COB updates must be filed every 30 days
posted on
Sep 04, 2013 12:41PM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
Even though this is for Intigold, the BOD is common to SLI , and does have relevance.
If my understanding of the TSX Venture filing guide is correct, then IGD has to release a news release every 30 days updating shareholders on the TTAGIT aquisition, whereas it is a COB (change of business). By looking at the IGD website, there appears to be periods much longer than the 30 day requirement. The TTAGIT aquisition was voted on at the Dec 20 AGM of the company, so if my understanding is correct, there should have been a news release updating investors in every month, Jan, Feb, Mar, etc. By looking at the IGD website,and SEDAR, this doesn,t appear to be the case. http://intigold.com/newsrelease/ . If the COB was closed, IGD had to issue a news release saying it was closed, the way I understand it, I see no news release saying the COB was closed, unless I,m missing it. I also see IIROC gets a copy COB transactions as well as news releases pertaining to it.
IMO
PS; did we all (IGD shareholders)get a chance to vote on the TTAGIT aquisition, I forget?
I may be totally wrong on my understanding of the policy and guide, and everything may very well be within regulation, just putting this out for perhaps discussion, or if someone knows the regulations well.
Here is an excerpt from the filing guide;
http://www.tmx.com/en/pdf/TSXV_FilingGuide_2012.pdf
Changes of business ("COB") and reverse takeovers ("RTO")
An Issuer must issue a comprehensive news release as soon as it reaches an agreement in principle regarding a COB or RTO.
• Immediate news release: (a) every time there is material change relating to the COB or RTO and in accordance with applicable Securities Laws; (b) identifying the Sponsor; (c) every 30 days following the initial news release to update the status of the COB and RTO; (d) when an Issuer intends to continue a trading halt. (the news release must disclose the Issuer’s intention to remain halted); and (e) when the COB or RTO has closed. • Immediate notice to TSXV of proposed change, prior acceptance by TSXV required. • Must obtain acceptance of the draft Disclosure Document (a Filing Statement or Information Circular) by TSXV prior to mailing to securityholders.
i mo