OSC Bulletin - Westlaw Canada

The Ontario Securities Commission

OSC Bulletin

June 3, 2021

Volume 44, Issue 22

(2021), 44 OSCB

The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the

Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)

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June 3, 2021

(2021), 44 OSCB

Table of Contents

Chapter 1 Notices ................................................... 4719 1.1 Notices .......................................................... 4719 1.1.1 OSC Notice of Local Amendments to National

Instrument 81-105 Mutual Fund Sales Practices, Local Changes to Companion Policy 81-105 Mutual Fund Sales Practices and Related Consequential Local Amendments and Changes – Prohibition of Deferred Sales Charges for Mutual Funds .............................. 4719

1.2 Notices of Hearing ......................................... (nil) 1.3 Notices of Hearing with Related Statements of Allegations ............................ (nil) 1.4 Notices from the Office of the Secretary ............................................ 4769 1.4.1 Jonathan Cartu et al. ...................................... 4769 1.4.2 Jonathan Cartu et al. ...................................... 4769 1.4.3 Alvin Jones ..................................................... 4770 1.4.4 Plateau Energy Metals Inc. et al. .................... 4770 1.4.5 Threegold Resources Inc. ............................. 4771 1.4.6 Strike Holdings Inc. et al. ................................ 4771 1.4.7 Daniel Sheehan .............................................. 4772 1.4.8 Trevor Rosborough et al. ................................ 4772 1.4.9 Strike Holdings Inc. et al. ................................ 4773 1.4.10 Wilks Brothers, LLC ........................................ 4773 1.5 Notices from the Office of the Secretary with Related Statements of Allegations ............................ (nil) Chapter 2 Decisions, Orders and Rulings ............ 4775 2.1 Decisions ...................................................... 4775 2.1.1 I.G. Investment Management, Ltd. et al. ........ 4775 2.1.2 I.G. Investment Management, Ltd. et al. ........ 4779 2.1.3 Arrow Capital Management Inc. and

Exemplar Investment Grade Fund .................. 4781 2.1.4 Generation IACP Inc. and Generation PMCA

Corp. .............................................................. 4786 2.1.5 BMO Investments Inc. et al. ........................... 4789 2.2 Orders............................................................ 4795 2.2.1 Alvin Jones ..................................................... 4795 2.2.2 Plateau Energy Metals Inc. et al. .................... 4795 2.2.3 Cuspis Capital Ltd. – s. 1(6) of the OBCA ...... 4796 2.2.4 Daniel Sheehan .............................................. 4796 2.2.5 Trevor Rosborough et al. ................................ 4797 2.2.6 Strike Holdings Inc. et al. – ss. 127(8),

127(1) ............................................................. 4797 2.2.7 Sunrise Energy Metals Limited (formerly Clean

TEQ Holdings Limited) ................................... 4798 2.3 Orders with Related Settlement Agreements ................................................... 4800 2.3.1 Jonathan Cartu et al. – ss. 127, 127.1 ............ 4800 2.4 Rulings ........................................................... (nil) Chapter 3 Reasons: Decisions, Orders and Rulings ................................................... 4807 3.1 OSC Decisions .............................................. 4807 3.1.1 Jonathan Cartu et al. – ss. 127, 127.1 ............ 4807 3.1.2 Threegold Resources Inc. .............................. 4810

3.2 Director’s Decisions ...................................... (nil) Chapter 4 Cease Trading Orders .......................... 4815 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 4815 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ............. 4815 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................... 4815 Chapter 5 Rules and Policies .................................. (nil) Chapter 6 Request for Comments .......................... (nil) Chapter 7 Insider Reporting .................................. 4817 Chapter 9 Legislation ............................................... (nil) Chapter 11 IPOs, New Issues and Secondary Financings ............................................. 4903 Chapter 12 Registrations ......................................... 4915 12.1.1 Registrants ..................................................... 4915 Chapter 13 SROs, Marketplaces,

Clearing Agencies and Trade Repositories ............................... 4917

13.1 SROs ............................................................... (nil) 13.2 Marketplaces .................................................. (nil) 13.3 Clearing Agencies ....................................... 4917 13.3.1 Canadian Derivatives Clearing Corporation

(CDCC) – Proposed Amendments to the Risk Manual of CDCC with Respect to the Initial Margin Model for Bond Derivatives – OSC Staff Notice of Request for Comment ............ 4917

13.4 Trade Repositories ........................................ (nil) Chapter 25 Other Information ................................... (nil) Index ................................................................ 4919

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Chapter 1

Notices 1.1 Notices

1.1.1 OSC Notice of Local Amendments to National Instrument 81-105 Mutual Fund Sales Practices, Local Changes to Companion Policy 81-105 Mutual Fund Sales Practices and Related Consequential Local Amendments and Changes – Prohibition of Deferred Sales Charges for Mutual Funds

OSC NOTICE OF LOCAL AMENDMENTS TO NATIONAL INSTRUMENT 81-105 MUTUAL FUND SALES PRACTICES,

LOCAL CHANGES TO COMPANION POLICY 81-105 MUTUAL FUND SALES PRACTICES AND

RELATED CONSEQUENTIAL LOCAL AMENDMENTS AND CHANGES

PROHIBITION OF DEFERRED SALES CHARGES FOR MUTUAL FUNDS

June 3, 2021

Introduction

The Ontario Securities Commission (the OSC or we) is adopting:

• local amendments to National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105),

• local changes to Companion Policy 81-105 Mutual Fund Sales Practices (81-105CP),

• related consequential local amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), and

• related consequential local changes to Companion Policy 81-101 Mutual Fund Prospectus Disclosure (81-101CP) and Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP)

in Ontario (collectively, the Amendments).

The Amendments prohibit the payment by fund organizations (as defined below) of upfront sales commissions to dealers, which will result in the discontinuation of all forms of the deferred sales charge option (collectively, the DSC option).1

Prior to finalizing the Amendments, we explored two separate proposals aimed at addressing the investor protection issues arising from the use of the DSC option in the sale of mutual fund securities. The first proposal, the Proposed Amendments (as defined below), sought to ban the DSC option, while the second proposal, the Proposed OSC Rule 81-502 (as defined below), sought to impose restrictions on the use of the DSC option that were designed to mitigate potential negative investor outcomes associated with the DSC option.

After carefully considering the comments received in response to both options, which overwhelmingly expressed support for a harmonized Canada-wide ban on the DSC option, we have concluded that an outright ban on the DSC option is the best path forward. In particular, investors will no longer be subject to the “lock-in”2 effect associated with the DSC option and the potential for mis-selling will be reduced. We also note that industry innovation over the past few years has opened significant new avenues for investors with smaller accounts at an affordable cost.

1 Under the traditional deferred sales charge option, the investor does not pay an initial sales charge for fund securities purchased, but may have to pay a

redemption fee to the investment fund manager (i.e. a deferred sales charge) if the securities are sold before a predetermined period of typically 5 to 7 years from the date of purchase. Redemption fees decline according to a redemption fee schedule that is based on the length of time the investor holds the securities. While the investor does not pay a sales charge to the dealer, the investment fund manager pays the dealer an upfront commission (typically equivalent to 5% of the purchase amount). The investment fund manager may finance the payment of the upfront commission and accordingly incur financing costs that are included in the ongoing management fees charged to the fund. The low-load purchase option is a type of deferred sales charge option but has a shorter redemption fee schedule (usually 2 to 4 years). The upfront commission paid by the investment fund manager and redemption fees paid by investors are correspondingly lower than the traditional deferred sales charge option.

2 The “lock-in” feature refers to the redemption fee schedule associated with the DSC option which has the potential to deter investors from redeeming an investment or changing their asset allocation, even in the face of consistently poor fund performance, unforeseen liquidity events, or changes in their financial circumstances.

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Ministerial approval is required for the implementation of the Amendments. The Amendments, as well as other required materials, will be delivered to the Minister of Finance on or about June 3, 2021. The Minister may approve or reject these Amendments or return them for further consideration. If the Minister approves the Amendments or does not take any further action, the Amendments will come into force in Ontario on June 1, 2022.

The text of the Amendments is contained in Annexes C, D, E, F, G and H of this notice and will also be available on websites of the OSC at www.osc.ca.

Substance and Purpose

The Amendments, together with the enhanced conflict of interest mitigation framework for dealers and representatives under detailed reforms to NI 31-103 (the Client Focused Reforms) published on October 3, 2019, comprise the OSC’s policy response to the investor protection and market efficiency issues we have identified with the use of the DSC option. The Amendments restrict the compensation that members of the organization of publicly-offered mutual funds (fund organizations) may pay to participating dealers, and that participating dealers may solicit and accept in connection with the distribution of mutual fund securities.

The Amendments address the conflict of interest that arises from the payment of the upfront sales commission by fund organizations to dealers for mutual fund sales made under the DSC option that can incentivize dealers and their representatives to make self-interested investment recommendations to the detriment of investor interests.

More specifically, by prohibiting fund organizations from paying upfront sales commissions to participating dealers, the Amendments will correspondingly eliminate the need for fund organizations to finance the cost of these commissions, which we expect will in turn eliminate the need for the following two features of the DSC option:

(a) the redemption fee schedule, representing the period of time the fund organization requires the investor to remain invested in the mutual fund in order to recoup its financing costs (through management fees charged to the fund), and

(b) the redemption fee, which essentially functions as a default penalty allowing the investment fund manager to recoup its financing costs in the event the investor redeems from the mutual fund prior to the end of the redemption fee schedule.

Background

The Amendments were developed over the course of an extensive consultation process.

CSA Consultation Paper 81-408

On January 10, 2017, the Canadian Securities Administrators (CSA) published for comment CSA Consultation Paper 81-408 Consultation on the Option of Discontinuing Embedded Commissions3 (the Consultation Paper), which identified and discussed key investor protection and market efficiency issues arising from mutual fund embedded commissions.4 The Consultation Paper sought specific feedback, including evidence-based and data-driven analysis and perspectives, on the option of discontinuing embedded commissions as a regulatory response to the identified issues and on the potential impacts to both market participants and investors of such a change, to enable the CSA to make an informed policy decision on whether to pursue this option or consider alternative policy changes.

CSA Staff Notice 81-330

On June 21, 2018, the CSA published CSA Staff Notice 81-330 Status report on Consultation on Embedded Commissions and Next Steps5 (CSN 81-330) which proposed the following policy changes:

1. to implement enhanced conflict of interest mitigation rules and guidance for dealers and representatives requiring that all existing and reasonably foreseeable conflicts of interest, including conflicts arising from the payment of embedded commissions, be addressed in the best interests of clients or avoided;

2. to prohibit all forms of the DSC option and their associated upfront commissions in respect of the purchase of securities of a prospectus qualified mutual fund; and

3 https://www.osc.ca/sites/default/files/pdfs/irps/sn_20170110_81-408_consultation-discontinuing-embedded-commissions.pdf. 4 The Consultation Paper followed the CSA’s initial consultation on mutual fund fees under CSA Discussion Paper and Request for Comment 81-407 Mutual Fund

Fees published on December 13, 2012, which was followed by in-person consultations in several CSA jurisdictions in 2013. The CSA published an overview of the key themes that emerged from this consultation process in CSA Staff Notice 81-323 Status Report on Consultation under CSA Discussion Paper and Request for Comment 81-407 Mutual Fund fees.

5 https://www.osc.ca/sites/default/files/pdfs/irps/csa_20180621_81-330-status-report.pdf.

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3. to prohibit the payment of trailing commissions to, and the solicitation and acceptance of trailing commissions by, dealers who do not make a suitability determination in connection with the distribution of securities of a prospectus qualified mutual fund.

In addition to announcing the CSA’s policy decision and providing a summary of the consultation process and the feedback received, CSN 81-330 provided an overview of the regulatory concerns that the proposed policy changes aimed to address, and also discussed why CSA members were not proposing to ban all forms of embedded commissions.

The Proposed Amendments

On September 13, 2018, the CSA published proposed amendments6 (the Proposed Amendments) to:

• prohibit investment fund managers from paying upfront commissions to dealers, which would result in the discontinuation of the DSC option, and

• prohibit the payment of trailing commissions to dealers who are not subject to a suitability requirement, such as dealers who do not provide investment recommendations, in connection with the distribution of prospectus qualified mutual fund securities.

The 90-day comment period ended on December 13, 2018.

CSA Staff Notice 81-332

On December 19, 2019, the CSA published CSA Staff Notice 81-332 Next Steps on Proposals to Prohibit Certain Investment Fund Embedded Commissions7 (CSN 81-332) to announce that the CSA, with the exception of the OSC (the Participating Jurisdictions), would publish final amendments that would prohibit the DSC option in early 2020.

CSN 81-332 also announced that all members of the CSA will publish for adoption final amendments later in 2020 to prohibit payments of trailing commissions to dealers who do not make a suitability determination.

OSC Staff Notice 81-730

Also on December 19, 2019, the OSC published OSC Staff Notice 81-730 Consideration of Alternative Approaches to Address Concerns Related to Deferred Sales Charges8 to announce that the OSC would explore alternative approaches for addressing the investor protection concerns arising from the use of the DSC option.

Multilateral CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices

On February 20, 2020, the CSA, with the exception of Ontario, published Multilateral CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices, Changes to Companion Policy 81-105CP to National Instrument 81-105 Mutual Fund Sales Practices and Changes to Companion Policy 81-101CP to National Instrument 81-101 Mutual Fund Prospectus Disclosure relating to Prohibition of Deferred Sales Charges for Investment Funds9 (the 2020 Multilateral CSA Notice). The amendments published in the 2020 Multilateral CSA Notice prohibit the payment by fund organizations of upfront sales commissions to dealers, which results in the discontinuation of all forms of the DSC option, including low-load options (the Multilateral DSC Ban). The Multilateral DSC Ban comes into force on June 1, 2022 in all CSA jurisdictions, except in Ontario.

Proposed OSC Rule 81-502

Also on February 20, 2020, the OSC published for comment proposed Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds10 (the Proposed OSC Rule 81-502) to introduce restrictions on the use of the DSC option that are designed to mitigate potential negative investor outcomes. In particular, the restrictions are intended to address the “lock-in” effect associated with the DSC option and reduce the potential for mis-selling, while allowing dealers to offer the DSC option to clients with smaller accounts.

CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices

On September 17, 2020, the CSA published CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments, Prohibition of Mutual Fund Trailing Commissions Where No Suitability Determination Was Required11 (the CSA Trailing Commission Ban Notice). The amendments published in the CSA Trailing Commission Ban Notice prohibit the payment of mutual fund trailing commissions from fund organizations to dealers who are not

6 https://www.osc.ca/sites/default/files/pdfs/irps/csa_20180913_81-105_mutual-fund-sales.pdf. 7 https://www.osc.ca/sites/default/files/pdfs/irps/csa_20191219_81-332_next-steps-proposals-prohibit-certain-investment-fund-embedded-commissions.pdf. 8 https://www.osc.ca/sites/default/files/pdfs/irps/rule_20191219_81-730_consideration-alternative-approaches-address-concerns-deferred-sales-charges.pdf. 9 https://www.bcsc.bc.ca/-/media/PWS/Resources/Securities_Law/Policies/Policy8/81105-CSA-Notice-February-20-2020pdf. 10 https://www.osc.ca/sites/default/files/pdfs/irps/rule_20200220_81-502-rfc-deferred-sales-charge-option-mutual-funds.pdf. 11 https://www.osc.ca/en/securities-law/instruments-rules-policies/8/81-105/csa-notice-amendments-national-instrument-81-105.

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subject to the obligation to make a suitability determination under section 13.3 of NI 31-103, or under the corresponding rules and policies of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) (the Trailing Commission Ban). The Trailing Commission Ban comes into force on June 1, 2022 in all CSA jurisdictions.

OSC Staff Notice 81-731

On May 7, 2021, the OSC published OSC Staff Notice 81-731 Next Steps on Deferred Sales Charges12 to announce that the OSC will publish for adoption final amendments to prohibit the DSC option. The OSC also announced that the DSC ban in Ontario will come into force on June 1, 2022, to coincide with the in-force date of the Multilateral DSC Ban.

Summary of Written Comments Received by the CSA on the Proposed Amendments

The CSA received 56 comment letters on the Proposed Amendments. We thank everyone who provided comments. A summary of the comments together with our responses are set out in Annex A. The names of the commenters are also set out in Annex A.

Copies of the comment letters are posted on the website of the OSC at www.osc.ca.

Summary of Written Comments Received by the OSC on the Proposed OSC Rule 81-502

The OSC received 34 comment letters on the Proposed OSC Rule 81-502. We thank everyone who provided comments. A summary of the comments together with our responses are set out in Annex B. The names of the commenters are also set out in Annex B.

Copies of the comment letters are posted on the website of the OSC at www.osc.ca.

Adoption of the Proposed Amendments and Summary of Changes

After considering the comments received both on the Proposed Amendments and on Proposed OSC Rule 81-502, we have decided to proceed with finalizing the Proposed Amendments, which will result in a ban on the DSC option, as opposed to merely restricting the use of the DSC option, as proposed by Proposed OSC Rule 81-502. We have made some non-material changes to the Proposed Amendments. These changes are consistent with the amendments that were published as annexes to the 2020 Multilateral CSA Notice.13 As these changes are not material, we are not republishing the Amendments for a further comment period.

The following is a summary of the key changes that we have made to the Proposed Amendments:

• Definition of “trailing commission” in NI 81-105

After consideration of the comments received, we have not added a definition of “trailing commission” as proposed in the Proposed Amendments, as it is not needed.

• Section 4.1.1 of 81-105CP

We did not add section 4.1.1 of 81-105CP as proposed in the Proposed Amendments because it is a statement regarding the operation of NI 81-105, rather than guidance, and is not necessary. We did add section 4.1.2 of 81-105CP as proposed in the Proposed Amendments as it provides clarification that the front-end load option is not impacted by the Amendments to NI 81-105. We have re-numbered section 4.1.2 of 81-105CP as section 4.1.1 and changed the sub-heading from “Means of payment” to “Front-end load sales option” for clarity.

• Consequential Local Amendments to NI 81-101, i.e. Form 81-101F1 Contents of Simplified Prospectus (Form 81-101F1) and Form 81-101F3 Contents of Fund Facts Document (Form 81-101F3)

Once the Amendments come into effect, the provisions requiring disclosure of the DSC option in the simplified prospectus and the fund facts document will no longer be applicable as the DSC option will no longer be offered. We have made consequential local amendments to Form 81-101F1 and Form 81-101F3 to remove references to the DSC option. These consequential local amendments were proposed in the Proposed Amendments or are otherwise considered to be non-material changes.

Any consequential amendments to Form 81-101F1 and Form 81-101F3 proposed in the Proposed Amendments which did not remove references to the DSC option are not considered to be necessary and are not included in the Amendments.

12 https://www.osc.ca/sites/default/files/2021-05/sn_20210507_81-731_deferred-sales-charges.pdf. 13 Further to the amendments published in 2020 Multilateral CSA Notice, the Participating Jurisdictions added subsection (2) to section 3.1 to NI 81-105.

Subsection 3.1(2) of NI 81-105 in the Participating Jurisdictions has the same effect as the repeal of section 3.1 of NI 81-105 in its entirety in Ontario.

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• Consequential Local Changes to 81-101CP

We have made non-material changes to the sample fund facts document in Appendix A of 81-101CP to remove references to the DSC option.

• Consequential Local Amendments to NI 31-103

We have made consequential local amendments to NI 31-103 as proposed in the Proposed Amendments but have made non-material changes to the amendments based on the most recent version of NI 31-103.

• Consequential Local Changes to 31-103CP

We have made non-material consequential local changes to 31-103CP to correspond with the consequential local amendments to NI 31-103.

The other CSA jurisdictions intend to publish corresponding consequential amendments to NI 81-101 and NI 31-101 and consequential changes to 81-101CP and 31-103CP in a separate publication.

Effective Date

The Amendments will take effect on June 1, 2022 (the Effective Date). As of the Effective Date, compliance with the new rules will immediately be expected.

Discontinuation of DSC option:

We anticipate that the period between the publication of this notice and the Effective Date will provide sufficient time for dealer firms and representatives who currently make use of the DSC option to transition their practices and operational systems and processes. For some dealer firms, this may also require a reassessment of their internal compensation arrangements. We believe this should also give investment fund managers enough time to revise their mutual funds’ simplified prospectuses and fund facts documents to reflect the discontinuation of the DSC option in the Ontario. Further to the publication of the 2020 Multilateral CSA Notice, affected dealer firms and investment fund managers are already moving towards the implementation of a Multilateral DSC Ban.

Mutual fund investments purchased under the DSC option prior to the Effective Date will not have to be converted to the front-end load option or other sales charge option. Instead, the redemption schedules on those existing DSC holdings as of the Effective Date will be allowed to run their course until their scheduled expiry. Fund organizations will therefore be allowed to charge redemption fees on those existing holdings that are redeemed prior to the expiry of the applicable redemption schedule. Any new mutual fund purchases made as of the Effective Date, however, will need to be made in compliance with the new rules.

In the case of a prospectus that is receipted prior to the Effective Date and lapses after the Effective Date, OSC staff take the view that the discontinuance of the DSC option, effective on the Effective Date, would constitute a material change as defined in National Instrument 81-106 Investment Fund Continuous Disclosure. Accordingly, amendments would be required to both the simplified prospectus and fund facts documents to remove the applicability of any references to the DSC option and any commissions associated with the DSC option in Ontario. In lieu of such amendments, for prospectuses that are receipted prior to the Effective Date, the simplified prospectus and the fund facts documents may provide disclosure to state that the DSC option will not be available as of the Effective Date in Ontario. Such disclosure can be provided under the heading, “Fees and Expenses” in the simplified prospectus, and in a textbox before the heading “Quick Facts” in the fund facts document.

Client Focused Reforms:

The elimination of the DSC option will take effect on June 1, 2022. The Client Focused Reforms’ enhanced conflicts of interest provisions come into effect on June 30, 2021. As a result, there will be an overlap period of approximately 11 months between the effective date of the Client Focused Reforms’ enhanced conflicts of interest provisions and the effective date of the DSC ban. There will also be a five month overlap period between the effective date of the DSC ban and the Client Focused Reforms’ enhanced suitability provisions, including the requirement to put the client’s interest first, which come into effect on December 31, 2021.

In order to address any issues raised by the overlapping periods between the implementation of the enhanced conflicts of interest and “client first” suitability requirements of the Client Focused Reforms and the implementation of the DSC ban, the CSA jurisdictions (other than Ontario) have decided to grant relief from these enhanced standards in respect of sales of DSC products during the DSC transition period. To the extent that the final amendments to NI 81-105 to prohibit the DSC option in Ontario are approved in Ontario, the OSC is also supportive of similar blanket exemptive relief.

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Contents of Annexes

The text of the Amendments is contained in the following annexes to this notice and is available on the websites of OSC at www.osc.ca:

Annex A: Summary of Comments and Responses on the Proposed Amendments to National Instrument Mutual Fund Sales Practices and Related Consequential Amendments (September 13, 2018)

Annex B: Summary of Comments and Responses on the Proposed Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds (February 20, 2020)

Annex C: Local Amendments to National Instrument 81-105 Mutual Fund Sales Practices in Ontario

Annex D: Local Changes to Companion Policy 81-105 Mutual Fund Sales Practices in Ontario

Annex E: Local Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure in Ontario

Annex F: Local Changes to Companion Policy 81-101 Mutual Fund Prospectus Disclosure in Ontario

Annex G: Local Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations in Ontario

Annex H: Local Changes to Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations in Ontario

Questions Please refer your questions to any of the following: Stephen Paglia Manager, Investment Funds and Structured Products Branch Ontario Securities Commission (416) 593-2393 [email protected] Irene Lee Senior Legal Counsel, Investment Funds and Structured Products Branch Ontario Securities Commission (416) 593-3668 [email protected]

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ANNEX A

SUMMARY OF COMMENTS AND RESPONSES ON THE PROPOSED AMENDMENTS TO

NATIONAL INSTRUMENT 81-105 MUTUAL FUND SALES PRACTICES AND RELATED CONSEQUENTIAL AMENDMENTS (SEPTEMBER 13, 2018)

Table of Contents

PART TITLE

Part 1 Background

Part 2 General Comments

Part 3 Comments on Definition of "Member of the Organization"

Part 4 Comments on Repeal of Section 3.1 of NI 81-105

Part 5 Comments on Transition Period

Part 6 Comments on Regulatory Arbitrage

Part 7 Comments on Modernization of NI 81-105

Part 8 List of Commenters

Part 1 – Background

Summary of Comments On September 13, 2018, the Canadian Securities Administrators (the CSA) published for comment proposed amendments to NI 81-105 Mutual Fund Sales Practices (NI 81-105) and Companion Policy 81-105 Mutual Fund Sales Practices (81-105CP) and proposed consequential amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, including Form 81-101F1 Contents of Simplified Prospectus and Form 81-101F3 Contents of Fund Facts Document, and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (collectively, the Proposed Amendments). The purpose of the Proposed Amendments is to implement the CSA's policy response to the investor protection and market efficiency issues arising from the prevailing practice of investment fund managers remunerating dealers and their representatives for mutual fund sales through commissions, including sales and trailing commissions (embedded commissions). The Proposed Amendments:

• prohibit investment fund managers from paying upfront commissions to dealers, which results in the discontinuation of the DSC option (the DSC ban), and

• prohibit the payment of trailing commissions to dealers who are not subject to a suitability requirement, such as

dealers who do not provide investment recommendations, in connection with the distribution of prospectus qualified mutual fund securities (the OEO trailing commission ban).

On February 20, 2020, the Ontario Securities Commission (the OSC or we) published Ontario Securities Commission Notice and Request for Comment, Proposed Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Proposed Companion Policy 81-502 to Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Related Consequential Amendments (the Proposed Rule). Also on February 20, 2020, the CSA, with the exception of Ontario, published Multilateral CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices, Changes to Companion Policy 81-105CP to National Instrument 81-105 Mutual Fund Sales Practices and Changes to Companion Policy 81-101CP to National Instrument 81-101 Mutual Fund Prospectus Disclosure relating to Prohibition of Deferred Sales Charges for Investment Funds (the 2020 Multilateral CSA Notice)1. The amendments published in the 2020 Multilateral CSA Notice prohibit the payment by fund organizations of upfront sales commissions to dealers, which results in the discontinuation of all forms of the DSC option, including low-load options (the Multilateral DSC Ban). The Multilateral DSC Ban comes into force on June 1, 2022 in all CSA jurisdictions, except in Ontario.

1 https://www.bcsc.bc.ca/-/media/PWS/Resources/Securities_Law/Policies/Policy8/81105-CSA-Notice-February-20-2020pdf.

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On May 7, 2021, the OSC published OSC Staff Notice 81-731 Next Steps on Deferred Sales Charges to announce that the OSC will publish for adoption final amendments to prohibit the DSC option. The OSC also announced that the DSC ban in Ontario will come into force on June 1, 2022, to coincide with the in-force date of the Multilateral DSC Ban. We received 56 comment letters on the Proposed Amendments for a DSC ban and the commenters are listed in Part 8. We thank everyone who took the time to prepare and submit comment letters. This document contains a summary of the comments we received on the Proposed Amendments and our responses. We have considered the comments received, and in response to the comments, we have made some amendments (the Amendments) to the Proposed Amendments. With respect to the Proposed Rule, a summary of the comments and responses are provided in Annex B. With respect to the Proposed Amendments for an OEO trailing commission ban, a summary of the comments and the CSA’s responses were provided in the September 17, 2020 publication, CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments, Prohibition on Mutual Fund Trailing Commissions Where No Suitability Determination Was Required. 2

Part 2 – General Comments

Issue Comments Responses

DSC ban Investors and Investor Advocates Investors and investor advocates overwhelmingly support the immediate implementation of a DSC ban and rebut many of the industry stakeholder comments. Their key comments are:

• The DSC option is harmful to investors

and should be eliminated: Many investors and investor advocates submit that the DSC option benefits only the interests of investment fund managers and dealers at the expense of investor interests. The upfront commission payable on mutual fund sales made under the DSC option incents advisors to place investors in funds not based on performance or “fit” but rather based on anticipated compensation needs of the dealer/representative. The DSC option also allows investment fund managers to increase and/or maintain assets on which to charge a management fee. This increases the revenues to both dealers/representatives and investment fund manager to the detriment of investor outcomes;

• The current use of the DSC option is not

driven by investor choice but by dealer preference: Investor advocates submit that the current use of the DSC option is not driven by investor choice but by dealer/representative preference or acquired dependency on the upfront commission payment that DSC sales provide to finance their operations and grow a book of business. They submit that investors are generally not informed or not given a choice of several purchase options by their dealer/representative, but rather

We appreciate the support from the commenters. We continue to be of the view that the upfront sales commission payable by mutual fund organizations to dealers for mutual fund sales under the DSC option gives rise to a conflict of interest that can incentivize dealers and their representatives to make self-interested investment recommendations to the detriment of investor interests.

2 https://www.osc.ca/en/securities-law/instruments-rules-policies/8/81-105/csa-notice-amendments-national-instrument-81-105.

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have these choices limited and determined by the dealer/representative based on their revenue requirements. The DSC is an inferior choice that allows for the exploitation of less informed, less advised consumers, and that needs to be eliminated to improve the quality of advice. More choice does not necessarily mean better choice;

• Concerns that a DSC ban would limit

access to advice are overstated: Investor advocates remark that the DSC option was never created for any reason related to making advice available to more people, but rather was created to benefit mutual fund sellers because of investor resistance to transparent front-end commissions on mutual fund sales. Moreover, investor advocates state that industry comments regarding an advice gap for smaller investors

o gloss over the fact that an advice gap

already exists in Canada – i.e. many advisors are disinclined or unable to service small accounts, despite the current availability of the DSC option, and

o disregard or downplay innovations that have opened significant new avenues for serving small investors (e.g. no-load funds offered by banks, low-cost/trailing commission-free funds offered by direct sellers, robo-advisors);

• Good investor discipline should be

encouraged through quality advice rather than hardwired in a purchase option: Investors submit that the argument that the DSC should be maintained because it keeps investors invested when markets turn is not valid. It is the role of the representative to manage investor behavior. Good counselling and a well-constructed portfolio rather than a lock-in feature built into a purchase option, are the best defense against panic behavior.

DSC ban Industry Stakeholders The vast majority of industry stakeholders oppose the DSC ban for the following reasons:

• Concerns with the DSC can be addressed with existing tools and/or additional guidelines: Many industry stakeholders submit that the DSC option can be a viable and legitimate purchase option if used and regulated appropriately and that it has a role for certain investors, in particular those with smaller amounts to invest. They submit that regulatory

We do not agree that the regulatory concerns related to the DSC option arise only from the suitability of the investment recommendation. For example, redemption fees can raise investor

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concerns related to the DSC option arise from the suitability of the investment recommendation rather than the DSC option itself and that regulators must continue to enforce compliance with the suitability and disclosure obligations where registrants fail to comply.

• Chargeback model: In addition, some industry stakeholders suggest allowing the use of the DSC option only within established guidelines and to require dealers rather than investors to pay the redemption fee;

• Other market and regulatory changes are likely to impact the use of the DSC option: Many industry stakeholders remark that market forces and disrupters (e.g. robo-advisors, digital advisory solutions for dealers, ETFs, fee-based accounts) are driving changes independent of regulation and are prompting a steady decline in the use of the DSC option, which trend is expected to continue. Furthermore, the higher conduct standards proposed under the Client Focused Reforms, particularly the enhanced suitability requirement and expanded conflict of interest obligations as they relate to third-party compensation, are expected, if adopted, to further accelerate the decline in the use of the DSC option. Industry stakeholders recommend that the CSA provide guidance in the Client Focused Reforms establishing a set of best practices for the continued use of the DSC option in appropriate circumstances;

• DSC ban would give rise to unintended

consequences:

o Impact on investors:

protection concerns even when a proper suitability evaluation has been conducted. We refer you to CSA Notice 81-330 published on June 21, 2018 for an overview of the problematic registrant practices and investor harms we have identified in connection with the use of the DSC option. Requiring dealers, rather than investors, to pay redemption fees under the DSC option does not eliminate the conflict of interest which stems from the payment of an upfront commission. It also gives rise to a new conflict of interest as dealers may attempt to dissuade investors from making redemptions in order to avoid paying redemption fees. We acknowledge that the use of the DSC option has been in steady decline. With advances in industry innovation, Ontario investors have access to affordable investment options, including no-load funds and exchange-traded

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Reduce investor choice and access to advice: Many industry stakeholders submit that the DSC ban would limit choice for investors as to how they may acquire investment funds and pay for advice. Fewer choices of compensation models would limit access to financial advice, particularly for smaller investors, as it would encourage the growing tendency of dealer firms to focus on higher-net worth investors to maintain revenue levels;

Reduce investor discipline: Several industry stakeholders submit that smaller mutual fund investors may be deterred from investing under the front-end option (due to the front-end commissions payable from the purchase amount), and that this may consequently reduce savings rates. They also submit that the elimination of redemption fees further to the DSC ban may reduce investors’ motivation to invest for the long-term and may encourage “short-termism” and impulsive responses to market volatility;

funds that are available to investors of all account sizes. Ontario investors also have access to investment products and investment advice with more affordable and more transparent compensation models. We also expect that dealers will adapt their business models to continue serving the needs of a wide range of investors. We also expect that the impact of the ban on investor choice and access to advice will be limited as mutual funds with the DSC option have been in net redemptions since 2016 and had a total net outflow of $3.34 billion in Canada during 2020. During the same time, there was a total net inflow of $23 billion into mutual funds with no-load options.4 We are of the view that redemption fees are not the only or most cost-effective way for investors to discipline themselves. Dealer representatives can use other effective ways to encourage investor discipline. We also believe that the front-end option, which is a direct fee, does not present the same investor protection concerns as the DSC option. The research we have gathered and reviewed suggests that investors are more sensitive to salient upfront fees like front-end loads and are more likely to control such visible and salient fees that they must pay directly.

4 See page 65 of the Investor Economics Insight Report January 2021.

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o Impact on mutual fund dealers/advisors – impede recruitment and succession planning: Many industry stakeholders submit that the DSC ban would make it more difficult for new advisors to establish a book of business and may consequently impede advisor recruitment and succession planning. This is because newer advisors often rely on the upfront commissions that investment fund managers pay on DSC sales to establish themselves and afford the initial high cost of establishing a new business, whereas the more established advisors are often able to forego the upfront commission and instead live off of a steady flow of trailing commissions paid over several years;

o Impact on competition – favouring

the vertical/bank channel: Non-deposit taker mutual fund dealer firms and investment fund managers that utilize the DSC option submit that the DSC ban would further skew the competitive balance towards the larger, vertically-integrated firms that generally do not utilize the DSC. This could encourage further industry consolidation (i.e. banks’ continued acquisition of independent dealers), further consolidating market power in bank-owned entities, which would reduce choice and competition for investors;

• The DSC ban would not decrease

management expense ratios: Several investment fund managers disagree with the CSA’s stated expectation that the elimination of the DSC option would reduce management fees for mutual funds.3 They submit that there is not always a direct correlation between the upfront commission paid to dealers and the management fee charged by the investment fund manager. In their view, competitive pressures are a much greater factor in an investment fund manager’s decision to reduce management fees.

• Guidelines and restrictions on the sale

of DSC: One industry commenter proposed the following guidelines and restrictions on the sale of DSC: (a) enhanced disclosure of the DSC schedule that is acknowledged by the client, (b) one

The concern is noted. However, we expect that the DSC ban will encourage dealers to adapt their business models, which may involve establishing alternative remuneration models for new advisors. We also expect that dealers who currently offer the DSC option will adapt their business models to continue serving the needs of a wide range of investors. We expect that, since fund organizations will no longer incur the cost of financing upfront sales commissions to dealers on DSC mutual fund sales, the management fees charged to the mutual funds who previously offered the DSC option will be reduced in many cases. After considering the comments received to both the Proposed Amendments and the Proposed Rule to introduce restrictions on

3 In the CSA Notice and Request for Comment for the Proposed Amendments, the CSA stated: “We expect that, since fund organizations will no longer incur the

cost of financing upfront sales commissions to dealers on DSC mutual fund sales, the management fees charged to the mutual funds who previously offered the DSC option will be correspondingly reduced.”

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commission policy so once a DSC schedule has been completed on an account, the amount invested is not put into a new DSC schedule at the same dealer, (c) limit the use of DSC at ages which are appropriate to reduce the potential for these fees to be incurred, (d) limit the use of DSC to a client’s time horizon, and (e) require advisors to ensure clients consider establishing an emergency fund that is not subject to a DSC charge.

Given the Ontario government’s opposition to the proposed DSC ban, one investor advocate proposed that the following interim measures that would reduce, but not eliminate, investor harm, until a full ban can be implemented: (a) require written policies by dealers to detect and prevent mis-selling and churning of DSC funds, (b) tighten up suitability guidance from MFDA and IIROC, (c) cap the DSC redemption fee rate and schedule and allow 10% free redemption annually, (d) DSC money market funds should have 0% redemption fees and no redemption fee schedule, (e) prohibit sales of DSC when using leverage, (f) prohibit DSC sales to vulnerable investors, (g) one commission policy, (h) prohibit DSC funds in RRIF accounts, (i) no redemption fees in the event of fund mergers, (j) cap dealer switch fees for DSC funds, (k) waive DSC redemption fees in event of unitholder death, (l) separate Fund Facts for DSC funds, and (m) introduce standardized DSC acknowledgement form.

the use of the DSC option that are designed to mitigate potential negative investor outcomes, we have concluded that an outright ban on the DSC option is the best path forward.

Part 3 – Comments on the Definition of "Member of the Organization"

Issue Sub-Issue Comments Responses

1. Under the Proposed Amendments, we propose to expand the definition of "member of the organization" in NI 81-105 to capture an "associate", as defined under securities law, of the investment fund manager, of the principal distributor or the portfolio advisor of the mutual fund.

Only one comment was received with respect to the expansion of the definition of “member of the organization”. The commenter did not raise any objections.

We did expand the definition of “member of the organization” in NI 81-105 to capture an “associate”, consistent with the amendments published in the 2020 Multilateral DSC Notice.

(a) Aside from potential

One industry commenter commented that until the decision to eliminate the DSC option has

We did not to repeal paragraph (e) from the

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future modernization amendments contemplated further below, are there additional immediate changes or updates we should consider making to the definition? For example, would paragraph (e) of the definition still be relevant further to the elimination of the DSC option?

been finalized, any changes would not be recommended. The commenter did point out that paragraph (e) may be relevant should a dealer choose to pay the fund company the gross proceeds of an investor’s purchase and the fund company would deduct and send back to the dealer their sales commission as directed by the dealer. Another commenter noted that with the repeal of s.3.1 of NI 81-105, it would not make sense to maintain paragraph (e) of the definition of “member of the organization” and therefore paragraph (e) should be repealed. The commenter did not find any other changes to the definition to be necessary.

definition of “member of the organization”, consistent with the amendments published in the 2020 Multilateral DSC Notice.

Part 4 – Comments on Repeal of Section 3.1 of NI 81-105


2. Would the proposed repeal of section 3.1 of NI 81-105 have the expected effect of eliminating all forms of the DSC option? If not, what other measures should be taken to ensure that all forms of the DSC option are eliminated?

One commenter was of the opinion that no additional changes would be required to eliminate DSC. As section 3.1 authorized payments of commissions from fund companies to dealers, the conflicting element of the DSC would be eliminated. One investor advocate recommended specifically adding: "For greater clarity, the regulatory intent of these provisions is to prohibit any form of a deferred sales charge option for a mutual fund" in the final version of the Amendments.

We are of the view that the Amendments which will prohibit investment fund managers from paying upfront commissions to dealers, will result in the discontinuation of the DSC option.

3. Would there be any sales practices and/or compensation arrangements with a redemption fee schedule and redemption fee that could exist despite the repeal of section 3.1 of NI 81-105?

If so, are rule changes required to specifically

One industry commenter was of the view that a compensation arrangement could not continue to exist once the upfront commission was eliminated. Another commenter wrote that segregated funds would still exist with a DSC option as a compensation arrangement with a redemption fee schedule and redemption fee, despite the repeal of section 3.1 of NI 81-105. Further, regulatory arbitrage towards insurance registration is a significant risk that will negatively impact CSA registrant AUA/AUM, and financial stability.

We are of the view that the Amendments which will prohibit investment fund managers from paying upfront commissions to dealers, will result in the discontinuation of the DSC option.

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prohibit redemption fees that are charged for purposes other than to deter excessive or short-term trading in funds?

4. We do not expect that the repeal of section 3.1 of NI 81-105 will have any impact on the availability and use of other sales charge options, including the front-end load option as it currently exists today.

(a) Are there any unintended consequences on the front-end load option with the repeal of section 3.1 that we should consider?

One industry commenter commented that if dealers are not able to access the DSC option, they may be forced to increase their use of front-end sales charges in order to be adequately compensated for the advice and services they provide to their clients. Front-end sales charges reduce the amount of initial investment into a mutual fund, which could have long-term consequences for investors in the form of less savings. DSC was originally created so that investors would not have to pay an upfront sales charge and was the main reason that front-end sales charges declined in popularity. Prohibiting DSC would be a step backwards. Another commenter could not foresee any unintended consequences given that there is no payment from the fund company to the dealer but effectively a facilitation of a payment from the client to the dealer, which is specifically contemplated in the proposed s.4.1.2 of 81-105CP. One industry commenter wrote that the use of the DSC Option in an RDSP account allows the investor's funds to be fully invested from day one without incurring a direct sales charge, and since the grants and bonds are based on contributions to the account, this in turn can maximize grants and bonds that can be provided to the investor. In the absence of the DSC Option, the costs of servicing these types of accounts may rise, which will directly impact the investors who make use of this account. Another commenter wrote that an unintended consequence on the front-end load option would be an increasing shift to the use of funds with a higher front-end load, including those with a maximum charge of 5%. An industry commenter wrote that there are three significant unintended consequences. First, it will drive customers away from the independent advice distribution channel. Eliminating this option is not in the best interest of investors. Second, overall costs to investors will increase. Rather than have the possibility of incurring a sales charge under the DSC option, investors are likely to incur such a cost where some up-front compensation is needed for the investor to receive personal financial advice. Third, the front-end load option reduces the amount available to be invested by the customer.

We added section 4.1.2 of 81-105CP as proposed in the Proposed Amendments as it provides clarification that the front-end load option is not impacted by the Amendments to NI 81-105. We have re-numbered section 4.1.2 of 81-105CP as section 4.1.1 and changed the sub-heading from “Means of payment” to “Front-end load sales option” for clarity. We consider that the front-end load option to be a sales commission paid directly by the investor and not by the fund organization, and thus is not within the scope of NI 81-105. The research we have gathered and reviewed suggests that investors are more sensitive to salient upfront fees like front-end loads and are more likely to control such visible and salient fees that they must pay directly.

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(b) Are there any other types of sales charge options that will be impacted by repealing section 3.1?

Only one comment was received. The commenter could not foresee any other types of sales charge options being impacted.

We thank the commenter for their feedback.

Part 5 – Comments on Transition Period


5. A transition period of 1 year from the date of publication of the final amendments is sufficient time for registrants to operationalize the Proposed Amendments.

Are there any transitional issues for fund organizations and participating dealers with implementing the Proposed Amendments within the proposed 1-year transition period? If so, please provide details of the relevant operational, technological, systems, compensation arrangements or other significant business changes required, and the minimum amount of time reasonably required to operationalize those changes and comply with

DSC Ban – Many industry stakeholders submit that the 1-year transition period proposed for the implementation of the DSC ban should be extended to a minimum of 2 years, with some stakeholders proposing a transition of up to 3 years. The extra time is required to allow impacted dealers/advisors to change their business models to accommodate alternative compensation arrangements, including new internal compensation arrangements.5

The Amendments will come into force on June 1, 2022, to coincide with the in-force date of the Multilateral DSC Ban. We anticipate that the period between the publication of the Amendments and the Effective Date will provide sufficient time for dealer firms and representatives who currently make use of the DSC option to transition their practices and operational systems and processes. Further to the publication of the 2020 Multilateral CSA Notice, affected dealer firms and investment fund managers are already moving towards the implementation of a Multilateral DSC Ban.

5 Independent mutual fund dealers that participated in in-person consultations held in Québec submitted that the DSC ban may lead them to change the current

compensation arrangements with their senior advisors to reduce their payouts (generally around 80% of the commissions paid by the investment fund manager) in order to increase the compensation of new advisors. This would take time as it would require an important change in culture, a new way to work in a team (senior advisors and new advisors) and negotiations with the impacted senior advisors.

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the Proposed Amendments.

6. With the implementation of the Proposed Amendments, would the required changes to the disclosure in the simplified prospectus and fund facts documents within the proposed 1-year transition period necessitate amendments outside of a mutual fund's prospectus renewal period? Would these changes be considered to be material changes under NI 81-106?

One commenter expressed that the Proposed Amendments would constitute a material change for the mutual fund depending upon the specific facts applicable to each fund organization. For example, if the final rule results in the capping of, or the ceasing to offer, a specific series, it may constitute a material change. As a result, the final rule should provide a mechanism to permit revised disclosure to be included in the next prospectus renewal with a future effective date indicated. Finally, disclosure of the DSC option would have to be included in fund offering documents until the final redemption schedule runs out to address disclosure for those investors who purchased under the DSC option and switch to another fund within the same fund family. The fund offering documents would have to indicate that the DSC option is not available for new purchases. Other commenters agreed that this would necessitate amendments outside of a mutual fund’s prospectus renewal period and that these changes would be considered material under NI 81-106. Making amendments outside of the prospectus renewal schedule will be expensive, with unitholders ultimately bearing that expense. Another commenter noted that there may be diverging practices in the context of the NI 81-105 amendments and it would be in the best interests of clients if the regulators state whether an amendment is required. The commenter felt that amendments should not be required and that one year would generally be sufficient to change the prospectus and Fund Facts documents.

As discussed in the accompanying OSC Notice, we take the view that the discontinuance of the DSC option would be a material change as defined in National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106). In such cases, amendments to both the simplified prospectus and fund facts documents would be required to indicate that the DSC option is no longer available. In lieu of such amendments, prospectuses and fund facts documents receipted prior to the Effective Date may provide disclosure indicating that the DSC option will not be available as of the Effective Date. The simplified prospectus form requirements require disclosure of sales options available for purchase. While fund managers may opt to continue to include disclosure about the DSC option in fund offering documents until the final redemption schedule runs out, it is not a simplified prospectus form requirement. However, fund managers may choose to include this information on their website for the benefit of investors who have previously purchased the funds under this option.

