When you go about raising money to help fund a business venture, you will almost always engage in the sale of securities. While the definition of a “security” is very broad under applicable legislation, a simplified description is that it is any document or right that, in exchange for money from an investor, entitles the investor to a return on such monies derived from the business. The most common security is of course common shares issued by the business but includes promissory notes and any other such promises to return monies received and presumably interest or other return on such monies.

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Effective immediately, the Exchange is rescinding its Bulletins/Notices to Issuers dated December 11, 2007 and October 20, 2008 related to Deal Structure and Founder Shares Guidelines (collectively, the “Capital Structure Guidelines”). Rescinding the Capital Structure Guidelines will have the principal effect of removing the existing 15% limit on “Founder Shares” prescribed by the Capital Structure Guidelines in respect of any New Listing.

The Exchange will only require shareholder approval for a share consolidation which, when combined with any other share consolidation conducted by the Issuer within the previous 24 months that was not approved by the Issuer’s shareholders, would result in a cumulative consolidation of greater than 10 to 1 over such 24 month period. It should be noted that an Issuer may still be subject to shareholder approval requirements under applicable corporate laws.

The minimum allowable offering price for a non- Capital Pool Company initial public offering will be reduced from $0.15 to $0.10 per security.

Minimum Price for Warrants and Options: The minimum allowable exercise price for share purchase warrants and incentive stock options will be reduced from $0.10 to $0.05 per share. This will apply to the full term of the warrant or option.