Don't take my word for it. Check out Page 2, Section 2:

http://www.tmx.com/en/pdf/Policy3-3.pdf

"2. Material Information

2.1 Definitions:

“Material Information” is any information relating to the business and affairs of an Issuer that

results in or would reasonably be expected to result in a significant change in the market price or

value of any of the Issuer’s Listed Shares, and includes Material Facts and Material Changes.

“Material Fact” has the same meaning as found in applicable Securities Laws.

“Material Change” has the same meaning as found in applicable Securities Laws.

2.2 It is the responsibility of each Issuer to determine what information is material in the

context of its own affairs. The materiality of information may vary from one Issuer to

another according to the size of its profits, assets and capitalization, the nature of its

operations and many other factors. An event that is significant or major in the context of

a smaller Issuer’s business and affairs may not be material to a larger Issuer. The Issuer

itself is in the best position to apply the concept of Material Information to its own unique

circumstances. The Exchange recognizes that decisions on disclosure require careful

subjective judgments and encourages Issuers to consult with the Regulation Services

Provider when in doubt as to whether disclosure should be made