7. At this time, the CSA is allowing

Several commenters did not support requiring existing DSC holdings to be converted to the

We agree with commenters that mutual

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redemption schedules on existing DSC holdings as of the effective date of the Proposed Amendments to run their course until their scheduled expiry, and fund organizations to continue charging redemption fees on those existing holdings that are redeemed prior to the expiry of the applicable redemption schedule. Should the CSA propose amendments to require existing DSC holdings as of the effective date of the Proposed Amendments to be converted to the front-end load option or other sales charge option?

If so, are there any transitional issues for fund organizations and participating dealers with converting existing DSC holdings to another sales charge option? What would be an appropriate transition period?

front-end load option or sales charge option and requested that the DSC schedules of existing holdings should be allowed to run to maturity. By proposing amendments to convert DSC holdings earlier than their normal redemption schedule, the CSA would be interfering with the commercial arrangement that was established between investment fund managers, dealers and investors at the time the mutual fund units were purchased by the investor. Other commenters supported allowing redemption schedules to run their course and indicated that redemption charges should still apply even if regulations require a quicker transition out of DSC fund units. They noted that the economics of the compensation arrangement have already been agreed to and should not be changed by regulatory intervention. This would be consistent with the approach taken by the UK Financial Conduct Authority as part of its Retail Distribution Review. One commenter stated that for clients that are invested in a mutual fund with a DSC, additional time may be required for clients to complete the redemption schedule without paying the DSC charge if they were forced to switch to another purchase option due to the Proposed Amendments. The commenter felt that there should also be guidance regarding transfers-in of holdings from other dealers in the Proposed Amendments for clarity. One commenter indicated that if a switch to front-end is required immediately, it would be unfair to not permit the fund manager to charge any redemption fee. One investor advocate wrote that switching to F class (or equivalent) should take place on a no cost, tax-free basis no later than the effective date. Switching should actually take place now given the financial harm that investors are enduring. The downside of a conversion is that the fund assets would be subject to higher trailing commission after conversion, unless offset by a reduced MER.

fund investments purchased under the DSC option prior to the Effective Date will not have to be converted to the front-end load option or other sales charge option. Instead, the redemption schedules on those existing DSC holdings as of the Effective Date would be allowed to run their course until their scheduled expiry. Fund organizations would therefore be allowed to charge redemption fees on those existing holdings that are redeemed prior to the expiry of the applicable redemption schedule.

Part 6 – Comments on Regulatory Arbitrage


8. We understand that the elimination of the DSC option may give rise to the risk of regulatory arbitrage to similar

Many industry stakeholders commented that the DSC ban would encourage regulatory arbitrage to similar non-securities financial products, such

We did not receive any comments on controls and processes that

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non-securities financial products, such as segregated funds, where such purchase option and its associated dealer compensation are still available. Please provide your thoughts on controls and processes that registrants may consider using, and on specific measures or initiatives that the relevant regulators should undertake, to mitigate this risk.

as segregated funds, where the DSC option is still available, and that the CSA should liaise with other financial regulators before proceeding with any policy initiative that will cause a difference in treatment among similar retail investors.

registrants may consider using, or on specific measures or initiatives that the relevant regulators should undertake, to mitigate the risk of regulatory arbitrage. Accordingly, the Amendments do not propose any specific measures or initiatives in this respect.

Part 7 – Comments on Modernization of NI 81-105


9. CSA may consider future amendments to modernize NI 81-105, an instrument that has been in place since May 1998. Given that NI 81-105 aims to restrict compensation arrangements that can conflict with registrants' fundamental obligations to their investor clients, and given that the proposed Client Focused Reforms introduce the requirement for registrants to address conflicts of interests, including conflicts arising from third-party compensation, in the best interests of clients or avoid them, should the modernization of NI 81-105 entail a consolidation of its requirements into the registrant conduct obligations of NI 31-103?

Several commenters were of the view that although NI 81-105 should be modernized and updated, it is not necessary to consolidate it into the registrant conduct obligations of NI 31-103, as it would be potentially confusing. Some industry commenters recommended that the CSA finalize their amendments to NI 31-103 and allow this NI 81-105 consultation to run its course before entertaining any ideas of consolidation of, or further change to, the National Instruments. Industry will require time and resources to implement the final amendments and the CSA will require time to assess the efficacy of the amendments prior to undertaking another consultation of these National Instruments. A few commenters opposed the consolidation of NI 81-105 requirements into NI 31-103. One commenter indicated that NI 81-105 is designated specifically for retail-oriented mutual funds and provides simplicity by having the requirements contained in one National Instrument focused on this specific product. Given the detail and length of NI 31-103 and 31-103CP, including NI 81-105 would create undue complexity and confusion for industry participants. One commenter expressed that although the current Proposed Amendments do not affect Section 5.4, the CSA should revisit these restrictions and move away from naming specific providers (i.e., IFIC and the IDA), and requiring exemptive relief. Other commenters indicated that NI 81-105 should represent a comprehensive code for compensation arrangements, even if there is duplication of other National Instruments. Payments that are substantively similar to those that are proposed to be discontinued should also be terminated to ensure consistent and fair competitive dynamics and investor choice. In addition, the CSA should work with their

We thank commenters for their feedback. These comments will be taken in consideration should the CSA decide to modernize NI 81-105 at a future date.

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insurance and other counterparts to view segregated funds and the universal life portion of insurance policies. Regulators may also wish to examine in more detail the compensation practices and benefits provided to scholarship plan dealers. One investor advocate expressed that NI 31-103 and NI 81-105 are intertwined so a consolidation into NI 31-103 makes sense. Without consolidation, if there is a conflict between the NI 31-103 and NI 81-105, then NI 31-103 should have precedence.

10. NI 81-105 currently applies only to the distribution of prospectus qualified mutual funds. In our view, the conflicts arising from sales practices and compensation arrangements that are addressed by the provisions in NI 81-105 are not unique to the distribution of prospectus qualified mutual funds and also arise in the distribution of other investment products, either sold under a prospectus or a prospectus exemption. Are there other types of investment products that are not currently subject to NI 81-105, such as non-redeemable investment funds, certain labour-sponsored investment funds, structured notes and pooled funds that should also be subject to NI 81-105? If not, why should these investment products, their investment fund managers and the dealers that distribute them, remain outside the scope of NI 81-105?

One commenter was of the view that the scope of NI 81-105 should not be extended to include alternative investment products. The types of investors who purchase non-prospectus offered alternative investment products, including non-redeemable investment funds, are sophisticated investors who understand the terms of their investments and are given the opportunity to negotiate the terms of the offering. Also, alternative investment funds typically rely on relationship-based investing with their clients and distribute their own investment product. If the CSA were to extend the scope of NI 81-105 to include non-prospectus offered alternative investment products, it would be departing from the approach that it has historically taken even though the rationale for regulating them differently than mutual fund securities distributed pursuant to a prospectus or simplified prospectus will not have changed. Another industry commenter also agreed that exempt products should remain outside the scope of NI 81-105, as the industry needs to maintain some sort of compensation structure for those selling these higher-risk products. Private capital raises for new and existing businesses that drive employment, technology and innovation are needed for these firms to succeed. The elimination of up-front compensation for exempt market product sales would effectively eliminate this form of capital raising. Two industry commenters wrote that pooled funds should not be subject to NI 81-105. These types of products are sold pursuant to prospectus exemption and are not subject to other mutual fund rules such as National Instrument 81-101 – Mutual Fund Prospectus Disclosure, National Instrument 81-102 – Investment Funds or National Instrument 81-107 – Independent Review Committee for Investment Funds. Further, Client Focused Reforms seem to enhance the existing conflict of interest obligations in a manner which would capture any concerns associated with the sale of other types of investment products.


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Some industry commenters were of the view that it is unnecessary to have products such as structured notes and pooled funds included in NI 81-105. For IIROC firms, most of these products are portfolio managed, discretionary solutions predominantly aimed at higher net worth clients. As such, these portfolio managed services and products are not usually purchased by middle income Canadians, the key investors that both the Client Focused Reforms and the Proposed Amendments are designed to protect. Furthermore, costs of offering these products will likely increase if more regulatory requirements are placed upon them. Another commenter noted that it may be useful to consider expanding the scope to other public funds, but only after consultation and research into industry practice in conjunction with a complete review and modernization of NI 81-105. It should not be expanded to private pool funds at this time, unless the CSA determine that, after carrying out research and consultation, the same concerns about sales practices exist in respect of pooled funds, as for public mutual funds. One industry commenter wrote that the CSA should consider separately managed accounts (SMAs) and unified managed accounts (UMAs) as they are considered fee-based accounts and are becoming increasingly popular, particularly among the banks. They are not subject to the same disclosure requirements as mutual funds and there is little disclosure of the performance of these accounts, although investors do receive reporting after they buy these products. There is also no publicly available price information about these products. Investors may not be aware that a higher portion of the fee goes towards advisor compensation than the commissions on a mutual fund. Rather, SMAs and UMAs are typically pitched as cheaper and superior alternatives to mutual funds, but in many cases, they are not. Another commenter indicated that the goal should be to regulate products that are either mutual-fund-like or that are sold alongside mutual funds by the same representatives in the same manner as mutual funds. Another commenter suggested that NI 81-105 should apply more broadly to include other investment products, not just prospectus qualified mutual funds. New types of investment products have been developed since NI 81-105 was adopted in 1998, and they should be subject to similar controls on sales practices and other arrangements if they are not captured elsewhere. However, this should be part of an overall review that would seek to modernize the instrument and reduce the burden of overly prescriptive requirements.

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One industry commenter suggested that ETFs should be brought within the scope of NI 81-105.

11. We seek feedback on whether we should change the term "trailing commission" to a plain language term that investors would better understand and would better describe what a trailing commission is. If so, what are some suggested terms?

One industry commenter opposed changing the term “trailing commission” because the current term is appropriate because a trailing commission trails after the advisor after the sale. Other commenters also opposed changing the term “trailing commission” and pointed out that term is used in a number of documents including compliance manuals, in prospectuses, Fund Facts documents and CRM2 reporting. Changing the term would result in unnecessary costs to revise the disclosure and reporting documents with no demonstrable benefit. Introducing a new term may only increase client confusion as it may raise questions as to whether it is a new fee. Consistency and continuity of the term helps to provide clarity. One commenter indicated that there has been much discussion of trailing commissions in the media so it is a fair assumption that investors understand the term generally. Another commenter strongly opposed the proposed definition for NI 81-105 in section 1.1. The commenter suggested that the definition of trailing commission should capture what the investor is specifically paying for and should not justify payments by an investor for continuing to hold the fund but not receiving any services or advice in respect of continuing to own the fund. One commenter suggested that an explanation be provided alongside the term “trailing commission”, and/or redirect investors to where more explicit information is available. Broadening the definition to include any services provided to the client, not limited to advice, will require clear language so firms and advisors understand what “services” are (or are not) captured as a trailing commission. Some commenters were open to the CSA’s efforts to improve consumer understanding of fees. One commenter suggested the term “ongoing annual commission” – or something similar. Another commenter suggested “service fee” or “advice fee” and another suggested “perpetual sales charge” or “ongoing sales charge” to help investors understand that the size of the fee grows at a compound rate. One investor advocate suggested the terms “distribution commission” or “service charge” but noted that any terminology employed would require investor testing. The commenter also suggested amending the definition to: A trailing commission is any payment by a mutual fund company to an investment dealer that is part of a


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continuing series of payments directly related to a client's ownership of a mutual fund.

12. The definition of "participating dealer" in NI 81-102 carves out a principal distributor. As a result, principal distributors are not subject to the provisions of NI 81-105 that apply to participating dealers. Should the modernization of NI 81-105 contemplate the inclusion of principal distributors in the application of all the provisions of NI 81-105? Alternatively, are there specific provisions in NI 81-105 that should also apply to principal distributors? Please explain.

Two industry commenters commented that the conflicts around payments by fund managers to participating dealers that NI 81-105 is designed to moderate are not as apparent in connection with principal distributors. Any decisions to expand or change NI 81- 105 should only be done in conjunction with a complete review of its terms and provisions with a view to modernizing it. One commenter wrote that the prohibition on the payment of trailing commissions where no suitability determination is made should apply to principal distributors as well as participating dealers; otherwise, dealers that are principal distributors would have an unfair advantage over participating dealers. Also, OEO dealers could become principal distributors of mutual funds offered by an affiliated investment fund manager in order to receive trailing commissions. Two industry commenters supported expanding the scope of NI 81-105 to include principal distributors to ensure a level playing field as dealers engaging in similar forms of activities should fall under similar regulations. Integrated financial institutions involved in both the manufacturing and distribution of a mutual fund product should not be exempt from the requirements applicable to third party dealers.


Part 8 – List of Commenters

Commenters

• Advocis, The Financial Advisors Association of Canada • AGF Investments Inc. • Alternative Management Association • Association Professionnelle des Conseillers en Services Financiers • Blanes, Alan • Boom, Mary • Borden Ladner Gervais LLP • CARP • Clark, Keir • Durnin, James S. • Dusmet, Tom • Elford, Larry • Elliot, Ruth • FAIR Canada • Federation of Mutual Fund Dealers • Fidelity Investment Canada • Fieldstone, David • Financial Planning Standards Council • Finandicap Inc. • Franklin Templeton Investments Corp. • Glick, Isaac • Gosselin, Eric F. • Groupe Cloutier Investissements • HighView Asset Management Ltd.

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• Independent Financial Brokers of Canada • Invesco Canada Ltd. • Investment Industry Association of Canada • Jagdeo, Millie • Kenmar Associates • Kivenko, Ken • Le Groupe financier PEAK • Loeppky, Bruce • MacDonald, James Richard • Mackenzie Financial Corporation • McFadden, D. • Merici Services Financiers Inc. • MICA Capital Inc. • Mouvement Desjardins • Naglie, Harvey • National Bank of Canada • OSC Investor Advisory Panel • Portelance, Eric • Portfolio Strategies Corporation • Pozgaj, Steve • Primerica Financial Services (Canada) Ltd. • RBC Entities • Rosen, Yegal • Ross, Art • Stenzler, Gary • TD Wealth • The Canadian Advocacy Council for Canadian CFA Institute Societies • The Investment Fund Institute of Canada • The Portfolio Management Association of Canada • The Small Investor Protection Association • Whitehouse, Peter

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ANNEX B

SUMMARY OF COMMENTS AND RESPONSES ON THE PROPOSED ONTARIO SECURITIES COMMISSION RULE 81-502

RESTRICTIONS ON THE USE OF THE DEFERRED SALES CHARGE OPTION FOR MUTUAL FUNDS (FEBRUARY 20, 2020)

Table of Contents

PART TITLE

Part 1 Background

Part 2 General Comments

Part 3 Comments on Proposed Investment Fund Manager Restrictions on the Use of the DSC Option

Part 4 Comments on Proposed Dealer Restrictions on the Use of the DSC Option

Part 5 Comments on Transition Period

Part 6 Comments on Anticipated Costs and Benefits

Part 7 List of Commenters

Part 1 – Background

Summary of Comments On September 13, 2018, the Canadian Securities Administrators (the CSA) published for comment proposed amendments to NI 81-105 Mutual Fund Sales Practices (NI 81-105) and Companion Policy 81-105 Mutual Fund Sales Practices (81-105CP) and proposed consequential amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, including Form 81-101F1 Contents of Simplified Prospectus and Form 81-101F3 Contents of Fund Facts Document, and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (collectively, the Proposed Amendments). The purpose of the Proposed Amendments is to implement the CSA's policy response to the investor protection and market efficiency issues arising from the prevailing practice of investment fund managers (IFMs) remunerating dealers and their representatives for mutual fund sales through commissions, including sales and trailing commissions (embedded commissions). The Proposed Amendments:

• prohibit investment fund managers from paying upfront commissions to dealers, which results in the discontinuation of the DSC option (the DSC ban), and

• prohibit the payment of trailing commissions to dealers who are not subject to a suitability requirement, such as dealers who do not provide investment recommendations, in connection with the distribution of prospectus qualified mutual fund securities (the OEO trailing commission ban).

On February 20, 2020, the Ontario Securities Commission (the OSC or we) published Ontario Securities Commission Notice and Request for Comment, Proposed Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Proposed Companion Policy 81-502 to Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Related Consequential Amendments (the Proposed Rule). Also on February 20, 2020, the CSA, with the exception of Ontario, published Multilateral CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices, Changes to Companion Policy 81-105CP to National Instrument 81-105 Mutual Fund Sales Practices and Changes to Companion Policy 81-101CP to National Instrument 81-101 Mutual Fund Prospectus Disclosure relating to Prohibition of Deferred Sales Charges for Investment Funds (the 2020 Multilateral CSA Notice)1. The amendments published in the 2020 Multilateral CSA Notice prohibit the payment by fund organizations of upfront sales commissions to dealers, which results in the discontinuation of all forms of the DSC option, including low-load options (the Multilateral DSC Ban). The Multilateral DSC Ban comes into force on June 1, 2022 in all CSA jurisdictions, except in Ontario.

1 https://www.bcsc.bc.ca/-/media/PWS/Resources/Securities_Law/Policies/Policy8/81105-CSA-Notice-February-20-2020pdf.

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On May 7, 2021, the OSC published OSC Staff Notice 81-731 Next Steps on Deferred Sales Charges to announce that the OSC will publish for adoption final amendments to prohibit the DSC option. The OSC also announced that the DSC ban in Ontario will come into force on June 1, 2022, to coincide with the in-force date of the Multilateral DSC Ban. We received 34 comment letters on the Proposed Rule and the commenters are listed in Part 7. We thank everyone who took the time to prepare and submit comment letters. This document contains a summary of the comments we received on the Proposed Rule and our responses. With respect to the Proposed Amendments for a DSC ban, a summary of the comments and responses are provided in Annex A. With respect to the Proposed Amendments for an OEO trailing commission ban, a summary of the comments and the CSA’s responses were provided in the September 17, 2020 publication, CSA Notice of Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments, Prohibition on Mutual Fund Trailing Commissions Where No Suitability Determination Was Required. 2

Part 2 – General Comments


The Proposed Rule Overall, the majority of commenters were supportive of adopting the proposed restrictions on the use of the DSC option. The majority of commenters advocated for a complete ban of DSCs and urged the OSC to harmonize with the CSA. The remaining commenters advocated in favour of retaining DSCs and most expressed support for the Proposed Rule with some recommended modifications. The commenters that advocated for a complete ban noted that, while the Proposed Rule may reduce the most egregious sales practices, the continued use of DSCs will still result in some abused investors. Several commenters pointed out that there are practical issues related to permitting the sale of DSCs in Ontario and not in other Canadian jurisdictions. The Proposed Rule creates a 2-tiered regulatory approach and leaves advisors and firms in Ontario, or advisors and firms servicing Ontario-based clients from other jurisdictions, at risk of inadvertent errors. The absence of a harmonized solution to regulate the use of DSCs will ultimately raise costs to investors and regulatory burden for Ontario IFMs and will not be an optimal long-term solution in the best interests of Canadian investors. One commenter noted that the lack of national application and other aspects of the Proposed Rule make it costly, difficult to implement and burdensome to monitor, thereby increasing market inefficiency.

We appreciate the support from the commenters on the Proposed Rule, who overwhelmingly expressed support for a harmonized DSC ban. We continue to be of the view that the upfront sales commission payable by mutual fund organizations to dealers for mutual fund sales under the DSC option gives rise to a conflict of interest that can incentivize dealers and their representatives to make self-interested investment recommendations to the detriment of investor interests. This view is shared by a number of commenters on the Proposed Rule and on the Proposed Amendments.

2 https://www.osc.ca/en/securities-law/instruments-rules-policies/8/81-105/csa-notice-amendments-national-instrument-81-105.

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Commenters in favour of retaining DSCs advocated to preserve consumer choice. Commenters noted that the Proposed Rule will likely reduce the ability of investors to receive advice from independent dealers and advisors. One commenter noted that limiting choice has a high cost that is sometimes not quantifiable but is not in the interest of investors. One industry association noted that the Proposed Rule is silent on what is expected when a client moves from Ontario to another CSA jurisdiction where DSCs will not be permitted; it would be unfair to the investor if they were forced to redeem early and were penalized as a result. The majority of commenters were supportive of adopting the Proposed Rule, and some provided suggested modifications. One commenter indicated that the Proposed Rule was not necessary. Investors and Investor Advocate Groups All of the investors and all of the investor advocate groups were supportive of a complete and outright DSC ban for investment funds. Industry Associations Two industry associations were also supportive of a complete DSC ban, while four industry associations opposed it. Industry Stakeholders Four industry stakeholders were supportive of a complete DSC ban including one industry stakeholder who supported the Proposed Rule as an alternative, and five industry stakeholders opposed it. Other Commenters One law firm and a service provider were supportive of a complete DSC ban. Another law firm remained neutral.

Part 3 – Proposed Investment Fund Manager Restrictions on the Use of the DSC Option


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1. Section 3(a)(i) – Maximum term of DSC redemption fee schedule limited to 3 years

One investor and one investor advocate group noted that shortening the maximum term of the redemption schedule to 3 years will reduce but not eliminate harm particularly for retail investors. One industry association commented that reducing the redemption schedule to 3 years negates a mutual fund’s buy and hold strategy and ignores the industry practice of an advisor paying the client’s redemption fee, depending upon the reasons for the withdrawal. One IFM suggested creating both a 3-year, and a 5-year option. Allowing two redemption schedules to continue to exist will hopefully retain the number of advisors who could service investors with smaller asset levels and will more adequately align with the choice usually afforded to investors to choose within “typical” investment time horizons. One dealer firm also suggested increasing the redemption schedule to 5 years. It noted that regulatory concerns related to the DSC “lock-in” feature arise from the suitability of the investment recommendation rather than the redemption schedule itself. Another IFM commented that the combination of the 3-year term limit and the small account size restriction will likely result in dealers and advisors abandoning DSC altogether.

We thank commenters for their feedback on the proposed investment fund manager restrictions on the use of the DSC option in the Proposed Rule.

2. Section 3(a)(ii) – Clients can redeem 10% of the number of mutual fund securities without redemption fees annually, on a cumulative basis

One investor advocate group commented that this proposal only codifies existing industry practice. It is unclear what new or additional impact this would have on investor protection and reducing the harms due to the “lock-in” effects of redemption fees. It recommends that the threshold for withdrawal without redemption fees in the Proposed Rule should be increased to 20% per year from 10%. One law firm commented that this proposal is reasonable and agreed that it should be a cumulative entitlement. The commenter also noted that every IFM that offers the DSC option already allows an investor to redeem 10% of the value of their investment subject to DSC annually without redemption fees. One dealer firm commented that being able to redeem 10% will have little

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impact and will negatively hurt investors’ net performance. One industry association commented that guidance needs to be provided on how the IFMs should perform the calculation. Is it the frame of reference for calculating the amount that can be redeemed without charge based only on the initial investment only? The calculation can become complicated if: (a) the investor makes subsequent,

new investments within the account threshold of s. 3(b)(ii),

(b) the investor subscribes to

dividend reinvestment plans (DRIPs) or pre-authorized contribution plans, and

(c) the fluctuations in unit price/net

asset value over time, if not explicitly basing the calculation on the t=0 price.

If the penalty-free redemption for any given year is based on the number of units, is that number the average number of units held by the investor through the year (dollar or time weighted), the number held at the year’s start, or the units held at year end? One IFM commented that there should be flexibility for IFMs to determine how to apply the calculation. One industry association suggested that the calculation be changed to reflect the value of the securities as at the end of the prior calendar year. Another industry association commented that the beneficial impact of the cumulative 10% ‘free’ should be applied to the current redemption schedule of up to 7 years, rather than reducing the redemption schedule to a maximum of 3 years.

3. Section 3(a)(iii) – Separate DSC Series

On January 10, 2017, the Canadian Securities Authorities (the CSA) published for comment CSA Consultation Paper 81-408 Consultation on the Option of Discontinuing Embedded Commissions (the Consultation Paper). The

Agree Two investor advocate groups, two investors, three industry stakeholders and another commenter supported mandating a separate DSC series. One investor advocate group and one dealer firm commented that this should result in lower MERs for standalone, no-load/front-end load sales charge

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Consultation Paper stated that some investors may indirectly subsidize certain dealer compensation costs that are not attributable to their investment in the fund, which means they indirectly pay excess fees.3 As an example of this “cross-subsidization”, the Consultation Paper made reference to the financing costs incurred by investment fund managers in connection with the payment of the upfront commission to dealers that is typically associated with the DSC sales charge option. This financial cost could be embedded in a mutual fund’s management fee, which would result in some investors in a fund, such as the front-end load investors, cross-subsidizing the costs attributable to DSC investors in the fund. As a result, we are proposing to require the DSC sales charge option to be included in a separate series of the fund, which would have its own management fee. We note that some investment fund managers already use this practice. Do you agree that mandating a separate DSC series will help in curtailing the cross-subsidization of the costs attributable to DSC investors? Why or why not?

series. The investor advocate group noted that, as a result, the dealer would be required to justify the sale of a more expensive DSC fund with redemption restrictions over a lower cost series no-load fund (or a front-end load fund with 0% front-end load) with no redemption restrictions. One investor and one investor advocate group commented that separate series for DSC will increase the MER. Any upfront payments would have to be amortized over the three-year period over the number of units in the DSC series. This would make recommending a DSC more unjustifiable. This measure should be taken as an absolute minimum. A separate Fund Facts document should also be required. Neutral One investor advocate group acknowledged that a separate DSC series may help curtail cross-subsidization, however the OSC should weigh the benefit to investors against the additional costs of a separate DSC series that may be passed on to investors. Disagree One law firm, three industry associations, and three industry stakeholders did not support mandating a separate DSC series. One law firm noted that the concept of cross subsidization is inherent to pooled investing. Typically, cross-subsidization is thought of in terms of operating expenses, not management fees. In that sense, fund operating expenses may include expenses that benefit some investors but not others. If investors were to be charged separately for each expense from which they benefit, or if a separate series was required in each case, it would become overly complex and potentially uneconomic to offer these services and benefits. The Proposed Rule encourages an IFM to indirectly charge the fund for distribution expenses. Three industry stakeholders, one law firm and one industry association

3 See page 13, https://www.osc.gov.on.ca/documents/en/Securities-Category8/sn_20170110_81-408_consultation-discontinuing-embedded-commissions.pdf.

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commented that the costs of launching and operating a new fund or separate series are significant and likely to be passed on to investors in the form of higher management fees, regardless of which series or compensation model is selected. Additional resources at the fund level would be required for implementation and ongoing monitoring and compliance; for example, the regulatory prospectus filing fees are based on the series and not on the fund, which would increase the fees payable. There would be additional costs for fund administration and auditing, and the need to update and file additional disclosure for the series, such as Fund Facts, would require additional compliance resources. Additional training, enhanced KYC and suitability review at account opening and on-going monitoring of the client account would also be required at the dealer level. Therefore, the overall costs of running and distributing the funds is likely to increase. These costs will be disproportionately borne by the smaller investors that are typically put into DSC products. One industry association and one IFM commented that it is not clear that cross-subsidization is occurring nor is it clear that separating the DSC to a different series will meaningfully curtail any cross-subsidization. IFMs have priced their product offerings through the management fees and finance the cost of the DSC option from the management fee revenue they earn. There is no additional cost borne by the mutual fund or its securityholders. To the extent that any cross-subsidization exists, it would exist across all financial services compensation models where the revenues generated by one client exceed those generated by another. For example, accounts with higher balances produce higher margins than accounts with lower balances. There is no cross-subsidization of investors who purchase under the DSC option by investors who purchase on a no-load or front-end sales charge basis. Two industry stakeholders commented that there is no evidence to suggest that cross-subsidization of costs due to the DSC model itself is overly problematic or material to the management fees being charged. A significant portion of the cost of financing up front commissions in the

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DSC model is borne by investment dealers through an arrangement whereby, in exchange for an up-front commission from the IFM, the dealer agrees to a 50% reduction in trailing commission from the IFM during the sales charge period. The impact on fund costs is negligible.

Part 4 – Proposed Dealer Restrictions on the Use of the DSC Option


1. Section 3(b)(i) of the Proposed Rule – No sales of the DSC option to clients aged 60 and over

One investor advocate group commented that the restrictions should be expanded to include vulnerable clients including retirees, recent immigrants, veterans, clients who are drawing income immediately or within the redemption schedule, clients with a large debt load and clients with a drug addiction or are institutionalized. Two industry associations and one investor advocate group commented that the restrictions should be expanded to those who may have reduced financial decision-making capabilities, mental health concerns or cognitive impairments. One commenter noted that investors with terminal illnesses or medical conditions with a life expectancy shorter than the redemption schedule should also be included in the restriction. Another investor advocate group, one IFM and an investor commented that DSCs should not be sold to young investors as they could equally be negatively impacted. Two industry associations commented that the restriction of 60 years of age appears to be somewhat arbitrary and inconsistent with the definition of a senior used in the OSC’s Seniors Strategy (age 65). One IFM commented that there is no rationale why age 60 is the last year that investors can purchase DSC. One industry association, one law firm and three industry stakeholders noted that the age limitation under the Proposed Rule is too low. Age 65 is a hallmark of retirement and is the age at which Canadians can typically access full government retirement benefits. The commenter asked how pre-authorized contribution plans set up before a client turns 60 (or 65) should

We thank commenters for their feedback on the proposed dealer restrictions on the use of the DSC option in the Proposed Rule.

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be handled once the client turns 60 (or 65) years of age. One industry association asked for clarification in the application of this rule in situations where the client/account owner is not the same person as the account beneficiary or is not the sole beneficiary. Examples of the former would include RESPs and spousal RRSPs, and an example of the latter would be joint accounts. In the former case, the age of the beneficiary is more relevant to assessing the timeframe for the intended use of the funds (and consequently, the suitability of the DSC option in that beneficial situation). In the latter case, at a minimum, the OSC should consider using the average of the joint beneficiaries’ ages when applying the maximum age restriction. Further, the OSC should add additional details regarding its expectations for how non-natural clients can be serviced under the Proposal.

2. Section 3(b)(ii) of the Proposed Rule – Maximum client account size of $50k

Three investor advocate groups, one industry association, one law firm and two industry stakeholders commented that while the restriction safeguards investors with large accounts from the harm of DSCs, it does not extend the same protection to smaller investors, who may well be more vulnerable. Clients with the lowest amount of money can’t afford to have fees impacting their returns. They also may require access to the funds at different times and will be penalized. Many dealers/brokers have actively moved away from accepting small accounts already. One IFM supported this restriction on the condition that new DSC purchases result in a maximum upfront commission payment of 3%; implying a maximum commission of $1,500 up front (max $50k of purchases x 3%). A 3% maximum commission rate will limit the potential for abuse. Two industry associations and three industry stakeholders recommended increasing the account size maximum to $100,000 to permit modest investors to continue to benefit from the DSC option where appropriate. One investor advocate group, one IFM and two industry associations commented that the restriction based

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on account size is unclear. Does it apply to all accounts (RRSP, TFSA, margin) in total or does it apply to each account? It is assumed it applies to the aggregate dollar amount invested with the dealer. The effect of this restriction will be to limit sale to those with modest amounts to invest. Two industry associations, one investor advocate group and one law firm noted that guidance should include a provision that dealers should not be permitted to circumvent regulatory intent by opening multiple client accounts. One industry association opposed this restriction and commented that it will render the DSC option not economically viable. The effect will be nearly the same as if Ontario had banned DSCs. With the new maximum 3-year redemption schedule, the upfront commission paid by the investment fund for the DSC option is likely to be 3%.

3. Section 3(b)(iii) of the Proposed Rule – No sales of the DSC option to clients whose investment time horizon is shorter than the DSC schedule

One industry association commented that this appears to codify current suitability practices as a dealer should not allow a trade where the client’s time horizon is less than the redemption schedule. One law firm supported limiting the sales of the DSC option to ensure the schedule does not exceed the investment time horizon. Two investor advocate groups commented that the term “time horizon” be defined in plain language and that a standardized definition be incorporated into KYC / account forms, rules and processes. One dealer firm commented that the policy will be difficult to implement in practice and will cause a lot of confusion and inconsistency. A single investor may have multiple time horizons - RESP account vs. RRSP account, for example.

4. Section 3(b)(iv)(A) of the Proposed Rule – Client cannot use borrowed money to purchase mutual funds with the DSC option

One law firm supported restricting DSC investors from borrowing money to invest. One industry association commented that this policy is overly restrictive. Individual circumstances should be considered for purchases.

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One dealer firm noted that this may impede investors who have differing terms with their dealer. This may reduce flexibility. Why is borrowing money for a DSC fund considered inherently riskier than borrowing money to purchase a no-load fund? Also, this appears inconsistent with Section 3(a)(i). One industry association requested more clarity on whether the prohibition would apply to the use of an RRSP loan, which is a common method used by Canadians to help fund their retirement savings. One industry association commented that repeated use of the phrase “the dealer knows or reasonably ought to have known” seems to be open to broad interpretation. For example, in the instance of borrowed funds, while the firm or advisor can make inquiries, if the investor is using funds borrowed outside of the firm, and chooses not to share this, what is the responsibility of the dealer or advisor to meet this obligation?

5. Section 3(b)(iv)(B) of the Proposed Rule – Upfront commissions only for new contributions to a client's account

One dealer firm recommended moving away from upfront commissions of any kind, beyond normal trading fees, etc. The commenter noted that education is required for this policy to work and this may create additional confusion for those trying to make trades or shift funds. One IFM commented that specific rules and guidelines will need to be written in a way that minimizes the potential for abuse so that the results will be consistent with the spirit of this proposed measure. Dealers will need processes to monitor compliance with this restriction. One industry association asked for more clarity on how switches from one fund to another fund in a family will be treated if the first fund was purchased before the effective date of the Proposed Rule. One law firm commented that this restriction could unduly limit an investor who initially invested a small amount, holds the investment for a meaningful period of time (no churning), and then seeks to invest in a “better” mutual fund. The only option would be to pay a

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commission of up to $1,500 on that transaction, an amount that seems rather high for someone to pay at that asset level. This is a decision that, if made, should be done consciously and transparently.

6. Section 3(b)(iv)(C) of the Proposed Rule – No upfront commissions on reinvested distributions

One law firm commented that while they are not aware of any IFM that pays commissions on reinvested distributions, it should clearly be banned as there is no economic rationale for why the dealer or representative should be compensated for this activity. One industry association asked for more clarity on how reinvested distributions, on a security purchased before the effective date of the Proposed Rule, will be treated.

7. Section 3(b)(v) of the Proposed Rule – No redemption fees applicable to investor redemptions upon: (a) Death of client, (b) Involuntary loss of full-time

employment, (c) Permanent disability, and (d) Critical illness

One investor, two investor advocate groups and one industry association recommended simply using ‘financial hardship’ as the criteria to unlock the investment early, and using death, involuntary loss of full-time employment, permanent disability, and critical illness as examples that might qualify under the financial hardship provision. One industry association commented that this measure has the effect of placing investors who work in traditional, full-time employment roles in a preferential position relative to self-employed, part-time employees, project-based and seasonal employees and independent contractors who do not qualify for employment insurance. The OSC could consider language that is more inclusive, such as making the employment-related hardship release available to all clients upon the involuntary loss of, or inability to perform, the client’s primary remunerative activities. One investor advocate group and one industry association commented that legitimate client hardship situations are not limited to negative shocks that happen directly to the client. Events including the involuntary unemployment of a spouse, marital breakdown/divorce or illness of a child or other dependent can have equally devastating impacts on personal finances that also warrant hardship consideration. The OSC should take a more expansive approach here, so that the qualifying

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hardship criteria apply to negative shocks occurring both to the client directly, as well as to certain specified classes of client-connected individuals. Two IFMs commented that the vulnerable investor category should be expanded (i.e., health, life events, resilience, and capability). One law firm indicated that every IFM provides for a discretionary hardship exemption for DSCs. The proposed restriction is a dealer restriction so dealers will ensure the IFM pays for the waiver before putting the IFM’s DSC option on the shelf. The restriction will remove the IFM’s discretion. The upfront commission for the DSC is effectively a loan from the IFM to the client to pay the commission and the loan is repaid through the management fee and the redemption fee is like a prepayment penalty. With a bank loan, none of the hardships in the proposed restriction would result in the loan being forgiven so similarly, the redemption fee should not be waived and the IFM should not have to absorb the financial burden. The hardship exemption should remain discretionary and not impact the economic rights of the IFM or the dealer. This public policy matter is not within the authority of the securities regulator and should not be in the final Rule. One IFM commented that involuntary loss of full-time employment may be difficult to prove; unless a record of employment is required to qualify for redemption fee waivers. Some advisors and dealers commented that they require additional details on how the OSC would like them to address situations of financial hardship for non-natural (corporate or partnership) clients. One industry association and one IFM cautioned that assessing the severity of an illness, including whether it should be characterized as critical, is not an easy matter and is not something that mutual fund dealers have experience with or equipped to do. The OSC should provide additional guidance to allow for this type of analysis to be conducted in an efficient and fair way. One dealer firm added that at minimum this list should be expanded to include:

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• death of an immediate family member

• negative changes to employment or income

• hospitalization or long-term illness

• significant economic downturn or shock (e.g., COVID-19 or 2008 crisis)

• future OSC policy changes • dealer/IFM fee changes • new dealer/IFM due to company

change (i.e., due to retirement, loss of ability to send funds, or any other factor).

One investor commented that this rule should be expanded to allow a unitholder to redeem without penalty if as a result of a merger, the fund’s objectives are changed, or the MER is increased.

Part 5 – Comments on Transition Period


The effective date of the Proposed Rule coincides with the effective date of the final amendments to implement a DSC ban in the other CSA jurisdictions. Are there additional transition issues that we should consider?

Supportive Two industry associations and three industry stakeholders agreed with the proposed transition time. One dealer firm commented that the time for transition will help ensure an advice gap would not exist if a full ban came into effect. Another industry association commented that implementing changes on a particular subject matter all at once is more efficient from an operational perspective and with respect to disclosure. Opposed Two investor advocate groups, five investors, one industry association, and two IFMs advocated for an earlier implementation date. One IFM noted that quicker implementation will reduce investor harm, particularly at a time when investors are facing financial hardship as a result of the COVID-19 crisis. Another investor advocate group agreed and noted that smaller investors, who are most likely to invest in DSC funds, will be placed at risk of harm for almost another decade

We thank commenters for their feedback on the effective date of the Proposed Rule.

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(2021), 44 OSCB 4757

following the decision of regulators to address problems associated with DSC mutual funds. The Proposed Rule, in particular the restriction on the Maximum Term, should become effective on December 31, 2020. One law firm commented that waiting until June 2022 would needlessly expose Ontarians to material financial harm that will extend as far as 2028. Several commenters supported ceasing the sale of DSC products earlier. One investor recommended that it should be done immediately, one investor advocate group recommended a transition time of not more than 3-6 months, another investor suggested 6-9 months, and one IFM recommended a transition time of 1 year. One investor advocate group commented that since Ontario has chosen not to harmonize with the rest of Canada on the DSC ban, there is no rationale for the implementation date of the Proposed Rule to harmonize with the effective date of the DSC ban. Dealers will still be able to sell regular DSC funds and their redemption schedules will run to their conclusion, meaning that 6-year DSC funds will be in client accounts in Ontario until 2028. The implementation date should be sooner to curtail DSC sales volume so that fund manufacturers close their DSC fund series ahead of the June 1, 2022 date. One industry association commented that the OSC should align its implementation date with the implementation of conflict of interest CFRs. Extend Transition One dealer firm advocated for the extension of the implementation date to June 1, 2023 due to the disruptive effect of the current pandemic and the significant changes businesses are required to make to adapt to the current operating environment.

Part 6 – Comments on Anticipated Costs and Benefits


Annex E sets out the anticipated costs and benefits of the Proposed Rule. Are there any other significant

One industry advocate group commented that a May 2017 MFDA research report found that households

We thank commenters for their feedback on the anticipated costs and benefits of the Proposed Rule.

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(2021), 44 OSCB 4758

costs or benefits that have not been identified in this analysis? Please explain with concrete examples and provide data to support your views.

with less than $100K to invest held 42% of assets in DSC funds while those with over $500K held just 17%. As households with less than $100K in investable assets are less likely to be eligible for fee-based accounts, they are an attractive target of DSC fund salespersons. DSC sold funds are generally more expensive than mutual funds that do not carry a provision for the recovery of the 5% upfront payout to salespersons embedded in the management fee. This suggests that investors of modest means based in Ontario could have their life savings impaired by fund salespersons recommending DSC mutual funds. Further, a July 2019 Report by the OSC’s Investor Advisory Panel indicated that, in many cases, basic financial planning concepts are not addressed in the advice provided. For example, 68% of small investors surveyed said their advisor spent less than an hour communicating with them per year or didn’t communicate with them at all. For these reasons, the commenter recommended that the OSC publish a checklist for DSC investors and an update on fund fees like Mutual Fund Fees from the MFDA. Another industry association pointed out that there are cost implications of various aspects of the rule, which would make them burdensome to implement. For example, with respect to the maximum account size, limiting the DSC option to a smaller group of investors with smaller account values will decrease the asset base and increase the costs of operating these funds. One IFM added that for IFMs, the cost of system enhancements needed to make the 10% free redemption amount cumulative, for example, will be considerable. There will also be cost in separating the DSC option into its own series. Equally important, this requirement will lead to significantly increased fund shelf complexity, resulting in additional series. One IFM commented that the Proposed Rule will likely reduce the ability of investors to receive advice from independent dealers and advisors. This primarily helps low cost robo-advisors (which may not be desirable for many investors) or banks. Limiting choice has a high cost that is sometimes not

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(2021), 44 OSCB 4759

quantifiable but is certainly real and not in the interests of the investing public. One industry association commented that the Proposed Rule may result in fewer funds being offered, and therefore fewer choices available to investors. There is a risk that costs will also be passed on to investors in the form of higher management fees. Such unintended consequences will be harmful to investors, in particular, those with smaller accounts and less money to invest, and therefore Ontario should consider these costs in determining whether to harmonize its policy with other CSA jurisdictions.

Part 7 – List of Commenters

Commenters Adelson Law Advocis, The Financial Advisors Association of Canada AGF Investments Inc. The Canadian Advocacy Council of CFA Societies Canada CARP Dusmet, Tom Elliot, Ruth FAIR Canada Federation of Mutual Fund Dealers Fidelity Investments Canada ULC Fieldstone, David M. Fortier, Sophia Glick, Isaac Gourley, Stan Highview Asset Management Ltd. Independent Financial Brokers of Canada Invesco Canada Ltd. The Investment Funds Institute of Canada Investor Advisory Panel Jagdeo, Millie Kenmar Associates Libro Credit Union Mackenzie Investments MBC Law Money Coaches Canada Morningstar Research Inc. The Portfolio Management Association of Canada Primerica Financial Services (Canada) Ltd. Roberts, Dale Rosen, Yegal Ross, Arthur Small Investor Protection Association Vanguard Whitehouse, Peter

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(2021), 44 OSCB 4760

ANNEX C

LOCAL AMENDMENTS TO NATIONAL INSTRUMENT 81-105 MUTUAL FUND SALES PRACTICES

IN ONTARIO

1. National Instrument 81-105 Mutual Fund Sales Practices is amended by this Instrument.

2. Section 1.1 is amended in paragraph (d) of the definition of “member of the organization” by adding “associate or” before “affiliate”.

3. Section 3.1 is repealed.

4. This Instrument comes into force in Ontario on June 1, 2022.

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(2021), 44 OSCB 4761

ANNEX D

LOCAL CHANGES TO COMPANION POLICY 81-105 MUTUAL FUND SALES PRACTICES

IN ONTARIO

1. Companion Policy 81-105 Mutual Fund Sales Practices is changed by this document.

2. Part 4 of the Companion Policy is changed by adding the following section:

4.1.1 Front-end load sales option – The Canadian securities regulatory authorities are of the view that the Instrument does not preclude members of the organization of a mutual fund from facilitating the payment by a mutual fund investor to a participating dealer of a sales commission in connection with the purchase of mutual fund securities that is negotiated and agreed to exclusively between those two parties. For example, the participating dealer may remit to the member the gross proceeds of an investor’s purchase of mutual fund securities from which the member may then deduct and remit the sales commission to the participating dealer on the investor’s behalf pursuant to instructions received from the dealer..

3. This change becomes effective in Ontario on June 1, 2022.

Notices

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(2021), 44 OSCB 4762

ANNEX E

LOCAL AMENDMENTS TO NATIONAL INSTRUMENT 81-101 MUTUAL FUND PROSPECTUS DISCLOSURE

IN ONTARIO

1. National Instrument 81-101 Mutual Fund Prospectus Disclosure is amended by this Instrument.

2. Form 81-101F1 Contents of Simplified Prospectus is amended

(a) in Item 8.2(1) in Part A by deleting the “Redemption Charge Option” row in the table required by this Item, and by repealing the footnote,

(b) in Item 8.2(2) of Part A by replacing subsection (2) with “In preparing the table contemplated by this Item, assume, in determining the fees paid under the sales charge option, that the maximum sales charge commission disclosed in the simplified prospectus is paid by the investor.”,

(c) in subsection (2) of the Instructions under Item 9.1 of Part A by deleting the following:

For example, if the manager of the mutual fund pays an up-front sales commission to participating dealers, so state and include the range of commissions paid. If the manager permits participating dealers to retain the sales commissions paid by investors as compensation, so state and include the range of commissions that can be retained.,

(d) in subsection (2) of the Instructions under Item 9.2 of Part A by deleting “sales and”, and

(e) by repealing subsection (3) of the Instructions under Item 9.2 of Part A.

3. Form 81-101F3 Contents of Fund Facts Document is amended

(a) in subsection (1) of the Instructions under Item 1.2 of Part II by deleting “, deferred sales charge”,

(b) in subsection (2) of the Instructions under Item 1.2 of Part II by deleting “For a deferred sales charge, provide the full sales charge schedule.”,

(c) in subsection (3) of the Instructions under Item 1.2 of Part II by deleting “For a deferred sales charge, include a range for the amount that can be charged on every $1,000 redemption.”, and

(d) in subsection (4) of the Instructions under Item 1.2 of Part II by deleting the following:

In the case of a deferred sales charge, the disclosure must also briefly state:

• any amount payable as an upfront sales commission;

• who pays and who receives the amount payable as the upfront sales commission;

• any free redemption amount and key details about how it works;

• whether switches can be made without incurring a sales charge; and

• how the amount paid by an investor at the time of a redemption of securities is calculated, for example, whether it is based on the net asset value of those securities at the time of redemption or another time..


