The Ontario Securities Commission (OSC) has granted Amaroq Minerals Ltd. (the Filer) an exemption from certain reporting requirements that typically apply to non-venture issuers. The Filer, a mining company with assets in Greenland, is cross-listed on the TSX Venture Exchange (TSXV) and the NASDAQ First North Growth Market in Iceland (First North Exchange), which is considered a junior market similar to the TSXV.
The exemption allows the Filer to adhere to the less stringent reporting obligations of a venture issuer, despite its securities being listed on a marketplace outside of Canada and the United States, which would normally categorize it as a non-venture issuer. The key conditions for the exemption include the Filer’s compliance with Canadian securities legislation for venture issuers, the continued junior market status of the First North Exchange, and the Filer’s obligation to inform the OSC of any material changes to the First North Exchange’s status.
The exemption also includes relief from formal valuation and minority approval requirements in certain special transactions, provided the Filer would otherwise qualify for such exemptions if it were a venture issuer.
The decision is underpinned by various national instruments, including NI 41-101 General Prospectus Requirements, NI 51-102 Continuous Disclosure Obligations, NI 52-107 Acceptable Accounting Principles and Auditing Standards, NI 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, NI 52-110 Audit Committees, NI 58-101 Disclosure of Corporate Governance Practices, and MI 61-101 Protection of Minority Security Holders in Special Transactions.