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.47 135,654 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.48 134,954 -700


Martin, Geoffrey 4, 5 01/03/2017 10 282.5 134,754 -200


Martin, Geoffrey 4, 5 01/03/2017 10 282.67 134,654 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.75 134,554 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.79 134,454 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.83 134,354 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.85 134,254 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.87 134,054 -200


Martin, Geoffrey 4, 5 01/03/2017 10 282.88 133,954 -100


Martin, Geoffrey 4, 5 01/03/2017 10 282.89 133,654 -300


Martin, Geoffrey 4, 5 01/03/2017 10 283.1 133,454 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.22 133,254 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.38 133,154 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.42 132,954 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.45 132,854 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.47 132,754 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.49 132,654 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.52 132,554 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.53 132,454 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.54 132,254 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.57 132,154 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.59 132,054 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.64 131,954 -100


Martin, Geoffrey 4, 5 01/03/2017 10 286.66 131,754 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.69 131,654 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.71 131,554 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.73 131,454 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.75 131,254 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.76 131,154 -100

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2210



Acquired/ Disposed


Martin, Geoffrey 4, 5 01/03/2017 10 283.83 130,954 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.84 130,754 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.85 130,654 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.87 130,454 -200


Martin, Geoffrey 4, 5 01/03/2017 10 283.9 130,154 -300


Martin, Geoffrey 4, 5 01/03/2017 10 283.97 130,054 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.98 129,954 -100


Martin, Geoffrey 4, 5 01/03/2017 10 283.99 129,554 -400


Martin, Geoffrey 4, 5 01/03/2017 10 284 129,354 -200


Martin, Geoffrey 4, 5 01/03/2017 10 284.2 129,254 -100

CCL Industries Inc. Options Martin, Geoffrey 4, 5 27/02/2017 50 290.16 142,500 30,000

CCL Industries Inc. Options Martin, Geoffrey 4, 5 28/02/2017 51 56 130,000 -12,500

CCL Industries Inc. Options Martin, Geoffrey 4, 5 28/02/2017 51 87.17 124,100 -5,900

CCL Industries Inc. Options Martin, Geoffrey 4, 5 01/03/2017 51 87.17 -5,900

CCL Industries Inc. Options Martin, Geoffrey 4, 5 01/03/2017 51 87.17 117,500 -6,600


McClendon, Mark 5 24/02/2017 51 87.17 3,321 2,250


McClendon, Mark 5 24/02/2017 10 287.75 1,071 -2,250


McClendon, Mark 5 24/02/2017 10 287.75 71 -1,000


McClendon, Mark 5 24/02/2017 10 287.75 21 -50


McClendon, Mark 5 24/02/2017 10 287.75 0 -21


McClendon, Mark 5 27/02/2017 51 137.39 1,250 1,250


McClendon, Mark 5 27/02/2017 10 286.73 1,200 -50


McClendon, Mark 5 27/02/2017 10 287.1 1,100 -100


McClendon, Mark 5 27/02/2017 10 287.04 1,000 -100


McClendon, Mark 5 27/02/2017 10 287.08 900 -100


McClendon, Mark 5 27/02/2017 10 286.8 800 -100


McClendon, Mark 5 27/02/2017 10 286.8 700 -100


McClendon, Mark 5 27/02/2017 10 286.89 600 -100


McClendon, Mark 5 27/02/2017 10 285.45 500 -100


McClendon, Mark 5 27/02/2017 10 285.74 400 -100


McClendon, Mark 5 27/02/2017 10 286.43 300 -100


McClendon, Mark 5 27/02/2017 10 286.04 200 -100


McClendon, Mark 5 27/02/2017 10 285.85 100 -100


McClendon, Mark 5 27/02/2017 10 287.5 0 -100

CCL Industries Inc. Options McClendon, Mark 5 24/02/2017 51 87.17 5,250 -2,250

CCL Industries Inc. Options McClendon, Mark 5 24/02/2017 51 137.39 4,000 -1,250

CCL Industries Inc. Options McClendon, Mark 5 27/02/2017 50 290.16 6,000 2,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2211



Acquired/ Disposed


Rubino, Sebastian 7 28/02/2017 51 56 23,444 6,250


Rubino, Sebastian 7 28/02/2017 10 282.45 23,344 -100


































Rubino, Sebastian 7 28/02/2017 10 283 21,144 -300





























Insider Reporting

March 9, 2017

(2017), 40 OSCB 2212



Acquired/ Disposed








Rubino, Sebastian 7 28/02/2017 10 284 18,494 -100























CCL Industries Inc. Options Rubino, Sebastian 7 27/02/2017 50 290.16 85,500 14,000

CCL Industries Inc. Options Rubino, Sebastian 7 28/02/2017 51 56 79,250 -6,250

CCL Industries Inc. Options Sellors, James Andrew 7 27/02/2017 50 290.16 40,000 10,000


Snelgrove, Susan 5 24/02/2017 51 56 1,250 1,250


Snelgrove, Susan 5 24/02/2017 10 290.14 0 -1,250


Snelgrove, Susan 5 24/02/2017 51 87.17 750 750


Snelgrove, Susan 5 24/02/2017 10 290.14 0 -750

CCL Industries Inc. Options Snelgrove, Susan 5 24/02/2017 51 56 5,125 -1,250

CCL Industries Inc. Options Snelgrove, Susan 5 24/02/2017 51 87.17 4,375 -750

CCL Industries Inc. Options Snelgrove, Susan 5 27/02/2017 50 290.16 6,125 1,750


Vaidyanathan, Lalitha 5 28/02/2017 51 56 24,658 6,250


Vaidyanathan, Lalitha 5 28/02/2017 10 285 18,408 -6,250


Vaidyanathan, Lalitha 5 28/02/2017 51 87.17 23,658 5,250


Vaidyanathan, Lalitha 5 28/02/2017 10 285 22,208 -1,450


Vaidyanathan, Lalitha 5 28/02/2017 10 285.01 21,708 -500






Vaidyanathan, Lalitha 5 28/02/2017 10 285.94 19,308 -1,500


Vaidyanathan, Lalitha 5 28/02/2017 10 286 18,408 -900


Vaidyanathan, Lalitha 5 01/03/2017 51 87.17 22,533 4,125



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2213



Acquired/ Disposed






















Vaidyanathan, Lalitha 5 01/03/2017 10 284.61 18,608 -1,000



CCL Industries Inc. Options Vaidyanathan, Lalitha 5 27/02/2017 50 290.16 85,500 14,000

CCL Industries Inc. Options Vaidyanathan, Lalitha 5 28/02/2017 51 56 79,250 -6,250

CCL Industries Inc. Options Vaidyanathan, Lalitha 5 28/02/2017 51 87.17 74,000 -5,250

CCL Industries Inc. Options Vaidyanathan, Lalitha 5 01/03/2017 51 87.17 69,875 -4,125


Vecchiarelli, Nicolangelo 5 24/02/2017 51 56 1,500 1,250


Vecchiarelli, Nicolangelo 5 24/02/2017 10 290.14 250 -1,250


Vecchiarelli, Nicolangelo 5 24/02/2017 51 87.17 1,000 750


Vecchiarelli, Nicolangelo 5 24/02/2017 10 290.14 250 -750

CCL Industries Inc. Options Vecchiarelli, Nicolangelo 5 24/02/2017 51 56 5,125 -1,250

CCL Industries Inc. Options Vecchiarelli, Nicolangelo 5 24/02/2017 51 87.17 4,375 -750

CCL Industries Inc. Options Vecchiarelli, Nicolangelo 5 27/02/2017 50 290.16 6,125 1,750

CCL Industries Inc. Options Vodermaier, Monika 5 27/02/2017 50 290.16 8,750 2,000


Washchuk, Sean 5 24/02/2017 51 56 13,671 6,250


Washchuk, Sean 5 24/02/2017 10 287.7 7,421 -6,250


Washchuk, Sean 5 24/02/2017 51 87.17 13,671 6,250


Washchuk, Sean 5 24/02/2017 10 287.7 10,021 -3,650


Washchuk, Sean 5 24/02/2017 10 288.13 9,421 -600


Washchuk, Sean 5 24/02/2017 10 288.12 8,321 -1,100


Washchuk, Sean 5 24/02/2017 10 288.11 7,621 -700


Washchuk, Sean 5 24/02/2017 10 288.46 7,421 -200


Washchuk, Sean 5 28/02/2017 51 137.39 12,621 5,200


Washchuk, Sean 5 28/02/2017 10 287 9,621 -3,000


Washchuk, Sean 5 28/02/2017 10 285 7,421 -2,200


Washchuk, Sean 5 01/03/2017 51 137.39 12,221 4,800


Washchuk, Sean 5 01/03/2017 10 285 8,821 -3,400

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2214



Acquired/ Disposed


Washchuk, Sean 5 01/03/2017 10 285.14 8,221 -600


Washchuk, Sean 5 01/03/2017 10 285.09 8,021 -200


Washchuk, Sean 5 01/03/2017 10 285.17 7,921 -100


Washchuk, Sean 5 01/03/2017 10 285.25 7,821 -100


Washchuk, Sean 5 01/03/2017 10 285.19 7,721 -100


Washchuk, Sean 5 01/03/2017 10 285.79 7,621 -100


Washchuk, Sean 5 01/03/2017 10 285.78 7,521 -100


Washchuk, Sean 5 01/03/2017 10 285.85 7,421 -100

CCL Industries Inc. Options Washchuk, Sean 5 24/02/2017 51 56 46,500 -6,250

CCL Industries Inc. Options Washchuk, Sean 5 24/02/2017 51 87.17 40,250 -6,250

CCL Industries Inc. Options Washchuk, Sean 5 27/02/2017 50 290.16 54,250 14,000



CellStop Systems Inc. Common Shares Tingle, Brian 4 20/01/2016 00 600,000

Cenovus Energy Inc. Common Shares Alden, Gary Marvin 7 14/01/2016 10 11.8 99 -80

Cenovus Energy Inc. Performance Share Units Alden, Gary Marvin 7 28/02/2017 38 4,098 -517

Cenovus Energy Inc. Performance Share Units Alden, Gary Marvin 7 28/02/2017 59 20.3 3,791 -307

Cenovus Energy Inc. Common Shares Chhina, Harbir Singh 5 31/12/2016 30 18.33 402,476 2,409

Cenovus Energy Inc. Common Shares Chhina, Harbir Singh 5 31/12/2016 30 18.33 402,477 1

Cenovus Energy Inc. Performance Share Units Chhina, Harbir Singh 5 31/12/2016 30 18.65 123,169 1,182

Cenovus Energy Inc. Performance Share Units Chhina, Harbir Singh 5 28/02/2017 38 108,276 -14,893

Cenovus Energy Inc. Performance Share Units Chhina, Harbir Singh 5 28/02/2017 59 20.3 99,455 -8,821

Cenovus Energy Inc. Restricted Share Units Chhina, Harbir Singh 5 31/12/2016 30 18.47 10,719 115

Cenovus Energy Inc. Performance Share Units Cooke, Shane Darrell 5 28/02/2017 38 11,179 -1,294

Cenovus Energy Inc. Performance Share Units Cooke, Shane Darrell 5 28/02/2017 59 20.3 10,412 -767

Cenovus Energy Inc. Common Shares Fairburn, Judy 5 31/12/2016 30 18.41 20,843 2,626

Cenovus Energy Inc. Performance Share Units Fairburn, Judy 5 31/12/2016 30 18.69 31,511 295

Cenovus Energy Inc. Performance Share Units Fairburn, Judy 5 28/02/2017 38 28,274 -3,237

Cenovus Energy Inc. Performance Share Units Fairburn, Judy 5 28/02/2017 59 20.3 26,356 -1,918

Cenovus Energy Inc. Restricted Share Units Fairburn, Judy 5 31/12/2016 30 18.47 5,933 64

Cenovus Energy Inc. Common Shares Ferguson, Brian Charles 4, 5 31/12/2016 30 17.96 135,966 5,952

Cenovus Energy Inc. Common Shares Ferguson, Brian Charles 4, 5 31/12/2016 30 17.76 14,169 239

Cenovus Energy Inc. Deferred Share Units Ferguson, Brian Charles 4, 5 31/12/2016 30 18.47 141,206 1,519

Cenovus Energy Inc. Performance Share Units Ferguson, Brian Charles 4, 5 31/12/2016 30 18.65 306,316 2,939

Cenovus Energy Inc. Performance Share Units Ferguson, Brian Charles 4, 5 28/02/2017 38 270,054 -36,262

Cenovus Energy Inc. Performance Share Units Ferguson, Brian Charles 4, 5 28/02/2017 30 18.65 270,053 -1

Cenovus Energy Inc. Performance Share Units Ferguson, Brian Charles 4, 5 28/02/2017 59 20.3 248,576 -21,477

Cenovus Energy Inc. Restricted Share Units Ferguson, Brian Charles 4, 5 31/12/2016 30 18.47 26,870 289

Cenovus Energy Inc. Performance Share Units Hofstetter, Larry Allen 7 28/02/2017 38 9,658 -1,294

Cenovus Energy Inc. Performance Share Units Hofstetter, Larry Allen 7 28/02/2017 59 20.3 8,891 -767

Cenovus Energy Inc. Common Shares McFadyen, Kieron 5 06/04/2016 00

Cenovus Energy Inc. Common Shares McFadyen, Kieron 5 31/12/2016 30 19.05 1,380 1,380

Cenovus Energy Inc. Performance Share Units McFadyen, Kieron 5 31/12/2016 30 19.01 77,723 610

Cenovus Energy Inc. Restricted Share Units McFadyen, Kieron 5 31/12/2016 30 19.01 77,722 610

Cenovus Energy Inc. Common Shares McGillivray, Jacqueline Angela Thomson

5 31/12/2016 30 18.05 8,468 1,162

Cenovus Energy Inc. Deferred Share Units McGillivray, Jacqueline Angela Thomson

5 31/12/2016 30 18.47 15,445 166

Cenovus Energy Inc. Deferred Share Units McGillivray, Jacqueline Angela Thomson

5 28/02/2017 56 20.3 20,823 5,378

Cenovus Energy Inc. Performance Share Units McGillivray, Jacqueline Angela Thomson

5 31/12/2016 30 18.73 49,976 456


5 28/02/2017 38 46,091 -3,885

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2215



Acquired/ Disposed


5 28/02/2017 59 20.3 43,790 -2,301

Cenovus Energy Inc. Restricted Share Units McGillivray, Jacqueline Angela Thomson

5 31/12/2016 30 18.47 8,307 90

Cenovus Energy Inc. Common Shares Pease, Robert William 5 31/12/2016 30 18.26 16,776 3,451

Cenovus Energy Inc. Deferred Share Units Pease, Robert William 5 31/12/2016 30 18.47 12,807 138

Cenovus Energy Inc. Deferred Share Units Pease, Robert William 5 28/02/2017 56 20.3 24,368 11,561

Cenovus Energy Inc. Performance Share Units Pease, Robert William 5 31/12/2016 30 18.67 150,368 1,425

Cenovus Energy Inc. Performance Share Units Pease, Robert William 5 28/02/2017 38 140,207 -10,161

Cenovus Energy Inc. Performance Share Units Pease, Robert William 5 28/02/2017 59 20.3 134,189 -6,018

Cenovus Energy Inc. Performance Share Units Pease, Robert William 5 28/02/2017 30 18.67 134,190 1

Cenovus Energy Inc. Restricted Share Units Pease, Robert William 5 31/12/2016 30 18.49 42,200 453

Cenovus Energy Inc. Performance Share Units Pollock, Robert John 5 28/02/2017 38 24,246 -3,237

Cenovus Energy Inc. Performance Share Units Pollock, Robert John 5 28/02/2017 59 20.3 22,328 -1,918

Cenovus Energy Inc. Common Shares Reid, Alan Craig 5 31/12/2016 30 18.08 16,045 2,369

Cenovus Energy Inc. Common Shares Reid, Alan Craig 5 31/12/2016 30 18.08 16,046 1

Cenovus Energy Inc. Deferred Share Units Reid, Alan Craig 5 31/12/2016 30 18.47 16,174 174

Cenovus Energy Inc. Performance Share Units Reid, Alan Craig 5 31/12/2016 30 18.7 59,734 554

Cenovus Energy Inc. Performance Share Units Reid, Alan Craig 5 28/02/2017 38 53,907 -5,827

Cenovus Energy Inc. Performance Share Units Reid, Alan Craig 5 28/02/2017 59 20.3 50,455 -3,452

Cenovus Energy Inc. Restricted Share Units Reid, Alan Craig 5 31/12/2016 30 18.47 10,681 115

Cenovus Energy Inc. Performance Share Units Robertson, Neil William 5 28/02/2017 38 26,490 -2,913

Cenovus Energy Inc. Performance Share Units Robertson, Neil William 5 28/02/2017 59 20.3 24,764 -1,726

Cenovus Energy Inc. Common Shares Ruste, Ivor Melvin 5 31/12/2016 30 18.13 46,764 1,628

Cenovus Energy Inc. Deferred Share Units Ruste, Ivor Melvin 5 31/12/2016 30 18.47 20,826 224

Cenovus Energy Inc. Performance Share Units Ruste, Ivor Melvin 5 31/12/2016 30 18.65 117,236 1,120

Cenovus Energy Inc. Performance Share Units Ruste, Ivor Melvin 5 28/02/2017 38 105,581 -11,655

Cenovus Energy Inc. Performance Share Units Ruste, Ivor Melvin 5 28/02/2017 59 20.3 98,677 -6,904

Cenovus Energy Inc. Restricted Share Units Ruste, Ivor Melvin 5 31/12/2016 30 18.47 8,320 89

Cenovus Energy Inc. Performance Share Units Schiller, Danny Elmer 5 28/02/2017 38 32,776 -5,180

Cenovus Energy Inc. Performance Share Units Schiller, Danny Elmer 5 28/02/2017 59 20.3 29,707 -3,069

Cenovus Energy Inc. Common Shares Zieglgansberger, Joseph Drew

5 31/12/2016 30 17.96 32,415 1,576


5 31/12/2016 30 17.96 32,417 2


5 31/12/2016 30 17.75 443 7

Cenovus Energy Inc. Deferred Share Units Zieglgansberger, Joseph Drew

5 31/12/2016 30 18.47 15,233 164

Cenovus Energy Inc. Performance Share Units Zieglgansberger, Joseph Drew

5 31/12/2016 30 18.7 59,734 554


5 28/02/2017 38 53,907 -5,827


5 28/02/2017 59 20.3 50,455 -3,452

Cenovus Energy Inc. Restricted Share Units Zieglgansberger, Joseph Drew

5 31/12/2016 30 18.47 10,681 115

Centamin plc Ordinary Shares El-Raghy, Josef 4 23/02/2017 10 1.79 28,509,372 -4,040,000



Centerra Gold Inc. Performance Share Units Desjardins, Daniel Richard 7 01/03/2017 56 6.62 52,922 21,771

Centerra Gold Inc. Performance Share Units Desjardins, Daniel Richard 7 01/03/2017 56 6.62 74,693 21,771

Centerra Gold Inc. Performance Share Units Herbert, Frank Hamilton 5 01/03/2017 56 6.62 185,061 75,529

Centerra Gold Inc. Performance Share Units Herbert, Frank Hamilton 5 01/03/2017 56 6.62 260,590 75,529

Centerra Gold Inc. Performance Share Units Kwong, Dennis 5 01/03/2017 56 6.62 113,737 48,338

Centerra Gold Inc. Performance Share Units Kwong, Dennis 5 01/03/2017 56 6.62 162,075 48,338

Centerra Gold Inc. Performance Share Units Millman, Darren 5 01/03/2017 56 6.62 103,807 59,139

Centerra Gold Inc. Performance Share Units Millman, Darren 5 01/03/2017 56 6.62 162,946 59,139

Centerra Gold Inc. Performance Share Units Pearson, John William 5 01/03/2017 56 6.62 39,025 13,598

Centerra Gold Inc. Performance Share Units Pearson, John William 5 01/03/2017 56 6.62 48,738 9,713

Centerra Gold Inc. Performance Share Units Perry, Scott Graeme 5 01/03/2017 56 6.62 248,968 122,734

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2216



Acquired/ Disposed

Centerra Gold Inc. Performance Share Units Perry, Scott Graeme 5 01/03/2017 56 6.62 371,702 122,734

Centerra Gold Inc. Performance Share Units Reid, Gordon Dunlop 7 01/03/2017 56 6.62 157,387 64,577

Centerra Gold Inc. Performance Share Units Reid, Gordon Dunlop 7 01/03/2017 56 6.62 221,964 64,577

Chartwell Retirement Residences

Trust Units Schwartz, Thomas 4 16/01/2017 30 14.166 22,545 33







Chemtrade Logistics Income Fund

Rights RSU Aarts, Leon 5 31/12/2016 30 17.52 39,742 2,625


Rights RSU Aarts, Leon 5 24/02/2017 59 18.21 29,742 -10,000


Rights RSU Aarts, Leon 5 24/02/2017 30 18.21 27,686 -2,056


Rights RSU Bhardwaj, Rohit 5 31/12/2016 30 17.52 39,742 2,625


Rights RSU Bhardwaj, Rohit 5 24/02/2017 59 18.21 29,742 -10,000


Rights RSU Bhardwaj, Rohit 5 24/02/2017 30 18.21 27,686 -2,056


Rights RSU Davis, Mark 5 31/12/2016 30 17.52 230,129 15,202


Rights RSU Davis, Mark 5 24/02/2017 59 18.21 169,129 -61,000


Rights RSU Davis, Mark 5 24/02/2017 30 18.21 156,586 -12,543


Rights RSU Dietz, Daniel 5 31/12/2016 30 17.52 23,024 1,521


Rights RSU Dietz, Daniel 5 24/02/2017 59 18.21 17,924 -5,100


Rights RSU Dietz, Daniel 5 24/02/2017 30 18.21 16,875 -1,049


Rights RSU McCullough, Tab 5 31/12/2016 30 17.52 39,742 2,625


Rights RSU McCullough, Tab 5 24/02/2017 59 18.21 29,742 -10,000


Rights RSU McCullough, Tab 5 24/02/2017 30 18.21 27,686 -2,056


Rights RSU Pare, Susan 5 31/12/2016 30 17.52 20,045 1,324


Rights RSU Pare, Susan 5 24/02/2017 59 18.21 14,945 -5,100


Rights RSU Pare, Susan 5 24/02/2017 30 18.21 13,896 -1,049


Rights RSU Powers, Emily Louise 5 31/12/2016 30 17.52 4,283 283


Rights RSU St. Pierre, Michael John 5 31/12/2016 30 17.52 30,565 2,019


Rights RSU St. Pierre, Michael John 5 24/02/2017 59 18.21 23,465 -7,100


Rights RSU St. Pierre, Michael John 5 24/02/2017 30 18.21 22,005 -1,460

Choice Properties Real Estate Investment Trust

Rights Deferred Units Adams, Kerry Dawn 4 28/02/2017 30 33,553 276


Rights Deferred Units Clark, Christie James Beckett

4, 6 28/02/2017 30 4,690 34


Trust Units Clark, Christie James Beckett

4, 6 31/12/2016 30 26,321 1,021


Trust Units Clark, Christie James Beckett

4, 6 28/02/2017 30 26,434 113


Rights Deferred Units Felman, Michelle 4 28/02/2017 30 40,483 333


Trust Units George Weston Limited 3 31/12/2016 30 4,799,434 208,223

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2217



Acquired/ Disposed








Rights Deferred Units Kitt, Michael 4 28/02/2017 30 45,420 373


Options Morrison, John Rennie 4, 5 23/02/2017 50 14.21 2,410,409 207,237


Performance Units Morrison, John Rennie 4, 5 31/12/2016 30 19,921 838


Performance Units Morrison, John Rennie 4, 5 15/02/2017 30 20,091 170


Performance Units Morrison, John Rennie 4, 5 23/02/2017 56 36,717 16,626


Restricted Units Morrison, John Rennie 4, 5 31/12/2016 30 176,242 6,567






Options Munn, Bart Scott 5 23/02/2017 50 14.21 757,195 69,079


Performance Units Munn, Bart Scott 5 31/12/2016 30 6,324 266


Performance Units Munn, Bart Scott 5 15/02/2017 30 6,378 54


Performance Units Munn, Bart Scott 5 23/02/2017 56 11,920 5,542


Restricted Units Munn, Bart Scott 5 31/12/2016 30 102,419 3,053


Restricted Units Munn, Bart Scott 5 15/02/2017 30 102,788 369


Restricted Units Munn, Bart Scott 5 23/02/2017 56 113,872 11,084


Trust Units Munn, Bart Scott 5 31/12/2016 30 6,833 1,805


Trust Units Munn, Bart Scott 5 28/02/2017 30 7,201 368


Trust Units Munn, Bart Scott 5 31/12/2016 30 62,769 2,712


Trust Units Munn, Bart Scott 5 28/02/2017 30 63,320 551


Rights Deferred Units Sullivan, Daniel Francis 4 28/02/2017 30 25,419 209


Rights Deferred Units Weiss, Paul Raymond 4 28/02/2017 30 24,293 202


Rights Deferred Units Weston, Willard Galen Garfield

4, 6 28/02/2017 30 46,945 386


Options Williams, David Evan 5 23/02/2017 50 14.21 147,913 21,593


Performance Units Williams, David Evan 5 31/12/2016 30 2,075 87


Performance Units Williams, David Evan 5 15/02/2017 30 2,093 18


Performance Units Williams, David Evan 5 23/02/2017 56 3,825 1,732


Restricted Units Williams, David Evan 5 31/12/2016 30 12,558 529


Restricted Units Williams, David Evan 5 15/02/2017 30 12,665 107


Restricted Units Williams, David Evan 5 23/02/2017 56 16,130 3,465


Trust Units Williams, David Evan 5 31/12/2016 30 1,313 983

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2218



Acquired/ Disposed












Trust Units Williams, David Evan 5 31/12/2016 30 816 30


Trust Units Williams, David Evan 5 28/02/2017 30 822 6


Options Wingerak, Dallas Marie 5 23/02/2017 50 14.21 19,804


Options Wingerak, Dallas Marie 5 23/02/2017 50 14.21 196,518 19,803


Performance Units Wingerak, Dallas Marie 5 31/12/2016 30 1,813 76


Performance Units Wingerak, Dallas Marie 5 15/02/2017 30 1,828 15


Performance Units Wingerak, Dallas Marie 5 23/02/2017 56 3,417 1,589


Restricted Units Wingerak, Dallas Marie 5 31/12/2016 30 14,072 544


Restricted Units Wingerak, Dallas Marie 5 15/02/2017 30 14,173 101


Restricted Units Wingerak, Dallas Marie 5 23/02/2017 56 17,350 3,177


Trust Units Wingerak, Dallas Marie 5 27/09/2016 30 3,105 653


Trust Units Wingerak, Dallas Marie 5 28/09/2016 30 0 -3,105


Trust Units Wingerak, Dallas Marie 5 31/12/2016 30 266 266


Trust Units Wingerak, Dallas Marie 5 28/02/2017 30 434 168






Trust Units Wingerak, Dallas Marie 5 27/02/2017 10 14.175 7,132 200


Trust Units Wingerak, Dallas Marie 5 27/02/2017 10 14.19 7,452 320


Options YAMAMOTO, Robert Scott 5 23/02/2017 50 14.21 176,113 22,588


Performance Units YAMAMOTO, Robert Scott 5 31/12/2016 30 2,107 88


Performance Units YAMAMOTO, Robert Scott 5 15/02/2017 30 2,125 18


Performance Units YAMAMOTO, Robert Scott 5 23/02/2017 56 3,937 1,812


Restricted Units YAMAMOTO, Robert Scott 5 31/12/2016 30 10,306 434


Restricted Units YAMAMOTO, Robert Scott 5 15/02/2017 30 10,394 88


Restricted Units YAMAMOTO, Robert Scott 5 23/02/2017 56 14,018 3,624


Trust Units YAMAMOTO, Robert Scott 5 31/12/2016 30 2,212 1,042


Trust Units YAMAMOTO, Robert Scott 5 28/02/2017 30 2,424 212

CI Financial Corp. Restricted Share Unit Anderson, Peter W. 5 29/02/2016 00

CI Financial Corp. Restricted Share Unit Anderson, Peter W. 5 28/02/2017 56 27.44 52,114 52,114

CI Financial Corp. Options Blair, Lorraine P. 7 28/02/2017 50 27.44 63,334 10,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2219



Acquired/ Disposed

CI Financial Corp. Restricted Share Unit Blair, Lorraine P. 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit Blair, Lorraine P. 7 28/02/2017 56 27.44 3,699 3,699

CI Financial Corp. Options Donald, Steven J. 7 28/02/2017 50 27.44 240,000 35,000

CI Financial Corp. Restricted Share Unit Donald, Steven J. 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit Donald, Steven J. 7 28/02/2017 56 27.44 16,582 16,582

CI Financial Corp. Restricted Share Unit Donato, Marcelo A. 7 11/05/2009 00

CI Financial Corp. Restricted Share Unit Donato, Marcelo A. 7 28/02/2017 56 27.44 4,346 4,346

CI Financial Corp. Restricted Share Unit Glaab, Peter W. 7 08/05/2009 00

CI Financial Corp. Restricted Share Unit Glaab, Peter W. 7 28/02/2017 56 27.44 4,264 4,264

CI Financial Corp. Restricted Share Unit Gramegna, Mike 7 08/05/2009 00

CI Financial Corp. Restricted Share Unit Gramegna, Mike 7 28/02/2017 56 27.44 4,346 4,346

CI Financial Corp. Restricted Share Unit Holland, William T. 4 01/01/2009 00

CI Financial Corp. Restricted Share Unit Holland, William T. 4 28/02/2017 56 27.44 13,667 13,667

CI Financial Corp. Options Iannicca, Fabio 7 28/02/2017 50 27.44 88,975 28,975

CI Financial Corp. Restricted Share Unit Iannicca, Fabio 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit Iannicca, Fabio 7 28/02/2017 56 27.44 3,346 3,346

CI Financial Corp. Options Jamieson, Douglas J.R. 5 28/02/2017 50 27.44 32,750

CI Financial Corp. Options Jamieson, Douglas J.R. 5 28/02/2017 50 27.44 193,584 62,750

CI Financial Corp. Restricted Share Unit Jamieson, Douglas J.R. 5 01/01/2009 00

CI Financial Corp. Restricted Share Unit Jamieson, Douglas J.R. 5 28/02/2017 56 27.44 9,549 9,549

CI Financial Corp. Options Kerr, Neal A. 7 28/02/2017 50 27.44 272,750 102,750

CI Financial Corp. Restricted Share Unit Kerr, Neal A. 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit Kerr, Neal A. 7 28/02/2017 56 27.44 8,091 8,091

CI Financial Corp. Restricted Share Unit MacLeod, Mark D. 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit MacLeod, Mark D. 7 28/02/2017 56 27.44 4,182 4,182

CI Financial Corp. Restricted Share Unit Murray, Sheila A. 5 01/01/2009 00

CI Financial Corp. Restricted Share Unit Murray, Sheila A. 5 28/02/2017 56 27.44 48,105 48,105

CI Financial Corp. Restricted Share Unit Pauli, David C. 5 01/01/2009 00

CI Financial Corp. Restricted Share Unit Pauli, David C. 5 28/02/2017 56 27.44 7,927 7,927

CI Financial Corp. Restricted Share Unit Ramsay, Anne F 7 20/09/2016 00

CI Financial Corp. Restricted Share Unit Ramsay, Anne F 7 28/02/2017 56 27.44 574 574

CI Financial Corp. Options Ratnavel, Roy 7 28/02/2017 50 27.44 138,000 88,000

CI Financial Corp. Restricted Share Unit Ratnavel, Roy 7 20/09/2016 00

CI Financial Corp. Restricted Share Unit Ratnavel, Roy 7 28/02/2017 56 27.44 5,248 5,248

CI Financial Corp. Restricted Share Unit Sampson, Jan 7 20/09/2016 00

CI Financial Corp. Restricted Share Unit Sampson, Jan 7 28/02/2017 56 27.44 2,788 2,788

CI Financial Corp. Restricted Share Unit Shin, Gregory H. 7 01/01/2009 00

CI Financial Corp. Restricted Share Unit Shin, Gregory H. 7 28/02/2017 56 27.44 4,428 4,428

CI Financial Corp. Restricted Share Unit Urbanky, Darie 7 26/07/2016 00

CI Financial Corp. Restricted Share Unit Urbanky, Darie 7 28/02/2017 56 27.44 4,182 4,182

Cielo Waste Solutions Corp. Common Shares Class A Allan, Douglas Charles 3 20/12/2015 00

Cielo Waste Solutions Corp. Common Shares Class A Allan, Douglas Charles 3 17/02/2017 00 10,075,189

Cielo Waste Solutions Corp. Convertible Debentures Allan, Douglas Charles 3 20/12/2015 00



Cielo Waste Solutions Corp. Convertible Debentures Allan, Douglas Charles 3 17/02/2017 00 $100,000

Cineplex Inc. Performance Share Units Briant, Heather 5 03/03/2017 59 50.85 8,108 -2,600

Cineplex Inc. Performance Share Units Fitzgerald, Anne Tunstall 5 03/03/2017 59 50.85 8,613 -2,713

Cineplex Inc. Common Shares Hayes, Donna Marie 4 07/11/2016 00

Cineplex Inc. Common Shares Hayes, Donna Marie 4 03/03/2017 10 50.22 550 550

Cineplex Inc. Performance Share Units Jacob, Ellis 4, 5 03/03/2017 59 50.85 118,846 -59,425

Cineplex Inc. Performance Share Units Kennedy, Michael 5 03/03/2017 59 50.85 13,277 -4,485

Cineplex Inc. Performance Share Units Kent, Jeff 5 03/03/2017 59 50.85 12,961 -4,310

Cineplex Inc. Performance Share Units Legault, Lorraine Marie 5 03/03/2017 59 50.85 3,554 -1,162

Cineplex Inc. Performance Share Units Mandryk, Suzanna 5 03/03/2017 59 50.85 7,547 -2,440

Cineplex Inc. Performance Share Units McGrath, Daniel F. 5 03/03/2017 59 50.85 33,307 -11,588

Cineplex Inc. Performance Share Units Nelson, Gordon 5 03/03/2017 59 50.85 22,139 -7,488

Cineplex Inc. Options Nonis, Paul 5 24/02/2017 59 50.82 29,206 -3,204

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2220



Acquired/ Disposed

Cineplex Inc. Performance Share Units Nonis, Paul 5 03/03/2017 59 50.85 7,575 -2,440

Cineplex Inc. Performance Share Units Sautter, George 5 03/03/2017 59 50.85 7,315 -2,129

Cineplex Inc. Performance Share Units Stanghieri, Fabrizio 5 03/03/2017 59 50.85 7,267 -2,331

Claim Post Resources Inc. Common Shares Jackson, Lowell Edward 4 24/02/2017 10 0.0416 2,400,000 400,000

Clean Seed Capital Group Ltd.

Common Shares Minhas, Randip 4 03/03/2017 16 0.3 76,667 66,667

CNRP Mining Inc. Common Shares Kumar, Nishal Rai 4 17/02/2017 00 1,000,000

Co-operators General Insurance Company

Preferred Shares Class A Series B

Daniel, Kevin 7 28/02/2017 30 100 1,701 1



Hanna, Paul 7 28/02/2017 30 100 932 1



McCombie, Richard Allen 7 28/02/2017 30 100 3,314 4

CO2 Solutions Inc. Restricted Share Units Carley, Jonathan 5 28/02/2017 56 0.15 166,667 166,667

Cogeco Inc Subordinate Voting Shares actions subalternes à droit de vote

Pinard, Andrée 5 27/02/2017 10 61.67 1,605 -100


Pinard, Andrée 5 27/02/2017 10 61.66 1,505 -100


Pinard, Andrée 5 27/02/2017 10 61.89 -100


Pinard, Andrée 5 27/02/2017 10 61.89 1,005 -500


Pinard, Andrée 5 27/02/2017 10 61.72 905 -100


Pinard, Andrée 5 27/02/2017 10 61.71 805 -100


Pinard, Andrée 5 27/02/2017 10 61.62 614 -191

Colabor Group Inc. Common Shares Gariépy, Claude 5 03/03/2017 10 1.2 211,460 30,000

Colabor Group Inc. Common Shares Johnston, Robert Bruce 4 13/10/2016 00

Colabor Group Inc. Common Shares Johnston, Robert Bruce 4 01/03/2017 10 1.13 8,000 8,000

COLLIERS INTERNATIONAL GROUP INC.

Options Cohen, Peter F. 4 01/03/2017 51 18.66 25,000 -5,000


Subordinate Voting Shares

Cohen, Peter F. 4 01/03/2017 51 18.66 65,000 5,000



Harris, Michael Deane 4 01/03/2017 10 51.716 3,611 -1,278



Harris, Michael Deane 4 01/03/2017 10 68.951 0 -3,611


Options Mayer, Christian 5 27/02/2017 51 18.66 105,000 -7,500



Mayer, Christian 5 27/02/2017 51 18.66 97,751 7,500



Mayer, Christian 5 28/02/2017 10 67.1 94,751 -3,000


Options Mulamoottil, Elias 5 27/02/2017 51 18.66 177,000 -12,000



Mulamoottil, Elias 5 27/02/2017 51 18.66 36,867 12,000

Columbus Gold Corp. Common Shares Giustra, Robert 4, 5 22/02/2017 90 0.92 369,000 -27,400



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2221



Acquired/ Disposed


Columbus Gold Corp. Common Shares Giustra, Robert 4, 5 10/04/2006 00

Columbus Gold Corp. Common Shares Giustra, Robert 4, 5 22/02/2017 90 0.92 12,275 12,275






Computer Modelling Group Ltd.

Common Shares Balic, Sandra 5 28/02/2017 51 9.09 43,400 10,000


Options Balic, Sandra 5 28/02/2017 51 9.09 181,000 -10,000


Common Shares Kumar, Anjani 5 01/03/2017 90 10.49 23,635 -521


Common Shares Kumar, Anjani 5 01/03/2017 90 10.49 3,212 521


Common Shares Nghiem, Long X 5 24/02/2017 10 10.26 805,800 -10,000




Common Shares Nghiem, Long X 5 27/02/2017 51 9.09 846,800 56,000










Options Nghiem, Long X 5 27/02/2017 51 9.09 171,000 -56,000

Comstock Metals Ltd. Options Goldman, Steven Harold 4 01/03/2017 50 645,000 300,000

Comstock Metals Ltd. Options Kuchling, Kenneth 4 28/02/2017 00

Comstock Metals Ltd. Options Kuchling, Kenneth 4 01/03/2017 50 0.195 300,000 300,000

Comstock Metals Ltd. Options Terry, David Andrew 4, 5 01/03/2017 50 1,570,000 600,000

Comstock Metals Ltd. Options URQUHART, DARREN CHARLES

5 01/03/2017 50 0.195 530,000 300,000

Concordia International Corp. (formerly Concordia Healthcare Corp.)

Common Shares Hoyt, Andrew Patrick 7 03/10/2016 00 367


Units Restricted Share Units

Hoyt, Andrew Patrick 7 03/10/2016 00 2,173



Hoyt, Andrew Patrick 7 21/11/2016 59 3.85 1,803 -370

CONDOR RESOURCES INC.

Common Shares Younie, Jonathan Leslie 5 01/03/2017 10 0.09 350,000 -50,000

CONDOR RESOURCES INC.

Common Shares Younie, Jonathan Leslie 5 02/03/2017 10 0.09 300,000 -50,000

Conifex Timber Inc. Common Shares Reed, Thomas 4 23/02/2017 10 2.5288 25,400 5,400




Conifex Timber Inc. Common Shares Reed, Thomas 4 23/02/2017 10 2.5136 35,000 100

Constantine Metal Resources Ltd.

Common Shares Tognetti, John 3 24/02/2017 10 0.12 15,102,500 1,550,000

Constellation Software Inc. Common Shares Symons, Barry Alan 5 02/03/2017 10 634 99,580 -1,000

Copperbank Resources Corp.

Common Shares Kovacevic, John Gianni 4, 5 28/02/2017 10 0.08 9,177,800 150,000

Copperbank Resources Corp.

Common Shares Kovacevic, John Gianni 4, 5 01/03/2017 10 0.075 9,216,800 39,000

Corridor Resources Inc. Common Shares Moran, Stephen John 5 18/01/2017 30 0.4568 184,272 64,074

Corridor Resources Inc. Common Shares Moran, Stephen John 5 18/01/2017 30 0.5155 238,786 54,514

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2222



Acquired/ Disposed

Corus Entertainment Inc. Deferred Share Units (DSUs) - Director Plan

Belisle, Fernand 4 31/12/2016 30 11.43 28,172 2,666


Bissonnette, Peter 4 28/02/2017 56 12.71 5,430 1,804


D'Avella, Michael 4 28/02/2017 56 12.71 3,878 1,288


Frascotti, John Anthony 4 31/12/2016 30 11.85 7,648 239


Frascotti, John Anthony 4 28/02/2017 30 12.71 2,416


Frascotti, John Anthony 4 28/02/2017 56 12.71 10,064 2,416


Leaney, Wendy Ann 4 31/08/2016 56 12.29 636


Leaney, Wendy Ann 4 31/08/2016 56 12.29 636


Leaney, Wendy Ann 4 31/08/2016 56 12.29 636


Leaney, Wendy Ann 4 31/12/2016 30 11.36 11,916 916


Roozen, Catherine M. 4 31/12/2016 30 11.5 31,211 2,513


Roozen, Catherine M. 4 28/02/2017 56 12.71 33,227 2,016


Royer, Terrance Eldon 4 31/12/2016 30 11.45 82,263 7,358


Royer, Terrance Eldon 4 28/02/2017 56 12.71 84,181 1,918

Corus Entertainment Inc. Non-Voting Shares Class B

Shaw Communications Inc. 3 28/02/2017 30 12.572 77,537,826 539,258


Shaw, Bradley 3 28/02/2017 30 12.572 691 18


Shaw, Bradley 3 28/02/2017 30 12.572 254 8


Shaw, Bradley 3 28/02/2017 30 12.572 254 8


Shaw, Bradley 3 28/02/2017 30 12.572 127 4


Shaw, Bradley 3 28/02/2017 30 12.572 254 8


Shaw, Bradley 3 28/02/2017 30 12.572 254 8


Shaw, Jim 3 28/02/2017 30 12.572 1,393 10


Shaw, Jim 3 28/02/2017 30 12.572 45 7


Shaw, JR 3 28/02/2017 30 12.572 795,624 3,005


Shaw, JR 3 28/02/2017 30 12.572 8,470 97


Shaw, Julie Marie 4 31/12/2016 30 11.48 12,436 1,053


Shaw, Julie Marie 4 28/02/2017 56 12.71 12,989 553


Shaw, Julie Marie 4 28/02/2017 30 12.572 8,227 80


Shaw, Julie Marie 4 28/02/2017 30 12.572 418 9

Cott Corporation Common Shares Fowden, Jeremy Stephen Gary

5 01/03/2017 10 10.57 695,940 4,470


5 01/03/2017 10 10.56 698,440 2,500


5 01/03/2017 10 10.52 700,940 2,500

Cott Corporation Common Shares Rosenfeld, Eric Stuart 4 01/03/2017 10 10.63 85,000

Cott Corporation Common Shares Rosenfeld, Eric Stuart 4 01/03/2017 10 10.63 85,000 85,000

Cott Corporation Common Shares Rosenfeld, Eric Stuart 4 01/03/2017 10 10.54 125,000 40,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2223



Acquired/ Disposed

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 02/07/2009 00

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 27/02/2017 90 147 147

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 27/02/2017 99 2,861 2,714

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 27/02/2017 90 562,093 -147

CRH Medical Corporation Common Shares Holler, Anthony 4 28/02/2017 10 9.1 1,025,000 -500,000

CRH Medical Corporation Common Shares Johnson, David 4 03/03/2017 10 7.4478 226,900 -25,000

CRH Medical Corporation Common Shares Webb, Ian A. 4 28/02/2017 10 9.194 117,620 -30,000

Critical Control Energy Services Corp.

Common Shares Punja, Karim 5 28/02/2017 57 0.15 400,000 150,000

Critical Control Energy Services Corp.

Deferred Shares Punja, Karim 5 28/02/2017 57 250,000 -150,000

Crombie Real Estate Investment Trust

Rights Performance Units Barnoski, John Thomas 5 27/07/2015 00


Rights Performance Units Barnoski, John Thomas 5 23/02/2017 56 3,304 3,304


Rights Performance Units Clow, Donald Everett 4, 5 06/08/2009 00


Rights Performance Units Clow, Donald Everett 4, 5 23/02/2017 56 18,357 18,357


Rights Performance Units Fraser, Cheryl Ann 5 01/03/2014 00


Rights Performance Units Fraser, Cheryl Ann 5 23/02/2017 56 3,304 3,304


Rights Performance Units Hynes, Robert Glenn 5 28/06/2010 00


Rights Performance Units Hynes, Robert Glenn 5 23/02/2017 56 6,609 6,609


Trust Units Hynes, Robert Glenn 5 27/02/2017 10 13.74 3,695 1,920


Trust Units Hynes, Robert Glenn 5 27/02/2017 10 13.724 4,607 912






Rights Performance Units Lee, Trevor Roger 5 14/05/2014 00


Rights Performance Units Lee, Trevor Roger 5 23/02/2017 56 3,304 3,304


Rights Performance Units MacLean, Scott Richard 5 13/03/2006 00


Rights Performance Units MacLean, Scott Richard 5 23/02/2017 56 3,304 3,304

Crosswinds Holdings Inc. (formerly C.A. Bancorp Inc.)

Common Shares CDJ Global Catalyst LLC 3 28/02/2017 57 1.25 4,817,369 1,580,572


Rights (Rights as per Rights Offering Circular Jan 23, 2017)

CDJ Global Catalyst LLC 3 28/02/2017 57 1.25 1,556,225 -1,580,572



CDJ Global Catalyst LLC 3 28/02/2017 58 - Expiration of rights

0 -1,556,225


Common Shares Gold, Bradd Jonathan 4 28/02/2017 57 1.25 3,000 1,500




Common Shares Gold, Bradd Jonathan 4 28/02/2017 57 1.25 10,000









Insider Reporting

March 9, 2017

(2017), 40 OSCB 2224



Acquired/ Disposed





Gold, Bradd Jonathan 4 28/02/2017 57 1.25 0 -1,500












Muzio, Gaetano John 4 28/02/2017 58 - Expiration of rights

0 -188,358




0 -133,678




0 -190,359


Common Shares Pottle, Jonathon Roy 4 28/02/2017 57 1.25 100,000 50,000



Pottle, Jonathon Roy 4 28/02/2017 57 1.25 0 -50,000


Common Shares Wolf, Robert Thomas 4 28/02/2017 57 1.25 135,400 67,700



Wolf, Robert Thomas 4 28/02/2017 57 1.25 0 -67,700

Crown Capital Partners Inc. Rights Restricted Share Units

Fowlie, George Robertson 4 09/07/2015 46 4,500

Crown Capital Partners Inc. Rights Restricted Share Units

Fowlie, George Robertson 4 09/07/2015 46 4,090 4,090

Crown Capital Partners Inc. Common Shares Markin Petroleums Ltd. 3 27/02/2017 10 10.15 947,740 -330,000

Crown Mining Corp. Options Cole, George 4 28/02/2017 50 200,000 100,000

Crown Mining Corp. Common Shares Dunn, Stephen Ronald 4 28/02/2017 11 0.1 2,698,100 319,550

Crown Mining Corp. Options Dunn, Stephen Ronald 4 31/12/2016 52 1 550,000 -90,000

Crown Mining Corp. Options Dunn, Stephen Ronald 4 28/02/2017 50 650,000 100,000

Crown Mining Corp. Warrants Dunn, Stephen Ronald 4 30/06/2016 55 0.3 2,050,000 -120,000

Crown Mining Corp. Warrants Dunn, Stephen Ronald 4 28/02/2017 11 0.2 2,369,550 319,550

Crown Mining Corp. Warrants Dunn, Stephen Ronald 4 30/06/2016 55 0.3 1,040,000 -920,000

Crown Mining Corp. Options Fairbairn, James Neville 4 28/02/2017 50 1,100,000 100,000

Crown Mining Corp. Options Morrow, Richey 4 28/02/2017 50 300,000 100,000

CWC Energy Services Corp. Common Shares Au, Duncan Tak-Yan 4, 5 01/03/2017 57 0.225 3,266,666 33,333

CWC Energy Services Corp. Restricted Share Units Au, Duncan Tak-Yan 4, 5 01/03/2017 57 0.225 516,334 -33,333

Cypress Development Corp. Common Shares Marvin, Robert David 7 28/02/2017 10 0.095 1,355,360 100,000

DATA Communications Management Corp. (formerly DATA Group Ltd.)

