https://www.bcsc.bc.ca/Securities_Law/Policies/Policy5/PDF/51-201__NP__May_31__2013/

The document is suprisingly pretty easy reading. I've highlighted those excerpts which I deemed to be relevant in this situation.

Cheers,

Luker

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PART IV - MATERIALITY

4.1

Materiality Standard:

(1) The definitions of “material fact” and “material change” under securities legislation are based on a market impact test. The definition of “privileged information” contained in the “tipping” provision of the securities legislation of Québec is based on a reasonable investor test. Despite these differences, the two materiality standards are likely to converge, for practical purposes, in most cases.

(2) The definition of a “material fact” includes a two part materiality test. A fact is

material when it (i) significantly affects the market price or value of a security; or (ii) would reasonably be expected to have a significant effect on the market price or value of a security.27

(2) We encourage companies to monitor the market’s reaction to information that is publicly disclosed. Ongoing monitoring and assessment of market reaction to different disclosure will be helpful when making materiality judgements in the future. As a guiding principle, if there is any doubt about whether particular information is material, we encourage companies to err on the side of materiality and release information publicly.

4.3 Examples of Potentially Material Information: The following are examples of thetypes of events or information which may be material. This list is not exhaustive and is not a substitute for companies exercising their own judgement in making materiality determinations

If it is a borderline decision, the information should probably be considered material and released using a broad means of dissemination. Similarly,if several company officials have to deliberate extensively over whether information is material, they should err on the side of materiality and release it publicly

Changes in Financial Results

a significant increase or decrease in near-term earnings prospects

unexpected changes in the financial results for any periods

shifts in financial circumstances,such as cash flow reductions, major asset writeoffs or write-downs

changes in the value or composition of the company’s assets

Acquisitions and Dispositions