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ANNEX F

LOCAL CHANGES TO COMPANION POLICY 81-101 MUTUAL FUND PROSPECTUS DISCLOSURE

IN ONTARIO

1. Companion Policy 81-101 Mutual Fund Prospectus Disclosure is changed by this document.

2. The Sample Fund Facts Document in Appendix A – Sample Fund Facts Document is replaced by the following:

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(2021), 44 OSCB 4764

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(2021), 44 OSCB 4765

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3. This change becomes effective in Ontario on June 1, 2022.

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(2021), 44 OSCB 4767

ANNEX G

LOCAL AMENDMENTS TO NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND

ONGOING REGISTRANT OBLIGATIONS IN ONTARIO

1. National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations is amended by this Instrument.

2. Paragraph 8.7(4)(a) is amended by deleting “deferred or contingent sales charge or”.

3. Paragraph 14.2.1(1)(b) is repealed.


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(2021), 44 OSCB 4768

ANNEX H

LOCAL CHANGES TO COMPANION POLICY 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND

ONGOING REGISTRANT OBLIGATIONS IN ONTARIO

1. Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations is changed by this document.

2. Section 14.2.1 is changed:

(a) by replacing “purchase” with “redemption” in the second paragraph,

(b) by deleting “upon the redemption of the security” in the second paragraph, and

(c) by replacing the second bullet in the fourth paragraph with the following:

• the sales charge options available to the client and an explanation as to how such charges work. Any redemption fees or short-term trading fees that may apply should also be discussed.

3. These changes become effective in Ontario on June 1, 2022.

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1.4 Notices from the Office of the Secretary

1.4.1 Jonathan Cartu et al.

FOR IMMEDIATE RELEASE May 26, 2021

JONATHAN CARTU, DAVID CARTU, AND

JOSHUA CART, File No. 2020-14

TORONTO – Following a hearing held today, the Commission issued an Order in the above named matter approving the Settlement Agreement reached between Staff of the Commission and David Cartu in the above named matter.

A copy of the Order dated May 26, 2021 and Settlement Agreement dated May 18, 2021 are available at www.osc.ca.

OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION

For Media Inquiries:

[email protected]

For General Inquiries:

1-877-785-1555 (Toll Free) [email protected]

1.4.2 Jonathan Cartu et al.


JONATHAN CARTU, DAVID CARTU, AND

JOSHUA CART, File No. 2020-14

TORONTO – The Commission issued its Reasons for Approval of a Settlement in the above named matter.

A copy of the Reasons for Approval of a Settlement dated May 26, 2021 is available at www.osc.ca.



[email protected]



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(2021), 44 OSCB 4770

1.4.3 Alvin Jones


ALVIN JONES, File No. 2021-5

TORONTO – The Commission issued an Order in the above named matter.

A copy of the Order dated May 27, 2021 is available at www.osc.ca.



[email protected]



1.4.4 Plateau Energy Metals Inc. et al.


PLATEAU ENERGY METALS INC., ALEXANDER FRANCIS CUTHBERT HOLMES AND

PHILIP NEVILLE GIBBS, File No. 2021-16





[email protected]



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(2021), 44 OSCB 4771

1.4.5 Threegold Resources Inc.


THREEGOLD RESOURCES INC., VICTOR GONCALVES and

JON SNELSON, File No. 2019-42

TORONTO – The Commission issued its Reasons for Decision in the above named matter.

A copy of the Reasons for Decision dated May 27, 2021 is available at www.osc.ca.



[email protected]



1.4.6 Strike Holdings Inc. et al.


STRIKE HOLDINGS INC., KM STRIKE MANAGEMENT INC.,

MICHAEL AONSO AND KEVIN CARMICHAEL,

File No. 2021-13

TORONTO – Take notice that a motion hearing to consider the extension of a Temporary Order in the above named matter is scheduled to be heard on May 31, 2021 at 10:00 a.m.



[email protected]



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(2021), 44 OSCB 4772

1.4.7 Daniel Sheehan


DANIEL SHEEHAN, File No. 2020-38





[email protected]



1.4.8 Trevor Rosborough et al.


TREVOR ROSBOROUGH, TAYLOR CARR, AND

DMITRI GRAHAM, File No. 2020-33





[email protected]



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June 3, 2021

(2021), 44 OSCB 4773

1.4.9 Strike Holdings Inc. et al.


STRIKE HOLDINGS INC., KM STRIKE MANAGEMENT INC.,

MICHAEL AONSO AND KEVIN CARMICHAEL,

File No. 2021-13





[email protected]



1.4.10 Wilks Brothers, LLC

FOR IMMEDIATE RELEASE June 1, 2021

AN APPLICATION BY WILKS BROTHERS, LLC FOR THE REVIEW OF A DECISION BY TSX INC.

RELATING TO CALFRAC WELL SERVICES LTD., File No. 2021-12

TORONTO – The Applicant, Wilks Brothers, LLC filed an Amended Application dated May 31, 2021.

A copy of the Amended Application dated May 31, 2021 is available at www.osc.ca.



[email protected]



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Chapter 2

Decisions, Orders and Rulings 2.1 Decisions

2.1.1 I.G. Investment Management, Ltd. et al.

Headnote

NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – approval of mutual fund mergers – required because mergers do not meet the criteria for pre-approval in respect of investment objectives – granted subject to securityholder approval.

Applicable Legislative Provisions

NI 81-102 Investment Funds, ss. 5.5(1)(b), 5.6(1)(a), and 5.7(1)(b).

May 7, 2021

IN THE MATTER OF THE SECURITIES LEGISLATION OF

MANITOBA AND ONTARIO (the Jurisdictions)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS

IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF THE MERGERS OF

IG MACKENZIE LOW VOLATILITY CANADIAN EQUITY FUND, IG IRISH LIFE GLOBAL EQUITY FUND

(the “Terminating Funds”)

IN THE MATTER OF I.G. INVESTMENT MANAGEMENT, LTD.

(the “Filer”)

DECISION

BACKGROUND

The securities regulatory authority or regulator in each of the Jurisdictions (the “Decision Maker”) has received an application from the Filers for a decision under the securities legislation of the Jurisdictions (the “Legislation”) for approval under paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds (“NI 81-102”) of the mergers (the “Mergers”) of the Terminating Funds into the applicable Continuing Funds as defined below (the “Approval Sought”).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) The Manitoba Securities Commission is the principal regulator for this application;

(b) the Filers have provided notice that subparagraph 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut and the North West Territories; and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

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(2021), 44 OSCB 4776

INTERPRETATION

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. The following additional terms shall have the following meanings:

Continuing Fund means each of IG FI Canadian Equity Fund and IG Mackenzie Global Fund (collectively, the Continuing Funds);

Effective Date means on or about June 18, 2021, the anticipated date of the Mergers;

Funds means collectively, the Terminating Funds and the Continuing Funds;

REPRESENTATIONS

This decision is based on the following facts represented by the Filer:

The Filers

1. The Filer is a corporation continued under the laws of Ontario. It is the trustee and manager of the Terminating Funds and the Continuing Funds. The head office of Filer is in Winnipeg, Manitoba.

2. Filer is registered as a Portfolio Manager and an Investment Fund Manager in Manitoba, Ontario, and Quebec and as an Investment Fund Manager in Newfoundland and Labrador.

3. Filer is not in default of any of the requirements of securities legislation of any of the provinces and territories of Canada.

The Funds

4. All of the Funds are open-end mutual funds established or continued under a Master Declaration of Trust under the laws of Manitoba.

5. Securities of the Funds are qualified for distribution in each province and territory of Canada pursuant to a simplified prospectus (“SP”), annual information form (“AIF”) and fund facts (“Fund Facts”) prepared in accordance with National Instrument 81-101 Mutual Fund Prospectus Disclosure dated August 28, 2020 (the “Offering Documents”).

6. The net asset values of each series of the Funds are calculated on a daily basis on each day that Filer is open for business.

7. None of the Funds are in default of any of the requirements of securities legislation of any province or territory in Canada.

Reasons for the Approval Sought

8. Approval of the Mergers is required because each Merger does not satisfy all of the criteria for pre-approved reorganizations and transfers set out in section 5.1 of NI 81-102. More specifically, the fundamental investment objectives of the Continuing Funds are not, or may be considered not to be, "substantially similar" to the investment objectives of their corresponding Terminating Funds.

9. Except as noted above, the Mergers will otherwise comply with all other criteria for preapproved reorganizations and transfers set out in section 5.6 of NI 81-102.

The Proposed Mergers

10. Pursuant to the Mergers, unitholders of each of the Terminating Funds would become unitholders of the applicable Continuing Fund, as follows:

Terminating Fund Continuing Fund

IG Mackenzie Low Volatility Canadian Equity Fund IG FI Canadian Equity Fund

IG Irish Life Low Volatility Global Equity Fund IG Mackenzie Global Fund

11. The Mergers do not require approval of unitholders of the Continuing Funds as the Filer has determined that the Mergers do not constitute material changes for any of the Continuing Funds.

12. As required by National Instrument 81-107 Independent Review Committee for Investment Funds, the IG Wealth Management Funds’ Independent Review Committee (IRC) has been appointed for the Funds. The Filer presented the terms of the Mergers to the IRC for a recommendation. The IRC reviewed the Mergers and provided a positive


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recommendation for each of the Mergers, having determined that the Mergers, if implemented, would achieve a fair and reasonable result for the Funds and their respective unitholders.

13. In accordance with National Instrument 81-106 - Investment Fund Continuous Disclosure (NI 81-106), a press release announcing the Mergers was issued and filed via SEDAR on March 12, 2021. A material change report and amendments to the Offering Documents with respect to the Mergers were filed in accordance with NI 81-106.

14. By way of order dated November 29, 2016, the Filer was granted relief (the Notice-and Access Relief) from the requirement set out in paragraph 12.2(2)(a) of NI 81-106 to send a printed management information circular to unitholders while proxies are being solicited. Subject to certain conditions, the Notice-and-Access Relief instead allows a notice-and access document to be sent to such unitholders. Pursuant to the requirements of the Notice-and-Access Relief, the notice-and-access document, a form of proxy in connection with each special meeting of unitholders of the Funds, as well as the most recent fund facts document(s) for the applicable series of the Continuing Funds will be mailed to unitholders of the Terminating Funds commencing on or about April 22, 2021. The management information circular and forms of proxy (collectively, the Meeting Materials) in connection with special meetings of unitholders of the Funds will be posted on the Filer's website at www.ig.ca. The Meeting Materials will also appear on the SEDAR website at www.sedar.com.

15. The Meeting Materials describe all of the relevant facts concerning the Mergers relevant to each unitholder, including the differences between investment objectives, strategies of the Terminating Funds and the Continuing Funds, the IRC's recommendations regarding the Mergers, and income tax considerations so that unitholders of the Terminating Funds may consider this information before voting on the Mergers. The Meeting Materials also describe the various ways in which unitholders can obtain a copy of the simplified prospectus and annual information form of the Continuing Funds, as well as the most recent interim and annual financial statements and management reports of fund performance for the Continuing Funds, at no cost.

16. Fund facts document(s) relating to the applicable series of each Continuing Fund were mailed to unitholders of the corresponding series of each Terminating Fund.

17. The Filer will pay for the costs of the Mergers. These costs consist mainly of brokerage charges associated with the trades that occur both before and after the date of the Mergers and legal, proxy solicitation, printing, mailing and regulatory fees. There are no charges payable by unitholders of the Terminating Funds who acquire units of the corresponding Continuing Funds as a result of the Mergers.

18. Unitholders of each of the Terminating Funds will be asked to approve the Merger associated with that Terminating Fund at a special meeting of unitholders scheduled to be held on or about June 3, 2021.

19. Following the implementation of the Mergers, all systematic plans that will be established with respect to the Terminating Funds will be re-established in the Continuing Fund, on a series-for-series basis.

20. Unitholders may change or cancel any systematic plan at any time and unitholders of the Terminating Funds who wish to establish one or more systematic plans in respect of their holdings in the Continuing Fund may do so following the implementation of the Mergers.

21. Each Merger will be completed as a tax-deferred transaction under the Income Tax Act (Canada) (Tax Act). Unitholders of the Terminating Funds will be provided with information about the income tax consequences of the Mergers in the information circular and will have the opportunity to consider such information prior to voting on the Mergers.

Merger Steps

22. If the necessary approvals are obtained, the Filer will carry out the following steps to complete the Mergers:

(i) Prior to effecting a Merger, if required, each Terminating Fund will sell any securities in its portfolio that do not meet the investment objectives and investment strategies of the applicable Continuing Fund and purchase other securities so that, as of the effective date of the Merger, the portfolio of the Terminating Fund is substantially similar to that of the applicable Continuing Fund. As a result, some of the Terminating Funds may temporarily hold cash, money market instruments or investments that are not consistent with their investment objectives, and may not be fully invested in accordance with their investment objectives for a brief period of time prior to the Merger being effected.

(ii) The value of each Terminating Fund' s portfolio and other assets will be determined at the close of business on the effective date of each applicable Merger in accordance with the constating documents of the applicable Terminating Fund.

(iii) Each Continuing Fund will acquire the investment portfolio and other assets of the applicable Terminating Fund in exchange for units of the Continuing Fund.


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(2021), 44 OSCB 4778

(iv) Each Continuing Fund will. transfer or sell all of its net assets (being its investment portfolio, other assets including cash, and liabilities) to its corresponding Continuing Fund in exchange for units of equivalent value in the Continuing Fund, as determined on the effective date of the applicable Merger.

(v) The Terminating Funds will distribute a sufficient amount of their net income and net realized capital gains, if any, to unitholders to ensure that they will not be subject to tax under Part 1 of the Tax Act for their current tax year.

(vi) The units of each Continuing Fund received by the applicable Terminating Fund will have an aggregate net asset value equal to the value of the portfolio assets and other assets that the Continuing Fund is acquiring from the Terminating Fund, and the units of the Continuing Fund will be issued at the applicable series net asset value per unit as of the close of business on the effective date of the applicable Merger.

(vii) Immediately thereafter, units of each Continuing Fund received by the applicable Terminating Fund will be distributed to unitholders of the Terminating Fund, as proceeds of redemption of their units in the Terminating Fund on a dollar-for-dollar and series by series basis.

(viii) As soon as reasonably possible following each Merger, the applicable Terminating Fund will be wound up.

23. Unitholders in the Terminating Funds will continue to have the right to redeem their units or exchange their units for units of any other mutual fund of the Filer at any time up to the close of business on the business day before the Effective Date. Unitholders who redeem units may be subject to redemption charges.

24. Following the implementation of the Mergers, the Continuing Funds will continue as publicly offered open-ended mutual funds offering units in the Canadian Jurisdictions.

25. Following the implementation of the Mergers, a press release and material change report announcing the results of the unitholder meetings in respect of the reorganization of the Terminating Funds will be issued and filed.

26. No sales charges or redemption fees will be payable by any securityholder of the Terminating Fund.

27. The assets of each Terminating Fund to be acquired by the applicable Continuing Fund in order to effect the Mergers are currently, or will be, acceptable, on or prior to the effective date of the Mergers, to the portfolio manager(s) of the applicable Continuing Fund and are, or will be, consistent with the investment objectives of the Continuing Fund.

28. If the Mergers are approved, the reorganizations will be implemented after the close of business on the Effective Date.

Merger Benefits

29. The Filer believes that the Mergers are beneficial to unitholders of the Terminating Funds for the following reasons:

(i) To provide a more streamlined and simplified product line-up that is easier for investors to understand;

(ii) In each case, the management fees will decrease for each series of the Terminating Fund as a result of the merger and the trustee, service, and administration fees will stay the same on the corresponding series of Continuing Fund;

(iii) To merge the smaller Terminating Fund into the larger Continuing Fund, providing the potential for efficiencies in investment management which may include lower portfolio transaction costs; and

(iv) A broader investment objective may provide more investment management diversification opportunities.

The Continuing Funds have historically provided strong risk-adjusted returns. Overall, the Merger is expected to provide the potential for improved long-term performance at a similar risk level and in the same fund category.

DECISION

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation of the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Approval Sought is granted provided the securityholders of each Merging Fund approve the Merger.

“Chris Besko” Director, General Counsel The Manitoba Securities Commission Application File #: 2021/0152

7


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2.1.2 I.G. Investment Management, Ltd. et al.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief granted to mutual funds for an extension of the lapse date for their prospectus.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).

May 20, 2021


MANITOBA AND ONTARIO (the Jurisdictions)

AND



AND

IN THE MATTER OF I.G. INVESTMENT MANAGEMENT, LTD.

(the Filer)

AND

IN THE MATTER OF iPROFILE PORTFOLIO – GLOBAL FIXED INCOME BALANCED

iPROFILE PORTFOLIO – GLOBAL NEUTRAL BALANCED iPROFILE PORTFOLIO – GLOBAL EQUITY BALANCED

iPROFILE PORTFOLIO – GLOBAL EQUITY (the iProfile Portfolios)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdictions (the Legislation) to permit the Funds to extend the time limit for the renewal of the Funds’ Simplified Prospectuses as if its lapse date was June 28, 2021 (the Exemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Manitoba Securities Commission is the principal regulator for this application;

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 PassportSystem (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, Nunavut, and Yukon and;

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

Terms defined in NI 81-101, National Instrument 14-101 Definitions, and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.


June 3, 2021

(2021), 44 OSCB 4780

Representations

This decision is based on the following representations made by the Filer:

1. The Filer is a corporation duly constituted under the laws of Canada with its head office located in Winnipeg, Manitoba.

2. The Filer is registered as an investment fund manager in Manitoba, Ontario, Québec, and Newfoundland & Labrador, and as an advisor in the category of portfolio manager in in all the provinces and territories of Canada.

3. The Filer and the Funds are not in default of securities legislation in any of the Jurisdictions.

4. The Simplified Prospectus for the iProfile Portfolios was dated and receipted by the principal regulator on May 29, 2020.

5. This Pursuant to NI 81-101 s 2.5(3) and section 62(1) of the Securities Act (Ontario), the lapse date for the Current Prospectus is May 29, 2021 (the Current Lapse Date). Accordingly, under the Legislation, the distribution of securities of the Fund would have to cease on its applicable Current Lapse Date unless: (i) the Fund files a pro forma simplified prospectus at least 30 days prior to its Current Lapse Date; (ii) the final simplified prospectus is filed no later than 10 days after its Current Lapse Date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after its Current Lapse Date.

6. The iProfile Portfolios, along with the iProfile Private Portfolios, which are sold under separate simplified prospectus, makeup the iProfile Managed Solutions at IG Wealth Management. The Simplified Prospectus for the iProfile Private Portfolios (along with the other simplified prospectuses for IG Wealth Management Mutual Funds) will all be dated June 28, 2021 (the Requested Date).

7. The iProfile Portfolios invest primarily in the funds of the iProfile Private Portfolios and the operational decisions and other updates applicable to the iProfile Portfolios will align with those of the iProfile Private Portfolios. Decisions regarding the iProfile Private Portfolios that may affect the iProfile Portfolios as well, and keeping the Simplified Prospectuses updated and aligned to the same date will make for more consistent disclosure and administration of the affected funds.

8. The Filer submits that the Exemption Sought to allow for filing of the Simplified Prospectus using the Requested Date will not affect the reliability and accuracy of the information contained in the Simplified Prospectus and is not contrary to the public interest.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted.

“Chris Besko” Director Manitoba Securities Commission Application File #: 2021/0238


June 3, 2021

(2021), 44 OSCB 4781

2.1.3 Arrow Capital Management Inc. and Exemplar Investment Grade Fund

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – approval of investment fund merger – approval required because the merger does not meet all the pre-approval criteria in National Instrument 81-102 Investment Funds.


National Instrument 81-102 Investment Funds, ss. 5.5(1)(b), 5.6(1), 5.7(1)(b) and 19.1(1).

May 27, 2021


ONTARIO (the Jurisdiction)

AND



AND

IN THE MATTER OF ARROW CAPITAL MANAGEMENT INC.

(the Filer)

AND

EXEMPLAR INVESTMENT GRADE Fund (the Terminating Fund)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Terminating Fund for a decision under the securities legislation of the Jurisdiction (the Legislation) for approval of the proposed merger (the Merger) of the Terminating Fund into Arrow EC Income Advantage Alternative Fund (the Continuing Fund, and together with the Terminating Fund, the Funds) pursuant to paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds (NI 81-102) (the Approval Sought).


(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Nunavut, Yukon and Northwest Territories (together with Ontario, the Canadian Jurisdictions).

Interpretation

Terms defined in MI 11-102, National Instrument 14-101 Definitions and NI 81-102 have the same meaning if used in this decision, unless otherwise defined.

Representations


The Filer and the Funds

1. The Filer is a corporation existing under the laws of Ontario with its registered head office in Toronto, Ontario.


June 3, 2021

(2021), 44 OSCB 4782

2. The Filer is registered in the following categories in the jurisdictions as indicated below:

(a) Ontario: Portfolio Manager, Investment Fund Manager (IFM), Exempt Market Dealer (EMD) and Commodity Trading Manager under the Commodity Futures Act (Ontario);

(b) Alberta: EMD;

(c) British Columbia: EMD;

(d) Quebec: EMD and IFM; and

(e) Newfoundland and Labrador: IFM.

3. The Filer is the investment fund manager and portfolio manager of each of the Funds.

4. Each of the Funds is an open-end mutual fund trust established under the laws of Ontario by a declaration of trust pursuant to which the Filer is the trustee.

5. Each of the Funds is a reporting issuer under the applicable securities legislation in the Canadian Jurisdictions and subject to NI 81-102.

6. Securities of the Terminating Fund (and of other certain mutual funds forming part of the Exemplar Mutual Funds fund family) are currently qualified for distribution in the Canadian Jurisdictions pursuant to the simplified prospectus, annual information form and fund facts documents dated July 3, 2020 (the Terminating Fund Offering Documents).

7. Securities of the Continuing Fund (and of other certain alternative mutual funds forming part of the Arrow Alternative Mutual Funds fund family) are currently qualified for distribution in the Canadian Jurisdictions pursuant to the simplified prospectus, annual information form and fund facts documents dated June 26, 2020 (collectively, the Continuing Fund Offering Documents and together with the Terminating Fund Offering Documents the Terminating Documents).

8. The net asset value (NAV) for each series of the Funds is calculated on a daily basis in accordance with the Funds’ valuation policy and as described in the Offering Documents.

9. Neither the Filer nor the Funds are in default of securities legislation in any of the Canadian Jurisdictions.

Reason for Approval Sought

10. Regulatory approval of the Merger is required because the Merger does not satisfy all of the criteria for pre-approved reorganizations and transfers set out in section 5.6 of NI 81-102. In particular, the investment objectives and fee structure of the Continuing Fund are not, or may not be considered to be, “substantially similar” to the investment objectives of the Terminating Fund.

11. The investment objectives of the Terminating Fund and the Continuing Fund are as follows:

Exemplar Investment Grade Fund (Terminating Fund)

Arrow EC Income Advantage Alternative Fund (Continuing Fund)

The investment objective of the Terminating Fund is togenerate income and capital preservation by investing in adiversified portfolio of primarily North American investmentgrade corporate bonds.

The investment objective of the Continuing Fund isto generate income and preserve capital by investingin a diversified portfolio of primarily North Americaninvestment grade corporate bonds. The fund will use leverage. The leverage will becreated through the use of cash borrowings, shortsales and derivative contracts. The fund’s leverageshall not exceed the limits on the use of leveragedescribed in the simplified prospectus or asotherwise permitted under applicable securitieslegislation.


June 3, 2021

(2021), 44 OSCB 4783

12. The fee structure of the Terminating Fund and the Continuing Fund are as follows:

Exemplar Investment Grade Fund (Terminating Fund)

Arrow EC Income Advantage Alternative Fund (Continuing Fund)

Management Fees A, AI, AN, U – 1.30% F, FI, FN, G, ETF – 0.80% I – negotiated with Arrow

A, AD, U – 1.45% F, FD, G, ETF – 0.95% I – negotiated with Arrow

Performance Fees The Terminating Fund does not pay a performance fee. The Continuing Fund pays a performance bonus per unit equal to 15% of the amount by which theAdjusted Net Asset Value per unit at the end of the fiscal year exceeds the highest year end AdjustedNet Asset Value per unit previously achieved. For these purposes, “Adjusted Net Asset Value perunit” of any series of securities of the Continuing Fund means the Net Asset Value per unit of thatseries at the end of a fiscal year plus the aggregate amount of all distributions or dividends previouslydeclared on a per unit basis in respect of such series of unit, without giving effect to the accrual of anyperformance bonus.

13. Except as described in this decision, the Merger complies with all of the other criteria for pre-approved reorganizations

and transfers set out in section 5.6 of NI 81-102.

The Proposed Merger

14. In its capacity as the manager of the Funds, the Filer proposes to merge the Terminating Fund into the Continuing Fund.

15. In accordance with National Instrument 81-106 Investment Fund Continuous Disclosure, a press release describing the proposed Merger has been issued and the press release, material change report, amendment to the simplified prospectus of the Terminating Fund, amendment to the annual information form of the Terminating Fund and the amended and restated fund facts documents of the Terminating Fund, all dated May 5, 2021, and which give notice of the proposed Merger, have been filed via SEDAR.

16. The unitholders of the Terminating Fund will be asked to approve the Merger at a meeting of the unitholders of the Terminating Fund expected to be held on or about June 17, 2021.

17. Subject to receipt of the unitholder approvals and the Approval Sought, the Merger is expected to occur on or about June 25, 2021, or as soon as practicable thereafter (the Effective Date).

18. The proposed Merger does not require approval of existing unitholders of the Continuing Fund as the Filer has determined that the proposed Merger does not constitute a material change to the Continuing Fund.

19. As required by National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107), the Independent Review Committee (IRC) has been appointed for the Funds. The Filer presented the terms of the Merger to the IRC for a recommendation. The IRC reviewed the proposed Merger and provided a positive recommendation for the Merger, having determined that the Merger, if implemented, would achieve a fair and reasonable result for each of the Funds and their respective unitholders. A summary of the IRC’s recommendation has been included in the notice of special meeting sent to unitholders of the Terminating Fund as required by section 5.1(2) of NI 81-107.

20. A notice of meeting, management information circular (the Circular), proxy and the most recently filed fund facts document(s) of the applicable series of the Continuing Fund (the CF Fund Facts, and together with the Circular and proxy, the Meeting Materials) were mailed to unitholders of the Terminating Fund commencing on May 13, 2021 and have been filed via SEDAR.

21. The Meeting Materials contain the CF Fund Facts, a description of the proposed Merger, information about the Terminating Fund and the Continuing Fund, a description of their differences and income tax considerations for investors of the Funds and the IRC’s recommendation regarding the Merger so that the unitholders of the Terminating Fund could consider this information before voting on the Merger. The Meeting Materials also describe the various ways in which investors can obtain a copy of the simplified prospectus and annual information form of the Continuing Fund, as well as the most recent interim and annual financial statements and management reports of fund performance for the Continuing Fund, at no cost.

22. Costs and expenses associated with the Merger will be borne by the Filer and will not be charged to the Funds. The costs of the Merger include legal, printing, mailing and regulatory fees, as well as proxy solicitation and brokerage costs.


June 3, 2021

(2021), 44 OSCB 4784

23. Subject to receiving the necessary approvals, including unitholder approval at the unitholder meeting, effective as of the close of business on June 18, 2021, the Terminating Fund will cease distribution of securities and any new purchases of securities will not be allowed. The Terminating Fund will remain closed to purchase-type transactions, except pursuant to the Terminating Fund’s pre-authorized purchase program, until it is merged with the Continuing Fund on the Effective Date. All systematic programs shall remain unaffected until the business day immediately before the Effective Date.

24. Unitholders in the Terminating Fund will continue to have the right to redeem their securities up to the close of business on the last business day before the effective date of the Merger.

25. Following the Merger, all optional services (such as systematic withdrawal plans) will continue to be available to investors. Unitholders of the Terminating Fund will be automatically enrolled in comparable plans with respect to their corresponding securities of the Continuing Fund unless they advise otherwise.

26. Unitholders may change or cancel any systematic program at any time and unitholders of the Terminating Fund who wish to establish one or more systematic programs in respect of their holdings in the Continuing Fund may do so following the Merger.

27. Unitholders of the Terminating Fund who elected to receive distributions in cash from the Terminating Fund before the Merger will receive distributions in cash from the Continuing Fund after the Merger.

28. No sales charges will be payable by unitholders of the Funds in connection with the Merger.

29. The Merger will be completed as a “qualifying exchange” or a tax-deferred transaction under the Income Tax Act (Canada) (the Tax Act).

30. The Terminating Fund and the Continuing Fund are, and are expected to continue to be at all material times, mutual fund trusts under the Tax Act and, accordingly, units of both Funds are "qualified investments" under the Tax Act for registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered education savings plans, registered disability savings plans and tax free savings accounts.

31. As soon as reasonably possible following the Merger, the Terminating Fund will be wound up.

Benefits of the Merger

32. The Filer believes that the Merger is in the best interests of the Terminating Fund and the Continuing Fund and their unitholders and will be beneficial to unitholders of the Terminating Fund and the Continuing Fund for the following reasons:

(a) the Continuing Fund has a similar investment objective and investment strategy as the Terminating Fund and is managed by the same team of investment personnel;

(b) a significant portion of the Terminating Fund’s investments are similar to investments in the Continuing Fund;

(c) the Continuing Fund is an alternative mutual fund, as described below, which provides the Manager with a more comprehensive and flexible mandate to meet the investment objectives of the Terminating Fund;

(d) the Continuing Fund, notwithstanding similar investment objective, investment strategy and investment personnel, has enjoyed better performance over its life than that enjoyed by the Terminating Fund over such period;

(e) the Merger will provide economies of scale by eliminating duplicative administrative and regulatory costs of operating the Terminating Fund and the Continuing Fund as separate mutual funds, including, but not limited to, regulatory filing fees, audit fees, accounting and legal expenses; and

(f) following the Merger, the Continuing Fund will have more assets allowing for increased portfolio diversification opportunities and a smaller proportion of assets set aside to fund redemptions.

33. In light of the disclosure in the Circular, unitholders of the Terminating Fund should have had all the information necessary to determine whether the proposed Merger is appropriate for them and will continue to have their daily redemption rights under the terms of the Declaration of Trust of the Funds to permit them to exit the Terminating Fund should they not wish to become unitholders of the Continuing Fund.


June 3, 2021

(2021), 44 OSCB 4785

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make a decision.

The decision of the principal regulator under the Legislation is that the Approval Sought is granted.

“Darren McKall” Investment Funds and Structured Products Branch Ontario Securities Commission Application File #: 2021/0267


June 3, 2021

(2021), 44 OSCB 4786

2.1.4 Generation IACP Inc. and Generation PMCA Corp.

Headnote

Under paragraph 4.1(1)(b) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations a registered firm must not permit an individual to act as a dealing, advising or associate advising representative of the registered firm if the individual is registered as a dealing, advising or associate advising representative of another registered firm. The Filers are affiliated entities and have valid business reasons for one individual to be registered with both firms. The Filers have policies in place to handle potential conflicts of interest. The Filers are exempted from the prohibition.


National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 4.1 and 15.1.

May 31, 2021



AND



AND

IN THE MATTER OF GENERATION IACP INC.

(GIACP)

AND

GENERATION PMCA CORP. (GPMCA and, together with GIACP, the Filers)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction (the Legislation) for relief from the restriction in paragraph 4.1(1)(b) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103)(the Dual-Registration Restriction), pursuant to section 15.1 of NI 31-103, to permit Michelle Tatham (the Representative) to be registered as both an associate advising representative of GPMCA and as a dealing representative of GIACP (the Dual Registration) in order to provide advisory services to clients of both Filers (the Exemption Sought).


(a) the Ontario Securities Commission (OSC) is the principal regulator for this application; and

(b) the Filers have provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon by the Filers in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Saskatchewan, and Quebec.

Interpretation

Terms defined in MI 11-102, NI 31-103 and National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined.


June 3, 2021

(2021), 44 OSCB 4787

Representations

This decision is based on the following facts represented by the Filers:

1. GPMCA is registered under NI 31-103 as a portfolio manager, exempt market dealer and investment fund manager in Ontario and Quebec, and as a portfolio manager in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Saskatchewan. GPMCA is also registered as an investment adviser with the United States Securities and Exchange Commission. GPMCA’s head office is located in Toronto, Ontario. GPMCA provides portfolio management services primarily to high net worth individuals and families through separately managed accounts and pooled funds.

2. GIACP is registered under NI 31-103 as an investment dealer in Ontario, Alberta, Quebec and British Columbia and is a member of the Investment Industry Regulatory Organization of Canada. It is also a participating organization or member of the Toronto Stock Exchange, TSX Venture Exchange and Canadian Securities Exchange. GIACP’s head office is in Toronto, Ontario, and shares premises with GPMCA. GIACP provides portfolio management services primarily to high net worth individuals and families through separately managed accounts. GIACP also provides other services customarily provided by investment dealers, including securities trading and brokerage activities.

3. The principal regulator of both Filers is the OSC.

4. The Filers are affiliates, as they are both wholly-owned subsidiaries of 1346049 Ontario Limited.

5. The Filers are not in default of any requirements of securities legislation in any jurisdiction of Canada where they are operating. GPMCA is in compliance in all material respects with United States securities laws.

6. The Filers have different client bases (except that clients of GPMCA hold accounts at GIACP, which executes securities trades and provides other brokerage services as investment dealer on behalf of accounts of GPMCA).

7. Both Filers provide discretionary investment management services. The same model portfolios are offered by both Filers to their respective clients.

8. The operations of the Filers are co-located and they share a significant level of common facilities and back office functions. Since there are already a number of existing dually registered individuals, the business has been structured around this model to maximize efficiency while maintaining adequate control over potential conflicts of interests.

9. There are currently three individuals who are dually registered as advising and/or dealing representatives of both Filers, each of whom obtained dual registration before paragraph 4.1(1)(b) of NI 31-103 came into force. Both of the Filers also have the same registered Ultimate Designated Person and Chief Compliance Officer. The Filers have represented that these employees have been able to serve clients of both Filers satisfactorily and that there is no reason to believe that the Representative cannot perform to the same standard as these other dually registered employees of the Filers.

10. Dual registration permits portfolio managers to order the trades for managed accounts of both Filers following a model, and allocate the trades at an average price, regardless of whether the account holder is a client of GPMCA or GIACP. The Filers maintain a common allocation policy, to ensure that investment opportunities are allocated fairly among clients of both Filers.

11. The Representative will provide service to clients of GIACP primarily in a capacity of client relationship management (i.e., responsible for liaising with clients, including collection of “know your client” information, ongoing suitability obligations, selection of investment mandates), while investment trading decisions for the client accounts are conducted by another dealing representative acting as investment manager. Accordingly, clients of GIACP will benefit from the Dual Registration of the Representative as it will result in more effective and better client servicing from multiple qualified registrants at GIACP. This is the same approach in effect at GPMCA, where the Representative acts in a capacity of client relationship management, while investment trading decisions for the client accounts are conducted by another advising representative acting as investment manager.

12. The Representative has the appropriate proficiency requirements for both the category of dealing representative of GIACP and for an associate advising representative of GPMCA.

13. The Representative has many years of investment industry and comprehensive wealth planning experience, including over four years in which she has been registered for discretionary portfolio management. The Representative is currently registered in Ontario, Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Saskatchewan as an associate advising representative with GPMCA. The Representative is seeking application for registration as a dealing representative of GIACP in Ontario, Alberta, Quebec and British Columbia.


June 3, 2021

(2021), 44 OSCB 4788

14. The role of the Representative will be to support the business activities and interests of both Filers. The Filers do not expect that the Representative’s Dual Registration will create significant additional work for the Representative and are confident that the Representative will have sufficient time to adequately meet obligations to serve clients at both Filers.

15. The Representative will be subject to supervision by, and the applicable compliance requirements of, both Filers.

16. The Chief Compliance Officer and Ultimate Designated Person of each Filer will ensure that the Representative has sufficient time and resources to adequately serve each Filer and its clients.

17. The Filers each have adequate policies and procedures in place to address potential conflicts of interest that may arise as a result of the Dual Registration and will be able to deal appropriately with such conflicts, should they arise.

18. The relationship between the Filers and the fact that the Representative is dually registered with both of the Filers will be fully disclosed in writing to clients of each of them that deal with the Representative.

19. The Filers are affiliated and accordingly, the Dual Registration will not give rise to the conflicts of interest that may be present in a similar arrangement involving unrelated, arm’s length firms. The interests of the Filers are aligned and both Filers wish to leverage the Representative’s knowledge, expertise and experience for the benefit of their clients and funds. Therefore, the potential for conflicts of interest are remote.

20. In the absence of the Exemption Sought, the Filers would be prohibited by the Dual-Registration Restriction from permitting the Representative to act as a dealing representative of GIACP and as an associate advising representative of GPMCA, even though the Filers are affiliates and have controls and compliance procedures in place to deal with the Representative’s advising and dealing activities.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision. The decision of the principal regulator under the Legislation is that the Exemption Sought is granted on the following conditions:

i. The Representative is subject to supervision by, and the applicable compliance requirements of, both Filers;

ii. The Chief Compliance Officer and Ultimate Designated Person of each Filer ensures that the Representative has sufficient time and resources to adequately serve each Filer and its respective clients;

iii. Each Filer has adequate policies and procedures in place to address any potential conflicts of interest that may arise from the dual registration of the Representative, and to deal appropriately with any such conflicts; and

iv. The relationship between the Filers and the fact that the Representative is dually registered with both of the Filers is fully disclosed in writing to clients of each of them that deal with the Representative.

“Elizabeth King” Deputy Director, Compliance and Registrant Regulation Ontario Securities Commission OSC File #: 2019/0499


June 3, 2021

(2021), 44 OSCB 4789

2.1.5 BMO Investments Inc. et al.

Headnote

NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Approval of merger of mutual funds – approval required because mergers do not meet the criteria for pre-approved reorganizations and transfers in National Instrument 81-102 – merging funds may be considered not to have substantially similar investment objectives and fee structures – one merger will not be a tax deferred transaction – approval granted subject to securityholder approval.


National Instrument 81-102 Investment Funds, ss. 5.5(1), 5.5(3), 5.6(1), 5.7(1).

May 28, 2021



AND



AND

IN THE MATTER OF BMO INVESTMENTS INC.

(the Filer)

AND

BMO FLOATING RATE INCOME FUND BMO MONTHLY DIVIDEND FUND LTD.

(each, a Terminating Fund and collectively, the Terminating Funds)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Terminating Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) approving the proposed merger of each Terminating Fund into the Continuing Fund opposite its name in the table below (each, a Merger and collectively, the Mergers) pursuant to paragraph 5.5(1)(b) of NI 81-102 (the Approval Sought):

Terminating Fund Continuing Fund BMO Floating Rate Income Fund → BMO U.S. High Yield Bond Fund BMO Monthly Dividend Fund Ltd. → BMO Dividend Fund


(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that section 4.7(2) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Canadian Jurisdictions).


June 3, 2021

(2021), 44 OSCB 4790

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. The following additional terms shall have the following meanings:

Continuing Fund means each of BMO U.S. High Yield Bond Fund and BMO Dividend Fund;

Fund or Funds means, individually or collectively, the Terminating Funds and the Continuing Funds;

IRC means the independent review committee for the Funds;

NI 81-102 means National Instrument 81-102 Investment Funds;

NI 81-106 means National Instrument 81-106 Investment Fund Continuous Disclosure;

NI 81-107 means National Instrument 81-107 Independent Review Committee for Investment Funds; and

Tax Act means the Income Tax Act (Canada).

Representations


The Filer and the Funds

1. The Filer is a corporation amalgamated under the laws of Canada with its head office in Toronto, Ontario.

2. The Filer is the manager of the Funds and is registered as an investment fund manager in Ontario, Quebec and Newfoundland and Labrador, and as a mutual fund dealer in each of the Canadian Jurisdictions.

3. Each Fund, other than BMO Monthly Dividend Fund Ltd., is an open-ended mutual fund trust established under the laws of Ontario. BMO Monthly Dividend Fund Ltd. is a mutual fund corporation established under the laws of Ontario.

4. Each of the Funds is a reporting issuer under the applicable securities legislation of the Canadian Jurisdictions. Securities of the Funds are currently qualified for sale under a simplified prospectus, annual information form and fund facts each dated May 22, 2020, as amended (collectively, the Offering Documents).

5. Other than circumstances in which the securities regulatory authority of a province or territory of Canada has expressly exempted a Fund therefrom, each of the Funds follows the standard investment restrictions and practices established under NI 81-102.

6. All of the Continuing Funds have substantially similar valuation procedures to those of their corresponding Terminating Funds. The net asset value (NAV) for each series of a Fund is calculated on a daily basis in accordance with the Fund’s valuation policy and as described in the Offering Documents.

7. Securities of the Continuing Funds are “qualified investments” under the Tax Act for registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered education savings plans, registered disability savings plans and tax free savings accounts (collectively, the Registered Plans).

8. Neither the Filer nor the Funds is in default under the applicable securities legislation of the Canadian Jurisdictions.

Reason for Approval Sought

9. Regulatory approval of the Mergers is required because each Merger does not satisfy all of the criteria for pre-approved reorganizations and transfers set out in section 5.6 of NI 81-102 (the Pre-Approval Criteria). The Pre-Approval Criteria are not satisfied in the following ways:

(a) the fundamental investment objectives of each Continuing Fund is not, or may be considered not to be, “substantially similar” to the investment objectives of its corresponding Terminating Fund;

(b) the fee structure of each Continuing Fund is not, or may be considered not to be, “substantially similar” to the fee structure of its corresponding Terminating Fund; and

(c) the Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund will not be completed as a “qualifying exchange” or other tax deferred transaction under the Tax Act.

10. Except as described in this decision, the proposed Mergers comply with all of the other Pre-Approval Criteria.


June 3, 2021

(2021), 44 OSCB 4791

The Proposed Mergers and Securityholder Disclosure

11. Effective on or about June 25, 2021, if all required approvals for the Mergers are obtained, it is proposed that each Terminating Fund will merge into the Continuing Fund opposite its name in the table above, with each series of the Terminating Fund merging into an equivalent series of its corresponding Continuing Fund. Each Continuing Fund will continue as a publicly offered open-end mutual fund.

12. As BMO Monthly Dividend Fund Ltd. has a Classic Series but BMO Dividend Fund did not, a Classic Series of BMO Dividend Fund was qualified for distribution in order to facilitate the Merger of these Funds. The Classic Series created for BMO Dividend Fund will not be available for purchase by new investors and will only be available to investors purchasing through pre-existing continuous savings plans for Classic Series securities of BMO Monthly Dividend Fund Ltd. set up prior to June 25, 2021 (which continuous savings plans will be continued for BMO Dividend Fund after the effective date of the Merger).

13. In accordance with NI 81-106, a press release announcing the proposed Mergers was issued on March 25, 2021 and the press release, a material change report and amendments to the Offering Documents with respect to the proposed Mergers were filed via SEDAR also on March 25, 2021.

14. As required by NI 81-107, an IRC has been appointed for the Funds. The Filer presented the potential conflict of interest matters related to the proposed Mergers to the IRC for a recommendation. On April 8, 2020 and March 22, 2021, the IRC reviewed the potential conflict of interest matters related to the proposed Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund and provided its positive recommendation for the Merger, after determining that the proposed Merger, if implemented, would achieve a fair and reasonable result for each Fund. On December 2, 2020 and March 22, 2021, the IRC reviewed the potential conflict of interest matters related to the proposed Merger of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund and provided its positive recommendation for the Merger, after determining that the proposed Merger, if implemented, would achieve a fair and reasonable result for each Fund.

15. Securityholders of the Terminating Funds will be asked to approve the Mergers at special meetings to be held on June 18, 2021. As disclosed in the Circular (defined below), in light of the dangers associated with the coronavirus pandemic, the Filer is holding the meetings solely as a virtual (online) meeting which will be conducted by way of live video webcast and teleconference. Securityholders will not be able to attend the meeting in person, but all securityholders of the Terminating Funds and duly appointed proxyholders, regardless of geographic location, will have an equal opportunity to participate, engage with the Filer as well as other investors in real time, and to vote at the meeting.

16. The Filer, as manager of the Continuing Funds, is of the view that the Mergers will not be a “material change” for any of the Continuing Funds.

17. By way of order dated December 8, 2016, the Filer was granted relief (the Notice-and-Access Relief) from the requirement set out in paragraph 12.2(2)(a) of NI 81-106 to send a printed management information circular to securityholders while proxies are being solicited, and, subject to certain conditions, instead allows a notice-and-access document (as described in the Notice-and-Access Relief) to be sent to such securityholders.

18. Pursuant to the requirements of the Notice-and-Access Relief, a notice-and-access document and applicable proxies in connection with the special meetings, along with the fund facts of the relevant series of the Continuing Funds, as applicable, was mailed to securityholders of the corresponding Terminating Funds commencing on May 19, 2021 and concurrently filed via SEDAR. The management information circular, to which the notice-and-access document provides a link, was also filed via SEDAR at the same time (the Circular).

19. The Circular contains information about the Mergers for securityholders to consider before voting on the Mergers, including:

(a) The tax implications of the Mergers;

(b) The differences between the investment objectives and fee structures of the Terminating Funds and the Continuing Funds, as applicable;

(c) That, as a result of the Merger of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund, the nature of a securityholder’s investment will change from holding shares of a fund that is structured as a corporation, being BMO Monthly Dividend Fund Ltd., to holding units of a fund that is structured as a trust, being BMO Dividend Fund and key differences between mutual funds structured as trusts and as corporations;

(d) The IRC’s recommendation in respect of the Mergers;


June 3, 2021

(2021), 44 OSCB 4792

(e) The various ways in which investors may obtain a copy of the simplified prospectus, annual information form and fund facts for each Continuing Fund and its most recent interim and annual financial statements and management reports of fund performance;

(f) The steps for implementing the Mergers and the benefits of the Mergers as summarized below;

(g) That securityholders of each Terminating Fund will continue to have the right to redeem securities of the Terminating Fund at any time up to the close of business on the business day immediately before the effective date of the Mergers, subject to applicable redemption charges;

(h) That after the effective date of each Merger, securityholders of each Terminating Fund will be able to redeem or switch out of the securities of the Continuing Fund that they acquire upon the Merger;

(i) That the existing standard deferred charge or low load deferred charge schedule applicable to securities of a Terminating Fund will be carried over to the securities of the corresponding Continuing Fund;

(j) That following the Mergers, all optional plans, including continuous savings plans and systematic withdrawal plans, that have been established for a Terminating Fund will be re-established for the applicable Continuing Fund, unless securityholders of the Terminating Funds advise otherwise;

(k) That no sales charges, redemption fees or other fees or commissions will be payable by securityholders of the Terminating Funds in connection with the Mergers and all costs and expenses associated with the Mergers will be borne by the Filer;

(l) The Filer’s proposal (with securityholder approval sought) for terminating BMO Floating Rate Income Fund effective on or about June 25, 2021 if the proposed Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund is not approved; and

(m) That the Filer does not currently intend to terminate BMO Monthly Dividend Fund Ltd. if the required securityholder approval is not obtained, but may decide to do so in the future.