Common Shares Cochrane, Gregory James 4 01/06/2016 00


Common Shares Cochrane, Gregory James 4 22/02/2017 45 2.26 193,334 193,334


Common Shares Ward, J. R. Kingsley 4 22/02/2017 45 2.26 195,305 193,334

DealNet Capital Corp. Common Shares Carl, Richard G. 4 01/03/2017 00 30,000

DealNet Capital Corp. Common Shares Carl, Richard G. 4 01/03/2017 00 230,000

DealNet Capital Corp. Options Carl, Richard G. 4 01/03/2017 00 150,000

DECISIVE DIVIDEND CORPORATION

Common Shares Matheos, Warren Frederick 4 28/02/2017 51 2 102,150 6,000


Options Matheos, Warren Frederick 4 28/02/2017 51 2 41,500 -6,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2225



Acquired/ Disposed


Options Matheos, Warren Frederick 4 28/02/2017 51 2 6,000


Options Matheos, Warren Frederick 4 28/02/2017 51 2 6,000

Delphi Energy Corp. Common Shares BEHR, John 5 19/01/2017 00 134,580

Delphi Energy Corp. Options BEHR, John 5 19/01/2017 00 550,000

Deveron UAS Corp. (formerly Deveron Resources Ltd.)

Common Shares Greencastle Resources Ltd. 3 01/03/2017 10 0.3 9,278,005 50,000

Deveron UAS Corp. (formerly Deveron Resources Ltd.)

Common Shares Greencastle Resources Ltd. 3 02/03/2017 10 0.395 9,296,005 18,000

DH Corporation (formerly Davis + Henderson Corporation)

Common Shares Costello, Ellen Marie 4 29/04/2016 10 31.25 1,300

DH Corporation (formerly Davis + Henderson Corporation)

Common Shares Costello, Ellen Marie 4 29/04/2016 10 31.25 14,400 1,200

DHX Media Ltd. Common Voting Shares Landry, Dana Sean 5 02/03/2017 10 5.54 451,460 3,500

DHX Media Ltd. Common Voting Shares Regan, David A. 5 02/03/2017 10 5.6 35,559 1,000




Diagnos Inc. Options Fontaine, Michel 5 28/02/2017 52 0.26 875,000 -30,000

Diagnos Inc. Options Massue, Marc-André 5 28/02/2017 52 0.26 750,000 -30,000

Diversified Royalty Corp. Common Shares Gropper, Mitchell Harold 4 31/12/2016 30 19,425 1,238

Diversified Royalty Corp. Common Shares Gropper, Mitchell Harold 4 04/01/2017 30 19,573 148

Diversified Royalty Corp. Common Shares Gropper, Mitchell Harold 4 02/02/2017 30 19,716 143

Dollarama Inc. Common Shares Dollarama Inc. 1 01/02/2017 38 96.412 30,000 30,000



















Dollarama Inc. Common Shares Dollarama Inc. 1 28/02/2017 38 0 -515,553

Dream Global Real Estate Investment Trust

Units KNOWLTON, JOHN MICHAEL ARTHUR

4 11/08/2016 00 15,000

Dream Hard Asset Alternatives Trust

Deferred Trust Units Alimchandani, Pauline 7 27/02/2017 56 6.26 24,876 6,000


Deferred Trust Units Cooper, Michael 7, 5 27/02/2017 56 6.26 24,876 6,000


Deferred Trust Units GAVAN, JANE 7 27/02/2017 56 6.26 22,149 6,000

Dream Office Real Estate Investment Trust

Trust Units Series A Dream Office Real Estate Investment Trust

1 28/02/2017 38 18.609 81,907 81,907



1 28/02/2017 38 0 -81,907



1 01/03/2017 38 18.949 77,607 77,607



1 01/03/2017 38 0 -77,607

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2226



Acquired/ Disposed



1 02/03/2017 38 19.088 81,907 81,907



1 02/03/2017 38 0 -81,907

Dundee Precious Metals Inc. Common Shares Howes, Richard Allan 4, 7, 5 28/02/2017 10 3.06 135,026 60,000

DXI Energy Inc. Common Shares Hodgkinson, Robert 3 02/03/2017 97 0.12 760,004 545,000

Eagle Energy Inc. Performance Restricted Share Unit

Bund, Jo-Anne Michelle 5 31/12/2016 56 29,020 1,520

Eagle Energy Inc. Restricted Share Units Bund, Jo-Anne Michelle 5 31/12/2016 56 87,060 4,560


Clark, Richard W. 4, 7, 5 31/12/2016 56 186,090 10,090

Eagle Energy Inc. Restricted Share Units Clark, Richard W. 4, 7, 5 31/12/2016 56 279,135 15,135

Eagle Energy Inc. Restricted Share Units Fitzpatrick, David Michael 4 31/12/2016 56 63,144 3,144

Eagle Energy Inc. Restricted Share Units Gibson, Bruce Kenneth 4 31/12/2016 56 63,144 3,144


Lovett, Michael Scott 5 31/12/2016 56 97,688 5,288

Eagle Energy Inc. Restricted Share Units Lovett, Michael Scott 5 31/12/2016 56 146,532 7,932

Eagle Energy Inc. Restricted Share Units Melton, John Atkins 7 31/12/2016 56 52,482 2,482

Eagle Energy Inc. Restricted Share Units Steckley, Warren D. 4 31/12/2016 56 63,144 3,144


Tomyn, Kelly Ann 7, 5 31/12/2016 56 79,469 4,219

Eagle Energy Inc. Restricted Share Units Tomyn, Kelly Ann 7, 5 31/12/2016 56 147,585 7,835


Wisniewski, James Wayne 7, 5 31/12/2016 56 146,313 7,913

Eagle Energy Inc. Restricted Share Units Wisniewski, James Wayne 7, 5 31/12/2016 56 219,469 11,869

Eastern Platinum Limited Options Lubbe, Anton 5 27/01/2017 00

Eastern Platinum Limited Options Lubbe, Anton 5 24/02/2017 50 0.4 100,000 100,000

Eastern Platinum Limited Options Wallenius, Lars Rowland 5 28/11/2016 00

Eastern Platinum Limited Options Wallenius, Lars Rowland 5 24/02/2017 50 0.4 100,000 100,000

Echelon Financial Holdings Inc.

Common Shares Coulson, Kenneth John 5 01/03/2017 57 11.7 3,428 2,323


Common Shares Coulson, Kenneth John 5 01/03/2017 57 11.7 4,432 1,004


Common Shares Coulson, Kenneth John 5 31/12/2016 30 6,194 1,682


Restricted Share Units Coulson, Kenneth John 5 01/03/2017 56 11.7 10,502 5,000


Restricted Share Units Coulson, Kenneth John 5 01/03/2017 57 5,502 -5,000


Restricted Share Units Coulson, Kenneth John 5 01/03/2017 57 3,336 -2,166


Restricted Share Units Lavoie, Serge 4 01/03/2017 51 30,000 12,500


Restricted Share Units Sharma, Alvin 5 01/03/2017 51 20,775 5,000


Restricted Share Units Sharma, Alvin 5 01/03/2017 51 18,098 -2,677

eCobalt Solutions Inc. (formerly Formation Metals Inc.)

Common Shares Christie, David William 4 28/02/2017 16 1 43,400 10,000


Warrants Private Placement Subscriptions

Christie, David William 4 28/02/2017 16 21,700 5,000


Common Shares Farquharson, John Paul 4, 5 28/02/2017 16 1 855,837 50,000



Farquharson, John Paul 4, 5 28/02/2017 16 75,000 25,000


Common Shares Hean, Scott Bradbury 4 28/02/2017 11 1 195,000 20,000



Hean, Scott Bradbury 4 28/02/2017 11 10,000 10,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2227



Acquired/ Disposed


Common Shares Honsinger, Gregory Eric 5 28/02/2017 16 1 149,230 15,000



Honsinger, Gregory Eric 5 28/02/2017 16 24,200 7,500


Common Shares Stone, David M. 4 15/02/2017 10 1.12 -11,166


Common Shares Stone, David M. 4 15/02/2017 10 1.12 -11,166


Common Shares Stone, David M. 4 15/02/2017 10 1.12 25,000 -11,166


Common Shares Tran, Marcus Tuan Quoc 5 28/02/2017 16 1 144,367 20,000



Tran, Marcus Tuan Quoc 5 28/02/2017 16 40,683 10,000

Eldorado Gold Corporation Options Aram, Karen Christine 5 28/02/2017 52 15.22 48,400 -18,065

Eldorado Gold Corporation Common Shares Bickford, David Alan 5 02/03/2017 36 3.88 100,155 8,294

Eldorado Gold Corporation Options Bickford, David Alan 5 28/02/2017 52 15.22 926,565 -41,556

Eldorado Gold Corporation Restricted Share Units Bickford, David Alan 5 02/03/2017 38 78,788 -8,294

Eldorado Gold Corporation Options Chubbs, Fabiana Elizabeth 5 28/02/2017 52 15.22 1,387,198 -156,981

Eldorado Gold Corporation Options Cory, Keith Ross 4 28/02/2017 52 15.22 103,930 -37,736

Eldorado Gold Corporation Common Shares Eldorado Gold Corporation 1 02/03/2017 36 1,786,871 -8,294







Eldorado Gold Corporation Options Gilmore, Robert Russ 4 28/02/2017 52 15.22 46,052 -37,736

Eldorado Gold Corporation Options Handley, Geoffrey Arthur 4 28/02/2017 52 15.22 118,601 -37,736

Eldorado Gold Corporation Common Shares Lewis, Peter Dubois 5 02/03/2017 36 3.88 111,451 6,504

Eldorado Gold Corporation Options Lewis, Peter Dubois 5 28/02/2017 52 15.22 777,652 -103,019

Eldorado Gold Corporation Restricted Share Units Lewis, Peter Dubois 5 02/03/2017 38 58,737 -6,504

Eldorado Gold Corporation Common Shares MOSS, DAWN LOUISE 5 02/03/2017 36 3.88 87,529 17,734

Eldorado Gold Corporation Options MOSS, DAWN LOUISE 5 28/02/2017 52 15.22 1,353,150 -164,830

Eldorado Gold Corporation Restricted Share Units MOSS, DAWN LOUISE 5 02/03/2017 38 147,286 -17,734

Eldorado Gold Corporation Common Shares Moura, Eduardo Eugenio Chaves

5 02/03/2017 36 3.88 89,365 29,169

Eldorado Gold Corporation Options Moura, Eduardo Eugenio Chaves

5 28/02/2017 52 15.22 757,698 -73,585

Eldorado Gold Corporation Restricted Share Units Moura, Eduardo Eugenio Chaves

5 02/03/2017 38 94,664 -29,169

Eldorado Gold Corporation Options Price, Michael 4 28/02/2017 52 15.22 180,864 -37,736

Eldorado Gold Corporation Options Rubenstein, Jonathan A. 4 28/02/2017 52 15.22 154,844 -37,736

Eldorado Gold Corporation Options Silva, Lincoln 5 28/02/2017 52 15.22 666,401 -50,899

Eldorado Gold Corporation Common Shares Skayman, Paul James 5 02/03/2017 36 3.88 168,150 19,930

Eldorado Gold Corporation Options Skayman, Paul James 5 28/02/2017 52 15.22 1,482,017 -137,358

Eldorado Gold Corporation Restricted Share Units Skayman, Paul James 5 02/03/2017 38 162,525 -19,930

Eldorado Gold Corporation Common Shares Stanca, Nicolae 5 02/03/2017 36 3.88 337,945 25,449

Eldorado Gold Corporation Restricted Share Units Stanca, Nicolae 5 02/03/2017 38 71,497 -25,449

Eldorado Gold Corporation Common Shares Wright, Paul Nicholas 4, 5 02/03/2017 36 3.88 1,317,391 78,854

Eldorado Gold Corporation Options Wright, Paul Nicholas 4, 5 28/02/2017 52 15.22 6,081,986 -824,151

Eldorado Gold Corporation Restricted Share Units Wright, Paul Nicholas 4, 5 02/03/2017 38 398,960 -78,854

Eldorado Gold Corporation Options Zaleski, Jacinta Maree 5 28/02/2017 52 15.22 306,109 -19,997

Enbridge Inc. Options $55.84 - February 28, 2027 Expiry

ROONEY, ROBERT ROSS 5 01/02/2017 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2228



Acquired/ Disposed

Enbridge Inc. Options $55.84 - February 28, 2027 Expiry

ROONEY, ROBERT ROSS 5 28/02/2017 50 55.84 167,200 167,200

Enbridge Inc. Rights 2017 Performance Units (PUs) - December 31, 2019 Expiry


Enbridge Inc. Rights 2017 Performance Units (PUs) - December 31, 2019 Expiry

ROONEY, ROBERT ROSS 5 28/02/2017 56 12,760 12,760

Enbridge Inc. Rights 2017 Restricted Stock Units (RSUs) 35 mos maturity period


Enbridge Inc. Rights 2017 Restricted Stock Units (RSUs) 35 mos maturity period

ROONEY, ROBERT ROSS 5 28/02/2017 56 5,920 5,920

Encana Corporation Common Shares Alexander, Joanne Linette 5 30/12/2016 30 10.96 3,692 13

Encana Corporation Common Shares Alexander, Joanne Linette 5 30/12/2016 30 11.07 21,166 148

Encana Corporation Options Alexander, Joanne Linette 5 27/02/2017 50 15.43 203,921 35,433

Encana Corporation Restricted Share Units Alexander, Joanne Linette 5 27/02/2017 56 70,650 17,823

Encana Corporation Rights - Performance Share Unit Plan

Alexander, Joanne Linette 5 27/02/2017 56 158,160 35,645

Encana Corporation Restricted Share Units Balmer, Jeffrey Scott 7 27/02/2017 56 101,219 20,107


Balmer, Jeffrey Scott 7 27/02/2017 56 193,256 40,213

Encana Corporation Shareholder Appreciation Rights

Balmer, Jeffrey Scott 7 27/02/2017 56 11.75 334,156 37,724

Encana Corporation Options Brillon, Sherri 5 27/02/2017 50 15.43 1,021,588 74,086

Encana Corporation Restricted Share Units Brillon, Sherri 5 27/02/2017 56 183,375 37,266


Brillon, Sherri 5 27/02/2017 56 366,747 74,531

Encana Corporation Options Code, Corey Douglas 7 27/02/2017 50 15.43 279,340 24,642

Encana Corporation Restricted Share Units Code, Corey Douglas 7 27/02/2017 56 60,994 12,395


Code, Corey Douglas 7 27/02/2017 56 121,985 24,790

Encana Corporation Restricted Share Units Greager, Eric Thomas 7 27/02/2017 56 76,279 16,756


Greager, Eric Thomas 7 27/02/2017 56 141,872 33,511


Greager, Eric Thomas 7 27/02/2017 56 11.75 167,650 31,436

Encana Corporation Restricted Share Units Hill, David Glen 5 27/02/2017 56 11.75 31,915

Encana Corporation Restricted Share Units Hill, David Glen 5 27/02/2017 56 11.75 159,511 31,915


Hill, David Glen 5 27/02/2017 56 11.75 63,830


Hill, David Glen 5 27/02/2017 56 11.75 319,023 63,830


Hill, David Glen 5 27/02/2017 56 11.75 575,255 59,878

Encana Corporation Restricted Share Units Jones, John Burton 7 27/02/2017 56 11.75 32,965 6,596


Jones, John Burton 7 27/02/2017 56 11.75 65,932 13,192


Jones, John Burton 7 27/02/2017 56 11.75 166,297 12,375

Encana Corporation Restricted Share Units Kimmitt, Russell Paul 7 27/02/2017 56 11.75 44,186 9,096


Kimmitt, Russell Paul 7 27/02/2017 56 11.75 88,372 18,192


Kimmitt, Russell Paul 7 27/02/2017 56 11.75 140,111 17,066

Encana Corporation Options McAllister, Michael 5 27/02/2017 50 15.43 1,180,630 96,634

Encana Corporation Restricted Share Units McAllister, Michael 5 27/02/2017 56 15.43 239,183 48,607


McAllister, Michael 5 27/02/2017 56 15.43 478,365 97,214

Encana Corporation Options McCracken, Brendan Michael

7 27/02/2017 50 15.43 284,168 28,495

Encana Corporation Restricted Share Units McCracken, Brendan Michael

7 27/02/2017 56 15.43 70,530 14,333

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2229



Acquired/ Disposed


McCracken, Brendan Michael

7 27/02/2017 56 15.43 141,059 28,666

Encana Corporation Restricted Share Units Nicks, David Allen 7 27/02/2017 56 43,265 6,703


Nicks, David Allen 7 27/02/2017 56 86,531 13,405


Nicks, David Allen 7 27/02/2017 56 11.75 248,414 12,575

Encana Corporation Restricted Share Units Rogers, Andrew Lee 7 27/02/2017 56 63,135 10,852


Rogers, Andrew Lee 7 27/02/2017 56 112,918 21,703


Rogers, Andrew Lee 7 27/02/2017 56 11.75 161,651 20,359

Encana Corporation Options Suttles, Douglas James 4, 5 27/02/2017 50 15.43 4,858,231 359,575

Encana Corporation Restricted Share Units Suttles, Douglas James 4, 5 27/02/2017 56 816,021 180,867


Suttles, Douglas James 4, 5 27/02/2017 56 1,632,040 361,733

Encana Corporation Common Shares Williams, Michael 5 28/02/2017 10 14.67 13,603 3,400

Encana Corporation Options Williams, Michael 5 27/02/2017 50 15.43 333,728 40,264

Encana Corporation Restricted Share Units Williams, Michael 5 27/02/2017 56 111,580 20,253


Williams, Michael 5 27/02/2017 56 247,001 40,506

Encana Corporation Restricted Share Units Zemljak, Renee 7 27/02/2017 56 159,512 31,915


Zemljak, Renee 7 27/02/2017 56 319,022 63,830


Zemljak, Renee 7 27/02/2017 56 11.75 724,589 59,878

Enercare Inc. (formerly The Consumers' Waterheater Income Fund)

Common Shares Sutherland, Evelyn Louise 5 01/03/2017 90 18.86 8,675 -1,325

Enercare Inc. (formerly The Consumers' Waterheater Income Fund)

Common Shares Sutherland, Evelyn Louise 5 01/03/2017 90 18.86 9,925 1,325

Enterprise Group, Inc. Common Shares JAROSZUK, LEONARD 4, 5 24/02/2017 10 0.345 4,533,356 20,000

Enterprise Group, Inc. Common Shares JAROSZUK, LEONARD 4, 5 02/03/2017 10 0.34 3,409,277 10,000

eQube Gaming Limited Common Shares janko, andrew charles 4 01/03/2017 10 0.15 2,957,271 11,000



Equitable Group Inc. Rights Performance Share Units

Braude, Aviva 7 31/12/2016 30 167 2

Equitable Group Inc. Rights Restricted Share Units

Braude, Aviva 7 15/12/2016 58 - Expiration of rights

314 -148


Braude, Aviva 7 31/12/2016 30 3


Braude, Aviva 7 31/12/2016 30 3


Braude, Aviva 7 31/12/2016 30 317 3


Braude, Aviva 7 31/12/2016 30 320 3


Dickinson, Daniel Lee 7 31/12/2016 30 422 3







Equitable Group Inc. Common Shares Downie, David 5 01/03/2017 51 29.32 22,435 595

Equitable Group Inc. Options Options granted Downie, David 5 01/03/2017 51 29.32 10,520 -595


Farella, Isabelle 5 31/12/2016 30 618 8


Farella, Isabelle 5 31/12/2016 30 623 5

Equitable Group Inc. Rights Deferred Share Units

Kapoor, Kishore 4 31/12/2016 36 335 1

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2230



Acquired/ Disposed

Equitable Group Inc. Common Shares Kukulowicz, Kimberly 7 01/03/2017 51 29.32 3,125 2,380

Equitable Group Inc. Common Shares Kukulowicz, Kimberly 7 01/03/2017 10 70.83 745 -2,380

Equitable Group Inc. Common Shares Kukulowicz, Kimberly 7 01/03/2017 51 36.11 2,973 2,228

Equitable Group Inc. Common Shares Kukulowicz, Kimberly 7 01/03/2017 10 70.75 745 -2,228

Equitable Group Inc. Options Options granted Kukulowicz, Kimberly 7 01/03/2017 51 29.32 10,568 -2,380

Equitable Group Inc. Options Options granted Kukulowicz, Kimberly 7 01/03/2017 51 36.11 8,340 -2,228


Kukulowicz, Kimberly 7 31/12/2016 30 2


Kukulowicz, Kimberly 7 31/12/2016 30 2


Kukulowicz, Kimberly 7 31/12/2016 30 471 4








Leland, Brian 7 31/12/2016 30 427 2


Leland, Brian 7 31/12/2016 30 431 4


Leland, Brian 7 31/12/2016 30 425 4


Leland, Brian 7 31/12/2016 30 431 6


Lorimer, Darren 7 31/12/2016 30 298 4


Lorimer, Darren 7 31/12/2016 30 298 4

Equitable Group Inc. Common Shares Malozewski, Tamara 7 02/03/2017 10 71.65 2,167 -1,200

Equitable Group Inc. Options Options granted Malozewski, Tamara 7 09/03/2016 50 53.15 2,310

Equitable Group Inc. Options Options granted Malozewski, Tamara 7 09/03/2016 50 53.15 2,310


Malozewski, Tamara 7 03/03/2016 56 53.15 391


Malozewski, Tamara 7 03/03/2016 56 53.15 391


Malozewski, Tamara 7 31/12/2016 30 346 9

Equitable Group Inc. Options Options granted Moor, Andrew 5 28/02/2017 50 71.68 252,023 31,594


Moor, Andrew 5 31/12/2016 30 13,780 95


Moor, Andrew 5 31/12/2016 30 13,889 109


Moor, Andrew 5 28/02/2017 56 19,738 5,849


Ruch, Daniel 7 31/12/2016 30 501 4


Ruch, Daniel 7 31/12/2016 30 505 4


Ruch, Daniel 7 31/12/2016 30 501 9


Ruch, Daniel 7 31/12/2016 30 505 4


Sera, Maria Vincenza 4 24/05/2016 56 56.85 2,269 615


Sera, Maria Vincenza 4 31/12/2016 30 2,301 32


Sperling, Jody Lynn 5 31/12/2016 30 428 3







Insider Reporting

March 9, 2017

(2017), 40 OSCB 2231



Acquired/ Disposed

Equitable Group Inc. Options Options granted Tratch, Ronald Walter 7 28/02/2017 50 71.68 29,923 6,059


Tratch, Ronald Walter 7 31/12/2016 30 14


Tratch, Ronald Walter 7 31/12/2016 30 14


Tratch, Ronald Walter 7 31/12/2016 30 2,588 22


Tratch, Ronald Walter 7 31/12/2016 30 2,604 16


Tratch, Ronald Walter 7 28/02/2017 56 3,726 1,122

Equitable Group Inc. Common Shares Wilson, Timothy James 5 28/02/2017 51 29.32 3,504 1,500

Equitable Group Inc. Common Shares Wilson, Timothy James 5 28/02/2017 10 70 2,004 -1,500

Equitable Group Inc. Options Options granted Wilson, Timothy James 5 28/02/2017 51 29.32 64,573 -1,500

Equitable Group Inc. Options Options granted Wilson, Timothy James 5 28/02/2017 50 71.68 73,277 8,704


Wilson, Timothy James 5 31/12/2016 30 3,631 25


Wilson, Timothy James 5 31/12/2016 30 3,660 29


Wilson, Timothy James 5 28/02/2017 56 5,271 1,611

Essential Energy Services Ltd.

Rights DSU Amundson, Garnet K. 4, 5 29/04/2010 00


Rights DSU Amundson, Garnet K. 4, 5 31/12/2016 30 830,769 830,769


Rights RSU Amundson, Garnet K. 4, 5 31/12/2016 30 702,685 220,081


Rights DSU Banister, James Alexander 4 31/12/2016 30 257,842 160,450


Rights DSU Black, Michael James 4 31/12/2016 30 185,228 120,300


Rights DSU German, Robert Thomas 4 31/12/2016 30 202,878 120,381


Rights DSU KIRTON, Nicholas Grenville 4 31/12/2016 30 185,228 120,300


Rights DSU Michaleski, Robert B. 4 31/12/2016 30 208,760 120,408


Common Shares Mowbray, Allan George 5 31/12/2016 30 48,293 25,218


Common Shares Mowbray, Allan George 5 31/12/2016 30 62,197 28,005


Rights DSU Mowbray, Allan George 5 08/04/2013 00


Rights DSU Mowbray, Allan George 5 31/12/2016 30 256,154 256,154


Rights RSU Mowbray, Allan George 5 31/12/2016 30 219,484 81,873


Common Shares NEWMAN, JEFFREY BURT 5 31/12/2016 30 64,085 23,648


Common Shares NEWMAN, JEFFREY BURT 5 31/12/2016 30 139,788 1,266


Rights DSU NEWMAN, JEFFREY BURT 5 29/04/2010 00


Rights DSU NEWMAN, JEFFREY BURT 5 31/12/2016 30 380,769 380,769


Rights RSU NEWMAN, JEFFREY BURT 5 31/12/2016 30 340,100 102,427


Common Shares PERASALO, KAREN DENISE

5 31/12/2016 30 109,190 21,892


Rights DSU PERASALO, KAREN DENISE

5 01/01/2013 00


Rights DSU PERASALO, KAREN DENISE

5 31/12/2016 30 380,769 380,769


Rights RSU PERASALO, KAREN DENISE

5 31/12/2016 30 251,229 82,020

Eurotin Inc. Common Shares Wellings, Mark 3, 4 24/03/2016 46 8,000,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2232



Acquired/ Disposed

Eurotin Inc. Common Shares Wellings, Mark 3, 4 07/01/2015 00


Eurotin Inc. Common Shares Wellings, Mark 3, 4 11/03/2016 37 -7,200,000

Eurotin Inc. Common Shares Wellings, Mark 3, 4 11/03/2016 37 100,000 -900,000





Eurotin Inc. Common Shares Wellings, Mark 3, 4 08/05/2015 97 90,979,000 90,979,000

Eurotin Inc. Common Shares Wellings, Mark 3, 4 11/03/2016 37 -2,160,000

Eurotin Inc. Common Shares Wellings, Mark 3, 4 11/03/2016 37 9,097,900 -81,881,100

Everton Resources Inc. Options Letellier, Lucie 5 01/03/2017 00 200,000

Exeter Resource Corporation Common Shares Bavin, Julian Richard Frank 4 25/03/2010 00

Exeter Resource Corporation Common Shares Bavin, Julian Richard Frank 4 30/01/2017 10 1.23 200 200

Exeter Resource Corporation Common Shares Bavin, Julian Richard Frank 4 30/01/2017 10 1.2489 4,000 3,800



Exeter Resource Corporation Common Shares Bavin, Julian Richard Frank 4 21/02/2017 10 1.5216 17,500 600

Exeter Resource Corporation Common Shares Roxburgh, Bryce 4, 5 27/02/2017 10 1.45 3,598,500 71,000






EXFO Inc. (formerly know as EXFO Electro-Optical Engineering Inc.)

Deferred Share Units Allard, Pierre-Paul 4 28/02/2017 56 5.45 51,855 1,307


Deferred Share Units Côté, François 4 28/02/2017 56 7.12 13,035 987


Deferred Share Units Logothetis, Angela 4 11/01/2017 00


Deferred Share Units Logothetis, Angela 4 28/02/2017 56 7.12 537 537


Deferred Share Units Séguin, Claude 4 28/02/2017 56 7.12 23,981 987


Deferred Share Units Tornes, Randy Earl 4 28/02/2017 56 5.45 55,407 2,615

Fairfax Africa Holdings Corporation


Bentinck, Guy 5 17/02/2017 00



Bentinck, Guy 5 17/02/2017 15 10 10,000 10,000


Multiple Voting Shares Fairfax Financial Holdings Limited

3 17/02/2017 00



3 17/02/2017 16 10 1,000,000 1,000,000



3 17/02/2017 00



3 17/02/2017 16 10 1,500,000 1,500,000



3 17/02/2017 00



3 17/02/2017 16 10 3,490,000 3,490,000



3 17/02/2017 00



3 17/02/2017 16 10 2,000,000 2,000,000



3 17/02/2017 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2233



Acquired/ Disposed



3 17/02/2017 11 10 685,610 685,610



3 17/02/2017 00



3 17/02/2017 11 10 171,403 171,403



3 17/02/2017 00



3 17/02/2017 16 10 1,620,000 1,620,000



3 17/02/2017 11 10 2,048,506 428,506



3 17/02/2017 00



3 17/02/2017 16 10 2,000,000 2,000,000



3 17/02/2017 00



3 17/02/2017 16 10 1,000,000 1,000,000



3 17/02/2017 00



3 17/02/2017 11 10 685,610 685,610



3 17/02/2017 00



3 17/02/2017 16 10 4,300,000 4,300,000



3 17/02/2017 11 10 7,299,544 2,999,544



3 17/02/2017 00



3 17/02/2017 11 10 257,104 257,104



3 17/02/2017 00



3 17/02/2017 16 10 300,000 300,000



3 17/02/2017 00



3 17/02/2017 16 10 2,005,394 2,005,394



3 17/02/2017 11 10 2,433,900 428,506



3 17/02/2017 00



3 17/02/2017 11 10 514,207 514,207



3 17/02/2017 00



3 17/02/2017 16 10 3,500,000 3,500,000



3 17/02/2017 11 10 4,614,116 1,114,116



Fairfax Financial Holdings Limited

3 17/02/2017 00




3 17/02/2017 15 10 360,000 360,000




3 17/02/2017 00




3 17/02/2017 15 10 10,000 10,000




3 17/02/2017 00




3 17/02/2017 15 10 1,130,000 1,130,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2234



Acquired/ Disposed




3 17/02/2017 00




3 17/02/2017 15 10 500,000 500,000




3 17/02/2017 00




3 17/02/2017 15 10 500,000 500,000



Hodgson, Christopher Douglas

4 17/02/2017 00




4 17/02/2017 00




4 17/02/2017 00




4 17/02/2017 15 10 1,000 1,000



Lace, Roger 7 27/02/2017 00



Lace, Roger 7 27/02/2017 10 9.7902 10,000 10,000



McLean, Robert Quinn 4 17/02/2017 00



McLean, Robert Quinn 4 17/02/2017 15 10 11,000 11,000



Nwuneli, Ndidi 4 17/02/2017 00



Nwuneli, Ndidi 4 17/02/2017 15 10 2,000 2,000



Rivett, Paul 4 17/02/2017 00



Rivett, Paul 4 17/02/2017 15 10 5,000 5,000



Venter, Christiaan 7 17/02/2017 00



Venter, Christiaan 7 17/02/2017 15 10 29,718 29,718



Watsa, V. Prem 4 17/02/2017 00



Watsa, V. Prem 4 17/02/2017 15 10 100,000 100,000


Multiple Voting Shares Wilkerson, Michael 4, 5 17/02/2017 00


Multiple Voting Shares Wilkerson, Michael 4, 5 17/02/2017 00



Wilkerson, Michael 4, 5 17/02/2017 00



Wilkerson, Michael 4, 5 17/02/2017 15 10 20,000 20,000



Wilkerson, Michael 4, 5 17/02/2017 00



Wilkerson, Michael 4, 5 17/02/2017 11 10 143,504 143,504



Barnard, Andrew 2 01/03/2017 10 459.65 47,643 -1,733



Barnard, Andrew 2 02/03/2017 10 458.58 47,623 -20

Fiera Capital Corporation (formerly Fiera Sceptre Inc.)

Special Shares Class B Voting

FIERA CAPITAL S.E.C. 3 01/03/2017 36 19,790,625 -20,278

Findev Inc. (formerly, TransGaming Inc.)

Common Shares catégorie A

Weinreb, Yisroel 4, 5 27/02/2017 10 0.58 296,000 5,500

Firan Technology Group Corporation

Common Shares Dimopoulos, Peter 5 24/02/2017 10 4.1 105,000 -40,000


Common Shares Woodland, Christopher 5 27/02/2017 10 3.95 82,500 -5,000


Common Shares Woodland, Christopher 5 28/02/2017 10 3.95 77,500 -5,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2235



Acquired/ Disposed

First Global Data Limited (formerly Rockstar Capital Corp.)

Common Shares Alli, Nayeem 4, 5 23/02/2017 10 -250,000


Common Shares Alli, Nayeem 4, 5 23/02/2017 10 0.5949 500,000 -250,000


Options Alli, Nayeem 4, 5 06/12/2016 53 0.1 500,000








Warrants Alli, Nayeem 4, 5 21/11/2012 00


Warrants Alli, Nayeem 4, 5 07/12/2016 16 0.1 500,000


Warrants Alli, Nayeem 4, 5 20/12/2016 16 0.1 500,000 500,000


Options Itwaru, Andre 4, 5 06/12/2016 16 0.1 500,000




Options Itwaru, Andre 4, 5 07/12/2016 50 0.4875 3,500,000


Options Itwaru, Andre 4, 5 07/12/2016 30 0.4875 3,500,000


Options Itwaru, Andre 4, 5 07/12/2016 50 0.4875 4,500,000 3,500,000










Warrants Itwaru, Andre 4, 5 21/11/2012 00


Warrants Itwaru, Andre 4, 5 20/12/2016 53 0.1 500,000


Warrants Itwaru, Andre 4, 5 20/12/2016 53 0.1 500,000 500,000


Common Shares Naik, Mahendra 4 23/02/2017 10 0.89 35,000 -50,000

First Majestic Silver Corp. Common Shares Co, Rose Marjorie 4 01/03/2017 00

First Majestic Silver Corp. Options Co, Rose Marjorie 4 01/03/2017 00

First Majestic Silver Corp. Options Co, Rose Marjorie 4 01/03/2017 50 12.04 21,997 21,997

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2236



Acquired/ Disposed

First Majestic Silver Corp. Options VanDoorselaere, Dustin Simon

5 01/03/2017 50 12.04 250,000 50,000

First Mexican Gold Corp. Common Shares Voisin, James Arthur Robert 4 27/02/2017 10 0.025 992,800 -41,000

First Mexican Gold Corp. Common Shares Voisin, James Arthur Robert 4 28/02/2017 10 0.025 946,300 -46,500

First Mexican Gold Corp. Common Shares Voisin, James Arthur Robert 4 23/02/2017 10 0.025 6,063,313 -36,000

FIRSTSERVICE CORPORATION


FirstService Corporation 1 01/03/2017 10 57.419 400 400



FirstService Corporation 1 01/03/2017 10 57.4 1,400 1,000






FirstService Corporation 1 01/03/2017 10 57.4 2,600 200


















FirstService Corporation 1 01/03/2017 10 57 4,454 1,000










































Roy, Kevin 7 24/02/2017 10 56.1 22,358 -1,000



Roy, Kevin 7 24/02/2017 10 56.35 21,358 -1,000



Roy, Kevin 7 24/02/2017 10 56.6 20,358 -1,000

Fortis Inc. Common Shares Bennett, David 5 01/03/2017 30 42.48 18,741 1,232

Fortis Inc. Common Shares Bennett, David 5 01/03/2017 30 41.775 18,846 105

Fortis Inc. Common Shares Duke, Nora 5 01/03/2017 30 42.48 98,022 288

Fortis Inc. Common Shares Duke, Nora 5 01/03/2017 30 41.775 98,686 664

Fortis Inc. Common Shares Francis, Trina Michelle 5 01/03/2017 00 170

Fortis Inc. Common Shares Francis, Trina Michelle 5 01/03/2017 30 42.48 171 1

Fortis Inc. Common Shares Gosse, Karen J. 5 01/03/2017 30 42.48 20,743 753

Fortis Inc. Common Shares Gosse, Karen J. 5 01/03/2017 30 41.775 20,897 154

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2237



Acquired/ Disposed

Fortis Inc. Common Shares Gosse, Karen J. 5 01/03/2017 30 42.48 106 1

Fortis Inc. Common Shares Gosse, Karen J. 5 01/03/2017 30 42.48 106 1

Fortis Inc. Common Shares Ludlow, Earl 5 01/03/2017 30 42.48 99,649 355

Fortis Inc. Common Shares Ludlow, Earl 5 01/03/2017 30 41.775 17,908 169

Fortis Inc. Common Shares Norris, David 4 01/03/2017 30 41.775 9,336 43

Fortis Inc. Common Shares O'Dea, Regan 5 01/03/2017 30 42.48 2,544 575

Fortis Inc. Common Shares O'Dea, Regan 5 01/03/2017 30 41.775 2,545 1

Fortis Inc. Common Shares Perry, Barry 4, 5 01/03/2017 30 42.48 204,727 208





Fortis Inc. Common Shares Perry, Barry 4, 5 03/03/2017 51 32.95 216,223 10,000

Fortis Inc. Common Shares Perry, Barry 4, 5 01/03/2017 30 41.775 672 6

Fortis Inc. Common Shares Perry, Barry 4, 5 01/03/2017 30 41.775 287 2




Fortis Inc. Options Perry, Barry 4, 5 03/03/2017 51 940,780 -10,000

Fortis Inc. Common Shares Roberts, Jamie 7 01/03/2017 30 42.48 31,068 59



Fortis Inc. Common Shares Smith, Karl W. 5 01/03/2017 30 42.48 114,748 2,036

Fortis Inc. Common Shares Smith, Karl W. 5 01/03/2017 30 41.775 115,429 681

Fortis Inc. Common Shares Smith, Karl W. 5 01/03/2017 30 42.48 1,883 19

Fortis Inc. Common Shares Spinney, James 5 01/03/2017 30 42.48 30,400 1,021

Founders Advantage Capital Corp. (formerly FCF Capital Inc.)

Common Shares Class A Prins, Darren 5 06/06/2016 00


Common Shares Class A Prins, Darren 5 02/03/2017 10 3.545 5,000 5,000


Common Shares Class A Reid, Stephen 4, 5 02/03/2017 10 3.4373 2,019,760 10,000


Common Shares Class A Ward, J. R. Kingsley 4 02/03/2017 10 3.4373 734,266 20,000


Common Shares Class A Ward, J. R. Kingsley 4 02/03/2017 10 3.45 744,266 10,000

Fronsac Real Estate Investment Trust

Participation Units Parravano, Jason 5 24/02/2017 46 0.59 100,000 50,000

Galantas Gold Corporation Common Shares Beaty, Ross J. 3 24/02/2017 11 0.0725 32,151,567 3,326,170

Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 02/03/2017 10 0.34 9,365,384 10,000

Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 02/03/2017 10 0.35 9,370,384 5,000

Genworth MI Canada Inc. Common Shares Walker, John Logan 4 27/02/2017 10 37.79 0 -5,000

Geologix Explorations Inc. Options Abbott, Evelyn Elizabeth 5 01/03/2017 50 0.08 2,050,000 450,000

Geologix Explorations Inc. Options Craig, Dunham Lewis 4, 5 01/03/2017 50 0.08 2,950,000 600,000

Geologix Explorations Inc. Options Kearvell, Gillian 5 01/03/2017 00

Geologix Explorations Inc. Options Kearvell, Gillian 5 01/03/2017 50 0.08 500,000 500,000

Geologix Explorations Inc. Options Patankar, Kiran Uday 4, 5 01/03/2017 50 0.08 1,450,000 850,000

Geologix Explorations Inc. Options Smallwood, Randy 4 01/03/2017 50 0.08 1,550,000 350,000

Geologix Explorations Inc. Options Thody, Graham Campbell 4 01/03/2017 50 0.08 2,100,000 400,000

GeoNovus Media Corp. Common Shares Marlowe, Timothy 4 18/06/2015 00

GeoNovus Media Corp. Common Shares Marlowe, Timothy 4 18/06/2015 00 500,000

Gildan Activewear Inc. Common Shares Chamandy, Glenn J. 4, 5 13/12/2002 00

Gildan Activewear Inc. Common Shares Chamandy, Glenn J. 4, 5 24/02/2017 90 33.69 2,000,000 2,000,000

Gildan Activewear Inc. Common Shares Chamandy, Glenn J. 4, 5 27/02/2017 90 33.26 2,970,000 970,000

Gildan Activewear Inc. Common Shares Chamandy, Glenn J. 4, 5 24/02/2017 90 33.69 970,000 -2,000,000

Gildan Activewear Inc. Common Shares Chamandy, Glenn J. 4, 5 27/02/2017 90 33.26 0 -970,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2238



Acquired/ Disposed

Gildan Activewear Inc. Common Shares Lehman, Eric Ralph 5 02/03/2017 10 25.85 58,268 -22,000

Gitennes Exploration Inc. Common Shares booth, kenneth david 4, 5 23/02/2017 10 0.06 3,361,000 45,000

Glance Technologies Inc. Common Shares Green, Penny Olga 3, 4, 6, 5 24/02/2017 10 0.18 11,966,381 555,555

Glance Technologies Inc. Warrants Green, Penny Olga 3, 4, 6, 5 04/08/2016 00

Glance Technologies Inc. Warrants Green, Penny Olga 3, 4, 6, 5 24/02/2017 10 277,777 277,777

Glance Technologies Inc. Common Shares Haggarty, Peter 5 28/02/2017 97 0.24 106,395 34,729

Glance Technologies Inc. Common Shares Haggarty, Peter 5 28/02/2017 97 0.24 213,607 69,441

Glance Technologies Inc. Common Shares Kerr, Keith (Zeke) 5 05/10/2016 00

Glance Technologies Inc. Common Shares Kerr, Keith (Zeke) 5 28/02/2017 97 0.24 56,945 56,945

Global Dividend Growers Income Fund

Trust Units Global Dividend Growers Income Fund

1 24/02/2017 38 11.8 4,512,994 300



1 28/02/2017 38 11.971 4,520,094 7,100



1 01/03/2017 38 12.11 4,520,494 400



1 02/03/2017 38 12.104 4,521,894 1,400

Global Hemp Group Inc. Common Shares Class A Larsen, Charles 4, 5 09/02/2017 10 0.0241 5,988,913 -511,087






Global Real Estate Dividend Growers Corp.

Common Shares Equity Shares


1 24/02/2017 38 7.8641 3,809,117 1,700




1 27/02/2017 38 7.8082 3,813,517 4,400




1 28/02/2017 38 7.829 3,817,417 3,900




1 01/03/2017 38 7.8333 3,823,817 6,400




1 02/03/2017 38 7.8706 3,828,717 4,900



Lauzon, Robert 6, 7 22/02/2017 10 7.82 12,150 350

Global Remote Technologies Ltd.

Common Shares Dorris, Chris 4, 5 24/02/2017 11 0.1 3,001,000 -250,000

Global Remote Technologies Ltd.

Common Shares Dorris, Chris 4, 5 24/02/2017 11 0.1 4,850,000 -250,000

Globalance Dividend Growers Corp.



1 28/02/2017 38 8.5138 294,200 2,100




1 02/03/2017 38 8.69 294,500 300

Gluskin Sheff + Associates Inc.

Restricted Share Units Bantis, Jim Demetris 5 02/03/2017 35 67,090 898


Deferred Share Units Beeston, Paul 5 02/03/2017 35 31,204 410


Deferred Share Units Davis, Virginia Ann 4 02/03/2017 35 7,535 99


Deferred Share Units Gobert, Wilfred Arthur 4 02/03/2017 35 32,738 431


Deferred Share Units Halperin, Stephen 4 02/03/2017 35 14,963 197


Restricted Share Units LiChong, Jeannine Nietlan 5 02/03/2017 35 97,879 1,311


Deferred Share Units Lockhart, Nancy 4 02/03/2017 35 15,722 207


Deferred Share Units MacMillan, Thomas C. 4, 5 02/03/2017 35 5,706 75


Restricted Share Units Mann, Peter McDaniel 5 02/03/2017 35 97,878 1,311


Restricted Share Units Moody, Jeffrey 5 02/03/2017 35 111,015 1,486


Restricted Share Units Morris, David Roy 5 02/03/2017 35 9,117 122

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2239



Acquired/ Disposed


Restricted Share Units Quinn, Lindsay 5 02/03/2017 35 6,878 92


Restricted Share Units Rosenberg, David Aaron 5 02/03/2017 35 6,254 84


Deferred Share Units Themens, Pierre-Andre 4 02/03/2017 35 33,490 440


Restricted Share Units Woodward, John Anthony 5 02/03/2017 35 3,531 47


Restricted Share Units Zaltz, Peter Aaron 5 02/03/2017 35 78,480 1,051

goeasy Ltd. (formerly, easyhome Ltd.)

