The Securities Commission granted an exemption to a reporting issuer, allowing it to comply with the obligations applicable to venture issuers despite not meeting the standard definition of a venture issuer due to its cross-listing on the TSX Venture Exchange and the Risk Capital segment of the Bolsa de Valores de Lima. This decision was made under various National Instruments and Multilateral Instruments, including NI 41-101, NI 51-102, NI 52-107, NI 52-109, NI 52-110, NI 58-101, and MI 61-101.
The issuer, a precious metals producer with properties in Mexico and Peru, is listed on several exchanges, including the TSX Venture Exchange and the Lima Stock Exchange’s Risk Capital Segment, which caters to junior mining companies and defers to the primary exchange’s requirements. The issuer had previously been granted similar relief, which it sought to expand to include all Canadian jurisdictions and to obtain relief from certain valuation and minority approval requirements.
The exemption was conditional upon the issuer’s continued compliance with Canadian securities legislation applicable to venture issuers, its ongoing listing on the specified exchanges, and the maintenance of the Risk Capital Segment’s status as a junior market. The issuer must also inform the principal regulator of any material changes to the Risk Capital Segment or its status as a junior market.
The decision was based on representations by the issuer regarding its compliance with the TSXV’s requirements, its monitoring of the Risk Capital Segment’s requirements, and the accuracy of the information provided about the Risk Capital Segment. The exemption allows the issuer to benefit from certain exemptions typically available to venture issuers and requires adherence to specific conditions related to minority approval in special transactions. The issuer is not permitted to rely on previous relief obtained in 2009.