Merger Implementation

20. The proposed Mergers will be structured as follows:

(a) Prior to effecting the Merger, BMO Monthly Dividend Fund Ltd. will file articles of amendment to provide it with the ability to (i) redeem shares at its option in order to effect the merger, liquidation, winding up and dissolution of BMO Monthly Dividend Fund Ltd.; and (ii) pay the proceeds of such redemption in kind, to allow the Merger of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund to qualify as a “qualifying exchange” under the Tax Act.

(b) BMO Monthly Dividend Fund Ltd. will jointly elect with BMO Dividend Fund that the Merger be treated as a “qualifying exchange”, as defined in subsection 132.2(1) of the Tax Act.

(c) Prior to effecting the Mergers, if required, each Terminating Fund will sell any securities in its portfolio that do not meet the investment objectives and investment strategies of its corresponding Continuing Fund. As a result, each Terminating Fund may temporarily hold cash or money market instruments and may not be fully invested in accordance with its investment objectives for a brief period of time prior to the Merger being effected.

(d) Prior to effecting the Mergers:

(i) BMO Floating Rate Income Fund will distribute a sufficient amount of its net income and net realized capital gains, if any, to unitholders to ensure that it will not be subject to tax for its current tax year. Any such distribution will be automatically reinvested in additional units of BMO Floating Rate Income Fund; and

(ii) BMO Monthly Dividend Fund Ltd. may pay ordinary dividends or capital gains dividends to its securityholders. Any such dividends will be automatically reinvested in additional securities of BMO Monthly Dividend Fund Ltd.

(e) The value of each Terminating Fund’s portfolio and other assets will be determined at the close of business on the effective date of the Merger in accordance with its constating documents.

(f) Each Terminating Fund will sell its investment portfolio and other assets to its corresponding Continuing Fund in exchange for securities of the Continuing Fund.


June 3, 2021

(2021), 44 OSCB 4793

(g) Each Continuing Fund will not assume liabilities of is corresponding Terminating Fund and the Terminating Fund will retain sufficient assets to satisfy its estimated liabilities, if any, as of the effective date of the Merger.

(h) The securities of the Continuing Fund received by its corresponding Terminating Fund will have an aggregate NAV equal to the value of the portfolio assets and other assets that the Continuing Fund is acquiring from the Terminating Fund, and the securities of the Continuing Fund will be issued at the applicable series NAV per unit as of the close of business on the effective date of the Merger.

(i) Immediately thereafter, the securities of the Continuing Fund received by its corresponding Terminating Fund will be distributed to securityholders of the Terminating Fund in exchange for their securities in the Terminating Fund on a dollar-for-dollar and series-by-series basis, as applicable.

(j) As soon as reasonably possible following the Merger, the Terminating Fund will be wound up and dissolved.

21. Securityholders of each Terminating Fund will receive securities of the corresponding Continuing Fund with a value equal to the value of their securities of the Terminating Fund.

22. The Filer will pay for the costs of the Mergers. These costs consist mainly of brokerage charges associated with the Merger-related trades that occur both before and after the effective date of the Mergers and legal, proxy solicitation, printing, mailing and regulatory fees.

Tax Consequences of Mergers

23. The Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund will be effected on a taxable basis and the Merger of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund will be effected on a tax-deferred basis.

24. The Filer has determined that it would not be appropriate to effect the Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund as a “qualifying exchange” or a tax deferred transaction under the Tax Act for the following reasons:

(a) BMO U.S. High Yield Bond Fund has significant, unutilized loss carryforwards that would be lost if the Merger were completed on a tax-deferred basis under the Tax Act;

(b) The vast majority of investors in BMO Floating Rate Income Fund hold their securities in tax-exempt Registered Plans and a taxable merger is neither beneficial nor detrimental to a tax-exempt Registered Plan;

(c) Most investors who hold their securities of BMO Floating Rate Income Fund outside a Registered Plan are also in a loss position and triggering a loss can be beneficial to such investors because they can use the losses to offset any capital gains realized in the same year or any of the previous three years, and thus immediately reduce their tax liability. Under a tax-deferred merger, the realization of an investor’s capital losses would be deferred. The Filer is of the view that this deferral is detrimental to those investors because the loss would not be immediately available to the investor to offset current or prior capital gains; and

(d) The few taxable investors in a gain position on their securities of BMO Floating Rate Income Fund who may be negatively impacted by the Merger proceeding on a taxable basis will be provided with fulsome disclosure on the tax impact of such proposed Merger and will have the opportunity to redeem their securities prior to the effective date of the Merger or to vote against the proposed Merger.

25. In respect of the Merger:

(a) of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund that will be effected on a tax-deferred basis, the Circular discloses that the Filer expects that a significant portion of the portfolio will be sold and that, based on current market values, the Filer expects that any income or capital gains realized by BMO Monthly Dividend Fund Ltd. on the liquidation of securities prior to the Merger will be offset by available losses; and

(b) of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund that will be effected on a taxable basis, the Circular discloses that the Filer expects that all or substantially all of the securities in the portfolio will be sold and that as at the date of the Circular, the Filer expects that BMO Floating Rate Income Fund will have sufficient losses to absorb any gains generated by the sale of portfolio assets.


June 3, 2021

(2021), 44 OSCB 4794

Benefits of Mergers

26. The Filer believes that the Mergers are beneficial to securityholders of each Terminating Fund and Continuing Fund for the following reasons:

(a) the Continuing Funds have broader investment objectives than their corresponding Terminating Funds, thereby providing greater flexibility to the portfolio manager, which may benefit investors across market cycles and credit cycles;

(i) with respect to the Merger of BMO Floating Rate Income Fund into BMO U.S. High Yield Bond Fund, the Continuing Fund offers a wider approach to investing in non-investment grade fixed income than the Terminating Fund, and thus Terminating Fund investors may benefit from the synergies of the portfolio manager’s global fixed income capabilities;

(ii) with respect to the Merger of BMO Monthly Dividend Fund Ltd. into BMO Dividend Fund, the Continuing Fund offers exposure to a Canadian dividend mandate that has a wider approach to investing in dividend paying securities than the Terminating Fund, and thus Terminating Fund investors may benefit from a wider set of investment options;

(b) there is minimal demand for each Terminating Fund, as evidenced by declining assets under management (AUM) in each Terminating Fund over an extended period of time, which may lead to portfolio diversification challenges in the Terminating Funds if AUM continues to decline;

(c) each Terminating Fund has variable operating expenses, which means its expenses are spread over a smaller asset base as the AUM of each Terminating Fund continues to decline, while each Continuing Fund uses a fixed administration fee model, which means a consistent expense is charged to the fund, even if the AUM of a Continuing Fund were to decline;

(d) the Mergers will result in a more streamlined and simplified product line-up that is easier for investors to understand;

(e) each Continuing Fund has delivered stronger long-term performance than its applicable Terminating Fund;

(f) each Continuing Fund, as a result of its greater size, may benefit from its larger profile in the marketplace to attract additional investors and thus remain a viable long term investment; and

(g) management fees in the Continuing Funds are the same as, or lower than, management fees in the Terminating Funds.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Approval Sought is granted, provided that the Filer obtains the prior approval of the securityholders of the Terminating Funds at special meetings held for that purpose.

“Darren McKall” Manager Investment Funds & Structured Products Branch Ontario Securities Commission Application File #: 2021/0209


June 3, 2021

(2021), 44 OSCB 4795

2.2 Orders

2.2.1 Alvin Jones

File No. 2021-5

IN THE MATTER OF ALVIN JONES

M. Cecilia Williams, Commissioner and Chair of the Panel

May 27, 2021

ORDER

WHEREAS on May 27, 2021, the Ontario Securities Commission held a hearing by teleconference in relation to the application brought by Alvin Jones (Jones) to review a decision of the Investment Industry Regulatory Organization of Canada (IIROC) dated December 10, 2020;

ON READING the application and on hearing the submissions of the representatives for Jones, Staff of IIROC and Staff of the Commission;

IT IS ORDERED THAT:

1. by 4:30 p.m. on July 16, 2021, Jones shall:

a. serve a draft amended application, if any, on Staff of IIROC and Staff of the Commission; and

b. serve and file the record of the original proceeding; and

2. a further attendance in this proceeding is scheduled for July 30, 2021 at 10:00 a.m., by teleconference, or on such other dates or times as may be agreed to by the parties and set by the Office of the Secretary.

“M. Cecilia Williams”

2.2.2 Plateau Energy Metals Inc. et al.

File No. 2021-16

IN THE MATTER OF PLATEAU ENERGY METALS INC.,

ALEXANDER FRANCIS CUTHBERT HOLMES AND PHILIP NEVILLE GIBBS

Wendy Berman, Vice-Chair and Chair of the Panel

May 27, 2021

ORDER

WHEREAS on May 27, 2021, the Ontario Securities Commission held a hearing by teleconference;

ON HEARING the submissions of the representatives for Staff of the Commission and for each of Plateau Energy Metals Inc., Alexander Francis Cuthbert Holmes and Philip Neville Gibbs;

IT IS ORDERED THAT:

1. The respondents shall serve and file a motion, if any, regarding Staff’s disclosure or seeking disclosure of additional documents, by 4:30 p.m. on September 7, 2021;

2. Staff shall serve and file a witness list, and serve a summary of each witness’ anticipated evidence on the respondents, and indicate any intention to call an expert witness, including providing the expert’s name and the issues on which the expert will give evidence, by 4:30 p.m. on September 9, 2021; and

3. a further attendance in this matter is scheduled for September 17, 2021 at 10:00 a.m., by videoconference, or on such other date and time as may be agreed to by the parties and set by the Office of the Secretary.

“Wendy Berman”


June 3, 2021

(2021), 44 OSCB 4796

2.2.3 Cuspis Capital Ltd. – s. 1(6) of the OBCA

Headnote

Applicant deemed to have ceased to be offering securities to the public under the Business Corporations Act (Ontario).


Business Corporations Act, R.S.O. 1990, c. B.16, as am., s. 1(6).

May 28, 2021

IN THE MATTER OF THE BUSINESS CORPORATIONS ACT (ONTARIO),

R.S.O. 1990, c. B.16, AS AMENDED (the "OBCA")

AND

IN THE MATTER OF CUSPIS CAPITAL LTD.

(the Applicant)

ORDER (Subsection 1(6) of the OBCA)

UPON the application of the Applicant to the Ontario Securities Commission (the Commission) for an order pursuant to subsection 1(6) of the OBCA to be deemed to have ceased to be offering its securities to the public;

AND UPON the Applicant representing to the Commission that:

(a) the Applicant is an "offering corporation" as defined in the OBCA.

(b) The Applicant has no intention to seek public financing by way of an offering of securities.

(c) On April 30, 2021 the Applicant was granted an order (the Reporting Issuer Order) pursuant to subclause 1(10)(a)(ii) of the Securities Act (Ontario) that it is not a reporting issuer in Ontario and is not a reporting issuer or the equivalent in any other jurisdiction in Canada in accordance with the simplified procedure set out in National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The representations set out in the Reporting Issuer Order continue to be true.

AND UPON the Commission being satisfied to do so would not be prejudicial to the public interest;

IT IS HEREBY ORDERED by the Commission pursuant to subsection 1(6) of the OBCA that the Applicant be deemed to have ceased to be offering its securities to the public for the purpose of the OBCA.

“Frances Kordyback” Commissioner Ontario Securities Commission

“Cathy Singer” Commissioner Ontario Securities Commission

OSC File #: 2021/0249

2.2.4 Daniel Sheehan

File No. 2020-38

IN THE MATTER OF DANIEL SHEEHAN


May 28, 2021

ORDER


ON HEARING the submissions of the representatives for Staff of the Commission and for Daniel Sheehan;

IT IS ORDERED THAT:

4. each party shall serve the other party with a hearing brief containing copies of the documents, and identifying the other things, that the party intends to produce or enter as evidence at the merits hearing, by 4:30 p.m. on July 13, 2021;

5. each party shall provide to the Registrar a completed copy of the E-hearing Checklist for Videoconference Hearings by 4:30 p.m. on July 16, 2021;

6. a further attendance in this matter is scheduled for July 23, 2021 at 10:00 a.m., by teleconference, or on such other date and time as may be agreed to by the parties and set by the Office of the Secretary;

7. each party shall provide to the Registrar the electronic documents that the party intends to rely on or enter into evidence at the merits hearing, along with an index file containing hyperlinks to the documents in the hearing brief, in accordance with the Protocol for E-hearings, by 4:30 p.m. on August 18, 2021; and

8. the merits hearing in this proceeding shall take place by videoconference and commence on August 25, 2021 at 10:00 a.m., and continue on August 26 and 27, 2021 at 10:00 a.m. on each day, or on such other dates and times as may be agreed to by the parties and set by the Office of the Secretary.

“Wendy Berman”


June 3, 2021

(2021), 44 OSCB 4797

2.2.5 Trevor Rosborough et al.

File No. 2020-33

IN THE MATTER OF TREVOR ROSBOROUGH,

TAYLOR CARR and DMITRI GRAHAM

Timothy Moseley, Vice-Chair and Chair of the Panel

May 31, 2021

ORDER


ON HEARING the submissions of the representatives for Staff of the Commission (Staff) and Trevor Rosborough and of Dmitri Graham appearing on his own behalf, no one appearing for Taylor Carr;

IT IS ORDERED THAT:

1. by 4:30 p.m. on June 14, 2021, Graham shall serve and file a witness list and serve a summary of each witness’s anticipated evidence;

2. by 4:30 p.m. on August 20, 2021, Staff shall serve a hearing brief containing copies of the documents, and identifying the other things, that Staff intends to produce or enter as evidence at the merits hearing, including any affidavits of Staff’s witnesses;

3. by 4:30 p.m. on September 3, 2021, each Respondent shall serve a hearing brief containing copies of the documents, and identifying the other things, that they intend to produce or enter as evidence at the merits hearing;

4. by 4:30 p.m. on September 7, 2021, each Party shall provide to the Registrar a completed copy of the E-hearing Checklist for the Hearing on the Merits;

5. the final interlocutory attendance in this proceeding is scheduled for September 13, 2021, at 10:00 a.m., by teleconference, or on such other date and time as may be agreed to by the Parties and set by the Office of the Secretary;

6. by 4:30 p.m. on October 7, 2021, each Party shall provide to the Registrar the electronic documents that the Party intends to rely on or enter into evidence at the merits hearing, along with an Index File containing hyperlinks to the documents in the hearing brief, in accordance with the Protocol for E-hearings;

7. the merits hearing shall take place by videoconference and commence on November 2, 2021, at 10:00 a.m., and continue on November 3, 5, 8, 10, 11, 12, 15, 17, 18, 19, 22, 25, and 26, 2021, at 10:00 a.m. on each day, or on such other dates and times as may be agreed to by the Parties and set by the Office of the Secretary.

“Timothy Moseley”

2.2.6 Strike Holdings Inc. et al. – ss. 127(8), 127(1)

File No. 2021-13

IN THE MATTER OF STRIKE HOLDINGS INC.,

KM STRIKE MANAGEMENT INC., MICHAEL AONSO AND KEVIN CARMICHAEL


May 31, 2021

ORDER (Subsections 127(8) and 127(1) of the

Securities Act, RSO 1990 c S.5)

WHEREAS the Ontario Securities Commission held a hearing on May 31, 2021 by teleconference to consider a motion by Staff of the Commission (Staff) to further extend a temporary order dated April 21, 2021, and extended on May 3, 2021 (the Temporary Order), against Strike Holdings Inc., KM Strike Management Inc., Michael Aonso and Kevin Carmichael (together, the Respondents);

ON READING the materials filed by Staff and hearing the submissions of representatives of Staff and the representatives for the Respondents, and on considering that the Respondents consent to an extension of the Temporary Order;

IT IS ORDERED THAT:

1. pursuant to subsection 127(8) and paragraph 2 of subsection 127(1) of the Securities Act, RSO 1990, c S.5 (the Act), all trading in any securities by the Respondents shall cease until December 2, 2021;

2. pursuant to subsection 127(8) and paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to the Respondents until December 2, 2021; and

3. notwithstanding paragraph 1 above, the Respondent, Michael Aonso, shall be permitted to trade securities in any registered retirement savings plan (as defined in the Income Tax Act, RSC, 1985, c 1 (5th Supp)) in which he has sole legal and beneficial ownership, provided that such trading is carried out through a registered dealer in Canada to whom he has given a copy of this Order.

“Wendy Berman”


June 3, 2021

(2021), 44 OSCB 4798

2.2.7 Sunrise Energy Metals Limited (formerly Clean TEQ Holdings Limited)

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Application by a reporting issuer for an order that it is not a reporting issuer – Based on diligent enquiry, residents of Canada (i) directly or indirectly beneficially own approximately 2.77% of the issuer’s outstanding shares worldwide, and (ii) approximately 0.44% of the total number of shareholders of the issuer worldwide – Issuer is subject to Australian securities law and requirements of the Australian Stock Exchange – Issuer has undertaken that it will concurrently deliver to its Canadian securityholders all disclosure material it is required under Australian securities laws and exchange requirements to deliver to Australian resident securityholders – Issuer has provided notice that it submitted an application to cease to be a reporting issuer in Ontario.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii).

May 31, 2021

IN THE MATTER OF THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

AND

IN THE MATTER OF SUNRISE ENERGY METALS LIMITED

(FORMERLY, CLEAN TEQ HOLDINGS LIMITED) (the Filer)

ORDER

Background

The Ontario Securities Commission (the Commission) has received an application from the Filer for an order under subparagraph 1(10)(a)(ii) of the Securities Act (Ontario) (the Act) that the Filer is not a reporting issuer in Ontario (the Order Sought).

Interpretation

Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this order, unless otherwise defined.

Representations

This order is based on the following facts represented by the Filer:

1. The Filer is an Australian based business focused on the development and commercialization of technologies for metals recovery and industrial water treatment. The Filer’s material property is the Clean TeQ Sunrise Project located in New South Wales, Australia.

2. The Filer is a company existing under the Corporations Act 2001 (Australia) and the Filer’s registered office and principal place of business is located in Victoria, Australia.

3. The Filer has no assets or operations in Canada. None of the Filer’s officers or employees are residents of Canada and only one of the Filer’s non-executive directors is a resident of Canada.

4. The Filer is not a reporting issuer in any jurisdiction of Canada other than Ontario and the Filer is not in default of the securities legislation of any jurisdiction in Canada.

5. The Filer’s authorized capital consists of an unlimited number of ordinary shares (Ordinary Shares), of which 885,941,458 were issued and outstanding as of March 18, 2021. The Filer has no outstanding securities other than: (a) the Ordinary Shares; (b) options (Options) issued under the Filer’s employee incentive plan and entitling the holders thereof to acquire 6,746,589 Ordinary Shares; and (c) performance share rights (Performance Share Rights) under the Filer’s employee incentive plan and entitling the holders thereof to receive, subject to the satisfaction of the relevant vesting conditions and performance hurdles, up to 19,098,179 Ordinary Shares.

6. Effective March 29, 2021, the Filer consolidated its Ordinary Shares on a 10:1 basis. All references to the Ordinary Shares in this order are to pre-consolidation Ordinary Shares.

7. The Ordinary Shares are listed on the Australian Securities Exchange (the ASX) under the trading symbol “SRL”. The Ordinary Shares were previously listed on the Toronto Stock Exchange (the TSX).

8. On November 5, 2020, at the request of the Filer, the Ordinary Shares were voluntarily delisted from the TSX effective at the close of trading. At the time of delisting from the TSX, the directors of the Filer disclosed that the minimal trading activity of the Ordinary Shares on the TSX no longer justified the expense and administrative efforts associated with maintaining the dual listing, and that the Filer’s listing on the ASX provided shareholders with sufficient liquidity.

9. In support of the representations set forth below concerning the percentage of outstanding shareholders and the total number of shareholders in Canada, the Filer sought and obtained information as of February 4, 2021, from NASDAQ Global Corporate Solutions (NGCS), regarding the number, holdings, identity and geographic location of the registered holders of its outstanding Ordinary Shares. NGCS undertook a thorough and diligent examination of the share register, various reports and public filings for the purposes of determining the number, holdings, identity and geographic


June 3, 2021

(2021), 44 OSCB 4799

location of the beneficial holders of its Ordinary Shares, including a look-through of custodian and nominee positions.

10. Accordingly, based on the Filer’s inquiries described above conducted on its behalf by NGCS, as of February 4, 2021, the Filer had 885,941,458 Ordinary Shares outstanding, of which the number of Ordinary Shares held by residents of Canada beneficially and of record, is 24,564,556 shares representing 2.77% of the total outstanding shares. Excluding the holdings of one Canadian institutional investor and one publicly listed Canadian corporate shareholder, residents of Canada directly or indirectly beneficially own 10,300,780 (1.16%) Ordinary Shares. Further, residents of Canada represent approximately 33 of the Filer’s approximate 7,483 worldwide securityholders and therefore residents of Canada comprise 0.44% of the Filer’s worldwide securityholders.

11. Residents of Canada do not beneficially own any of the Options or Performance Share Rights.

12. The Filer has no current intention to seek public or private financing by way of an offering of securities in any jurisdiction of Canada.

13. The Filer has never conducted a prospectus or private placement offering in Canada. Since delisting, the Filer has not taken any steps that indicate there is a market for its securities in Canada. In the 12 months prior to the voluntary delisting of the Ordinary Shares from the TSX, the daily average volume of trading of the Ordinary Shares in Canada was approximately 4.21% of the daily average volume of trading of the Ordinary Shares worldwide during the same period.

14. None of the Filer’s securities are listed, traded or quoted on a marketplace in Canada (as that term is defined in National Instrument 21-101 Marketplace Operation) and the Filer does not intend to have its securities listed, traded or quoted on any such marketplace in Canada.

15. The Filer is subject to all applicable corporate requirements of a company formed in Australia, applicable Australian laws and the rules of the ASX. The Filer is not in default of any requirements of Australian law or the rules or requirements of the ASX applicable to it.

16. The Filer files periodic and timely disclosure as required under the securities laws of Australia and the rules of the ASX.

17. The Filer qualifies as a “designated foreign issuer” under National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers (NI 71-102) and has relied on, and complied with, the exemptions from Canadian

continuous disclosure requirements afforded to designated foreign issuers under Part 5 of NI 71-102.

18. On April 26, 2021, the Filer filed its ASX Quarterly Activities Report on SEDAR and disclosed that it has submitted an application to the Commission for an order that it is not a reporting issuer in Ontario and, if that order is granted, the Filer will no longer be a reporting issuer in any jurisdiction of Canada.

19. The Filer has provided an undertaking to the Commission that it will deliver to its Canadian resident securityholders, in the same manner and at the same time as delivered to its Australian resident securityholders, all continuous disclosure that the Filer is required to deliver to its Australian resident securityholders under applicable Australian securities laws and ASX requirements.

20. The Filer is unable to rely on the simplified procedure set out in National Policy 11-206 Process for Cease to be a Reporting Issuer Applications (NP 11-206) to seek an order that it is not a reporting issuer in Ontario as the Filer has, among other things, more than 50 securityholders worldwide.

21. The Filer is unable to rely on the modified procedure set out in NP 11-206 to seek an order that it is not a reporting issuer Ontario as, among other things, more than 2% of outstanding Ordinary Shares are beneficially owned by Canadian residents.

Decision

The Commission is satisfied that it would not be prejudicial to the public interest for the Commission to make the order.

The decision of the Commission under subparagraph 1(10)(a)(ii) of the Act is that the Order Sought is granted.

“Lawrence Haber” Ontario Securities Commission

“Craig Hayman” Ontario Securities Commission


June 3, 2021

(2021), 44 OSCB 4800

2.3 Orders with Related Settlement Agreements

2.3.1 Jonathan Cartu et al. – ss. 127, 127.1

File No. 2020-14

IN THE MATTER OF JONATHAN CARTU, DAVID CARTU and JOSHUA CARTU

Wendy Berman, Vice-Chair and Chair of the Panel Garnet W. Fenn, Commissioner Craig Hayman, Commissioner

May 26, 2021

ORDER (Sections 127 and 127.1 of the Securities Act, RSO 1990, c S.5)

WHEREAS on May 26, 2021, the Ontario Securities Commission (the Commission) held a hearing by videoconference to consider the request made jointly by David Cartu (Cartu) and Staff of the Commission (Staff) for approval of a settlement agreement dated May 18, 2021 (the Settlement Agreement);

ON READING the Joint Application for Settlement Hearing, including the Statement of Allegations dated May 4, 2020 and the Settlement Agreement, and the written submissions of Staff, and on hearing the submissions of Staff and the representative for the respondent Cartu, and on considering Cartu having made payment of each of $300,000 and $15,000 to the Commission in accordance with the terms of the Settlement Agreement;

IT IS ORDERED THAT:

1. the Settlement Agreement is approved;

2. pursuant to paragraph 8 of subsection 127(1) of the Act, Cartu is prohibited from becoming or acting as a director or officer of any issuer for a period of seven years from the date of this Order;

3. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities by Cartu shall cease for a period of seven years from the date of this Order;

4. pursuant paragraph 9 of subsection 127(1) of the Act, Cartu shall pay an administrative penalty of $300,000, which amount shall be designated for allocation or use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act; and

5. pursuant to paragraph 1 of subsection 127.1 of the Act, Cartu shall pay $15,000 for the costs of the investigation.

“Wendy Berman”

“Craig Hayman”

“Garnet W. Fenn”


June 3, 2021

(2021), 44 OSCB 4801

File No. 2020-14

IN THE MATTER OF JONATHAN CARTU, DAVID CARTU and JOSHUA CARTU

SETTLEMENT AGREEMENT

PART I – INTRODUCTION AND STAFF’S REGULATORY MESSAGE

1. Foreign companies and individuals who permit or otherwise engage in activities that facilitate the sale of securities to Ontarians must first ensure they have met all registration requirements under Securities Act RSO 1990, c.S.5 (the Act). The registration requirements serve to protect Ontario investors. When foreign companies and individuals facilitate the sale of securities by others without registration, they contravene Ontario securities law, expose investors to unacceptable risks of harm, and undermine investor confidence and the fairness of our markets.

2. In this case, between July 2013 and April 2017, Greymountain Limited (Greymountain) and UKTVM Ltd. (UKTVM), offshore companies in which David Cartu (Cartu) had sole beneficial interest, provided services to merchants (merchants) that were engaged in the sale of binary options to Ontario residents contrary to Ontario securities law.

3. The services provided by Greymountain and UKTVM facilitated the processing of payments by merchants in connection with the merchants’ sale of binary options to Ontario investors. The merchants’ activities resulted in investor losses and violated sections 25(1) and 53(1) of the Act. The services provided to those merchants by Greymountain and UKTVM constituted acts in furtherance of trading in securities, contrary to section 25(1) of the Act.

4. Between July 2013 and December 2014, UKTVM provided services to an online binary options trading merchant (the Merchant) that had the effect of facilitating payment for the sale of binary options to Ontario investors in the amount of approximately $132,000.

5. Between December 2014 and April 2017, Greymountain provided services to the Merchant and other merchants, including services that facilitated payment for the sale of binary options to Ontario investors in the amount of approximately $1.2 million.

6. Greymountain ceased providing services to merchants engaged in the sale of binary options to Ontario residents on April 24, 2017, two days before the Canadian Securities Administrators’ announcement of a proposed ban on the advertising and sale of binary options. In July 2017, Greymountain went into liquidation.1

7. The parties will jointly file a request that the Ontario Securities Commission (the Commission) issue a Notice of Hearing (the Notice of Hearing) to announce that it will hold a hearing (the Settlement Hearing) to consider whether, pursuant to 127.1 of the Act, it is in the public interest for the Commission to make certain orders against Cartu.

PART II – JOINT SETTLEMENT RECOMMENDATION

8. Staff agree to recommend settlement of the proceeding commenced by the Notice of Hearing (the “Proceeding”) against Cartu according to the terms and conditions set out in Part V of this Settlement Agreement (the “Settlement Agreement”). Cartu agrees to the making of an order in the form attached as Schedule “A” (the “Order”), based on the facts set out below.

9. For the purposes of the Proceeding, and any other regulatory proceeding commenced by a Canadian securities regulatory authority, Cartu agrees with the facts set out in Part III and the conclusions set out in Part IV of this Settlement Agreement.

PART III – AGREED FACTS

A. Cartu

10. During the relevant period, Cartu, then a resident of Israel, was the sole beneficial owner of each of UKTVM and Greymountain and derived income from their operations.

11. None of Cartu, UKTVM or Greymountain have ever been registered under Ontario securities law.

1 On December 12, 2017, Multilateral Instrument 91-102 Prohibition of Binary Options came into force, prohibiting the sale of binary options of less than 30 days

to individuals. While the material time for this matter predates the binary options ban, legal protections in the registration, distribution and anti-fraud rules in securities law still applied."


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(2021), 44 OSCB 4802

12. There is no evidence that Cartu received amounts from, had contact with, initiated or solicited any Ontario investor to purchase binary options, or that he engaged in acts of dishonesty with respect to Ontario investors.

B. UKTVM

13. UKTVM was incorporated in the United Kingdom on October 8, 2012. It provided administrative services to the Merchant, whose website was accessible to Ontario investors.

14. Among other services, investor deposits to the Merchant’s website by credit or debit card were indirectly facilitated by UKTVM, which entered into an agreement with a third-party payment processor (Payment Processor) for that purpose. The Merchant’s website stated that processing was provided by UKTVM. The name of the Merchant and/or of UKTVM appeared on some credit card statements of investors in Ontario and elsewhere.

15. In exchange for UKTVM’s services, UKTVM charged the Merchant a commission of approximately 5% of investor deposits and charged a fee for certain other services.

16. UKTVM ceased operations in December 2014.

17. The services UKTVM provided to the Merchant indirectly facilitated payment for the sale of binary options to Ontario investors in an amount not exceeding $132,000.

C. Greymountain

18. Greymountain was incorporated in Ireland on May 20, 2014.

19. Greymountain provided technical integration services and customised IT solutions to the Merchant. In connection with these services, Greymountain entered into service agreements with third party payment processors to facilitate investor deposits to the Merchant’s website by credit or debit card. The Merchant’s website stated that processing and “White Label Solutions” were provided by Greymountain. Subsequently, the name of the Merchant and/or Greymountain appeared on some credit card statements of Ontario investors.

20. Commencing in or about December 2014, Greymountain began providing “White Label Solutions” for other binary option merchants as well. The services provided by Greymountain to these merchants included indirectly facilitating credit and debit card deposits by investors in Ontario and elsewhere. In particular, Greymountain’s technology enabled certain merchants to receive funds from credit and debit card companies.

21. In exchange for Greymountain’s services, Greymountain charged merchants a commission of approximately 7% of investor deposits from Ontario investors and charged a fee for certain other services.

22. The name “Greymountain” appeared on some credit card statements of investors in Ontario who invested in binary options sold by the merchants.

23. The services provided by Greymountain indirectly facilitated payment for the sale of binary options to Ontario investors in the total amount of approximately $1.2 million.

24. Greymountain went into liquidation in July 2017. While Greymountain was in liquidation, Cartu and Greymountain employees assisted the liquidator in recovering funds from merchants for investors.

PART IV - CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND THE PUBLIC INTEREST

25. Cartu admits and acknowledges that he contravened Ontario securities law and acted contrary to the public interest by knowingly permitting UKTVM and Greymountain to engage in activities that constituted acts in furtherance of trading in securities. Such acts in furtherance of trading in securities contravened section 25(1) of the Act. The business of UKTVM and Greymountain indirectly facilitated trading by Ontario investors in binary options who transacted with merchants that contravened sections 25 and 53 of the Act, and whose activities resulted in investor losses.

PART V – TERMS OF SETTLEMENT

26. The Respondent agrees to the terms of settlement listed below and consents to the Order in substantially the form attached hereto as Schedule “A”, which provides that:

a. the Settlement Agreement is approved;

b. pursuant to paragraph 8 of subsection 127(1) of the Act, Cartu shall be prohibited from acting as a director or officer of any issuer for a period of seven years from the date of the Order;


June 3, 2021

(2021), 44 OSCB 4803

c. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities by Cartu shall cease for a period of seven years from the date of the Order;

d. pursuant paragraph 9 of subsection 127(1), Cartu shall pay an administrative penalty of C$300,000 by wire transfer to the Commission before the commencement of the Settlement Hearing, which amount shall be designated for allocation for use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act; and

e. pursuant to paragraph 1 of subsection 127.1 of the Act, Cartu shall pay costs of the Commission’s investigation in the amount of C$15,000, by wire transfer to the Commission before the commencement of the Settlement Hearing, pursuant to section 127.1 of the Act.

27. Cartu agrees to attend at the hearing before the Commission to consider the proposed settlement by video conference.

28. The Respondent acknowledges that this Settlement Agreement and the Order may form the basis for orders of parallel effect in other jurisdictions in Canada. The securities laws of some other Canadian jurisdictions allow orders made in this matter to take effect in those other jurisdictions automatically, without further notice to the Respondent. The Respondent should contact the securities regulator of any other jurisdiction in which the Respondent intends to engage in any securities- or derivatives-related activities, prior to undertaking such activities.

PART VI – FURTHER PROCEEDINGS

29. If the Commission approves this Settlement Agreement, Staff will not commence or continue any proceeding against the Respondent under Ontario securities law based on the misconduct described in Part III of this Settlement Agreement, unless the Respondent fails to comply with any term in this Settlement Agreement, in which case Staff may bring proceedings under Ontario securities law against the Respondent that may be based on, among other things, the facts set out in Part III of this Settlement Agreement as well as the breach of this Settlement Agreement.

30. If the Commission approves this Settlement Agreement and Cartu fails to comply with any of the terms of the Settlement Agreement, Staff or the Commission, as the case may be, may bring proceedings under Ontario securities law against Cartu. These proceedings may be based on, but need not be limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of the Settlement Agreement.

31. Cartu waives any defences to a proceeding referred to in paragraph 30 that are based on the limitation period in the Act, provided that no such proceeding shall be commenced later than six years from the date of the occurrence of the last failure to comply with the Settlement Agreement.

PART VII – PROCEDURE FOR APPROVAL OF SETTLEMENT

32. The parties will seek approval of this Settlement Agreement at the Settlement Hearing before the Commission, according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Procedure.

33. Staff and Cartu agree that this Settlement Agreement will form all of the agreed facts that will be submitted at the Settlement Hearing in relation to Cartu’s conduct, unless the parties agree that additional facts should be submitted at the Settlement Hearing.

34. If the Commission approves this Settlement Agreement:

a. Cartu irrevocably waives all rights to a full hearing, judicial review or appeal of this matter under the Act; and

b. No party will make any public statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the Settlement Hearing.

35. If the Commission does not approve this Settlement Agreement at the Settlement Hearing, Staff shall return to Cartu all funds paid by them to the Commission prior to the Settlement hearing within seven (7) days of the Settlement Hearing or the Commission’s decision not to approve this Settlement Agreement, whichever is later.

36. Whether or not the Commission approves this Settlement Agreement, Cartu will not use, in any proceeding, this Settlement Agreement or the negotiation or process of approval of this Settlement Agreement as the basis for any attack on the Commission’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may otherwise be available.


June 3, 2021

(2021), 44 OSCB 4804

PART VIII – DISCLOSURE OF SETTLEMENT AGREEMENT

37. If the Commission does not approve this Settlement Agreement or does not make an order substantially in the form of the Order attached as Schedule “A” to this Settlement Agreement:

a. this Settlement Agreement and all discussions and negotiations between Staff and Cartu before the Settlement Hearing takes place will be without prejudice to Staff and Cartu; and

b. Staff and Cartu will each be entitled to all available proceedings, remedies and challenges, including proceeding to a hearing on the merits of the allegations contained in the Statement of Allegations dated May 5,2020. Any such proceedings, remedies and challenges will not be affected by this Settlement Agreement, or by any discussions or negotiations relating to this Settlement Agreement.

38. The parties will keep the terms of this Settlement Agreement confidential until the Commission approves the Settlement Agreement, except as is necessary to make submissions at the Settlement Hearing. If, for whatever reason, the Commission does not approve the Settlement Agreement, the terms of the Settlement Agreement shall remain confidential indefinitely, unless Staff and the Respondents otherwise agree in writing or if required by law.

PART IX – EXECUTION OF SETTLEMENT AGREEMENT

39. This Settlement Agreement may be signed in one or more counterparts which, together, constitute a binding agreement.

40. A facsimile copy or other electronic copy of any signature will be as effective as an original signature.

DATED at this 18th day of May, 2021. “Linda Feurst” “David Cartu” Witness: Senior Partner DATED at Toronto, Ontario, this 17th day of May, 2021. ONTARIO SECURITIES COMMISSION “Jeff Kehoe” Director, Enforcement Branch


June 3, 2021

(2021), 44 OSCB 4805

Schedule “A” File No. 2020-14

IN THE MATTER OF JONATHAN CARTU, DAVID CARTU AND

JOSHUA CARTU , Chair of the Panel , Commissioner , Commissioner [Date]

ORDER (Sections 127 and 127.1 of the Securities Act, RSO 1990, c S.5)

WHEREAS on May X, 2021, the Ontario Securities Commission (the Commission) held a hearing by video conference to consider the request made jointly by David Cartu and Staff of the Commission (Staff) for approval of a settlement agreement dated May X, 2021 (the Settlement Agreement);

ON READING the Statement of Allegations dated May 5, 2020, the Settlement Agreement and the written submissions of Staff, and on hearing the submissions of Staff and the representative for David Cartu;

IT IS ORDERED THAT:

1. the Settlement Agreement is approved;

2. pursuant to paragraph 8 of subsection 127(1) of the Act, Cartu shall be prohibited from acting as a director or officer of any issuer for a period of seven years from the date of the Order;

3. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities by Cartu shall cease for a period of seven years from the date of the Order;

4. pursuant paragraph 9 of subsection 127(1), Cartu shall pay an administrative penalty of C$300,000 by wire transfer to the Commission before the commencement of the Settlement Hearing, which amount shall be designated for allocation for use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act; and

5. pursuant to paragraph 1 of subsection 127.1 of the Act, Cartu shall pay costs of the Commission's investigation in the amount of C$15,000, by wire transfer to the Commission before the commencement of the Settlement Hearing, pursuant to section 127.1 of the Act.

[Chair] [Commissioner] [Commissioner]


June 3, 2021

(2021), 44 OSCB 4806


June 3, 2021

(2021), 44 OSCB 4807

Chapter 3

Reasons: Decisions, Orders and Rulings 3.1 OSC Decisions

3.1.1 Jonathan Cartu et al. – ss. 127, 127.1

Citation: Cartu (Re), 2021 ONSEC 14 Date: 2021-05-26 File No. 2020-14

IN THE MATTER OF JONATHAN CARTU, DAVID CARTU AND

JOSHUA CARTU

REASONS FOR APPROVAL OF A SETTLEMENT Section(s) 127 and 127.1 of the Securities Act, RSO 1990, c S.5)

Hearing: May 26, 2021

Decision: May 26, 2021

Panel: Wendy Berman Garnet W. Fenn Craig Hayman

Vice-Chair and Chair of the Panel Commissioner Commissioner

Appearances: Rikin Morzaria For Staff of the Commission

Linda Fuerst For David Cartu

REASONS FOR APPROVAL OF A SETTLEMENT

I. OVERVIEW

[1] Staff of the Ontario Securities Commission (Staff of the Commission), and David Cartu have jointly submitted that it would be in the public interest for us to approve a settlement agreement entered into between Mr. Cartu and Staff dated May 18, 2021 (the Settlement Agreement) regarding allegations described in a Statement of Allegations dated May 4, 2020.

[2] This matter concerns allegations that Mr. Cartu permitted two corporate entities, of which he was the sole beneficial owner, Greymountain Limited (Greymountain) and UKTVM Ltd. (UKTVM), to engage in activities that facilitated the sale of securities to Ontario investors without registration (or an exemption from such requirement) in contravention of Ontario securities laws.

[3] After considering the Settlement Agreement and the submissions of the parties, we concluded that it would be in the public interest to approve the Settlement Agreement. These are our reasons.

II. SUMMARY OF THE FACTS

[4] The underlying facts and the specific breaches of Ontario securities laws are fully set out in the Settlement Agreement, which has been filed with the Commission and is publicly available. Accordingly, we need not repeat them in detail here.

[5] In summary, Mr. Cartu knowingly permitted Greymountain and UKTVM to engage in activities that facilitated trading in securities by merchants engaged in the sale of binary options to Ontario residents and admitted that he engaged in conduct that contravened Ontario securities laws and was contrary to the public interest as follows:

a. From July 2013 to April 2017, Greymountain and UKTVM provided payment processing and related services to merchants which indirectly facilitated payment for the sale of binary options to Ontario investors of approximately $1.33 million;

b. Mr. Cartu, Greymountain and UKTVM have never been registered under Ontario securities laws in any capacity; and

Reasons: Decisions, Orders and Rulings

June 3, 2021

(2021), 44 OSCB 4808

c. The merchants’ activities resulted in investor losses.

[6] In their written submissions, Staff advised that Greymountain and UKTVM received commissions for the services provided to merchants, which totalled approximately $90,600.

[7] Mr. Cartu admitted that the services provided by Greymountain and UKTVM to the merchants were acts in furtherance of trading in securities, contrary to section 25(1) of the Securities Act1 (the Act).

[8] As part of the Settlement Agreement, the parties agreed to various sanctions as follows:

a. Mr. Cartu will pay an administrative penalty in the amount of $300,000;

b. Mr. Cartu will pay the costs of the Commission’s investigation in the amount of $15,000; and

c. Mr. Cartu will be prohibited from trading in any securities and from acting as a director or officer of any issuer for a period of seven years.

[9] Mr. Cartu agreed to pay the administrative penalty and costs, in the total amount of $315,000, in advance of the hearing. Staff confirmed that he had done so.

III. LAW AND ANALYSIS

[10] The Commission’s role at a settlement hearing is to determine whether the terms of the settlement fall within a range of reasonable outcomes and whether the approval of the settlement is in the public interest.2

[11] The Settlement Agreement is the result of negotiations between Staff and the Respondent, both ably represented by counsel. The Commission respects the negotiation process and accords significant deference to the resolution reached by the parties.3

[12] Settlements serve the public interest in resolving regulatory proceedings promptly, efficiently and with certainty. Settlements avoid the significant resources that would be incurred in a contested proceeding and promote timely statements regarding regulatory requirements and standards to all capital market participants.

[13] We have reviewed the Settlement Agreement in detail and considered the submissions of counsel for the parties. We also conducted a confidential settlement conference with counsel for the parties during which we reviewed the proposed settlement agreement, asked questions of counsel and heard their submissions.

[14] In assessing whether it is in the public interest to approve the settlement, we considered various aggravating and mitigating factors.

[15] The breaches of Ontario securities law in this matter are serious and occurred over an approximate four-year period. Registration is a cornerstone of securities law designed to ensure that those who sell or promote securities are proficient and act with integrity.4 Facilitation of unregistered trading of securities defeats some of these necessary legal protections and undermines investor protection and the integrity of the capital markets.

[16] Mr. Cartu knowingly permitted acts that facilitated the sale of binary options by unregistered merchants to Ontario investors, which caused harm to Ontario investors and undermined confidence in the capital markets.

[17] We considered the following mitigating factors to be particularly relevant:

a. Mr. Cartu was not the principal actor in the binary options trading program and did not induce the investors to enter into the trades;

b. There was no evidence that Mr. Cartu received amounts from, had contact with, initiated or solicited any Ontario investor to purchase binary options, or that he engaged in acts of dishonesty with respect to Ontario investors;

c. Greymountain ceased facilitating trading by merchants in binary options prior to the regulatory prohibition contained in Multilateral Instrument 91-102 Prohibition of Binary Options being declared in force;

d. After Greymountain went into liquidation in July 2017, Mr. Cartu and employees of Greymountain assisted the liquidator in recovering funds from merchants for investors; and

1 RSO 1990, c S.5 2 Research in Motion Limited (Re), 2009 ONSEC 19, (2009) 32 OSCB 4434 (Research in Motion) at paras 44-46 3 Katanga Mining Limited (Re), 2018 ONSEC 59, (2018) 41 OSCB 9987 at para 18; Research in Motion at para 45 4 MRS Sciences Ltd., 2014 ONSEC 14 at para 88


June 3, 2021

(2021), 44 OSCB 4809

e. Mr. Cartu’s agreement to settle at this early stage of the proceedings will avoid the use of the significant Staff and Commission resources for a full merits hearing.

[18] As outlined above, we considered the totality of the circumstances, including the seriousness of the misconduct, the nature and duration of the misconduct, and the mitigating factors in our assessment of the proposed settlement terms.

IV. CONCLUSION

[19] In our view, the terms of the Settlement Agreement fall within a range of reasonable dispositions in the circumstances and will have a significant deterrent effect on Mr. Cartu, as well as act as a general deterrent to other like-minded persons or entities from engaging in similar misconduct.

[20] In our view, the administrative penalty and market access bans appropriately reflect the principles applicable to sanctions, including the importance of fostering investor protection and confidence in the market, recognition of the seriousness of the misconduct and the need for specific and general deterrence of such misconduct.

[21] For these reasons, we conclude that the Settlement Agreement is in the public interest. We approve the Settlement Agreement on the terms proposed by the parties and will issue an order substantially in the form requested.

Dated at Toronto this 26th day of May, 2021. “Wendy Berman” “Garnet W. Fenn” “Craig Hayman”


June 3, 2021

(2021), 44 OSCB 4810

3.1.2 Threegold Resources Inc.

Citation: Threegold Resources Inc. (Re), 2021 ONSEC 15 Date: 2021-05-27 File No. 2019-42

IN THE MATTER OF THREEGOLD RESOURCES INC.,

VICTOR GONCALVES and JON SNELSON

REASONS FOR DECISION

Hearing: In Writing

Decision: May 27, 2021

Panel: M. Cecilia Williams Commissioner and Chair of the Panel

Submissions received from: Alexandra Mathushenko For Staff of the Commission

No one appearing on behalf of Threegold Resources Inc.