Deferred Share Unit Plan Appel, David Harry 4 28/02/2017 56 51,378 109


Deferred Share Unit Plan Basian, Karen 4 28/02/2017 56 12,654 109


Deferred Share Unit Plan Doniz, Susan 4 28/02/2017 56 1,497 109


Deferred Share Unit Plan Johnson, Donald Kenneth 3, 4 28/02/2017 56 58,846 109


Deferred Share Unit Plan Morrison, Sean 4 28/02/2017 56 3,920 109


Deferred Share Unit Plan Thomson, David J. 4 28/02/2017 56 19,066 109

Goldcorp Inc. Common Shares Athaide, Rohan Clarence 5 27/02/2017 57 21.878 8,019 1,479

Goldcorp Inc. Common Shares Athaide, Rohan Clarence 5 27/02/2017 10 21.878 7,312 -707

Goldcorp Inc. Rights Athaide, Rohan Clarence 5 27/02/2017 57 19,006 -1,479

Goldcorp Inc. Common Shares Ball, Russell David 5 27/02/2017 57 21.878 52,288 8,221

Goldcorp Inc. Common Shares Ball, Russell David 5 27/02/2017 10 21.878 48,359 -3,929

Goldcorp Inc. Rights Ball, Russell David 5 27/02/2017 57 53,436 -8,221

Goldcorp Inc. Common Shares Belleau, Guy 7 31/12/2016 30 20.29 25,470 1,301

Goldcorp Inc. Common Shares Belleau, Guy 7 27/02/2017 57 21.878 29,205 3,735

Goldcorp Inc. Common Shares Belleau, Guy 7 27/02/2017 10 21.878 27,201 -2,004

Goldcorp Inc. Options Belleau, Guy 7 28/02/2017 52 48.72 128,371 -17,727

Goldcorp Inc. Rights Belleau, Guy 7 27/02/2017 57 28,493 -3,735

Goldcorp Inc. Common Shares BERGERON, BRENT 5 27/02/2017 57 21.878 9,056 3,288

Goldcorp Inc. Common Shares BERGERON, BRENT 5 27/02/2017 10 21.878 7,484 -1,572

Goldcorp Inc. Options BERGERON, BRENT 5 28/02/2017 52 48.72 211,245 -18,060

Goldcorp Inc. Rights BERGERON, BRENT 5 27/02/2017 57 34,786 -3,288

Goldcorp Inc. Common Shares Bristol, Wade William 5 03/03/2017 57 14.894 14,496 4,801

Goldcorp Inc. Common Shares Bristol, Wade William 5 03/03/2017 10 14.894 12,959 -1,537

Goldcorp Inc. Rights Bristol, Wade William 5 03/03/2017 57 27,227 -4,801

Goldcorp Inc. Common Shares Canepari, Luis Maximo 5 27/02/2017 57 21.878 7,320 3,130

Goldcorp Inc. Common Shares Canepari, Luis Maximo 5 27/02/2017 10 21.878 10,450 3,130

Goldcorp Inc. Rights Canepari, Luis Maximo 5 27/02/2017 57 24,197 -3,130

Goldcorp Inc. Common Shares Cormier, Christopher 5 27/02/2017 57 21.878 8,878 3,880

Goldcorp Inc. Common Shares Cormier, Christopher 5 27/02/2017 10 21.878 4,998 -3,880

Goldcorp Inc. Options Cormier, Christopher 5 28/02/2017 52 48.72 133,656 -18,696

Goldcorp Inc. Rights Cormier, Christopher 5 27/02/2017 57 29,400 -3,880

Goldcorp Inc. Common Shares Gascon, William P. 7 27/02/2017 57 21.87 9,457 2,959

Goldcorp Inc. Common Shares Gascon, William P. 7 27/02/2017 10 21.87 7,870 -1,587

Goldcorp Inc. Rights Gascon, William P. 7 27/02/2017 57 32,057 2,959

Goldcorp Inc. Common Shares Gula, Peter 7 27/02/2017 57 21.878 1,967

Goldcorp Inc. Common Shares Gula, Peter 7 27/02/2017 57 21.878 2,890 1,967

Goldcorp Inc. Common Shares Gula, Peter 7 27/02/2017 10 21.878 4,857 1,967

Goldcorp Inc. Rights Gula, Peter 7 27/02/2017 57 1,967

Goldcorp Inc. Rights Gula, Peter 7 27/02/2017 57 19,249 -1,967

Goldcorp Inc. Performance Share Units (Cash Settled)

Hackney, Kim Lionel 5 21/02/2017 56 26,579

Goldcorp Inc. Performance Share Units (Cash Settled)

Hackney, Kim Lionel 5 21/02/2017 56 21,997 13,421

Goldcorp Inc. Rights Hackney, Kim Lionel 5 21/02/2017 56 26,579

Goldcorp Inc. Rights Hackney, Kim Lionel 5 21/02/2017 56 70,545 39,737

Goldcorp Inc. Common Shares HILLE, SIMON OSWALD 5 27/02/2017 57 21.878 7,837 3,420

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2240



Acquired/ Disposed

Goldcorp Inc. Common Shares HILLE, SIMON OSWALD 5 27/02/2017 10 21.878 4,417 -3,420

Goldcorp Inc. Rights HILLE, SIMON OSWALD 5 27/02/2017 57 28,211 -3,420

Goldcorp Inc. Common Shares KLEIN, JOANNE MARGARET

5 27/02/2017 57 21.878 17,030 2,933

Goldcorp Inc. Common Shares KLEIN, JOANNE MARGARET

5 27/02/2017 10 21.878 15,628 -1,402

Goldcorp Inc. Options KLEIN, JOANNE MARGARET

5 28/02/2017 52 48.72 94,227 -8,779

Goldcorp Inc. Rights KLEIN, JOANNE MARGARET

5 27/02/2017 57 23,695 -2,933

Goldcorp Inc. Common Shares Lauzier, Marc 7 27/02/2017 10 21.878 3,706 -3,241

Goldcorp Inc. Options Lauzier, Marc 7 28/02/2017 52 48.72 147,384 15,090

Goldcorp Inc. Rights Lauzier, Marc 7 27/02/2017 57 34,280 3,241

Goldcorp Inc. Common Shares Lawson, Gilbert John Frederick

5 27/02/2017 57 21.878 8,223 3,670

Goldcorp Inc. Common Shares Lawson, Gilbert John Frederick

5 27/02/2017 10 21.878 4,553 -3,670

Goldcorp Inc. Options Lawson, Gilbert John Frederick

5 27/02/2017 57 -3,670

Goldcorp Inc. Options Lawson, Gilbert John Frederick

5 28/02/2017 52 48.72 125,780 -17,378

Goldcorp Inc. Rights Lawson, Gilbert John Frederick

5 27/02/2017 57 27,804 -3,670

Goldcorp Inc. Common Shares Orazietti, Richard 5 27/02/2017 57 21.878 21,416 3,064

Goldcorp Inc. Common Shares Orazietti, Richard 5 27/02/2017 10 21.878 19,951 -1,465

Goldcorp Inc. Options Orazietti, Richard 5 28/02/2017 52 48.72 116,453 -14,716

Goldcorp Inc. Rights Orazietti, Richard 5 27/02/2017 57 19,448 -3,064

Goldcorp Inc. Common Shares Perkins, David Patrick Michael

7 31/12/2016 30 13.73 15,350 27


7 27/02/2017 57 16.978 17,817 2,467


7 27/02/2017 10 16.978 16,801 -1,016

Goldcorp Inc. Options Perkins, David Patrick Michael

7 28/02/2017 52 48.8 104,715 -10,501

Goldcorp Inc. Rights Perkins, David Patrick Michael

7 27/02/2017 57 17,052 -2,469

Goldcorp Inc. Common Shares Randhawa, Raman 7 27/02/2017 57 21.878 16,586 3,101

Goldcorp Inc. Common Shares Randhawa, Raman 7 27/02/2017 10 21.878 13,485 -3,101

Goldcorp Inc. Options Randhawa, Raman 7 28/02/2017 52 48.72 121,573 -10,852

Goldcorp Inc. Rights Randhawa, Raman 7 27/02/2017 57 24,048 -3,101

Goldcorp Inc. Common Shares Ripley, Charlene Adele 5 27/02/2017 57 21.878 48,027 6,028

Goldcorp Inc. Common Shares Ripley, Charlene Adele 5 27/02/2017 10 21.878 45,146 -2,881

Goldcorp Inc. Rights Ripley, Charlene Adele 5 27/02/2017 57 38,666 -6,028

Goldcorp Inc. Common Shares Roldan, Christian 7 27/02/2017 57 16.02 15,922 2,070

Goldcorp Inc. Options Roldan, Christian 7 28/02/2017 52 48.8 -5,509

Goldcorp Inc. Options Roldan, Christian 7 28/02/2017 52 48.8 76,015 -5,509

Goldcorp Inc. Rights Roldan, Christian 7 27/02/2017 57 18,960 -2,070

Goldcorp Inc. Common Shares Ruus, Mark Adrian 5 27/02/2017 57 21.878 25,608 3,032

Goldcorp Inc. Common Shares Ruus, Mark Adrian 5 27/02/2017 10 21.878 24,159 -1,449

Goldcorp Inc. Options Ruus, Mark Adrian 5 28/02/2017 52 48.72 217,618 -21,739

Goldcorp Inc. Rights Ruus, Mark Adrian 5 27/02/2017 57 21,451 -3,032

Goldcorp Inc. Common Shares Tudela, Anna Maria 5 27/02/2017 57 21.878 25,591 3,209

Goldcorp Inc. Common Shares Tudela, Anna Maria 5 27/02/2017 10 21.878 22,382 -3,209

Goldcorp Inc. Options Tudela, Anna Maria 5 28/02/2017 52 48.72 111,202 -15,385

Goldcorp Inc. Rights Tudela, Anna Maria 5 27/02/2017 57 25,019 -3,209

Goldcorp Inc. Common Shares Wade, Lisa 5 26/02/2017 57 16.978 7,793 1,969

Goldcorp Inc. Common Shares Wade, Lisa 5 26/02/2017 10 16.978 7,016 -777

Goldcorp Inc. Options Wade, Lisa 5 28/02/2017 52 48.8 78,121 -7,526

Goldcorp Inc. Rights Wade, Lisa 5 26/02/2017 57 22,939 -1,969

Golden Star Resources Ltd. Common Shares BAKER, TIMOTHY CLIVE 4 28/02/2017 10 1.18 176,515 25,000

Golden Star Resources Ltd. Common Shares Coetzer, Samuel Theodorus 4, 5 02/03/2017 10 1.09 334,965 27,500

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2241



Acquired/ Disposed

Golden Star Resources Ltd. Options Coetzer, Samuel Theodorus 4, 5 27/02/2017 50 1.3 4,281,385 639,451

Golden Star Resources Ltd. Rights Performance Share Units (PSUs)

Coetzer, Samuel Theodorus 4, 5 27/02/2017 56 1.3 5,364,855 504,215

Golden Star Resources Ltd. Options Owiredu, Daniel 5 27/02/2017 50 1.3 2,507,695 319,726

Golden Star Resources Ltd. Options Owiredu, Daniel 5 27/02/2017 56 1.3 252,108


Owiredu, Daniel 5 27/02/2017 56 1.3 2,714,854 252,108

Golden Star Resources Ltd. Options Raffield, Martin Philip 5 27/02/2017 50 1.3 2,020,807 268,570

Golden Star Resources Ltd. Options Raffield, Martin Philip 5 27/02/2017 56 1.3 211,770


Raffield, Martin Philip 5 27/02/2017 56 1.3 2,280,476 211,770

Golden Star Resources Ltd. Options van Niekerk, Pieter A. 5 27/02/2017 50 1.3 1,062,957 215,815

Golden Star Resources Ltd. Options van Niekerk, Pieter A. 5 27/02/2017 56 1.3 170,173


van Niekerk, Pieter A. 5 27/02/2017 56 1.3 1,407,784 170,173

Golden Star Resources Ltd. Common Shares Walsh, Karen Denise 5 28/02/2017 10 1.16 320,500 35,000

Golden Star Resources Ltd. Options Walsh, Karen Denise 5 27/02/2017 50 1.3 763,303 107,428

Golden Star Resources Ltd. Options Walsh, Karen Denise 5 27/02/2017 56 1.3 84,708


Walsh, Karen Denise 5 27/02/2017 56 1.3 912,191 84,708

Golden Star Resources Ltd. Options Wasel, Steven Mitchell 5 27/02/2017 50 1.3 1,518,915 175,849

Golden Star Resources Ltd. Options Wasel, Steven Mitchell 5 27/02/2017 56 1.3 138,659


Wasel, Steven Mitchell 5 27/02/2017 56 1.3 1,493,169 138,659

Golden Valley Mines Ltd. Common Shares Lee, Jimmy S.H. 3, 4 01/03/2017 54 0.14 18,380,500 1,500,000

Golden Valley Mines Ltd. Warrants Lee, Jimmy S.H. 3, 4 01/03/2017 54 0.14 12,400,000 -1,500,000

GPM Metals Inc. Options Ferry, Alan Louis Henry 4 02/03/2017 50 0.15 300,000 100,000

GPM Metals Inc. Options Lewis, Doug Grinslade 4 02/03/2017 50 0.15 300,000 100,000

GPM Metals Inc. Options Murphy, Paul 5 02/03/2017 50 0.15 1,100,000 300,000

GPM Metals Inc. Options Noone, Daniel Joseph 4 02/03/2017 50 0.15 800,000 300,000

GPM Metals Inc. Options rosenberg, bruce 4 02/03/2017 50 0.15 300,000 100,000

GPM Metals Inc. Options Sheridan, Patrick John 4, 5 02/03/2017 50 0.15 1,300,000 1,000,000

Gran Tierra Energy Inc. Common Shares GMT Capital Corp 3 27/02/2017 10 2.61 10,323,730 135,000









Gran Tierra Energy Inc. Common Shares GMT Capital Corp 3 27/02/2017 10 2.61 627,130 7,100






Grande West Transportation Group Inc.

Common Shares LaGourgue, John 4 02/03/2017 10 2.46 45,000 10,000


Common Shares Miller, Joseph 4 02/03/2017 10 2.48 3,027,431 5,000


Common Shares Miller, Joseph 4 02/03/2017 10 2.47 3,032,431 5,000


Common Shares Trainer, William 4 03/03/2017 10 2.6 2,967,625 4,500


Common Shares Trainer, William 4 03/03/2017 10 2.63 2,972,625 5,000

Granite Oil Corp. (formerly DeeThree Exploration Ltd.)

Common Shares Carrigy, Brendan Richard 4, 5 01/03/2017 51 4.28 497,545 2,059


Replacement Options Carrigy, Brendan Richard 4, 5 01/03/2017 51 4.28 4,606 -2,059

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2242



Acquired/ Disposed


Common Shares Cheyne, Martin James 4, 5 27/02/2017 51 4.28 504,887 5,147


Common Shares Cheyne, Martin James 4, 5 27/02/2017 10 5.77 499,740 -5,147


Replacement Options Cheyne, Martin James 4, 5 27/02/2017 51 4.28 0 -5,147


Common Shares Hamm, Henry Peter 4 24/02/2017 10 5.76 791,796 2,000








Common Shares Kabanuk, Michael Lyle 4, 5 27/02/2017 10 5.8 527,962 2,000


Replacement Options Kabanuk, Michael Lyle 4, 5 27/02/2017 51 4.28 0 -5,147


Common Shares Klatt, Tyler 5 02/03/2017 10 5.74 72,571 1,000


Common Shares Klatt, Tyler 5 02/03/2017 10 5.73 72,171 -400


Common Shares Klatt, Tyler 5 02/03/2017 10 5.72 71,321 -850

Great Canadian Gaming Corporation

Options Higgins, Marlene Yvonne 5 19/08/2016 50 21.02 30,000







Great-West Lifeco Inc. Common Shares Allison, Brian Robert 7 02/03/2017 51 23.165 38,414 4,000

Great-West Lifeco Inc. Common Shares Allison, Brian Robert 7 02/03/2017 10 36.436 34,414 -4,000

Great-West Lifeco Inc. Common Shares Allison, Brian Robert 7 03/03/2017 51 23.165 39,414 5,000

Great-West Lifeco Inc. Common Shares Allison, Brian Robert 7 03/03/2017 10 36.435 34,414 -5,000

Great-West Lifeco Inc. Executive Performance Share Units

Allison, Brian Robert 7 31/12/2016 30 35.031 16,776 660


Allison, Brian Robert 7 01/03/2017 56 35.354 24,031 7,255




Allison, Brian Robert 7 03/03/2017 59 35.354 20,151 -5,080

Great-West Lifeco Inc. Options Common Share - Stock Options

Allison, Brian Robert 7 01/03/2017 50 36.862 32,200








Armstrong, Philip 5 31/12/2016 30 35.031 54,697 2,153




Armstrong, Philip 5 03/03/2017 59 35.354 38,329 -23,301



Great-West Lifeco Inc. Deferred Share Units Bird, Graham R. 5 31/12/2016 30 35.031 15,862 624

Great-West Lifeco Inc. Deferred Share Units Bird, Graham R. 5 01/03/2017 56 35.354 44,251 28,389


Bird, Graham R. 5 31/12/2016 30 35.031 21,119 831


Bird, Graham R. 5 01/03/2017 56 35.354 17,858

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2243



Acquired/ Disposed


Bird, Graham R. 5 01/03/2017 56 35.354 17,858


Bird, Graham R. 5 01/03/2017 50 36.862 79,400


Bird, Graham R. 5 01/03/2017 50 36.869 284,405 79,400


Bolotin, Andra Sloane 7 31/12/2016 30 35.031 10,243 403


Bolotin, Andra Sloane 7 01/03/2017 56 35.354 17,880 7,637


Bolotin, Andra Sloane 7 01/03/2017 50 36.862 33,900


Bolotin, Andra Sloane 7 01/03/2017 50 36.869 83,100 33,900

Great-West Lifeco Inc. Deferred Share Units Brands, Andrew 7 31/12/2016 30 35.031 23,425 922


Brands, Andrew 7 31/12/2016 30 35.031 23,278 916


Brands, Andrew 7 01/03/2017 56 35.354 32,710 9,432


Brands, Andrew 7 03/03/2017 56 35.354 34,602 1,892


Brands, Andrew 7 03/03/2017 59 35.354 27,048 -7,554


Brands, Andrew 7 01/03/2017 50 36.869 259,300 41,900


Brown, Douglas A. 5 31/12/2016 30 35.031 15,898 626


Brown, Douglas A. 5 01/03/2017 56 35.354 18,910 3,012


Brown, Douglas A. 5 01/03/2017 50 36.862 16,700


Brown, Douglas A. 5 01/03/2017 50 36.862 16,700


Brown, Douglas A. 5 01/03/2017 50 36.869 63,300 16,700


Corbett, S. Mark 7 27/02/2017 52 37.222 347,400 -90,000

Great-West Lifeco Inc. Deferred Share Units Généreux, Claude 4 30/06/2016 56 33.615 1,751

Great-West Lifeco Inc. Deferred Share Units Généreux, Claude 4 30/06/2016 56 33.614 7,430 1,937






Hassett, Gerald Michael 5 31/12/2016 30 34.847 23,362 226


Hassett, Gerald Michael 5 01/03/2017 56 35.354 31,665 8,303




Hassett, Gerald Michael 5 03/03/2017 59 35.354 24,114 -8,632




Henaire, Charles Donald Harvey

7 31/12/2016 30 35.031 12,728 501



7 01/03/2017 56 35.354 18,452 5,724



7 03/03/2017 56 35.354 19,222 770



7 03/03/2017 59 35.354 16,049 -3,173



7 01/03/2017 50 36.869 119,600 25,400

Great-West Lifeco Inc. Deferred Share Units Jamal, Arshil 7 31/12/2016 30 35.031 94,323 3,713



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2244



Acquired/ Disposed


Jamal, Arshil 7 31/12/2016 30 35.031 16,807 661


Jamal, Arshil 7 01/03/2017 56 35.354 20,716 3,909


Jamal, Arshil 7 03/03/2017 56 35.354 22,166 1,450


Jamal, Arshil 7 03/03/2017 59 35.354 16,486 -5,680


Jamal, Arshil 7 01/03/2017 50 36.869 563,300 69,500


Kasdorf, Helen Ruth 5 31/12/2016 30 35.031 8,910 351


Kasdorf, Helen Ruth 5 01/03/2017 56 35.354 13,216 4,306


Kasdorf, Helen Ruth 5 03/03/2017 56 35.354 13,704 488


Kasdorf, Helen Ruth 5 03/03/2017 59 35.354 11,136 -2,568


Kasdorf, Helen Ruth 5 01/03/2017 50 36.869 66,280 9,600


Kristjanson, Stefan 5 31/12/2016 30 35.031 15,971 629


Kristjanson, Stefan 5 01/03/2017 56 35.354 29,272 13,301


Kristjanson, Stefan 5 03/03/2017 56 35.354 29,703 431


Kristjanson, Stefan 5 03/03/2017 59 35.354 25,916 -3,787


Kristjanson, Stefan 5 01/03/2017 50 36.862 59,100


Kristjanson, Stefan 5 01/03/2017 50 36.869 177,700 59,100

Great-West Lifeco Inc. Deferred Share Units MacNicholas, Garry 5 31/12/2016 30 35.031 22,991 905

Great-West Lifeco Inc. Deferred Share Units MacNicholas, Garry 5 01/03/2017 56 35.354 23,914 923


MacNicholas, Garry 5 31/12/2016 30 35.031 14,174 558


MacNicholas, Garry 5 01/03/2017 56 35.354 26,998 12,824


MacNicholas, Garry 5 03/03/2017 56 35.354 27,921 923


MacNicholas, Garry 5 03/03/2017 59 35.354 24,088 -3,833


MacNicholas, Garry 5 01/03/2017 50 36.869 298,400 57,000

Great-West Lifeco Inc. Deferred Share Units Macoun, Jeffrey Frederick 5 31/12/2016 56 34.847 12,937 126

Great-West Lifeco Inc. Deferred Share Units Macoun, Jeffrey Frederick 5 01/03/2017 56 35.354 13,154 217

Great-West Lifeco Inc. Deferred Share Units Macoun, Jeffrey Frederick 5 01/03/2017 56 35.354 17,064 3,910


Macoun, Jeffrey Frederick 5 31/12/2016 30 34.847 6,857 67


Macoun, Jeffrey Frederick 5 01/03/2017 56 35.354 7,819


Macoun, Jeffrey Frederick 5 01/03/2017 56 35.354 10,766 3,909


Macoun, Jeffrey Frederick 5 03/03/2017 56 35.354 10,983 217


Macoun, Jeffrey Frederick 5 03/03/2017 59 35.354 9,258 -1,725


Macoun, Jeffrey Frederick 5 01/03/2017 50 36.869 113,620 34,800

Great-West Lifeco Inc. Deferred Share Units Mahon, Paul 5 31/12/2016 30 35.031 65,348 1,460


Mahon, Paul 5 31/12/2016 30 35.031 81,333 3,202


Mahon, Paul 5 01/03/2017 56 35.354 127,830 46,497


Mahon, Paul 5 03/03/2017 56 35.354 132,771 4,941

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2245



Acquired/ Disposed


Mahon, Paul 5 03/03/2017 59 35.354 112,100 -20,671


Mahon, Paul 5 01/03/2017 50 36.869 1,133,000 165,500


McCarthy, David John 5 31/12/2016 30 35.031 16,950 667


McCarthy, David John 5 01/03/2017 56 35.354 23,416 6,466


McCarthy, David John 5 03/03/2017 56 35.354 24,045 629


McCarthy, David John 5 03/03/2017 59 35.354 20,226 -3,819


McCarthy, David John 5 01/03/2017 50 36.862 28,700


McCarthy, David John 5 01/03/2017 50 36.862 28,700


McCarthy, David John 5 01/03/2017 50 36.869 102,200 28,700


Snow, Harold Charles 8, 5 31/12/2016 30 35.031 9,672 381


Snow, Harold Charles 8, 5 01/03/2017 56 35.354 11,430 1,758


Snow, Harold Charles 8, 5 01/03/2017 50 36.862 7,300


Snow, Harold Charles 8, 5 01/03/2017 50 36.869 7,300


Snow, Harold Charles 8, 5 01/03/2017 50 36.869 52,800 7,300


Tomlin, Dervla Mary 5 31/12/2016 30 35.031 17,630 694


Tomlin, Dervla Mary 5 01/03/2017 56 35.354 26,046 8,416


Tomlin, Dervla Mary 5 03/03/2017 56 35.354 26,942 896


Tomlin, Dervla Mary 5 03/03/2017 59 35.354 23,533 -3,409


Tomlin, Dervla Mary 5 01/03/2017 50 36.862 24,900


Tomlin, Dervla Mary 5 01/03/2017 50 36.862 24,900


Tomlin, Dervla Mary 5 01/03/2017 50 36.869 101,400 24,900

Green Swan Capital Corp. Options Baker, Judith Catharine 4 24/02/2017 50 0.075 300,000 100,000

Green Swan Capital Corp. Common Shares Clausi, Peter Michael 4, 5 24/02/2017 10 0.1 362,500 -25,000

Green Swan Capital Corp. Options Clausi, Peter Michael 4, 5 24/02/2017 50 0.075 616,000 50,000

Green Swan Capital Corp. Options Crawford, Brian Lorne 4, 5 24/02/2017 50 0.075 616,000 50,000

Green Swan Capital Corp. Options McCandless, Tom 4 27/02/2017 50 0.075 400,000 50,000

Green Swan Capital Corp. Options Stringer, Edward 4 24/02/2017 50 0.075 300,000 50,000

Guyana Goldfields Inc. Common Shares Bondy, Robert Allan 5 01/03/2017 10 87,400 -3,000

Guyana Goldfields Inc. Common Shares Bondy, Robert Allan 5 02/03/2017 10 8,100 3,000

H&R Finance Trust Units Froom, Larry 5 01/03/2017 10 23.6 1,988 -1,000


H&R Finance Trust Units Froom, Larry 5 24/02/2017 51 19.74 43,150 20,000







H&R Real Estate Investment Trust

Options Fried, Cheryl 5 28/02/2017 51 18.98 561,340 -25,000


Options Fried, Cheryl 5 01/03/2017 51 18.98 484,300 -77,040


Units Fried, Cheryl 5 28/02/2017 51 18.98 25,000 25,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2246



Acquired/ Disposed


Units Fried, Cheryl 5 28/02/2017 10 23.501 0 -25,000


Units Fried, Cheryl 5 01/03/2017 51 18.98 77,040 77,040


Units Fried, Cheryl 5 01/03/2017 10 23.5 0 -77,040


Options Froom, Larry 5 24/02/2017 51 19.73 2,729,112 -20,000










Units Froom, Larry 5 01/03/2017 10 23.6 1,988 -1,000




Units Froom, Larry 5 24/02/2017 51 19.73 43,150 20,000














Units Gilbert, Edward Allen 4 28/02/2017 10 23.5 77,027 -8,000


Units Gilbert, Edward Allen 4 01/03/2017 10 23.59 75,027 -2,000


Units Lebovic, Laurence A. 6 22/02/2017 47 23.102 10,000 10,000


Units Lebovic, Laurence A. 6 22/02/2017 10 23.102 0 -10,000


Units Lebovic, Laurence A. 6 22/02/2017 47 23.102 55,767 -10,000

HANWEI ENERGY SERVICES CORP.

Options HUANG, YU CAI 5 12/02/2017 52 0.35 800,000 -100,000


Options Kwan, Graham Richard 4, 5 12/02/2017 52 0.35 800,000 -100,000


Options LANG, FULAI 3, 4, 5 12/02/2017 52 0.35 550,000 -100,000


Options Paine, William George 4 12/02/2017 52 0.35 550,000 -100,000


Options Smallbone, Sidney Randall 4 12/02/2017 52 0.35 550,000 -100,000


Options Yan, Joanne 6 12/02/2017 52 0.35 550,000 -100,000

Harte Gold Corp. Common Shares ANR Investments B.V. 3 28/02/2017 10 0.4122 77,321,871 1,060,000

Harte Gold Corp. Options Colterjohn, Richard Mark 4 15/02/2017 00

Harte Gold Corp. Options Colterjohn, Richard Mark 4 27/02/2017 50 500,000 500,000

Heroux-Devtek Inc. Unités d'actions différées/Deferred Share Units

Robbins, Brian Andrew 4 12/08/2016 56 15.01 2,332

Heroux-Devtek Inc. Unités d'actions différées/Deferred Share Units

Robbins, Brian Andrew 4 12/08/2016 56 15.01 27,603 3,133

Hillcrest Petroleum Ltd. Options Stone, David M. 4 21/02/2017 50 800,000 350,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2247



Acquired/ Disposed

Home Capital Group Inc. Rights Performance Share Units

Ahlvik, Christer 5 01/03/2017 35 26.34 4,448 43

Home Capital Group Inc. Rights Restricted Share Units

Ahlvik, Christer 5 01/03/2017 35 26.34 424 4


Blowes, Robert 4 01/03/2017 35 26.34 4,400 43


Decina, Pino 5 01/03/2017 35 26.34 13,106 128


Harry, John Roberts Komar 5 01/03/2017 35 26.34 9,548 93


Harry, John Roberts Komar 5 01/03/2017 35 26.34 942 9


Henderson, Dinah 5 01/03/2017 35 26.34 5,642 55


Henderson, Dinah 5 01/03/2017 35 26.34 572 6

Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 24/02/2017 38 26.4 1,000 1,000

Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 24/02/2017 38 26.4 0 -1,000

Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 27/02/2017 38 26.58 1,000 1,000

Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 27/02/2017 38 26.58 0 -1,000


Hong, John 5 01/03/2017 35 26.34 3,427 37


Katchen, Benjamin 5 01/03/2017 35 26.34 2,938 29


Katchen, Benjamin 5 01/03/2017 35 26.34 2,322 22


Morton, Robert 7 01/03/2017 35 26.34 7,967 78


Parker, Gregory 5 01/03/2017 35 26.34 9,651 94


Parker, Gregory 5 01/03/2017 35 26.34 856 8


Reid, Martin 5 01/03/2017 35 26.34 28,648 280


Soloway, Gerald M. 4, 5 01/03/2017 35 26.34 31,648 309


Stilo, Anthony 5 01/03/2017 35 26.34 1,461 14


Whyte, Christopher 5 01/03/2017 35 26.34 3,083 30


Whyte, Christopher 5 01/03/2017 35 26.34 2,249 22

HudBay Minerals Inc. Rights Share Units Dryden, Gregory Paul 7 03/03/2016 56 43,607

HudBay Minerals Inc. Rights Share Units Dryden, Gregory Paul 7 03/03/2016 56 65,871 43,630

Hudbay Minerals Inc. (formerly HudBay Minerals Inc.)

Common Shares Bryson, David Stewart 5 31/12/2016 30 8.22 57,871 13,358


Rights Share Units Bryson, David Stewart 5 31/12/2016 30 263,836 1,252


Rights Share Units Bryson, David Stewart 5 27/02/2017 56 338,670 74,834


Common Shares Caba, Eric Edward 5 31/12/2016 30 4.24 10,259 5,452


Rights Share Units Caba, Eric Edward 5 31/12/2016 30 56,289 239


Rights Share Units Caba, Eric Edward 5 27/02/2017 56 89,883 33,594


Common Shares Clarry, David Gordon Cameron

5 31/12/2016 30 7.68 5,140

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2248



Acquired/ Disposed


Common Shares Clarry, David Gordon Cameron

5 31/12/2016 30 7.36 10,436 5,140


Rights Share Units Clarry, David Gordon Cameron

5 31/12/2016 30 81,872 389


Rights Share Units Clarry, David Gordon Cameron

5 27/02/2017 56 101,424 19,552


Common Shares Donnelly, Patrick James 5 31/12/2016 30 9254 9,254


Common Shares Donnelly, Patrick James 5 31/12/2016 30 7.68 9,254


Common Shares Donnelly, Patrick James 5 31/12/2016 30 8.01 30,634 9,254


Rights Share Units Donnelly, Patrick James 5 31/12/2016 30 107,250 499


Rights Share Units Donnelly, Patrick James 5 27/02/2017 56 133,169 25,919


Common Shares Douglas, Jon Alexander 5 31/12/2016 30 7.68 889


Common Shares Douglas, Jon Alexander 5 31/12/2016 30 6.43 3,108 889


Rights Share Units Douglas, Jon Alexander 5 31/12/2016 30 80,396 327


Rights Share Units Douglas, Jon Alexander 5 27/02/2017 56 106,427 26,031


Common Shares Dryden, Gregory Paul 7 31/12/2016 30 4.24 19,227 9,162


Rights Share Units Dryden, Gregory Paul 7 31/12/2016 30 57,745 268


Rights Share Units Dryden, Gregory Paul 7 27/02/2017 56 72,366 14,621


Common Shares GITAJN, ELIZABETH DOROTHA

5 31/12/2016 30 5.27 2,885 2,194


Rights Share Units GITAJN, ELIZABETH DOROTHA

5 31/12/2016 30 55,505 225


Rights Share Units GITAJN, ELIZABETH DOROTHA

5 27/02/2017 56 75,833 20,328


Common Shares Hair, Alan Thomas Chalmers

4, 5 31/12/2016 30 7.86 149,553 18,633


Rights Share Units Hair, Alan Thomas Chalmers

4, 5 31/12/2016 30 328,462 1,509


Rights Share Units Hair, Alan Thomas Chalmers

4, 5 27/02/2017 56 480,743 152,281


Rights Share Units Lauzon, André Taylor 5 31/12/2016 30 45,965 94


Rights Share Units Lauzon, André Taylor 5 27/02/2017 56 76,178 30,213

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2249



Acquired/ Disposed


Common Shares Lei, Eugene Chi-Yen 5 31/12/2016 30 7.22 22,980 7,687


Rights Share Units Lei, Eugene Chi-Yen 5 31/12/2016 30 91,570 401


Rights Share Units Lei, Eugene Chi-Yen 5 27/02/2017 56 115,194 23,624


Common Shares Linde, Terry Brian 5 31/12/2016 30 4.32 21,421 12,558


Rights Share Units Linde, Terry Brian 5 31/12/2016 30 142,493 647


Rights Share Units Linde, Terry Brian 5 27/02/2017 56 175,656 33,163


Common Shares Meagher, Cashel Aran 5 31/12/2016 30 6.43 35,470 9,408


Common Shares Meagher, Cashel Aran 5 31/12/2016 30 8.68 40,368 4,898


Rights Share Units Meagher, Cashel Aran 5 31/12/2016 30 160,179 724


Rights Share Units Meagher, Cashel Aran 5 27/02/2017 56 235,013 74,834


Common Shares Merrin, Patrick James 5 31/12/2016 30 4.83 28,093 11,925


Common Shares Merrin, Patrick James 5 31/12/2016 30 8.82 28,127 34


Rights Share Units Merrin, Patrick James 5 31/12/2016 30 133,622 603


Rights Share Units Merrin, Patrick James 5 27/02/2017 56 165,539 31,917


Common Shares Oke, Mary-Lynn Ida 5 31/12/2016 30 7.98 21,914 5,626


Rights Share Units Oke, Mary-Lynn Ida 5 31/12/2016 30 83,110 378


Rights Share Units Oke, Mary-Lynn Ida 5 27/02/2017 56 102,783 19,673

Hunt Mining Corp Options Hunt, Darrick 4 27/02/2017 52 3 425,000 -5,000

Hunt Mining Corp Options Hunt, Timothy 3, 4, 5 27/02/2017 52 3 1,110,000 -5,000

IAMGOLD Corporation Options Banducci, Carol 5 28/02/2017 50 5.24 734,467 164,200

IAMGOLD Corporation Restricted Share Awards Banducci, Carol 5 28/02/2017 56 5.24 210,500 90,500

IAMGOLD Corporation Options Letwin, Stephen Joseph James

4 28/02/2017 50 5.24 2,865,000 590,000

IAMGOLD Corporation Restricted Share Awards Letwin, Stephen Joseph James

4 28/02/2017 56 5.24 725,200 325,200

IAMGOLD Corporation Options Little, Benjamin Richard 5 28/02/2017 50 5.24 396,221 99,300

IAMGOLD Corporation Restricted Share Awards Little, Benjamin Richard 5 28/02/2017 56 5.24 128,700 54,700

IAMGOLD Corporation Options MacDougall, Craig Stephen 5 28/02/2017 50 5.24 464,000 104,000

IAMGOLD Corporation Restricted Share Awards MacDougall, Craig Stephen 5 28/02/2017 56 5.24 144,300 57,300

IAMGOLD Corporation Options Snow, Jeffery Alexander 5 28/02/2017 50 5.24 438,216 115,400

IAMGOLD Corporation Restricted Share Awards Snow, Jeffery Alexander 5 28/02/2017 56 5.24 142,600 63,600

IC Potash Corp. Warrants angelo, Jr., ernest 4 16/12/2016 55 500,000 -100,000

IC Potash Corp. Common Shares Azodi, Mehdi 5 01/03/2017 10 0.105 807,940 447,380

IC Potash Corp. Warrants Azodi, Mehdi 5 26/04/2016 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2250



Acquired/ Disposed

IC Potash Corp. Warrants Azodi, Mehdi 5 01/03/2017 10 0.16 223,690 223,690

IC Potash Corp. Options Lee, Knute H., Jr. 4 19/09/2015 52 425,500 -374,500

IC Potash Corp. Warrants Pettigrew, Pierre Stewart 4 18/12/2016 55 0 -50,000

IC Potash Corp. Common Shares Strong, Kevin Robert Jon 5 01/03/2017 10 0.105 249,226 190,476

IC Potash Corp. Warrants Strong, Kevin Robert Jon 5 16/06/2016 00

IC Potash Corp. Warrants Strong, Kevin Robert Jon 5 01/03/2017 10 0.16 95,238 95,238

IGM Financial Inc. Common Shares Asman, Todd 7 31/12/2016 30 36.73 1,682 319

IGM Financial Inc. Executive Performance Share Units

Asman, Todd 7 23/02/2017 59 41.74 4,352 -973


Asman, Todd 7 23/02/2017 56 41.74 6,846 2,494

IGM Financial Inc. Options Asman, Todd 7 23/02/2017 50 41.74 64,330 6,475


Carney, Jeffrey 4 23/02/2017 56 41.74 79,348 28,749

IGM Financial Inc. Options Carney, Jeffrey 4 23/02/2017 50 41.74 562,245 44,700

IGM Financial Inc. Common Shares Elavia, Tony 7 31/12/2016 30 36.75 4,627 1,255


Elavia, Tony 7 23/02/2017 56 41.74 17,160 5,175


Elavia, Tony 7 23/02/2017 56 51.91 17,225 65


Elavia, Tony 7 23/02/2017 59 41.74 15,522 -1,703

IGM Financial Inc. Options Elavia, Tony 7 23/02/2017 50 41.74 139,220 60,450

IGM Financial Inc. Senior Executive Share Units

Elavia, Tony 7 23/02/2017 56 51.91 3,831 65

IGM Financial Inc. Common Shares Gould, J. Luke 7 31/12/2016 30 36.73 2,220 351


Gould, J. Luke 7 23/02/2017 56 51.91 3,987 21


Gould, J. Luke 7 23/02/2017 59 41.74 2,936 -1,051


Gould, J. Luke 7 23/02/2017 56 41.74 4,277 1,341

IGM Financial Inc. Options Gould, J. Luke 7 23/02/2017 50 41.74 62,719 25,055

IGM Financial Inc. Equity Forward - IGM7 IGM Financial Inc. 1 02/04/2004 00

IGM Financial Inc. Equity Forward - IGM7 IGM Financial Inc. 1 23/02/2017 70 41.8 1 1

IGM Financial Inc. Equity Forward Contract - IGM 4

IGM Financial Inc. 1 23/02/2017 70 41.79 0 -11

IGM Financial Inc. Equity Swap - IGM10 IGM Financial Inc. 1 02/04/2004 00

IGM Financial Inc. Equity Swap - IGM10 IGM Financial Inc. 1 27/02/2017 70 41.04 1 1

IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 31/12/2016 30 36.73 4,333 475


Kinzel, Mark Richard 7 23/02/2017 59 41.74 7,926 -2,914


Kinzel, Mark Richard 7 23/02/2017 56 41.74 11,487 3,561

IGM Financial Inc. Options Kinzel, Mark Richard 7 23/02/2017 50 41.74 135,955 9,245

IGM Financial Inc. Options Kinzel, Mark Richard 7 23/02/2017 59 41.74 -2,914

IGM Financial Inc. Options Kinzel, Mark Richard 7 23/02/2017 59 41.74 -2,914

IGM Financial Inc. Common Shares MacDonald, Donald James 7 31/12/2016 30 36.72 6,481 603


MacDonald, Donald James 7 23/02/2017 59 41.74 2,623 -550


MacDonald, Donald James 7 23/02/2017 56 41.74 3,796 1,173


MacDonald, Donald James 7 23/02/2017 56 51.91 3,807 11

IGM Financial Inc. Options MacDonald, Donald James 7 23/02/2017 50 41.74 53,625 3,655

IGM Financial Inc. Common Shares McCullum, David 7 31/12/2016 30 36.75 5,416 1,051


McCullum, David 7 23/02/2017 56 51.91 4,252 23


McCullum, David 7 23/02/2017 59 41.74 3,076 -1,176


McCullum, David 7 23/02/2017 56 41.74 4,442 1,366

IGM Financial Inc. Options McCullum, David 7 23/02/2017 50 41.74 134,450 42,540

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2251



Acquired/ Disposed


McCullum, David 7 23/02/2017 56 51.91 8,383 23


McCullum, David 7 23/02/2017 56 41.74 9,749 1,366


McInerney, Barry 7 11/07/2016 00


McInerney, Barry 7 23/02/2017 56 41.74 23,958 23,958

IGM Financial Inc. Options McInerney, Barry 7 23/02/2017 50 41.74 688,370 37,300


McInerney, Barry 7 11/07/2016 00


McInerney, Barry 7 23/02/2017 56 41.74 23,958


McInerney, Barry 7 23/02/2017 56 41.74 23,958

IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 23/02/2017 56 41.74 714

IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 23/02/2017 56 41.74 714

IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 31/12/2016 30 36.73 187 92


Murdoch, Robert Charles 5 23/02/2017 50 41.74 4,940


Murdoch, Robert Charles 5 23/02/2017 50 41.74 4,940


Murdoch, Robert Charles 5 23/02/2017 59 41.74 1,637 -639


Murdoch, Robert Charles 5 23/02/2017 56 41.74 2,351 714

IGM Financial Inc. Options Murdoch, Robert Charles 5 23/02/2017 50 41.74 31,214 4,940

IGM Financial Inc. Common Shares Regan, Kevin Ernest 7 31/12/2016 30 36.73 3,885 449


Regan, Kevin Ernest 7 23/02/2017 56 51.91 10,588 57


Regan, Kevin Ernest 7 23/02/2017 59 41.74 7,683 -2,905


Regan, Kevin Ernest 7 23/02/2017 56 41.74 11,097 3,414

IGM Financial Inc. Options Regan, Kevin Ernest 7 23/02/2017 50 41.74 127,935 8,860


Sen, Subhas 7 06/02/2017 00


Sen, Subhas 7 23/02/2017 56 41.74 1,437 1,437

IGM Financial Inc. Options Sen, Subhas 7 06/02/2017 00

IGM Financial Inc. Options Sen, Subhas 7 23/02/2017 50 41.74 26,850 26,850

IGM Financial Inc. Common Shares Singer, Jeffrey 7 31/12/2016 30 36.5 552 274

IGM Financial Inc. Options Singer, Jeffrey 7 23/02/2017 50 41.74 74,660 10,685


Singer, Jeffrey 7 23/02/2017 56 41.74 19,808 5,487

Imagination Park Entertainment Inc.

Common Shares Marlowe, Timothy 4 14/04/2016 46 1,184,000 684,000

Imagination Park Entertainment Inc.

Common Shares Wiebe, Colin Arthur 4, 5 28/02/2017 10 0.05 1,753,143 -93,000

IMAX Corporation Common Shares Braun, Neil S. 4 01/03/2017 51 15.8 25,708 4,000

IMAX Corporation Common Shares Braun, Neil S. 4 01/03/2017 10 32.701 21,708 -4,000

IMAX Corporation Options 1:1 Braun, Neil S. 4 01/03/2017 51 15.8 20,000 -4,000

Immunovaccine Inc. Common Shares Labbé, Pierre 5 27/02/2017 10 1.17 95,450 10,000

Immunovaccine Inc. Common Shares Labbé, Pierre 5 28/02/2017 10 1.17 110,450 15,000

Imperial Metals Corporation Common Shares Imperial Metals Corporation 1 07/02/2017 38 142 -5,034

Indexplus Income Fund Trust Units INDEXPLUS Income Fund 1 24/02/2017 38 11.4 38,924,170 600

Industrial Alliance Insurance and Financial Services inc.

unités d'actions différées (uda)-differed shared units (dsa)

Chabot, René 5 31/12/2016 35 44.84 309



Chabot, René 5 31/12/2016 35 44.84 11,172 309



Charest, Yvon 4, 5 31/12/2016 35 44.84 96,787 2,684

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2252



Acquired/ Disposed



Chicoyne, Denyse 4 31/12/2016 56 51.29 527



Chicoyne, Denyse 4 31/12/2016 56 51.29 5,610 526



Coallier, Robert 4 31/12/2016 35 44.84 1,091 14



Côté, Agathe 4 31/12/2016 56 51.29 394



Côté, Agathe 4 31/12/2016 56 51.29 1,104 393



Hanley, Michael 4 31/12/2016 56 51.29 294



Hanley, Michael 4 31/12/2016 56 51.29 1,771 293



LeBoutillier, John 4 31/12/2016 56 51.29 600



LeBoutillier, John 4 31/12/2016 56 51.29 32,610 599



LeBoutillier, John 4 31/12/2016 30 44.84 32,714 104



McGuire, Francis Phillip 4 31/12/2016 35 44.84 30,420 840



Morin, Danielle G. 4 31/12/2016 35 44.84 2,164 27



Morin, Danielle G. 4 31/12/2016 30 44.84 31



Morin, Danielle G. 4 31/12/2016 30 44.84 2,195 31



Pépin, Normand 5 31/12/2016 35 44.84 68,469 1,897



Ricard, Denis 5 31/12/2016 35 44.84 27,894 773



Ritchie, Mary C. 4 31/12/2016 35 44.84 4,607 127


Common Shares Stickney, Michael Lee 5 24/02/2017 51 37.37 12,300 1,400


Common Shares Stickney, Michael Lee 5 24/02/2017 10 56.6 10,900 -1,400




Common Shares Stickney, Michael Lee 5 24/02/2017 10 57 10,900 -1,400




Common Shares Stickney, Michael Lee 5 27/02/2017 10 55.6 10,900 -2,000


Options Stickney, Michael Lee 5 24/02/2017 51 37.37 222,400 -1,400


Options Stickney, Michael Lee 5 24/02/2017 54 37.37 -1,400



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2253



Acquired/ Disposed



Intact Financial Corporation Common Shares Tullis, Mark Alan 5 01/03/2017 10 95.42 97,632 -1,000




INTEGRATED ASSET MANAGEMENT CORP.

