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TSX Venture Exchange adopts policy amendments

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Effective February 29, 2012, the TSX Venture Exchange (“TSXV”) has amended Policies 1.1 and 3.2 for the purposes of addressing certain inconsistencies with applicable securities laws and enhancing the clarity of existing policy requirements.

Of particular interest are the changes to the definition of “Exchange Hold Period” to more properly reflect the circumstances in which a TSXV hold period and the corresponding TSXV legend are applicable to a security. The amendments to Policy 3.2 also clarify that if the securities are issued into a direct registration or book-entry system (such as CDS) or the purchaser of the securities does not otherwise receive a physical certificate representing the securities, the Issuer must ensure that the purchaser receives a written notice containing the applicable TSXV legend. The amendments also clarify the applicable “Exchange Hold Period” in respect of securities which are convertible, exercisable or exchangeable into shares listed on the TSXV.