REASONS FOR DECISION

I. OVERVIEW

[1] Staff of the Commission (Staff) brought a motion on February 3, 2021 seeking the following orders:

a. waiving service of the Notice of Hearing, Statement of Allegations, and all future process on the respondent Threegold Resources Inc. (Threegold) and proceeding with an enforcement action against Threegold in Threegold’s absence under Rules 6(4) and 21(3) of the Ontario Securities Commission Rules of Procedure and Forms (Rules)1;

b. relieving Staff of its Rule 27(1) disclosure obligations in respect of Threegold under Rule 3;

c. combining the merits and sanctions hearing against Threegold under Rule 3 and Rule 35(1);

d. that the enforcement proceeding against Threegold be conducted as a written hearing in accordance with Rule 23(3);

e. that this motion be heard in writing in accordance with Rule 23(3);

f. that this motion be heard without notice to Threegold in accordance with Rule 28(5)(a); and

g. an order extending the timelines for delivery of materials in accordance with Rule 3, Rule 4(2) and Rule 28(4), if required.

[2] In support of its motion, Staff submitted an affidavit from Sherry Brown, sworn February 22, 2021.2 At the request of the Panel, Staff also submitted redacted affidavits from the individual respondents Jon Snelson (Snelson), sworn July 16, 2020,3 and Victor Goncalves (Goncalves), sworn August 20, 2020.4 The Snelson and Goncalves affidavits were redacted so that they only provided evidence that is relevant the issues to be decided on this motion. Staff has entered into a settlement agreement with the individual respondents, Goncalves and Snelson, which was approved by order of the Commission dated February 8, 2021.

[3] I issued an order on March 15, 2021, granting most of the relief sought by Staff, with reasons to follow. The relief requested in paragraph 1.g above was not required in these circumstances. I also did not order that the merits and sanctions hearing proceed in the absence of Threegold, as that is an issue for the panel hearing the merits and sanctions hearing to determine. These are my reasons.

1 (2019) 42 OSCB 9714 2 Exhibit 1, Affidavit of Sherry Brown, sworn February 22, 2021 3 Exhibit 2, Redacted Affidavit of Jon Snelson, sworn July 16, 2020 4 Exhibit 3, Redacted Affidavit of Victor Goncalves, sworn August 20, 2020


June 3, 2021

(2021), 44 OSCB 4811

[4] The issues I need to decide on this motion are:

a. have Staff exhausted all reasonable efforts to serve Threegold;

b. may a combined merits and sanctions hearing be held absent the consent of the parties; and

c. have Staff established a “good reason” for the enforcement proceeding to be conducted in writing.

II. ANALYSIS

A. Order waiving service

[5] Staff submits that they have exhausted all reasonable efforts to identify a Threegold representative or an operative Threegold business address. Staff submits that I should therefore exercise my discretion under the Rules to waive service of the Notice of Hearing, Statement of Allegations and all future process on Threegold, dispense with Staff’s Rule 27 disclosure obligations and continue the enforcement proceedings in Threegold’s absence.

[6] Staff provided affidavit evidence of their efforts to locate and serve Threegold. Those efforts included: following the leads from corporate documentation and information obtained from former directors and officers, retaining a Quebec process server to attend in person at Threegold’s registered corporate address, trying to identify a general corporate contact number and email address and attempting to contact Threegold by email. Staff emailed its Enforcement Notice to Threegold’s last known address and have received no response.

[7] Staff’s efforts suggest that:

• at present there are no officers, directors or anyone else conducting any business on behalf of Threegold;

• there have been no directors of Threegold since June 2018, when the last two directors, Snelson and Bruno Crescenzi, resigned;

• Threegold is not conducting any business activities;

• Threegold has no operational business address;

• Threegold’s registered corporate address is neither a domicile nor a registered office or place of business;

• Threegold was delisted from the NEX Exchange on April 1, 2020;

• No liquidation or dissolution of Threegold has been initiated; and

• Threegold has not filed for bankruptcy.

[8] Staff submits that they have exhausted all reasonable efforts to serve Threegold and there is no identifiable “officer, director, agent or business partner” of Threegold for service purposes and that to continue to send material to Threegold’s address would be futile and raise security concerns in relation to sensitive or confidential documents.

[9] The Commission is required to give “reasonable notice” to parties to a proceeding,5 but may proceed in the absence of a party who has been given notice.6

[10] The Rules provide that the Commission may waive any of its Rules, as it considers appropriate to further the objective of ensuring that proceedings are conducted in a just, expeditious and cost effective manner.7 Moreover, the Rules provide that a panel may waive service.8

[11] The Commission has waived service when satisfied that all reasonable efforts to make service have been made.9

[12] I find that Staff has exhausted all reasonable efforts to identify a Threegold representative or an operative business address. Therefore, the requirement to serve notice of this motion, the Notice of Hearing, Statement of Allegations, and all future process on Threegold is waived and the enforcement proceeding may proceed in Threegold’s absence.

5 Statutory Powers Procedure Act, RSO 1990, c. S.22 (SPPA), s 6(1) 6 SPPA s 7(1) 7 Rules, r 3 8 Rules, r 6(4) 9 Lehman Brothers & Associates Corporation et al (2011), 34 OSCB 12717, paras 26-30, 34; New Futures Trading International Corporation et al (2013), 36

OSCB 3925 (New Futures Trading International Corporation et al) paras 11-14


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[13] Given my decision to waive service, requiring Staff to meet its disclosure obligation to Threegold under Rule 27(1) would serve no practical purposes and would be a waste of Staff resources. I also find that attempting to deliver confidential disclosure materials to Threegold’s former business address may raise security concerns. Therefore, Staff is relieved of its Rule 27(1) disclosure obligations in this matter.

B. Order combining the merits and sanctions hearings and conducting the hearing in writing

[14] Staff submits that it is in the public interest for the Commission to consider the allegations against Threegold and decide on the merits and sanctions, if any, in a combined written hearing. In support of this proposition Staff submits that Threegold continues to exist as a public company and could be reactivated and the cease trade order against Threegold could be lifted were Threegold to file is outstanding continuous disclosure.

[15] I agree that it is in the public interest to ensure that the allegations against Threegold are considered to protect the capital markets in the event that Threegold be reactivated without the serious allegations against the company having been considered and addressed, as the panel hearing those allegations considers appropriate.

[16] Staff submits that it would be in the public interest to hold the Threegold enforcement hearing in writing and combining the merits and sanctions hearing because:

• there is no identifiable person to represent Threegold or advise counsel and no realistic prospect of Threegold participating in the proceeding;

• the matter involves no novel securities law issues; and

• staff expects to tender all evidence in the proceeding by affidavits.

[17] Given these factors, Staff submits, an oral hearing would needlessly consume Commission resources, as would conducting separate merits and sanctions hearings.

[18] In addition, Staff submits Threegold’s non-participation also constitutes a “good reason” to conduct the hearing in writing.

[19] I deal first with Staff’s request for a combined merits and sanctions hearing.

[20] Commission Rules provide that if a panel makes a finding in an enforcement proceeding that provides a basis for sanctions and costs, a separate hearing will be held to consider costs and sanctions, unless the parties agree that all issues may be decided in one hearing.10

[21] Staff submits that the Commission may hold a combined merits and sanctions hearing absent the parties’ consent by virtue of its ability to waive any of its rules in order to ensure a proceeding is conducted in a just, expeditious and cost-effective manner.11

[22] In this instance, there is no identifiable individual to represent Threegold nor to advise counsel and no realistic prospect of Threegold participating in the hearing. There is, therefore, no means of obtaining Threegold’s consent to a combined hearing.

[23] Holding two separate hearings in the circumstances would needlessly waste Commission resources.

[24] It is appropriate, in the interest of ensuring a just, expeditious and cost-effective enforcement proceeding, to waive the requirement for a separate sanctions hearing under Rule 35(1) and to hold a combined merits and sanctions hearing.

[25] I turn now to whether the combined hearing should be conducted in writing.

[26] The Commission may order a hearing be conducted in writing if there is “good reason” to do so.12

[27] Staff submits that there is “good reason” to hold the hearing in writing for the reasons outlined in paragraph 24 above and because an oral hearing would needlessly consume Commission resources.

[28] New Futures Trading International Corporation et al involved similar circumstances where Staff had exhausted all reasonable steps to serve the individual respondent.13 In that instance the panel, after granting the motion to waive the requirement for service, proceeded to conduct the hearing in writing in the absence of the respondents in that matter.14

10 Rules, r 35(1) 11 Rules, rr 3 and 1 12 Rules, r 23(3) 13 New Futures Trading International Corporation et al, para 11 14 New Futures Trading International Corporation et al, 2013 ONSEC 21, para 10


June 3, 2021

(2021), 44 OSCB 4813

[29] I find that these circumstances constitute “good reason” to hold a hearing in writing. I reserve, however, the right to hold an in-person, virtual hearing after receiving and considering Staff’s written materials if the Panel hearing the proceeding deem it necessary.

C. Holding this hearing in writing

[30] Commission Rules also permit a hearing to be conducted in writing if the only purpose of the hearing is to deal with procedural matters.15 Staff submits, and I agree, that the sole purpose of this motion is to address procedural issues and therefore it may be conducted in writing.

D. Considering this motion without notice

[31] For the reasons set out above in paragraphs 5 to 12, waiving service of all process on Threegold, service of this motion on Threegold is also waived.

III. conclusion and order

[32] For the reasons set out above, I ordered that:

a. pursuant to Subrule 28(5)(a) of the Rules, Staff is permitted to bring this motion without notice to Threegold;

b. pursuant to Subrule 23(3) of the Rules, this motion shall be heard in writing;

c. pursuant to Subrule 6(4) of Rules, the requirement that Staff serve the Notice of Hearing, Statement of Allegations, and all future processes on Threegold is waived;

d. pursuant to Rule 3 of the Rules, Staff’s disclosure obligations in respect of Threegold pursuant to Subrule 27(1) are waived;

e. pursuant to Rule 3 and Subrule 35(1) of the Rules, the merits and the sanctions and costs hearings against Threegold shall be combined; and

f. pursuant to Subrule 23(3) of the Rules, the enforcement proceeding against Threegold shall be conducted as a written hearing.

Dated at Toronto this 27th day of May, 2021. “M. Cecilia Williams”

15 Rules, r 23(3)


June 3, 2021

(2021), 44 OSCB 4814


June 3, 2021

(2021), 44 OSCB 4815

Chapter 4

Cease Trading Orders 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Company Name Date of Temporary Order

Date of Hearing Date of Permanent Order

Date of Lapse/Revoke

THERE IS NOTHING TO REPORT THIS WEEK.

Failure to File Cease Trade Orders

Company Name Date of Order Date of Revocation

Algold Resources Ltd. June 22, 2020 May 31, 2021

Emergia Inc. May 7, 2021 May 26, 2021

EnerSpar Corp. May 6, 2021 May 28, 2021

Pennine Petroleum Corporation June 22, 2020 May 27, 2021

Pure Hydrogen Corporation Limited May 21, 2021 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date of Order Date of Lapse

THERE IS NOTHING TO REPORT THIS WEEK. 4.2.2 Outstanding Management & Insider Cease Trading Orders

Company Name Date of Order or

Temporary Order

Date of Hearing

Date of Permanent

Order

Date of Lapse/Expire

Date of Issuer

Temporary Order

Performance Sports Group Ltd. 19 October 2016

31 October 2016

31 October 2016

Cease Trading Orders

June 3, 2021

(2021), 44 OSCB 4816

Company Name Date of Order Date of Lapse

Agrios Global Holdings Ltd. September 17, 2020

Avicanna Inc. April 9, 2021

Bhang Inc. May 3, 2021

Bluesky Digital Assets Corp. May 3, 2021

Flower One Holdings Inc. May 3, 2021

Jushi Holdings Inc. May 3, 2021

Matica Enterprises Inc. May 3, 2021

Ionic Brands Corp. May 3, 2021

King Global Ventures Inc. May 3, 2021

Tree of Knowledge International Corp. May 3, 2021

WeedMD Inc. May 3, 2021

Empower Clinics Inc. May 4, 2021

Red White & Bloom Brands Inc. May 4, 2021

Reservoir Capital Corp. May 5, 2021

Nass Valley Gateway Ltd. May 5, 2021

June 3, 2021

(2021), 44 OSCB 4817

Chapter 7

Insider Reporting The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2

Guide to Codes Relationship of Insider to Issuer (Rel’n)

1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider

Nature of Transaction (T/O)

00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information

Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the

transaction was reported. 1 SEDI® is a registered trademark owned by CDS INC. 2 ©CDS INC.

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4818

Issuer Name Security Insider Name Rel'n Transaction Date

T/O Unit Price

Date/Month End Holdings

Acquired/ Disposed

37 Capital Inc. Common Shares Kalpakian, Bedo H 4 2021-05-25 00

703,9315N Plus Inc. Common Shares Bertrand, Luc 4 2021-05-21 10 2.897 1,642,300 14,3005N Plus Inc. Common Shares Perron, Richard 5 2021-05-17 51 1.65 79,500 37,5005N Plus Inc. Options Perron, Richard 5 2021-05-17 51 1.65 225,968 -37,500Advantage Oil & Gas Ltd. Rights Deferred Share

Units Fagerheim, Grant Bradley 4 2021-05-06 56 151

Advantage Oil & Gas Ltd. Rights Deferred Share Units

Fagerheim, Grant Bradley 4 2021-05-06 56 90,377 147

Africa Oil Corp. Performance Share Units

Gibbs, Ian 5 2021-05-24 59

594,600 -99,145

Africa Oil Corp. Performance Share Units

Hill, Keith Charles 4, 5 2021-05-24 59 1.23 3,293,456 -176,944

Africa Oil Corp. Restricted Share Units Hill, Keith Charles 4, 5 2021-05-24 59 1.23 451,367 -148,233Africa Oil Corp. Restricted Share Units Nicodeme, Pascal Daniel 5 2021-05-24 30 1.23

-27,250

Africa Oil Corp. Restricted Share Units Nicodeme, Pascal Daniel 5 2021-05-24 59 1.23 130,334 -27,250AgJunction Inc. (formerly Hemisphere GPS Inc.)

Common Shares Barjesteh, Bobac 5 2021-05-21 57

365,856 301,828

AgJunction Inc. (formerly Hemisphere GPS Inc.)

Restricted Shares Barjesteh, Bobac 5 2021-05-21 57 503,048 -301,828


Common Shares Ladd, Jonathan 4 2021-03-31 57 1,073,537 212,344


Common Shares Ladd, Jonathan 4 2021-05-21 57 1,183,293 109,756


Restricted Shares Ladd, Jonathan 4 2020-05-21 56 322,100 109,756


Restricted Shares Ladd, Jonathan 4 2021-03-31 57 109,756 -212,344


Restricted Shares Ladd, Jonathan 4 2021-05-21 57 0 -109,756


Common Shares McMickell, Michael Brett 5 2021-05-21 57 1,553,823 658,534


Restricted Shares McMickell, Michael Brett 5 2021-05-21 57 1,097,559 -658,534

Agnico Eagle Mines Limited

Common Shares Riley, Sean 4 2021-05-20 10 89.45 7,839 -1,000

AIRBOSS OF AMERICA CORP.

Common Shares Boccia, Matthew 5 2021-05-18 00 1,000


Common Shares Boccia, Matthew 5 2021-05-18 10 34.21 1,300 300






Rights - Performance Share Units

Boccia, Matthew 5 2021-05-18 00


Rights - Performance Share Units

Boccia, Matthew 5 2021-05-27 56 33.77 1,532 1,532

Akumin Inc. Common Shares Cameron, Matthew 5 2021-05-27 30 700 25 Akumin Inc. Common Shares Fitzgerald, Christopher

Gifford 5 2021-05-27 30 475 6

Akumin Inc. Common Shares Kassa, Laura Mae 5 2021-05-27 30 1,430 19 Akumin Inc. Common Shares Luckey, Michael 5 2021-05-27 30 1,290 19Akumin Inc. Common Shares Meredith, Michael 5 2021-05-27 30 637 16 Akumin Inc. Common Shares Navani, Rohit Kishin 5 2021-05-27 30 872 22Akumin Inc. Common Shares Richardson, Jason 5 2021-05-27 30 1,383 19 Allegiant Gold Ltd. Common Shares Gianulis, Peter Lawrence 4, 6 2021-05-27 10 0.37 7,309,800 100,000Allegiant Gold Ltd. Common Shares nichols, shawn 4 2021-05-27 10 0.365 1,987,365 17,000 Allegiant Gold Ltd. Common Shares nichols, shawn 4 2021-05-27 10 0.3629 2,057,365 70,000Allegiant Gold Ltd. Common Shares nichols, shawn 4 2021-05-27 10 0.3654 2,157,365 100,000 Allegiant Gold Ltd. Common Shares nichols, shawn 4 2021-05-27 10 0.3768 2,232,365 75,000Allegiant Gold Ltd. Common Shares nichols, shawn 4 2021-05-27 10 0.3766 2,287,365 55,000 Allied Properties Real Estate Investment Trust

Units Cormack, Lois 4 2021-05-28 10 44.454 6,635 450

AltaGas Ltd. Common Shares Jenkins, Donald Mark 5 2019-12-16 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4819


T/O Unit Price


Acquired/ Disposed

AltaGas Ltd. Common Shares Jenkins, Donald Mark 5 2021-05-26 51 19.57 80,061 80,061AltaGas Ltd. Common Shares Jenkins, Donald Mark 5 2021-05-26 10 23.76 4,521 -75,540AltaGas Ltd. Options Jenkins, Donald Mark 5 2021-05-26 51 19.57 486,473 -80,061Altiplano Metals Inc. Common Shares Farley, James Donald 4 2021-05-26 99 0.355 1,586,804 20,000Altius Minerals Corporation Rights DSUs Adshead-Bell, Nicole 4 2020-10-01 00Altius Minerals Corporation Rights DSUs Adshead-Bell, Nicole 4 2021-05-26 56 9,250 9,250Altius Minerals Corporation Rights DSUs Conway, Teresa 4 2021-05-26 56 9,250 9,250Altius Minerals Corporation Rights DSUs Gaumond, André 4 2021-05-26 56

35,375 5,842

Altius Minerals Corporation Rights DSUs Lace, Roger 4, 7 2021-05-26 56

24,687 5,842Altius Minerals Corporation Rights DSUs Lewis, Benjamin Gerard 5 2021-05-26 56

24,840 2,952

Altius Minerals Corporation Rights DSUs Mifflin, Frederick James 4 2021-05-26 56

71,008 5,842Altius Minerals Corporation Rights DSUs Strauss, James Digby

Ronald 4 2021-05-26 56

68,523 5,842

Altius Minerals Corporation Rights DSUs Stylianides, Anna 4 2021-05-26 56

47,159 5,842Altius Minerals Corporation Rights DSUs Wells, Chad 5 2021-05-26 56

19,877 2,365

Altius Minerals Corporation Rights DSUs Winter, Stephen Lawrence

5 2021-05-26 56

20,112 2,660

Altius Renewable Royalties Corp.

Common Shares Gaumond, André 4, 6 2021-05-26 10 8.9 4,000 1,000













Altura Energy Inc. (formerly, Northern Spirit Resources Inc.)

Options Burghardt, David 4, 5 2020-11-30 52 0.3375 800,000 -500,000


Options Carlson, Tavis Aaron 5 2020-11-30 52 0.3375 780,000 -500,000


Options Gee, Darren 4 2020-11-30 52 0.3375 235,000 -200,000


Options Maitland, Robert A. 4 2020-11-30 52 0.3375 235,000 -200,000


Options Mazurak, Jeffrey William 5 2020-11-30 52 0.3375 790,000 -500,000


Options McAleer, John Harry 4 2020-11-30 52 0.3375 235,000 -350,000


Options Pinckston, Daniel Robert 5 2020-11-30 52 0.3375 795,000 -500,000


Options Stephenson, Travis 5 2020-11-30 52 0.3375 780,000 -500,000

American Pacific Mining Corp.

Options Cunningham, Kenneth 4 2021-05-27 50 0.27 700,000 300,000


Options Lang, Joness 4 2021-05-27 50 0.27 700,000 300,000


Options Mohan, Alnesh 5 2021-05-27 50 0.27 300,000 300,000


Options Mohan, Alnesh 5 2021-05-27 50 0.27 300,000


Options Mohan, Alnesh 5 2021-05-27 50 0.27 300,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4820


T/O Unit Price


Acquired/ Disposed


Options Saderholm, Eric 4, 5 2021-05-27 50 0.27 700,000 300,000


Options Smith, Warwick 4, 5 2021-05-27 50 0.27 700,000 300,000

Antler Gold Inc. Common Shares Drysdale, Christopher Peter John Lindsay

5 2021-05-19 10 0.14 118,700 20,000

Apolo IV Acquisition Corp. Common Shares Arbib, Stephen 3, 5 2021-04-01 00 3,300,000Apolo IV Acquisition Corp. Common Shares Galego, Michael 4 2021-04-01 00 100,000Apolo IV Acquisition Corp. Options Galego, Michael 4 2021-04-01 00

695,000

Apolo IV Acquisition Corp. Options Galego, Michael 4 2021-04-01 50

1,112,000 417,000Apolo IV Acquisition Corp. Common Shares Roebuck, Ryan 5 2021-04-01 00

400,000

Apolo IV Acquisition Corp. Options Roebuck, Ryan 5 2021-04-01 00

277,500 Apolo IV Acquisition Corp. Options Roebuck, Ryan 5 2021-04-01 50

444,000 166,500

Apolo IV Acquisition Corp. Common Shares Young, Michael 4 2021-04-01 00

500,000 Apolo IV Acquisition Corp. Options Young, Michael 4 2021-04-01 00

277,500

Apolo IV Acquisition Corp. Options Young, Michael 4 2021-04-01 50

444,000 166,500 ARC Resources Ltd. Common Shares Anderson, Terry Michael 5 2021-05-25 10 8.97 165,592 10,000Arctic Star Exploration Corp.

Common Shares Zimtu Capital Corp. 3 2021-05-20 10 0.244 7,553,965 -120,000

ArcWest Exploration Inc. Common Shares Smyth, Michael Alfred 4 2021-05-20 00 25,000Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-06-26 16 0.5 64,333Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-06-26 16 0.5 64,333Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-06-26 16 0.6 60,667Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-06-26 16 0.6 60,667Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-08-01 00 Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-08-01 00Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-08-01 00 Arizona Metals Corp. Warrants Vernon, Rickard David 4 2019-08-01 00 125,000Armada Mercantile Ltd. Common Shares Cole, Michelle 5 2021-05-27 00 1,027,275 Armada Mercantile Ltd. Common Shares Cole, Patrick 5 2021-05-27 36 0.285 6,244,901 126,000Artemis Gold Inc. Common Shares Alderson, Candice 5 2021-02-15 00 Artemis Gold Inc. Common Shares Alderson, Candice 5 2021-05-25 11 6.1 57,400 57,400Artemis Gold Inc. Common Shares Atkinson, Robert George 4 2021-05-25 11 6.1 2,272,050 82,000 Artemis Gold Inc. Common Shares Batalha, Christopher

Ross 5 2021-05-25 11 6.1 620,900 16,400

Artemis Gold Inc. Common Shares Beedie, Ryan K 4 2021-05-25 16 6.1 42,914,292 8,197,000Artemis Gold Inc. Common Shares Black, W. David 4 2021-05-25 11 6.1 907,640 49,000Artemis Gold Inc. Common Shares Campbell, Nicholas

James 8 2021-05-25 16 6.1 762,500 98,500

Artemis Gold Inc. Common Shares Dean, Steven 4, 5 2021-05-25 11 6.1 5,431,983 245,900Artemis Gold Inc. Common Shares Dean, Steven 4, 5 2021-05-25 11 6.1 896,550 82,000Artemis Gold Inc. Common Shares Langford, Jeremy 5 2021-05-25 11 6.1 365,900 327,900Artemis Gold Inc. Common Shares Rees, Helena Elise 4 2021-05-03 00Artemis Gold Inc. Common Shares Rees, Helena Elise 4 2021-05-25 11 6.1 2,500 2,500Artemis Gold Inc. Options Rees, Helena Elise 4 2021-05-03 00Artemis Gold Inc. Options Rees, Helena Elise 4 2021-05-27 50 6.88 75,000 75,000Artis Real Estate Investment Trust

Preferred Shares Series A

Artis Real Estate Investment Trust

1 2021-05-26 38 0 -12,400


Preferred Shares Series A


1 2021-05-28 38 23.651 900 900


Preferred Shares Series E


1 2021-05-26 38 0 -4,200


Preferred Shares Series E


1 2021-05-28 38 23.241 2,100 2,100


Units Artis Real Estate Investment Trust

1 2021-05-28 38 10.961 1,030,698 313,384


Restricted Units Koenig, Jaclyn 5 2021-05-21 00 8,712


Units Koenig, Jaclyn 5 2021-05-21 00 2,906

Ascendant Resources Inc. Options Calandra, Carl 5 2021-05-26 00Ascendant Resources Inc. Options Calandra, Carl 5 2021-05-27 50 0.305 450,000 450,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4821


T/O Unit Price


Acquired/ Disposed

Ascot Resources Ltd. Common Shares Bennett, William 4 2018-02-01 00

Asian Television Network International Limited

Common Shares CHANDRASEKAR, SUBRAHMAN

4, 5 2021-05-21 10 0.165 17,432,518 4,000

Atalaya Mining plc Common Shares Liberty Metals & Mining Holdings, LLC

3 2021-05-26 11 3.58 17,927,392 -45,789


3 2021-05-27 11 3.58 17,880,694 -46,698


3 2021-05-28 11 3.58 17,814,524 -66,170

Athabasca Minerals Inc. Common Shares Paulencu, Donald 4 2021-05-26 51 0.235 2,136,694 120,000Athabasca Minerals Inc. Options Paulencu, Donald 4 2021-05-26 51 0.235 299,600 -120,000Aura Minerals Inc. Common Shares dos Santos Cardoso,

Joao Kleber5 2021-05-14 51 1.5677 47,389 22,389

Aura Minerals Inc. Options dos Santos Cardoso, Joao Kleber

5 2021-05-14 51 1.5677 274,000 -25,000

Aurcana Silver Corporation Options Andrews, Charles 5 2021-05-26 50

1,000,000 500,000 Aurcana Silver Corporation Options Briggs, Brian 5 2021-05-26 50

1,500,000 750,000

Aurcana Silver Corporation Options Drover, Kevin Cameron 4 2021-05-26 50 2,060,000 1,000,000 Aurcana Silver Corporation Options Fairfield, Peter 4 2021-05-26 50 520,000 350,000Aurcana Silver Corporation Options GROSS, Michael P. 4 2021-05-26 50 600,000 350,000 Aurcana Silver Corporation Options Moroney, Donna 5 2021-05-26 50 490,000 350,000Australis Capital Inc. Common Shares Booth, Terry 3, 5 2021-05-19 46 0.275 2,916,872 2,716,782 Automotive Properties Real Estate Investment Trust

Deferred Units Kalra, Andrew Atul 6, 5 2021-05-25 57 102,399 -14,000

Automotive Properties Real Estate Investment Trust

Trust Units Kalra, Andrew Atul 6, 5 2021-05-25 57 17,500 14,000

Automotive Properties Real Estate Investment Trust

Trust Units Kalra, Andrew Atul 6, 5 2021-05-25 10 12.5 3,500 -14,000

AYA GOLD & SILVER INC.

Common Shares Beaudoin, Raphaël 5 2021-05-25 10 7.79 156,666 -10,000




Common Shares Beaudoin, Raphaël 5 2021-05-25 10 7.73 146,666 -100





























Insider Reporting

June 3, 2021

(2021), 44 OSCB 4822


T/O Unit Price


Acquired/ Disposed














Common Shares Elias, Elias 5 2021-05-21 10 7.45 161,666 -5,000


























Common Shares Elias, Elias 5 2021-05-25 10 7.53 61,166 -600












Common Shares Sofronis, Nikolaos 4 2021-05-20 10 7.91 2,149,361 -5,000

Aztec Minerals Corp. Common Shares Varas, Patricio 4 2021-05-21 10 0.32 43,000 -50,000BacTech Environmental Corporation

Common Shares Orr, Murray Ross 7 2021-05-26 10 0.075 6,443,827 60,000

Badger Infrastructure Solutions Ltd.

Performance Share Unit Carson, Trevor 5 2021-05-25 00


Performance Share Unit Carson, Trevor 5 2021-05-25 56 39.65 5,675 5,675


Restricted Share Units Carson, Trevor 5 2021-05-25 00


Restricted Share Units Carson, Trevor 5 2021-05-25 56 39.65 5,675 5,675

Bank of Montreal Deferred Share Units Babiak, Jan 4 2021-05-20 56 123.14 29,292 629Bank of Montreal Deferred Share Units Brochu, Sophie 4 2021-05-20 56 123.14 31,580 487Bank of Montreal Deferred Share Units Broderick, Craig Wyeth 4 2021-05-20 56 123.14 7,986 629

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4823


T/O Unit Price


Acquired/ Disposed

Bank of Montreal Deferred Share Units Cope, George 4 2021-05-20 56 123.14 55,128 883Bank of Montreal Deferred Share Units Dent, Stephen John 4 2021-04-07 00

Bank of Montreal Deferred Share Units Dent, Stephen John 4 2021-05-20 56 123.14 122 122Bank of Montreal Deferred Share Units Edwards, Christine A. 4 2021-05-20 56 123.14 46,789 652Bank of Montreal Deferred Share Units Eichenbaum, Martin

Stewart4 2021-05-20 56 123.14 18,125 528

Bank of Montreal Deferred Share Units Harquail, David 4 2021-05-20 56 123.14 7,524 465Bank of Montreal Deferred Share Units Huber, Linda Susan 4 2021-05-20 56 123.14 9,471 528Bank of Montreal Deferred Share Units Mitchelmore, Lorraine 4 2021-05-20 56 123.14 18,890 660Bank of Montreal Deferred Share Units Ranganathan, Madhu 4 2021-04-07 00

Bank of Montreal Deferred Share Units Ranganathan, Madhu 4 2021-05-20 56 123.14 125 125Bank of Montreal Deferred Share Units RICHER LA FLÈCHE,

ERIC 4 2021-05-20 56 123.14 27,028 457

Banyan Gold Corp. Options Gray, Paul Dunstan 8 2021-05-11 50 0.24 1,725,000 300,000Barsele Minerals Corp. Common Shares Cope, Gary Gordon 4 2021-05-25 10 0.53 15,811,300 13,000Bausch Health Companies Inc. (formerly, Valeant Pharmaceuticals International, Inc.)

Common Shares Wechsler, Amy 4 2021-05-26 10 31.785 0 -11,037

Baylin Technologies Inc. Common Shares Gavrilovic, Milorad 5 2021-05-28 10 1.04 45,288 -1,000Baylin Technologies Inc. Common Shares Gavrilovic, Milorad 5 2021-05-28 10 1.0425 25,288 -20,000BCE Inc. Common Shares Bibic, Mirko 7 2021-02-15 97 0 -15,937BCE Inc. Common Shares Bibic, Mirko 7 2021-02-15 97 17,632 15,937BCE Inc. Common Shares Bibic, Mirko 7 2021-05-26 10 60 12,632 -5,000Bee Vectoring Technologies International Inc.

Common Shares Flueckiger, Claude 4 2021-05-21 36 75,000 50,000

Bee Vectoring Technologies International Inc.

Rights Restricted Share Units

Flueckiger, Claude 4 2021-05-21 36 55,000 -50,000

Belgravia Hartford Capital Inc. (formerly Belgravia Capital International Inc.)

Common Shares Azodi, Mehdi 5 2021-05-25 10 0.205 8,102,369 24,000

Belgravia Hartford Capital Inc. (formerly Belgravia Capital International Inc.)

Common Shares Azodi, Mehdi 5 2021-05-25 10 0.21 8,118,369 16,000

BeWhere Holdings Inc. Options Christie, Paul Alexander 4 2021-05-27 50 0.2 183,000 100,000BeWhere Holdings Inc. Options De Laurentiis, Joanne 4 2021-05-27 50 0.2 350,000 100,000BeWhere Holdings Inc. Options Kulperger, Edward

George 4 2021-05-27 50 0.2 250,000 100,000

Big Rock Brewery Inc. Common Shares Arsenault, Wayne 5 2021-05-20 57 6.3 26,179 6,179Big Rock Brewery Inc. Restricted Awards Arsenault, Wayne 5 2021-05-20 57

87,479 -6,179

Big Rock Brewery Inc. Common Shares Gautreau, Paul Henry 5 2021-05-20 57 6.3 3,306 1,786Big Rock Brewery Inc. Common Shares Gautreau, Paul Henry 5 2021-05-20 10 6.15 2,366 -940 Big Rock Brewery Inc. Restricted Awards Gautreau, Paul Henry 5 2021-05-20 57 12,834 -1,786Big Rock Brewery Inc. Common Shares Giblin, Stephen 4 2018-05-10 00 Big Rock Brewery Inc. Common Shares Giblin, Stephen 4 2021-05-20 57 6.3 307 307Big Rock Brewery Inc. Common Shares Giblin, Stephen 4 2021-05-20 10 6.15 141 -166 Big Rock Brewery Inc. Restricted Awards Giblin, Stephen 4 2021-05-20 57 3,607 -307Big Rock Brewery Inc. Common Shares Howden, Paul 5 2021-05-20 57 6.3 6,948 1,685Big Rock Brewery Inc. Restricted Awards Howden, Paul 5 2021-05-20 57 24,246 -1,685Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 2021-05-24 10 6.3 24,807 307Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 2021-05-24 10 6.15 24,641 -166Big Rock Brewery Inc. Restricted Awards Kohut, Michael G 4 2021-05-24 57 6.3 3,607 -307Big Rock Brewery Inc. Common Shares McDonald, Alanna Jane 4 2021-05-20 57 6.3 307 307Big Rock Brewery Inc. Restricted Awards McDonald, Alanna Jane 4 2021-05-20 57 3,607 -307Big Rock Brewery Inc. Common Shares McNally-Leitch, Kathleen

Margaret4 2021-05-20 57 6.3 242,393 307

Big Rock Brewery Inc. Restricted Awards McNally-Leitch, Kathleen Margaret

4 2021-05-20 57 3,607 -307

Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 2015-05-14 00Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 2021-05-20 57 6.3 307 307

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4824


T/O Unit Price


Acquired/ Disposed

Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 2021-05-20 10 6.15 211 -96Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 2021-05-21 10 5.23 1,918,300 3,100Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 2021-05-26 10 5.21 1,919,700 1,400Big Rock Brewery Inc. Restricted Awards Noone, Patrick Donnell 4 2021-05-20 57

3,607 -307

Big Rock Brewery Inc. Common Shares Riddell, James H. T. 4 2011-01-01 00Big Rock Brewery Inc. Common Shares Riddell, James H. T. 4 2021-05-20 57 6.3 307 307Big Rock Brewery Inc. Restricted Awards Riddell, James H. T. 4 2021-05-20 57 3,607 -307Big Rock Brewery Inc. Common Shares Sewell, Donald Richard 5 2021-05-20 57 6.3 11,404 3,071Big Rock Brewery Inc. Common Shares Sewell, Donald Richard 5 2021-05-20 10 6.15 9,791 -1,613Big Rock Brewery Inc. Restricted Awards Sewell, Donald Richard 5 2021-05-20 57

41,087 -3,071

Blackline Safety Corp. Common Shares Finbow, John Robert 4 2021-05-25 10 8.7 760,192 -10,000Blueberries Medical Corp. Common Shares Garreton, Facundo 4 2021-05-24 10 0.0756 3,153,827 72,550 Blueberries Medical Corp. Common Shares Garreton, Facundo 4 2021-05-26 10 0.0756 3,181,277 27,450Bluesky Digital Assets Corp.

Common Shares Inwentash, Sheldon 3 2021-05-21 10 0.592 3,399,500 50,000

Bluesky Digital Assets Corp.









Common Shares ThreeD Capital Inc. 3 2021-05-21 10 0.592 3,399,500 50,000









Bombardier Inc. Deferred Stock Units/Unités d'actions différées

Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Multiple Voting Shares Classe A/ Class A Shares (Multiple Voting)

Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Options Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Performance Share Units/Unites d'actions liees au rendement

Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Preferred Shares série 2/ Series 2 Preferred Shares

Laurier, Eve 5 2021-05-17 00


Laurier, Eve 5 2021-05-17 00


Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Restricted Share Units/Unités d'actions incessibles

Laurier, Eve 5 2021-05-17 00

Bombardier Inc. Subordinate Voting Shares Classe B/ Class B Shares ( Subordinate Voting)

Laurier, Eve 5 2021-05-17 00

Bonterra Resources Inc. Common Shares Gonzalez, Cesar 4, 5 2021-05-25 10 1.16 33,000 33,000Boosh Plant-Based Brands Inc.

Common Shares Almanzar, Rafael 4 2021-05-26 16 25,000 25,000

Boosh Plant-Based Brands Inc.

Warrants Almanzar, Rafael 4 2021-05-26 16 0.5 150,000 150,000


Common Shares Coburn, David 4 2021-05-26 16 25,000 25,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4825


T/O Unit Price


Acquired/ Disposed


Common Shares Eged, Jennifer 4 2021-05-26 16

25,000 25,000


Common Shares Hussaini, Maria 4, 5 2021-05-26 16

10,000 10,000


Common Shares Marples, Connie 4, 5 2021-05-26 16

2,033,562 25,000


Common Shares Marples, Lance 4 2021-05-26 16 2,033,562 25,000


Common Shares Pakulis, James 4, 5 2021-05-26 16

25,000 25,000

Braveheart Resources Inc. Common Shares Matlock, Aaron 4, 5 2021-05-26 10 0.122 7,309,001 20,000Braveheart Resources Inc. Common Shares Matlock, Aaron 4, 5 2021-05-26 10 0.122

20,000

Braveheart Resources Inc. Common Shares Matlock, Aaron 4, 5 2021-05-26 10 0.122

20,000Braveheart Resources Inc. Common Shares Vinck, Dwayne Albert 5 2021-05-25 10 0.115 1,496,000 35,000Braveheart Resources Inc. Common Shares Vinck, Dwayne Albert 5 2021-05-27 10 0.13 1,476,000 -20,000Braveheart Resources Inc. Common Shares Vinck, Dwayne Albert 5 2021-05-28 10 0.12 1,521,500 45,500Brixton Metals Corporation Common Shares 2176423 Ontario Ltd. 3 2021-05-21 10 0.2 22,345,167 -2,000,000Brixton Metals Corporation Common Shares Sprott, Eric S. 3 2021-05-21 10 0.2 22,345,167 -2,000,000Brookfield Infrastructure Finance ULC

5.000% Subordinated Notes due 2081

Burgundy Acquisitions I Ltd.

3 2021-05-17 00

Brookfield Infrastructure Finance ULC



3 2021-05-17 00




3 2021-05-17 00




3 2021-05-17 00 $45,000,000

Brookfield Property Partners L.P.

Options (Global) Davis, Bryan Kenneth 7, 5 2021-05-24 51 18.49 1,308,260 -112,000

Brookfield Property Partners L.P.

Options (Global) Davis, Bryan Kenneth 7, 5 2021-05-28 51 18.75 1,221,860 -86,400

Buffalo Coal Corp. (formerly Forbes & Manhattan Coal Corp.)

Options Bezuidenhout, Willie 5 2020-03-09 00


Options Bezuidenhout, Willie 5 2021-05-25 50 0.02 1,450,000 1,450,000


Options Marais, George Frederick 5 2015-03-10 00


Options Marais, George Frederick 5 2021-05-25 50 0.02 150,000 150,000


Options Mattison, Kevern Bertie 5 2017-01-25 52

806,500 -30,000


Options Mattison, Kevern Bertie 5 2018-08-13 52 594,000 -212,500


Options Mattison, Kevern Bertie 5 2020-04-20 52 400,000 -194,000


Options Mattison, Kevern Bertie 5 2021-05-25 50 0.02 1,850,000 1,450,000


Options Mpunga, Magnificent Gideon

7 2017-03-17 00


Options Mpunga, Magnificent Gideon

7 2021-05-25 50 0.02 600,000 600,000


Options Oosthuizen, Emmerentia 5 2018-06-07 00


Options Oosthuizen, Emmerentia 5 2021-05-25 50 0.02 1,550,000 1,550,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4826


T/O Unit Price


Acquired/ Disposed


Options Scholtz, Edward Granger 4 2020-11-10 52

0 -125,000


Options Scholtz, Edward Granger 4 2021-05-25 50 0.02 800,000 800,000


Options Taylor, Rory James 4 2021-01-25 00


Options Taylor, Rory James 4 2021-05-25 50 0.02 800,000 800,000


Options Wiggill, Craig 4 2018-08-13 52

688,605 -187,500


Options Wiggill, Craig 4 2020-04-20 52

0 -688,605


Options Wiggill, Craig 4 2021-05-25 50 0.02 800,000 800,000

Bunker Hill Mining Corp. Common Shares WIENS, DAVID 5 2021-05-27 10 0.275 528,860 30,000C-COM Satellite Systems Inc.

Common Shares Awada, Bilal 5 2021-05-20 10 3.2 241,545 -1,200

C-COM Satellite Systems Inc.






C3 Metals Inc. (formerly Carube Copper Corp.)

Common Shares Tomlinson, Kevin Michael 4, 5 2021-05-26 10 0.15 1,213,591 304,500

Canada Goose Holdings Inc.

Options Baker, Carrie 5 2021-05-27 51 0.019 68,032 -11,084



Baker, Carrie 5 2021-05-25 57 33.97 1,570 -785


Subordinate Voting Shares

Baker, Carrie 5 2021-05-25 57 33.97 785 785



Baker, Carrie 5 2021-05-25 10 46.513 0 -785



Baker, Carrie 5 2021-05-27 51 0.019 11,084 11,084



Baker, Carrie 5 2021-05-27 10 50 0 -11,084



BLACKFORD, MICHAEL 5 2021-05-25 57 33.97 4,888 -1,275



BLACKFORD, MICHAEL 5 2021-05-25 57 33.97 1,275 1,275



BLACKFORD, MICHAEL 5 2021-05-25 10 46.513 0 -1,275



Brook, Penelope 7, 5 2021-05-25 57 33.97 1,876 -937



Brook, Penelope 7, 5 2021-05-25 57 33.97 937 937



Cameron, Scott 5 2021-05-25 57 33.97 1,570 -785



Cameron, Scott 5 2021-05-25 57 33.97 785 785



Chiquet, Maureen 4 2021-05-25 57 33.97 664 -331



Chiquet, Maureen 4 2017-08-15 00



Chiquet, Maureen 4 2021-05-25 57 33.97 331 331



Chiquet, Maureen 4 2021-05-25 10 46.513 189 -142



Davison, John 4 2021-05-25 57 33.97 664 -331

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4827


T/O Unit Price


Acquired/ Disposed



Davison, John 4 2017-05-01 00



Davison, John 4 2021-05-25 57 33.97 331 331



Davison, John 4 2021-05-25 10 46.513 142 -189



Forrest, David Martin 5 2021-05-25 57 33.97 859 -429



Forrest, David Martin 5 2021-05-25 57 33.97 429 429



Forrest, David Martin 5 2021-05-25 10 46.513 0 -429



Gunn, Stephen 4 2021-05-25 57 33.97 664 -331



Gunn, Stephen 4 2021-05-25 57 33.97 29,731 331



Gunn, Stephen 4 2021-05-25 10 46.513 29,542 -189



Heimpel Butts, Jodi Lynn 4 2021-05-25 57 33.97 664 -331



Heimpel Butts, Jodi Lynn 4 2017-11-07 00



Heimpel Butts, Jodi Lynn 4 2021-05-25 57 33.97 331 331



Heimpel Butts, Jodi Lynn 4 2021-05-25 10 46.513 142 -189



Huët, Jean Marc 4 2021-05-25 57 33.97 664 -331



Huët, Jean Marc 4 2021-05-25 57 33.97 18,151 331



Koumettis, Nikolaos 7 2021-05-25 57 33.97 123 -61



Koumettis, Nikolaos 7 2021-05-25 57 33.97 61 61



MacKillop, Kara 5 2021-05-25 57 33.97 1,570 -785



MacKillop, Kara 5 2021-05-25 57 33.97 785 785



MacKillop, Kara 5 2021-05-25 10 46.513 338 -447



Mihaljevic, Ana 5 2021-05-25 57 33.97 1,472 -736



Mihaljevic, Ana 5 2021-05-25 57 33.97 38,423 736



Mihaljevic, Ana 5 2021-05-25 10 46.513 38,004 -419



Moran, John 5 2021-05-25 57 33.97 1,570 -785



Moran, John 5 2021-05-25 57 33.97 785 785



Moran, John 5 2021-05-25 10 46.513 0 -785



Reiss, Dani 3, 4, 5 2021-05-25 57 33.97 21,120 -10,560



Reiss, Dani 3, 4, 5 2021-05-25 57 33.97 10,560 10,560



Reiss, Dani 3, 4, 5 2021-05-25 10 46.513 0 -10,560



Sherlock, Pat 5 2021-05-25 57 33.97 1,803 -901



Sherlock, Pat 5 2021-05-25 57 33.97 901 901



Sinclair, Jonathan 5 2021-05-25 57 33.97 7,372 -1,911



Sinclair, Jonathan 5 2021-05-27 57 77.47 3,822 -3,550

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4828


T/O Unit Price


Acquired/ Disposed



Sinclair, Jonathan 5 2021-05-25 57 33.97 1,911 1,911



Sinclair, Jonathan 5 2021-05-25 10 46.513 0 -1,911



Sinclair, Jonathan 5 2021-05-27 57 77.47 3,550 3,550



Sinclair, Jonathan 5 2021-05-27 10 49.818 0 -3,550



Westerby, Eric Phillip 5 2021-05-25 57 33.97 1,220 -368



Westerby, Eric Phillip 5 2021-05-25 57 33.97 368 368



Westerby, Eric Phillip 5 2021-05-25 10 46.513 158 -210

Canada Nickel Company Inc.