Common Shares Felkai, Tom 8 27/02/2017 10 1.1 195,000 15,000

Inter Pipeline Ltd. Common Shares Dusevic Oliva, Anita Elizabeth

5 27/02/2017 10 28.355 2,700 1,000

Inter Pipeline Ltd. Common Shares KOUSINIORIS, SPILIOS HARRY

5 01/03/2016 00

Inter Pipeline Ltd. Common Shares KOUSINIORIS, SPILIOS HARRY

5 27/02/2017 10 28.095 7,050 7,050

Inter Pipeline Ltd. Common Shares Madro, James Joseph 5 02/03/2017 10 28 16,000 2,150

Inter Pipeline Ltd. Common Shares McKenzie, Margaret Anne 4 27/02/2017 10 28.153 9,500 4,500

Inter Pipeline Ltd. Common Shares Roberge, Jeremy Allan 5 02/03/2017 10 27.97 13,100 5,400

Interfor Corporation Rights Performance Share Units

Davies, Duncan Kenneth 4, 5 28/02/2017 59 210,724 -55,638


FILLINGER, IAN 5 28/02/2017 59 43,577 -14,466


Horning, John Allen 5 28/02/2017 59 82,866 -33,383


Juravsky, Martin Leb 5 28/02/2017 59 49,759 -15,579


Stock, Mark 5 28/02/2017 59 33,146 -13,353

INV Metals Inc. Common Shares Clucas, James David 4, 5 02/03/2017 15 1 197,609 20,000

INV Metals Inc. Common Shares Farsangi, Parviz 4 09/06/2010 00

INV Metals Inc. Common Shares Farsangi, Parviz 4 02/03/2017 15 1 500,000 500,000

INV Metals Inc. Common Shares Goldman, Jason Ira 5 02/03/2017 15 1 348,005 50,000

INV Metals Inc. Common Shares Goldman, Jason Ira 5 02/03/2017 15 1 52,500 50,000

INV Metals Inc. Common Shares Klein, Eric 4 02/03/2017 15 1 32,566 15,000

INV Metals Inc. Common Shares MacGibbon, Candace Joan 4, 5 02/03/2017 15 1 4,152,952 1,500,000

INV Metals Inc. Common Shares MacGibbon, Terry 4 02/03/2017 15 1 4,438,011 2,467,911

INV Metals Inc. Common Shares Pollock, Robert 4 02/03/2017 15 1 500,000 175,000

Inventus Mining Corp. Common Shares Hunter, Douglas 4 23/02/2017 10 0.19 210,000 -10,000

Invictus MD Strategies Corp. Common Shares Kriznic, Daniel Stanislav 3, 4, 5 02/03/2017 16 1.65 20,000

Invictus MD Strategies Corp. Common Shares Kriznic, Daniel Stanislav 3, 4, 5 02/03/2017 16 1.649 1,277,400 20,000

Invictus MD Strategies Corp. Options Kriznic, Daniel Stanislav 3, 4, 5 24/02/2017 50 1,555,000 505,000

Invictus MD Strategies Corp. Options Kriznic, Daniel Stanislav 3, 4, 5 02/03/2017 50 2,555,000 1,000,000

Invictus MD Strategies Corp. Warrants Kriznic, Daniel Stanislav 3, 4, 5 02/03/2017 16 0.001 85,000 10,000

Invictus MD Strategies Corp. Common Shares The K2 Principal Fund L.P. 3 21/02/2017 10 1.8923 2,800,000 40,600

Invictus MD Strategies Corp. Common Shares The K2 Principal Fund L.P. 3 22/02/2017 10 1.8 2,801,300 1,300

Invictus MD Strategies Corp. Common Shares The K2 Principal Fund L.P. 3 24/02/2017 10 1.6 2,801,500 200

Iplayco Corporation Ltd. Common Shares Williams, Thomas Craig 4 01/03/2017 10 0.7 62,500 2,500

Iplayco Corporation Ltd. Common Shares Williams, Thomas Craig 4 03/03/2017 10 0.7 75,000 12,500

Ivanhoe Mines Ltd. Common Shares Class A Cloete, Martie 7, 5 24/02/2017 51 1.98 437,876 300,000



Ivanhoe Mines Ltd. Common Shares Class A Cloete, Martie 7, 5 24/02/2017 10 4.43 841,576 -10,000









Ivanhoe Mines Ltd. Common Shares Class A Cloete, Martie 7, 5 24/02/2017 10 4.315 187,676 -100


Insider Reporting

March 9, 2017

(2017), 40 OSCB 2254



Acquired/ Disposed

Ivanhoe Mines Ltd. Common Shares Class A Cloete, Martie 7, 5 24/02/2017 10 4.3007 165,376 -100













Ivanhoe Mines Ltd. Common Shares Class A Cloete, Martie 7, 5 28/02/2017 10 4 172,876 -35,000




Ivanhoe Mines Ltd. Options Cloete, Martie 7, 5 24/02/2017 51 1.98 1,850,000 -300,000






Ivanhoe Mines Ltd. Common Shares Class A Farren, Mark Sean 5 24/02/2017 51 1.3 453,497 250,000



Ivanhoe Mines Ltd. Common Shares Class A Farren, Mark Sean 5 24/02/2017 10 4.29 812,597 -40,900














Ivanhoe Mines Ltd. Common Shares Class A Farren, Mark Sean 5 24/02/2017 10 4.32 63 -89,316

Ivanhoe Mines Ltd. Common Shares Class A Farren, Mark Sean 5 27/02/2017 10 4.25 0 -63

Ivanhoe Mines Ltd. Options Farren, Mark Sean 5 24/02/2017 51 1.3 1,350,000 -250,000

Ivanhoe Mines Ltd. Options Farren, Mark Sean 5 24/02/2017 51 0.99 1,100,000 -250,000

Ivanhoe Mines Ltd. Options Farren, Mark Sean 5 24/02/2017 51 0.64 950,000 -150,000

Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 27/02/2017 51 0.64 100,000 100,000


Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 27/02/2017 10 4.18 300,300 -40,700




Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 27/02/2017 10 4.13 0 -141,000







Insider Reporting

March 9, 2017

(2017), 40 OSCB 2255



Acquired/ Disposed

Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 28/02/2017 10 4 0 -75,700

Ivanhoe Mines Ltd. Options Makhesha, Setha Patricia 7 27/02/2017 51 0.64 1,500,000 -100,000




Ivanhoe Mines Ltd. Options Makhesha, Setha Patricia 7 28/02/2017 51 1.74 986,600 -13,400

JDL Gold Corp. Subscription Receipts Zebra Holdings and Investments (Guernsey) Limited

3 09/07/2013 00


3 02/03/2017 16 1,500,000 1,500,000


3 09/07/2013 00


3 02/03/2017 16 1,500,000 1,500,000

Jet Metal Corp. Common Shares King & Bay West Management Corp.

8 27/02/2017 46 0.2 2,194,583 500,000

Jet Metal Corp. Common Shares Morabito, Mark Joseph 7 27/02/2017 46 0.2 2,194,583 500,000

Jourdan Resources Inc. Common Shares Dehn, Michael Alexander 4, 5 17/10/2014 36 521,100

Jourdan Resources Inc. Common Shares Dehn, Michael Alexander 4, 5 17/10/2014 37 521,100 -4,689,900

Jourdan Resources Inc. Common Shares Dehn, Michael Alexander 4, 5 17/10/2014 37 135,575

Jourdan Resources Inc. Common Shares Dehn, Michael Alexander 4, 5 17/10/2014 37 135,575 -1,220,175

Just Energy Group Inc. Common Shares Just Energy Group Inc 1 10/02/2017 38 7.616 85,000 85,000

Just Energy Group Inc. Common Shares Just Energy Group Inc 1 10/02/2017 38 0 -85,000





















Keyera Corp. Common Shares Urquhart, Kenneth James 5 28/02/2017 30 39.93 293 13

Killam Apartment Real Estate Investment Trust

Rights Restricted Units Buckle-McIntosh, Ruth Mary 5 24/02/2017 56 12.75 18,481 6,488


Rights Restricted Units Cleveland, Erin Nicole 5 24/02/2017 56 12.75 12,818 5,249


Rights Restricted Units Crowell, Pamela Florence 5 24/02/2017 56 12.75 15,094 5,556


Rights Restricted Units Fraser, Philip 4 24/02/2017 56 12.75 104,434 44,253


Rights Restricted Units Jackson, Jeremy Winston 5 24/02/2017 56 12.75 12,767 4,742


Rights Restricted Units McCarville, Colleen 5 24/02/2017 56 12.75 8,552 3,549


Rights Restricted Units McLean, Mike 5 24/02/2017 56 12.75 15,354 5,685

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2256



Acquired/ Disposed


Rights Restricted Units Noseworthy, Dale 5 24/02/2017 56 12.75 14,434 5,254


Rights Restricted Units Richardson, Robert 4 24/02/2017 56 12.75 88,264 35,779

Kinaxis Inc. Rights Deferred Share Units

Colbeth, Douglas Proctor 4 28/02/2017 56 6,616 2,699


COURTEAU, Robert G 4 20/12/2016 00


COURTEAU, Robert G 4 28/02/2017 56 2,699 2,699


Denham, Gillian H. (Jill) 4 03/08/2016 00


Denham, Gillian H. (Jill) 4 28/02/2017 56 2,699 2,699

Kinaxis Inc. Common Shares Erwin, John Randall 5 28/02/2017 00 1,070

Kinaxis Inc. Options Erwin, John Randall 5 28/02/2017 00 39,400

Kinaxis Inc. Options Erwin, John Randall 5 03/03/2017 50 75.62 89,400 50,000

Kinaxis Inc. Rights Restricted Share Units

Erwin, John Randall 5 28/02/2017 00


Erwin, John Randall 5 28/02/2017 56 73.81 10,000 10,000


Giffen, J. Ian 4 28/02/2017 56 9,616 2,699


Matricaria, Ronald Anthony 4 28/02/2017 56 9,616 2,699


Mendez, Angel Luis 4 28/02/2017 56 6,616 2,699


Monkman, Richard George 5 28/02/2017 56 29,167 12,500

Kinaxis Inc. Common Shares Paterson, Megan 5 28/02/2017 00 317

Kinaxis Inc. Options Paterson, Megan 5 28/02/2017 00 42,500


Sedgman, Sarah Mayme 5 28/02/2017 56 5,863 3,000


Sicard, John Ernest 4, 5 28/02/2017 56 43,334 20,000

Kinaxis Inc. Options Ticala, Vasile Gelu 5 28/02/2017 00 56,250

Kinaxis Inc. Options Ticala, Vasile Gelu 5 03/03/2017 50 75.62 71,250 15,000

Kincora Copper Limited Common Shares Khojgor, Duchintav 4 02/03/2017 46 0.425 4,322,561 9,411

Kincora Copper Limited Common Shares Leslie, Luke 4 02/03/2017 46 0.425 345,251 9,411

Kincora Copper Limited Common Shares Spring, Jonathan (Sam) 5 02/03/2017 46 0.425 426,470 26,470

Kincora Copper Limited Common Shares Zurrin, Eric Frederick 4 02/03/2017 46 0.425 170,738 9,411

Kingsway Financial Services Inc.

Common Shares Baqar, Hassan Raza 5 28/02/2017 10 6.0394 34,524 118


Common Shares Fitzgerald, John Taylor Maloney Fitzgerald

4, 5 28/02/2017 10 6.0394 356,295 104


Common Shares Hickey, William A. 5 28/02/2017 10 6.0394 69,050 248


Common Shares Swets, Jr., Larry Gene 3, 4, 5 28/02/2017 10 6.0394 696,997 345

Kinross Gold Corporation Common Shares Etter, Gregory Van 5 27/02/2017 10 3.85 9,197 -33,018

Kinross Gold Corporation Options Etter, Gregory Van 5 27/02/2017 59 3.73 259,982 -20,690

Kinross Gold Corporation Common Shares Schimper, Claude J.S. 5 24/02/2017 10 5 73,129 -30,000

Klondex Mines Ltd. Common Shares Cooper, Rodney Alexander 4 24/02/2017 51 2.04 258,043 100,000

Klondex Mines Ltd. Common Shares Cooper, Rodney Alexander 4 24/02/2017 10 7.5465 208,320 -49,723

Klondex Mines Ltd. Options Cooper, Rodney Alexander 4 24/02/2017 51 2.04 26,667 -100,000

Klondex Mines Ltd. Common Shares Daniel, Mark 4 24/02/2017 51 2.98 76,667 66,667

Klondex Mines Ltd. Common Shares Daniel, Mark 4 24/02/2017 10 7.4928 36,983 -39,684

Klondex Mines Ltd. Options Daniel, Mark 4 24/02/2017 51 2.98 33,333 -66,667

LED Medical Diagnostics Inc. Warrants Gane, David 5 24/02/2017 55 165,525 -40,000

LED Medical Diagnostics Inc. Warrants Gane, David 5 24/02/2017 55 0 -40,000



LED Medical Diagnostics Inc. Warrants Pauls, Dietrich (Rick) John 4 24/02/2017 55 416,667 -40,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2257



Acquired/ Disposed

LED Medical Diagnostics Inc. Warrants Roberts, Clayto Lamar 5 24/02/2017 55 1,656,033 -500,000

LED Medical Diagnostics Inc. Warrants Tourigny, Rodger 4 24/02/2017 55 416,667 -120,000

LED Medical Diagnostics Inc. Warrants Tourigny, Rodger 4 13/08/2012 55 0 -60,000

Leon's Furniture Limited Common Shares Cooney, John Andrew 5 27/02/2017 90 18.31 17,799 -1,385

Leon's Furniture Limited Common Shares Cooney, John Andrew 5 27/02/2017 90 18.31 8,966 1,385

Leon's Furniture Limited Common Shares Leon, Graeme 5 02/03/2017 10 17.5 13,937 -2,000

LGC Capital Ltd. Common Shares McMullen, John A. D. 5 23/02/2017 00 430,388

Libero Mining Corporation (Formerly Slater Mining Corporation)

Common Shares Bell, Robert Wiltshire 4 10/12/2009 00


Common Shares Bell, Robert Wiltshire 4 23/02/2017 54 0.05 1,230,000 1,230,000


Warrants exercisable at 0.05 for 1st yr and then at 0.10 thereafter

Bell, Robert Wiltshire 4 23/02/2017 54 0.05 0 -1,230,000


Common Shares Mason, Jeffrey Robert 4 01/03/2017 54 0.05 4,500,000 1,500,000



Mason, Jeffrey Robert 4 01/03/2017 54 0 -1,500,000


Common Shares Pease, Robert 4 01/03/2017 54 0.05 1,000,000 500,000



Pease, Robert 4 01/03/2017 54 0.05 0 -500,000

LiCo Energy Metals Inc. Common Shares wilson, richard 4 22/02/2017 10 0.205 355,000 -10,000



Lifestyle Delivery Systems Inc. (formerly, Kariana Resources Inc.)

Common Shares Silina, Yanika 5 01/03/2017 10 -5,000


Common Shares Silina, Yanika 5 01/03/2017 10 0.55 5,000 -5,000


Common Shares Silina, Yanika 5 02/03/2017 51 0.12 20,000 15,000


Options Silina, Yanika 5 02/03/2017 51 0.12 225,595 -15,000

Lomiko Metals Inc. Common Shares Gill, Amrit Paul Singh 5 02/03/2017 10 0.23 475,610 7,000



Lotus Ventures Inc. Common Shares Mathiesen, Steve 4 27/02/2017 10 0.37 934,000 -10,000

Lotus Ventures Inc. Common Shares Mathiesen, Steve 4 03/03/2017 10 0.4 919,000 -15,000

Lundin Gold Inc. Options Bitelli, Alessandro 5 28/02/2017 50 5.15 310,000 135,000

Lundin Gold Inc. Options Cambon, James Kenneth 4 28/02/2017 50 5.15 237,000 37,000

Lundin Gold Inc. Options Colman, Sheila Margaret 5 28/02/2017 50 5.15 181,000 65,000

Lundin Gold Inc. Options Dicaire, David 5 28/02/2017 50 186,000 81,000

Lundin Gold Inc. Options Gibbs, Ian 4 28/02/2017 50 5.15 237,000 37,000

Lundin Gold Inc. Options Heppenstall, C. Ashley 4 28/02/2017 50 5.15 229,000 49,000

Lundin Gold Inc. Options Hochstein, Ronald F. 4, 5 28/02/2017 50 5.15 952,000 172,000

Lundin Gold Inc. Options Lundin, Lukas Henrik 4, 5 28/02/2017 50 5.15 296,000 56,000

Lundin Gold Inc. Options McRae, Paul 4 28/02/2017 50 5.15 257,000 37,000

Lundin Gold Inc. Options Mir, Pablo 4 28/02/2017 50 5.15 237,000 37,000

Lundin Gold Inc. Options Monash, Nathan Saul 5 28/02/2017 50 5.15 281,000 63,000

Lundin Gold Inc. Options Rodriguez, Iliana 5 28/02/2017 50 5.15 163,000 65,000

Lundin Gold Inc. Options See, Chester 5 28/02/2017 50 5.15 469,500 97,000

Lundin Gold Inc. Options Teasdale, Nicholas 5 28/02/2017 50 5.15 326,500 72,000

Lundin Gold Inc. Common Shares Zebra Holdings and Investments S.à.r.l.

3 02/03/2017 11 30,734,487 8,445

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2258



Acquired/ Disposed

Lundin Mining Corporation Options Boxall, Susan Joy 5 24/02/2017 50 609,000 105,000

Lundin Mining Corporation Rights Share Units Boxall, Susan Joy 5 24/02/2017 56 98,000 42,000

Lundin Mining Corporation Options Conibear, Paul K. 4, 5 24/02/2017 50 1,050,000 500,000

Lundin Mining Corporation Rights Share Units Conibear, Paul K. 4, 5 24/02/2017 56 800,000 200,000

Lundin Mining Corporation Options Gatley, Stephen Trelawney 5 24/02/2017 50 543,990 99,990

Lundin Mining Corporation Rights Share Units Gatley, Stephen Trelawney 5 24/02/2017 56 96,000 40,000

Lundin Mining Corporation Options Hayduk, Nicholas James 5 01/03/2017 00

Lundin Mining Corporation Options Hayduk, Nicholas James 5 01/03/2017 50 150,000 150,000

Lundin Mining Corporation Options Inkster, Marie 5 24/02/2017 50 1,205,100 207,900

Lundin Mining Corporation Rights Share Units Inkster, Marie 5 24/02/2017 56 197,160 83,160

Lundin Mining Corporation Options Lee Harrs, Julie 5 24/02/2017 50 765,000 165,000

Lundin Mining Corporation Rights Share Units Lee Harrs, Julie 5 24/02/2017 56 150,000 66,000

Lundin Mining Corporation Options Magie, Jinhee 5 24/02/2017 50 593,990 99,990

Lundin Mining Corporation Rights Share Units Magie, Jinhee 5 24/02/2017 56 96,000 40,000

Lundin Mining Corporation Options McRae, Paul 5 24/02/2017 50 610,000 150,000

Lundin Mining Corporation Rights Share Units McRae, Paul 5 24/02/2017 56 144,000 60,000

Lundin Mining Corporation Options O'Brien, Neil Patrick Matthew

5 24/02/2017 50 714,000 105,000

Lundin Mining Corporation Rights Share Units O'Brien, Neil Patrick Matthew

5 24/02/2017 56 98,000 42,000

Lundin Mining Corporation Options Quinn, Peter 5 24/02/2017 50 788,100 188,100

Lundin Mining Corporation Rights Share Units Quinn, Peter 5 24/02/2017 56 189,240 75,240

Lundin Mining Corporation Options Riehm, Derek 5 24/02/2017 50 432,000 90,000

Lundin Mining Corporation Rights Share Units Riehm, Derek 5 24/02/2017 56 92,000 36,000

Lundin Mining Corporation Options Schauman, Mikael 5 24/02/2017 50 663,990 99,990

Lundin Mining Corporation Rights Share Units Schauman, Mikael 5 24/02/2017 56 96,000 40,000

Madalena Energy Inc. Convertible Debentures Sharpe, Steven Blair 4 01/03/2017 90 $0 -$25,000

Madalena Energy Inc. Convertible Debentures Sharpe, Steven Blair 4 01/03/2017 90 $50,000 $25,000

Madison Pacific Properties Inc.

Non-Voting Shares Class C

Delesalle, Michael William 4 10/02/2000 00



Delesalle, Michael William 4 24/02/2017 11 3.05 1,450,000 1,450,000



Delesalle, Michael William 4 24/02/2017 11 3.05 11,702,446 -1,450,000

Mag Copper Limited (formerly, Fort Chimo Minerals Inc.)

Options Stock Option Plan Thor, Jennifer 4 01/03/2017 00 2,000

Magna International Inc. Options Apfalter, Guenther Friedrich 5 27/02/2017 50 43.05 334,029 19,744

Magna International Inc. Rights ROIC Apfalter, Guenther Friedrich 5 23/02/2011 00

Magna International Inc. Rights ROIC Apfalter, Guenther Friedrich 5 27/02/2017 56 43.92 3,871 3,871

Magna International Inc. Rights TSR Apfalter, Guenther Friedrich 5 23/02/2011 00

Magna International Inc. Rights TSR Apfalter, Guenther Friedrich 5 27/02/2017 56 43.92 1,935 1,935

Magna International Inc. Options Galifi, Vincent Joseph 5 27/02/2017 50 43.05 536,587 47,619

Magna International Inc. Rights ROIC Galifi, Vincent Joseph 5 05/06/2003 00

Magna International Inc. Rights ROIC Galifi, Vincent Joseph 5 27/02/2017 56 43.92 9,335 9,335

Magna International Inc. Rights TSR Galifi, Vincent Joseph 5 05/06/2003 00

Magna International Inc. Rights TSR Galifi, Vincent Joseph 5 27/02/2017 56 43.92 4,668 4,668

Magna International Inc. Common Shares Judge, Barbara Thomas 4 27/02/2017 51 17.99 13,000 5,000

Magna International Inc. Options Judge, Barbara Thomas 4 27/02/2017 51 17.99 0 -5,000

Magna International Inc. Options Kotagiri, Seetarama Swamy 5 27/02/2017 50 43.05 190,341 20,906

Magna International Inc. Rights ROIC Kotagiri, Seetarama Swamy 5 01/01/2013 00

Magna International Inc. Rights ROIC Kotagiri, Seetarama Swamy 5 27/02/2017 56 43.92 4,098 4,098

Magna International Inc. Rights TSR Kotagiri, Seetarama Swamy 5 01/01/2013 00

Magna International Inc. Rights TSR Kotagiri, Seetarama Swamy 5 27/02/2017 56 43.92 2,049 2,049

Magna International Inc. Options Neeb, Marc Joseph 5 27/02/2017 50 43.05 159,597 14,402

Magna International Inc. Rights ROIC Neeb, Marc Joseph 5 06/06/2003 00

Magna International Inc. Rights ROIC Neeb, Marc Joseph 5 27/02/2017 56 43.92 2,823 2,823

Magna International Inc. Rights TSR Neeb, Marc Joseph 5 06/06/2003 00

Magna International Inc. Rights TSR Neeb, Marc Joseph 5 27/02/2017 56 43.92 1,412 1,412

Magna International Inc. Options Palmer, Jeffrey Owen 5 27/02/2017 50 43.05 168,661 37,166

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2259



Acquired/ Disposed

Magna International Inc. Options Seguin, Francis 5 27/02/2017 50 43.05 157,403 19,744

Magna International Inc. Rights ROIC Seguin, Francis 5 25/02/2016 00

Magna International Inc. Rights ROIC Seguin, Francis 5 27/02/2017 56 43.92 3,871 3,871

Magna International Inc. Rights TSR Seguin, Francis 5 25/02/2016 00

Magna International Inc. Rights TSR Seguin, Francis 5 27/02/2017 56 43.92 1,935 1,935

Magna International Inc. Options Skudutis, Tommy Joseph 7, 5 27/02/2017 50 43.05 367,194 45,296

Magna International Inc. Rights ROIC Skudutis, Tommy Joseph 7, 5 05/06/2003 00

Magna International Inc. Rights ROIC Skudutis, Tommy Joseph 7, 5 27/02/2017 56 43.92 8,880 8,880

Magna International Inc. Rights TSR Skudutis, Tommy Joseph 7, 5 05/06/2003 00

Magna International Inc. Rights TSR Skudutis, Tommy Joseph 7, 5 27/02/2017 56 43.92 4,440 4,440

Magna International Inc. Options Tobin, Sr., James Joseph 5 27/02/2017 50 43.05 263,636 20,441

Magna International Inc. Rights ROIC Tobin, Sr., James Joseph 5 20/12/2007 00

Magna International Inc. Rights ROIC Tobin, Sr., James Joseph 5 27/02/2017 56 43.92 4,007 4,007

Magna International Inc. Rights TSR Tobin, Sr., James Joseph 5 20/12/2007 00

Magna International Inc. Rights TSR Tobin, Sr., James Joseph 5 27/02/2017 56 43.92 2,004 2,004

Magna International Inc. Options Walker, Donald James 4, 5 27/02/2017 50 43.05 1,540,271 137,979

Magna International Inc. Rights ROIC Walker, Donald James 4, 5 30/04/2003 00

Magna International Inc. Rights ROIC Walker, Donald James 4, 5 27/02/2017 56 43.92 27,049 27,049

Magna International Inc. Rights TSR Walker, Donald James 4, 5 30/04/2003 00

Magna International Inc. Rights TSR Walker, Donald James 4, 5 27/02/2017 56 43.92 13,525 13,525

Majescor Resources Inc. Options Letellier, Lucie 5 15/02/2017 00

Majescor Resources Inc. Options Letellier, Lucie 5 24/02/2017 50 0.1 200,000 200,000

Manitok Energy Inc. Options Dion, Robert George 5 01/02/2017 52 1.85 1,300,000 -90,000

Manitok Energy Inc. Options Dion, Robert George 5 23/02/2017 50 0.16 2,200,000 900,000




Manitok Energy Inc. Options Geremia, Bruno P. 4 23/02/2017 50 0.16 777,700 82,000

Manitok Energy Inc. Options Geremia, Bruno P. 4 23/02/2017 38 3.12 737,700 -40,000

Manitok Energy Inc. Options Geremia, Bruno P. 4 23/02/2017 38 2.4 727,700 -10,000

Manitok Energy Inc. Common Shares Geremia, Massimo Mario 5 28/02/2017 30 0.15 228,513 12,000

Manitok Energy Inc. Options Geremia, Massimo Mario 5 01/02/2017 52 1.85 2,365,000 -180,000

Manitok Energy Inc. Options Geremia, Massimo Mario 5 23/02/2017 50 0.16 3,865,000 1,500,000



Manitok Energy Inc. Options Geremia, Massimo Mario 5 23/02/2017 38 0.81 -115,000


Manitok Energy Inc. Common Shares Jerhoff, Timothy Franklin 5 28/02/2017 30 0.15 214,231 11,250

Manitok Energy Inc. Options Jerhoff, Timothy Franklin 5 23/02/2017 50 0.16 2,350,000 900,000

Manitok Energy Inc. Options Jerhoff, Timothy Franklin 5 23/02/2017 38 2.38 2,050,000 -300,000

Manitok Energy Inc. Options Jerhoff, Timothy Franklin 5 23/02/2017 38 0.81 1,900,000 -150,000

Manitok Energy Inc. Options MacLeod, Roderick Keith 4 23/02/2017 38 0.81 348,800 -35,000

Manitok Energy Inc. Options MacLeod, Roderick Keith 4 23/02/2017 50 0.16 383,800 35,000

Manitok Energy Inc. Common Shares Martin, Donald Robert 5 28/02/2017 30 0.15 199,047 10,500

Manitok Energy Inc. Options Martin, Donald Robert 5 23/02/2017 50 0.16 2,000,000 675,000

Manitok Energy Inc. Options Martin, Donald Robert 5 23/02/2017 38 2.4 1,800,000 -200,000

Manitok Energy Inc. Options Martin, Donald Robert 5 23/02/2017 38 0.81 1,675,000 -125,000

Manitok Energy Inc. Options MULLEN, Kenneth Brandon 4 23/02/2017 50 0.16 201,200 105,000

Manitok Energy Inc. Options Nerland, Dennis Leroy 4 23/02/2017 50 429,200 35,000

Manitok Energy Inc. Options Nerland, Dennis Leroy 4 23/02/2017 38 394,200 -35,000

Manitok Energy Inc. Common Shares PERRY, RODGER DEAN 5 28/02/2017 30 0.15 175,906 9,500

Manitok Energy Inc. Options PERRY, RODGER DEAN 5 23/02/2017 50 0.16 1,415,000 450,000

Manitok Energy Inc. Options PERRY, RODGER DEAN 5 23/02/2017 38 1.6 1,240,000 -175,000

Manitok Energy Inc. Options PERRY, RODGER DEAN 5 23/02/2017 38 0.81 1,200,000 -40,000

Manitok Energy Inc. Options Peterson, Greg 4 01/02/2017 52 1.85 409,200 -32,000

Manitok Energy Inc. Options Peterson, Greg 4 22/02/2017 50 0.16 82,000

Manitok Energy Inc. Options Peterson, Greg 4 23/02/2017 50 0.16 491,200 82,000


Insider Reporting

March 9, 2017

(2017), 40 OSCB 2260



Acquired/ Disposed


Manitok Energy Inc. Options Spoletini, Tumasino 4 01/02/2017 52 1.85 646,200 -32,000

Manitok Energy Inc. Options Spoletini, Tumasino 4 23/02/2017 50 0.16 728,200 82,000



Manitok Energy Inc. Options Vavra, Gregory A. 5 23/02/2017 50 0.16 900,000 400,000

Manitok Energy Inc. Options Vouri, Cameron Grant 5 01/02/2017 52 1.85 1,075,800 -32,000

Manitok Energy Inc. Options Vouri, Cameron Grant 5 23/02/2017 50 0.16 1,375,800 300,000

Manitok Energy Inc. Options Vouri, Cameron Grant 5 23/02/2017 38 3.12 1,335,800 -40,000

Manitok Energy Inc. Options Vouri, Cameron Grant 5 23/02/2017 38 2.4 905,800 -430,000

Manitok Energy Inc. Options Vouri, Cameron Grant 5 23/02/2017 38 0.81 685,800 -220,000

Manulife Financial Corporation

Options Bromley, Craig 5 28/02/2017 50 1,133,395 197,822


Options Conkey, Christopher Paul 5 28/02/2017 50 125,088 17,690


Options Finch, Steve 5 28/02/2017 50 467,228 53,260


Options Forbes, Cindy L. 5 28/02/2017 50 490,737 42,956


Options Framke, Gregory Allen 5 28/02/2017 50 235,255 98,911


Options Gallagher, James D. 5 28/02/2017 50 337,132 57,064


Options Garrigues, Gretchen 5 28/02/2017 50 35,380 35,380


Options Gori, Rocco 5 28/02/2017 50 940,705 243,473


Options Guloien, Donald A. 4, 5 28/02/2017 50 7,555,269 774,999


Options Harrison, Marianne 5 28/02/2017 50 1,151,519 197,822


Options Hartz, Scott 5 28/02/2017 50 892,503 98,911


Options Hirji, Rahim 5 28/02/2017 50 445,852 58,048


Options Huddart, Michael Edward 5 28/02/2017 50 202,724 30,393


Options Kalita von dem Hagen, Halina

5 28/02/2017 50 92,178 27,573


Options Kingsmill, Stephani 5 28/02/2017 50 384,081 31,927


Options Mantia, Linda 5 28/02/2017 50 206,498 140,758


Options Mills, Guy Raymond Adam 5 28/02/2017 50 190,571 35,295


Options Ramza, Timothy William 5 28/02/2017 50 108,597 34,238


Options Roder, Stephen Bernard 5 28/02/2017 50 1,953,075 251,081


Options Sotorp, Kai Reiner 5 28/02/2017 50 292,350 98,911


Options Sullivan, Lynda 5 28/02/2017 50 415,042 33,088


Options Thomson, Warren A. 5 28/02/2017 50 2,008,088 167,387


Options Van Ogtrop, John 5 28/02/2017 50 117,876 10,642


Options Witherington, Philip James 7, 5 28/02/2017 50 108,673 34,315

Maple Leaf Foods Inc. Common Shares Henry, Ian Vincent 5 01/03/2017 10 31 12,305 -4,500

Maple Leaf Foods Inc. Common Shares Huffman, Randall 5 20/05/2016 10 29.92 24,460 -25,000

Maple Leaf Foods Inc. Common Shares Young, Richard 5 28/02/2017 10 31.047 157,937 -3,000



Maple Leaf Foods Inc. Common Shares Young, Richard 5 01/03/2017 51 11.36 167,937 21,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2261



Acquired/ Disposed





Maple Leaf Foods Inc. Options Employee Young, Richard 5 01/03/2017 51 11.36 205,100 -21,000

Mason Graphite Inc. Common Shares Marcotte, Simon 5 03/03/2017 10 1.35 1,317,400 200

Maverix Metals Inc. Common Shares Burns, Geoffrey Alan 4 22/02/2017 10 1.3453 11,910,417 3,000




MBN Corporation Units MBN Corporation 1 27/02/2017 38 5.91 300 300

MBN Corporation Units MBN Corporation 1 27/02/2017 38 0 -300

MBN Corporation Units MBN Corporation 1 01/03/2017 38 5.91 1,400 1,400

MBN Corporation Units MBN Corporation 1 01/03/2017 38 0 -1,400

MCAN Mortgage Corporation Performance Share Units Bouganim, Jeffrey Joseph 5 02/03/2017 56 14.942 13,892 8,308

MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 30/09/2016 30 14.609 2,131 41

MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 03/01/2017 30 14.404 2,175 44

MCAN Mortgage Corporation Performance Deferred Share Units

Horton, Robert 5 02/03/2017 56 14.942 4,360 2,255


Horton, Robert 5 02/03/2017 56 14.942 4,927 567


Jandrisits, William John 4, 7, 5 02/03/2017 56 14.942 19,010 9,440


Jandrisits, William John 4, 7, 5 02/03/2017 56 14.942 21,865 2,855

MCAN Mortgage Corporation Performance Share Units Lum, Jeffrey 5 02/03/2017 56 14.942 2,924

MCAN Mortgage Corporation Performance Share Units Lum, Jeffrey 5 02/03/2017 56 14.942 6,547 3,540

MCAN Mortgage Corporation Performance Share Units Patel, Dipti 5 02/03/2017 56 14.942 4,718 2,582


Pinto, Sylvia 5 02/03/2017 56 14.942 3,510 2,036


Pinto, Sylvia 5 02/03/2017 56 14.942 4,159 649

McCoy Global Inc. Common Shares Langier, Suzanne Therese 5 30/01/2017 30 5,146 3,020

McLaren Resources Inc. Options Heslop, John Boyd 4 28/03/2012 00

McLaren Resources Inc. Options Heslop, John Boyd 4 23/02/2017 50 0.125 250,000 250,000

McLaren Resources Inc. Options Meredith, Michael 4, 5 23/02/2017 50 0.125 400,000 200,000

McLaren Resources Inc. Options Wakeam, Nadim 5 01/12/2007 00

McLaren Resources Inc. Options Wakeam, Nadim 5 23/02/2017 50 0.125 100,000 100,000

MDC Partners Inc. Common Shares Class A Subordinate Voting Shares

Kantor, Robert Andrew 5 27/02/2017 00


Kantor, Robert Andrew 5 27/02/2017 00


Kantor, Robert Andrew 5 27/02/2017 00 81,836

MDC Partners Inc. Restricted Stock (US) Kantor, Robert Andrew 5 27/02/2017 00 100,000

MDC Partners Inc. Rights Share Appreciation Rights

Kantor, Robert Andrew 5 27/02/2017 00 43,000


Ross, David Corwin 5 27/02/2017 00







Insider Reporting

March 9, 2017

(2017), 40 OSCB 2262



Acquired/ Disposed


Ross, David Corwin 5 27/02/2017 00 30,000


Ross, David Corwin 5 01/03/2017 10 8.65 5,000








Ross, David Corwin 5 01/03/2017 10 8.65 35,000 5,000

MDC Partners Inc. Restricted Stock (US) Ross, David Corwin 5 27/02/2017 00




MDC Partners Inc. Restricted Stock (US) Ross, David Corwin 5 27/02/2017 00 100,000










Ross, David Corwin 5 27/02/2017 00 43,000

Mediagrif Interactive Technologies Inc.

Common Shares Technologies Interactives Mediagrif Inc.

1 09/02/2017 38 17.28 200 200



1 09/02/2017 38 17.28 0 -200



1 09/02/2017 38 17.53 100 100



1 09/02/2017 38 17.53 0 -100



1 09/02/2017 38 17.65 300 300



1 09/02/2017 38 17.65 0 -300



1 09/02/2017 38 17.7 600 600



1 09/02/2017 38 17.7 0 -600



1 09/02/2017 38 17.71 300 300



1 09/02/2017 38 17.71 0 -300



1 13/02/2017 38 17.41 300 300



1 13/02/2017 38 17.41 0 -300



1 13/02/2017 38 17.49 100 100



1 13/02/2017 38 17.49 0 -100



1 13/02/2017 38 17.5 200 200



1 13/02/2017 38 17.5 0 -200



1 13/02/2017 38 17.56 300 300

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2263



Acquired/ Disposed



1 13/02/2017 38 17.56 0 -300



1 13/02/2017 38 17.57 300 300



1 13/02/2017 38 17.57 0 -300



1 13/02/2017 38 17.65 100 100



1 13/02/2017 38 17.65 0 -100



1 13/02/2017 38 17.69 200 200



1 13/02/2017 38 17.69 0 -200



1 13/02/2017 38 17.7 100 100



1 13/02/2017 38 17.7 0 -100



1 14/02/2017 38 17.49 800 800



1 14/02/2017 38 17.49 0 -800



1 15/02/2017 38 17.07 100 100



1 15/02/2017 38 17.07 0 -100



1 15/02/2017 38 17.09 200 200



1 15/02/2017 38 17.09 0 -200



1 15/02/2017 38 17.11 400 400



1 15/02/2017 38 17.11 0 -400



1 15/02/2017 38 17.13 300 300



1 15/02/2017 38 17.13 0 -300



1 15/02/2017 38 17.2 500 500



1 15/02/2017 38 17.2 0 -500



1 16/02/2017 38 17.08 300 300



1 16/02/2017 38 17.08 0 -300



1 16/02/2017 38 17.1 800 800



1 16/02/2017 38 17.1 0 -800



1 16/02/2017 38 17.32 100 100



1 16/02/2017 38 17.32 0 -100



1 16/02/2017 38 17.34 100 100



1 16/02/2017 38 17.34 0 -100



1 17/02/2017 38 17.1 400 400



1 17/02/2017 38 17.1 0 -400



1 17/02/2017 38 17.11 300 300



1 17/02/2017 38 17.11 0 -300

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2264



Acquired/ Disposed



1 21/02/2017 38 17.35 300 300



1 21/02/2017 38 17.35 0 -300



1 21/02/2017 38 17.25 200 200



1 21/02/2017 38 17.25 0 -200



1 21/02/2017 38 17.18 200 200



1 21/02/2017 38 17.18 0 -200



1 22/02/2017 38 17.3 300 300



1 22/02/2017 38 17.3 0 -300



1 22/02/2017 38 17.25 300 300



1 22/02/2017 38 17.25 0 -300



1 23/02/2017 38 17.3 200 200



1 23/02/2017 38 17.3 0 -200



1 23/02/2017 38 17.25 200 200



1 23/02/2017 38 17.25 0 -200



1 24/02/2017 38 17.25 300 300



1 24/02/2017 38 17.25 0 -300



1 24/02/2017 38 17.2 300 300



1 24/02/2017 38 17.2 0 -300



1 24/02/2017 38 17.17 300 300



1 24/02/2017 38 17.17 0 -300



1 27/02/2017 38 17.02 500 500



1 27/02/2017 38 17.02 0 -500



1 28/02/2017 38 16.5 300 300



1 28/02/2017 38 16.5 0 -300



1 28/02/2017 38 16.75 300 300



1 28/02/2017 38 16.75 0 -300



1 28/02/2017 38 16.8 300 300



1 28/02/2017 38 16.8 0 -300

Medicenna Therapeutics Corp.

Common Shares Wong-Chor, Trevor 4 01/03/2017 37 714 -9,286

Medicure Inc. Common Shares Friesen, Albert David 4, 5 15/02/2017 47 9.15 781,267 -20,000

Medicure Inc. Common Shares Friesen, Albert David 4, 5 15/02/2017 47 9.15 1,314,861 -25,000

Medmira Inc. Options Chan, Hermes 4, 5 02/03/2017 52 750,000 -287,500

Medmira Inc. Options Cook, Robyn Kimberley 5 02/03/2017 52 25,000 -37,500

Medmira Inc. Options Meile, Markus 5 02/03/2017 52 0 -175,000

MEG Energy Corp. Options LAMB, Theodore Willis 5 01/03/2017 52 40 142,300 -15,000

Mercer International Inc. Common Shares Cooper, David M. 5 23/02/2017 57 76,619 8,024

Mercer International Inc. Performance Units Cooper, David M. 5 23/02/2017 56 49,668 13,834

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2265



Acquired/ Disposed

Mercer International Inc. Performance Units Cooper, David M. 5 23/02/2017 57 41,644 -8,024

Mercer International Inc. Performance Units Cooper, David M. 5 23/02/2017 57 35,834 -5,810

Mercer International Inc. Common Shares Gandossi, David M. 5 23/02/2017 57 235,714 18,449

Mercer International Inc. Performance Units Gandossi, David M. 5 23/02/2017 56 99,169 36,898

Mercer International Inc. Performance Units Gandossi, David M. 5 23/02/2017 57 80,720 -18,449

Mercer International Inc. Performance Units Gandossi, David M. 5 23/02/2017 57 62,271 -18,449

Mercer International Inc. Common Shares Heine, Eric X. 5 23/02/2017 57 55,701 5,958

Mercer International Inc. Performance Units Heine, Eric X. 5 23/02/2017 56 43,357 11,916

Mercer International Inc. Performance Units Heine, Eric X. 5 23/02/2017 57 37,399 -5,958

Mercer International Inc. Performance Units Heine, Eric X. 5 23/02/2017 57 31,441 -5,958

Mercer International Inc. Common Shares Lee, Jimmy S.H. 4, 5 23/02/2017 57 2,215,548 60,807

Mercer International Inc. Performance units Lee, Jimmy S.H. 4, 5 23/02/2017 56 60,807 60,807

Mercer International Inc. Performance units Lee, Jimmy S.H. 4, 5 23/02/2017 57 0 -60,807

Mercer International Inc. Common Shares NOSSOL, LEONHARD 5 23/02/2017 57 48,161 9,098

Mercer International Inc. Performance Units NOSSOL, LEONHARD 5 23/02/2017 56 55,827 15,962

Mercer International Inc. Performance Units NOSSOL, LEONHARD 5 23/02/2017 57 46,729 -9,098

Mercer International Inc. Performance Units NOSSOL, LEONHARD 5 23/02/2017 57 39,865 -6,864

Mercer International Inc. Common Shares RIDDER, WOLFRAM 5 23/02/2017 57 34,699 9,233

Mercer International Inc. Performance Units RIDDER, WOLFRAM 5 23/02/2017 56 62,047 17,756

Mercer International Inc. Performance Units RIDDER, WOLFRAM 5 23/02/2017 57 52,814 -9,233

Mercer International Inc. Performance Units RIDDER, WOLFRAM 5 23/02/2017 57 44,291 -8,523

Mercer International Inc. Common Shares Short, Richard George 5 23/02/2017 57 25,881 4,297

Mercer International Inc. Performance Units Short, Richard George 5 23/02/2017 56 15,095 8,595

Mercer International Inc. Performance Units Short, Richard George 5 23/02/2017 57 10,798 -4,297

Mercer International Inc. Performance Units Short, Richard George 5 23/02/2017 57 6,500 -4,298

Mercer International Inc. Common Shares URE, DAVID K. 5 23/02/2017 57 37,926 7,653

Mercer International Inc. Performance Units URE, DAVID K. 5 23/02/2017 56 32,889 15,307

Mercer International Inc. Performance Units URE, DAVID K. 5 23/02/2017 57 25,236 -7,653

Mercer International Inc. Performance Units URE, DAVID K. 5 23/02/2017 57 17,582 -7,654

Metalla Royalty & Streaming Ltd.

Options Tucker, E.B. 4 24/02/2017 00


Options Tucker, E.B. 4 24/02/2017 00 233,333


Warrants Tucker, E.B. 4 24/02/2017 00


Warrants Tucker, E.B. 4 24/02/2017 00 56,000

Metallis Resources Inc. Common Shares Wts - March 2, 2017 Expiry

Aliperti, Fiore 4 02/03/2017 55 0.2 0 -50,000

Metallis Resources Inc. Common Shares Warrants - March 2, 2017 Expiry

Dupre, David 5 02/03/2017 55 0.2 0 -50,000

Metallis Resources Inc. Common Shares Warrants - March 2, 2017 Expiry

Sheikh, Sameen 5 02/03/2017 55 0.2 0 -25,000

Metallis Resources Inc. Common Shares Sikich, Michael 4 28/02/2017 51 0.1 888,267 125,000

Metallis Resources Inc. Options Sikich, Michael 4 28/02/2017 51 0.1 0 -125,000

Methanex Corporation Rights Share Appreciation Rights

Hognestad, Jone 7 27/02/2017 59 28.74 46,400 -2,000

Methanex Corporation Rights Share Appreciation Rights

Sumner, Rich 7, 5 02/03/2017 59 25.22 36,345 -7,800

Microbix Biosystems Inc. Options Embro-Pantalony, Vaughn 4 22/02/2017 52 625,000 -275,000

Midas Gold Corp. Common Shares Young, Donald Walter 4 01/03/2017 36 0.6 63,000 6,000

Midas Gold Corp. Common Shares Young, Donald Walter 4 01/03/2017 10 0.76 57,000 -6,000

Midas Gold Corp. Warrants Young, Donald Walter 4 01/03/2017 36 0.6 0 -6,000

Middlefield Healthcare & Wellness Dividend Fund

Trust Units Brasseur, Jeremy 6 28/02/2017 10 9.9913 23,000 3,000


Trust Units Middlefield Healthcare & Wellness Dividend Fund

1 24/02/2017 38 9.7752 146,500 6,300



1 27/02/2017 38 9.8388 149,100 2,600



1 28/02/2017 38 9.9719 151,700 2,600

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2266



Acquired/ Disposed



1 01/03/2017 38 9.9913 157,200 5,500



1 02/03/2017 38 9.9578 163,600 6,400

MINCO SILVER CORPORATION

Common Shares Lian, George 4 20/02/2017 51 0.42 30,000 30,000


Common Shares Lian, George 4 27/02/2017 10 1.4 20,800 -9,200








Options Lian, George 4 20/02/2017 51 0.42 835,000 -30,000

MINT Income Fund Trust Units MINT Income Fund 1 24/02/2017 38 7.1087 65,909,129 2,300




Mitel Networks Corporation Performance Stock Units Agnes, Robert Dale 5 08/09/2014 00 35,000

Mitel Networks Corporation Units Restricted Stock Units

Agnes, Robert Dale 5 01/03/2017 56 87,650 35,000


Bellomo, Anthony John 5 01/03/2017 56 35,825 25,000

Mitel Networks Corporation Common Shares Bevington, Graham 5 01/03/2017 57 19,873 2,875

Mitel Networks Corporation Common Shares Bevington, Graham 5 02/03/2017 10 6.58 19,072 -801

Mitel Networks Corporation Performance Stock Units Bevington, Graham 5 29/04/2010 00 32,000

Mitel Networks Corporation Restricted Stock Units Bevington, Graham 5 01/03/2017 56 157,825 32,000

Mitel Networks Corporation Restricted Stock Units Bevington, Graham 5 01/03/2017 58 - Expiration of rights

154,950 -2,875

Mitel Networks Corporation Common Shares Brinton, Jon 5 01/03/2017 57 32,577 2,875

Mitel Networks Corporation Common Shares Brinton, Jon 5 02/03/2017 10 6.58 31,629 -948

Mitel Networks Corporation Performance Stock Units Brinton, Jon 5 16/05/2011 00 32,000

Mitel Networks Corporation Restricted Stock Units Brinton, Jon 5 01/03/2017 57 73,000 -2,875

Mitel Networks Corporation Restricted Stock Units Brinton, Jon 5 01/03/2017 56 105,000 32,000

Mitel Networks Corporation Common Shares Charbonneau, Peter D. 4 28/02/2017 57 36,974 10,000

Mitel Networks Corporation Common Shares Charbonneau, Peter D. 4 01/03/2017 10 6.67 32,275 -4,699

Mitel Networks Corporation Rights Restricted Stock Units

Charbonneau, Peter D. 4 28/02/2017 58 - Expiration of rights

0 -10,000

Mitel Networks Corporation Performance Stock Units Durow, Wesley Dean 5 10/06/2015 00 32,000


Durow, Wesley Dean 5 01/03/2017 56 87,500 32,000

Mitel Networks Corporation Common Shares Hiscock, Gregory 5 01/03/2017 57 5,658 1,150

Mitel Networks Corporation Common Shares Hiscock, Gregory 5 02/03/2017 10 6.58 5,117 -541

Mitel Networks Corporation Restricted Stock Units Hiscock, Gregory 5 01/03/2017 57 22,450 -1,150

Mitel Networks Corporation Restricted Stock Units Hiscock, Gregory 5 01/03/2017 56 47,450 25,000

Mitel Networks Corporation Performance Stock Units Lokar, Thomas Gerald 5 05/02/2014 00 32,000


Lokar, Thomas Gerald 5 01/03/2017 56 122,375 32,000

Mitel Networks Corporation Common Shares Matthews, Terence Hedley 4 28/02/2017 57 41,311 10,000

Mitel Networks Corporation Common Shares Matthews, Terence Hedley 4 01/03/2017 10 6.67 36,612 -4,699

Mitel Networks Corporation Common Shares Matthews, Terence Hedley 4 28/02/2017 10 8.8419 6,938,590 -50,000



Mitel Networks Corporation Options Matthews, Terence Hedley 4 01/03/2017 50 6.62 182,423 5,674


Matthews, Terence Hedley 4 28/02/2017 57 0 -10,000


Matthews, Terence Hedley 4 01/03/2017 56 2,523 2,523


McAnuff, Colin Ross 5 01/03/2017 56 33,500 13,500

Mitel Networks Corporation Common Shares McBee, Richard 4, 5 01/03/2017 57 202,925 28,850

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2267



Acquired/ Disposed

Mitel Networks Corporation Common Shares McBee, Richard 4, 5 02/03/2017 10 6.58 194,985 -7,940

Mitel Networks Corporation Performance Stock Units McBee, Richard 4, 5 19/01/2011 00 217,000

Mitel Networks Corporation Restricted Stock Units McBee, Richard 4, 5 01/03/2017 57 433,288 -28,850

Mitel Networks Corporation Restricted Stock Units McBee, Richard 4, 5 01/03/2017 56 650,288 217,000

Mitel Networks Corporation Common Shares McCarthy, Michael William 5 01/03/2017 57 6.62 3,528 875

Mitel Networks Corporation Common Shares McCarthy, Michael William 5 02/03/2017 10 6.58 3,235 -293

Mitel Networks Corporation Restricted Stock Units McCarthy, Michael William 5 01/03/2017 57 13,188 -875

Mitel Networks Corporation Restricted Stock Units McCarthy, Michael William 5 01/03/2017 56 28,188 15,000

Mitel Networks Corporation Common Shares McHugh, John 4 28/02/2017 58 - Expiration of rights

50,624 10,000

Mitel Networks Corporation Common Shares McHugh, John 4 01/03/2017 10 6.67 50,192 -432

Mitel Networks Corporation Common Shares McHugh, John 4 01/03/2017 57 51,766 1,574

Mitel Networks Corporation Options McHugh, John 4 01/03/2017 50 6.62 161,208 3,541


McHugh, John 4 28/02/2017 57 0 -10,000


McHugh, John 4 01/03/2017 56 1,574 1,574


McHugh, John 4 01/03/2017 58 - Expiration of rights

0 -1,574

Mitel Networks Corporation Restricted Stock Units Pethakas, Steve 5 06/10/2016 00 12,500

Mitel Networks Corporation Common Shares Ramakrishna, Sudhakar 4 28/02/2017 57 17,166 10,000

Mitel Networks Corporation Common Shares Ramakrishna, Sudhakar 4 01/03/2017 10 6.67 16,653 -513


Ramakrishna, Sudhakar 4 28/02/2017 58 - Expiration of rights

0 -10,000

Mitel Networks Corporation Common Shares Spooner, Steven Edward 5 01/03/2017 57 153,536 8,650

Mitel Networks Corporation Common Shares Spooner, Steven Edward 5 02/03/2017 10 6.58 149,496 -4,040

Mitel Networks Corporation Performance Stock Units Spooner, Steven Edward 5 29/04/2010 00 67,000

Mitel Networks Corporation Restricted Stock Units Spooner, Steven Edward 5 01/03/2017 58 - Expiration of rights

213,625 -8,650

Mitel Networks Corporation Restricted Stock Units Spooner, Steven Edward 5 01/03/2017 56 280,625 67,000

Mitel Networks Corporation Common Shares Szutu, Trevor 7 24/02/2017 00

Mitel Networks Corporation Common Shares Szutu, Trevor 7 24/02/2017 00


Touray, Mahawa Vanessa 5 01/03/2017 56 61,575 50,000

Mitel Networks Corporation Common Shares Williams, David Michael 4 01/03/2017 57 180,000 10,000

Mitel Networks Corporation Common Shares Williams, David Michael 4 02/03/2017 10 8.75 195,000 15,000

Mitel Networks Corporation Common Shares Williams, David Michael 4 31/01/2014 00 2,300


Williams, David Michael 4 28/02/2017 57 0 -10,000

Mogo Finance Technology Inc.

