Early warning reporting

A person who acquires 10 per cent of the voting or equity securities of a reporting issuer (including convertible securities and rights to acquire voting or equity securities) is required to comply with the “early warning” provisions of Canadian securities law. These provisions include the obligation to issue a press release and to file an early warning report.

The purpose of the early warning report is to disclose to the market that a particular investor holds a signifi­cant ownership stake in the reporting issuer and to provide information on the investor’s intentions with respect to the investment