Common Shares Selby, Mark Thomas Henry

4, 5 2021-05-27 10 3.16 2,752,643 25,000

Canadian Natural Resources Limited

Common Shares Peterson, William Robert 5 2021-05-28 51 20.76 117,183 9,500


Common Shares Peterson, William Robert 5 2021-05-28 10 41.906 107,683 -9,500


Options Peterson, William Robert 5 2021-05-28 51 20.76 328,000 -9,500

Canadian Tire Corporation, Limited

Options Hicks, Gregory Hubert 4, 5 2021-05-25 59 117,302 -13,946

Canadian Utilities Limited Non-Voting Shares Class A

Canadian Utilities Limited 1 2021-05-20 38 35.336 73,300 73,300


Canadian Utilities Limited 1 2021-05-20 38 0 -73,300


Canadian Utilities Limited 1 2021-05-21 38 35.182 43,204 43,204


Canadian Utilities Limited 1 2021-05-21 38 0 -43,204

Canfor Corporation Common Shares Johansson, Mans 5 2021-05-27 10 30 10,100 -50,000 Canstar Resources Inc. Common Shares Bruggeman, Robert John 4, 5 2021-05-21 16 0.19 300,895 50,895Canstar Resources Inc. Warrants Bruggeman, Robert John 4, 5 2021-05-21 16 300,895 50,895 Canstar Resources Inc. Common Shares Burns, Neil Ross 4 2021-04-26 00Canstar Resources Inc. Common Shares Burns, Neil Ross 4 2021-05-21 16 0.19 263,000 263,000Canstar Resources Inc. Warrants Burns, Neil Ross 4 2021-04-26 00Canstar Resources Inc. Warrants Burns, Neil Ross 4 2021-05-21 16 263,000 263,000Canstar Resources Inc. Common Shares Clare, James 4 2021-04-26 00

Canstar Resources Inc. Common Shares Clare, James 4 2021-05-21 16 0.19 200,000 200,000Canstar Resources Inc. Warrants Clare, James 4 2021-04-26 00

Canstar Resources Inc. Warrants Clare, James 4 2021-05-21 16 200,000 200,000Canstar Resources Inc. Common Shares Dueñas, Alvaro 6 2021-05-21 00Canstar Resources Inc. Common Shares Dueñas, Alvaro 6 2021-05-21 16 0.19 50,000 50,000Canstar Resources Inc. Warrants Dueñas, Alvaro 6 2021-05-21 00Canstar Resources Inc. Warrants Dueñas, Alvaro 6 2021-05-21 16 50,000 50,000Canstar Resources Inc. Common Shares Gamache, Olivia 6 2021-05-21 00Canstar Resources Inc. Common Shares Gamache, Olivia 6 2021-05-21 16 0.19 50,000 50,000Canstar Resources Inc. Warrants Gamache, Olivia 6 2021-05-21 00Canstar Resources Inc. Warrants Gamache, Olivia 6 2021-05-21 16 50,000 50,000Canstar Resources Inc. Common Shares Kwong, Frances 6 2021-05-21 16 0.19 180,000 80,000Canstar Resources Inc. Warrants Kwong, Frances 6 2021-05-21 16 180,000 80,000Canstar Resources Inc. Common Shares Leung, Sam Yee Cheng 4 2021-05-21 16 0.19 1,150,000 50,000Canstar Resources Inc. Warrants Leung, Sam Yee Cheng 4 2021-05-21 16 450,000 50,000Canstar Resources Inc. Common Shares Murphy, Eric Barry 6 2021-05-21 00Canstar Resources Inc. Common Shares Murphy, Eric Barry 6 2021-05-21 16 0.19 70,000 70,000Canstar Resources Inc. Warrants Murphy, Eric Barry 6 2021-05-21 00Canstar Resources Inc. Warrants Murphy, Eric Barry 6 2021-05-21 16 70,000 70,000Canstar Resources Inc. Common Shares Sweeney, Paul Bristol 6 2021-05-22 00Canstar Resources Inc. Common Shares Sweeney, Paul Bristol 6 2021-05-22 10 0.19 100,000Canstar Resources Inc. Common Shares Sweeney, Paul Bristol 6 2021-05-22 11 0.19 100,000 100,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4829


T/O Unit Price


Acquired/ Disposed

Canstar Resources Inc. Warrants Sweeney, Paul Bristol 6 2021-05-22 00

Canstar Resources Inc. Warrants Sweeney, Paul Bristol 6 2021-05-22 11

100,000 100,000CanWel Building Materials Group Ltd.

Common Shares Doman, Amar 4 2021-05-21 90 8.67 16,551,620 111,500

CanWel Building Materials Group Ltd.

Common Shares Doman, Amar 4 2021-05-21 90 8.67 17,535 -111,500

Capstone Mining Corp. Common Shares Brack, George Leslie 8 2021-05-25 10 5.52 800,000 -17,700 Capstone Mining Corp. Common Shares Brack, George Leslie 8 2021-05-26 10 5.43 600,000 -200,000Capstone Mining Corp. Common Shares Brack, George Leslie 8 2021-05-27 10 5.554 500,000 -100,000 Capstone Mining Corp. Deferred Share Units Giardini, Anne Elizabeth 4 2021-04-28 00

Capstone Mining Corp. Deferred Share Units Giardini, Anne Elizabeth 4 2021-05-25 56 5.79 12,954 12,954Capstone Mining Corp. Options Giardini, Anne Elizabeth 4 2021-04-28 00

Capstone Mining Corp. Options Giardini, Anne Elizabeth 4 2021-05-25 50

9,564 9,564Cardero Resource Corp. Warrants Kopple, Robert Charles 3 2021-05-24 55 0.05 5,512,200 -1,700,000Cardiol Therapeutics Inc. Common Shares (Class

A) Elsley, David 4, 5 2021-05-25 47 3.2 1,954,500 -15,000

Carebook Technologies Inc. (formerly Pike Mountain Minerals Inc.)

Options Blair, Joshua Andrew 4 2021-05-25 50 1.17 192,500 110,000


Options Boucher, Anne-Marie 4 2021-05-25 50 1.17 110,000 55,000


Options Couillard, Philippe 4 2020-10-01 00


Options Couillard, Philippe 4 2021-05-25 50 1.17 55,000 55,000


Options Elman, Sheldon Barry 4, 5 2021-05-25 50 1.17 220,000 110,000


Options Elman, Stuart Mitchell 4 2021-05-25 50 1.17 110,000 55,000


Options Kadanoff, Jeffrey Lorne 5 2021-05-25 50 1.17 137,500 82,500


Options Zelman, Zev 5 2021-05-25 50 1.17 82,500 55,000

Cargojet Inc. Options Dhillon, Pauline 5 2021-05-21 59 64.226 4,290 -15,000Cargojet Inc. Options Dhillon, Pauline 5 2021-05-21 59 98.899 3,163 -1,127Cargojet Inc. Options Dhillon, Pauline 5 2021-05-21 59 104.95 2,647 -516Cargojet Inc. Common Voting Shares Rinaldo, Paul David 5 2021-05-21 10 185 4,925 -4,100Cargojet Inc. Common Voting Shares Rinaldo, Paul David 5 2021-05-21 10 184 4,625 -300Cargojet Inc. Options Rinaldo, Paul David 5 2021-05-21 59 64.226 3,356 -3,333Cassiar Gold Corp. (formerly Margaux Resources Ltd.)

Common Shares Baptista Roque, Marco Ivan

4, 5 2021-05-20 10 0.435 553,285 10,000

Cassiar Gold Corp. (formerly Margaux Resources Ltd.)

Common Shares Baptista Roque, Marco Ivan

4, 5 2021-05-20 10 0.46 583,285 30,000

Cathedral Energy Services Ltd.

Common Shares Graham, Ian 5 2021-05-26 00 160,000

CCL Industries Inc. Rights Deferred Share Units

Cash, Linda A. 4 2021-05-25 56 67.91 2,109 1,685


Galifi, Vincent Joseph 4 2021-05-25 56 67.91 7,319 552


Horn, Alan Douglas 4 2021-05-25 56 67.91 2,091 552


Keller-Hobson, Kathleen 4 2021-05-25 56 67.91 9,515 552


Lang, Erin Melissa 4 2021-05-25 56 67.91 8,592 552


Lang, Stuart W. 4 2021-05-25 56 67.91 34,685 552

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4830


T/O Unit Price


Acquired/ Disposed


Muzyka, Douglas W. 4 2021-05-25 56 67.91 8,936 552


Peddie, Tom 4 2021-05-25 56 67.91 164,899 552


Suarez-Gonzalez, Susana

4 2021-01-18 00


Suarez-Gonzalez, Susana

4 2021-05-25 56 67.91 552 552

CEMATRIX Corporation Common Shares Bent, Stephen 5 2021-05-21 51 0.24 610,000 350,000CEMATRIX Corporation Options Bent, Stephen 5 2021-05-21 51 0.24 0 -350,000Cenovus Energy Inc. Common Shares ConocoPhillips Company 3 2021-05-24 30 7.91 203,000,000 -500,000Cenovus Energy Inc. Common Shares ConocoPhillips Company 3 2021-05-25 30 7.82 202,500,000 -500,000Cenovus Energy Inc. Common Shares ConocoPhillips Company 3 2021-05-26 30 7.83 202,000,000 -500,000Cenovus Energy Inc. Common Shares ConocoPhillips Company 3 2021-05-27 30 8 201,500,000 -500,000Cenovus Energy Inc. Common Shares MacPhail, Keith A.J. 4 2021-05-17 10 9.742 406,000 40,000CENTR Brands Corp. Common Shares LYALL, DAVID 3 2021-05-21 54 0.6 2,036,205 36,000CENTR Brands Corp. Common Shares LYALL, DAVID 3 2021-05-26 10 1.65 5,040,606 2,400CENTR Brands Corp. Common Shares LYALL, DAVID 3 2021-05-26 10 1.6 5,045,606 5,000CENTR Brands Corp. Warrants LYALL, DAVID 3 2021-05-21 54 0.6 0 -36,000Certive Solutions Inc. Common Shares Thomas, Scott 4 2021-05-25 10 0.049 910,056 1,500CGI Inc. Options Lahteenmaa, Leena-Mari 5 2021-05-21 51 63.23 11,429 -3,000CGI Inc. Subordinate Voting

Shares Classe A Lahteenmaa, Leena-Mari 5 2021-05-21 51 63.23 3,000 3,000

CGI Inc. Subordinate Voting Shares Classe A

Lahteenmaa, Leena-Mari 5 2021-05-21 10 108.94 0 -3,000

CGX Energy Inc. Rights Frontera Energy Corporation (formerly, Pacific Rubiales Energy Corp.)

3 2021-05-28 56 19,000,000 19,000,000

Chalice Brands Ltd. (Formerly, Golden Leaf Holdings Ltd.)

Common Shares Carl, Richard G. 4 2021-05-25 37 40,902 -899,860


Options Carl, Richard G. 4 2021-05-25 37 130,434 -2,869,566


Common Shares Marchington, Andrew Charles

5 2021-05-25 37 65,217 -1,434,783


Options Marchington, Andrew Charles

5 2021-05-25 37 347,826 -7,652,174


Warrants Marchington, Andrew Charles

5 2021-05-25 37

65,217 -1,434,783


Options Martin, Larry Howard 4 2021-05-25 37 401,304 -8,828,696


Common Shares McKnight, Robert Buchner, Jr.

4 2021-05-25 37 22,260 -489,740


Options McKnight, Robert Buchner, Jr.

4 2021-05-25 37 401,304 -8,828,696


Warrants McKnight, Robert Buchner, Jr.

4 2021-05-25 37 22,260 -489,740


Common Shares Miller, Karl Rickard, Jr. 4 2021-05-25 37 15,102 -332,266


Common Shares Miller, Karl Rickard, Jr. 4 2021-05-25 37 317,455 -6,984,022


Options Miller, Karl Rickard, Jr. 4 2021-05-25 37 608,695 -13,391,305

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4831


T/O Unit Price


Acquired/ Disposed


Warrants Miller, Karl Rickard, Jr. 4 2021-05-25 37

276,086 -6,073,914


Common Shares Secord, Scott Lawrence 4 2021-05-25 37

16,723 -367,927


Options Secord, Scott Lawrence 4 2021-05-25 37 130,434 -2,869,566


Warrants Secord, Scott Lawrence 4 2021-03-31 00

384,650


Warrants Secord, Scott Lawrence 4 2021-05-25 37

16,723 -367,927


Common Shares Varghese, John 4, 5 2021-05-25 37

1,258,124 -27,678,733


Options Varghese, John 4, 5 2021-05-25 37

282,608 -6,217,392


Warrants Varghese, John 4, 5 2021-05-25 37 90,097 -1,982,153


Common Shares Winch, Alexander David 4 2021-05-25 37 257,038 -5,654,855


Common Shares Yapp, Jeffrey Brooks 4, 5 2021-05-25 37 1,344,804 -29,585,696


Options Yapp, Jeffrey Brooks 4, 5 2021-05-25 37 286,956 -6,313,044


Warrants Yapp, Jeffrey Brooks 4, 5 2021-05-25 37 173,913 -3,826,087

Chorus Aviation Inc. Class B Voting Shares Kelly, Christopher Les 7 2021-05-27 10 5.195 0 -17,000Chorus Aviation Inc. Class B Voting Shares Murphy, James 7 2021-05-27 30 2,374 215Chorus Aviation Inc. Class B Voting Shares Murphy, James 7 2021-05-27 10 5.14 0 -2,374CI Financial Corp. Debentures 3.215%

Debentures due 2024 CI Financial Corp. 1 2021-05-27 38 $4,567,000 $4,567,000

CI Financial Corp. Debentures 3.215% Debentures due 2024

CI Financial Corp. 1 2021-05-27 38 $0 -$4,567,000

CIBT Education Group Inc. Common Shares CIBT Education Group Inc

1 2021-05-26 10 0.8 2,770,600 5,000

Cielo Waste Solutions Corp.

Common Shares Class A

Bohlmann, Ralph 5 2021-03-07 00 349,150



Bohlmann, Ralph 5 2021-04-16 54 0.12 496,025 146,875



Bohlmann, Ralph 5 2021-03-07 00 2,900,000


Warrants Bohlmann, Ralph 5 2021-03-07 00 146,875


Warrants Bohlmann, Ralph 5 2021-04-16 54 0 -146,875



Dhaliwal, Jasdeep Kaur 4 2021-04-08 00 895,643



LI, DI 5 2021-05-21 10 0.77 239,820 36,340

Cipher Pharmaceuticals Inc.

Common Shares Deboeck, Arthur Marie Joseph Ghislain

4 2021-03-21 57 1.05 246,540 1,500


Common Shares Gajewczyk, Diane 5 2021-03-21 57 1.05 25,662 24,603


Common Shares Godin, Christian 4 2021-03-21 57 1.05 80,204 1,500


Common Shares Godin, Christian 4 2021-05-28 30 1.43 104,730 744

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4832


T/O Unit Price


Acquired/ Disposed


Common Shares Mull, Craig 4 2021-03-21 57 1.05 440,472 15,613


Common Shares Mull, John 3 2021-03-21 57 1.05 487,855 1,500


Common Shares Wolkin, Harold Morton 4 2021-03-21 57 1.05 289,199 1,500


Common Shares Wolkin, Harold Morton 4 2021-05-28 30 1.43 295,771 3,202

Circa Enterprises Inc. Common Shares Johnston, Robert Bruce 4 2021-05-25 10 1.13 249,718 3,000Circa Enterprises Inc. Common Shares Johnston, Robert Bruce 4 2021-05-25 10 1.16 253,318 3,600Circa Enterprises Inc. Common Shares Johnston, Robert Bruce 4 2021-05-27 10 1.12 253,618 300Clean Air Metals Inc. (formerly, Regency Gold Corp.)

Common Shares Drost, Abraham Peter 4, 5 2021-05-21 10 0.325 1,388,100 50,000

Cloud DX Inc. (formerly Roosevelt Capital Group Inc.)

Common Shares Miller, Brad Norman 4, 6 2021-05-19 10 0.371 7,345,773 30,000









Cloud Nine Web3 Technologies Inc.

Common Shares Larson, Dalton Leroy 4 2021-05-18 10 0.8705 323,750 -35,000

Cloud Nine Web3 Technologies Inc.

Common Shares Lee, Peter 4 2021-05-27 10 0.85 20,000 -20,000

Collective Mining Ltd. Common Shares Begin, Paul Philemon 5 2021-05-20 00 83,333Collective Mining Ltd. Common Shares Begin, Paul Philemon 5 2021-05-20 00 3,750,000Collective Mining Ltd. Options Begin, Paul Philemon 5 2021-05-20 00 100,000Collective Mining Ltd. Warrants Begin, Paul Philemon 5 2021-05-20 00 25,000Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2021-05-21 11

2,000,000 2,000,000

Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2021-05-21 37

1,750,000 -5,250,000Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2021-05-21 22

3,574,166 1,824,166

Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2021-05-21 11 375,000 375,000Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2018-10-29 00 950,000Collective Mining Ltd. Common Shares DiCapo, Pasquale 3 2021-05-21 51 1,075,000 125,000Collective Mining Ltd. Options DiCapo, Pasquale 3 2021-05-21 37 125,000 -375,000 Collective Mining Ltd. Options DiCapo, Pasquale 3 2021-05-21 51 0 -125,000Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00 Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00 Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2021-05-21 11 1,000,000 1,000,000Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00 Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00 Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2021-05-21 11 187,500 187,500Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00 Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2018-10-29 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4833


T/O Unit Price


Acquired/ Disposed

Collective Mining Ltd. Warrants DiCapo, Pasquale 3 2021-05-21 11

475,000 475,000Collective Mining Ltd. Common Shares Murphy, Paul 4 2021-05-20 00

316,667

Collective Mining Ltd. Options Murphy, Paul 4 2021-05-20 00

150,000Collective Mining Ltd. Options ossma gomez, omar

david 5 2021-05-20 00

500,000

Collective Mining Ltd. Common Shares Sussman, Ari B 3, 4 2021-05-20 00Collective Mining Ltd. Common Shares Sussman, Ari B 3, 4 2021-05-20 00Collective Mining Ltd. Common Shares Sussman, Ari B 3, 4 2021-05-20 00

Collective Mining Ltd. Common Shares Sussman, Ari B 3, 4 2021-05-20 00

Collective Mining Ltd. Common Shares Sussman, Ari B 3, 4 2021-05-20 00

10,440,000Collective Mining Ltd. Options Sussman, Ari B 3, 4 2021-05-20 00

100,000

Collective Mining Ltd. Warrants Sussman, Ari B 3, 4 2021-05-20 00

50,000Collective Mining Ltd. Common Shares Thomas, Kenneth

Glyndwr4 2021-05-20 00

322,000

Collective Mining Ltd. Options Thomas, Kenneth Glyndwr

4 2021-05-20 00

150,000

Collective Mining Ltd. Warrants Thomas, Kenneth Glyndwr

4 2021-05-20 00 15,000

COLLIERS INTERNATIONAL GROUP INC.


Spruce House Investment Management LLC

3 2019-12-09 10 73.74 5,985,243 1




3 2020-03-20 10 46.47 5,725,143 -260,100




3 2021-05-19 11 102.63 4,225,143 -1,500,000



Strusievici, Mihai 5 2021-05-25 10 133 2,190 -300



Wolf, Andrea 5 2021-05-21 10 129.69 37 -2,500

Columbia Care Inc. (formerly known as Canaccord Genuity Growth Corp.)

Common Shares Vita, Nicholas Keane 3, 4, 5 2021-05-21 10 6.001 255,785 -1,000







Compass Gold Corporation

Options Conway, Joseph Francis 4 2017-11-30 00






Options Phillips, Larry 4 2021-01-04 50 1,375,000 325,000


Warrants Phillips, Larry 4 2021-01-04 50 325,000

Computer Modelling Group Ltd.

Rights Performance Share Units

Balic, Sandra 5 2021-05-19 56 20,058 7,997



Balic, Sandra 5 2021-05-25 56 7,997



Close, Jason 5 2021-05-19 56 15,661 7,997



Close, Jason 5 2021-05-25 56 7,997

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4834


T/O Unit Price


Acquired/ Disposed



Erdle, James Craig 5 2021-05-19 56

20,058 7,997



Erdle, James Craig 5 2021-05-25 56

7,997



Hicks, Robert David 5 2021-05-19 56

20,058 7,997



Hicks, Robert David 5 2021-05-25 56 7,997



Kumar, Anjani 5 2021-05-19 56

20,058 7,997



Kumar, Anjani 5 2021-05-25 56

7,997



Nghiem, Long X 5 2021-05-19 56

20,058 7,997



Nghiem, Long X 5 2021-05-25 56

7,997



SCHNEIDER, RYAN NICOLAS

4, 5 2021-05-19 56

42,149 16,934



SCHNEIDER, RYAN NICOLAS

4, 5 2021-05-25 56 16,934

Condor Petroleum Inc. Options Balderston, Dennis Blair 4 2021-05-25 52 132,500 -60,000Condor Petroleum Inc. Options Quilty, Stanley Martin 5 2021-05-25 52 475,000 -125,000Condor Petroleum Inc. Options Storm, Norman 6 2021-05-25 52 245,000 -85,000Condor Petroleum Inc. Options Streu, Donald James 4, 5 2021-05-25 52 540,000 -125,000Condor Petroleum Inc. Options Zoellner, Werner (Dr.) 5 2021-05-25 52 132,500 -60,000 Copper Mountain Mining Corporation

Common Shares Bolger, Bradly James 5 2021-05-26 10 4.1 45,000 -15,000

Copper Mountain Mining Corporation

Common Shares Strickland, Donald 5 2021-05-25 51 509,901 198,101


Options Strickland, Donald 5 2021-05-18 51 421,363 -198,101


Options Strickland, Donald 5 2021-05-18 51 -198,101








Options Strickland, Donald 5 2021-05-25 51

198,101


Options Strickland, Donald 5 2021-05-25 51

198,101

Crosswinds Holdings Inc. (formerly C.A. Bancorp Inc.)

Common Shares Irwin, Christopher 3 2021-05-28 11 4,384,008 -1,500,000

CT Real Estate Investment Trust

Restricted Units Silver, Kenneth 4, 5 2021-05-26 57 16.396 37,135 -24,254


Restricted Units Silver, Kenneth 4, 5 2021-05-26 57 16.374 37,036 -99


Restricted Units Silver, Kenneth 4, 5 2021-05-26 57 16.491 36,938 -98


Units Silver, Kenneth 4, 5 2021-05-26 57 16.396 127,620 24,254


Units Silver, Kenneth 4, 5 2021-05-26 57 16.374 127,719 99


Units Silver, Kenneth 4, 5 2021-05-26 57 16.491 127,817 98

Curaleaf Holdings, Inc. (formerly Lead Ventures Inc.)


Kahn, Mitchell Phillip 4 2021-05-21 10 17.422 136,372 -21,324



Kahn, Mitchell Phillip 4 2021-05-25 10 17.375 4,834,591 -33,900



Kahn, Mitchell Phillip 4 2021-05-26 10 17.824 4,814,591 -20,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4835


T/O Unit Price


Acquired/ Disposed

Cypherpunk Holdings Inc. Common Shares Guoga, Antanas (Tony) 4, 5 2021-05-27 10 0.18 23,951,167 137,000Damara Gold Corp Common Shares Nagy, Lawrence J 4 2020-12-07 15 0.05 205,399 200,000Damara Gold Corp Warrants Nagy, Lawrence J 4 2013-10-24 00

Damara Gold Corp Warrants Nagy, Lawrence J 4 2020-12-07 15 0.1 100,000 100,000Datable Technology Corporation (formerly 3TL Technologies Corp.)

Options Oishi, Kim 4 2021-04-25 52 0.17 300,000 -30,000

Decibel Cannabis Company Inc.

Common Shares Newell, Kristopher 5 2021-04-20 00


Common Shares Newell, Kristopher 5 2021-04-20 00

230,000


Options Newell, Kristopher 5 2021-04-20 00

1,234,885

DeFi Technologies Inc. (formerly Routemaster Capital Inc.)

Options Toth, Krisztian 4 2021-05-14 00

DeFi Technologies Inc. (formerly Routemaster Capital Inc.)

Options Toth, Krisztian 4 2021-05-25 50

450,000 450,000

Delic Holdings Inc. (formerly Molystar Resources Inc.)

Common Shares rosen, paul 4 2020-11-12 00 100,000

Delta 9 Cannabis Inc. Common Shares Arbuthnot IV, John William (John)

3, 4, 5 2021-05-25 10 0.51 16,854,700 -220,000


3, 4, 5 2021-05-26 10 0.51 16,804,700 -50,000


3, 4, 5 2021-05-27 10 0.5 16,811,700 7,000

dentalcorp Holdings Ltd. Options Amini, Gahiz 5 2021-05-20 00dentalcorp Holdings Ltd. Options Amini, Gahiz 5 2021-05-27 50 1,375,000 1,375,000dentalcorp Holdings Ltd. Subordinate Voting

Shares Amini, Gahiz 5 2021-05-20 00 1,267,527

dentalcorp Holdings Ltd. Options Deall, Nicola 5 2021-05-20 00 205,090dentalcorp Holdings Ltd. Subordinate Voting

Shares Deall, Nicola 5 2021-05-20 00 1,407

dentalcorp Holdings Ltd. Subordinate Voting Shares

Glassman, Gary 5 2021-05-20 00 64,635


LC8 DCC Investment Borrower, L.P.

3 2021-05-20 00



3 2021-05-20 00



3 2021-05-20 00

61,824,724



3 2021-05-27 36 6,952,698



3 2021-05-27 36 6,952,698



3 2021-05-27 36 69,526,980 7,702,256

dentalcorp Holdings Ltd. Subscription Receipts LC8 DCC Investment Borrower, L.P.

3 2021-05-20 00

dentalcorp Holdings Ltd. Subscription Receipts LC8 DCC Investment Borrower, L.P.

3 2021-05-27 11 5,122,001 5,122,001

dentalcorp Holdings Ltd. Options Miclea, Matthew 5 2021-05-20 00 1,006,345dentalcorp Holdings Ltd. Subordinate Voting

Shares Miclea, Matthew 5 2021-05-20 00 22,939


Mowbray, Stacey 4 2021-05-27 00 1,420

dentalcorp Holdings Ltd. Multiple Voting Shares Rosenberg, Graham Lawrence

3, 5 2021-05-20 00 8,112,393


3, 5 2021-05-27 36 9,183,822


3, 5 2021-05-27 36 9,183,822


3, 5 2021-05-27 11 14 9,183,822 1,071,429

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4836


T/O Unit Price


Acquired/ Disposed

dentalcorp Holdings Ltd. Options Rosenberg, Graham Lawrence

3, 5 2021-05-20 00

dentalcorp Holdings Ltd. Options Rosenberg, Graham Lawrence

3, 5 2021-05-27 50

2,750,000 2,750,000

dentalcorp Holdings Ltd. Subscription Receipts Rosenberg, Graham Lawrence

3, 5 2021-05-20 00

dentalcorp Holdings Ltd. Subscription Receipts Rosenberg, Graham Lawrence

3, 5 2021-05-27 11 712,500 712,500

dentalcorp Holdings Ltd. Options Tchaplia, Nathaniel 5 2021-05-20 00

dentalcorp Holdings Ltd. Options Tchaplia, Nathaniel 5 2021-05-27 50

1,375,000 1,375,000dentalcorp Holdings Ltd. Subordinate Voting

Shares Tchaplia, Nathaniel 5 2021-05-20 00

1,225,110


Volpacchio, Gino 4 2001-05-20 00

51,062

Digihost Technology Inc. Subordinate Voting Shares

Amar, Michel Thierry 3, 4, 5 2021-05-24 11

1,879,633 -98,928

Digihost Technology Inc. Subordinate Voting Shares

Amar, Michel Thierry 3, 4, 5 2021-05-20 11

1,555,000 1,520,000

DigiMax Global Inc. Options Kron, Michael 4 2021-05-14 00DigiMax Global Inc. Options Kron, Michael 4 2021-05-21 50 0.25 750,000 750,000Digital Consumer Dividend Fund

Trust Units Digital Consumer Dividend Fund

1 2021-05-25 38 11.747 728,500 300

Digital Consumer Dividend Fund


1 2021-05-26 38 11.917 729,400 900

Digital Consumer Dividend Fund


1 2021-05-27 38 11.913 729,800 400

Dominion Lending Centres Inc. Centres Hypothecaires Dominion Inc.


Spence, Richard George 5 2021-05-28 10 4.12 13,500 2,000

Dorel Industries Inc. Multiple Voting Shares Class A

Schwartz Segel G.P. 3 2021-05-19 00 3,999,960

Dorel Industries Inc. Subordinate Voting Shares Class B

Schwartz Segel G.P. 3 2021-05-19 00 2,055,139


Schwartz, Alan 3, 4, 5 2021-05-19 97 0 -1,060,160


Schwartz, Alan 3, 4, 5 2021-05-19 97 200,000 -196,378


Schwartz, Jeffrey 3, 4, 5 2021-05-19 97 0 -1,054,160


Schwartz, Jeffrey 3, 4, 5 2021-05-19 97 0 -631,980


Schwartz, Martin 3, 4, 5 2021-05-19 97

0 -1,054,160


Schwartz, Martin 3, 4, 5 2021-05-19 97 0 -593,031


Segel, Jeffrey 3, 4, 5 2021-05-19 97 0 -831,480


Segel, Jeffrey 3, 4, 5 2021-05-19 97 0 -633,750

DRI Healthcare Trust Trust Units Hedayat, Ali 4 2021-05-27 10 7.5 40,773 5,000 E Split Corp. Common Shares Class

A Brasseur, Jeremy 6 2021-05-26 10 13.495 16,200 -3,000

E Split Corp. Common Shares Class A

Lauzon, Robert 7 2021-05-25 10 13.3 5,700 -2,000

EarthRenew Inc. (Formerly known as Valencia Ventures Inc.)

Common Shares McMillan, Shawn 5 2021-05-27 00 18,500


Common Shares Stretch, Catherine 4 2021-05-27 16 0.35 2,034,397 71,429


Warrants Stretch, Catherine 4 2021-05-27 16 0.475 119,047 35,714

ECN Capital Corp. Options Hudson, Steven Kenneth 4, 5 2021-03-01 50 7.99 5,441,347 1,033,460ECN Capital Corp. Performance Share

Units Hudson, Steven Kenneth 4, 5 2021-03-01 56 7.8247 798,579 140,001

ECN Capital Corp. Options Koenig, Mary Beth 5 2021-03-01 50 7.99 513,723 48,068

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4837


T/O Unit Price


Acquired/ Disposed

ECN Capital Corp. Performance Share Units

Koenig, Mary Beth 5 2021-03-01 56 7.8247 158,005 6,512

ECN Capital Corp. Options LEPORE, MICHAEL SHANE

5 2021-03-01 50 7.99 1,571,021 144,204


LEPORE, MICHAEL SHANE

5 2021-03-01 56 7.8247 291,815 19,535

ECN Capital Corp. Options McCormack, Michael 5 2021-03-01 50 7.99 431,607 96,136ECN Capital Corp. Performance Share

Units McCormack, Michael 5 2021-03-01 56 7.8247 155,906 13,023

ECN Capital Corp. Options Vaitonis, Algis 5 2021-03-01 50 7.99 514,573 120,170ECN Capital Corp. Performance Share

Units Vaitonis, Algis 5 2019-12-31 56 0.02 229,248 1,845


Vaitonis, Algis 5 2020-03-01 59 5.675 149,004 -80,244


Vaitonis, Algis 5 2020-12-31 56 0.025 185,433 933


Vaitonis, Algis 5 2021-03-01 59 7.8581 96,314 -89,119


Vaitonis, Algis 5 2021-03-01 56 7.8247 112,593 16,279


Vaitonis, Algis 5 2021-03-31 56 0.03 112,962 369


WIMSATT, JOHN 5 2018-03-02 56 3.5009 57,128


WIMSATT, JOHN 5 2018-03-02 56 3.5009 157,128 157,128


WIMSATT, JOHN 5 2019-03-04 59 4.03 170,772 -52,376


WIMSATT, JOHN 5 2020-03-01 59 5.675 96,389 -74,383


WIMSATT, JOHN 5 2021-03-01 59 7.8581 22,007 -74,382

ECN Capital Corp. Common Shares YASNY, RANDALL LYLE JEFFREY

5 2019-04-10 00

ECN Capital Corp. Common Shares YASNY, RANDALL LYLE JEFFREY

5 2019-04-10 00 779,737

ECN Capital Corp. Options YASNY, RANDALL LYLE JEFFREY

5 2021-03-01 50 7.99 2,137,148 288,408


YASNY, RANDALL LYLE JEFFREY

5 2021-03-01 56 7.8247 344,161 39,070

Eden Empire Inc. Common Shares Taekema, Kolten Joshua 3, 4, 5 2021-05-20 10 0.0971 26,748,000 6,800Eguana Technologies Inc. Common Shares Harris, Brent Earle 5 2021-05-14 54 0.4 1,204,861 50,000Eguana Technologies Inc. Special Warrants Harris, Brent Earle 5 2021-05-14 54 0.4 0 -50,000Eguana Technologies Inc. Common Shares Holland, Justin 4, 5 2021-05-14 54 0.4 4,309,320 250,000Eguana Technologies Inc. Special Warrants Holland, Justin 4, 5 2021-05-14 54 0.4 0 -250,000Eguana Technologies Inc. Common Shares Kuehnle, Sonja 5 2021-05-14 54 40000 157,153 40,000Eguana Technologies Inc. Special Warrants Kuehnle, Sonja 5 2021-05-14 54 0.4 0 -40,000Eguana Technologies Inc. Common Shares Powlick, George 4 2021-05-14 54 0.4 834,250 250,000Eguana Technologies Inc. Special Warrants Powlick, George 4 2021-05-14 54 0.4 0 -250,000Electrovaya Inc. Common Shares Das Gupta, Bejoy 4 2021-05-21 54 0.2 1,206,867 333,333Electrovaya Inc. Warrants Das Gupta, Bejoy 4 2021-05-21 54 0.2 0 -333,333Electrovaya Inc. Common Shares Das Gupta, Sankar 3, 4, 5 2021-05-21 54 0.2 51,853,754 840,000Electrovaya Inc. Warrants Das Gupta, Sankar 3, 4, 5 2021-05-21 54 0.2 7,100,000 -840,000Electrovaya Inc. Common Shares Dasgupta, Raj 5 2021-05-21 54 0.2 762,000 225,000Electrovaya Inc. Warrants Dasgupta, Raj 5 2021-05-21 54 0.2 0 -225,000Electrovaya Inc. Common Shares Halka, Richard 5 2021-05-25 54 0.2 502,500 167,500Electrovaya Inc. Warrants Halka, Richard 5 2021-05-25 54 0.2 0 -167,500Electrovaya Inc. Common Shares McLean, Alexander 4 2021-05-28 10 1.56 974,800 -10,200Element Nutritional Sciences Inc.

Common Shares FERA, Lino Arcangelo 4 2021-05-14 00

Element Nutritional Sciences Inc.

Options FERA, Lino Arcangelo 4 2021-05-14 00


Warrants FERA, Lino Arcangelo 4 2021-05-14 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4838


T/O Unit Price


Acquired/ Disposed


Common Shares Lowther, Stuart 4, 5 2021-05-14 00

10,525,059


Common Shares Lowther, Stuart 4, 5 2021-05-14 00

7,705,199


Options Lowther, Stuart 4, 5 2021-05-14 00

2,800,000


Warrants Lowther, Stuart 4, 5 2021-05-14 00 24,000,000


Common Shares Power, Shaun 4, 5 2021-05-14 00


Options Power, Shaun 4, 5 2021-05-14 00

500,000


Warrants Power, Shaun 4, 5 2021-05-14 00

Ely Gold Royalties Inc. Warrants Baughman, Jerry 2 2018-10-03 55 0.2 0 -150,000Ely Gold Royalties Inc. Warrants Wasser, Clarence

Franklin5 2013-03-28 55 0.4 0 -51,108

Enbridge Inc. Rights 2019 Restricted Stock Units (RSUs)

Yardley, William Turner 5 2021-05-28 59 38.11 27,881 -9,293

Endeavour Mining Corporation

Deferred Share Units (Cash payment on Redemption)

Biggar, William John 4 2021-05-25 59 28.73 0 -344

Endeavour Mining Corporation

Deferred Share Units (Cash payment on Redemption)

Wheatley, Frank David 4 2021-05-25 59 28.73 0 -344

Endeavour Silver Corp. Common Shares Castro, Luis Renato 5 2021-05-25 51 3.23 88,200 23,200Endeavour Silver Corp. Common Shares Castro, Luis Renato 5 2021-05-25 51 2.14 124,800 36,600 Endeavour Silver Corp. Common Shares Castro, Luis Renato 5 2021-05-25 10 8.616 65,000 -59,800Endeavour Silver Corp. Common Shares Castro, Luis Renato 5 2021-05-27 10 8.51 0 -65,000 Endeavour Silver Corp. Options Castro, Luis Renato 5 2021-05-25 51 3.23 164,800 -23,200Endeavour Silver Corp. Options Castro, Luis Renato 5 2021-05-25 51 2.14 128,200 -36,600 Energizer Resources Inc. Common Shares Borley, Robin Philip 5 2016-04-11 16 0.07 2,787,857Energizer Resources Inc. Common Shares Borley, Robin Philip 5 2016-04-11 16 0.07 3,787,857 2,787,857 Energy Fuels Inc. Common Shares Higgs, Dennis 4 2021-05-27 10 8.2635 284,856 -16,000Energy Fuels Inc. Common Shares Higgs, Dennis 4 2021-05-27 10 8.27 284,281 -575 Energy Fuels Inc. Common Shares Higgs, Dennis 4 2021-05-27 10 8.24 281,281 -3,000Energy Fuels Inc. Common Shares Higgs, Dennis 4 2021-05-27 10 8.22 280,281 -1,000Energy Fuels Inc. Common Shares Higgs, Dennis 4 2021-05-27 10 8.2 279,281 -1,000Enterprise Group, Inc. Options O'Kell, Desmond 5 2021-05-19 50 0.245 1,075,000 75,000Enviroleach Technologies Inc.

Common Shares Nelson, Duane Anthony 4, 5 2021-04-16 10 0.81 503,456 -6,000

Enviroleach Technologies Inc.













Common Shares Nelson, Duane Anthony 4, 5 2021-05-04 51 0.25 509,456 100,000


Common Shares Nelson, Duane Anthony 4, 5 2021-03-16 10 0.67 1,594,258 -25,000









Insider Reporting

June 3, 2021

(2021), 44 OSCB 4839


T/O Unit Price


Acquired/ Disposed
















Options Nelson, Duane Anthony 4, 5 2021-05-04 51 0.25

100,000


Options Nelson, Duane Anthony 4, 5 2021-05-04 51 0.25

100,000


Options Nelson, Duane Anthony 4, 5 2021-05-04 51 0.25 2,100,000 -100,000

EnWave Corporation Common Shares Budreski, John Philip Adrian

4 2021-05-27 51 0.94 2,067,911 250,000

EnWave Corporation Options Budreski, John Philip Adrian

4 2021-05-27 51 0.94 1,000,000 -250,000

EnWave Corporation Common Shares Ritchie, Stewart John 4 2021-05-28 10 1.14 111,700 10,000ePlay Digital Inc. Common Shares Inwentash, Sheldon 3 2021-05-27 10 0.1475 6,100,000 100,000ePlay Digital Inc. Common Shares ThreeD Capital Inc. 3 2021-05-27 10 0.1475 6,100,000 100,000Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 2021-05-21 38 3.9943 229,915 5,700Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 2021-05-25 38 4 236,115 6,200Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 2021-05-26 38 3.9995 242,115 6,000Ethos Gold Corp. Options Director and

Employee stock options VAN ALPHEN, HENDRIK 4 2021-05-20 50 0.225 1,400,000 400,000

Eupraxia Pharmaceuticals Inc.

Options Cousins, Bruce Gordon 5 2021-05-03 00

Eupraxia Pharmaceuticals Inc.

Options Cousins, Bruce Gordon 5 2021-05-03 53 8 257,000 257,000

Excelsior Mining Corp. Warrants Jennex, John Jeffery 5 2016-06-27 55 0 -20,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-25 10 0.65 15,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-25 10 0.65 15,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-27 10 0.65 425,000 10,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-26 10 0.66 984,861 11,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-28 10 0.68 994,861 10,000Excelsior Mining Corp. Common Shares Morabito, Mark Joseph 4, 5 2021-05-25 10 0.65 415,000 15,000Excelsior Mining Corp. Warrants Morabito, Mark Joseph 4, 5 2016-06-27 55 0 -200,000Excelsior Mining Corp. Warrants Morabito, Mark Joseph 4, 5 2016-06-27 55 0 -200,000Excelsior Mining Corp. Warrants Morabito, Mark Joseph 4, 5 2021-05-25 10 0.14 35,000 35,000Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-25 10 0.54 803,345 16,000Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-26 10 0.53 804,486 1,141Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-26 10 0.534 814,486 10,000Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-26 10 0.5383 818,786 4,300Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-27 10 0.54 833,786 15,000 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 2021-05-28 10 0.5638 848,786 15,000Exco Technologies Limited Common Shares Kernaghan, Edward

Hume 3, 4 2021-05-27 10 10.9 7,538,200 1,100

Exco Technologies Limited Common Shares Kernaghan, Edward Hume

3, 4 2021-05-27 10 10.89 7,539,400 1,200


3, 4 2021-05-27 10 10.88 7,544,900 5,500


3, 4 2021-05-27 10 10.87 7,546,000 1,100


3, 4 2021-05-27 10 10.86 7,546,100 100

Exploits Discovery Corp. Options Collins, John Michael William

3 2021-05-25 50 600,000 300,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4840


T/O Unit Price


Acquired/ Disposed

Exploits Discovery Corp. Options Huggins, Christopher 4 2021-05-25 50 1.33 450,000 200,000Exploits Discovery Corp. Options Rodway, Nicholas

Richard6 2021-05-25 50 1.33 2,815,000 100,000

Exploits Discovery Corp. Options Sheriff, William Morris 4 2021-05-25 50 1.33 400,000 150,000Exploits Discovery Corp. Options Short, Lawrence 4 2021-05-25 50 1.33 400,000 150,000Exploits Discovery Corp. Options Sutton, Monty 5 2021-05-25 50 1.33 300,000 100,000Fairfax India Holdings Corporation


Hodgson, Christopher Douglas

4 2021-05-25 10 12.32 5,000 2,000

Fancamp Exploration Ltd. Common Shares Billings, Mark Anthony 4 2021-05-27 51 0.15 1,510,000 1,050,000 Fancamp Exploration Ltd. Common Shares Billings, Mark Anthony 4 2021-05-27 51 0.1 2,110,000 600,000Fancamp Exploration Ltd. Common Shares Billings, Mark Anthony 4 2021-05-27 51 0.08 2,210,000 100,000Fancamp Exploration Ltd. Options Billings, Mark Anthony 4 2021-05-27 51

700,000 -1,050,000

Fancamp Exploration Ltd. Options Billings, Mark Anthony 4 2021-05-27 51 0.1 100,000 -600,000Fancamp Exploration Ltd. Options Billings, Mark Anthony 4 2021-05-27 51 0.1 0 -100,000Fancamp Exploration Ltd. Common Shares Hunter, James Robert 3 2021-05-25 10 0.15 4,047,000 191,000FansUnite Entertainment Inc. (formerly, HIC Horizon Investments Capital Ltd.)

Common Shares Grove, Christopher 4 2021-03-05 51

617,578

FansUnite Entertainment Inc. (formerly, HIC Horizon Investments Capital Ltd.)

Common Shares Grove, Christopher 4 2021-03-05 51 617,578 212,423

FAX Capital Corp. Restricted Share Units Driscoll, Blair 3, 4, 5 2018-03-14 00 FAX Capital Corp. Restricted Share Units Driscoll, Blair 3, 4, 5 2021-05-26 56 72,335 72,335Finning International Inc. Restricted Share Unit

(RSU) Amar, Juan Pablo 5 2021-05-28 59 18,958 -1,832

Finning International Inc. Restricted Share Unit (RSU)

Boothman, Tant Michael 5 2021-05-28 59 7,518 -1,067


Cummings, David William 5 2021-05-28 59 22,881 -4,581


Damjanic Yutronic, Pedro Antonio

5 2021-05-28 59 7,867 -1,466


Gray, Cheryl Lynn 5 2021-05-28 59 5,145 -225


Guridi, Sebastian Tomas 5 2021-05-28 59 26,049 -1,832


Harrod, Darcy Joel 5 2021-05-28 59 8,778 -1,466


Hiley, Chad, Stephen 5 2021-05-28 59 22,881 -4,581


Hogg, Mark Stephen 5 2021-05-28 59

5,326 -933


Marks, Anna Pia 5 2021-05-28 59

9,339 -1,832


Murdoch, Heather Jane 5 2021-05-28 59 8,064 -1,686


Palaschuk, Gregory 5 2021-05-28 59 19,871 -1,832


Parkes, Kevin 5 2021-05-28 59 24,668 -4,581


Primrose, David Francis Neil

5 2021-05-28 59 19,673 -2,652

Finning International Inc. Common Shares Thomson, Scott 5 2021-05-25 10 30.612 217,099 9,500Finning International Inc. Restricted Share Unit

(RSU) Thomson, Scott 5 2021-05-28 59 131,846 -24,988

Fiore Cannabis Ltd. Options Anderson, Erik Murray Lloyd

4, 5 2021-05-21 50 0.13 1,500,000 600,000

Fiore Cannabis Ltd. Options LeBlanc, Marcel Rene 4 2021-05-21 50 0.13 5,236,108 1,100,000Fire & Flower Holdings Corp. (formerly Cinaport Acquisition Corp. II)

Common Shares Adam, Judy Chieh 5 2021-05-17 00 15,000

Fire & Flower Holdings Corp. (formerly Cinaport Acquisition Corp. II)


Fire & Flower Holdings Corp. (formerly Cinaport Acquisition Corp. II)


Insider Reporting

June 3, 2021

(2021), 44 OSCB 4841


T/O Unit Price


Acquired/ Disposed

Fire River Gold Corp. Common Shares He, Sue 4, 5 2020-11-27 00

Firm Capital Mortgage Investment Corporation

Common Shares Baril, Boris 5 2021-05-25 10 14.71 40,000 -5,000





First Majestic Silver Corp. Common Shares Lillico, Connie 5 2021-05-26 51 11.59 131,500 20,000First Majestic Silver Corp. Common Shares Lillico, Connie 5 2021-05-26 10 22 111,500 -20,000First Majestic Silver Corp. Options Lillico, Connie 5 2021-05-26 51 11.59 357,500 -20,000First Majestic Silver Corp. Common Shares Liu, Karen 5 2021-05-26 51 10.84 20,000 20,000First Majestic Silver Corp. Common Shares Liu, Karen 5 2021-05-26 10 22 0 -20,000 First Majestic Silver Corp. Options Liu, Karen 5 2021-05-26 51 10.84 242,500 -20,000First Majestic Silver Corp. Common Shares Polman, Raymond L. 5 2021-05-21 10 21.135 -35,800 -150,000 First Majestic Silver Corp. Common Shares Polman, Raymond L. 5 2021-05-25 51 10.84 114,200 150,000First Majestic Silver Corp. Options Polman, Raymond L. 5 2021-05-25 51 10.84 290,000 -150,000 FIRSTSERVICE CORPORATION

Common Shares Grimshaw, Steven 4 2021-05-11 00

FIRSTSERVICE CORPORATION

Common Shares Grimshaw, Steven 4 2021-05-20 10 162.69 525 525

Flagship Communities Real Estate Investment Trust

Deferred Trust Units Bynoe, Peter Charles Bernard

4 2020-08-12 00


Deferred Trust Units Bynoe, Peter Charles Bernard

4 2021-05-24 56 1,235 1,235


Deferred Trust Units Forbes, Louis Marie 4 2020-08-12 00


Deferred Trust Units Forbes, Louis Marie 4 2021-05-24 56 776 776


Deferred Trust Units Monteith, Jennifer Susan 4 2020-08-12 00


Deferred Trust Units Monteith, Jennifer Susan 4 2021-05-24 56 494 494


Deferred Trust Units Oppenheim, Andrew Louis

4 2020-08-12 00


Deferred Trust Units Oppenheim, Andrew Louis

4 2021-05-24 56

741 741


Deferred Trust Units STEWART, Iain 4 2020-10-07 00


Deferred Trust Units STEWART, Iain 4 2021-05-24 56 494 494

Flexwork Properties Ltd. Warrants Ahmed, Kabir (Shah Alam Ahmed Kabir)

3, 4, 5 2021-05-26 55 0 -200,000

Fort St. James Nickel Corp.