Common Shares Wekerle, Michael A. 3 17/01/2017 10 2.2367 1,580,400 12,000


Common Shares Wekerle, Michael A. 3 21/02/2017 10 3.75 1,555,400 -25,000









Montan Mining Corp. (formerly Strait Minerals Inc.)

Common Shares Zapata, Luis 5 23/02/2017 10 0.055 205,000 -530,000

Mosaic Capital Corporation Common Shares Bentham, Gary Lambert 4 02/03/2017 30 9.8 8,024 1,152

Mosaic Capital Corporation Common Shares Bentham, Gary Lambert 4 11/06/2013 00

Mosaic Capital Corporation Common Shares Bentham, Gary Lambert 4 02/03/2017 30 9.8 672 672

Mosaic Capital Corporation Subscription Rights Subscription Privilege

Bentham, Gary Lambert 4 02/03/2017 57 1 -1,152


Bentham, Gary Lambert 4 02/03/2017 57 0 -672

Mosaic Capital Corporation Common Shares Mackay, John 4, 6, 7, 5 01/05/2011 00

Mosaic Capital Corporation Common Shares Mackay, John 4, 6, 7, 5 27/02/2017 15 9.8 972 972


Insider Reporting

March 9, 2017

(2017), 40 OSCB 2268



Acquired/ Disposed

Mosaic Capital Corporation Common Shares Mackay, John 4, 6, 7, 5 27/02/2017 15 9.8 428 428

Mosaic Capital Corporation Common Shares Mackay, John 4, 6, 7, 5 27/02/2017 15 9.8 293,321 428


Mosaic Capital Corporation Common Shares Mackay, John 4, 6, 7, 5 27/02/2017 15 9.8 1,030 1,030


Mackay, John 4, 6, 7, 5 10/02/2017 15 971


Mackay, John 4, 6, 7, 5 10/02/2017 15 972 972


Mackay, John 4, 6, 7, 5 27/02/2017 57 0 -972


Mackay, John 4, 6, 7, 5 10/02/2017 15 427


Mackay, John 4, 6, 7, 5 10/02/2017 15 428 428


Mackay, John 4, 6, 7, 5 27/02/2017 57 0 -428


Mackay, John 4, 6, 7, 5 27/02/2017 57 16,534 -428


Mackay, John 4, 6, 7, 5 10/02/2017 15 1,029


Mackay, John 4, 6, 7, 5 10/02/2017 15 1,030 1,030


Mackay, John 4, 6, 7, 5 27/02/2017 57 0 -1,030

Mountain Province Diamonds Inc.

Common Shares MACKIE, REID 5 15/10/2015 00 10,000


Common Shares Restricted Share Units

MACKIE, REID 5 31/12/2016 57 6.27 10,000


Common Shares Restricted Share Units

MACKIE, REID 5 31/12/2016 57 6.27 35,000 -10,000

MRF 2017 Resource Limited Partnership

Limited Partnership Units Brasseur, Jeremy 6 23/02/2017 00


Limited Partnership Units Brasseur, Jeremy 6 23/02/2017 15 25 44,404 44,404









NamSys Inc. (Formerly Cencotech Inc.)

Common Shares Siemens, John Raymond 3 24/02/2017 10 0.75 535,878 -1,000

Nebo Capital Corp. Options Winn, Michael D. 4 02/03/2017 52 0.2 0 -50,000

Nevada Copper Corp. Convertible Loan Facility Iorich, Vladimir 3 21/04/2016 11 1

Nevada Copper Corp. Convertible Loan Facility Iorich, Vladimir 3 21/04/2016 11 1

Nevada Copper Corp. Convertible Loan Facility Iorich, Vladimir 3 21/04/2016 11 1 1

Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 27/02/2017 10 0.47 9,097,999 2,000











Nevado Resources Corporation

Common Shares Lafontaine, Jonathan 4, 5 01/03/2017 00

Nevado Resources Corporation

Common Shares Lafontaine, Jonathan 4, 5 03/03/2017 10 0.075 100,000 100,000

Nevsun Resources Ltd. Common Shares Giuffre, Joseph Paul 5 27/02/2017 10 3.51 21,000 18,500

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2269



Acquired/ Disposed

NewCastle Gold Ltd. (Formerly Castle Mountain Mining Company Limited)

Common Shares Sutherland, Colin 4 01/03/2017 10 0.72 506,000 6,000

NewCastle Gold Ltd. (Formerly Castle Mountain Mining Company Limited)

Common Shares Sutherland, Colin 4 02/03/2017 10 0.72 600,000 94,000

Newrange Gold Corp. Common Shares Salari, David John 4 27/02/2017 11 205,000 113,000

Newrange Gold Corp. Common Shares Salari, David John 4 27/02/2017 10 0.25 195,000 -10,000

Newrange Gold Corp. Options Salari, David John 4 27/02/2017 51 0.055 1,151,000 -113,000

NexgenRx Inc. Common Shares Crossett, Paul Everett 3 28/02/2017 10 0.245 4,963,500 10,000

NexJ Health Holdings Inc. Common Shares Tatham, William Murray 3, 4, 5 23/02/2017 16 0.25 3,973,497 2,000,000

Nexus Gold Corp. Common Shares Kinley, Michael Winslow 4, 5 24/02/2017 10 0.32 408,559 -15,000

Nighthawk Gold Corp. Common Shares Howlett, Brian 4 02/03/2017 16 0.7 245,000 50,000

Nighthawk Gold Corp. Warrants Howlett, Brian 4 01/06/2016 00

Nighthawk Gold Corp. Warrants Howlett, Brian 4 02/03/2017 16 25,000 25,000

Niobay Metals Inc. (formerly MDN INC.)

Common Shares David, Jean-Sébastien 4 28/02/2017 10 0.775 188,837 -8,000

Noble Mineral Exploration Inc.

Common Shares White, Vance 3, 4, 5 23/02/2017 10 0.05 2,441,798 5,000









North American Energy Partners Inc.

Deferred Share Units McIntosh, Ronald A 4 28/02/2017 56 213,723 1,180

North American Nickel Inc. Options Dann, Alexander 5 01/03/2017 00 500,000

North American Palladium Ltd.

Options Gallagher, James Elvin 5 22/02/2017 50 5.83 125,000 125,000


Options Hill, Timothy John 5 01/02/2016 00


Options Hill, Timothy John 5 22/02/2017 50 5.83 25,000 25,000


Options Peck, David Charles Bernard

5 22/02/2017 50 5.83 15,000 15,000

North Sea Energy Inc. Common Shares Anderson, James Craig 3 03/03/2017 10 0.04 0 -750,044

Northern Sphere Mining Corp.

Common Shares Inwentash, Sheldon 3, 4 27/02/2017 10 0.35 734,000 50,000

Northern Sphere Mining Corp.

Common Shares Inwentash, Sheldon 3, 4 28/02/2017 10 0.35 764,500 30,500

Northfield Capital Corporation

Common Shares CLASS A RESTRICTED VOTING

Northfield Capital Corporation

1 28/02/2017 38 24 40,400 3,300

Northland Power Inc. Common Shares Temerty, James C. 3, 4, 5 21/02/2017 30 23.205 97,552 162

Northland Power Inc. Common Shares Temerty, James C. 3, 4, 5 21/02/2017 30 23.205 862,656 3,332

Northland Power Inc. Common Shares Temerty, James C. 3, 4, 5 21/02/2017 30 23.205 10,995 42

Northland Power Inc. Common Shares Temerty, James C. 3, 4, 5 21/02/2017 30 23.205 44,261,903 31,375

NOVAGOLD RESOURCES INC.

Rights Deferred Share Unit

Dowdall, Sharon Elizabeth 4 01/03/2017 56 22,072 788



Faber, Marc 4 01/03/2017 56 25,410 788



Kaplan, Thomas 4 01/03/2017 56 7.3032 46,538 1,575



Leathley, Gillyeard(Gil) James

4 01/03/2017 56 30,831 1,575



Levental, Igor 4 01/03/2017 56 35,193 788



Madhavpeddi, Kalidas 4 01/03/2017 56 26,921 788



McConnell, Gerald James 4 01/03/2017 56 51,658 1,575



Nauman, Clynton R. 4 01/03/2017 56 26,920 788

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2270



Acquired/ Disposed



Van Nieuwenhuyse, Rick 4, 5 01/03/2017 56 22,072 788


Common Shares Walsh, Anthony P. 4 26/03/2012 00


Common Shares Walsh, Anthony P. 4 23/02/2017 51 6.52 18,090 18,090


Common Shares Walsh, Anthony P. 4 23/02/2017 10 7.95 15,800 -2,290


Common Shares Walsh, Anthony P. 4 23/02/2017 10 7.94 5,900 -9,900


Common Shares Walsh, Anthony P. 4 23/02/2017 10 7.945 5,700 -200


Common Shares Walsh, Anthony P. 4 23/02/2017 10 7.93 0 -5,700


Options Walsh, Anthony P. 4 02/04/2012 38 7.16 0 -100,000


Options Walsh, Anthony P. 4 30/04/2012 50 6.52 100,000 100,000


Options Walsh, Anthony P. 4 23/02/2017 51 6.52 438,400 -100,000



Walsh, Anthony P. 4 01/03/2017 56 7.3032 22,071 788

Nuran Wireless Inc. (formerly 1014372 B.C. Ltd.)

Convertible Debentures BÉDARD, Martin 3, 4, 5 02/06/2015 00


Convertible Debentures BÉDARD, Martin 3, 4, 5 23/02/2017 16 0.25 $375,000 $375,000


Warrants Series A BÉDARD, Martin 3, 4, 5 02/06/2015 00


Warrants Series A BÉDARD, Martin 3, 4, 5 23/02/2017 16 750,000


Warrants Series A BÉDARD, Martin 3, 4, 5 23/02/2017 16 750,000


Warrants Series A BÉDARD, Martin 3, 4, 5 23/02/2017 16 750,000 750,000


Warrants Series B BÉDARD, Martin 3, 4, 5 02/06/2015 00


Warrants Series B BÉDARD, Martin 3, 4, 5 23/02/2017 16 750,000 750,000


Convertible Debentures Kirsh, Philip 3 02/06/2015 00


Convertible Debentures Kirsh, Philip 3 23/02/2017 16 0.25 $375,000 $375,000


Warrants Series A Kirsh, Philip 3 02/06/2015 00


Warrants Series A Kirsh, Philip 3 23/02/2017 16 750,000 750,000


Warrants Series B Kirsh, Philip 3 02/06/2015 00


Warrants Series B Kirsh, Philip 3 23/02/2017 16 750,000 750,000


Convertible Debentures RAINVILLE, Patrice 3, 4, 5 02/06/2015 00


Convertible Debentures RAINVILLE, Patrice 3, 4, 5 23/02/2017 16 0.25 $375,000 $375,000


Warrants Series A RAINVILLE, Patrice 3, 4, 5 02/06/2015 00


Warrants Series A RAINVILLE, Patrice 3, 4, 5 23/02/2017 16 750,000 750,000


Warrants Series B RAINVILLE, Patrice 3, 4, 5 02/06/2015 00


Warrants Series B RAINVILLE, Patrice 3, 4, 5 23/02/2017 16 750,000


Warrants Series B RAINVILLE, Patrice 3, 4, 5 23/02/2017 16 750,000


Warrants Series B RAINVILLE, Patrice 3, 4, 5 23/02/2017 16 750,000 750,000

OceanaGold Corporation Common Shares Holmes, Michael Harvy Lou 5 01/03/2017 10 116,336 -6,016

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2271



Acquired/ Disposed

Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 28/11/2005 00

Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 02/03/2017 10 29.49 186 186

Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 02/03/2017 10 29.49 5,493 186

Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 01/03/2017 10 30 351 100

Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 01/03/2017 10 29.9 501 150

ONEX CORPORATION Options Copeland, David Wayne 5 01/03/2017 59 35.2 136,600 -10,000



ONEX CORPORATION Options Daly, Andrea Elizabeth 5 24/02/2017 59 15.95 145,000 -10,000

ONEX CORPORATION Options Govan, Christopher Allan 5 24/02/2017 59 15.95 260,000 -20,000

ONEX CORPORATION Options Mersky, Seth Mitchell 5 27/02/2017 59 15.95 1,040,000 -40,000

Open Text Corporation Common Shares OTEX Common

Davies, Gordon Allan 5 01/03/2017 51 32.84 108,440 63,270


Davies, Gordon Allan 5 01/03/2017 10 32.84 45,170 -63,270

Open Text Corporation Options All OTEX Option Plans

Davies, Gordon Allan 5 01/03/2017 51 32.84 94,090 -63,270


Murphy, Stephen Francis 5 27/02/2017 10 33.38 0 -14,907


Murphy, Stephen Francis 5 28/02/2017 51 33.36 84,840 84,840


Murphy, Stephen Francis 5 28/02/2017 10 33.36 0 -84,840

Open Text Corporation Options All OTEX Option Plans

Murphy, Stephen Francis 5 28/02/2017 51 33.36 287,080 -84,840

Orbit Garant Drilling Inc. Common Shares Alexandre, Eric 4, 5 28/02/2017 51 1 1,019,500 942,000

Orbit Garant Drilling Inc. Options Alexandre, Eric 4, 5 28/02/2017 51 1 576,000 -942,000

Organic Garage Ltd. Common Shares Crupi, Christopher 4 28/02/2017 16 0.25 1,483,750 400,000

Organic Garage Ltd. Warrants Crupi, Christopher 4 28/02/2017 16 705,000 400,000

Organic Garage Ltd. Common Shares Lamacraft, Scott Emmett 3 28/02/2017 00

Organic Garage Ltd. Common Shares Lamacraft, Scott Emmett 3 28/02/2017 16 0.25 3,000,000 3,000,000

Organic Garage Ltd. Warrants Lamacraft, Scott Emmett 3 28/02/2017 00

Organic Garage Ltd. Warrants Lamacraft, Scott Emmett 3 28/02/2017 16 3,000,000 3,000,000

Orla Mining Ltd. Common Shares Wolfe, Aaron Michael 4 24/02/2017 54 0.06 735,000 120,000

Orla Mining Ltd. Common Shares Wolfe, Aaron Michael 4 27/02/2017 54 0.06 1,115,000 380,000

Orla Mining Ltd. Warrants Wolfe, Aaron Michael 4 24/02/2017 54 430,000 -120,000

Orla Mining Ltd. Warrants Wolfe, Aaron Michael 4 27/02/2017 54 50,000 -380,000

Osisko Mining Inc. (formerly Oban Mining Corporation)

Common Shares Anderson, Patrick Fergus Neill

4 11/12/2012 00


Common Shares Anderson, Patrick Fergus Neill

4 28/02/2017 16 3.4 5,883 5,883


Options Anderson, Patrick Fergus Neill

4 28/02/2017 16 5,883


Warrants Anderson, Patrick Fergus Neill

4 11/12/2012 00


Warrants Anderson, Patrick Fergus Neill

4 28/02/2017 16 5,883 5,883


Common Shares Coates, Bryan A. 6 28/02/2017 16 3.4 346,980 44,150


Warrants 2017 Coates, Bryan A. 6 25/08/2015 00


Warrants 2017 Coates, Bryan A. 6 28/02/2017 16 5 44,150


Warrants 2017 Coates, Bryan A. 6 28/02/2017 16 5 44,150 44,150


Warrants Warrants 2017 Coates, Bryan A. 6 25/08/2015 00


Common Shares Hayes, John Philip 5 28/02/2017 16 3.4 90,353 32,353


Warrants Hayes, John Philip 5 20/06/2016 00


Warrants Hayes, John Philip 5 28/02/2017 16 32,353 32,353

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2272



Acquired/ Disposed


Common Shares Njegovan, Donald Robert 5 28/02/2017 16 3.4 83,112 29,412


Warrants Njegovan, Donald Robert 5 22/02/2016 00


Warrants Njegovan, Donald Robert 5 28/02/2017 16 29,412 29,412


Common Shares OSISKO GOLD ROYALTIES LTD

3 28/02/2017 16 3.25 27,372,709 5,450,000


Warrants 2017 Roosen, Sean 3, 4 11/12/2012 00


Warrants 2017 Roosen, Sean 3, 4 28/02/2017 16 5 58,824 58,824


Common Shares Vizquerra, Jose 5 28/02/2017 16 3.4 152,811 22,059


Warrants Vizquerra, Jose 5 28/02/2017 16 187,059 22,059


Common Shares Wober, Gernot Erich 5 28/02/2017 16 3.4 29,606 14,706


Warrants Wober, Gernot Erich 5 23/10/2012 00


Warrants Wober, Gernot Erich 5 28/02/2017 16 14,706 14,706


Common Shares Zaritsky, Blair David 5 28/02/2017 16 3.4 30,720 14,706


Warrants Zaritsky, Blair David 5 23/10/2012 00


Warrants Zaritsky, Blair David 5 28/02/2017 16 14,706 14,706

Palamina Corp. Common Shares Thomson, Andrew 4 23/02/2017 10 0.22 996,952 6,000

Palamina Corp. Common Shares Thomson, Andrew 4 23/02/2017 10 0.23 1,005,952 9,000




Paramount Resources Ltd. Notes 6.875% Senior Unsecured Notes due June 2023

Riddell, Clayton H. 3, 4, 5 04/03/2003 00


Riddell, Clayton H. 3, 4, 5 05/06/2015 16 99.533 $4,200,000 $4,200,000


Riddell, Clayton H. 3, 4, 5 18/06/2015 10 100.5 $9,000,000 $4,800,000


Riddell, Clayton H. 3, 4, 5 24/02/2017 10 106.25 $7,000,000 -$2,000,000


Riddell, Clayton H. 3, 4, 5 01/03/2017 10 106.1 $5,000,000 -$2,000,000


Riddell, Clayton H. 3, 4, 5 05/06/2015 16 99.533 $4,200,000


Riddell, Clayton H. 3, 4, 5 18/06/2015 10 100.5 $4,800,000

Park Lawn Corporation Deferred Share Units Casagrande, Winz Martina 4 28/02/2017 56 1,015 379

Park Lawn Corporation Deferred Share Units Clark, Andrew 4, 5 28/02/2017 56 898 341

Park Lawn Corporation Deferred Share Units Leeder, James Joseph 4, 5 28/02/2017 56 898 341

Park Lawn Corporation Deferred Share Units Powers, Timothy Ashton 4 28/02/2017 56 1,127 455

Park Lawn Corporation Deferred Share Units Scott, Steven 4 28/02/2017 56 2,030 758

Park Lawn Corporation Deferred Share Units Smith, Paul G. 4 28/02/2017 56 1,948 758

Park Lawn Corporation Deferred Share Units Ward, William John 4 28/02/2017 56 2,112 758

Parkland Fuel Corporation Common Shares Kilty, Colin Peter 5 31/12/2016 30 24.11 11,722 1,687

Parkland Fuel Corporation Restricted Common Shares

Kilty, Colin Peter 5 31/12/2016 30 24.11 23,146 599

Parkland Fuel Corporation Common Shares Lapensee, Paul 4 31/12/2016 30 24.11 5,014 1,340

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2273



Acquired/ Disposed


Lapensee, Paul 4 31/12/2016 30 24.11 15,507 491

Parkland Fuel Corporation Common Shares Magnan, Pierre Patrick Gerard

5 31/12/2016 30 24.11 1,358 1,096


Magnan, Pierre Patrick Gerard

5 31/12/2016 30 24.11 9,247 240

Parkland Fuel Corporation Common Shares McMillan, Michael Stanley Howie

5 31/12/2016 30 24.11 4,265 1,391

Parkland Fuel Corporation Common Shares McMillan, Michael Stanley Howie

5 31/12/2016 30 24.11 15,112 521


McMillan, Michael Stanley Howie

5 31/12/2016 30 24.11 20,096 549

Parkland Fuel Corporation Common Shares ROGERS, Ronald D. 4 31/12/2016 30 24.11 46,500 1,607

Parkland Fuel Corporation Common Shares Savage, Jane Elizabeth 5 31/12/2016 30 24.11 8,337 894

Parkland Fuel Corporation Common Shares Savage, Jane Elizabeth 5 31/12/2016 30 24.11 5,897 204


Savage, Jane Elizabeth 5 31/12/2016 30 24.11 19,579 515

Parkland Fuel Corporation Common Shares Strating, Donna Jeanne 5 31/12/2016 30 24.11 4,931 256


Strating, Donna Jeanne 5 31/12/2016 30 24.11 14,620 361

Pason Systems Inc. Common Shares Boston, Kevin 5 27/02/2017 10 14.26 1,000

Pason Systems Inc. Common Shares Boston, Kevin 5 27/02/2017 10 14.26 4,000 1,000

Pason Systems Inc. Common Shares Boston, Kevin 5 27/02/2017 10 14.152 100

Pason Systems Inc. Common Shares Boston, Kevin 5 27/02/2017 10 14.152 4,100 100








Pason Systems Inc. Common Shares Smith, Russell 5 27/02/2017 10 14.02 10,790 500

Pathfinder Income Fund Trust Units Pathfinder Convertible Debenture Fund

1 24/02/2017 38 9.05 9,709,564 600

Pathfinder Income Fund Trust Units Pathfinder Convertible Debenture Fund

1 28/02/2017 38 8.9918 9,712,864 3,300

Pembina Pipeline Corporation

Common Shares Ainsworth, Anne-Marie 4 30/12/2016 30 19,018 383


Common Shares Michaleski, Robert B. 4 22/02/2017 30 458,520 20


Common Shares Michaleski, Robert B. 4 27/02/2017 10 42.745 1,910 195


Common Shares Michaleski, Robert B. 4 27/02/2017 10 42.74 1,910 195

People Corporation Common Shares Canning, Brevan 5 01/03/2017 30 4.453 744,345 754

People Corporation Common Shares Chwartacki, Bonnie 5 01/03/2017 30 4.45 1,259,802 825

People Corporation Common Shares Goldberg, Laurie Marc 3, 4, 5 01/03/2017 30 4.453 150,095 1,404

People Corporation Common Shares Johnstone, Eric Roch 7 01/03/2017 30 4.453 106,241 474

People Corporation Common Shares Kaufman, Celia 5 01/03/2017 30 4.453 13,074 491

People Corporation Common Shares Pittman, Glenn Michael 5 01/03/2017 30 4.453 95,124 526

People Corporation Common Shares Stewner, Dennis Douglas 5 01/03/2017 30 4.453 2,962 702

People Corporation Common Shares Villani, Lisa Dawn 5 01/03/2017 30 4.444 4,015 633

Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 03/03/2017 10 1.62 216,991 200,000

Perpetual Energy Inc. Common Shares Riddell, Clayton H. 3, 4 03/03/2017 10 1.62 849,316 -200,000

Petrus Resources Ltd. Common Shares Gray, Don 4 28/02/2017 11 2.53 5,509,302 1,585,000

PHX Energy Services Corp. Retention Awards (Cash-based Only)

Athaide, Judith 4 01/03/2017 57 4.05 83,543 -2,656


Athaide, Judith 4 03/03/2017 56 108,543 25,000

PHX Energy Services Corp. Common Shares Blanchard, Daniel Asa 5 13/01/2017 10 4.05 6,800 -3,200


Blanchard, Daniel Asa 5 03/03/2017 56 20,000 10,000

PHX Energy Services Corp. Options Brown, Craig 5 03/03/2017 50 4.06 945,000 300,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2274



Acquired/ Disposed

PHX Energy Services Corp. Options Buker, Michael Leslie 5 03/03/2017 50 4.06 945,000 300,000


Charron, Randolph M 4 03/03/2017 56 82,785 25,000


Hibbard, Lawrence M. 4 01/03/2017 57 4.05 86,789 -2,656


Hibbard, Lawrence M. 4 03/03/2017 56 111,789 25,000

PHX Energy Services Corp. Options Hooks, John Michael 5 03/03/2017 50 4.06 945,000 300,000


Hooks, John Michael 5 01/03/2017 57 4.05 159,377 -1,180

PHX Energy Services Corp. Common Shares Ritchie, Cameron Michael 5 24/02/2017 51 1.55 152,957 91,666

PHX Energy Services Corp. Common Shares Ritchie, Cameron Michael 5 24/02/2017 10 4.05 122,957 -30,000




PHX Energy Services Corp. Options Ritchie, Cameron Michael 5 24/02/2017 51 1.55 486,702 -91,666

PHX Energy Services Corp. Options Ritchie, Cameron Michael 5 03/03/2017 50 4.06 786,702 300,000

PHX Energy Services Corp. Options Shafer, Jeffery John 5 03/03/2017 50 4.06 337,500 100,000


Shafer, Jeffery John 5 03/03/2017 56 66,667 30,000


Tetreault, Myron Arthur 4 01/03/2017 57 4.05 99,108 -1,770


Tetreault, Myron Arthur 4 03/03/2017 56 124,108 25,000


Thomas, Roger Dale 4 01/03/2017 57 4.05 67,646 -1,770


Thomas, Roger Dale 4 03/03/2017 56 92,646 25,000

Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 23/02/2017 10 0.77 19,844,500 1,000

Plateau Uranium Inc. Common Shares Disbrow, Robert 3 24/02/2017 10 0.648 5,083,653 20,000

Plateau Uranium Inc. Common Shares Disbrow, Robert 3 27/02/2017 10 0.6398 5,153,653 70,000

Plaza Retail REIT Trust Units Boudreau, Joseph Robert 4 31/12/2016 30 4.68 13,139 694

Plaza Retail REIT Debentures Unsecured 5.00% (Series II)

Brewer, Earl 4, 5 01/01/2014 00


Brewer, Earl 4, 5 28/02/2017 11 $300,000 $300,000


Johnson, Stephen Edward 4 01/01/2014 00


Johnson, Stephen Edward 4 28/02/2017 16 $200,000 $200,000

Plaza Retail REIT Trust Units Penney, Stephen 5 31/12/2016 30 4.68 8,297 408

Plaza Retail REIT Trust Units Petrie, James M. 5 31/12/2016 30 4.68 31,828 441

Plaza Retail REIT Trust Units Petrie, James M. 5 31/12/2016 30 4.68 19,916 974

Postmedia Network Canada Corp.

Class C Voting Shares Fisher, Gordon 5 05/10/2016 37 30 -4,602


Class NC Variable Voting Shares

Fisher, Gordon 5 05/10/2016 37 360 -53,640



Fisher, Gordon 5 05/10/2016 37 109 -16,344


Class C Voting Shares Godfrey, Paul Victor 4, 5 05/10/2016 37 720 -107,280



Godfrey, Paul Victor 4, 5 05/10/2016 37 4,314 -642,919


Class C Voting Shares Hall, Michelle 5 05/10/2016 37 18 -2,682


Class C Voting Shares Lamb, Douglas Edward John

5 05/10/2016 37 144 -21,456


Class C Voting Shares Sharpe, Leonard Peter 4 05/10/2016 37 166 -24,834



Sharpe, Leonard Peter 4 05/10/2016 37 998 -148,824

Potash Corporation of Saskatchewan Inc.

Common Shares Brownlee, Wayne Richard 5 27/02/2017 10 23.422 555,125 -50,000



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2275



Acquired/ Disposed








Common Shares Brownlee, Wayne Richard 5 02/03/2017 10 23.11 434,625 -100


Common Shares Brownlee, Wayne Richard 5 02/03/2017 10 23.1 434,565 -60


Options Employee Stock Options

DeMonte, Jessica 7 20/02/2017 50 18.72 9,438 3,108


Performance Share Units DeMonte, Jessica 7 20/02/2017 56 6,630 3,120


Performance Share Units DeMonte, Jessica 7 20/02/2017 59 18.72 5,698 -932


Performance Share Units DeMonte, Jessica 7 20/02/2017 38 5,460 -238


Performance Share Units Johnson, Brian 7 20/02/2017 59 24.5 -2,519


Performance Share Units Johnson, Brian 7 20/02/2017 59 18.72 15,357 -2,519


Common Shares Knafelc, Lee 5 27/02/2017 10 23.34 26,822 -2,500


Common Shares Knafelc, Lee 5 27/02/2017 10 23.33 26,795 -27


Performance Share Units Peacock, Bradley 7 20/02/2017 59 24.5 -2,444


Performance Share Units Peacock, Bradley 7 20/02/2017 59 18.72 14,712 -2,444

Power Americas Minerals Corp.

Common Shares MILNE, HOWARD 4, 5 01/03/2017 10 0.145 645,000 -300,000

Power Corporation of Canada

Equity Swap - Long Position PCC 2014-05


1 24/02/2017 70 31.799 10 -1




1 24/02/2017 70 31.799 6 -1




1 24/02/2017 70 31.799 4 -1


Equity Swap - Long Position PCC1


1 24/02/2017 70 31.799 -1


Equity Swap - Long Position PCC1


1 24/02/2017 70 31.799 12 -1

Precipitate Gold Corp. Common Shares Strategic Metals Ltd. 3 27/02/2017 10 23,610,327 -212,000

Precision Drilling Corporation Common Shares Foley, Veronica H. 5 28/02/2017 10 5.099 34,982 5,000

Precision Drilling Corporation Common Shares FORD, CAREY THOMAS 7 28/02/2017 10 5.05 32,436 1,100

Precision Drilling Corporation Common Shares FORD, CAREY THOMAS 7 28/02/2017 10 5.06 41,336 8,900

Premier Gold Mines Limited Options Chaboyer-Jean, Kerri 5 05/03/2017 52 110,000 -125,000

Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 27/02/2017 10 2.9 3,735,278 5,000

Premier Gold Mines Limited Common Shares Seaman, John 4 01/03/2017 10 2.655 148,205 5,000

Pretium Resources Inc. Common Shares Shen, Shaoyang 4 01/03/2017 10 13.2 15,000 15,000

Pretium Resources Inc. Common Shares Shen, Shaoyang 4 02/03/2017 10 12.95 32,000 17,000

Pro Real Estate Investment Trust

Limited Partnership Units Class B, 1 trust special voting unit per Class B

Jadavji, Shenoor 3, 4, 6 30/09/2014 00



Jadavji, Shenoor 3, 4, 6 28/02/2017 11 2.25 383,598 383,598



LOTUS CRUX REIT LP 3 30/09/2014 00



LOTUS CRUX REIT LP 3 28/02/2017 11 2.25 383,598 383,598

Probe Metals Inc. Common Shares Goldcorp Inc. 3 27/02/2017 16 1.22 10,068,926 975,000

Pulse Oil Corp. Common Shares Doyle, Aaron Patrick 5 24/02/2017 00

Pulse Oil Corp. Common Shares Doyle, John Patrick 4 24/02/2017 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2276



Acquired/ Disposed

Pulse Oil Corp. Common Shares Ellenor, Douglas W. 4 24/02/2017 00

Pulse Oil Corp. Common Shares Ellenor, Douglas W. 4 24/02/2017 11 156,750 156,750

Pulse Oil Corp. Common Shares Johnson, Garth Evan 3, 4, 5 24/02/2017 00 4,417,542

Puma Exploration Inc. Common Shares Brisson G., Ginette 5 24/02/2017 16 0.07 104,285 104,285

Puma Exploration Inc. Warrants Brisson G., Ginette 5 24/02/2017 16 0.15 154,285 104,285

Puma Exploration Inc. Common Shares Cordick, Arness William Ross

3, 4 24/02/2017 16 0.07 13,593,000 100,000


3, 4 28/02/2017 47 13,443,000 -150,000


3, 4 28/02/2017 47 13,343,000 -100,000

Puma Exploration Inc. Warrants Cordick, Arness William Ross

3, 4 24/02/2017 16 0.15 1,970,000 100,000

Puma Exploration Inc. Common Shares Gagné, Dominique 5 24/02/2017 16 0.07 455,000 300,000




Puma Exploration Inc. Warrants Gagné, Dominique 5 24/02/2017 16 0.15 432,739 300,000

Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 01/03/2017 10 0.085 2,575,965 10,000



Puma Exploration Inc. Warrants Robillard, Marcel 4, 5 24/02/2017 16 0.15 1,342,857 342,857

Puma Exploration Inc. Common Shares Slivitzky, Anne 4 24/02/2017 11 121,428

Puma Exploration Inc. Common Shares Slivitzky, Anne 4 24/02/2017 16 0.07 576,428 121,428

Puma Exploration Inc. Warrants Slivitzky, Anne 4 24/02/2017 11 0.15 121,428 121,428

Puma Exploration Inc. Common Shares Thibault, Richard 4 11/03/2011 00

Puma Exploration Inc. Common Shares Thibault, Richard 4 24/02/2017 15 0.07 385,714 385,714

Puma Exploration Inc. Warrants Thibault, Richard 4 11/03/2011 00

Puma Exploration Inc. Warrants Thibault, Richard 4 24/02/2017 15 0.15 385,714 385,714

Pure Technologies Ltd. Common Shares Paulson, James Edward 4, 6, 5 08/02/2017 30 4.56 180,025 280

Pure Technologies Ltd. Common Shares Paulson, James Edward 4, 6, 5 21/02/2017 30 4.61 180,302 277

Quadron Capital Corporation (formerly DePaul Capital Corporation)

Options Chisholm, Robert 5 08/01/2016 00


Options Chisholm, Robert 5 15/02/2016 50 200,000 200,000


Options Chisholm, Robert 5 21/02/2017 50 450,000 250,000


Common Shares Durno, Jeff 4, 6 24/02/2017 10 0.34 1,515,000 15,000


Common Shares Durno, Jeff 4, 6 02/03/2017 10 0.34 1,540,000 25,000


Options Mondin, Rosy 5 24/02/2017 50 450,000 250,000

Quebecor Inc. Subordinate Voting Shares Catégorie B

Quebecor inc. 1 01/02/2017 38 39.358 10,000 10,000


Quebecor inc. 1 02/02/2017 38 38.861 19,900 9,900


Quebecor inc. 1 03/02/2017 38 38.913 29,900 10,000


Quebecor inc. 1 06/02/2017 38 39.115 39,700 9,800


Quebecor inc. 1 07/02/2017 38 38.916 49,700 10,000


Quebecor inc. 1 28/02/2017 38 0 -49,700

Raging River Exploration Inc. Common Shares Barlow, Jesse Thor 5 31/12/2016 30 10.08 29,329 3,349

Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 31/12/2016 30 10.11 507,115 3,982

Raging River Exploration Inc. Common Shares Danku, Terry Ryan 5 31/12/2016 30 10.08 266,616 3,349

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2277



Acquired/ Disposed

Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 31/12/2016 30 10.11 8,900 3,982

Raging River Exploration Inc. Common Shares Rideout, Scott Earl 5 31/12/2016 30 10.08 13,013 3,349

Raging River Exploration Inc. Common Shares SAPIEHA, JERRY MICHAEL

5 31/12/2016 30 10.11 1,387,601 3,982

Rainy Mountain Royalty Corp. (formerly East West Resource Corporation)

Common Shares Hamzagic, Sead 4 24/02/2017 57 390,000 130,000


Rights Expire February 24, 2017

Hamzagic, Sead 4 24/02/2017 57 0.1 0 -260,000


Warrants Hamzagic, Sead 4 24/02/2017 57 475,000 65,000



Kowalski, Andrzej 4 24/02/2017 58 - Expiration of rights

0 -135,000


Common Shares Mason, Douglas Lawrence 4, 5 24/02/2017 57 0.1 805,000 55,000



Mason, Douglas Lawrence 4, 5 24/02/2017 57 0.1 751,000 -110,000



Mason, Douglas Lawrence 4, 5 24/02/2017 58 - Expiration of rights

0 -751,000



Mason, Douglas Lawrence 4, 5 23/02/2017 10 1,050,000 -200,000



Mason, Douglas Lawrence 4, 5 24/02/2017 58 - Expiration of rights -1,050,000



Mason, Douglas Lawrence 4, 5 24/02/2017 58 - Expiration of rights -940,000



Mason, Douglas Lawrence 4, 5 24/02/2017 58 - Expiration of rights

0 -1,050,000


Warrants Mason, Douglas Lawrence 4, 5 24/02/2017 57 777,500 27,500


Common Shares Middleton, Robert 5 24/02/2017 57 0.1 1,151,753 444,751



Middleton, Robert 5 24/02/2017 57 0.1 0 -889,502


Warrants Middleton, Robert 5 24/02/2017 57 697,375 222,375

Ravensource Fund (formerly The First Asia Income Fund)

Trust Units Reid, Scott 3 28/02/2017 10 14.25 157,400 100

Red Eagle Mining Corporation

Common Shares STRACON GyM S.A. 3 28/02/2017 10 0.66 10,539,360 -23,000,000

Red Eagle Mining Corporation

Common Shares Zajtmann, Mischa 5 21/02/2017 15 0.75 29,285 15,000

Red Pine Exploration Inc. Common Shares Johnson, Marc 5 19/10/2015 00

Red Pine Exploration Inc. Common Shares Johnson, Marc 5 24/02/2017 16 0.145 35,000 35,000

Red Pine Exploration Inc. Common Shares Johnson, Marc 5 24/02/2017 16 0.12 75,000 40,000

Red Pine Exploration Inc. Warrants Johnson, Marc 5 19/10/2015 00

Red Pine Exploration Inc. Warrants Johnson, Marc 5 24/02/2017 16 40,000 40,000

Redhawk Resources, Inc. Common Shares Barley, Jack Stephen 4, 5 01/03/2017 10 0.045 2,108,789 -100,000

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 24/02/2017 10 1 -50,000

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 24/02/2017 10 1 -50,000

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 23/02/2017 90 22,337 -13,952

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 23/02/2017 90 9,837 -12,500

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 23/02/2017 90 82,220 13,952

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 23/02/2017 90 31,786 12,500

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2278



Acquired/ Disposed

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 24/02/2017 10 1 4,291,058 -50,000




Redknee Solutions Inc. Common Shares Kothari, Vishal 5 01/03/2017 10 1.01 4,075,058 -22,500

Redknee Solutions Inc. Common Shares Kothari, Vishal 5 01/03/2017 10 1 4,074,558 -500




Redzone Resources Ltd. Options Brown, Gary Duncan 4 24/02/2017 50 243,000 75,000

REIT INDEXPLUS Income Fund

Trust Units REIT INDEXPLUS Income Fund

1 24/02/2017 38 12.4 9,747,879 1,900



1 28/02/2017 38 12.408 9,750,179 2,300



1 02/03/2017 38 12.452 9,751,879 1,700

Reitmans (Canada) Limited Non-Voting Shares Fairfax Financial Holdings Limited

3 23/02/2017 90 6.2 99,600 -60,000


3 20/12/2013 00


3 23/02/2017 90 6.2 60,000 60,000

Relevium Technologies Inc. (formerly, BIOflex Technologies Inc.)

Common Shares Useche Gutierrez, Aurelio Antonio

5 22/02/2017 10 0.12 309,000 10,000

Relevium Technologies Inc. (formerly, BIOflex Technologies Inc.)

Common Shares Useche Gutierrez, Aurelio Antonio

5 23/02/2017 10 0.115 324,000 15,000

RESAAS Services Inc. Common Shares Brandolini, Cory 3, 4, 5 28/02/2017 97 1.99 3,978,851 10,050

RESAAS Services Inc. Common Shares Haddad, Marwan 5 28/02/2017 97 1.99 29,268 10,468

RESAAS Services Inc. Common Shares Rossiter, Thomas 4, 5 28/02/2017 97 1.99 16,497 11,497

RESAAS Services Inc. Common Shares Shippit, Cameron 4, 5 28/02/2017 97 1.99 1,480,050 10,050

RESAAS Services Inc. Common Shares Sissons, Danielle 5 28/02/2017 97 1.99 27,804 8,404

Resource Capital Gold Corp. Common Shares 2176423 Ontario Ltd. 3 28/02/2017 10 0.19 16,949,000 1,199,000

Resource Capital Gold Corp. Common Shares Sprott, Eric S. 3 28/02/2017 10 0.19 16,949,000 1,199,000

Restaurant Brands International Inc.

