The Canadian Securities Administrators

The Canadian Securities Administrators have issued an unflattering report with respect to pre-production mining issuer disclosure on their websites. Of 130 investor presentations on issuer websites reviewed by the regulators, a whopping 82% were found to be in non-compliance with applicable disclosure rules. 25% of the investor presentations were found to be in major non-compliance prompting the regulators to issue, in each such case, a deficiency letter requiring a corrective press release and/or the filing or re-filing of a prescribed technical report. The CSA notes that information found on issuer websites is captured by the definition of “written disclosure” in NI 43-101 and disclosure requirements apply. It is further noted that having a QP review and approve all technical disclosure is an important step for these issuers. The full report can be found by clicking on the following link and the PDF therein:[CSA_Staff_Notice]_04222015/