Common Shares Mitton, Gerald Alexander 3 2021-05-25 11 0.25 3,875,500 -90,000

Fort St. James Nickel Corp.

Common Shares Mitton, Gerald Alexander 3 2021-05-25 11 0.25 591,875 90,000

Forty Pillars Mining Corp. Common Shares Origen Resources Inc. 3 2021-05-21 00 2,594,072Forty Pillars Mining Corp. Common Shares Schellenberg, Gary David

Albert 4 2021-05-21 00 12,940

Forty Pillars Mining Corp. Common Shares Schellenberg, Gary David Albert

4 2021-05-21 00 195,570

Forty Pillars Mining Corp. Common Shares Schellenberg, Gary David Albert

4 2021-05-21 00 54,570

Galantas Gold Corporation Common Shares Morris, Brendan Anthony 5 2021-05-17 00 12,000Galaxy Digital Holdings Ltd.

Common Shares Englebardt, Samuel Eli 7, 5 2021-05-20 51 22.727 200,000 200,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4842


T/O Unit Price


Acquired/ Disposed

Galaxy Digital Holdings Ltd.

Common Shares Englebardt, Samuel Eli 7, 5 2021-05-20 10 22.727 0 -200,000














Options Englebardt, Samuel Eli 7, 5 2021-05-20 51 11.364 1,664,000 -200,000








Common Shares Pillemer, Kim Maxfield 7, 5 2021-05-20 51 23.402 100,000 100,000


Common Shares Pillemer, Kim Maxfield 7, 5 2021-05-20 10 23.402 56,035 -43,965


Options Pillemer, Kim Maxfield 7, 5 2021-05-20 51 23.402 1,864,000 -100,000


Common Shares Siegel, Andrew Neal 7, 5 2021-05-25 51 20 118,975 40,000


Common Shares Siegel, Andrew Neal 7, 5 2021-05-25 10 20 78,975 -40,000


Options Siegel, Andrew Neal 7, 5 2021-05-25 51 20 875,000 -40,000

Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 2021-05-26 10 1.01 14,409,519 5,000Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 2021-05-27 10 0.99 14,419,519 10,000Gear Energy Ltd. Common Shares English, William Henry 4 2021-05-27 51 0.2 49,734 6,400Gear Energy Ltd. Common Shares English, William Henry 4 2021-05-27 10 0.69 43,334 -6,400 Gear Energy Ltd. Options English, William Henry 4 2021-05-27 51 0.2 348,000 -9,000Gelum Capital Ltd. Common Shares Kopple, Robert Charles 3, 4 2021-05-26 11 0.1 4,160,877 3,744,210 Gelum Capital Ltd. Options Stock Options Kopple, Robert Charles 3, 4 2014-10-23 00

Gelum Capital Ltd. Options Stock Options Kopple, Robert Charles 3, 4 2017-06-09 50 0.05 1,500,000 1,500,000 Gelum Capital Ltd. Options Stock Options Kopple, Robert Charles 3, 4 2018-07-30 37 0.05 75,000 -1,425,000Gelum Capital Ltd. (formerly Jagercor Energy Corp.)

Common Shares Kopple, Robert Charles 3, 4 2018-07-30 37 -9,341,666

Gelum Capital Ltd. (formerly Jagercor Energy Corp.)

Common Shares Kopple, Robert Charles 3, 4 2018-07-30 37 416,667 -7,916,666

General Assembly Holdings Limited


Besharat, Kia 3 2021-05-13 00 260,333


Warrants Besharat, Kia 3 2021-05-13 00 2,830,166



Besharat, Nima 4 2021-05-13 00 52,100


Options Besharat, Nima 4 2021-05-13 00 350,000


Warrants Besharat, Nima 4 2021-05-13 00 26,050



Colabrese, Ben 4 2021-05-13 00 156,250


Options Colabrese, Ben 4 2021-05-13 00 100,000


Warrants Colabrese, Ben 4 2021-05-13 00 78,125

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4843


T/O Unit Price


Acquired/ Disposed



Keleher Investments Corp.

3 2021-05-13 00

1,279,818


Warrants Keleher Investments Corp.

3 2021-05-13 00

1,524,423



Ora Fiduciary (Cook Islands) Limited

3 2021-05-13 00

349,254



Ora Fiduciary (Cook Islands) Limited

3 2021-05-13 00 1,724,627


Warrants Ora Fiduciary (Cook Islands) Limited

3 2021-05-13 00

223,881


Warrants Ora Fiduciary (Cook Islands) Limited

3 2021-05-13 00

111,940

GENIUS METALS INC. Common Shares Goulet, Guy 5 2021-05-19 10 0.2 2,293,686 20,000Getchell Gold Corp. Options Frostad, Scott Robert 5 2021-05-26 50 0.59 200,000 50,000 Getchell Gold Corp. Options Sieb, Mike 4 2021-05-26 50 0.59 1,000,000 100,000Getchell Gold Corp. Options Wagener, William 4, 5 2021-05-26 50

1,850,000 100,000

GFL Environmental Inc. 6.00% Tangible Equity Units

Nayar, Arun 4 2021-05-27 36

0 -10,000

GFL Environmental Inc. Subordinate Voting Shares

Nayar, Arun 4 2021-05-27 36 30,068 21,931

Glacier Media Inc. Common Shares Scott, Geoffrey Lawson 4 2021-05-26 10 0.41 5,284,900 2,829,000Global Real Estate & E-Commerce Dividend Fund

Trust Units Global Real Estate & E-Commerce Dividend Fund

1 2021-05-26 38 13.95 676,300 100

Global Real Estate & E-Commerce Dividend Fund

Trust Units Global Real Estate & E-Commerce Dividend Fund

1 2021-05-27 38 13.99 676,600 300

GlobeX Data Ltd. Common Shares Sjöman, Henry Edvard 4 2021-02-18 22 0.34 -29,500GlobeX Data Ltd. Common Shares Sjöman, Henry Edvard 4 2021-05-18 22 0.34 2,423,500 -29,500 goeasy Ltd. (formerly, easyhome Ltd.)

Common Shares Appel, Jason 5 2021-05-25 51 35.5 22,139 10,358

goeasy Ltd. (formerly, easyhome Ltd.)

Common Shares Appel, Jason 5 2021-05-25 10 149.42 12,916 -9,223


Options Appel, Jason 5 2021-05-25 51 35.5 49,051 -10,358


Common Shares Fiederer, Andrea 5 2021-05-25 51 148 3,566


Common Shares Fiederer, Andrea 5 2021-05-25 51 35.5 19,267 3,566


Common Shares Fiederer, Andrea 5 2021-05-25 10 148 15,701 -3,566


Options Fiederer, Andrea 5 2021-05-25 51 35.5 71,343 -3,566


Common Shares Ingram, David 4, 5 2021-05-26 51 35.5 196,940 20,000


Common Shares Ingram, David 4, 5 2021-05-26 10 146.72 181,938 -15,002


Options Ingram, David 4, 5 2021-05-26 51 35.5 110,840 -20,000


Common Shares Mullins, Jason 5 2021-05-25 51 35.5 88,852 15,009


Common Shares Mullins, Jason 5 2021-05-25 10 146.17 -12,793


Common Shares Mullins, Jason 5 2021-05-25 10 148.91 76,059 -12,793


Options Mullins, Jason 5 2021-05-25 51 35.5 143,847 -15,009


Common Shares Poole, Steven Donald 5 2021-05-26 51 35.5 7,389 4,236


Common Shares Poole, Steven Donald 5 2021-05-26 10 149.63 3,153 -4,236


Options Poole, Steven Donald 5 2021-05-26 51 35.5 20,398 -4,236

Gold Mountain Mining Corp. (formerly Freeform Capital Partners Inc.)

Common Shares Bayer, Alex 5 2021-05-27 36 2.06 874,000 64,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4844


T/O Unit Price


Acquired/ Disposed


Rights Bayer, Alex 5 2021-05-27 36

228,000 -64,000


Common Shares Carlson, Grant 5 2021-05-27 36 2.06 884,500 62,500


Rights Carlson, Grant 5 2021-05-27 36 128,250 -62,500


Common Shares Hobbs, Braydon David 5 2021-05-27 36 2.06 88,500 32,000


Rights Hobbs, Braydon David 5 2021-05-27 36

74,000 -32,000


Common Shares Smith, Kevin 5 2021-05-27 36 2.06 479,980 99,500


Rights Smith, Kevin 5 2021-05-27 36

306,500 -99,500


Common Shares Woo, Ronald 5 2021-05-27 36 2.06 767,000 62,500


Rights Woo, Ronald 5 2021-05-27 36 140,500 -62,500

Gold Springs Resource Corp. (formerly, TriMetals Mining Inc.)

Options with tandem share appreciation right

DARIO, VICTOR RENE 4 2020-08-12 52 750,000 -300,000



DARIO, VICTOR RENE 4 2021-05-19 52 625,000 -125,000



Moore, Randall 5 2001-05-19 52 -175,000 -175,000



Moore, Randall 5 2021-05-19 52 1,675,000 -175,000



Moore, Randall 5 2021-05-27 52 1,100,000 -575,000

Gold Standard Ventures Corp.

Common Shares Sun Valley Gold LLC 3 2021-05-28 10 0.6 39,266,138 146,246

Gold Terra Resource Corp. Common Shares Brown, Mark Thomas 5 2020-04-01 00

Gold Terra Resource Corp. Common Shares Brown, Mark Thomas 5 2021-05-21 10 0.25 200,000 200,000 Gold X Mining Corp. Common Shares Beharry, Suresh Edward 4 2021-05-21 51 2.16 50,750 43,750Gold X Mining Corp. Options Beharry, Suresh Edward 4 2021-05-21 51 2.16 0 -43,750 Gold X Mining Corp. Common Shares Iacono, Serafino 6 2019-12-02 37 100,000 -700,000Gold X Mining Corp. Warrants Iacono, Serafino 6 2019-12-02 37 100,000 -700,000 Gold X Mining Corp. Common Shares Kaloti, Jasvir Kaur 5 2021-05-26 51 1.66 23,962 5,150Gold X Mining Corp. Common Shares Kaloti, Jasvir Kaur 5 2021-05-26 51 2.21 53,962 30,000Gold X Mining Corp. Options Kaloti, Jasvir Kaur 5 2021-05-26 51 1.66 30,000 -5,150Gold X Mining Corp. Options Kaloti, Jasvir Kaur 5 2021-05-26 51 2.21 0 -30,000Gold X Mining Corp. Common Shares Matysek, Paul Frank 4, 5 2021-05-27 51 2.16 232,500 200,000Gold X Mining Corp. Common Shares Matysek, Paul Frank 4, 5 2021-05-27 51 1.3 707,500 475,000Gold X Mining Corp. Common Shares Matysek, Paul Frank 4, 5 2021-05-27 51 2.83 1,407,500 700,000Gold X Mining Corp. Options Matysek, Paul Frank 4, 5 2021-05-27 51 2.16 1,175,000 -200,000Gold X Mining Corp. Options Matysek, Paul Frank 4, 5 2021-05-27 51 1.3 700,000 -475,000Gold X Mining Corp. Options Matysek, Paul Frank 4, 5 2021-05-27 51 2.83 0 -700,000Gold X Mining Corp. Common Shares Moubarak, Bassam 4, 5 2021-05-27 51 1.3 304,500 300,000Gold X Mining Corp. Common Shares Moubarak, Bassam 4, 5 2021-05-27 51 1.3 379,500 75,000Gold X Mining Corp. Common Shares Moubarak, Bassam 4, 5 2021-05-27 51 2.16 679,500 300,000Gold X Mining Corp. Common Shares Moubarak, Bassam 4, 5 2021-05-27 51 2.83 979,500 300,000Gold X Mining Corp. Options Moubarak, Bassam 4, 5 2021-05-27 51 600,000 -375,000Gold X Mining Corp. Options Moubarak, Bassam 4, 5 2021-05-27 51 300,000 -300,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4845


T/O Unit Price


Acquired/ Disposed

Gold X Mining Corp. Options Moubarak, Bassam 4, 5 2021-05-27 51

0 -300,000Gold X Mining Corp. Common Shares Munson, Richard Allen 6, 5 2021-05-20 10 3.6172 23,958 -100,000Gold X Mining Corp. Common Shares Munson, Richard Allen 6, 5 2021-05-25 51 1.6 86,458 62,500Gold X Mining Corp. Common Shares Munson, Richard Allen 6, 5 2021-05-25 51 1.92 173,958 87,500Gold X Mining Corp. Common Shares Munson, Richard Allen 6, 5 2021-05-25 51 2.16 217,346 43,388Gold X Mining Corp. Options Munson, Richard Allen 6, 5 2021-05-25 51 1.92 225,000 -87,500Gold X Mining Corp. Options Munson, Richard Allen 6, 5 2021-05-25 51 1.6 162,500 -62,500Gold X Mining Corp. Options Munson, Richard Allen 6, 5 2021-05-25 51 2.16 119,112 -43,388Gold X Mining Corp. Common Shares O'Neill, Brian 4 2021-05-27 51 2.16 41,677 18,750Gold X Mining Corp. Common Shares O'Neill, Brian 4 2021-05-27 51 1.3 66,677 25,000 Gold X Mining Corp. Options O'Neill, Brian 4 2021-05-27 51 2.16 25,000 -18,750Gold X Mining Corp. Options O'Neill, Brian 4 2021-05-27 51 1.3 0 -25,000 GOLD'N FUTURES MINERAL CORP.(formerly European Metals Corp.)

Common Shares Wilkinson, Stephen James

5 2021-05-25 10 0.125 110,750 10,000

GOLD'N FUTURES MINERAL CORP.(formerly European Metals Corp.)


5 2021-05-27 10 0.15 118,750 8,000

GOLD'N FUTURES MINERAL CORP.(formerly European Metals Corp.)


5 2021-05-28 10 0.13 132,250 13,500

Golden Independence Mining Corp.

Common Shares McDowell, Donald James 4 2021-05-26 10 0.3035 612,500 112,500

Golden Leaf Holdings Ltd. Common Shares Secord, Scott Lawrence 4 2021-03-31 00Golden Leaf Holdings Ltd. Common Shares Secord, Scott Lawrence 4 2021-03-31 00 384,650 Golden Leaf Holdings Ltd. Options Secord, Scott Lawrence 4 2021-03-31 00Golden Leaf Holdings Ltd. Options Secord, Scott Lawrence 4 2021-03-31 00 3,000,000 Golden Leaf Holdings Ltd. Warrants Secord, Scott Lawrence 4 2021-03-31 00Golden Leaf Holdings Ltd. Warrants Secord, Scott Lawrence 4 2021-04-02 00 Golden Leaf Holdings Ltd. Warrants Secord, Scott Lawrence 4 2021-04-02 00Goldeneye Resources Corp.

Options Balderson, Geoffrey 4, 5 2021-04-19 50 528,130 400,000

GoldHaven Resources Corp. (formerly Altum Resource Corp.)

Common Shares Ellis, Gordon Lloyd 4 2020-06-08 00


Common Shares Ellis, Gordon Lloyd 4 2021-05-06 51 0.2 100,000 100,000


Options Ellis, Gordon Lloyd 4 2020-06-08 00


Options Ellis, Gordon Lloyd 4 2020-06-08 50 0.2 200,000 200,000


Options Ellis, Gordon Lloyd 4 2020-11-02 50 0.42 400,000 200,000


Options Ellis, Gordon Lloyd 4 2021-05-06 51 0.2 300,000 -100,000

GoldQuest Mining Corp. Common Shares Siegfried, Florian 4 2021-05-26 10 1,325,000 -107,500GoldSpot Discoveries Corp.

Common Shares 2176423 Ontario Ltd. 3 2021-05-06 00 9,388,332

GoldSpot Discoveries Corp.

Common Shares 2176423 Ontario Ltd. 3 2021-05-06 10 0.8094 9,638,332 250,000








Common Shares Sprott, Eric S. 3 2021-05-06 00 9,388,332


Common Shares Sprott, Eric S. 3 2021-05-06 10 0.8094 9,638,332 250,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4846


T/O Unit Price


Acquired/ Disposed







GR SILVER MINING LTD. (formerly: Goldplay Exploration Ltd.)

Common Shares First Majestic Silver Corp. 3 2021-05-25 10 0.78 21,321,000 -926,500

Green Environmental Technologies Inc.

Common Shares Monardo, Dominique P. 4, 5 2021-05-06 00

1,320,000

Green River Gold Corp. Common Shares Kibblewhite, Vernon Russell

4 2021-05-18 10 0.065 140,000 60,000

GreenBank Capital Inc. Common Shares Lonsdale, David Martin 4 2021-05-20 10 1.53 2,327,769 -15,300GreenBank Capital Inc. Common Shares Lonsdale, David Martin 4 2021-05-21 10 1.53 2,320,769 -7,000Greenlane Renewables Inc.

Options Bornholdt, James 5 2021-05-21 50

180,019 46,685

Greenlane Renewables Inc.

Rights Restricted Share Units (RSU)

Bornholdt, James 5 2021-05-21 56

109,762 29,762


Common Shares Douville, Brad Donald 4, 5 2021-05-21 10 1.64 4,029,500 -325,000








Options Douville, Brad Donald 4, 5 2021-05-21 50 304,864 75,864



Douville, Brad Donald 4, 5 2021-05-21 56 177,363 48,363


Options Freeman, Lynda 5 2021-05-21 50 268,691 60,691



Freeman, Lynda 5 2021-05-21 56 146,690 38,690


Options Goudie, Dale 5 2021-05-21 50 209,852 47,852



Goudie, Dale 5 2021-05-21 56 112,506 30,506


Options Jaklin, Brent 4 2021-05-21 50 261,357 58,357



Jaklin, Brent 4 2021-05-21 56

140,202 37,202


Options KEYTON, SANDRA CATHERINE

5 2021-05-21 50

216,521 52,521



KEYTON, SANDRA CATHERINE

5 2021-05-21 56 117,482 33,482

GT Holdings Corp. Common Shares Class A Voting Common Shares

Lacavera, Anthony 4 2021-01-14 00

GT Holdings Corp. Common Shares Class A Voting Common Shares


GT Holdings Corp. Common Shares Class B Non-Voting Common Shares









Lacavera, Catherine Caroline

4 2021-01-14 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4847


T/O Unit Price


Acquired/ Disposed


Lacavera, Catherine Caroline

4 2021-02-10 00


Lockie, Simon David 5 2021-01-14 00


Lockie, Simon David 5 2021-02-10 00


Scheschuk, Brice Nolan 5 2021-01-14 00


Scheschuk, Brice Nolan 5 2021-02-10 00


Theofilos, Jason 4 2021-01-14 00








Ward, J. R. Kingsley 4 2021-01-14 00


Ward, J. R. Kingsley 4 2021-02-10 00


Ward, J. R. Kingsley 4 2021-01-14 00


Ward, J. R. Kingsley 4 2021-02-10 00

Halo Collective Inc. (formerly Halo Labs Inc.)

Common Shares van den Berg, Philippus Johannes Theodorus

4, 5 2021-04-20 10 0.0975 1,333,687 -100,000



4, 5 2021-04-21 10 0.095 1,233,687 -100,000



4, 5 2021-04-22 10 0.0951 1,133,687 -100,000

Hammond Power Solutions Inc.

Options Plan July 22 2005

David, FitzGibbon 4 2021-05-28 52 10 15,000 -10,000



GRANOVSKY, DAHRA 4 2021-05-28 52 10 15,000 -10,000



HAMMOND, BILL 6 2021-05-28 52 10 55,000 -30,000



HUETHER, CHRIS 5 2021-05-28 52 10 0 -30,000



MACADAM, DON 4 2021-05-27 52 10 5,000 -10,000



MACADAM, DON 4 2021-05-27 52 7.5 0 -5,000


Rights Deferred Share Units

MACADAM, DON 4 2021-05-18 59 0 -19,655



Robinson, Grant Cameron

4 2021-05-28 52 10 15,000 -10,000

Happy Creek Minerals Ltd. Common Shares Cathro, Mike 4 2021-05-26 10 0.072 1,848,166 70,000Harborside Inc. (formerly Lineage Grow Company Ltd.)

Warrants Jenkins, Roger Allan 8 2021-05-17 55 0 -35,550

Harvest Health & Recreation Inc.

Options Subordinate Hersey, Christine 8 2021-05-25 51 4.9763 -3,125


Options Subordinate Hersey, Christine 8 2021-05-25 51 4.9763 -3,125

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4848


T/O Unit Price


Acquired/ Disposed


Options Subordinate Hersey, Christine 8 2021-05-25 51 4.9763

-37,500


Options Subordinate Hersey, Christine 8 2021-05-25 51 4.9763

-37,500


Options Subordinate Hersey, Christine 8 2021-05-25 51 4.05 109,375 -3,125


Options Subordinate Hersey, Christine 8 2021-05-25 51 2.75 71,875 -37,500



Hersey, Christine 8 2021-05-25 51 4.05 3,225 3,125



Hersey, Christine 8 2021-05-25 51 2.75 40,725 37,500



Hersey, Christine 8 2021-05-25 10 4.9763 15,450 -25,275

Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2020-12-18 00

2,574,940Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2021-05-27 10 0.8676 2,575,940 1,000Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2021-05-28 10 0.7548 2,580,940 5,000Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2020-12-18 00Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2020-12-18 00 2,580,940Hempfusion Wellness Inc. Common Shares Greenburg, Garrett Scott 4, 5 2021-05-28 10 0.7362 2,594,940 14,000Heritage Cannabis Holdings Corp. (formerly Umbral Energy Corp.)

Common Shares Schwede, David 5 2021-05-26 10 0.11 165,000 45,000

Heritage Cannabis Holdings Corp. (formerly Umbral Energy Corp.)

Common Shares Schwede, David 5 2021-05-26 10 0.11 205,000 40,000

Heritage Cannabis Holdings Corp. (formerly Umbral Energy Corp.)

Common Shares Senger, Debra Lynn 4 2021-05-17 10 0.1 5,000,000 -550,000

Heroux-Devtek Inc. Common Shares Bourque, Nathalie 4 2021-05-25 10 17.55 17,000 700High Tide Inc. Common Shares Kanji, Rahim 5 2021-05-26 15 9.6 182,696 5,000 High Tide Inc. Warrants Kanji, Rahim 5 2021-05-26 15 12.25 54,583 2,500HighGold Mining Inc. Options Cinnamond, Michael

Andrew4 2021-05-19 50 1.43 325,000 125,000

HighGold Mining Inc. Options May 19, 2021 Option Grant

Cunningham-Dunlop, Ian Richard

5 2019-06-26 00

HighGold Mining Inc. Options May 19, 2021 Option Grant

Cunningham-Dunlop, Ian Richard

5 2021-05-19 50 1.43 75,000 75,000

HighGold Mining Inc. Options (entitlements granted under 08-01-2019 spin-out transaction)

Gray, Michael Joseph 4 2019-08-19 50 150,000


Gray, Michael Joseph 4 2019-08-19 50

150,000





HighGold Mining Inc. Common Shares Green, Darwin 4, 5 2021-05-20 51 0.86 554,208 20,833HighGold Mining Inc. Common Shares Green, Darwin 4, 5 2021-05-20 51 0.45 837,542 283,334HighGold Mining Inc. Common Shares Green, Darwin 4, 5 2021-05-20 54 0.45 895,042 57,500HighGold Mining Inc. Common Shares Green, Darwin 4, 5 2021-05-27 11 367,626 -527,416HighGold Mining Inc. Options Green, Darwin 4, 5 2021-05-19 50 1.43 1,275,000 350,000HighGold Mining Inc. Options Green, Darwin 4, 5 2021-05-20 51 0.45 991,666 -283,334HighGold Mining Inc. Options (entitlements

granted under 08-01-2019 spin-out transaction)

Green, Darwin 4, 5 2021-05-20 51 0.86 60,416 -20,833

HighGold Mining Inc. Warrants Green, Darwin 4, 5 2021-05-02 54 0.45 142,500 -57,500HighGold Mining Inc. Options Labelle, Anne Marie

Susan 4 2021-05-19 50 1.43 325,000 125,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4849


T/O Unit Price


Acquired/ Disposed

HighGold Mining Inc. Options Nemeth, Naomi 5 2021-05-19 50

250,000 25,000Hillcrest Energy Technologies Ltd. (formerly, Hillcrest Petroleum Ltd.)

Common Shares Lambert, Robert Alexander

4 2021-05-21 10 0.233 1,460,000 -900,000

Hillcrest Energy Technologies Ltd. (formerly, Hillcrest Petroleum Ltd.)

Common Shares Lambert, Robert Alexander

4 2021-05-26 10 0.23 1,260,000 -200,000

HIRE Technologies Inc. Common Shares GIC Merchant Bank Corporation

3 2021-05-17 10 0.4246 4,439,629 15,000

HIRE Technologies Inc. Common Shares Sun, Nan (Jonson) 4 2021-05-14 10 0.419 1,096,500 3,000HIRE Technologies Inc. Common Shares Sun, Nan (Jonson) 4 2021-05-19 10 0.435 1,106,500 10,000HIRE Technologies Inc. Common Shares Sun, Nan (Jonson) 4 2021-05-19 10 0.48 1,116,500 10,000HIRE Technologies Inc. Common Shares Sun, Nan (Jonson) 4 2021-05-19 10 0.5 1,126,500 10,000HIVE Blockchain Technologies Ltd.

Common Shares Daubaras, Darcy Glenn 5 2021-05-21 10 2.85 183,500 -3,000

HIVE Blockchain Technologies Ltd.

Common Shares Mann, Ian Hollis 4, 7 2021-05-25 57

75,000 25,000

HIVE Blockchain Technologies Ltd.

Restricted Share Units Mann, Ian Hollis 4, 7 2021-05-25 57 175,000 -25,000

HLS Therapeutics Inc. Options Perry, Patricia 5 2021-05-05 00 12,140HLS Therapeutics Inc. Performance Share

Units Perry, Patricia 5 2021-05-05 00 5,000

Home Capital Group Inc. Common Shares Hong, John 5 2021-05-25 10 35.188 0 -1,678i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-25 10 2.62 4,030,777 10,000i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-26 10 2.59 4,045,777 15,000i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-26 10 2.65 4,053,777 8,000i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-28 10 2.57 4,078,777 25,000i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-28 10 2.58 4,088,777 10,000i-80 Gold Corp. Common Shares Downie, Ewan Stewart 4, 5 2021-05-28 10 2.59 4,098,777 10,000i-80 Gold Corp. Common Shares Equinox Gold Corp 3 2021-05-27 11 2.6 14,753,920 5,479,536IBI Group Inc. Rights Performance

Share Units Stewart, Scott 4, 6 2021-05-15 30 88,825 -14,446

IBI Group Inc. Rights Performance Share Units

Stewart, Scott 4, 6 2021-05-15 58 - Expiration of rights

85,059 -3,766


Taylor, Stephen 5 2021-05-15 30 28,688 -4,470


Taylor, Stephen 5 2021-05-15 58 - Expiration of rights

27,522 -1,166


Thom, David Maxwell 4 2021-05-15 30

67,215 -10,941


Thom, David Maxwell 4 2021-05-15 58 - Expiration of rights

64,362 -2,853

IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-25 10 44.52 -500 IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-25 10 44.52 -500IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-25 10 44.52 11,295 -1,100IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-25 10 44.51 8,695 -2,600IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-25 10 44.5 8,395 -300IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 2021-05-26 10 44.48 5,646 -2,749IM Cannabis Corp. (formerly, Navasota Resources Inc.)

Common Shares Grywacheski, Karl 7 2021-05-19 10 4.6301 2,299

IM Cannabis Corp. (formerly, Navasota Resources Inc.)



Common Shares Grywacheski, Karl 7 2021-05-19 10 4.6301 72,452 -2,299



Insider Reporting

June 3, 2021

(2021), 44 OSCB 4850


T/O Unit Price


Acquired/ Disposed


Common Shares Grywacheski, Karl 7 2021-05-20 10 5.65

5,000


Common Shares Grywacheski, Karl 7 2021-05-20 10 5.65 67,452 -5,000

IMAX Corporation Common Shares WEISSMAN, KENNETH 5 2021-05-26 10 22 10,233 -2,500Imperial Helium Corp. Common Shares Johnson, David 4, 5 2021-05-14 00 675,000Imperial Helium Corp. Options Johnson, David 4, 5 2021-05-14 00

500,000

Imperial Helium Corp. Preferred Shares Johnson, David 4, 5 2021-05-14 00

1,575,000Imperial Helium Corp. Common Shares Robinson, David 5 2021-05-21 10 0.34 292,700 37,700Imperial Helium Corp. Common Shares Rovers, Monica 4 2021-05-14 00

40,000

Imperial Helium Corp. Options Rovers, Monica 4 2021-05-14 00

Imperial Helium Corp. Options Rovers, Monica 4 2021-05-18 50

300,000 300,000Imperial Helium Corp. Warrants Rovers, Monica 4 2021-05-14 00

20,000

Imperial Helium Corp. Common Shares Zubkow, Michael 5 2021-05-14 00

300,000Imperial Helium Corp. Options Zubkow, Michael 5 2021-05-14 00

Imperial Helium Corp. Options Zubkow, Michael 5 2021-05-18 50 500,000 500,000Imperial Helium Corp. Preferred Shares Zubkow, Michael 5 2021-05-14 00 700,000Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 2021-05-21 38 39.11 503,927,069 -537,679Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 2021-05-25 38 38.84 503,389,390 -537,679Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 2021-05-26 38 39.48 502,851,711 -537,679Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 2021-05-27 38 40.05 502,314,032 -537,679Inca One Gold Corp. Common Shares HART, Kevin Ryan 5 2021-05-26 16 0.4 1,103,167 167,500Inca One Gold Corp. Common Shares HART, Kevin Ryan 5 2021-05-26 16 0.4 205,600 194,500 Inca One Gold Corp. Warrants HART, Kevin Ryan 5 2021-05-26 16 0.6 167,500 167,500Inca One Gold Corp. Warrants HART, Kevin Ryan 5 2021-05-26 16 0.6 657,463 194,500 Inca One Gold Corp. Common Shares Kelly, Edward John 4 2021-05-26 16 0.4 767,078 190,000Inca One Gold Corp. Warrants Kelly, Edward John 4 2021-05-26 16 0.6 1,805,678 190,000 Inca One Gold Corp. Common Shares Stevens, Rodney 4 2021-05-26 16 453,416 139,645Inca One Gold Corp. Warrants Stevens, Rodney 4 2017-08-22 00 Inca One Gold Corp. Warrants Stevens, Rodney 4 2021-05-26 16 0.6 139,645 139,645InPlay Oil Corp. Common Shares Yakiwchuk, Kevin 5 2021-05-26 10 0.71 85,154 2,800 Interlapse Technologies Corp. (formerly Coronado Resources Ltd.)

Options Garnot, Ashley 4 2021-05-20 50 0.65 600,000 500,000

Interlapse Technologies Corp. (formerly Coronado Resources Ltd.)

Options MacNeil, Barry Alan Brent 5 2021-05-20 50 0.65 225,000 125,000

Interlapse Technologies Corp. (formerly Coronado Resources Ltd.)

Options Perone, Giuseppe (Pino) 5 2021-05-20 50 0.65 525,000 375,000

International Clean Power Dividend Fund

Trust Units Brasseur, Jeremy 6 2021-05-26 10 9.15 13,500 300


Trust Units International Clean Power Dividend Fund

1 2021-05-21 38 9.0907 104,400 2,900



1 2021-05-25 38 9.0728 109,000 4,600



1 2021-05-26 38 9.082 125,000 16,000



1 2021-05-27 38 9.1108 130,900 5,900

International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-04-30 37 5,000 -55,000 International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-04-30 37 44,833 -493,166International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.25 40,759 -4,074 International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.26 39,725 -1,034International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-04-30 37 92,000 -1,012,000 International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.245 88,500 -3,500International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.24 85,426 -3,074 International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.235 84,426 -1,000International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.23 6,926 -77,500 International Cobalt Corp. Common Shares beukman, eugene 4, 5 2021-05-21 10 0.25 0 -6,926

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4851


T/O Unit Price


Acquired/ Disposed

International Consolidated Uranium Inc. (formerly, NxGold Ltd.)

Common Shares Mullens, Peter James 5 2020-07-01 00

170,000


Options Mullens, Peter James 5 2020-07-01 00


Options Mullens, Peter James 5 2020-07-09 50 150,000 150,000



200,000 50,000



275,000 75,000


Restricted Share Units Mullens, Peter James 5 2020-07-01 00


Restricted Share Units Mullens, Peter James 5 2020-12-30 56

25,000 25,000

International Petroleum Corporation

Performance Share Plan Adair, Ryan 5 2021-05-21 56 272,101 109,000


Performance Share Plan Fountain, Jeffrey 5 2021-05-21 56 473,251 200,000


Performance Share Plan Gordon, Rebecca 5 2021-05-21 56 289,101 123,000


Performance Share Plan Hogue, Chris W. 5 2021-05-21 56 205,369 109,000


Performance Share Plan Lundin, William A.W. 5 2020-12-01 00


Performance Share Plan Lundin, William A.W. 5 2021-05-21 56 122,000 122,000


Performance Share Plan NERGUARARIAN, CHRISTOPHE

5 2021-05-21 56 565,630 244,000


Performance Share Plan Nicholson, Mike 4, 5 2021-05-21 56 1,116,557 477,000

International Tower Hill Mines Ltd.


Drescher, Anton J. 4 2018-10-17 56 0.82 102,220



Drescher, Anton J. 4 2018-10-17 56 0.82 102,220



Drescher, Anton J. 4 2018-10-17 56 0.82 230,907 101,220



Drescher, Anton J. 4 2021-05-25 56

482,130 63,359



Harshaw, Stuart 4 2021-05-25 56 1.31 352,443 63,359


Options KARL, HANNEMAN 4, 5 2021-05-25 50 1.31 1,762,417 150,000



KARL, HANNEMAN 4, 5 2021-05-25 56 1.31 352,443 63,359



Lang, Stephen A. 4 2021-05-25 56 1.31 482,130 63,359



WENG, THOMAS SUN 4 2021-05-25 56 1.31 482,130 63,359

InterRent Real Estate Investment Trust

Deferred Units Millar, Curt 5 2020-11-24 57 -4,500







Inventus Mining Corp. Common Shares Spears, Stephan Michael Seydegart

6 2021-05-26 10 0.155 1,295,030 10,000

Inventus Mining Corp. Common Shares Spears, Stephan Michael Seydegart

6 2021-05-27 10 0.16 1,310,030 15,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4852


T/O Unit Price


Acquired/ Disposed

Ivanhoe Mines Ltd. Common Shares Class A

Janse van Rensburg, Martie

4 2021-05-19 10 8.8 2,500 2,500

Jagercor Energy Corp. Common Shares Kopple, Robert Charles 3, 4 2017-06-09 50 0.05

1,500,000Jagercor Energy Corp. Common Shares Kopple, Robert Charles 3, 4 2017-06-09 50 0.05

1,500,000

Jericho Energy Ventures Inc. (fka Jericho Oil Corporation)

Common Shares Williamson, Brian 7 2021-05-21 10 0.6882 943,123 17,500

Jericho Energy Ventures Inc. (fka Jericho Oil Corporation)

Common Shares Williamson, Brian 7 2021-05-21 10 0.6882 956,400 17,500

Just Energy Group Inc. Common Shares Pacific Investment Management Company LLC

3 2020-09-28 00

388,490


3 2020-09-28 00

3,218,223


3 2020-09-28 00

8,323,327


3 2020-09-28 00 1,942,167

K2 Gold Corporation Options Dare, Jeffrey 5 2017-01-01 00 50,000K2 Gold Corporation Options Dare, Jeffrey 5 2021-05-26 50 0.32 75,000 25,000K2 Gold Corporation Options Robins, John Edward 3, 4, 5 2021-05-26 50 0.32 350,000 200,000 K2 Gold Corporation Options Scott, Robert James 5 2021-05-26 50 0.32 125,000 50,000K2 Gold Corporation Options Swatton, Stephen P. 4, 5 2021-05-26 50 0.32 385,000 185,000 K92 Mining Inc. Common Shares Eaton, Mark Price 4 2021-05-21 10 50,000 -50,000Karora Resources Inc. Options Mincham, Gregory John 7 2021-05-25 00 6,667 Karora Resources Inc. Rights Performance

Share Units Mincham, Gregory John 7 2021-05-25 00 16,872

Karora Resources Inc. Rights Restricted Share Units

Mincham, Gregory John 7 2021-05-25 00 45,437

Kinross Gold Corporation Common Shares Sims, John Lewis 5 2021-05-26 51 4.59 24,399 6,528Kinross Gold Corporation Common Shares Sims, John Lewis 5 2021-05-26 10 9.82 17,871 -6,528Kinross Gold Corporation Options Sims, John Lewis 5 2021-05-26 51 4.59 6,528 -6,528Kirkland Lake Gold Ltd. Common Shares Hibbard, Ingrid Jo-Ann 4 2021-05-14 11 49.37 17,183 8,000Kirkland Lake Gold Ltd. Common Shares Hibbard, Ingrid Jo-Ann 4 2021-05-14 11 49.73 0 -8,000Kirkland Lake Gold Ltd. Common Shares Neal, Jason Robert 5 2021-05-19 10 52.95 2,000 400Kirkland Lake Gold Ltd. Common Shares Neal, Jason Robert 5 2021-05-19 10 52.97 2,300 300Kirkland Lake Gold Ltd. Common Shares Neal, Jason Robert 5 2021-05-19 10 52.99 2,600 300Kirkland Lake Gold Ltd. Common Shares Neal, Jason Robert 5 2021-05-19 10 53 3,000 400Kirkland Lake Gold Ltd. Common Shares Neal, Jason Robert 5 2021-05-20 10 52 4,000 1,000Kirkland Lake Gold Ltd. Common Shares Smith, Darin Matthew 5 2021-05-19 10 53 627 500Kirkland Lake Gold Ltd. Common Shares Smith, Darin Matthew 5 2021-05-19 10 52.75 873 500kneat.com, inc. Deferred Share Units Behki, Nutan 4 2021-05-21 00kneat.com, inc. Deferred Share Units Behki, Nutan 4 2021-05-27 56 33,333 33,333Knight Therapeutics Inc. Deferred Stock Unit Gale, James 4 2021-05-18 97 5.65 7,965Knight Therapeutics Inc. Deferred Stock Unit Gale, James 4 2021-05-18 97 5.65 7,965Knight Therapeutics Inc. Deferred Stock Unit Gale, James 4 2021-05-18 56 5.65 7,965 7,965Knight Therapeutics Inc. Common Shares Goodman, Jonathan Ross 4, 6, 5 2021-05-25 10 5.25 2,700 Knight Therapeutics Inc. Common Shares Goodman, Jonathan Ross 4, 6, 5 2021-05-25 10 5.25 502,361 2,400Knight Therapeutics Inc. Common Shares Goodman, Jonathan Ross 4, 6, 5 2021-05-26 10 5.25 33,600 Knight Therapeutics Inc. Common Shares Goodman, Jonathan Ross 4, 6, 5 2021-05-26 10 5.25 535,961 33,600Knight Therapeutics Inc. Performance stock Unit Goodman, Jonathan Ross 4, 6, 5 2021-05-18 97 40,487 Knight Therapeutics Inc. Performance stock Unit Goodman, Jonathan Ross 4, 6, 5 2021-05-18 97 5.65 40,487Knight Therapeutics Inc. Performance stock Unit Goodman, Jonathan Ross 4, 6, 5 2021-05-18 56 5.65 40,487 40,487 Knight Therapeutics Inc. Performance stock Unit Khouri, Amal 5 2021-05-18 97 5.65 14,381Knight Therapeutics Inc. Performance stock Unit Khouri, Amal 5 2021-05-18 97 5.65 14,381 Knight Therapeutics Inc. Performance stock Unit Khouri, Amal 5 2021-05-18 56 5.65 14,381 14,381Knight Therapeutics Inc. Restricted Share Unit Khouri, Amal 5 2021-05-18 97 5.65 7,190 Knight Therapeutics Inc. Restricted Share Unit Khouri, Amal 5 2021-05-18 97 5.65 7,190

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4853


T/O Unit Price


Acquired/ Disposed

Knight Therapeutics Inc. Restricted Share Unit Khouri, Amal 5 2021-05-18 56 5.65 7,190 7,190Knight Therapeutics Inc. Deferred Stock Unit Lande, Robert Nathaniel 4 2021-05-18 97 5.65

5,310

Knight Therapeutics Inc. Deferred Stock Unit Lande, Robert Nathaniel 4 2021-05-18 97 5.65

5,310Knight Therapeutics Inc. Deferred Stock Unit Lande, Robert Nathaniel 4 2021-05-18 56 5.65 5,310 5,310Knight Therapeutics Inc. Deferred Stock Unit Murray, Janice Jean 4 2021-05-18 97 5.65 5,310Knight Therapeutics Inc. Deferred Stock Unit Murray, Janice Jean 4 2021-05-18 97 5.65 5,310Knight Therapeutics Inc. Deferred Stock Unit Murray, Janice Jean 4 2021-05-18 56 5.65 5,310 5,310Knight Therapeutics Inc. Common Shares Sakhia, Samira 4, 5 2021-05-26 10 5.23 52,186 1,915Knight Therapeutics Inc. Performance stock Unit Sakhia, Samira 4, 5 2021-05-18 97 5.65

53,097

Knight Therapeutics Inc. Performance stock Unit Sakhia, Samira 4, 5 2021-05-18 97 5.65

53,097 Knight Therapeutics Inc. Performance stock Unit Sakhia, Samira 4, 5 2021-05-18 56 5.65 53,097 53,097Knight Therapeutics Inc. Deferred Stock Unit Sujoy, Nicolas 4 2021-05-18 97 5.65

5,310

Knight Therapeutics Inc. Deferred Stock Unit Sujoy, Nicolas 4 2021-05-18 97 5.65

5,310Knight Therapeutics Inc. Deferred Stock Unit Sujoy, Nicolas 4 2021-05-18 56 5.65 5,310 5,310 Knight Therapeutics Inc. Common Shares Tremblay, Michael

Joseph4 2019-05-07 00

Knight Therapeutics Inc. Common Shares Tremblay, Michael Joseph

4 2021-05-27 10 5.215 2,000 2,000

Knight Therapeutics Inc. Deferred Stock Unit Tremblay, Michael Joseph

4 2021-05-18 97 5.65 5,310


4 2021-05-18 97 5.65 5,310


4 2021-05-18 56 5.65 5,310 5,310

Knight Therapeutics Inc. Performance stock Unit Utchanah, Arvind 5 2021-05-18 97 5.65 14,381Knight Therapeutics Inc. Performance stock Unit Utchanah, Arvind 5 2021-05-18 97 5.65 14,381Knight Therapeutics Inc. Performance stock Unit Utchanah, Arvind 5 2021-05-18 56 5.65 14,381 14,381Knight Therapeutics Inc. Restricted Share Unit Utchanah, Arvind 5 2021-05-18 97 5.65 7,190Knight Therapeutics Inc. Restricted Share Unit Utchanah, Arvind 5 2021-05-18 97 5.65 7,190Knight Therapeutics Inc. Restricted Share Unit Utchanah, Arvind 5 2021-05-18 56 5.65 7,190 7,190Koios Beverage Corp. Common Shares Burrus, Gina Marie 7 2021-05-21 10 0.1 100,000 -200,000Laurion Mineral Exploration Inc.

Warrants Covello, Jonathan Grey 4 2020-07-18 55 -4,087,302

Laurion Mineral Exploration Inc.

Warrants Covello, Jonathan Grey 4 2020-07-18 55 -4,087,302


Warrants Covello, Jonathan Grey 4 2020-07-18 55 500,000 -4,087,302


Warrants Le Sueur - Aquin, Cynthia Elaine

4, 5 2014-02-27 55

0 -83,000


Warrants Le Sueur - Aquin, Cynthia Elaine

4, 5 2018-10-11 55

0 -600,000

Libero Copper & Gold Corporation (Formerly Libero Copper Corporation)

Common Shares Pease, Robert 4 2021-05-18 11 0.5 1,377,500 40,000

Libero Copper & Gold Corporation (Formerly Libero Copper Corporation)

Options Pease, Robert 4 2021-05-18 51 660,000 -40,000

Liberty Gold Corp. (formerly Pilot Gold Inc.)

Common Shares Martin, Brian Douglas 5 2021-05-17 00

Liberty Gold Corp. (formerly Pilot Gold Inc.)