Common Shares Cil, José E. 5 24/02/2017 30 55.55 21,095 5,008


Units Restricted Shares Cil, José E. 5 24/02/2017 56 52,851 16,694


Common Shares Diaz Sese, Elias 5 24/02/2017 30 72.86 90,441 5,152


Units Restricted Shares Diaz Sese, Elias 5 24/02/2017 56 62,257 17,060


Common Shares Domanko, Jonathan 7 24/02/2017 30 72.86 310 310


Units Restricted Shares Domanko, Jonathan 7 24/02/2017 56 931 931


Common Shares Friesner, Jacqueline 5 24/02/2017 30 55.55 6,405 1,645


Options Friesner, Jacqueline 5 24/02/2017 50 308,970 20,000


Units Restricted Shares Friesner, Jacqueline 5 24/02/2017 56 13,556 4,800


Common Shares Giles-Klein, Lisa 7 24/02/2017 30 55.55 5,768 1,417


Units Restricted Shares Giles-Klein, Lisa 7 24/02/2017 56 11,743 4,135


Common Shares Goncalves, Heitor 5 24/02/2017 30 55.55 18,029 4,257


Units Restricted Shares Goncalves, Heitor 5 24/02/2017 56 44,324 14,192


Common Shares Granat, Jill 5 24/02/2017 30 55.55 11,589 3,510


Units Restricted Shares Granat, Jill 5 24/02/2017 56 29,780 11,701

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2279



Acquired/ Disposed


Common Shares John, Andrea 7 24/02/2017 30 55.55 616


Common Shares John, Andrea 7 24/02/2017 30 72.86 1,511 616


Options John, Andrea 7 24/02/2017 50 40,000 20,000


Units Restricted Shares John, Andrea 7 24/02/2017 56 34,490 1,785


Common Shares Kobza, Joshua 5 24/02/2017 30 55.55 19,377 6,034


Units Restricted Shares Kobza, Joshua 5 24/02/2017 56 402,314 20,114


Common Shares McGrade, Patrick Michael 7 24/02/2017 30 72.86 5,838 1,132


Options McGrade, Patrick Michael 7 24/02/2017 50 112,457 30,000


Units Restricted Shares McGrade, Patrick Michael 7 24/02/2017 56 10,163 3,964


Common Shares Schwartz, Daniel S. 4, 6, 5 24/02/2017 30 55.55 37,852 8,055


Units Restricted Shares Schwartz, Daniel S. 4, 6, 5 24/02/2017 56 85,605 26,850


Common Shares Tome, Vicente 7 24/02/2017 30 55.55 2,084 401


Units Restricted Shares Tome, Vicente 7 24/02/2017 56 4,666 585

Richelieu Hardware Ltd. Common Shares Auclair, Antoine 5 23/02/2017 35 27.39 7,613 14

Richelieu Hardware Ltd. Unités d'actions différées Chicoyne, Denyse 4 28/02/2017 56 27.55 54,650 490

Richelieu Hardware Ltd. Unités d'actions différées Courteau, Robert 4, 5 28/02/2017 56 27.55 55,256 558

Richelieu Hardware Ltd. Common Shares Dion, Christian 5 23/02/2017 35 27.39 4,821 1

Richelieu Hardware Ltd. Unités d'actions différées Gauvin, Mathieu 4 28/02/2017 56 27.55 62,354 558

Richelieu Hardware Ltd. Common Shares Grenier, Guy 5 23/02/2017 35 27.39 74,285 9

Richelieu Hardware Ltd. Common Shares Lord, Richard 4, 5 23/02/2017 35 27.39 4,202,181 107

Richelieu Hardware Ltd. Unités d'actions différées Pomerleau, Pierre 4 28/02/2017 56 27.55 2,051 490

Richelieu Hardware Ltd. Unités d'actions différées Poulin, Marc 4 28/02/2017 56 27.55 11,955 490

Richelieu Hardware Ltd. Unités d'actions différées Proteau, Jocelyn 4 28/02/2017 56 27.55 32,204 526

Richelieu Hardware Ltd. Common Shares Quevillon, Geneviève 5 23/02/2017 35 27.39 5,574 11

Richelieu Hardware Ltd. Unités d'actions différées Vachon, Sylvie 4 28/02/2017 56 27.55 2,249 245

Richmont Mines Inc. Common Shares Tardif, Mélissa 5 24/02/2017 51 3.05 3,174 2,000

Richmont Mines Inc. Common Shares Tardif, Mélissa 5 24/02/2017 51 3.73 13,174 10,000

Richmont Mines Inc. Common Shares Tardif, Mélissa 5 24/02/2017 10 11.364 11,174 -2,000

Richmont Mines Inc. Common Shares Tardif, Mélissa 5 24/02/2017 10 11.32 1,174 -10,000

Richmont Mines Inc. Options Tardif, Mélissa 5 24/02/2017 51 3.05 20,000 -2,000

Richmont Mines Inc. Options Tardif, Mélissa 5 24/02/2017 51 3.73 10,000 -10,000

Ridgewood Canadian Investment Grade Bond Fund

Units Ridgewood Capital Asset Management

3 27/02/2017 10 14.6 5,208,077 1,697



3 28/02/2017 10 14.606 5,211,892 3,815



3 28/02/2017 10 14.61 5,211,871 -21



3 01/03/2017 10 14.6 5,213,395 1,524



3 01/03/2017 10 14.6 5,212,368 -1,027



3 02/03/2017 10 14.6 5,212,667 299



3 02/03/2017 10 14.6 5,212,368 -299

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2280



Acquired/ Disposed

RIOCAN REAL ESTATE INVESTMENT TRUST

Performance Equity Units Ballantyne, John 5 01/01/2005 00


Performance Equity Units Ballantyne, John 5 28/02/2017 56 26.83 10,622 10,622


REU for Senior Executives Ballantyne, John 5 01/01/2005 00


REU for Senior Executives Ballantyne, John 5 28/02/2017 56 26.83 5,311 5,311


Performance Equity Units Baum, Stuart Mitchell 5 02/09/2014 00


Performance Equity Units Baum, Stuart Mitchell 5 28/02/2017 56 26.83 3,696 3,696


REU for Senior Executives Baum, Stuart Mitchell 5 02/09/2014 00


REU for Senior Executives Baum, Stuart Mitchell 5 28/02/2017 56 26.83 1,848 1,848


REUs for Employees Baum, Stuart Mitchell 5 02/09/2014 00


REUs for Employees Baum, Stuart Mitchell 5 28/02/2017 56 26.83 4,360 4,360


REUs for Employees Bunbury, Nigel Charles 5 10/06/2013 00


REUs for Employees Bunbury, Nigel Charles 5 28/02/2017 56 26.83 3,261 3,261


Performance Equity Units Davloor, Raghunath 5 11/02/2008 00


Performance Equity Units Davloor, Raghunath 5 28/02/2017 56 26.83 26,090 26,090


REU for Senior Executives Davloor, Raghunath 5 11/02/2008 00


REU for Senior Executives Davloor, Raghunath 5 28/02/2017 56 26.83 13,045 13,045


Performance Equity Units Devine, Cynthia Jane 5 04/02/2015 00


Performance Equity Units Devine, Cynthia Jane 5 28/02/2017 56 26.83 15,716 15,716


REU for Senior Executives Devine, Cynthia Jane 5 04/02/2015 00


REU for Senior Executives Devine, Cynthia Jane 5 28/02/2017 56 26.83 7,858 7,858


Trust Units Devine, Cynthia Jane 5 27/02/2017 30 22,072 413


Trust Units Devine, Cynthia Jane 5 27/02/2017 30 22,167 95


Performance Equity Units Duncan, Andrew William 5 01/06/2016 00


Performance Equity Units Duncan, Andrew William 5 28/02/2017 56 26.83 4,621 4,621


REU for Senior Executives Duncan, Andrew William 5 01/06/2016 00


REU for Senior Executives Duncan, Andrew William 5 28/02/2017 56 26.83 2,310 2,310


Performance Equity Units Gitlin, Jonathan 5 01/11/2007 00


Performance Equity Units Gitlin, Jonathan 5 28/02/2017 56 26.83 10,622 10,622


REU for Senior Executives Gitlin, Jonathan 5 01/11/2007 00


REU for Senior Executives Gitlin, Jonathan 5 28/02/2017 30 26.83 5,311 5,311


Trust Units Gitlin, Jonathan 5 27/02/2017 30 17,939 314





Insider Reporting

March 9, 2017

(2017), 40 OSCB 2281



Acquired/ Disposed




REUs for Employees Green, Christian Whitney 8 07/09/2016 00


REUs for Employees Green, Christian Whitney 8 28/02/2017 56 26.83 898 898


Performance Equity Units Kissoon, Daneshwar 5 15/05/2003 00


Performance Equity Units Kissoon, Daneshwar 5 28/02/2017 56 26.83 8,609 8,609


REU for Senior Executives Kissoon, Daneshwar 5 15/05/2003 00


REU for Senior Executives Kissoon, Daneshwar 5 28/02/2017 56 26.83 4,304 4,304


Performance Equity Units Ross, Jeffrey 5 06/06/2002 00


Performance Equity Units Ross, Jeffrey 5 28/02/2017 56 26.83 10,622 10,622


REU for Senior Executives Ross, Jeffrey 5 06/06/2002 00


REU for Senior Executives Ross, Jeffrey 5 28/02/2017 56 26.83 5,311 5,311


Performance Equity Units Sonshine, Edward 4, 5 10/01/2003 00


Performance Equity Units Sonshine, Edward 4, 5 28/02/2017 56 26.83 64,604 64,604


REU for Senior Executives Sonshine, Edward 4, 5 10/01/2003 00


REU for Senior Executives Sonshine, Edward 4, 5 28/02/2017 56 26.83 32,302 32,302


Performance Equity Units Tang, Qi 5 12/09/2016 00


Performance Equity Units Tang, Qi 5 28/02/2017 56 26.83 2,733 2,733


REU for Senior Executives Tang, Qi 5 12/09/2016 00


REU for Senior Executives Tang, Qi 5 28/02/2017 56 26.83 1,366 1,366

RMP Energy Inc. Common Shares Baker, Douglas N 4 15/04/2016 30 1.41 88,731 887

RMP Energy Inc. Common Shares Baker, Douglas N 4 15/07/2016 30 1.17 89,799 1,068



RMP Energy Inc. Common Shares Bernhard, Dean 5 15/12/2016 30 0.77 467,713 3,030












RMP Energy Inc. Common Shares DesBrisay, Brent William 5 15/01/2016 30 1.22 348,263 3,825









Insider Reporting

March 9, 2017

(2017), 40 OSCB 2282



Acquired/ Disposed




RMP Energy Inc. Common Shares Grimwood, Jonathan L. 5 15/01/2016 30 1.22 136,581 3,825












RMP Energy Inc. Common Shares Kubat, Gregory Thomas 5 15/01/2016 30 1.22 35,073 3,415

RMP Energy Inc. Common Shares Kubat, Gregory Thomas 5 15/02/2016 30 1.47 37,907 2,834

RMP Energy Inc. Common Shares McFarlane, Robert Bruce 5 15/01/2016 30 1.22 387,294 3,197

RMP Energy Inc. Common Shares McFarlane, Robert Bruce 5 15/02/2016 30 1.47 389,947 2,653

RMP Energy Inc. Common Shares Riddell, Derek 5 15/01/2016 30 1.22 169,990 1,913



RMP Energy Inc. Common Shares SAUNDERS, JAMES MACLEO

4 15/04/2016 30 1.41 264,072 887


4 15/07/2016 30 1.17 265,140 1,068


4 17/10/2016 30 0.97 266,429 1,289


4 15/12/2016 30 0.77 268,052 1,623

RMP Energy Inc. Common Shares Stewart, Craig Warren 4 15/01/2016 30 1.22 682,144 3,005

RMP Energy Inc. Common Shares Stewart, Craig Warren 4 15/02/2016 30 1.47 684,638 2,494

Rogers Communications Inc. Options (Non-Performance)

Berner, Robert F. 7, 5 01/03/2017 50 72,515 20,355

Rogers Communications Inc. Performance Restricted Share Units

Berner, Robert F. 7, 5 31/12/2016 30 8,504 77


Berner, Robert F. 7, 5 31/12/2016 30 8,824 320


Berner, Robert F. 7, 5 01/03/2017 56 16,764 7,940


Berner, Robert F. 7, 5 03/03/2017 30 16,846 82


Berner, Robert F. 7, 5 03/03/2017 59 56.119 9,178 -7,668


Berner, Robert F. 7, 5 03/03/2017 38 7,940 -1,238

Rogers Communications Inc. Stock Appreciation Rights (Non-Performance)

Berner, Robert F. 7, 5 01/03/2017 56 72,515 20,355

Rogers Communications Inc. Deferred Share Units Birchall, Charles William David

4 31/12/2016 30 58,239 1,997

Rogers Communications Inc. Deferred Share Units Brace, Roderick 5 01/03/2017 56 20,895 16,110


Brace, Roderick 5 01/03/2017 50 141,555 44,100

Rogers Communications Inc. Performance Deferred Share Units

Brace, Roderick 5 01/03/2017 56 45,900 21,500


Brace, Roderick 5 01/03/2017 56 141,555 44,100

Rogers Communications Inc. Deferred Share Units Brooks, Bonnie 4 31/12/2016 30 6,318 151

Rogers Communications Inc. Deferred Share Units Burgess, Robert Kenneth 4 31/12/2016 30 2,848 32

Rogers Communications Inc. Deferred Share Units Clappison, John 4 31/12/2016 30 33,461 1,153


Glick, Jacob 5 03/03/2017 38 41,948 -5,362

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2283



Acquired/ Disposed


Glick, Jacob 5 03/03/2017 38 12,329 -6,000

Rogers Communications Inc. Restricted Share Units Glick, Jacob 5 31/12/2016 30 3,974 288

Rogers Communications Inc. Restricted Share Units Glick, Jacob 5 03/03/2017 30 4,011 37

Rogers Communications Inc. Restricted Share Units Glick, Jacob 5 03/03/2017 59 56.119 0 -4,011


Glick, Jacob 5 03/03/2017 38 41,948 -5,362

Rogers Communications Inc. Deferred Share Units Hooper, Dale Edward 5 01/03/2017 56 25,025 7,895


Hooper, Dale Edward 5 01/03/2017 50 78,148 23,745



Rogers Communications Inc. Restricted Share Units Hooper, Dale Edward 5 31/12/2016 30 6,280 57



Rogers Communications Inc. Restricted Share Units Hooper, Dale Edward 5 03/03/2017 59 56.119 0 -6,577



Rogers Communications Inc. Deferred Share Units Horn, Alan Douglas 4, 6, 7, 5 31/12/2016 30 54,770 1,891

Rogers Communications Inc. Restricted Share Units of Rogers Telecommunications Limited

Horn, Alan Douglas 4, 6, 7, 5 31/12/2016 30 97,250 1,489




Horn, Alan Douglas 4, 6, 7, 5 31/12/2016 30 823


Horn, Alan Douglas 4, 6, 7, 5 31/12/2016 30 823




Horn, Alan Douglas 4, 6, 7, 5 23/02/2017 59 56.487 66,597 -33,056



Rogers Communications Inc. Deferred Share Units Kawale, Nitin 5 01/03/2017 56 46,038 17,450


Kawale, Nitin 5 01/03/2017 50 139,370 50,880


Kawale, Nitin 5 01/03/2017 56 82,801 24,810


Kawale, Nitin 5 01/03/2017 56 139,370 50,880


Khandelwal, Deepak Kumar 5 01/03/2017 50 188,935 64,450






Lind, Philip Bridgman 4 31/12/2016 30 12,133 110






Lind, Philip Bridgman 4 03/03/2017 59 56.119 1,766 -10,939

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2284



Acquired/ Disposed


Lind, Philip Bridgman 4 03/03/2017 38 0 -1,766

Rogers Communications Inc. Deferred Share Units MacDonald, John A. 4 31/12/2016 30 15,200 493

Rogers Communications Inc. Deferred Share Units Marcoux, Isabelle 4 31/12/2016 30 32,061 1,067


Miller, David P. 5 01/03/2017 50 79,890 28,835


Miller, David P. 5 01/03/2017 56 47,528 14,060


Miller, David P. 5 31/12/2014 30 33,931 282


Miller, David P. 5 01/03/2015 30 293


Miller, David P. 5 01/03/2015 30 26,798 72


Miller, David P. 5 31/12/2016 30 14,029 83


Miller, David P. 5 31/12/2016 30 14,134 105


Miller, David P. 5 31/12/2016 30 14,665 531


Miller, David P. 5 03/03/2017 30 14,801 136


Miller, David P. 5 03/03/2017 59 56.119 2,057 -12,744


Miller, David P. 5 03/03/2017 38 0 -2,057


Miller, David P. 5 01/03/2017 56 79,890 28,835

Rogers Communications Inc. Deferred Share Units Peterson, David Robert 4 31/12/2016 30 99,075 3,470


Reid, James M. 5 01/03/2017 50 93,740 33,920


Reid, James M. 5 01/03/2017 56 55,059 16,540


Reid, James M. 5 03/03/2017 59 56.119 5,880 -9,900


Reid, James M. 5 03/03/2017 38 4,282 -1,598


Reid, James M. 5 01/03/2017 56 93,740 33,920


Rogers Control Trust 3 31/12/2016 30 177,310 1,999






Rogers Control Trust 3 23/02/2017 59 56.487 136,162 -44,331




Rogers, Edward 4, 6, 7, 5 03/03/2017 59 56.119 31,888 -10,327


Rogers, Edward 4, 6, 7, 5 03/03/2017 38 30,221 -1,667


Rogers, Edward 4, 6, 7, 5 31/12/2016 30 6,297 102

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2285



Acquired/ Disposed


Rogers, Edward 4, 6, 7, 5 31/12/2016 30 6,375 78


Rogers, Edward 4, 6, 7, 5 31/12/2016 30 55


Rogers, Edward 4, 6, 7, 5 31/12/2016 30 55


Rogers, Edward 4, 6, 7, 5 31/12/2016 30 6,453 78


Rogers, Edward 4, 6, 7, 5 23/02/2017 59 56.487 4,198 -2,255


Rogers, Edward 4, 6, 7, 5 27/02/2017 56 6,198 2,000

Rogers Communications Inc. Deferred Share Units Rogers, Loretta A. 4, 6 31/12/2016 30 85,396 3,001


Rogers, Loretta A. 4, 6 31/12/2016 30 6,297 102


Rogers, Loretta A. 4, 6 31/12/2016 30 6,375 78


Rogers, Loretta A. 4, 6 31/12/2016 30 6,453 78


Rogers, Loretta A. 4, 6 23/02/2017 59 56.487 4,198 -2,255


Rogers, Loretta A. 4, 6 27/02/2017 56 6,198 2,000

Rogers Communications Inc. Deferred Share Units Rogers, Martha 4, 6 31/12/2016 30 34,122 1,161


Rogers, Martha 4, 6 31/12/2016 30 6,297 102


Rogers, Martha 4, 6 31/12/2016 30 6,375 78


Rogers, Martha 4, 6 31/12/2016 30 6,453 78


Rogers, Martha 4, 6 23/02/2017 59 56.487 4,198 -2,255


Rogers, Martha 4, 6 27/02/2017 56 6,198 2,000


Rogers, Melinda M. 4, 6, 7 03/03/2017 59 56.119 17,119 -6,503


Rogers, Melinda M. 4, 6, 7 03/03/2017 38 16,069 -1,050

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2286



Acquired/ Disposed


Rogers, Melinda M. 4, 6, 7 31/12/2016 30 6,297 102


Rogers, Melinda M. 4, 6, 7 31/12/2016 30 6,375 78


Rogers, Melinda M. 4, 6, 7 31/12/2016 30 6,453 78


Rogers, Melinda M. 4, 6, 7 23/02/2017 59 56.487 4,198 -2,255


Rogers, Melinda M. 4, 6, 7 27/02/2017 56 6,198 2,000


Staffieri, Anthony 5 01/03/2017 50 178,880 67,840




Staffieri, Anthony 5 03/03/2017 59 56.119 31,081 -20,393


Staffieri, Anthony 5 03/03/2017 38 27,789 -3,292



Rogers Communications Inc. Deferred Share Units Williams, Jamie John 5 01/03/2017 56 18,420 4,210


Williams, Jamie John 5 01/03/2017 50 58,660 28,835






Woessner, Dirk Stefan 5 01/03/2017 50 196,585 67,840


Woessner, Dirk Stefan 5 02/03/2017 38 179,605 -16,980








Woessner, Dirk Stefan 5 02/03/2017 59 5.8553 179,605 -16,980

Royal Bank of Canada Common Shares Daruvala, Toos Noshir 4 01/01/2015 00

Royal Bank of Canada Common Shares Daruvala, Toos Noshir 4 29/01/2016 30 50.808 370 370



Royal Bank of Canada Common Shares Daruvala, Toos Noshir 4 31/10/2016 30 62.599 1,292 354

Royal Bank of Canada Common Shares Daruvala, Toos Noshir 4 30/12/2016 30 62.48 1,300 8

Royal Bank of Canada Rights Director Deferred Stock Units

Daruvala, Toos Noshir 4 30/12/2016 56 4,267 1,933

Royal Bank of Canada Common Shares McGregor, Alex Douglas 5 01/03/2017 51 58.648 95,383 25,000

Royal Bank of Canada Common Shares McGregor, Alex Douglas 5 01/03/2017 10 97.547 70,383 -25,000

Royal Bank of Canada Options McGregor, Alex Douglas 5 01/03/2017 51 58.648 565,310 -25,000

Royal Bank of Canada Common Shares Royal Bank of Canada 1 01/02/2017 38 82.58 600,000 600,000

Royal Bank of Canada Common Shares Royal Bank of Canada 1 02/02/2017 38 82.61 1,200,000 600,000

Royal Bank of Canada Common Shares Royal Bank of Canada 1 02/02/2017 38 600,000 -600,000



Royal Bank of Canada Common Shares Royal Bank of Canada 1 06/02/2017 38 0 -599,900

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2287



Acquired/ Disposed

Royal Bank of Canada Common Shares Royal Bank of Canada 1 06/02/2017 38 83.54 600,000 600,000































Royal Bank of Canada Common Shares Royal Bank of Canada 1 01/03/2017 38 0 -670,000

Royal Road Minerals Limited Options Arseneau, Vernon 4 17/01/2017 50 0.15 450,001 1

Royal Road Minerals Limited Ordinary Shares Mullens, Peter James 4 02/03/2017 10 0.1 807,000 100,000

Royal Road Minerals Limited Ordinary Shares Polygon Mining Opportunity Master Fund

3 28/02/2017 00

Royal Road Minerals Limited Ordinary Shares Polygon Mining Opportunity Master Fund

3 28/02/2017 22 17,712,400 17,712,400

Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 27/02/2017 10 1.3 18,514,300 10,000





Sabina Gold & Silver Corp. Common Shares Bennett, Elaine 5 28/02/2017 11 1.75 220,067 10,000

Sabina Gold & Silver Corp. Common Shares Campbell, Angus 5 28/02/2017 11 1.75 118,500 10,000

Sabina Gold & Silver Corp. Common Shares Carson, Wes 5 28/02/2017 11 1.75 219,750 10,000

Sabina Gold & Silver Corp. Common Shares McLeod, Donald Bruce 4 28/02/2017 11 1.75 680,500 45,000

Sabina Gold & Silver Corp. Common Shares Segsworth, Walter Thomas 4 28/02/2017 16 1.75 290,600 45,000

Sabina Gold & Silver Corp. Common Shares Walsh, Anthony P. 6, 5 28/02/2017 11 1.75 92,295 20,000

Sandvine Corporation Common Shares Caputo, David 4 03/03/2017 30 2.87 131,620 627

Sandvine Corporation Common Shares Donnelly, Tom 5 03/03/2017 30 2.87 24,780 137

Sandvine Corporation Common Shares Donnelly, Tom 5 01/03/2017 10 2.8562 1,991,930 -25,000

Sandvine Corporation Common Shares Hamilton, Scott 4 03/03/2017 30 2.87 7,770 65

Sandvine Corporation Common Shares Siim, Brad 5 03/03/2017 30 2.87 76,092 305

Saputo Inc. Common Shares Palombaro, Gabriel 5 23/02/2017 51 21.48 20,905 5,120

Saputo Inc. Common Shares Palombaro, Gabriel 5 23/02/2017 51 21.61 23,821 2,916

Saputo Inc. Common Shares Palombaro, Gabriel 5 23/02/2017 10 46.75 15,785 -8,036

Saputo Inc. Options Palombaro, Gabriel 5 23/02/2017 51 21.48 100,503 -5,120

Saputo Inc. Options Palombaro, Gabriel 5 23/02/2017 51 21.61 97,587 -2,916

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2288



Acquired/ Disposed

Scientific Metals Corp. Options Chin, Kelsey 5 04/10/2016 00

Scientific Metals Corp. Options Chin, Kelsey 5 27/02/2017 50 0.385 175,000 175,000

Scientific Metals Corp. Options Clark, James Garnet (Garry) 4 27/02/2017 50 0.385 1,187,500 437,500

Scientific Metals Corp. Options Clark, James Garnet (Garry) 4 27/02/2017 37 0.48 1,000,000 -187,500

Scientific Metals Corp. Options Clark, James Garnet (Garry) 4 27/02/2017 52 500,000 -500,000

Scientific Metals Corp. Common Shares Gahagan, Michelle 4, 5 27/02/2017 46 0.385 1,970,313 519,480

Scientific Metals Corp. Options Gahagan, Michelle 4, 5 27/02/2017 50 0.385 2,187,500 437,500

Scientific Metals Corp. Options Gahagan, Michelle 4, 5 27/02/2017 37 0.48 2,000,000 -187,500

Scientific Metals Corp. Options Gahagan, Michelle 4, 5 27/02/2017 52 500,000 -1,500,000

Scientific Metals Corp. Options Hughes, David 5 27/02/2017 50 0.385 400,000 50,000

Scientific Metals Corp. Options Hughes, David 5 27/02/2017 52 250,000 -150,000

Scientific Metals Corp. Options Hughes, David 5 27/02/2017 37 0.48 100,000 -150,000

Scientific Metals Corp. Options Kirwin, Brian 4, 5 27/02/2017 50 0.385 1,625,000 125,000

Scientific Metals Corp. Options Kirwin, Brian 4, 5 27/02/2017 37 0.48 500,000 -1,125,000

Scientific Metals Corp. Options Tisdale, Wayne 4 25/06/2012 00

Scientific Metals Corp. Options Tisdale, Wayne 4 27/02/2017 50 0.385 500,000 500,000

Scientific Metals Corp. Options Welykochy, James 4 27/02/2017 50 0.385 687,500 437,500

Scientific Metals Corp. Options Welykochy, James 4 27/02/2017 37 0.48 500,000 -187,500

Seabridge Gold Inc. Common Shares Fronk, Rudi P. 4, 1 01/03/2017 10 10.28 925,000 15,000

Security Devices International Inc.

Convertible Debentures Morrison, Richard William Keith

4 06/08/2014 16 1000 $50

Security Devices International Inc.

Convertible Debentures Morrison, Richard William Keith

4 06/08/2014 16 $50,000 $50,000

Serinus Energy Inc. Common Shares Iorich, Evgenij 4 24/02/2017 15 0.35 11,266,084 5,385,600

Serinus Energy Inc. Common Shares Kulczyk Investments S.A. 3 24/02/2017 10 0.35 78,602,655 38,693,049

SHAW COMMUNICATIONS INC.

Directors' Deferred Share Units (DDSU)

Green, Richard R. 4 28/02/2017 56 21.037 58,842 477



Keating, Gregory John 4 28/02/2017 56 27.745 58,333 408



Pew, Paul Kenneth 4 28/02/2017 56 27.753 88,351 785



Royer, Jeffrey 4 28/02/2017 56 27.736 84,596 501


Non-Voting Shares Class "B"

Shaw, Bradley 4, 5 27/02/2017 30 27.579 3,638 35



Shaw, Bradley 4, 5 27/02/2017 30 27.579 1,950 43



Shaw, Bradley 4, 5 27/02/2017 30 27.579 1,950 43



Shaw, Bradley 4, 5 27/02/2017 30 27.579 78 2



Shaw, Bradley 4, 5 27/02/2017 30 27.579 1,950 43



Shaw, Bradley 4, 5 27/02/2017 30 27.579 1,950 43



Shaw, Heather Ann 3 27/02/2017 30 27.579 3,031 46



Shaw, Heather Ann 3 27/02/2017 30 27.579 2,220 8



Shaw, Jim 4 27/02/2017 30 27.579 148 7



Shaw, Jim 4 27/02/2017 30 27.579 1,014 3



Shaw, Jim 4 27/02/2017 30 27.579 511 2



Shaw, Jim 4 27/02/2017 30 27.579 511 2



Shaw, Jim 4 27/02/2017 30 27.579 511 2



Shaw, Jim 4 27/02/2017 30 27.579 1,030 2



Shaw, Jim 4 27/02/2017 30 27.579 1,030 2

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2289



Acquired/ Disposed



Shaw, Jim 4 27/02/2017 30 27.579 22,556 79



Shaw, Jim 4 27/02/2017 30 27.579 620 38



Shaw, Jim 4 27/02/2017 30 27.579 1,030 2



Shaw, JR 3, 4, 5 27/02/2017 30 27.579 2,484,175 8,685



Shaw, JR 3, 4, 5 27/02/2017 30 27.579 2,484,533 358



Shaw, JR 3, 4, 5 27/02/2017 30 27.579 52,714 284



Shaw, JR 3, 4, 5 27/02/2017 30 27.579 18,064 64



Shaw, Julie 5 27/02/2017 30 27.579 26,494 103



Shaw, Julie 5 27/02/2017 30 27.579 4,176 51



Vogel, Carl E. 4 28/02/2017 56 21.038 30,302 235



Weatherill, Sheila Christine 4 28/02/2017 56 27.748 50,367 380

Sherritt International Corporation

Restricted Share Units Chambers, Dean Ronald 5 28/02/2017 56 1.2 2,653,479 500,000


Restricted Share Units Dobson, Timothy Leigh 5 28/02/2017 56 1.2 2,231,886 404,167


Options Pathe, David V. 4, 5 28/02/2017 50 4,884,938 546,875


Restricted Share Units Pathe, David V. 4, 5 28/02/2017 56 1.2 5,498,116 1,093,750


Options Saruk, Elvin 5 28/02/2017 50 1,240,926 151,563


Restricted Share Units Saruk, Elvin 5 28/02/2017 56 1.2 1,942,742 303,125


Options Sellers, Edward Arnold 5 28/02/2017 50 772,250 156,250


Restricted Share Units Sellers, Edward Arnold 5 28/02/2017 56 1.2 1,932,574 312,500


Options Snowden, Andrew Peter 5 01/01/2017 00


Options Snowden, Andrew Peter 5 28/02/2017 50 93,750 93,750


Restricted Share Units Snowden, Andrew Peter 5 28/02/2017 56 1.2 395,369 187,500


Options Trenton, Karen Lynn 5 28/02/2017 50 628,013 132,813


Restricted Share Units Trenton, Karen Lynn 5 28/02/2017 56 1.2 1,537,931 265,625


Options Vydra, Martin 5 28/02/2017 50 687,700 125,000


Restricted Share Units Vydra, Martin 5 28/02/2017 56 1.2 1,643,202 250,000


Options Wood, Stephen James 5 28/02/2017 50 809,563 176,563


Restricted Share Units Wood, Stephen James 5 28/02/2017 56 1.2 1,931,800 353,125

Shopify Inc. Options Finkelstein, Harley Michael 5 24/02/2017 50 62.15 92,500 37,500

Shopify Inc. RSU Finkelstein, Harley Michael 5 24/02/2017 56 78,913 12,068

Shopify Inc. Options Forsyth, Brittany Jean 5 24/02/2017 50 62.15 38,500 25,000

Shopify Inc. RSU Forsyth, Brittany Jean 5 24/02/2017 56 24,757 8,045

Shopify Inc. Options Frasca, Joseph Andrew 5 20/05/2015 00

Shopify Inc. Options Frasca, Joseph Andrew 5 24/02/2017 50 62.15 25,000 25,000

Shopify Inc. RSU Frasca, Joseph Andrew 5 20/05/2015 00

Shopify Inc. RSU Frasca, Joseph Andrew 5 24/02/2017 56 8,045 8,045

Shopify Inc. Options Jones, Russell Norman 5 20/05/2015 00

Shopify Inc. Options Jones, Russell Norman 5 24/02/2017 50 62.15 37,500 37,500

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2290



Acquired/ Disposed

Shopify Inc. RSU Jones, Russell Norman 5 20/05/2015 00

Shopify Inc. RSU Jones, Russell Norman 5 24/02/2017 56 12,068 12,068

Shopify Inc. Options Lemieux, Jean-Michel 5 24/02/2017 50 62.15 38,500 25,000

Shopify Inc. RSU Lemieux, Jean-Michel 5 24/02/2017 56 24,757 8,045

Shopify Inc. Options Lennie, David William 5 24/02/2017 50 62.15 61,000 25,000

Shopify Inc. RSU Lennie, David William 5 24/02/2017 56 38,717 8,045

Shopify Inc. Multiple Voting Shares Class B Multiple Voting Shares

Lutke, Tobias Albin 4, 5 20/05/2015 00


Lutke, Tobias Albin 4, 5 27/02/2017 51 0.12 80,899 80,899





Shopify Inc. Options Lutke, Tobias Albin 4, 5 27/02/2017 51 0.12 1,081,078 -80,899

Shopify Inc. Options Lutke, Tobias Albin 4, 5 27/02/2017 51 0.12 736,078 -345,000

Shopify Inc. Options Lutke, Tobias Albin 4, 5 27/02/2017 51 0.16 403,348 -332,730

Shopify Inc. Options Lutke, Tobias Albin 4, 5 20/05/2015 00

Shopify Inc. Options Lutke, Tobias Albin 4, 5 24/02/2017 50 62.15 150,000 150,000

Shopify Inc. RSU Lutke, Tobias Albin 4, 5 20/05/2015 00

Shopify Inc. RSU Lutke, Tobias Albin 4, 5 24/02/2017 56 48,270 48,270

Shopify Inc. Subordinate Voting Shares Class A Subordinate Voting Shares

Lutke, Tobias Albin 4, 5 27/02/2017 30 60.179 387,000 -9,000

Shopify Inc. Options Miller, Craig Stuart 5 20/05/2015 00

Shopify Inc. Options Miller, Craig Stuart 5 24/02/2017 50 62.15 62,500 62,500

Shopify Inc. RSU Miller, Craig Stuart 5 20/05/2015 00

Shopify Inc. RSU Miller, Craig Stuart 5 24/02/2017 56 20,113 20,113

Shopify Inc. Options Weinand, Peter Daniel 5 24/02/2017 50 62.15 52,500 25,000

Shopify Inc. RSU Weinand, Peter Daniel 5 24/02/2017 56 41,468 8,045

Sienna Senior Living Inc. (formerly Leisureworld Senior Care Corporation)

Common Shares Alaimo, Cristina 5 27/02/2017 90 358 -1,534


Common Shares Alaimo, Cristina 5 26/01/2015 00


Common Shares Alaimo, Cristina 5 27/02/2017 90 1,534 1,534


Common Shares ANNABLE, MICHAEL 5 27/02/2017 57 17.824 2,893 282


Common Shares ANNABLE, MICHAEL 5 27/02/2017 10 17.51 1,982 -911


Common Shares ANNABLE, MICHAEL 5 27/02/2017 10 17.49 1,682 -300


Common Shares ANNABLE, MICHAEL 5 27/02/2017 10 17.48 282 -1,400


Restricted Share Units ANNABLE, MICHAEL 5 27/02/2017 57 17.824 7,586 -282


Restricted Share Units ANNABLE, MICHAEL 5 27/02/2017 38 17.824 7,209 -377


Common Shares Cormack, Lois 5 27/02/2017 57 17.824 84,298 2,752

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2291



Acquired/ Disposed


Restricted Share Units Cormack, Lois 5 27/02/2017 57 17.824 15,037 -2,752


Common Shares Rushforth, Paul 5 27/02/2017 57 17.824 1,392


Common Shares Rushforth, Paul 5 27/02/2017 57 17.824 1,392


Restricted Share Units Rushforth, Paul 5 27/02/2017 57 17.824 -1,392


Restricted Share Units Rushforth, Paul 5 27/02/2017 57 17.824 -1,392

Sierra Metals Inc. (formerly Dia Bras Exploration Inc.)

Common Shares Arias, J. Alberto 4, 6 01/03/2017 57 406,888 49,122


Restricted Share Unit Arias, J. Alberto 4, 6 01/03/2017 57 73,685 -49,122


Common Shares Babcock, Gordon 5 13/07/2015 00


Common Shares Babcock, Gordon 5 01/03/2017 57 31,147 31,147


Restricted Share Unit Babcock, Gordon 5 01/03/2017 57 62,294 -31,147


Common Shares Gonzales, Igor 4 01/03/2017 57 139,565 49,122


Restricted Share Unit Gonzales, Igor 4 01/03/2017 57 73,685 -49,122


Common Shares Renaud, Philip 4 01/03/2017 57 3,728,832 27,192


Restricted Share Unit Renaud, Philip 4 01/03/2017 57 40,790 -27,192


Common Shares Romero, Dionisio 4 01/03/2017 57 393,810 24,561


Restricted Share Unit Romero, Dionisio 4 01/03/2017 57 49,123 -24,561

Sierra Wireless, Inc. Common Shares Cataford, Paul G. 4 17/02/2017 51 14.28 9,130 1,300

Sierra Wireless, Inc. Common Shares Cataford, Paul G. 4 17/02/2017 10 37 7,830 -1,300

Sierra Wireless, Inc. Options Cataford, Paul G. 4 17/02/2017 51 14.28 8,782 -1,300

Sierra Wireless, Inc. Common Shares Guillemette, Philippe Frederic Joel Rene

5 16/02/2017 51 7.59 6,015 1,500


5 16/02/2017 10 26.15 4,515 -1,500


5 17/02/2017 51 11.56 7,015 2,500


5 17/02/2017 10 28 4,515 -2,500


5 27/02/2017 51 7.59 5,868 1,353


5 27/02/2017 10 27.05 4,515 -1,353

Sierra Wireless, Inc. Options Guillemette, Philippe Frederic Joel Rene

5 16/02/2017 51 7.59 62,289 -1,500


5 17/02/2017 51 11.56 59,789 -2,500


5 17/02/2017 51 11.56 -2,500


5 17/02/2017 51 11.56 -2,500


5 27/02/2017 51 7.59 54,936 -1,353

Sierra Wireless, Inc. Common Shares Teyssier, Pierre Jean Benoit 5 16/02/2017 57 39,062 1,776

Sierra Wireless, Inc. Restricted Share Units Teyssier, Pierre Jean Benoit 5 16/02/2017 57 14,307 -1,776

Silver Predator Corp. Options Rickard, John Terrell 4, 6, 5 23/02/2017 00

Silver Predator Corp. Options Rickard, John Terrell 4, 6, 5 01/03/2017 50 0.06 500,000 500,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2292



Acquired/ Disposed

SILVERCORP METALS INC. Common Shares without par value

Liu, Derek Zhihua 5 23/02/2017 51 0.66 125,000 125,000


Liu, Derek Zhihua 5 23/02/2017 10 5.76 85,000 -40,000


Liu, Derek Zhihua 5 24/02/2017 10 5.8 0 -85,000

SILVERCORP METALS INC. Options Liu, Derek Zhihua 5 23/02/2017 51 0.66 330,000 -125,000


Liu, Yikang 4 22/02/2017 10 5.67 204,000 -10,000

Smart Real Estate Investment Trust

Class C Series 1 Oshawa Taunton Limited Partnership Units

Goldhar, Mitchell 3 27/02/2017 11 28.7 132,711 -18,635

Source Exploration Corp. Common Shares Zamani, Ali 4 23/02/2017 00

Source Exploration Corp. Common Shares Zamani, Ali 4 03/03/2017 16 0.15 1,300,000 1,300,000

Source Exploration Corp. Warrants Zamani, Ali 4 23/02/2017 00

Source Exploration Corp. Warrants Zamani, Ali 4 03/03/2017 16 0.25 1,300,000 1,300,000

Spectral Medical Inc. Options Bihl, Anthony Phillip 4 28/02/2017 50 0.3 250,000 50,000

Spectral Medical Inc. Options Businskas, Anthony 5 28/02/2017 50 0.3 725,000 125,000

Spectral Medical Inc. Options Businskas, Anthony 5 28/02/2017 50 0.3 150,000

Spectral Medical Inc. Options Businskas, Anthony 5 28/02/2017 50 0.3 875,000 150,000

Spectral Medical Inc. Options Foster, Debra-Anne 8 28/02/2017 50 0.3 404,170 66,670

Spectral Medical Inc. Options Foster, Debra-Anne 8 28/02/2017 50 0.3 504,170 100,000

Spectral Medical Inc. Options Giese, Kevin Arnold 4 17/01/2017 52 0.285 200,000 -50,000

Spectral Medical Inc. Options Giese, Kevin Arnold 4 28/02/2017 50 0.3 250,000 50,000

Spectral Medical Inc. Options Guadagni, Gualtiero Piero Guido Maria

5 28/02/2017 50 0.3 424,335 58,335

Spectral Medical Inc. Options Guadagni, Gualtiero Piero Guido Maria

5 28/02/2017 50 0.3 524,335 100,000

Spectral Medical Inc. Options Herrera, Guillermo Alfonso 4 28/02/2017 50 0.3 150,000 50,000

Spectral Medical Inc. Options Stevens, William Charles 4 28/02/2017 50 0.3 225,000 50,000

Spectral Medical Inc. Options WALKER, PAUL M. 5 28/02/2017 50 0.3 1,937,500 337,500

Spectral Medical Inc. Options WALKER, PAUL M. 5 28/02/2017 50 0.3 400,000

Spectral Medical Inc. Options WALKER, PAUL M. 5 28/02/2017 50 0.3 2,337,500 400,000

Sphinx Resources Ltd. Common Shares Champigny, Normand 4, 5 28/02/2017 16 0.06 1,549,399 170,000

Sphinx Resources Ltd. Warrants Champigny, Normand 4, 5 28/02/2017 16 0.09 270,000 170,000

Sphinx Resources Ltd. Common Shares Sparkes, Kerry Elwyn 4 28/02/2017 16 0.06 159,117 85,000

Sphinx Resources Ltd. Warrants Sparkes, Kerry Elwyn 4 28/02/2017 16 85,000 85,000

Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 24/02/2017 10 0.135 1,525,958 2,000



Sprott Inc. Common Shares Rule, Arthur Richards 3, 4, 7 24/07/2013 00 340

Sprott Resource Holdings Inc. (formerly Adriana Resources Inc. )

EPSP Designation Yuzpe, Stephen Mark 4, 5 28/02/2017 56 0.185 1,470,862 21,142

SQI Diagnostics Inc. Common Shares Connor, Gerald R. 4 24/02/2017 10 0.15 3,744,186 -1,400

Starlight U.S. Multi-Family (No. 5) Core Fund

Units Class A Starlight U.S. Multi-Family (No. 5) Core Fund

1 01/02/2017 30 8.98 5,000 5,000



1 02/02/2017 30 8.9852 10,000 5,000



1 03/02/2017 30 9.0824 15,000 5,000



1 06/02/2017 30 9.25 18,300 3,300



1 07/02/2017 30 9.25 23,300 5,000



1 08/02/2017 30 9.248 28,300 5,000



1 09/02/2017 30 9.322 33,300 5,000



1 10/02/2017 30 9.1 38,300 5,000



1 13/02/2017 30 9.036 43,300 5,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2293



Acquired/ Disposed



1 14/02/2017 30 9.09 48,300 5,000



1 15/02/2017 30 9 53,300 5,000



1 16/02/2017 30 9.0836 58,300 5,000



1 17/02/2017 30 9.1 63,300 5,000



1 21/02/2017 30 9.1438 68,300 5,000



1 28/02/2017 38 0 -68,300

Stina Resources Ltd. Common Shares Corrigan, James 4 24/02/2017 51 0.05 358,400 100,000

Stina Resources Ltd. Common Shares Corrigan, James 4 24/02/2017 10 0.085 279,400 -79,000

Stina Resources Ltd. Common Shares Corrigan, James 4 24/02/2017 10 0.08 258,400 -21,000

Stina Resources Ltd. Options Corrigan, James 4 24/02/2017 51 0.05 700,000 -100,000

Stornoway Diamond Corporation

Options Scherkus, Ebe 4 04/01/2017 52 1.04 1,000,000 -40,000

Strad Energy Services Ltd. Options Stock Options Hagg, John Andrew 4 01/03/2017 52 34,000 -10,000

Strad Energy Services Ltd. Options Stock Options Nodwell, John Howard 4 01/03/2017 52 34,000 -10,000

Strategic Oil & Gas Ltd. Common Shares GMT Capital Corp 3 23/12/2016 00 118,825,900






Strategic Oil & Gas Ltd. Convertible Notes 8% secured, due February 28, 2021

GMT Capital Corp 3 23/12/2016 00 $11,482,000


GMT Capital Corp 3 23/12/2016 00 $14,812,000


GMT Capital Corp 3 23/12/2016 00 $27,557,000


GMT Capital Corp 3 23/12/2016 00 $2,135,000

Strategic Oil & Gas Ltd. PIK 8% secured convertible notes, due February 28, 2021

GMT Capital Corp 3 23/12/2016 00 $463,000


GMT Capital Corp 3 23/12/2016 00 $597,000


GMT Capital Corp 3 23/12/2016 00 $919,000


GMT Capital Corp 3 23/12/2016 00 $86,000

Strategic Oil & Gas Ltd. Series 2 PIK 8% secured convertible notes, due Feb 28, 2021

GMT Capital Corp 3 23/12/2016 00


GMT Capital Corp 3 28/02/2017 36 $477,000 $477,000




GMT Capital Corp 3 28/02/2017 36 $616,000 $616,000



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2294



Acquired/ Disposed


GMT Capital Corp 3 28/02/2017 36 $942,000 $942,000




GMT Capital Corp 3 28/02/2017 11 10 $114,000 $114,000




GMT Capital Corp 3 28/02/2017 36 $88,000 $88,000


Graham, Michael 4 15/09/2014 00


Graham, Michael 4 28/02/2017 16 $62,000 $62,000


Joy, Barbara 5 01/02/2012 00


Joy, Barbara 5 28/02/2017 16 $10,000 $10,000


Sawhney, Gurpreet 5 10/03/2009 00


Sawhney, Gurpreet 5 28/02/2017 16 $1,000 $1,000


Sawhney, Gurpreet 5 10/03/2009 00


Sawhney, Gurpreet 5 28/02/2017 16 $3,000 $3,000


Skeith, Donald Richard 4 08/08/2005 00


Skeith, Donald Richard 4 28/02/2017 16 $2,000 $2,000


Smith, Cody Louis 5 14/11/2012 00


Smith, Cody Louis 5 28/02/2017 16 $1,000 $1,000

Stratton Resources Inc. Common Shares Bebek, Ivan 4 27/02/2017 11 0.65 5,032,400 400,000

Stratton Resources Inc. Common Shares Kosowan, Michael 4, 5 02/03/2017 00 4,867,500

Stratton Resources Inc. Common Shares Wallace, Shawn 4 27/02/2017 11 0.65 419,000

Stratton Resources Inc. Common Shares Wallace, Shawn 4 27/02/2017 11 0.65 5,953,750 450,000

Strongbow Exploration Inc. Common Shares Thomas, David Grenville 4 28/02/2017 10 0.15 3,594,633 34,500

Strongbow Exploration Inc. Common Shares Thomas, David Grenville 4 01/03/2017 10 0.15 3,709,133 114,500

STT Enviro Corp. (formerly Semcan Inc.)

Common Shares Deacon, David Emmerson 5 28/02/2017 51 0.13 1,757,982 225,000


Options Deacon, David Emmerson 5 28/02/2017 51 600,000 -225,000


Options WILBY, JOHN HILTON 5 28/02/2017 52 155,000 -100,000

Subscribe Technologies Inc. Common Shares PAUL, DICKSON 4, 5 02/03/2017 10 0.085 2,085,500 2,000

Subscribe Technologies Inc. Common Shares PAUL, DICKSON 4, 5 02/03/2017 10 0.1 2,088,500 3,000

Sun Life Financial Inc. Options Accum, Claude 5 28/02/2017 50 48.2 22,822

Sun Life Financial Inc. Options Accum, Claude 5 28/02/2017 50 48.2 124,647 22,822

Sun Life Financial Inc. Units Sun Shares Accum, Claude 5 25/02/2017 38 48.97 39,784 -27,440

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2295



Acquired/ Disposed

Sun Life Financial Inc. Units Sun Shares Accum, Claude 5 28/02/2017 30 48.73 56,715 16,931

Sun Life Financial Inc. Options Blair, Carolyn Diane 5 28/02/2017 50 48.2 58,444 15,561

Sun Life Financial Inc. Units Sun Shares Blair, Carolyn Diane 5 25/02/2017 38 48.97 26,996 -18,293

Sun Life Financial Inc. Units Sun Shares Blair, Carolyn Diane 5 25/02/2017 38 48.97 26,822 -174

Sun Life Financial Inc. Units Sun Shares Blair, Carolyn Diane 5 28/02/2017 30 48.73 38,366 11,544

Sun Life Financial Inc. Units Sun Shares Brown, Randolph 5 28/02/2017 30 48.73 144,981 40,432

Sun Life Financial Inc. Units Sun Shares Catellier, Brigitte 5 28/02/2017 30 48.73 7,115 2,053

Sun Life Financial Inc. Options Connor, Dean 4, 5 28/02/2017 50 48.2 1,397,281 114,108

Sun Life Financial Inc. Units Sun Shares Connor, Dean 4, 5 25/02/2017 38 48.97 198,919 -152,444

Sun Life Financial Inc. Units Sun Shares Connor, Dean 4, 5 28/02/2017 30 48.73 283,570 84,651

Sun Life Financial Inc. Options Dougherty, Kevin 5 28/02/2017 50 48.2 226,384 32,158

Sun Life Financial Inc. Units Sun Shares Dougherty, Kevin 5 25/02/2017 38 48.97 61,666 -44,209

Sun Life Financial Inc. Units Sun Shares Dougherty, Kevin 5 28/02/2017 30 48.73 85,522 23,856

Sun Life Financial Inc. Units Sun Shares Dougherty, Linda 5 28/02/2017 30 48.73 25,887 6,157

Sun Life Financial Inc. Units Sun Shares Dougherty, Linda 5 01/03/2017 38 48.56 19,867 -6,020

Sun Life Financial Inc. Options Fishbein, Daniel 5 28/02/2017 50 48.2 125,923 32,701

Sun Life Financial Inc. Units Sun Shares Fishbein, Daniel 5 25/02/2017 38 48.97 54,748 -27,598

Sun Life Financial Inc. Units Sun Shares Fishbein, Daniel 5 28/02/2017 30 48.73 79,007 24,259

Sun Life Financial Inc. Deferred Share Units Freyne, Colm Joseph 5 02/03/2017 30 48.49 55,687 10,835

Sun Life Financial Inc. Options Freyne, Colm Joseph 5 28/02/2017 50 48.2 190,558 26,971

Sun Life Financial Inc. Units Sun Shares Freyne, Colm Joseph 5 25/02/2017 38 48.97 43,628 -30,489

Sun Life Financial Inc. Units Sun Shares Freyne, Colm Joseph 5 28/02/2017 30 48.73 63,637 20,009

Sun Life Financial Inc. Options Kennedy, Melissa Jane 5 28/02/2017 50 48.2 46,086 14,523

Sun Life Financial Inc. Units Sun Shares Kennedy, Melissa Jane 5 28/02/2017 30 48.73 45,301 10,774

Sun Life Financial Inc. Units Sun Shares Morrissey, Kevin 5 25/02/2017 38 48.97 13,261 -8,131

Sun Life Financial Inc. Units Sun Shares Morrissey, Kevin 5 28/02/2017 30 48.73 19,007 5,746

Sun Life Financial Inc. Options Peacher, Stephen 5 28/02/2017 50 48.2 192,251 59,952

Sun Life Financial Inc. Units Sun Shares Peacher, Stephen 5 25/02/2017 38 48.97 86,426 -50,573

Sun Life Financial Inc. Units Sun Shares Peacher, Stephen 5 25/02/2017 38 48.97 86,085 -341

Sun Life Financial Inc. Units Sun Shares Peacher, Stephen 5 28/02/2017 30 48.73 130,560 44,475

Sun Life Financial Inc. Options Saunders, Mark 5 28/02/2017 50 48.2 74,964 15,561

Sun Life Financial Inc. Units Sun Shares Saunders, Mark 5 25/02/2017 38 48.97 27,848 -21,343

Sun Life Financial Inc. Units Sun Shares Saunders, Mark 5 28/02/2017 30 48.73 39,392 11,544

Sun Life Financial Inc. Options Strain, Kevin 5 28/02/2017 50 48.2 225,937 34,233

Sun Life Financial Inc. Units Sun Shares Strain, Kevin 5 25/02/2017 38 48.97 41,706 -30,489

Sun Life Financial Inc. Units Sun Shares Strain, Kevin 5 28/02/2017 30 48.73 67,102 25,396

Sun Life Financial Inc. Units Sun Shares Van den Hoogen, Marlene 5 25/02/2017 38 48.97 7,546 -5,489

Sun Life Financial Inc. Units Sun Shares Van den Hoogen, Marlene 5 28/02/2017 30 48.73 10,625 3,079

Suncor Energy Inc. Deferred Share Units Cowan, Alister 5 27/02/2017 56 42.32 43,768 15,714

Suncor Energy Inc. Deferred Share Units Gardner, Paul Douglas 5 27/02/2017 56 42.32 20,938 2,540

Suncor Energy Inc. Deferred Share Units Little, Mark Stephen 5 27/02/2017 56 42.32 45,341 18,076

Suncor Energy Inc. Deferred Share Units MacSween, Michael Roderick

5 27/02/2017 56 42.32 51,363 6,616

Suncor Energy Inc. Deferred Share Units Reynish, Stephen David Lile 5 27/02/2017 56 42.32 38,410 13,469

Sunvest Minerals Corp. Options Bradley, Victor 4 27/02/2017 50 0.12 450,000 100,000

Sunvest Minerals Corp. Options England, Michael Bruno John Franz

4 27/02/2017 50 0.12 350,000 100,000

Sunvest Minerals Corp. Options Masters, John Parker 4 27/02/2017 50 0.12 300,000 100,000

Sunvest Minerals Corp. Options Zelko, Gordon Edward 4, 5 23/02/2016 00 350,000

Superior Gold Inc. Common Shares Bradbrook, Christopher J. 5 16/02/2017 00 4,203,130

Superior Gold Inc. Common Shares Bradbrook, Christopher J. 5 23/02/2017 15 1 4,703,130 500,000

Superior Gold Inc. Options Bradbrook, Christopher J. 5 16/02/2017 00

Superior Gold Inc. Options Bradbrook, Christopher J. 5 23/02/2017 50 1,500,000 1,500,000

Superior Gold Inc. Common Shares Northern Star Resources Limited

3 23/02/2017 00 18,859,041

Superior Gold Inc. Warrants Northern Star Resources Limited

3 23/02/2017 00 14,429,521

Superior Plus Corp. Common Shares Bechberger, Edward Joseph 5 27/02/2017 10 12.35 21,250 2,000

Surge Energy Inc. Common Shares Brown, Daniel Curt 5 27/02/2017 10 2.71 524,886 -30,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2296



Acquired/ Disposed

Surge Energy Inc. Common Shares Colborne, Paul 4 17/10/2016 30 2.88 3,632,050 689




Surge Energy Inc. Common Shares Colborne, Paul 4 15/12/2016 30 3 3,636,150 666





Surge Energy Inc. Common Shares Colborne, Paul 4 24/02/2017 10 2.71 3,659,266 10,000

Surge Energy Inc. Common Shares Colborne, Paul 4 27/02/2017 10 2.7 3,664,266 5,000


Surge Energy Inc. Common Shares Colborne, Paul 4 28/02/2017 10 2.6394 337,970 5,000

Surge Energy Inc. Common Shares de Leeuw, Gerard A. 5 28/02/2017 10 2.64 185,644 3,000

Surge Energy Inc. Common Shares de Leeuw, Gerard A. 5 28/02/2017 10 2.63 187,644 2,000

Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 24/02/2017 10 2.71 68,343 2,000

Surge Energy Inc. Common Shares Leach, Robert Allen 4 27/02/2017 10 2.7 558,200 50,000

Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 24/02/2017 10 2.74 8,528 -6,000

Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 24/02/2017 10 2.74 9,000 -6,000

Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 24/02/2017 10 2.69 47,000 14,000

Synex International Inc. Common Shares Stephens, Alan William 4, 5 28/02/2017 10 0.445 155,500 -1,000



Tajiri Resources Corp. Options Keevil, Graham 4, 5 14/02/2017 50 0.2 1,450,000 1,000,000

TELUS Corporation Restricted Share Units Bates, Philip 5 24/02/2017 30 43.83 86,258 29,664

TELUS Corporation Restricted Share Units Bates, Philip 5 24/02/2017 30 42.64 90,111 3,853

TELUS Corporation Common Shares Blair, Joshua Andrew 5 24/02/2017 30 89,265 208

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2016 30 1,337

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2016 30 169,703 -559

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2016 30 41.58 -55,945

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2016 30 41.578 -54,049

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2016 30 41.578 118,786 -54,049

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 24/02/2017 30 43.83 195,650 79,856

TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 24/02/2017 30 42.64 201,166 5,516

TELUS Corporation Common Shares Day, Stockwell 4 16/02/2017 30 5,481 59

TELUS Corporation Common Shares Day, Stockwell 4 16/02/2017 30 42.84 5,730 249

TELUS Corporation Common Shares Entwistle, Darren 4, 5 31/12/2016 30 245,303 163

TELUS Corporation Common Shares Entwistle, Darren 4, 5 31/12/2016 30 249,133 3,830

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 23/11/2016 30 4,788

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 23/11/2016 30 582,344 -2,001

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 23/11/2016 30 41.58 -200,202

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 23/11/2016 30 41.58 388,931 -193,413

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 24/02/2017 30 393,274 4,343

TELUS Corporation Restricted Share Units Entwistle, Darren 4, 5 24/02/2017 30 43.83 610,026 216,752

TELUS Corporation Common Shares French, Douglas 5 24/02/2017 30 4,730 62

TELUS Corporation Restricted Share Units French, Douglas 5 24/02/2017 30 43.83 72,583 39,157

TELUS Corporation Restricted Share Units French, Douglas 5 24/02/2017 30 42.64 75,128 2,545

TELUS Corporation Restricted Share Units French, Douglas 5 24/02/2017 30 75,502 374

TELUS Corporation Restricted Share Units Fuller, David 5 30/11/2016 30 261

TELUS Corporation Restricted Share Units Fuller, David 5 30/11/2016 30 129,535 -109

TELUS Corporation Restricted Share Units Fuller, David 5 30/11/2016 30 41.58 -26,376

TELUS Corporation Restricted Share Units Fuller, David 5 30/11/2016 30 41.578 103,529 -26,006

TELUS Corporation Restricted Share Units Fuller, David 5 24/02/2017 30 43.83 147,370 45,632

TELUS Corporation Restricted Share Units Fuller, David 5 24/02/2017 30 42.64 152,294 4,924

TELUS Corporation Restricted Share Units Geheran, Tony 5 24/02/2017 30 43.83 101,166 38,784

TELUS Corporation Restricted Share Units Geheran, Tony 5 24/02/2017 30 42.64 104,947 3,781

TELUS Corporation Restricted Share Units Gratton, Francois 5 24/02/2017 30 43.83 101,004 36,504

TELUS Corporation Restricted Share Units Gratton, Francois 5 24/02/2017 30 42.64 105,040 4,036

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2297



Acquired/ Disposed

TELUS Corporation Restricted Share Units Lewis, Stephen Flynn 5 24/02/2017 30 43.83 19,688 6,717

TELUS Corporation Restricted Share Units Lewis, Stephen Flynn 5 24/02/2017 30 19,833 145

TELUS Corporation Restricted Share Units McIntosh, Sandy 5 24/02/2017 30 43.83 102,860 41,072

TELUS Corporation Restricted Share Units McIntosh, Sandy 5 24/02/2017 30 42.64 106,599 3,739

TELUS Corporation Common Shares Mercier, Monique 5 24/02/2017 30 30,551 176

TELUS Corporation Restricted Share Units Mercier, Monique 5 30/11/2016 30 633

TELUS Corporation Restricted Share Units Mercier, Monique 5 30/11/2016 30 95,153 -265

TELUS Corporation Restricted Share Units Mercier, Monique 5 30/11/2016 30 41.58 -26,762

TELUS Corporation Restricted Share Units Mercier, Monique 5 30/11/2016 30 41.578 68,706 -25,864

TELUS Corporation Restricted Share Units Mercier, Monique 5 24/02/2017 30 43.83 95,920 29,664

TELUS Corporation Restricted Share Units Mercier, Monique 5 24/02/2017 30 42.64 100,377 4,457

TELUS Corporation Common Shares Spadotto, Eros 7 24/02/2017 30 27,201 192

TELUS Corporation Restricted Share Units Spadotto, Eros 7 30/11/2016 30 1,267

TELUS Corporation Restricted Share Units Spadotto, Eros 7 30/11/2016 30 163,104 -529

TELUS Corporation Restricted Share Units Spadotto, Eros 7 30/11/2016 30 41.58 -52,993

TELUS Corporation Restricted Share Units Spadotto, Eros 7 30/11/2016 30 41.578 109,755 -51,197

TELUS Corporation Restricted Share Units Spadotto, Eros 7 24/02/2017 30 43.83 152,876 45,632

TELUS Corporation Restricted Share Units Spadotto, Eros 7 24/02/2017 30 42.64 157,852 4,976

Tembec Inc. DSU Gignac, Pierre 4 06/02/2017 00

Tembec Inc. DSU Gignac, Pierre 4 24/02/2017 56 2.952 66,102

Tembec Inc. DSU Gignac, Pierre 4 24/02/2017 56 2.95 66,102 66,102

Ten Peaks Coffee Company Inc.


Dennis, Frank Anthony 4 03/03/2017 30 19,673 332

Ten Peaks Coffee Company Inc.


Dennis, Frank Anthony 4 03/03/2017 46 38,173 18,500

Terra Firma Capital Corporation

Common Shares StableView Asset Management

3 01/03/2017 10 0.7529 7,051,918 414,000

Tetra Bio-Pharma Inc. Common Shares Audet, André 4 24/02/2017 51 0.05 6,699,284 1,500,000

Tetra Bio-Pharma Inc. Options Audet, André 4 24/02/2017 51 0.05 37,500 -1,500,000

Tetra Bio-Pharma Inc. Common Shares Rancourt, André 4, 5 28/02/2017 10 0.85 490,000 -20,000

Tetra Bio-Pharma Inc. Common Shares Rancourt, André 4, 5 02/03/2017 10 0.78 470,000 -20,000

The Descartes Systems Group Inc.

Restricted Stock Unit - Cash-settled

Brett, Allan 5 01/03/2017 97 1,459 -417



Diederik, Raimond 5 01/03/2017 97 6,249 -1,062



Gardner, Edward James 5 01/03/2017 97 7,274 -1,261



Jones, Christopher 5 01/03/2017 97 8,069 -1,372



Pagan, John Scott 7, 5 01/03/2017 97 1,692 -339



Parker, Robert 5 01/03/2017 97 4,877 -655



Ryan, Edward 5 01/03/2017 97 1,823 -365



Verhoeve, Michael 7, 5 01/03/2017 97 5,067 -844



Wood, Kenneth Edward 5 01/03/2017 97 7,052 -1,116

Thomson Reuters Corporation

Common Shares Beaumont, Stewart 7 28/02/2017 57 5,818 5,818


Common Shares Beaumont, Stewart 7 01/03/2017 10 42.331 0 -5,818


Restricted Share Units Beaumont, Stewart 7 28/02/2017 57 36,109 -10,978


Common Shares Monaghan, Paula R. 5 15/03/2016 30 49.848 2,060 8







Insider Reporting

March 9, 2017

(2017), 40 OSCB 2298



Acquired/ Disposed

















Tier One Capital Limited Partnership

Limited Partnership Units BEST Capital Administration Inc

5 01/03/2017 30 5.5808 472,581 10,480

Tier One Capital Limited Partnership

Limited Partnership Units BEST Capital Administration Inc

5 03/03/2017 30 5.9307 478,409 5,828

Titanium Corporation Inc. Deferred Share Units Kadey, Moss 4 28/02/2017 56 197,291 18,642

Titanium Corporation Inc. Rights Restricted Share Units

Kaufield, Jennifer Ann 5 28/02/2017 56 0.58 188,184 16,853

Titanium Corporation Inc. Deferred Share Units Macdonald, David Charles Wray

4 28/02/2017 56 273,785 34,698

Titanium Corporation Inc. Rights Restricted Share Units

Nelson, Scott Eugene 5 28/02/2017 56 0.58 448,205 35,022

Titanium Corporation Inc. Deferred Share Units Sangster, Brant G. 4 28/02/2017 56 221,400 22,953

Titanium Corporation Inc. Deferred Share Units Slavens, Eric W. 4 28/02/2017 56 248,798 26,616

Titanium Corporation Inc. Deferred Share Units Stevens, John 4 28/02/2017 56 22,248 18,642

TMAC Resources Inc. Options Carrelo, Joao 4 28/02/2017 50 16.23 107,553 13,403

TMAC Resources Inc. Rights Carrelo, Joao 4 28/02/2017 56 16.23 10,026 3,081

TMAC Resources Inc. Common Shares Varley, Floyd D. 5 28/02/2017 51 5.25 78,333 40,000

TMAC Resources Inc. Common Shares Varley, Floyd D. 5 28/02/2017 10 16.23 38,333 -40,000

TMAC Resources Inc. Options Varley, Floyd D. 5 28/02/2017 51 203,333 -40,000

TMAC Resources Inc. Options Wilkinson, Elizabeth Ann 5 28/02/2017 50 16.23 122,817 12,817

TMAC Resources Inc. Rights Wilkinson, Elizabeth Ann 5 24/08/2015 00

TMAC Resources Inc. Rights Wilkinson, Elizabeth Ann 5 28/02/2017 56 16.23 5,892 5,892

TMX Group Limited Common Shares Desgagne, Jean 5 28/02/2017 51 40.14 13,800 9,800

TMX Group Limited Common Shares Desgagne, Jean 5 28/02/2017 10 70.07 10,800 -3,000

TMX Group Limited Common Shares Desgagne, Jean 5 28/02/2017 10 70.09 10,400 -400


TMX Group Limited Common Shares Desgagne, Jean 5 28/02/2017 10 70.02 9,000 -1,000

TMX Group Limited Common Shares Desgagne, Jean 5 28/02/2017 10 70 4,900 -4,100


TMX Group Limited Options Desgagne, Jean 5 23/02/2017 50 72.23 232,714 27,097

TMX Group Limited Options Desgagne, Jean 5 28/02/2017 51 40.14 222,914 -9,800

TMX Group Limited Rights Performance Share Units

Desgagne, Jean 5 23/02/2017 56 72.23 11,248 2,776

TMX Group Limited Rights Restricted Share Units

Desgagne, Jean 5 23/02/2017 56 72.23 11,164 2,776

TMX Group Limited Options Eccleston, Louis 4, 5 23/02/2017 50 72.23 461,028 101,236

TMX Group Limited Options Eccleston, Louis 4, 5 23/02/2017 50 72.23 569,842 108,814


Eccleston, Louis 4, 5 23/02/2017 56 72.23 36,632 10,365


Eccleston, Louis 4, 5 23/02/2017 56 72.23 36,632 10,365

TMX Group Limited Options Fortin, Luc 5 23/02/2017 50 72.23 16,864 13,058


Fortin, Luc 5 23/02/2017 56 72.23 1,744 1,336


Fortin, Luc 5 23/02/2017 56 72.23 4,339 1,336

TMX Group Limited Options Graden, Cheryl 5 23/02/2017 50 72.23 31,604 11,599

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2299



Acquired/ Disposed


Graden, Cheryl 5 23/02/2017 56 72.23 5,153 1,188


Graden, Cheryl 5 23/02/2017 56 72.23 3,115 1,188

TMX Group Limited Options Hukezalie, Mary Lou 5 23/02/2017 50 72.23 85,451 12,328


Hukezalie, Mary Lou 5 23/02/2017 56 72.23 4,621 1,262


Hukezalie, Mary Lou 5 23/02/2017 56 72.23 6,355 692


Hukezalie, Mary Lou 5 23/02/2017 56 72.23 7,617 1,262

TMX Group Limited Options McKenzie, John 5 23/02/2017 50 72.23 52,782 13,994

TMX Group Limited Rights Deferred Share Units

McKenzie, John 5 28/02/2017 56 70.88 6,703 2,422


McKenzie, John 5 23/02/2017 56 72.23 3,784 1,432


McKenzie, John 5 23/02/2017 56 72.23 3,768 1,432

TMX Group Limited Options Sinclair, Eric 5 23/02/2017 50 72.23 144,142 10,718


Sinclair, Eric 5 23/02/2017 56 72.23 5,373 1,096


Sinclair, Eric 5 23/02/2017 56 72.23 9,385 1,096

TMX Group Limited Options Thadaney, Nicholas 5 23/02/2017 50 72.23 147,910 27,097


Thadaney, Nicholas 5 23/02/2017 56 72.23 7,791 2,776


Thadaney, Nicholas 5 23/02/2017 56 72.23 16,989 2,776

TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 31/12/2016 30 6.3141 58,525 1,963




Torex Gold Resources Inc. Common Shares Stanford, Frederick McLae 4, 5 28/02/2017 57 126,187 491

Torex Gold Resources Inc. Rights Restricted Share Units ("RSU's")

Stanford, Frederick McLae 4, 5 28/02/2017 57 35,389 -491

Toromont Industries Ltd. Common Shares Casson, Randall 7, 2 31/12/2016 30 20,894 1,332

Toromont Industries Ltd. Rights Deferred Share Units (cash settled)

Chisholm, Jeffrey Scott 4 28/02/2017 56 15,036 346

Toromont Industries Ltd. Common Shares Cochrane, Jennifer 5 31/12/2016 30 3,143 314


Cranston, Cathryn Elizabeth 4 28/02/2017 56 15,822 346


Franklin, Robert 4 28/02/2017 56 37,901 346


GALLOWAY, DAVID ALEXANDER

4 28/02/2017 56 61,920 346


Gill, James Wendell 4 28/02/2017 56 5,123 346


Hill, Wayne S. 4, 5 28/02/2017 56 9,731 346

Toromont Industries Ltd. Common Shares Jewer, Paul Randolph 5 31/12/2016 30 1,642 1,210

Toromont Industries Ltd. Common Shares Malinauskas, David Allan 5 31/12/2016 30 1,683 828


McCallum, John S. 4 28/02/2017 56 9,731 346

Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 31/12/2016 30 310 6


Ogilvie, Robert M. 4, 5 28/02/2017 56 45,020 719


Rethy, Katherine Anne 4 28/02/2017 56 14,039 346

Torrent Capital Ltd. Common Shares Bullock, Kevin 4 02/03/2017 10 53,333 -9,833

Total Telcom Inc. Options Allen, Scott Edward 4 27/02/2017 50 0.1 375,000 125,000

Total Telcom Inc. Options Magrath, Neil John 4, 5 27/02/2017 52 0.1 0 -550,000

Total Telcom Inc. Options Magrath, Neil John 4, 5 27/02/2017 50 0.1 550,000 550,000

Touchstone Exploration Inc. Forward Sale 5 Year Agreement

WRIGHT, JOHN DAVID 4, 5 30/12/2015 72 derivative 0 -1

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2300



Acquired/ Disposed

Tourmaline Oil Corp. Common Shares Rose, Mike 5 27/02/2017 10 29.275 11,114,826 5,000

TransCanada Corporation Common Shares Delkus, Kristine 7, 5 28/02/2017 51 35.08 25,080 13,688

TransCanada Corporation Common Shares Delkus, Kristine 7, 5 28/02/2017 10 61.45 23,880 -1,200


TransCanada Corporation Common Shares Delkus, Kristine 7, 5 28/02/2017 10 61.425 20,580 -400











TransCanada Corporation Options Granted Feb. 26, 2010 @ $35.08 CDN Expiry Feb. 26, 2017

Delkus, Kristine 7, 5 28/02/2017 51 0 -13,688

TransCanada Corporation Common Shares Favel, Penny 7 01/03/2017 00 1,388

TransCanada Corporation Options Granted February 22, 2017 @ $62.14 (expire Feb 22, 2024)

Favel, Penny 7 01/03/2017 00 9,628

TransCanada Corporation Common Shares Jones, Robert E. 7 23/02/2017 10 61.7 33,065 270

TransCanada Corporation Common Shares Jones, Robert E. 7 02/03/2017 51 35.08 42,571 9,506

TransCanada Corporation Common Shares Jones, Robert E. 7 02/03/2017 10 61.16 41,027 -1,544





TransCanada Corporation Options Granted Feb. 26, 2010 @ $35.08 CDN Expiry Feb. 26, 2017

Jones, Robert E. 7 02/03/2017 51 0 -9,506

TransCanada Corporation Common Shares Keys, Patrick M. 7 31/12/2016 30 55.17 6,974 249

TransCanada Corporation Common Shares Keys, Patrick M. 7 31/12/2016 30 54.75 7,255 281

TransCanada Corporation Common Shares Kohlenberg, David M. 5 31/12/2016 30 54.69 171 7

TransCanada Corporation Common Shares Kohlenberg, David M. 5 31/12/2016 30 55.17 3,995 230

TransCanada Corporation Common Shares Kohlenberg, David M. 5 31/12/2016 30 54.78 4,154 159

TransCanada Corporation Common Shares Kunz, Kenneth W. 7 31/12/2016 30 54.69 330 13

TransCanada Corporation Common Shares Kunz, Kenneth W. 7 31/12/2016 30 55.58 2,183 274

TransCanada Corporation Common Shares Kunz, Kenneth W. 7 31/12/2016 30 54.89 2,265 82

TransCanada Corporation Common Shares Lord, Bryce A. 7 31/12/2016 30 48.55 1,659 18



TransCanada Corporation Common Shares Marchand, Donald R. 5 31/12/2016 30 55.17 12,186 521

TransCanada Corporation Common Shares Marchand, Donald R. 5 31/12/2016 30 54.76 12,674 488

TransCanada Corporation Common Shares MEIER, VERN J. 7 31/12/2016 30 54.48 2,243 -14

TransCanada Corporation Common Shares MEIER, VERN J. 7 31/12/2016 30 54.68 2,336 93

TransCanada Corporation Common Shares Menuz, G. Glenn 5 31/12/2016 30 55.23 3,365 260

TransCanada Corporation Common Shares Menuz, G. Glenn 5 31/12/2016 30 54.81 3,497 132

TransCanada Corporation Common Shares Miller, Paul E. 7 31/12/2016 30 55.17 7,005 431

TransCanada Corporation Common Shares Miller, Paul E. 7 31/12/2016 30 54.79 7,282 277

TransCanada Corporation Common Shares Moneta, David B. 7 31/12/2016 30 55.17 9,387 141

TransCanada Corporation Common Shares Moneta, David B. 7 31/12/2016 30 54.72 9,770 383


Moran, Charles 7 01/07/2016 00


Moran, Charles 7 22/02/2017 50 62.14 7,964 7,964

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2301



Acquired/ Disposed


Moran, Millie S. 7 01/07/2016 00


Moran, Millie S. 7 22/02/2017 50 62.14 6,277 6,277


Murray, Geoff 7 01/04/2009 00


Murray, Geoff 7 22/02/2017 50 62.14 12,020 12,020


Oostman, Jr., Kenneth L. 7 01/07/2016 00


Oostman, Jr., Kenneth L. 7 22/02/2017 50 6438 6,438 6,438


Palmer, Anthony M. 5 06/06/2003 00


Palmer, Anthony M. 5 22/02/2017 50 62.14 16,274 16,274


Patry, Dean C. 7 25/11/2005 00


Patry, Dean C. 7 22/02/2017 50 62.14 19,834 19,834


Patterson, Shawn 7 01/07/2016 00


Patterson, Shawn 7 22/02/2017 50 62.14 27,740 27,740


Pfeiffer, David 7 06/09/2016 00


Pfeiffer, David 7 22/02/2017 50 62.14 17,337 17,337


Prior, Richard 7 03/06/2015 00


Prior, Richard 7 22/02/2017 50 62.14 9,246 9,246


RAMSAY, Norrie Carson 7 01/08/2014 00


RAMSAY, Norrie Carson 7 22/02/2017 50 62.14 19,071 19,071

TransCanada Corporation Common Shares Robinson, Tracy 7 16/12/2016 90 2,600 2,600

TransCanada Corporation Common Shares Robinson, Tracy 7 27/02/2017 10 60.5 5,200 2,600

TransCanada Corporation Common Shares Robinson, Tracy 7 16/12/2016 90 0 -2,600


Robinson, Tracy 7 15/09/2014 00


Robinson, Tracy 7 22/02/2017 50 62.14 19,834 19,834


Roy, David 7 01/07/2016 00


Roy, David 7 22/02/2017 50 62.14 6,474 6,474

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2302



Acquired/ Disposed


Scheibelhut, Edward L 5 15/06/2013 00


Scheibelhut, Edward L 5 22/02/2017 50 62.14 11,789 11,789


Schmidgall, Randall W. 7 01/03/2013 00


Schmidgall, Randall W. 7 22/02/2017 50 62.14 6,761 6,761


Schultz, Dave 5 01/11/2012 00


Schultz, Dave 5 22/02/2017 50 62.14 10,414 10,414


SOINI, JOHN F. 7 01/12/2010 00


SOINI, JOHN F. 7 22/02/2017 50 62.14 14,806 14,806


Steeves, Terri 7 03/06/2015 00


Steeves, Terri 7 22/02/2017 50 62.14 9,246 9,246


Tatarchuk, Eric W. 7 01/05/2012 00


Tatarchuk, Eric W. 7 22/02/2017 50 62.14 12,714 12,714


Van der Put, Jan 7 01/05/2007 00


Van der Put, Jan 7 22/02/2017 50 62.14 9,235 9,235


White, Jay J. 7 01/07/2014 00


White, Jay J. 7 22/02/2017 50 62.14 7,929 7,929


Williams, Stacy 7 01/07/2016 00


Williams, Stacy 7 22/02/2017 50 62.14 7,691 7,691


Wilson, Stephanie 7 01/05/2014 00


Wilson, Stephanie 7 22/02/2017 50 62.14 11,419 11,419


Yeomans, Mark 7 01/03/2013 00


Yeomans, Mark 7 22/02/2017 50 62.14 11,200 11,200

Transeastern Power Trust Debentures SAI SIRA S.A. 3 28/05/2014 00

Transeastern Power Trust Debentures SAI SIRA S.A. 3 28/05/2014 00

Transeastern Power Trust Debentures SAI SIRA S.A. 3 28/05/2014 00 $717,000

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 15/07/2015 30 0.8075 195,857

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2303



Acquired/ Disposed




Transeastern Power Trust Trust Units SAI SIRA S.A. 3 15/08/2016 35 1 265,311

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 23/02/2017 10 0.6 -5,000

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 28/05/2014 00

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 28/05/2014 00 6,661,000

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 15/07/2015 30 0.8075 7,630,800 195,857




Transeastern Power Trust Trust Units SAI SIRA S.A. 3 15/08/2016 35 1 8,649,563 265,311

Transeastern Power Trust Trust Units SAI SIRA S.A. 3 23/02/2017 10 0.6 8,644,563 -5,000

Transeastern Power Trust Units SAI SIRA S.A. 3 28/05/2014 00





Transeastern Power Trust Units SAI SIRA S.A. 3 23/07/2014 30 0.8075 67,229


Transeastern Power Trust Units SAI SIRA S.A. 3 15/10/2014 30 163,041



Transeastern Power Trust Units SAI SIRA S.A. 3 13/04/2015 16 1 205,000


Transeastern Power Trust Units SAI SIRA S.A. 3 23/07/2014 30 0.8075 6,728,228 67,228

Transeastern Power Trust Units SAI SIRA S.A. 3 15/10/2014 30 6,891,269 163,041


Transeastern Power Trust Units SAI SIRA S.A. 3 13/04/2015 16 1 7,274,394 205,000


Trez Capital Senior Mortgage Investment Corporation

Class A Shares Trez Capital Senior Mortgage Investment Corporation

1 27/02/2017 38 0 -5,649

Tricon Capital Group Inc. Common Shares Baldridge, Kevin 7 27/05/2015 00

Tricon Capital Group Inc. Common Shares Baldridge, Kevin 7 01/03/2017 57 10.9 16,100 16,100

Tricon Capital Group Inc. Deferred Share Units Baldridge, Kevin 7 01/03/2017 57 10.9 87,603 -16,100

Tricon Capital Group Inc. Deferred Share Units Baldridge, Kevin 7 01/03/2017 58 - Expiration

of rights

10.9 79,070 -8,533

Tricon Capital Group Inc. Common Shares Ellenzweig, Jonathan 5 27/02/2017 57 10.71 38,273 6,675



Tricon Capital Group Inc. Deferred Share Units Ellenzweig, Jonathan 5 27/02/2017 57 10.71 127,967 -6,675

Tricon Capital Group Inc. Deferred Share Units Ellenzweig, Jonathan 5 27/02/2017 58 - Expiration

of rights

10.71 124,731 -3,236



of rights

10.42 114,390 -3,376



of rights

10.9 106,343 -2,628

Tricon Capital Group Inc. Common Shares Scheetz, Jeremy 5 27/02/2017 57 10.71 82,244 5,053

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2304



Acquired/ Disposed




Tricon Capital Group Inc. Deferred Share Units Scheetz, Jeremy 5 27/02/2017 57 10.71 98,330 -5,053

Tricon Capital Group Inc. Deferred Share Units Scheetz, Jeremy 5 27/02/2017 58 - Expiration

of rights

10.71 95,758 -2,572



of rights

10.42 87,069 -2,931



of rights

10.9 61,549 -8,608



of rights

10.9 55,697 -1,974

Trilogy Metals Inc. (formerly NovaCopper Inc.)


Giardini, Tony Serafino 4 01/03/2017 56 169,218 6,498



Lang, Gregory Anthony 4 01/03/2017 56 163,767 6,497



Madhavpeddi, Kalidas 4 01/03/2017 56 174,368 6,498



McConnell, Gerald James 4 01/03/2017 56 160,163 6,497



Stairs, Janice Alayne 4 01/03/2017 56 168,063 6,497



Walters, Diana 4 01/03/2017 56 87,040 6,497

Triumph Gold Corp. Common Shares Goldcorp Inc. 3 01/03/2017 00

Triumph Gold Corp. Common Shares Goldcorp Inc. 3 01/03/2017 16 0.4 11,880,000 11,880,000

True Leaf Medicine International Ltd.

Common Shares Austin, Charles Tait 5 24/02/2017 10 0.26 249,000 -1,000


Common Shares Austin, Charles Tait 5 24/02/2017 10 0.255 247,000 -2,000


Common Shares Austin, Charles Tait 5 24/02/2017 10 0.25 0 -247,000


Common Shares Austin, Charles Tait 5 24/02/2017 51 0.1 250,000 250,000


Options Austin, Charles Tait 5 24/02/2017 51 328,570 -250,000

TSO3 inc. Common Shares Kayll, Glen 5 28/02/2017 30 3.19 12,200 271

TSO3 inc. Common Shares Simard-Veilleux, Éléna 5 28/02/2017 30 3.19 2,246 244

TSO3 inc. Common Shares Tessman, Harold Robert 5 28/02/2017 30 3.19 18,567 248

UEX Corporation Common Shares Sorensen, Stephen Harvey 3 27/02/2017 10 0.3401 17,000,000 -1,000,000

Umbral Energy Corp. Common Shares Bal, Jagdip 4 27/02/2017 10 0.075 7,147,519 -200,000

Umbral Energy Corp. Options Sharples, Clint 4 27/02/2017 50 0.065 665,000 600,000

Uniserve Communications Corporation

Common Shares Beaudin, Earnest Charles 4 01/03/2017 54 0.07 2,368,000 200,000


Warrants Beaudin, Earnest Charles 4 01/03/2017 97 0.1 1,400,000 -50,000






Warrants Scholz, Michael Curt 4 27/02/2017 97 0.07 11,718,005 -50,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2305



Acquired/ Disposed


Warrants Scholz, Michael Curt 4 27/02/2017 97 0.07 11,518,005 -200,000


Warrants Scholz, Michael Curt 4 27/02/2017 97 0.07 200,000 200,000

UNISYNC Corp. Common Shares Class B Voting Shares

Eddy, Darryl 4 23/02/2017 10 2.5 838,772 6,900


Eddy, Darryl 4 23/02/2017 10 2.5 840,372 1,600


Eddy, Darryl 4 23/02/2017 10 2.5 843,772 3,400


Eddy, Darryl 4 27/02/2017 10 2.5 866,872 23,100

UpSnap, Inc. Common Shares Andri, Walter Robert 4 19/02/2015 10 0.0101 528,241 10,168



UpSnap, Inc. Common Shares Andri, Walter Robert 4 29/06/2015 10 0.0233 -3,642


UpSnap, Inc. Common Shares Andri, Walter Robert 4 02/03/2017 10 0.0233 -3,642

Uranium Energy Corp. Common Shares ABRAHAM, Edward Spencer

4 01/03/2017 46 1.49 40,647 2,181

Uranium Energy Corp. Common Shares Melbye, Scott Eric 5 01/03/2017 46 1.49 137,520 2,442

Uranium Energy Corp. Common Shares Obara, Pat 5 01/03/2017 46 1.49 190,302 1,101

Urbana Corporation Common Shares CALDWELL, BRENDAN T.N.

3 23/02/2017 11 3.2 162,139 12,519


3 24/02/2017 11 3.16 5,679 1,740


3 23/02/2017 11 3.2 583,682 -12,519


3 24/02/2017 11 3.16 581,942 -1,740


3 24/02/2017 90 580,202 -1,740


3 24/02/2017 90 7,895 1,740

Urbana Corporation Common Shares Caldwell, Thomas Scott 4 30/05/2003 00

Urbana Corporation Common Shares Caldwell, Thomas Scott 4 10/12/2015 11 2.05 419 419

Urbana Corporation Common Shares Caldwell, Thomas Scott 4 10/12/2015 90 2.05 141,581 -419

Urbana Corporation Common Shares Caldwell, Thomas Scott 4 10/12/2015 11 2.05 419

UrtheCast Corp. Common Shares Coronado Cid, Álvaro 7 27/02/2017 57 1.83 17,500 2,500

UrtheCast Corp. Rights Restricted Share Units

Coronado Cid, Álvaro 7 27/02/2017 57 32,500 -2,500

UrtheCast Corp. Common Shares Duggan, Peter James 5 27/02/2017 57 1.83 131,000 20,000


Duggan, Peter James 5 27/02/2017 57 170,000 -20,000

UrtheCast Corp. Common Shares Larson, Wade Jeffrey 4, 5 27/02/2017 57 1.83 861,646 27,500


Larson, Wade Jeffrey 4, 5 27/02/2017 57 27,500 -27,500

UrtheCast Corp. Common Shares Nakhleh, Issa 5 27/02/2017 57 1.83 517,027 20,000


Nakhleh, Issa 5 27/02/2017 57 170,000 -20,000

UrtheCast Corp. Common Shares Pirondini, Fabrizio 7 27/02/2017 57 1.83 68,750 6,250


Pirondini, Fabrizio 7 27/02/2017 57 156,250 -6,250

UrtheCast Corp. Common Shares Rath, Jeffrey Ulrich 5 27/02/2017 57 1.83 655,992 20,000


Rath, Jeffrey Ulrich 5 27/02/2017 57 170,000 -20,000

UrtheCast Corp. Common Shares Tyc, George 5 27/02/2017 57 1.83 243,613 20,000


Tyc, George 5 27/02/2017 57 170,000 -20,000

Valeura Energy Inc. Common Shares Ghersinich, Claudio 4 24/02/2017 36 654,750 36,000

Valeura Energy Inc. Common Shares Ghersinich, Claudio 4 09/04/2010 00



Insider Reporting

March 9, 2017

(2017), 40 OSCB 2306



Acquired/ Disposed




Valeura Energy Inc. Subscription Receipts at $0.75

Ghersinich, Claudio 4 24/02/2017 36 0 -36,000







Valeura Energy Inc. Common Shares Marchant, Timothy 4 24/02/2017 36 100,000


Valeura Energy Inc. Common Shares Marchant, Timothy 4 24/02/2017 36 196,000 100,000




Marchant, Timothy 4 24/02/2017 36 0 -100,000


Marchant, Timothy 4 28/02/2017 36 -100,000


Marchant, Timothy 4 28/02/2017 36 -100,000

Valeura Energy Inc. Common Shares MARTINSON, LYLE ALLEN 5 24/02/2017 36 138,130 13,000

Valeura Energy Inc. Common Shares MARTINSON, LYLE ALLEN 5 28/02/2017 36 13,000

Valeura Energy Inc. Common Shares MARTINSON, LYLE ALLEN 5 28/02/2017 36 13,000


MARTINSON, LYLE ALLEN 5 24/02/2017 36 0 -13,000


MARTINSON, LYLE ALLEN 5 28/02/2017 36 -13,000


MARTINSON, LYLE ALLEN 5 28/02/2017 36 -13,000

Valeura Energy Inc. Common Shares McFarland, James D. 5 24/02/2017 36 13,000


Valeura Energy Inc. Common Shares McFarland, James D. 5 24/02/2017 36 63,000 13,000




McFarland, James D. 5 24/02/2017 36 -13,000




McFarland, James D. 5 24/02/2017 36 0 -13,000





Valeura Energy Inc. Common Shares Royal, Ronald William 7 24/02/2017 36 314,000 131,000

Valeura Energy Inc. Common Shares Royal, Ronald William 7 28/02/2017 36 131,000

Valeura Energy Inc. Common Shares Royal, Ronald William 7 28/02/2017 36 131,000


Royal, Ronald William 7 24/02/2017 36 0 -131,000


Royal, Ronald William 7 28/02/2017 36 -131,000


Royal, Ronald William 7 28/02/2017 36 -131,000

Valeura Energy Inc. Common Shares Shepherd, Donald William 5 24/02/2017 36 112,000 39,000

Valeura Energy Inc. Common Shares Shepherd, Donald William 5 28/02/2017 36 39,000

Valeura Energy Inc. Common Shares Shepherd, Donald William 5 28/02/2017 36 39,000


Shepherd, Donald William 5 24/02/2017 36 0 -39,000


Shepherd, Donald William 5 28/02/2017 36 -39,000


Shepherd, Donald William 5 28/02/2017 36 -39,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2307



Acquired/ Disposed

VBI Vaccines Inc. Common Shares Anderson, David 5 06/05/2016 00 48,932

VBI Vaccines Inc. Options Anderson, David 5 06/05/2016 00 354,936

VBI Vaccines Inc. Options Anderson, David 5 19/12/2016 51 2.8 343,311 -11,625

VBI Vaccines Inc. Options Anderson, David 5 26/01/2017 50 363,311 20,000

VBI Vaccines Inc. Rights Restricted Share Units

Anderson, David 5 05/05/2016 00





VBI Vaccines Inc. Common Shares Chawla, Sam 4 06/05/2016 00

VBI Vaccines Inc. Common Shares Chawla, Sam 4 06/05/2016 00

VBI Vaccines Inc. Common Shares Chawla, Sam 4 06/05/2016 00 1,466,989

VBI Vaccines Inc. Common Shares Chawla, Sam 4 21/06/2016 11 4.1624 2,829,359 1,362,370

VBI Vaccines Inc. Common Shares Chawla, Sam 4 07/12/2016 11 3.05 6,213,314 3,383,955

VBI Vaccines Inc. Common Shares Chawla, Sam 4 06/05/2016 00 229,073

VBI Vaccines Inc. Common Shares Chawla, Sam 4 07/12/2016 11 3.05 320,118 91,045

VBI Vaccines Inc. Options Chawla, Sam 4 06/05/2016 00 41,616

VBI Vaccines Inc. Options Chawla, Sam 4 26/01/2017 50 54,116 12,500

VBI Vaccines Inc. Options De Wilde, Michel 4 06/05/2016 00 41,616

VBI Vaccines Inc. Options De Wilde, Michel 4 26/01/2017 50 54,116 12,500

VBI Vaccines Inc. Common Shares Diaz-Mitoma, Francisco 5 06/05/2016 00 239,339

VBI Vaccines Inc. Common Shares Diaz-Mitoma, Francisco 5 06/05/2016 00 19,404

VBI Vaccines Inc. Options Diaz-Mitoma, Francisco 5 06/05/2016 00

VBI Vaccines Inc. Options Diaz-Mitoma, Francisco 5 26/01/2017 50 20,000 20,000

VBI Vaccines Inc. Common Shares Nascimento, Egidio 5 06/05/2016 00 2,968

VBI Vaccines Inc. Options Nascimento, Egidio 5 06/05/2016 00 273,991

Veresen Inc. Deferred Share Units Charron, John Paul 4 31/12/2016 56 10.656 46,366 17,235

Veresen Inc. Deferred Share Units Howe, Maureen 4 31/12/2016 56 10.565 54,402 17,876

Veresen Inc. Deferred Share Units McDonald, Rebecca 4 31/12/2016 56 10.554 35,964 11,622

Veresen Inc. Deferred Share Units Mulherin, Stephen W.C. 4 31/12/2016 56 10.568 79,596 26,256

Veresen Inc. Deferred Share Units Sykes, Henry William 4 31/12/2016 56 10.444 44,690 12,170

Veresen Inc. Deferred Share Units Valdman, Bertrand 4 31/12/2016 56 10.554 35,964 11,622

Veritas Pharma Inc. Common Shares Alexander, David Malcolm 5 28/02/2017 10 0.36 551,250 400,000

Veritas Pharma Inc. Common Shares Alexander, David Malcolm 5 28/02/2017 10 0.502 151,250 -400,000

Veritas Pharma Inc. Options Alexander, David Malcolm 5 28/02/2017 51 0.32 300,000

Veritas Pharma Inc. Options Alexander, David Malcolm 5 28/02/2017 51 0.32 -300,000

Veritas Pharma Inc. Options Alexander, David Malcolm 5 28/02/2017 51 0.32 100,000 -300,000

Veritas Pharma Inc. Options Alexander, David Malcolm 5 28/02/2017 51 0.45 100,000

Veritas Pharma Inc. Options Alexander, David Malcolm 5 28/02/2017 51 0.45 0 -100,000

Veritas Pharma Inc. Common Shares Hamilton, Matthew 4 16/02/2017 10 0.45 100,000

Veritas Pharma Inc. Common Shares Hamilton, Matthew 4 16/02/2017 10 0.45 100,000

Veritas Pharma Inc. Common Shares Hamilton, Matthew 4 17/02/2017 10 0.45 -100,000 -100,000

Veritas Pharma Inc. Common Shares Hamilton, Matthew 4 23/02/2017 10 0.51 -50,000



Veritas Pharma Inc. Common Shares Hamilton, Matthew 4 23/02/2017 10 0.53 -123,500 -23,500

Veritas Pharma Inc. Options Hamilton, Matthew 4 17/02/2017 51 0.32 100,000 -100,000

Veritas Pharma Inc. Options Hamilton, Matthew 4 17/02/2017 51 0.32 -100,000





Veritas Pharma Inc. Options Hamilton, Matthew 4 24/02/2017 51 0.32 76,500 -23,500

VersaBank Common Shares Brabander, Robbert-Jan 4 26/02/2016 90 5,800 -3,795

VersaBank Common Shares Brabander, Robbert-Jan 4 20/08/2013 00

VersaBank Common Shares Brabander, Robbert-Jan 4 31/01/2017 90 229 229

VersaBank Common Shares Brabander, Robbert-Jan 4 26/02/2016 90 12,190 3,795

VersaBank Common Shares Brabander, Robbert-Jan 4 31/01/2017 22 1,638

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2308



Acquired/ Disposed

VersaBank Common Shares Brabander, Robbert-Jan 4 31/01/2017 22 1,637 1,637

VersaBank Common Shares Brabander, Robbert-Jan 4 31/01/2017 90 1,408 -229

VersaBank Common Shares George, Patrick 6 01/03/2017 10 4.98 147,970 300

VersaBank Common Shares George, Patrick 6 01/03/2017 10 4.99 151,870 3,900

VersaBank Common Shares George, Patrick 6 01/03/2017 10 5 157,670 5,800

Victory Nickel Inc. Options Anderson, Michael James 4 23/02/2017 50 1,202,500 1,000,000

Victory Nickel Inc. Options Galipeau, René Réal 6, 5 23/02/2017 50 1,620,000 1,000,000

Victory Nickel Inc. Options Galipeau, René Réal 6, 5 23/02/2017 50 3,120,000 1,500,000

Victory Nickel Inc. Options Horst, Roland 4 23/02/2017 50 1,267,500 1,000,000

Victory Nickel Inc. Options Jones, Paul, Latimer 6, 5 23/02/2017 50 3,225,000 500,000

Victory Nickel Inc. Options Jones, Peter Rhys 4 23/02/2017 50 1,177,500 1,000,000

Victory Nickel Inc. Options Murdock, Kenneth James 7 23/02/2017 50 1,635,000 1,500,000

Victory Nickel Inc. Options Stokes, Sean Duncanson 6, 5 23/02/2017 50 1,643,750 1,400,000

Victory Nickel Inc. Options Thomas, Cynthia Patricia 4 23/02/2017 50 1,422,500 1,000,000

VIQ Solutions Inc. Common Shares Taylor, Larry Douglas 4 27/02/2017 10 0.21 6,025,800 3,000



ViXS Systems Inc. Common Shares Hearne, Thomas Joseph 4 31/01/2017 57 0.254 105,146 29,555

ViXS Systems Inc. Rights RSU Hearne, Thomas Joseph 4 31/01/2017 57 0.254 10,176 -29,555

Waste Connections, Inc. (formerly Progressive Waste Solutions Ltd.)

Common Shares Black, Matthew Stephen 5 25/02/2017 57 15,392 1,504


Common Shares Black, Matthew Stephen 5 25/02/2017 97 87.33 14,970 -422


Performance Share Units Black, Matthew Stephen 5 01/02/2017 00


Performance Share Units Black, Matthew Stephen 5 24/02/2017 56 1,733 1,733


Restricted Share Units Black, Matthew Stephen 5 24/02/2017 56 12,114 3,218


Restricted Share Units Black, Matthew Stephen 5 25/02/2017 57 10,610 -1,504


Common Shares Bouck, Steven F. 5 25/02/2017 57 210,184 6,108


Common Shares Bouck, Steven F. 5 25/02/2017 97 87.33 207,531 -2,653


Performance Share Units Bouck, Steven F. 5 01/06/2016 00


Performance Share Units Bouck, Steven F. 5 24/02/2017 56 4,572 4,572


Restricted Share Units Bouck, Steven F. 5 24/02/2017 56 43,166 8,491


Restricted Share Units Bouck, Steven F. 5 25/02/2017 57 37,058 -6,108


Common Shares Chambliss, Darrell W. 5 25/02/2017 57 4704 68,024 4,704


Common Shares Chambliss, Darrell W. 5 25/02/2017 97 87.33 65,960 -2,064


Performance Share Units Chambliss, Darrell W. 5 01/06/2016 00


Performance Share Units Chambliss, Darrell W. 5 24/02/2017 56 3,466 3,466

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2309



Acquired/ Disposed


Restricted Share Units Chambliss, Darrell W. 5 24/02/2017 56 82,412 6,437


Restricted Share Units Chambliss, Darrell W. 5 25/02/2017 57 77,708 -4,704


Common Shares Davis, Robert H. 4 24/02/2017 57 9,679 656


Common Shares Davis, Robert H. 4 24/02/2017 97 87.31 -313


Common Shares Davis, Robert H. 4 24/02/2017 97 87.31 9,366 -313


Deferred Share Units Davis, Robert H. 4 01/06/2016 00


Deferred Share Units Davis, Robert H. 4 24/02/2017 56 525 525


Restricted Share Units Davis, Robert H. 4 24/02/2017 56 1,311 1,311


Restricted Share Units Davis, Robert H. 4 24/02/2017 57 655 -656


Common Shares Eddie, David G 5 25/02/2017 57 73,101 2,876


Common Shares Eddie, David G 5 25/02/2017 97 87.33 71,866 -1,235


Performance Share Units Eddie, David G 5 01/06/2016 00


Performance Share Units Eddie, David G 5 24/02/2017 56 2,212 2,212


Restricted Share Units Eddie, David G 5 24/02/2017 56 19,982 4,109


Restricted Share Units Eddie, David G 5 25/02/2017 57 17,106 -2,876


Common Shares Guillet, Edward E. 4 24/02/2017 57 656 54,417 656


Common Shares Guillet, Edward E. 4 24/02/2017 97 332 332


Common Shares Guillet, Edward E. 4 24/02/2017 97 87.31 54,085 -332


Deferred Share Units Guillet, Edward E. 4 01/06/2016 00


Deferred Share Units Guillet, Edward E. 4 24/02/2017 56 525 525


Restricted Share Units Guillet, Edward E. 4 24/01/2017 56 1,311


Restricted Share Units Guillet, Edward E. 4 24/02/2017 56 1,311 1,311


Restricted Share Units Guillet, Edward E. 4 24/02/2017 57 656

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2310



Acquired/ Disposed


Restricted Share Units Guillet, Edward E. 4 24/02/2017 57 655 -656


Common Shares Hall, David M 5 03/06/2016 97 7,848 -1,961


Common Shares Hall, David M 5 25/02/2017 57 14,490 2,506


Common Shares Hall, David M 5 25/02/2017 97 87.33 13,780 -710


Performance Share Units Hall, David M 5 01/06/2016 00


Performance Share Units Hall, David M 5 24/02/2017 56 1,843 1,843


Restricted Share Units Hall, David M 5 24/02/2017 56 17,138 3,424


Restricted Share Units Hall, David M 5 25/02/2017 57 14,632 -2,506


Common Shares Harlan, Michael W 4 24/02/2017 57 656 31,273 656


Common Shares Harlan, Michael W 4 24/02/2017 97 87.31 -337


Common Shares Harlan, Michael W 4 24/02/2017 97 87.31 30,936 -337


Deferred Share Units Harlan, Michael W 4 01/06/2016 00


Deferred Share Units Harlan, Michael W 4 24/02/2017 56 525 525


Restricted Share Units Harlan, Michael W 4 24/02/2017 56 1,311 1,311


Restricted Share Units Harlan, Michael W 4 24/02/2017 57 655 -656


Common Shares Hughes, Larry Sanford 4 24/02/2017 57 3,737 656


Common Shares Hughes, Larry Sanford 4 24/02/2017 97 87.31 3,416 -321


Deferred Share Units Hughes, Larry Sanford 4 14/05/2014 00


Deferred Share Units Hughes, Larry Sanford 4 19/07/2016 56 262 262


Deferred Share Units Hughes, Larry Sanford 4 24/02/2017 56 787 525


Restricted Share Units Hughes, Larry Sanford 4 14/05/2014 00


Restricted Share Units Hughes, Larry Sanford 4 24/02/2017 56 1,311 1,311


Restricted Share Units Hughes, Larry Sanford 4 24/02/2017 57 655 -656

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2311



Acquired/ Disposed


Common Shares Jackman, Worthing F. 5 25/02/2017 57 60,328 5,674


Common Shares Jackman, Worthing F. 5 25/02/2017 97 87.33 60,151 -177


Performance Share Units Jackman, Worthing F. 5 01/06/2016 00


Performance Share Units Jackman, Worthing F. 5 24/02/2017 56 3,982 3,982


Restricted Share Units Jackman, Worthing F. 5 24/02/2017 56 70,214 7,396


Restricted Share Units Jackman, Worthing F. 5 25/02/2017 57 64,540 -5,674


Common Shares Lee, Susan 4 24/02/2017 57 3,400 656


Common Shares Lee, Susan 4 24/02/2017 97 87.31 3,079 -321


Deferred Share Units Lee, Susan 4 14/05/2014 00


Deferred Share Units Lee, Susan 4 19/07/2016 56 262 262


Deferred Share Units Lee, Susan 4 24/02/2017 56 787 525


Restricted Share Units Lee, Susan 4 14/05/2014 00


Restricted Share Units Lee, Susan 4 24/02/2017 56 1,311 1,311


Restricted Share Units Lee, Susan 4 24/02/2017 57 655 -656


Common Shares Little, James M. 5 01/06/2016 00


Common Shares Little, James M. 5 01/06/2016 00


Common Shares Little, James M. 5 01/06/2016 00 23,059


Common Shares Little, James M. 5 13/02/2017 97 80.61 -783


Common Shares Little, James M. 5 13/02/2017 97 80.61 23,249 -783


Common Shares Little, James M. 5 25/02/2017 57 26,415 3,166


Common Shares Little, James M. 5 25/02/2017 97 87.33 25,519 -896


Performance Share Units Little, James M. 5 01/06/2016 00


Performance Share Units Little, James M. 5 24/02/2017 56 2,304 2,304

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2312



Acquired/ Disposed


Restricted Share Units Little, James M. 5 24/02/2017 56 21,588 4,280


Restricted Share Units Little, James M. 5 25/02/2017 57 18,422 -3,166


Common Shares Mittelstaedt, Ronald J 4, 5 25/02/2017 57 130,440 6,813


Common Shares Mittelstaedt, Ronald J 4, 5 25/02/2017 97 87.33 130,294 -146


Common Shares Mittelstaedt, Ronald J 4, 5 25/02/2017 57 136,477 6,183


Common Shares Mittelstaedt, Ronald J 4, 5 25/02/2017 97 87.33 133,804 -2,673


Performance Share Units Mittelstaedt, Ronald J 4, 5 01/06/2016 00


Performance Share Units Mittelstaedt, Ronald J 4, 5 24/02/2017 56 8,932 8,932


Restricted Share Units Mittelstaedt, Ronald J 4, 5 24/02/2017 56 203,278 16,588


Restricted Share Units Mittelstaedt, Ronald J 4, 5 25/02/2017 57 196,465 -6,813


Restricted Share Units Mittelstaedt, Ronald J 4, 5 25/02/2017 57 190,282 -6,183


Deferred Share Units Progressive Waste Solutions Ltd.

1 01/08/2011 00


Common Shares Razzouk, William J. 4 24/02/2017 56 1311 1,311


Common Shares Razzouk, William J. 4 24/02/2017 56 1311 656


Common Shares Razzouk, William J. 4 24/02/2017 56 12,577 656


Common Shares Razzouk, William J. 4 24/02/2017 97 87.31 12,240 -337


Deferred Share Units Razzouk, William J. 4 01/06/2016 00


Deferred Share Units Razzouk, William J. 4 24/02/2017 56 525 525


Restricted Share Units Razzouk, William J. 4 24/02/2017 56 1,311 1,311


Restricted Share Units Razzouk, William J. 4 24/02/2017 57 655 -656


Common Shares Shea, Patrick J 5 25/02/2017 57 28,378 2,454


Common Shares Shea, Patrick J 5 25/02/2017 97 87.33 27,676 -702


Performance Share Units Shea, Patrick J 5 01/06/2016 00

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2313



Acquired/ Disposed


Performance Share Units Shea, Patrick J 5 24/02/2017 56 2,334


Performance Share Units Shea, Patrick J 5 24/02/2017 56 2,334 2,334


Restricted Share Units Shea, Patrick J 5 24/02/2017 56 20,665 4,334


Restricted Share Units Shea, Patrick J 5 25/02/2017 57 18,211 -2,454

Wesdome Gold Mines Ltd. Common Shares Laplante, Benoit 5 27/02/2017 10 3.77 0 -37,500

Wesdome Gold Mines Ltd. Common Shares Laplante, Benoit 5 01/03/2017 51 0.84 25,000 25,000



Wesdome Gold Mines Ltd. Common Shares Laplante, Benoit 5 02/03/2017 10 3.91 25,000 -75,000

Wesdome Gold Mines Ltd. Options Laplante, Benoit 5 01/03/2017 51 0.84 250,000 -25,000



Wesdome Gold Mines Ltd. Common Shares Mannard, George Nelson 5 27/02/2017 10 3.75 -3,786 -156,500

Wesdome Gold Mines Ltd. Common Shares Pelletier, Marc-André 5 27/02/2017 00

Wesdome Gold Mines Ltd. Options Pelletier, Marc-André 5 27/02/2017 00

Wesdome Gold Mines Ltd. Options Pelletier, Marc-André 5 27/02/2017 50 3.62 150,000 150,000

Westcore Energy Ltd. Common Shares MacNeill, Tom 3, 4 02/03/2017 10 0.14 16,479,900 7,500

Western Uranium Corporation (formerly known as Homeland Uranium Inc.)

Common Shares Baobab Asset Management LLC

3 01/03/2017 10 2 4,061,780 -5,000



3 02/03/2017 10 2.021 4,056,130 -5,650



3 03/03/2017 10 2.0185 4,050,130 -6,000


Common Shares Fryer, Russell 3, 4 01/03/2017 10 2 4,061,780 -5,000


Common Shares Fryer, Russell 3, 4 02/03/2017 10 2.021 4,056,130 -5,650


Common Shares Fryer, Russell 3, 4 03/03/2017 10 2.0185 4,050,130 -6,000


Common Shares The Siebels Hard Asset Fund Ltd.

3 24/02/2017 10 2.0812 1,867,367 -53,400

Whattozee Networks Inc. (formerly Bama Gold Corp)

Common Shares Ford, Douglas Edward 4, 5 24/02/2017 16 0.05 1,233,243 1,200,000


Common Shares Gamley, Kirk 5 24/02/2017 16 0.05 1,656,800 1,200,000


Common Shares Kottmeier, Karl Eric 4 24/02/2017 16 0.5 1,518,333 1,200,000

White Metal Resources Corp. Common Shares Stares, Alexander 4 21/02/2017 47 0.045 -50,000

White Metal Resources Corp. Common Shares Stares, Alexander 4 27/02/2017 47 0.045 330,000 -50,000

WSP Global Inc. Common Shares Fitzgibbon, Pierre 4 19/05/2016 00

WSP Global Inc. Common Shares Fitzgibbon, Pierre 4 19/05/2016 00 5,118

Ximen Mining Corp. Common Shares Anderson, Christopher Ross 4 21/02/2017 10 0.105 8,574,642 -38,000




XPEL TECHNOLOGIES CORP.

Common Shares Adams, Mark Ernest 4 27/02/2017 11 1.43 3,049,921 1,250,000

XPEL TECHNOLOGIES CORP.

Common Shares Barry Wood, Barry Richard Wood

5 27/02/2017 11 1.43 30,000 10,000

Xtra-Gold Resources Corp. Common Shares Xtra-Gold Resources Corp. 1 27/02/2017 38 0.25 53,500 53,500

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2314



Acquired/ Disposed

Xtra-Gold Resources Corp. Common Shares Xtra-Gold Resources Corp. 1 27/02/2017 38 0 -53,500

Yamana Gold Inc. Deferred Share Unit Begeman, John A. 4 30/11/2016 30 105,874 492

Yamana Gold Inc. Deferred Share Unit Begeman, John A. 4 13/01/2017 30 106,045 171

Yamana Gold Inc. Deferred Share Unit Begeman, John A. 4 24/02/2017 56 113,777 7,732

Yamana Gold Inc. Deferred Share Unit BERGEVIN, Christiane 4 30/11/2016 56 553

Yamana Gold Inc. Deferred Share Unit BERGEVIN, Christiane 4 30/11/2016 56 553

Yamana Gold Inc. Deferred Share Unit BERGEVIN, Christiane 4 30/11/2016 30 118,737 553

Yamana Gold Inc. Deferred Share Unit BERGEVIN, Christiane 4 13/01/2017 30 118,927 190

Yamana Gold Inc. Deferred Share Unit BERGEVIN, Christiane 4 24/02/2017 56 134,392 15,465

Yamana Gold Inc. Deferred Share Unit Davidson, Alexander John 4 30/11/2016 30 135,985 634

Yamana Gold Inc. Deferred Share Unit Davidson, Alexander John 4 13/01/2017 30 136,208 223

Yamana Gold Inc. Deferred Share Unit Davidson, Alexander John 4 24/02/2017 56 143,940 7,732

Yamana Gold Inc. Common Shares Gallinger, Ross Douglas 5 19/05/2015 00

Yamana Gold Inc. Common Shares Gallinger, Ross Douglas 5 31/12/2016 30 225 225

Yamana Gold Inc. Deferred Share Unit Graff, Richard P 4 30/11/2016 30 105,874 492

Yamana Gold Inc. Deferred Share Unit Graff, Richard P 4 13/01/2017 30 106,045 171

Yamana Gold Inc. Deferred Share Unit Graff, Richard P 4 24/02/2017 56 113,777 7,732

Yamana Gold Inc. Deferred Share Unit Lees, Charles Nigel 4 30/11/2016 30 105,874 492

Yamana Gold Inc. Deferred Share Unit Lees, Charles Nigel 4 13/01/2017 30 106,045 171

Yamana Gold Inc. Deferred Share Unit Lees, Charles Nigel 4 24/02/2017 56 113,777 7,732

Yamana Gold Inc. Common Shares Main, Charles 5 31/12/2016 30 27,665 6,812

Yamana Gold Inc. PSU Main, Charles 5 30/11/2016 30 179,777 829

Yamana Gold Inc. PSU Main, Charles 5 13/01/2017 30 180,064 287

Yamana Gold Inc. Restricted Shares Main, Charles 5 30/11/2016 30 100,451 125

Yamana Gold Inc. Restricted Shares Main, Charles 5 13/01/2017 30 77,340 43

Yamana Gold Inc. Deferred Share Unit Marrone, Peter 4, 5 30/11/2016 30 2,811,622 13,087

Yamana Gold Inc. Deferred Share Unit Marrone, Peter 4, 5 30/11/2016 30 4,526

Yamana Gold Inc. Deferred Share Unit Marrone, Peter 4, 5 30/11/2016 30 4,526

Yamana Gold Inc. Deferred Share Unit Marrone, Peter 4, 5 13/01/2017 30 2,816,148 4,526

Yamana Gold Inc. PSU Marrone, Peter 4, 5 30/11/2016 30 142,770 663

Yamana Gold Inc. PSU Marrone, Peter 4, 5 13/01/2017 30 142,999 229

Yamana Gold Inc. Restricted Shares Marrone, Peter 4, 5 30/11/2016 30 121,916 221

Yamana Gold Inc. Restricted Shares Marrone, Peter 4, 5 13/01/2017 30 121,992 76

Yamana Gold Inc. Deferred Share Unit Mars, Patrick James 4 30/11/2016 30 105,874 492

Yamana Gold Inc. Deferred Share Unit Mars, Patrick James 4 13/01/2017 30 106,045 171

Yamana Gold Inc. Deferred Share Unit Mars, Patrick James 4 24/02/2017 56 113,777 7,732

Yamana Gold Inc. Common Shares Marud, Darcy Edward 5 02/08/2016 57 387,667 12,227

Yamana Gold Inc. PSU Marud, Darcy Edward 5 30/11/2016 30 152,059 702

Yamana Gold Inc. PSU Marud, Darcy Edward 5 13/01/2017 30 152,302 243

Yamana Gold Inc. Restricted Shares Marud, Darcy Edward 5 02/08/2016 57 81,097 -12,227

Yamana Gold Inc. Restricted Shares Marud, Darcy Edward 5 30/11/2016 30 81,243 113

Yamana Gold Inc. Restricted Shares Marud, Darcy Edward 5 13/01/2017 30 60,499 39

Yamana Gold Inc. Common Shares McKnight, Greg 5 31/12/2016 30 22,962 6,456

Yamana Gold Inc. PSU McKnight, Greg 5 30/11/2016 30 284,358 1,317

Yamana Gold Inc. PSU McKnight, Greg 5 13/01/2017 30 284,814 456

Yamana Gold Inc. Restricted Shares McKnight, Greg 5 13/07/2015 57 124,891 -7,086

Yamana Gold Inc. Restricted Shares McKnight, Greg 5 30/11/2016 30 71,377 88

Yamana Gold Inc. Restricted Shares McKnight, Greg 5 13/01/2017 30 57,516 31

Yamana Gold Inc. PSU Racine, Daniel 5 30/11/2016 30 50,103 230

Yamana Gold Inc. PSU Racine, Daniel 5 13/01/2017 30 50,182 79

Yamana Gold Inc. Restricted Shares Racine, Daniel 5 30/11/2016 30 64,556 37

Yamana Gold Inc. Restricted Shares Racine, Daniel 5 13/01/2017 30 43,786 13

Yamana Gold Inc. Deferred Share Unit Renzoni, Carl 4 30/11/2016 30 114,519 532

Yamana Gold Inc. Deferred Share Unit Renzoni, Carl 4 13/01/2017 30 114,704 185

Yamana Gold Inc. Deferred Share Unit Renzoni, Carl 4 24/02/2017 56 122,436 7,732

Yamana Gold Inc. Deferred Share Unit Sadowsky, Jane 4 30/11/2016 30 118,737 553

Yamana Gold Inc. Deferred Share Unit Sadowsky, Jane 4 13/01/2017 30 118,927 190

Yamana Gold Inc. Deferred Share Unit Sadowsky, Jane 4 24/02/2017 56 7,732

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2315



Acquired/ Disposed

Yamana Gold Inc. Deferred Share Unit Sadowsky, Jane 4 24/02/2017 56 7,732

Yamana Gold Inc. Deferred Share Unit Sadowsky, Jane 4 24/02/2017 56 134,392 15,465

Yamana Gold Inc. Deferred Share Unit Titaro, Dino 4 30/11/2016 30 105,874 492

Yamana Gold Inc. Deferred Share Unit Titaro, Dino 4 13/01/2017 30 106,045 171

Yamana Gold Inc. Deferred Share Unit Titaro, Dino 4 24/02/2017 56 113,777 7,732

Yangaroo Inc. Debentures Hurlow, Gerald Stewart 4 25/01/2016 00

Yangaroo Inc. Debentures Hurlow, Gerald Stewart 4 24/02/2017 16 $100,000 $100,000

Yangaroo Inc. Warrants Full Hurlow, Gerald Stewart 4 30/09/2016 55 580,000 -1,200,000

Yangaroo Inc. Warrants Full Hurlow, Gerald Stewart 4 24/02/2017 16 680,000 100,000

ZADAR VENTURES LTD. Common Shares Bobrovskaya, Yan 4 01/03/2017 10 0.13 1,701,500 75,000

Zephyr Minerals Ltd. Common Shares Rhodenizer, Scott 4, 6 28/02/2017 16 0.32 11,000,000 575,000

Zephyr Minerals Ltd. Warrants February 2017 Rhodenizer, Scott 4, 6 18/11/2015 00

Zephyr Minerals Ltd. Warrants February 2017 Rhodenizer, Scott 4, 6 28/02/2017 16 287,500 287,500

ZoomerMedia Limited Common Shares Fairfax Financial Holdings Limited

3 23/02/2017 90 0.06 2,640,000 -4,900,000

ZoomerMedia Limited Common Shares Fairfax Financial Holdings Limited

3 23/02/2017 90 0.06 13,400,000 4,900,000

Insider Reporting

March 9, 2017

(2017), 40 OSCB 2316


March 9, 2017

(2017), 40 OSCB 2317

Chapter 11

IPOs, New Issues and Secondary Financings

INVESTMENT FUNDS Issuer Name: Canoe EIT Income Fund Principal Regulator – Alberta Type and Date: Preliminary Short Form Prospectus (NI 44-101) dated February 17, 2017 Received on February 17, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): – Promoter(s): – Project #2585324 _______________________________________________ Issuer Name: Desjardins 1-5 year Laddered Canadian Corporate Bond Index ETF Desjardins 1-5 year Laddered Canadian Government Bond Index ETF Desjardins Canada Multifactor-Controlled Volatility ETF Desjardins Canadian Preferred Share Index ETF Desjardins Canadian Short Term Bond Index ETF Desjardins Canadian Universe Bond Index ETF Desjardins Developed ex-USA ex-Canada Multifactor-Controlled Volatility ETF Desjardins Emerging Markets Multifactor-Controlled Volatility ETF Desjardins USA Multifactor-Controlled Volatility ETF Principal Regulator – Quebec Type and Date: Preliminary Long Form Prospectus dated February 10, 2017 Received on February 10, 2017 Offering Price and Description: Units Underwriter(s) or Distributor(s): – Promoter(s): DESJARDINS GLOBAL ASSET MANAGEMENT INC. Project #2582961 _______________________________________________

Issuer Name: Diversified Fixed Income Folio Fund Principal Regulator – Ontario Type and Date: Amendment #3 to the Final Simplified Prospectus dated February 27, 2017 Received on February 28, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): Quadrus Investment Services Ltd. Quadrus Investment Services Inc. none N/A Promoter(s): Mackenzie Financial Corporation Project #2481507 _______________________________________________ Issuer Name: Excel Global Balanced Asset Allocation ETF Excel Global Growth Asset Allocation ETF Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated March 3, 2017 NP11-202 Preliminary Receipt dated March 3, 2017 Offering Price and Description: Class E Units Underwriter(s) or Distributor(s): – Promoter(s): Excel Funds Management Inc. Project #2591976 ______________________________________________ Issuer Name: Franklin Target Return Fund Principal Jurisdiction – Ontario Type and Date: Preliminary Long Form Prospectus dated February 10, 2017 NP 11-202 Receipt dated February 13, 2017 Offering Price and Description: Series A, F, PF and O Units Underwriter(s) or Distributor(s): – Promoter(s): Franklin Templeton Investments Corp. Project #2583151 _____________________________________________


March 9, 2017

(2017), 40 OSCB 2318

Issuer Name: Horizons Auspice Managed Futures Index ETF Horizons Gold Yield ETF Horizons Natural Gas Yield ETF Principal Regulator – Ontario Type and Date: Final Long Form Prospectus dated February 28, 2017 NP 11-202 Receipt dated March 3, 2017 Offering Price and Description: Class E Units @ Net Asset Value Underwriter(s) or Distributor(s): – Promoter(s): ALPHAPRO MANAGEMENT INC. Project #2575437 ___________________________________________ Issuer Name: Mackenzie Global High Yield Bond Fund Mackenzie US Strategic Income Fund Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated February 15, 2017 NP 11-202 Receipt dated February 21, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): – Promoter(s): – Project #2585274 ___________________________________________

Issuer Name: National Bank Money Market Fund National Bank Corporate Cash Management Fund National Bank Treasury Management Fund National Bank U.S. Money Market Fund National Bank Short Term Yield Class National Bank Long Term Bond Fund National Bank U.S. $ Global Tactical Bond Fund National Bank Monthly Secure Income Fund National Bank Monthly Conservative Income Fund National Bank Monthly Moderate Income Fund National Bank Monthly Balanced Income Fund National Bank Monthly Growth Income Fund National Bank Asset Allocation Fund National Bank Monthly Equity Income Fund National Bank Dividend Income Fund Inc. National Bank High Dividend Fund National Bank AltaFund Investment Corp. Westwood Global Dividend Fund Westwood Global Equity Fund National Bank European Equity Fund National Bank Asia Pacific Fund National Bank Japanese Equity Fund National Bank Global Small Cap Fund National Bank Science and Technology Fund National Bank Health Sciences Fund National Bank Energy Fund National Bank Precious Metals Fund NBI U.S. Growth & Income Private Portfolio NBI Currency-Hedged U.S. High Conviction Equity Private Portfolio NBI Currency-Hedged International High Conviction Equity Private Portfolio NBI U.S. High Conviction Equity Private Portfolio NBI International High Conviction Equity Private Portfolio Principal Regulator – Quebec Type and Date: Amendment #5 to the Final Simplified Prospectus dated March 1, 2017 Received on March 3, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): National Bank Investments Inc. National Bank Financial Ltd. National Bank Financial Inc. Promoter(s): National Bank Investments Inc. Project #2453653 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2319

Issuer Name: NEI Ethical Balanced Fund NEI Northwest Macro Canadian Asset Allocation Corporate Class NEI Northwest Macro Canadian Asset Allocation Fund Principal Regulator – Ontario Type and Date: Amendment #5 to the Final Simplified Prospectus dated March 2, 2017 Received on March 3, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): Credential Asset Management Inc. Promoter(s): – Project #2477315 _______________________________________________ Issuer Name: Renaissance Real Assets Private Pool Principal Regulator – Ontario Type and Date: Amendment #1 to the Final Simplified Prospectus dated February 28, 2017 Received on February 28, 2017 Offering Price and Description: Premium Class, Premium-T4 Class, Premium-T6 Class, Class H-Premium, Class H-Premium T4, Class H-Premium T6, Class F-Premium, Class F-Premium T4, Class F-Premium T6, Class FH-Premium, Class FH-Premium T4, Class FH-Premium T6, Class N-Premium, Class N-Premium T4, Class N-Premium T6, Class NH-Premium, Class NH-Premium T4 units, and Class NH-Premium T6 units Underwriter(s) or Distributor(s): – Promoter(s): – Project #2547981 _______________________________________________ Issuer Name: Sprott Global Agriculture Fund Sprott Global Infrastructure Fund Sprott Global Real Estate Fund (formerly Sprott Global REIT & Property Equity Fund) Sprott Real Asset Class Sprott Timber Fund Principal Regulator – Ontario Type and Date: Amendment #2 to the Final Simplified Prospectus dated February 7, 2017 Received on February 8, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): – Promoter(s): Sprott Asset Management LP Project #2490444 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2320

NON-INVESTMENT FUNDS Issuer Name: Aumento Capital VI Corporation Principal Regulator – Ontario Type and Date: Preliminary CPC Prospectus dated February 27, 2017 NP 11-202 Preliminary Receipt dated March 1, 2017 Offering Price and Description: Maximum of $720,000.00 – 1,440,000 Common Shares Minimum $600,000.00 – 1,200,000 Common Shares Price: $0.50 per Common Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Promoter(s): – Project #2589439 _______________________________________________ Issuer Name: Blackbird Energy Inc. Principal Regulator – Alberta Type and Date: Amended and Restated dated Preliminary Short Form Prospectus dated February 28, 2017 NP 11-202 Preliminary Receipt dated February 28, 2017 Offering Price and Description: Up to $80,992,000.00 Up to 110,000,000 Common Shares, price $0.55 per Common Share Up to 25,750,000 CEE Flow-Through Shares, price $0.64 per CEE Flow-Through Share Up to 6,800,000 CDE Flow-Through Shares, price $0.59 per CDE Flow-Through Share Underwriter(s) or Distributor(s): Cormark Securities Inc. TD Securities Inc. BMO Nesbitt Burns Inc. Scotia Capital Inc. Haywood Securities Inc. Laurentian Bank Securities Inc. Raymond James Ltd. Promoter(s): – Project #2588360 _______________________________________________

Issuer Name: Canada Goose Holdings Inc. Principal Regulator – Ontario Type and Date: Amendment dated March 1, 2017 to Preliminary Long Form Prospectus dated February 15, 2017 NP 11-202 Preliminary Receipt dated March 1, 2017 Offering Price and Description: $* – 20,000,000 Subordinate Voting Shares Price: $* per subordinate voting share Underwriter(s) or Distributor(s): CIBC World Markets Inc. Credit Suisse Securities (Canada), Inc. Goldman Sachs Canada Inc. RBC Dominion Securities Inc. Merrill Lynch Canada Inc. Morgan Stanley Canada Limited Barclays Capital Canada Inc. BMO Nesbitt Burns Inc. TD Securities Inc. Wells Fargo Securities Canada, Ltd. Canaccord Genuity Corp. Promoter(s): – Project #2584130 _______________________________________________ Issuer Name: Dream Global Real Estate Investment Trust Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated March 6, 2017 NP 11-202 Preliminary Receipt dated March 6, 2017 Offering Price and Description: $100,032,000.00 – 10,420,000 Units Price: $9.60 per Unit Underwriter(s) or Distributor(s): TD Securities Inc. CIBC World Markets Inc. Scotia Capital Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. Canaccord Genuity Corp. Desjardins Securities Inc. National Bank Financial Inc. GMP Securities L.P. Promoter(s): – Project #2589704 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2321

Issuer Name: First Capital Realty Inc. Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated March 3, 2017 NP 11-202 Preliminary Receipt dated March 6, 2017 Offering Price and Description: $185,400,000.00 – 9,000,000 Common Shares Price $20.60 per Offered Share Underwriter(s) or Distributor(s): TD Securities Inc. National Bank Financial Inc. CIBC World Markets Inc. Scotia Capital Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. Canaccord Genuity Corp. Desjardins Securities Inc. Promoter(s): – Project #2591225 _______________________________________________ Issuer Name: InterRent Real Estate Investment Trust Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated March 1, 2017 NP 11-202 Preliminary Receipt dated March 1, 2017 Offering Price and Description: $75,033,600.00 – 9,770,000 trust units Price: $7.68 per Offered Unit Underwriter(s) or Distributor(s): BMO Nesbitt Burns Inc. Canaccord Genuity Corp. Desjardins Securities Inc. GMP Securities L.P. Scotia Capital Inc. TD Securities Inc. CIBC World Markets Inc. RBC Dominion Securities Inc. Industrial Alliance Securities Inc. National Bank Financial Inc. Raymond James Ltd. Echelon Wealth Partners Inc. Eight Capital Promoter(s): – Project #2588261 _______________________________________________

Issuer Name: Lithium X Energy Corp. Principal Regulator – British Columbia Type and Date: Preliminary Short Form Prospectus dated February 28, 2017 NP 11-202 Preliminary Receipt dated February 28, 2017 Offering Price and Description: $15,010,000.00 – 7,900,000 Common Shares Price: $1.90 per Offered Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. GMP Securities L.P. Promoter(s): Brian Paes-Braga Project #2587049 _______________________________________________ Issuer Name: North American Energy Partners Inc. Principal Regulator – Alberta Type and Date: Preliminary Short Form Prospectus dated February 28, 2017 NP 11-202 Preliminary Receipt dated February 28, 2017 Offering Price and Description: $40,000,000.00 – 5.50% Convertible Unsecured Subordinated Debentures Underwriter(s) or Distributor(s): National Bank Financial Inc. Canaccord Genuity Corp. BMO Nesbitt Burns Inc. CIBC World Markets Inc. HSBC Securities (Canada) Inc. Raymond James Ltd. Promoter(s): – Project #2586443 _______________________________________________ Issuer Name: Prothelis Financial Holding Corp. Type and Date: Preliminary Long Form Prospectus dated February 28, 2017 (Preliminary) Receipted on March 2, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): – Promoter(s): – Project #2589307 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2322

Issuer Name: Silver Viper Minerals Corp. Principal Regulator – British Columbia Type and Date: Preliminary Long Form Prospectus dated February 27, 2017 NP 11-202 Preliminary Receipt dated February 28, 2017 Offering Price and Description: Maximum of $10,000,000.00 Minimum of $6,000,000.00 Maximum: 40,000,000 Common Share at a price of $0.25 per Common Share Minimum:24,000,000 Common Shares at a price of $0.25 per Common Share Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): Gary Cope Stephen Brohman Project #2588714 _______________________________________________ Issuer Name: SNC-Lavalin Group Inc. Principal Regulator – Quebec Type and Date: Preliminary Shelf Prospectus (NI 44-102) dated March 3, 2017 NP 11-202 Preliminary Receipt dated March 3, 2017 Offering Price and Description: $1,500,000,000.00 – Debt Securities , Common Shares, Preferred Shares, Subscription Receipts, Warrants Underwriter(s) or Distributor(s): – Promoter(s): – Project #2591962 _______________________________________________

Issuer Name: Source Energy Services Ltd. Principal Regulator – Alberta Type and Date: Amended and Restated Preliminary Long Form Prospectus dated March 2, 2017 NP 11-202 Preliminary Receipt dated March 2, 2017 Offering Price and Description: – Underwriter(s) or Distributor(s): Scotia Capital Inc. Morgan Stanley Canada Limited BMO Nesbitt Burns Inc. CIBC World Markets Inc. Goldman Sachs Canada Inc. Raymond James Ltd. RBC Dominion Securities Inc. Canaccord Genuity Corp. AltaCorp Capital Inc. GMP Securities L.P. Peters & Co. Limited Promoter(s): – Project #2583452 _______________________________________________ Issuer Name: Sprott Resource Holdings Inc. (formerly Adriana Resources Inc. ) Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated March 6, 2017 NP 11-202 Preliminary Receipt dated March 6, 2017 Offering Price and Description: $* Units Price: $* per Offered Unit Underwriter(s) or Distributor(s): Sprott Private Wealth LP Haywood Securities Inc. Promoter(s): – Project #2592521 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2323

Issuer Name: Tricon Capital Group Inc. Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated March 3, 2017 NP 11-202 Preliminary Receipt dated March 3, 2017 Offering Price and Description: C$174,982,500.00 – 17,675,000 Subscription Receipts each representing the right to receive one Common Share and US$150,000,000.00 – 5.75% Extendible Convertible Unsecured Subordinated Debentures Price: C$9.90 per Subscription Receipt and Price: US$1,000.00 per Debenture Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. GMP Securities L.P. BMO Nesbitt Burns Inc. TD Securities Inc. National Bank Financial Inc. Scotia Capital Inc. CIBC World Markets Inc. Raymond James Ltd. Canaccord Genuity Corp. Paradigm Capital Inc. Promoter(s): – Project #2588607 _______________________________________________ Issuer Name: Uranium Energy Corp. Principal Regulator – British Columbia Type and Date: Amendment dated March 3, 2017 to Preliminary Prospectus – MJDS dated January 5, 2017 NP 11-202 Preliminary Receipt dated March 6, 2017 Offering Price and Description: $100,000,000.00 – Common Shares, Debt Securities, Warrants, Subscription Receipts, Units Underwriter(s) or Distributor(s): – Promoter(s): – Project #2571895 _______________________________________________ Issuer Name: Ascendant Resources Inc. (formerly, Morumbi Resources Inc.) Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated February 28, 2017 NP 11-202 Receipt dated February 28, 2017 Offering Price and Description: $17,425,000.00 – 20,500,000 UNITS at a price of $0.85 per Unit Underwriter(s) or Distributor(s): Eight Capital Promoter(s): – Project #2585785 _______________________________________________

Issuer Name: Barrick Gold Corporation Principal Regulator – Ontario Type and Date: Final Shelf Prospectus dated March 3, 2017 NP 11-202 Receipt dated March 3, 2017 Offering Price and Description: Common Shares First Preferred Shares Second Preferred Shares Debt Securities Subscription Receipts Warrants Share Purchase Contracts Units Underwriter(s) or Distributor(s): – Promoter(s): – Project #2584367 _______________________________________________ Issuer Name: Conifex Timber Inc. Principal Regulator – British Columbia Type and Date: Final Short Form Prospectus dated March 1, 2017 NP 11-202 Receipt dated March 1, 2017 Offering Price and Description: $9,150,000.00 – 3,000,000 Common Shares Price: $3.05 per Common Share Underwriter(s) or Distributor(s): Raymond James Ltd. CIBC World Markets Inc. Promoter(s): – Project #2584989 _______________________________________________ Issuer Name: Cronos Group Inc. Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated March 2, 2017 NP 11-202 Receipt dated March 2, 2017 Offering Price and Description: $15,075,000.00 – 6,700,000 Common Shares Price: $2.25 per Share Underwriter(s) or Distributor(s): Eight Capital PI Financial Corp. Beacon Securities Limited GMP Securities L.P. Cormark Securities Inc. Mackie Research Capital Corporation Promoter(s): Alan Friedman Project #2585794 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2324

Issuer Name: Fortune Minerals Limited Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated March 2, 2017 NP 11-202 Receipt dated March 2, 2017 Offering Price and Description: $5,700,000 (22,800,000 Units) at a price of $0.25 per Unit Underwriter(s) or Distributor(s): Cormark Securities Inc. Promoter(s): – Project #2586070 _______________________________________________ Issuer Name: Killam Apartment Real Estate Investment Trust Principal Regulator – Nova Scotia Type and Date: Final Short Form Prospectus dated March 6, 2017 NP 11-202 Receipt dated March 6, 2017 Offering Price and Description: $70,017,750 – 5,535,000 Trust Units at a price of $12.65 per Offered Unit Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. CIBC World Markets Inc. Scotia Capital Inc. TD Securities Inc. Canaccord Genuity Corp. National Bank Financial Inc. Raymond James Ltd. GMP Securities L.P. Industrial Alliance Securities Inc. Brookfield Financial Securities LP Eight Capital Promoter(s): – Project #2586008 _______________________________________________

Issuer Name: LEAGOLD MINING CORPORATION Principal Regulator – British Columbia Type and Date: Final Long Form Prospectus dated March 1, 2017 NP 11-202 Receipt dated March 1, 2017 Offering Price and Description: $175,010,000.00 – 63,640,000 Subscription Receipts at a price of of $2.75 per Subscription Receipt Underwriter(s) or Distributor(s): BMO Nesbitt Burns Inc. UBS Securities Canada Inc. Scotia Capital Inc. Canaccord Genuity Corp. GMP Securities L.P. TD Securities Inc. Promoter(s): – Project #2582244 _______________________________________________ Issuer Name: Mainstreet Health Investments Inc. (formerly, Kingsway Arms Retirement Residences Inc.) Principal Regulator – Ontario Type and Date: Final Shelf Prospectus dated March 3, 2017 NP 11-202 Receipt dated March 3, 2017 Offering Price and Description: Common Shares Preferred Shares Debt Securities Warrants Subscription Receipts Units Underwriter(s) or Distributor(s): – Promoter(s): Mainstreet Investment Company, LLC Project #2586894 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2325

Issuer Name: New Gold Inc. Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated March 2, 2017 NP 11-202 Receipt dated March 2, 2017 Offering Price and Description: US$150,080,000.00 – 53,600,000 Common Shares at a price of US$2.80 per Offered Share Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. Scotia Capital Inc. CIBC World Markets Inc. J.P. Morgan Securities Canada Inc. TD Securities Inc. BMO Nesbitt Burns Inc.

Merrill Lynch Canada Inc. Desjardins Securities Inc. National Bank Financial Inc. Paradigm Capital Inc. Credit Suisse Securities (Canada) Inc. Eight Capital GMP Securities L.P. Promoter(s): – Project #2586355 _______________________________________________


March 9, 2017

(2017), 40 OSCB 2326


March 9, 2017

(2017), 40 OSCB 2327

Chapter 12

Registrations 12.1.1 Registrants

Type Company Category of Registration Effective Date

Change in Registration Category

Portfolio Stewards Inc.

From: Portfolio Manager To: Portfolio Manager and Exempt Market Dealer

February 10, 2017

Change in Registration Category

ETF Capital Management

From: Portfolio Manager To: Investment Fund Manager and Portfolio Manager

March 1, 2017

Voluntary Surrender Lingohr & Partner North America, Inc.

Portfolio Manager February 24, 2017

New Registration CWB Wealth Management Ltd.

Investment Fund Manager, Portfolio Manager and Exempt Market Dealer

February 28, 2017

Amalgamation

CWB Wealth Management Ltd. and Adroit Investment Management Ltd. To form: CWB Wealth Management Ltd.

Investment Fund Manager, Portfolio Manager and Exempt Market Dealer

March 1, 2017

Registrations

March 9, 2017

(2017), 40 OSCB 2328


March 9, 2017

(2017), 40 OSCB 2329

Chapter 13

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.1 SROs 13.1.1 IIROC – The Proposed IIROC Dealer Member Plain Language Rule Book – Request for Comment

REQUEST FOR COMMENT

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)

THE PROPOSED IIROC DEALER MEMBER PLAIN LANGUAGE RULE BOOK

IIROC is republishing for public comment the proposed IIROC Dealer Member plain language rule book (the proposed PLR Rule Book), with the primary objective to rewrite, reformat, rationalize, and reorganize its Dealer Member Rules in plain language (the PLR Project). The PLR Project started in 2008 by IIROC’s predecessor, the Investment Dealers Association of Canada, and was initially drafted and published for comment in a number of discrete tranches. The separately published tranches were compiled to create the proposed PLR Rule Book which was published for comment in March 2016 (IIROC Notice 16-0052). IIROC is republishing the proposed PLR Rule Book with changes that respond to comments received on the previous publication from the public, the Canadian Securities Administrators and from IIROC’s own internal review. The current publication includes the Consolidated Enforcement, Examination and Approval Rules that became effective on September 1, 2016. The Consolidated Enforcement Rules are therefore not being published for further comment except to the extent changes have been made to formatting and definitions to conform to the proposed PLR Rule Book. A copy of the IIROC Notice and appendices, which includes the proposed PLR Rule Book, is also published on our website at http://www.osc.gov.on.ca. The comment period ends on May 12, 2017.

SROs, Marketplaces, Clearing Agencies and Trade Repositories

March 9, 2017

(2017), 40 OSCB 2330

13.1.2 IIROC – Proposed Changes to Forms and Guidance Relating to Investment in a Dealer Member – Request for Comment

REQUEST FOR COMMENT

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA

(IIROC)

PROPOSED CHANGES TO FORMS AND GUIDANCE RELATING TO INVESTMENT IN A DEALER MEMBER

IIROC is proposing changes to its Investor Application Form and Investor Notification Form (the proposed Forms) and updated guidance to help Dealer Members complete these forms. These changes reflect current practices, increase the efficiency of the application process and to:

• harmonize with National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (CP 31-103);

• ensure consistency with the requirements IIROC is proposing as part of the Dealer Member Plain Language

Rule Book Project (the PLR Project) (see IIROC Notice 17-0054 for more details).

A copy of the IIROC Notice and appendices is also published on our website at http://www.osc.gov.on.ca. The comment period ends on May 12, 2017.

March 9, 2017 (2017), 40 OSCB 2331

Index

8446997 Canada Inc. Notice from the Office of the Secretary ..................... 2081 Order – s. 127 ........................................................... 2133 9342-8530 Québec Inc. Cease Trading Order ................................................ 2171 Abattis Bioceuticals Corp. Cease Trading Order ................................................ 2171 Adroit Investment Management Ltd. .................................................................................. 2327 Algonquin Capital Corporation Decision .................................................................... 2089 Arrow Capital Management Inc. Decision .................................................................... 2110 Campar Capital Corporation Order ......................................................................... 2138 Closson, Wade Robert Notice from the Office of the Secretary ..................... 2080 Order ......................................................................... 2132 Reasons and Decision – ss. 127(1), 127(10) ............ 2167 Common Wealth Pension Services Inc. Decision .................................................................... 2083 CSA Staff Notice 51-348 – Staff’s Review of Social Media Used by Reporting Issuers Notice ........................................................................ 2061 CWB Wealth Management Ltd. Amalgamation ........................................................... 2327 New Registration ....................................................... 2327 Davis, Larry Keith Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2068 Notice from the Office of the Secretary ..................... 2081 Dhanani, Ayaz Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 Dhanani, Paul Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 Drabinsky, Garth H. Notice from the Office of the Secretary ..................... 2082 Order – ss. 127, 127.1 .............................................. 2136

Eckstein, Gordon Notice from the Office of the Secretary ..................... 2082 Order – ss. 127, 127.1 .............................................. 2136 ETF Capital Management Change in Registration Category .............................. 2327 Exemplar U.S. High Yield Fund Decision .................................................................... 2110 Gottlieb, Myron I. Notice from the Office of the Secretary ..................... 2082 Order – ss. 127, 127.1 .............................................. 2136 HSBC Global Asset Management (Canada) Limited Decision .................................................................... 2100 IA Clarington Balanced Portfolio Decision .................................................................... 2114 IA Clarington Conservative Portfolio Decision .................................................................... 2114 IA Clarington Global Equity Exposure Fund Decision .................................................................... 2114 IA Clarington Growth Portfolio Decision .................................................................... 2114 IA Clarington Investments Inc. Decision .................................................................... 2114 IA Clarington Maximum Growth Portfolio Decision .................................................................... 2114 IA Clarington Moderate Portfolio Decision .................................................................... 2114 IIROC SROs – The Proposed IIROC Dealer Member Plain Language Rule Book – Request for Comment .................................................................. 2329 SROs – Proposed Changes to Forms and Guidance Relating to Investment in a Dealer Member – Request for Comment ............................. 2330 Infinivest Mortgage Investment Corporation Notice from the Office of the Secretary ..................... 2080 Order ........................................................................ 2132 Reasons and Decision – ss. 127(1), 127(10) ........... 2167 Jiwa, Rahim Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082

Index

March 9, 2017 (2017), 40 OSCB 2332

Kotton, Lance Notice from the Office of the Secretary ..................... 2079 Temporary Order – ss. 127(7), 127(8) ...................... 2122 Lee, Michael Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 Leith Wheeler Investment Counsel Ltd. Decision .................................................................... 2095 Lingohr & Partner North America, Inc. Voluntary Surrender .................................................. 2327 MarketAxess Canada Limited Order – s. 15.1 of NI 21-101 Marketplace Operation .................................................................. 2141 Martel Group of Companies Inc. Notice from the Office of the Secretary ..................... 2081 Order – s. 127 ........................................................... 2133 Martel, Steven J. Notice from the Office of the Secretary ..................... 2081 Order – s. 127 ........................................................... 2133 McDonald, Donald Notice from the Office of the Secretary ..................... 2080 Reasons and Decision – s. 8 .................................... 2145 Meharchand, Dennis L. Notice of Hearing with Related Statement of Allegations – ss. 127, 127.1 ...................................... 2063 Notice from the Office of the Secretary ..................... 2079 Mettrum Health Corp. Order –s. 1(6) of the OBCA ....................................... 2135 Mitec Technologies Inc. Order ......................................................................... 2119 Nebris, Alex Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 NGAM Canada LP Decision .................................................................... 2117 Optam Holdings Inc. Notice from the Office of the Secretary ..................... 2080 Order ......................................................................... 2132 Reasons and Decision – ss. 127(1), 127(10) ............ 2167 Performance Sports Group Ltd. Cease Trading Order ................................................ 2171 Portfolio Stewards Inc. Change in Registration Category .............................. 2327

Quest Rare Minerals Ltd. Cease Trading Order ................................................ 2171 Ramos, Samuel Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 Sammy, Krishna Notice from the Office of the Secretary ..................... 2078 Order ........................................................................ 2121 SEI Investments Canada Company Decision .................................................................... 2106 Thomson Reuters Corporation Order – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids ................................................................ 2123 Order – s. 6.1 of NI 62-104 Take-Over Bids and Issuer Bids ................................................................ 2127 Valt.X Holdings Inc. Notice of Hearing with Related Statement of Allegations – ss. 127, 127.1 ..................................... 2063 Notice from the Office of the Secretary ..................... 2079 Virani, Azim Notice of Hearing with Related Statement of Allegations – ss. 127(1), 127(10) .............................. 2073 Notice from the Office of the Secretary ..................... 2082 Waverley Corporate Financial Services Ltd. Notice from the Office of the Secretary ..................... 2080 Reasons and Decision – s. 8 .................................... 2145