Common Shares Martin, Brian Douglas 5 2021-05-26 10 1.75 17,000 17,000

LifeWorks Inc. Rights PH - DSUs Bachand, Luc 4 2021-05-26 56 32.916 1,330 664LifeWorks Inc. Common Shares Branker, Nigel Bernard 5 2021-05-26 57 32.916 4,881 4,287 LifeWorks Inc. Common Shares Branker, Nigel Bernard 5 2021-05-26 10 2,641 -2,240LifeWorks Inc. Rights 2017 RSU Branker, Nigel Bernard 5 2021-05-26 57 32.916 5,621 -4,287 LifeWorks Inc. Rights PH - DSUs COURTEAU, Robert G 4 2021-05-26 56 32.916 1,735 664LifeWorks Inc. Rights PH - DSUs Denham, Gillian H. (Jill) 5 2021-05-26 56 32.916 2,129 1,063 LifeWorks Inc. Common Shares Joyce, Norah 5 2021-05-26 57 32.916 3,918 1,275LifeWorks Inc. Common Shares Joyce, Norah 5 2021-05-26 10 3,252 -666 LifeWorks Inc. Rights 2017 RSU Joyce, Norah 5 2021-05-26 57 32.916 11,449 -1,275

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4854


T/O Unit Price


Acquired/ Disposed

LifeWorks Inc. Rights PH - DSUs Lalonde, Ronald Anthony Marshall

4 2021-05-26 56 32.916 1,482 740

LifeWorks Inc. Rights PH - DSUs Levy, Bradford 4 2021-05-26 56 32.916 1,766 1,243LifeWorks Inc. Common Shares Marsh, Susan Elizabeth 5 2021-05-26 38 32.916

2,906

LifeWorks Inc. Common Shares Marsh, Susan Elizabeth 5 2021-05-26 57 32.916 3,392 2,906LifeWorks Inc. Common Shares Marsh, Susan Elizabeth 5 2021-05-26 10 1,873 -1,519LifeWorks Inc. Rights 2017 RSU Marsh, Susan Elizabeth 5 2021-05-26 38 32.916 -2,906LifeWorks Inc. Rights 2017 RSU Marsh, Susan Elizabeth 5 2021-05-26 57 32.916 4,955 -2,906LifeWorks Inc. Rights PH - RSUs Marsh, Susan Elizabeth 5 2015-11-01 00

LifeWorks Inc. Rights PH - RSUs Marsh, Susan Elizabeth 5 2021-05-26 56 32.916 6,835 6,835LifeWorks Inc. Rights PH - DSUs Nayak, Chitra 4 2021-05-26 56 32.916 882 621LifeWorks Inc. Rights PH - DSUs Pennington, Kevin 4 2021-05-26 56 32.916 2,800 1,387LifeWorks Inc. Rights PH - DSUs Ponder, Dale Rosa

Winnifred4 2021-05-26 56 32.916 1,482 740

LifeWorks Inc. Common Shares Shlesinger, Idan 5 2021-05-26 57 32.916 18,992 4,718LifeWorks Inc. Common Shares Shlesinger, Idan 5 2021-05-26 10

16,527 -2,465

LifeWorks Inc. Rights 2017 RSU Shlesinger, Idan 5 2021-05-26 57 32.916 11,325 -4,718Linamar Corporation Common Shares HASENFRATZ, FRANK 3, 4, 6, 5 2021-05-25 10 75.6 443,250 -3,500Linamar Corporation Common Shares HASENFRATZ, FRANK 3, 4, 6, 5 2021-05-26 10 75.61 346,750 -96,500Loblaw Companies Limited Common Shares George Weston Limited 3 2021-05-25 38 74.77 7,256,505 -157,045Loblaw Companies Limited Common Shares George Weston Limited 3 2021-05-26 38 75.45 7,090,376 -166,129Loblaw Companies Limited Common Shares George Weston Limited 3 2021-05-27 38 74.12 6,933,739 -156,637Loblaw Companies Limited Common Shares George Weston Limited 3 2021-05-28 38 74.34 6,845,747 -87,992Luminex Resources Corp. Options RIVADENEIRA,

MARCELO5 2021-04-16 51 0.38 173,594 31,297

Luminex Resources Corp. Options RIVADENEIRA, MARCELO

5 2021-04-16 51 0.38 204,891 31,297


5 2018-10-05 50 0.8 30,000


5 2018-10-05 50 0.8 30,000

Madison Pacific Properties Inc.

Non-Voting Shares Class C

Heung, Raymond 3 2021-05-25 10 4.6 5,332,417 -400



Heung, Raymond 3 2021-05-25 10 4.57 5,332,017 -400



Heung, Raymond 3 2021-05-25 10 4.56 5,331,917 -100



Heung, Raymond 3 2021-05-25 10 4.5 4,832,117 -499,800



Heung, Raymond 3 2021-05-25 10 4.51 4,831,917 -200



Madison Venture Corporation

3 2021-05-25 10 4.5 16,525,393 499,300

MAG Silver Corp. Common Shares Taddei, Larry 5 2021-05-28 51 14.98 57,913 7,059MAG Silver Corp. Common Shares Taddei, Larry 5 2021-05-28 10 25.66 50,854 -7,059MAG Silver Corp. Options Taddei, Larry 5 2021-05-28 51 14.98 81,051 -17,054Magna International Inc. Common Shares McCarthy, Aaron David 5 2021-05-26 10 116.17 855 -405Magna Mining Inc. Common Shares Dundee Corporation 3 2021-05-20 10 0.4435 6,942,750 199,000Magna Mining Inc. Common Shares Dundee Corporation 3 2021-05-21 10 0.45 6,944,750 2,000Magnet Forensics Inc. Options Bolduc, Dany 5 2021-05-21 52 -56,250Magnet Forensics Inc. Options Bolduc, Dany 5 2021-05-21 52 -56,250 Magnet Forensics Inc. Options Bolduc, Dany 5 2021-05-21 51 30,750 -56,250Magnet Forensics Inc. Subordinate Voting

Shares Bolduc, Dany 5 2021-04-27 00

Magnet Forensics Inc. Subordinate Voting Shares

Bolduc, Dany 5 2021-05-21 52 1.25 56,250


Bolduc, Dany 5 2021-05-21 52 1.25 56,250


Bolduc, Dany 5 2021-05-21 51 1.25 56,250 56,250

Makara Mining Corp. Common Shares Maddin, Hugh 4 2020-10-27 00Makara Mining Corp. Common Shares Maddin, Hugh 4 2021-05-19 51 25,000 25,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4855


T/O Unit Price


Acquired/ Disposed

Makara Mining Corp. Restricted Stock Units Maddin, Hugh 4 2021-05-19 51

25,000 -25,000Mandalay Resources Corporation

Common Shares Jonker, Abraham 4 2021-05-25 57

141,678 42,474

Mandalay Resources Corporation

Restricted Share Unit Jonker, Abraham 4 2021-05-25 57

80,212 -42,474

Manulife Financial Corporation

Common Shares Vendittelli, Simonetta 7 2014-12-31 30 247 5


Common Shares Vendittelli, Simonetta 7 2015-12-31 30 253 6


Common Shares Vendittelli, Simonetta 7 2016-12-31 30

260 7



268 8



277 9



287 10



3 16

Maple Leaf Foods Inc. Common Shares Liris, Andreas 5 2021-05-25 51 11,600 Maple Leaf Foods Inc. Common Shares Liris, Andreas 5 2021-05-25 10 -11,600Maple Leaf Foods Inc. Common Shares Liris, Andreas 5 2021-05-27 51 29,642 11,600 Maple Leaf Foods Inc. Common Shares Liris, Andreas 5 2021-05-27 10 18,042 -11,600Maple Leaf Foods Inc. Options Employee Liris, Andreas 5 2021-05-25 51 -11,600Maple Leaf Foods Inc. Options Employee Liris, Andreas 5 2021-05-27 51 114,300 -11,600Maple Leaf Green World Inc.

Common Shares Alizada, Najibullah 4 2016-09-29 46 0.24 33,334

Maple Leaf Green World Inc.

Common Shares Alizada, Najibullah 4 2016-09-29 46 0.24 535,034 83,334


Common Shares Alizada, Najibullah 4 2017-08-22 10 0.402 5,000








Options Alizada, Najibullah 4 2016-09-28 50 120,000


Options Alizada, Najibullah 4 2016-09-28 50

120,000


Options Alizada, Najibullah 4 2016-09-28 50

300,000 100,000


Options Lai, Raymond Siu Cheong

4, 5 2021-04-10 52 2,150,000 -3,000,000


Options Lam, Terence Keung Cheung

4, 5 2021-04-10 52 400,000 -900,000


Common Shares Moline, Bennie Gregory Olaf

4 2018-02-02 54 0.15 1,113,009 500,000


Options Moline, Bennie Gregory Olaf

4 2021-04-10 52 300,000 -300,000

Marathon Gold Corporation

Common Shares Faught, George D. 4 2021-05-27 11 3.1 2,010,000 10,000


Common Shares Faught, George D. 4 2021-05-27 11 2.45 2,028,000 18,000


Common Shares Galego, Marco DaCosta 8 2021-05-27 11 2.45 38,163 8,163


Common Shares Gowans, James Kitchener

4 2021-05-27 11 2.45 45,408 20,408


Common Shares Manson, Matthew Lamont 5 2021-05-26 54 1.9 249,544 16,667


Common Shares Manson, Matthew Lamont 5 2021-05-27 11 3.1 259,221 9,677


Warrants Manson, Matthew Lamont 5 2021-05-26 54 1.9 14,999 -16,667

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4856


T/O Unit Price


Acquired/ Disposed


Common Shares Portmann, Hannes Philip 5 2021-05-25 54 1.9 117,500 12,500


Common Shares Portmann, Hannes Philip 5 2021-05-27 11 3.1 130,000 12,500


Warrants Portmann, Hannes Philip 5 2021-05-25 54 1.9 0 -12,500


Common Shares Powell, James Kenneth 5 2021-05-27 11 3.1 20,122 1,613


Warrants Powell, James Kenneth 5 2021-05-17 54 1.9

5,000


Warrants Powell, James Kenneth 5 2021-05-17 54 1.9 0 -5,000


Common Shares Williams, Timothy 5 2020-07-13 00


Common Shares Williams, Timothy 5 2021-05-27 11 3.1 9,677 9,677

Maxim Power Corp. Common Shares Auch, Wiley Darren 4 2021-05-25 51 1.88 38,334 30,000Maxim Power Corp. Common Shares Auch, Wiley Darren 4 2021-05-25 51 1.93 55,000 16,666Maxim Power Corp. Options Auch, Wiley Darren 4 2021-05-25 51 1.88 120,000 -30,000Maxim Power Corp. Options Auch, Wiley Darren 4 2021-05-25 51 1.93 103,334 -16,666Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00 1,878Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00 2,205Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00 16,962Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00 13,223Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Common Shares Dyck, Kevin Gregory 5 2021-01-05 00Maxim Power Corp. Options Polz, Johann 4 2021-05-27 51 1.88 120,000 -30,000Maxim Power Corp. Options Wall, Bradley John 4 2021-05-27 51 1.88 100,000 -50,000MBN Corporation Common Shares Equity

Shares MBN Corporation 1 2021-05-26 38 6.57 600 600

MBN Corporation Common Shares Equity Shares

MBN Corporation 1 2021-05-26 38 0 -600


MBN Corporation 1 2021-05-27 38 6.8016 6,700 6,700


MBN Corporation 1 2021-05-27 38

0 -6,700

MCAN Mortgage Corporation

Common Shares Cipollone, Floriana 5 2021-05-20 30 17.734 22,359 5,638


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 -52,275


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 52,000 -275


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 61,343


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 38,520 29,343


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 54,665


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 13,121 3,626











Insider Reporting

June 3, 2021

(2021), 44 OSCB 4857


T/O Unit Price


Acquired/ Disposed


Rights Herridge, Gordon James 4 2021-05-17 10 0.09 21,797 -17,000


Rights Pinto, Sylvia 5 2021-05-26 90

28,027 1,849


Rights Pinto, Sylvia 5 2021-05-26 90

0 -1,849


Common Shares Randle, Emily Anne 5 2021-05-20 30 17.734 6,998 2,819


Common Shares Weaver, Karen H. 4, 5 2021-05-20 30 17.734 39,115 2,484

MCI OneHealth Technologies Inc.

Class A Subordinate Voting Shares

Christodoulou, George 3, 4 2021-05-18 10 2.9877 15,508,000 10,000



Christodoulou, George 3, 4 2021-05-18 10 3 15,508,700 700



Christodoulou, George 3, 4 2021-05-18 10 3.01 15,508,800 100





















Christodoulou, George 3, 4 2021-05-20 10 3 15,524,000 1,000






Christodoulou, George 3, 4 2021-05-21 10 3 15,534,000 5,000







Medicure Inc. Common Shares Friesen, Albert David 4, 5 2021-05-25 10 1.15 296,967 1,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-19 10 0.405 175,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-19 10 0.405 520,000 175,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-20 10 0.425

90,000

MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-20 10 0.425 610,000 90,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-21 10 0.45 90,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-21 10 0.45 700,000 90,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-26 10 0.485 100,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-26 10 0.485 800,000 100,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-27 10 0.5296 200,000MediPharm Labs Corp. Common Shares Taves, Christopher David 4 2021-05-27 10 0.5296 1,000,000 200,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-20 10 0.074 18,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-20 10 0.074 18,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-20 10 0.0692 18,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-20 10 0.0692 363,000 18,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-21 10 0.074 413,000 50,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-26 10 0.08 50,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-26 10 0.08 463,000 50,000MediPharm Labs Corp. Warrants Taves, Christopher David 4 2021-05-27 10 0.0832 700,000 237,000MEG Energy Corp. Common Shares Gizen, Jeremy James 5 2021-05-28 10 8.0846 30,889 -32,000Mega Uranium Ltd. Common Shares Goldberg, Larry 4 2021-05-06 10 0.105 -58,000Mega Uranium Ltd. Common Shares Goldberg, Larry 4 2021-05-06 10 0.26 120,000 -58,000Mega Uranium Ltd. Common Shares Goldberg, Larry 4 2021-05-27 10 0.25 80,000 -120,000Mega Uranium Ltd. Common Shares Homsany, Richard 5 2021-05-27 51 0.14 2,400,000 200,000Mega Uranium Ltd. Options Homsany, Richard 5 2021-05-27 51 0.14 3,040,000 -200,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4858


T/O Unit Price


Acquired/ Disposed

Mega Uranium Ltd. Options Johannson, Arni Thomas 4 2021-05-19 51 0.14 3,015,000 -200,000Mega Uranium Ltd. Common Shares Taylor, Stewart 5 2021-05-27 51 0.14 3,865,000 200,000Mega Uranium Ltd. Options Taylor, Stewart 5 2021-05-27 51 0.14 2,670,000 -200,000Melcor Developments Ltd. Common Shares Eggert, Daniel 5 2021-05-20 10 13.26 0 -5,063Melcor Developments Ltd. Common Shares GOSS, DOUGLAS

OWEN 4 2021-05-20 00 2,500

Melcor Real Estate Investment Trust

Trust Units Eggert, Daniel 6 2021-05-20 10 6.95 0 -2,725

Melcor Real Estate Investment Trust

Trust Units Eggert, Daniel 6 2021-05-20 10 6.91 0 -7,075

Meryllion Resources Corporation

Common Shares CHARETTE, GUY 4 2020-07-17 00


Options CHARETTE, GUY 4 2020-07-17 00


Options CHARETTE, GUY 4 2021-05-27 50

240,000 240,000


Options Jeremy, Edelman 3, 4, 5 2021-05-27 50

950,000 500,000


Options Steinepreis, David 3, 4, 5 2021-05-27 50 950,000 500,000

Metalla Royalty & Streaming Ltd.

Common Shares Tucker, E.B. 4 2021-05-27 51 2.32 335,626 25,000

Metalla Royalty & Streaming Ltd.

Options Tucker, E.B. 4 2021-05-27 51 2.32 453,750 -25,000

Metro inc. Common Shares Bourbonnière, Christian 5 2021-05-26 57 55.28 44,368 4,271 Metro inc. Common Shares Bourbonnière, Christian 5 2021-05-26 10 58.37 40,097 -4,271Metro inc. Performance Share Unit

(PSU) / Unité d'actions au rendement

Bourbonnière, Christian 5 2021-05-26 57 23,352 -4,271

Middlefield Global Real Asset Fund

Trust Units Lauzon, Robert 7 2021-05-26 10 8.7988 1,200 800


Trust Units Middlefield Global Real Asset Fund

1 2021-05-21 38 8.6977 1,150,400 1,300



1 2021-05-25 38 8.7225 1,150,800 400



1 2021-05-27 38 8.7136 1,155,000 4,200

Midpoint Holdings Ltd. Common Shares Ivany, Derek Lloyd Harry 4 2021-05-21 10 0.33 2,356,000 20,000Mimi's Rock Corp. Common Shares Kohler, David Byrne

McDonnell 3, 4, 5 2019-05-27 00

Mimi's Rock Corp. Common Shares Kohler, David Byrne McDonnell

3, 4, 5 2021-05-28 10 0.339 100,000 100,000

Mind Medicine (MindMed) Inc. (formerly Broadway Gold Mining Ltd.)


Hurst, Stephen 4, 6 2020-02-27 00



Hurst, Stephen 4, 6 2021-05-17 10 3.3887 100 100



Linton, Bruce 4 2020-02-27 00



Linton, Bruce 4 2021-04-15 90 3,750,000 3,750,000



Linton, Bruce 4 2021-04-16 90 7,500,000 3,750,000



Linton, Bruce 4 2021-05-24 10 3.3456 7,131,519 -368,481



Linton, Bruce 4 2021-05-25 10 3.3133 7,116,519 -15,000



Linton, Bruce 4 2021-05-25 10 4.0062 7,012,719 -103,800

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4859


T/O Unit Price


Acquired/ Disposed



Linton, Bruce 4 2021-05-27 10 3.6591 5,966,519 -1,046,200



Linton, Bruce 4 2021-05-27 10 3.0301

-3,466,519



Linton, Bruce 4 2021-05-27 10 3.0301 2,500,000 -3,466,519



Linton, Bruce 4 2021-04-15 90

1,450,000 -3,750,000



Linton, Bruce 4 2021-04-16 90

1,250,000 -3,750,000


Options incentive stock options

Nast, Carol 5 2021-05-18 51

1,074,218 -32,552



Nast, Carol 5 2021-05-18 51 0.33 488,282 32,552



Rahn, Jamon Alexander 4, 5 2021-05-18 51 5,324,590 -915,910



Rahn, Jamon Alexander 4, 5 2021-05-19 51 4,324,590 -1,000,000


Restricted Share Units Rahn, Jamon Alexander 4, 5 2021-05-18 57 1,957,813 -727,187



Rahn, Jamon Alexander 4, 5 2021-05-17 10 4.0071 4,506,100 -1,000,000



Rahn, Jamon Alexander 4, 5 2021-05-18 51 0.33 5,422,010 915,910



Rahn, Jamon Alexander 4, 5 2021-05-18 57 3.08 6,149,197 727,187



Rahn, Jamon Alexander 4, 5 2021-05-18 10 4.1353 5,444,197 -705,000



Rahn, Jamon Alexander 4, 5 2021-05-19 51 0.33 6,444,197 1,000,000

























MindBeacon Holdings Inc. Common Shares DelBianco, Elizabeth 4 2021-05-20 00 165,169

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4860


T/O Unit Price


Acquired/ Disposed

Mogo Inc. (formerly, Difference Capital Financial Inc.)

Common Shares Wekerle, Michael A. 3, 4 2021-05-25 10 9.24 3,952,021 -2,000





Monarch Mining Corporation

Common Shares Séguin, Mathieu 5 2021-05-21 10 0.83 730,000 5,000

Mongolia Growth Group Ltd.

Options Dwyer, James 4 2019-01-01 00


Options Dwyer, James 4 2019-01-01 00


Options Dwyer, James 4 2019-03-17 52 0.38

-70,000


Options Dwyer, James 4 2019-03-17 52 0.38

-70,000


Common Shares Kupperman, Harris 3, 4, 5 2021-05-27 10 0.5 6,658,500 18,500


Common Shares Kupperman, Harris 3, 4, 5 2021-05-28 10 0.4988 6,700,000 41,500

Monterey Minerals Inc. Common Shares DiGirolamo, Julio 4, 5 2021-05-26 10 0.015 45,500 -22,000Monterey Minerals Inc. Common Shares DiGirolamo, Julio 4, 5 2021-05-27 10 0.015 45,400 -100 MOSAIC MINERALS CORP.

Common Shares Giroux, Maurice 3, 4, 5 2021-05-25 10 0.12 2,714,198 -100,000

MPX International Corporation

Common Shares Crawford, Alastair Duncan Hadfield

4 2021-05-25 54 362,821 54,493


Common Shares Crawford, Alastair Duncan Hadfield

4 2021-05-25 54 390,067 27,246


Warrants Crawford, Alastair Duncan Hadfield

4 2019-01-31 00



4 2021-05-25 54 27,246 27,246



4 2021-05-25 54 0 -27,246


Warrants Commission Warrants

Crawford, Alastair Duncan Hadfield

4 2021-05-25 54 0 -54,493

Mullen Group Ltd. Common Shares Mullen Group Ltd. 1 2021-05-21 38 13.115 304,028 17,884 Mullen Group Ltd. Common Shares Mullen Group Ltd. 1 2021-05-25 38 13.15 321,912 17,884Mullen Group Ltd. Common Shares Mullen Group Ltd. 1 2021-05-26 38 13.16 339,796 17,884 Mullen Group Ltd. Common Shares Mullen Group Ltd. 1 2021-05-27 38 13.117 357,680 17,884Mullen Group Ltd. Common Shares Mullen Group Ltd. 1 2021-05-28 38 13.058 375,564 17,884 MYM Nutraceuticals Inc. Common Shares Forster, Mark 5 2021-05-21 36 5,748,797 1,853,825MYM Nutraceuticals Inc. Exchangeable Shares

Class A SpecialShares Forster, Mark 5 2021-05-21 38 0 -1,853,825

MYM Nutraceuticals Inc. Common Shares Wiener, Michael 4 2020-07-31 00MYM Nutraceuticals Inc. Common Shares Wiener, Michael 4 2021-05-27 38 14,214,286 14,214,286MYM Nutraceuticals Inc. Exchangeable Shares

Class A Special Shares Wiener, Michael 4 2021-05-27 38 0 -14,214,286

MYM Nutraceuticals Inc. Common Shares Wolf, Robert Thomas 4 2020-07-31 00MYM Nutraceuticals Inc. Common Shares Wolf, Robert Thomas 4 2021-05-27 38 2,857,143 2,857,143MYM Nutraceuticals Inc. Exchangeable Shares

Class A Special Shares Wolf, Robert Thomas 4 2021-05-27 38 0 -2,857,143

Nabis Holdings Inc. (formerly, Innovative Properties Inc.)

Common Shares Caravel CAD Fund Ltd. 3 2021-05-19 11 0.3 966,311 -400,000

Nabis Holdings Inc. (formerly, Innovative Properties Inc.)

Common Shares Carroll, Jared 4 2021-05-19 10 0.3 350,000 100,000

NameSilo Technologies Corp. (formerly known as Brisio Innovations Inc.)

Common Shares Kozak, Paul 4 2021-05-13 00 1,271,500

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4861


T/O Unit Price


Acquired/ Disposed


Common Shares Kozak, Paul 4 2021-05-13 00

700,000



182,143


Common Shares Kozak, Paul 4 2021-05-13 00 41,000



50,000



285,000



102,500


Warrants Kozak, Paul 4 2021-05-13 00

250,000

Namibia Critical Metals Inc. (formerly Namibia Rare Earths Inc.)

Common Shares Burton, Donald MacLaren 7 2021-05-21 10 0.35 168,500 -10,000

National Bank of Canada Preferred Shares First, Série 38

Tall, Macky 4 2021-05-21 90 25.56 150

National Bank of Canada Preferred Shares First, Série 38

Tall, Macky 4 2021-05-21 97 25.56 150 150

Neighbourly Pharmacy Inc. Common Shares Blair, Joshua Andrew 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares Blair, Joshua Andrew 4 2021-05-25 15 17 29,400 29,400Neighbourly Pharmacy Inc. Deferred Share Units Blair, Joshua Andrew 4 2021-05-18 00 1,832Neighbourly Pharmacy Inc. Options Blair, Joshua Andrew 4 2021-05-18 00 11,400Neighbourly Pharmacy Inc. Restricted Share Units Blair, Joshua Andrew 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares Elman, Stuart Mitchell 4 2021-05-18 00Neighbourly Pharmacy Inc. Deferred Share Units Elman, Stuart Mitchell 4 2021-05-18 00 2,189Neighbourly Pharmacy Inc. Options Elman, Stuart Mitchell 4 2021-05-18 00 13,700Neighbourly Pharmacy Inc. Restricted Share Units Elman, Stuart Mitchell 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares Gardner, Christopher

Kevin 4, 5 2021-05-18 00

Neighbourly Pharmacy Inc. Deferred Share Units Gardner, Christopher Kevin

4, 5 2021-05-18 00

Neighbourly Pharmacy Inc. Options Gardner, Christopher Kevin

4, 5 2021-05-18 00

263,150

Neighbourly Pharmacy Inc. Options Gardner, Christopher Kevin

4, 5 2021-05-25 50

413,050 149,900

Neighbourly Pharmacy Inc. Restricted Share Units Gardner, Christopher Kevin

4, 5 2021-05-18 00 24,227

Neighbourly Pharmacy Inc. Common Shares Greatrix, Lisa 4 2021-05-18 00 Neighbourly Pharmacy Inc. Common Shares Greatrix, Lisa 4 2021-05-25 15 17 5,800 5,800Neighbourly Pharmacy Inc. Deferred Share Units Greatrix, Lisa 4 2021-05-18 00 1,475 Neighbourly Pharmacy Inc. Options Greatrix, Lisa 4 2021-05-18 00 9,100Neighbourly Pharmacy Inc. Restricted Share Units Greatrix, Lisa 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares Losty, Stephen Richard 5 2021-05-18 00Neighbourly Pharmacy Inc. Deferred Share Units Losty, Stephen Richard 5 2021-05-18 00Neighbourly Pharmacy Inc. Options Losty, Stephen Richard 5 2021-05-18 00 182,500Neighbourly Pharmacy Inc. Options Losty, Stephen Richard 5 2021-05-25 50 269,000 86,500Neighbourly Pharmacy Inc. Restricted Share Units Losty, Stephen Richard 5 2021-05-18 00 13,990Neighbourly Pharmacy Inc. Common Shares McCann, Dean Charles 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares McCann, Dean Charles 4 2021-05-25 15 17 20,500 20,500Neighbourly Pharmacy Inc. Deferred Share Units McCann, Dean Charles 4 2021-05-18 00 1,832Neighbourly Pharmacy Inc. Options McCann, Dean Charles 4 2021-05-18 00 11,400Neighbourly Pharmacy Inc. Restricted Share Units McCann, Dean Charles 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares OMeara, Robert James 4 2021-05-18 00Neighbourly Pharmacy Inc. Deferred Share Units OMeara, Robert James 4 2021-05-18 00 1,475

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4862


T/O Unit Price


Acquired/ Disposed

Neighbourly Pharmacy Inc. Options OMeara, Robert James 4 2021-05-18 00

9,100Neighbourly Pharmacy Inc. Restricted Share Units OMeara, Robert James 4 2021-05-18 00

Neighbourly Pharmacy Inc. Common Shares PCP GP INC. 3 2021-05-18 00

79,763Neighbourly Pharmacy Inc. Common Shares PCP GP INC. 3 2021-05-18 00

4,118,353

Neighbourly Pharmacy Inc. Common Shares PCP GP INC. 3 2021-05-18 00 5,738,133Neighbourly Pharmacy Inc. Common Shares PCP GP INC. 3 2021-05-18 00 1,953,646Neighbourly Pharmacy Inc. Common Shares PCP GP INC. 3 2021-05-18 00 10,755,277Neighbourly Pharmacy Inc. Common Shares Smyth, Terri Ann 5 2021-05-18 00

Neighbourly Pharmacy Inc. Deferred Share Units Smyth, Terri Ann 5 2021-05-18 00

Neighbourly Pharmacy Inc. Options Smyth, Terri Ann 5 2021-05-18 00

182,500 Neighbourly Pharmacy Inc. Options Smyth, Terri Ann 5 2021-05-25 50

276,800 94,300

Neighbourly Pharmacy Inc. Restricted Share Units Smyth, Terri Ann 5 2021-05-18 00

15,213 Neighbourly Pharmacy Inc. Common Shares Sorbie, Valerie 4 2021-05-18 00

Neighbourly Pharmacy Inc. Common Shares Sorbie, Valerie 4 2021-05-25 15 17 1,400 1,400 Neighbourly Pharmacy Inc. Deferred Share Units Sorbie, Valerie 4 2021-05-18 00

1,475

Neighbourly Pharmacy Inc. Options Sorbie, Valerie 4 2021-05-18 00

9,100 Neighbourly Pharmacy Inc. Restricted Share Units Sorbie, Valerie 4 2021-05-18 00Neighbourly Pharmacy Inc. Common Shares Villanen, Jari Pekka 5 2021-05-18 00 Neighbourly Pharmacy Inc. Deferred Share Units Villanen, Jari Pekka 5 2021-05-18 00Neighbourly Pharmacy Inc. Options Villanen, Jari Pekka 5 2021-05-18 00 87,717 Neighbourly Pharmacy Inc. Options Villanen, Jari Pekka 5 2021-05-25 50 144,617 56,900Neighbourly Pharmacy Inc. Restricted Share Units Villanen, Jari Pekka 5 2021-05-18 00 9,208Neighbourly Pharmacy Inc. Common Shares Wieschkowski, Roy

Johnston5 2021-05-18 00

Neighbourly Pharmacy Inc. Deferred Share Units Wieschkowski, Roy Johnston

5 2021-05-18 00

Neighbourly Pharmacy Inc. Options Wieschkowski, Roy Johnston

5 2021-05-18 00 50,000

Neighbourly Pharmacy Inc. Options Wieschkowski, Roy Johnston

5 2021-05-25 50 85,100 35,100

Neighbourly Pharmacy Inc. Restricted Share Units Wieschkowski, Roy Johnston

5 2021-05-18 00 5,648

NEO Battery Materials Ltd. Common Shares huh, sung bum 4 2021-05-20 10 0.185 6,161,000 15,000NEO Battery Materials Ltd. Common Shares huh, sung bum 4 2021-05-21 10 0.175 6,191,000 30,000NEO Battery Materials Ltd. Common Shares huh, sung bum 4 2021-05-21 10 0.2 6,198,000 7,000NEO Battery Materials Ltd. Common Shares huh, sung bum 4 2021-05-28 10 0.195 6,223,000 25,000Neo Lithium Corp. (formerly, POCML 3 Inc.)

Common Shares Karayannopoulos, Constantine Efthymios

4 2021-05-21 51 1 2,402,200 559,700

Neo Lithium Corp. (formerly, POCML 3 Inc.)


4 2021-05-21 10 2.5 1,842,500 -559,700



4 2021-05-24 51 1 1,867,800 25,300



4 2021-05-24 10 2.4978 -25,300



4 2021-05-24 10 2.4978 -25,300



4 2021-05-24 10 2.448 1,842,500 -25,300


Options Karayannopoulos, Constantine Efthymios

4 2021-05-21 51 1 1,340,300 -559,700


Options Karayannopoulos, Constantine Efthymios

4 2021-05-24 51 1 1,315,000 -25,300

NeonMind Biosciences Inc. Common Shares Tessarolo, Robert Dean 5 2021-01-27 00NeonMind Biosciences Inc. Common Shares Tessarolo, Robert Dean 5 2021-05-27 36 30000 30,000NeonMind Biosciences Inc. Common Shares Tessarolo, Robert Dean 5 2021-05-27 36 30,000 30,000NeonMind Biosciences Inc. Restricted Share Unit Tessarolo, Robert Dean 5 2021-05-27 36 270,000 -30,000Nerds On Site Inc. Options Ernst, Kevin 4 2018-08-30 00Nerds On Site Inc. Options Ernst, Kevin 4 2021-05-27 50 0.15 500,000 500,000Nerds On Site Inc. Options MALHOTRA, RAKESH 5 2018-08-30 00Nerds On Site Inc. Options MALHOTRA, RAKESH 5 2021-05-20 50 0.15 500,000 500,000Nerds On Site Inc. Options Regan, Charles Donald 4, 5 2018-08-30 00Nerds On Site Inc. Options Regan, Charles Donald 4, 5 2021-05-27 50 0.15 500,000 500,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4863


T/O Unit Price


Acquired/ Disposed

Nerds On Site Inc. Options Smit, Jacques Antonius 4 2018-08-30 00

Nerds On Site Inc. Options Smit, Jacques Antonius 4 2021-05-20 50 0.15 500,000 500,000NeuPath Health Inc. (formerly, Klinik Health Ventures Corp.)

Common Shares Connelly, Grant 5 2021-05-25 10 0.68 92,950 10,000

NeuPath Health Inc. (formerly, Klinik Health Ventures Corp.)












Nevada Silver Corporation (formerly NBS Capital Inc.)










New Found Gold Corp. Common Shares 2176423 Ontario Ltd. 3 2021-05-25 10 12.068 27,301,200 50,000New Found Gold Corp. Common Shares 2176423 Ontario Ltd. 3 2021-05-26 10 11.767 27,401,200 100,000 New Found Gold Corp. Common Shares 2176423 Ontario Ltd. 3 2021-05-27 10 10.926 27,451,200 50,000New Found Gold Corp. Options Hurst, Douglas 4 2021-05-11 00New Found Gold Corp. Options Hurst, Douglas 4 2021-05-17 50 200,000 200,000New Found Gold Corp. Common Shares Sprott, Eric S. 3 2021-05-25 10 12.068 27,301,200 50,000New Found Gold Corp. Common Shares Sprott, Eric S. 3 2021-05-26 10 11.767 27,401,200 100,000New Found Gold Corp. Common Shares Sprott, Eric S. 3 2021-05-27 10 10.926 27,451,200 50,000New Pacific Metals Corp. Common Shares CRUISE, MARK DANIEL 5 2021-05-26 10 7.517 25,000 -10,000New Pacific Metals Corp. Common Shares Feng, Rui 4, 6, 5 2021-05-26 10 7.3465 10,087,400 -25,000New Pacific Metals Corp. Common Shares Feng, Rui 4, 6, 5 2021-05-26 51 0.55 10,287,400 200,000New Pacific Metals Corp. Common Shares Feng, Rui 4, 6, 5 2021-05-27 10 7.0112 10,262,400 -25,000New Pacific Metals Corp. Common Shares Feng, Rui 4, 6, 5 2021-05-28 10 6.8601 10,242,400 -20,000New Pacific Metals Corp. Options Feng, Rui 4, 6, 5 2021-05-26 51 0.55 675,000 -200,000New Placer Dome Gold Corp.

Common Shares Sali, Maximilian 4, 5 2021-05-26 10 0.165 2,629,750 10,000

New Placer Dome Gold Corp.

Common Shares Sali, Maximilian 4, 5 2021-05-27 10 0.165 10,000

New Target Mining Corp. Common Shares Hanas Richard, Todd 4 2020-07-28 00New Target Mining Corp. Common Shares Hanas Richard, Todd 4 2020-07-28 00 New Target Mining Corp. Common Shares Hanas Richard, Todd 4 2020-07-28 00New Target Mining Corp. Common Shares Hanas, Richard,Todd 4, 5 2020-07-28 00 3,400,000 NewOrigin Gold Corp. (formerly Tri Origin Exploration Ltd.)

Common Shares Santarossa, Mark Davis 5 2021-05-26 10 0.195 254,500 4,500

NewOrigin Gold Corp. (formerly Tri Origin Exploration Ltd.)

Common Shares Santarossa, Mark Davis 5 2021-05-27 10 0.195 260,000 5,500

NexgenRx Inc. Common Shares Crossett, Paul Everett 3 2021-05-28 10 0.33 7,870,000 21,500Nextech AR Solutions Corp.

Common Shares Tyldesley, Belinda 4 2021-05-21 11 85,217 -158,955

NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2013-12-01 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4864


T/O Unit Price


Acquired/ Disposed

NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2019-10-25 16 0.045 2,955,556 2,955,556NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2021-02-19 51

1,574,424

NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2021-02-19 57

1,574,424NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2013-12-01 00

1,000,000

NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2021-02-19 57 5,362,281 1,574,424NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2021-05-20 37 536,229 -4,826,052NextSource Materials Inc. Common Shares Borley, Robin Philip 5 2021-05-20 37 295,556 -2,660,000NextSource Materials Inc. Restricted Share Unit Borley, Robin Philip 5 2020-12-29 50

1,574,424

NextSource Materials Inc. Restricted Share Unit Borley, Robin Philip 5 2020-12-29 56

1,574,424 1,574,424NextSource Materials Inc. Restricted Share Unit Borley, Robin Philip 5 2021-02-19 51

-1,574,424

NextSource Materials Inc. Restricted Share Unit Borley, Robin Philip 5 2021-02-19 57

0 -1,574,424NextSource Materials Inc. Restricted Share Units

(RSUs) Borley, Robin Philip 5 2021-03-19 50

500,000

NextSource Materials Inc. Restricted Share Units (RSUs)

Borley, Robin Philip 5 2021-03-19 56

500,000 500,000


Borley, Robin Philip 5 2021-03-19 50

500,000


Borley, Robin Philip 5 2021-03-19 56 1,000,000 500,000

NextSource Materials Inc. Warrants Borley, Robin Philip 5 2013-12-01 00NextSource Materials Inc. Warrants Borley, Robin Philip 5 2019-10-25 16 1,477,778 1,477,778NextSource Materials Inc. Common Shares Johnson, Marc 5 2021-02-19 51 1E+06 1,080,000NextSource Materials Inc. Common Shares Johnson, Marc 5 2021-02-19 51 1,080,000NextSource Materials Inc. Common Shares Johnson, Marc 5 2021-02-19 57 2,088,334 1,080,000NextSource Materials Inc. Common Shares Johnson, Marc 5 2021-05-20 37 208,834 -1,879,500 NextSource Materials Inc. Restricted Share Units Johnson, Marc 5 2020-12-29 50 1,080,000NextSource Materials Inc. Restricted Share Units Johnson, Marc 5 2020-12-29 56 1,080,000 1,080,000 NextSource Materials Inc. Restricted Share Units Johnson, Marc 5 2021-02-19 51 -1,080,000NextSource Materials Inc. Restricted Share Units Johnson, Marc 5 2021-02-19 57 0 -1,080,000 NextSource Materials Inc. Restricted Share Units

(RSUs) Johnson, Marc 5 2021-03-19 50 500,000


Johnson, Marc 5 2021-03-19 56 500,000 500,000

NextSource Materials Inc. Warrants Johnson, Marc 5 2020-08-17 55 166,667 -107,500NextSource Materials Inc. Common Shares Kruba, Christopher

Robert 4 2021-05-20 37 290,000 -2,610,000


Kruba, Christopher Robert

4 2021-03-19 50 500,000


Kruba, Christopher Robert

4 2021-03-19 56

500,000 500,000

NextSource Materials Inc. Common Shares McNeely, Patrick David 4 2021-04-12 54 0.09 32,513,799 555,550NextSource Materials Inc. Common Shares McNeely, Patrick David 4 2021-05-20 37 -29,317,974NextSource Materials Inc. Common Shares McNeely, Patrick David 4 2021-05-20 37 3,251,380 -29,262,419NextSource Materials Inc. Restricted Share Units

(RSUs) McNeely, Patrick David 4 2021-03-19 50 500,000


McNeely, Patrick David 4 2021-03-19 56 500,000 500,000

NextSource Materials Inc. Warrants McNeely, Patrick David 4 2021-04-12 54 0 -555,550 NextSource Materials Inc. Common Shares Nykoliation, Brent 5 2021-02-19 51 1,080,000NextSource Materials Inc. Common Shares Nykoliation, Brent 5 2021-02-19 57 2,101,741 1,080,000NextSource Materials Inc. Common Shares Nykoliation, Brent 5 2021-05-20 37 210,175 -1,891,566NextSource Materials Inc. Restricted Share Units Nykoliation, Brent 5 2020-12-29 50 1,080,000NextSource Materials Inc. Restricted Share Units Nykoliation, Brent 5 2020-12-29 56 1,080,000 1,080,000NextSource Materials Inc. Restricted Share Units Nykoliation, Brent 5 2021-02-19 51 -1,080,000NextSource Materials Inc. Restricted Share Units Nykoliation, Brent 5 2021-02-19 57 0 -1,080,000NextSource Materials Inc. Restricted Share Units

(RSUs) Nykoliation, Brent 5 2021-03-19 50 500,000


Nykoliation, Brent 5 2021-03-19 56 500,000 500,000

NextSource Materials Inc. Common Shares Scherba, Craig 4 2021-02-19 51 1,440,000NextSource Materials Inc. Common Shares Scherba, Craig 4 2021-02-19 57 2,040,000 1,440,000NextSource Materials Inc. Common Shares Scherba, Craig 4 2021-05-20 37 204,000 -1,836,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4865


T/O Unit Price


Acquired/ Disposed

NextSource Materials Inc. Restricted Share Units Scherba, Craig 4 2020-12-29 50

1,440,000NextSource Materials Inc. Restricted Share Units Scherba, Craig 4 2020-12-29 56

1,440,000 1,440,000

NextSource Materials Inc. Restricted Share Units Scherba, Craig 4 2021-02-19 51

-1,440,000NextSource Materials Inc. Restricted Share Units Scherba, Craig 4 2021-02-19 57

0 -1,440,000


Scherba, Craig 4 2021-03-19 50 500,000


Scherba, Craig 4 2021-03-19 56 500,000 500,000


Scherba, Craig 4 2021-03-19 50

750,000


Scherba, Craig 4 2021-03-19 56

1,250,000 750,000

NextSource Materials Inc. Common Shares Whalen, Brett Alexander 4 2021-05-20 37

650,000 -5,850,000NextSource Materials Inc. Restricted Share Units

(RSUs) Whalen, Brett Alexander 4 2021-03-19 50

500,000


Whalen, Brett Alexander 4 2021-03-19 56

500,000 500,000

Nexus Real Estate Investment Trust

Trust Units RFA Capital Partners Inc. 4 2021-05-24 37 11,898 -35,697


Warrants RFA Capital Partners Inc. 4 2021-05-24 55 0 -4,759


Trust Units RFA Nobel Limited Partnership

3 2021-05-24 37 4,363,520 -13,090,562


Warrants RFA Nobel Limited Partnership

3 2021-05-24 55 0 -294,337


Warrants July 10, 2019 RFA Nobel Limited Partnership

3 2021-05-24 55 0 -556,666


Trust Units Rodney, Benjamin Ryan 4 2021-05-24 37 25,553 -76,661


Trust Units Rodney, Benjamin Ryan 4 2021-05-24 37 17,075 -51,225

Niobay Metals Inc. (formerly MDN INC.)

Options Dufresne, Claude 4, 5 2020-12-16 50 0.53 925,000 45,000


Options Legault, Raymond 4 2020-06-05 52 0.05 -30,000


Options Legault, Raymond 4 2020-06-05 52 0.05 -30,000

Northern Dynasty Minerals Ltd.

Common Shares Decker, Steven Ashby 4 2021-05-20 54 0.65 321,081 110,000


Common Shares Decker, Steven Ashby 4 2021-05-21 10 0.67 211,081 -110,000


Warrants Decker, Steven Ashby 4 2021-05-20 54 0.65

110,000


Warrants Decker, Steven Ashby 4 2021-05-20 54 0.65 0 -110,000

Northern Graphite Corporation

Options Birge, William Campbell 4 2019-01-22 50 0.25 350,000 150,000





Northern Vertex Mining Corp.

Common Shares Board, Warwick 5 2021-05-26 10 0.38 200,922 78,947


Common Shares Hurst, Douglas 4 2021-05-28 10 0.379 4,227,600 150,000


Common Shares Threlkeld, Raymond Wesley

4 2021-05-21 00 109,000


Options Threlkeld, Raymond Wesley

4 2021-05-21 00 141,700

NorthWest Healthcare Properties Real Estate Investment Trust

Deferred Units Mitchell, Craig Douglas 5 2021-05-25 57 13.1 245,498 -85,000

Nouveau Monde Graphite Inc. (auparavant Nouveau Monde Mining Enterprises Inc.)

Options BEAULIEU, YANNICK 4 2021-05-25 50 105,000 30,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4866


T/O Unit Price


Acquired/ Disposed


Options Buron, Daniel 4 2021-03-24 37

47,500 -427,500


Options Buron, Daniel 4 2021-05-25 50

87,500 40,000


Common Shares Desaulniers, Eric 4, 5 2021-03-24 37

148,175 -1,333,575


Common Shares Desaulniers, Eric 4, 5 2021-03-24 37

67,100 -603,900


Options Desaulniers, Eric 4, 5 2021-03-24 37

500,000 -4,500,000


Options Desaulniers, Eric 4, 5 2021-05-25 50 16.84 650,000 150,000


Options Frandsen, Arne Hojriis 4 2021-05-25 50 522,500 22,500


Common Shares Jodoin, Nathalie 4 2018-05-17 11 0.3 40,000




Common Shares Jodoin, Nathalie 4 2021-05-26 37 0 -100,000


Common Shares Jodoin, Nathalie 4 2021-05-26 37 10,000 10,000


Common Shares Jodoin, Nathalie 4 2018-05-17 10 0.3 370,000 40,000






Common Shares Jodoin, Nathalie 4 2021-05-26 37 0 -370,000


Common Shares Jodoin, Nathalie 4 2021-05-26 37 37,000 37,000


Options Jodoin, Nathalie 4 2020-09-02 50 0.185 150,000


Options Jodoin, Nathalie 4 2020-09-02 50 0.185 750,000 200,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4867


T/O Unit Price


Acquired/ Disposed


Options Jodoin, Nathalie 4 2021-05-26 37 0.275 500,000 -150,000


Options Jodoin, Nathalie 4 2021-05-26 37 0.32

-200,000




Options Jodoin, Nathalie 4 2021-05-26 37 0.235

-200,000




Options Jodoin, Nathalie 4 2021-05-26 37 0.185 0 -200,000


Options Jodoin, Nathalie 4 2021-05-26 37 0.275 15,000












Warrants Jodoin, Nathalie 4 2018-05-17 11 0.4 20,000


Warrants Jodoin, Nathalie 4 2018-05-17 11 0.4 20,000


Warrants Jodoin, Nathalie 4 2016-01-08 00


Warrants Jodoin, Nathalie 4 2016-01-08 00


Warrants Jodoin, Nathalie 4 2018-08-13 54 0.2 -100,000


Warrants Jodoin, Nathalie 4 2018-08-13 54 0.2 -100,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4868


T/O Unit Price


Acquired/ Disposed


Options Köhler, Jürgen 4 2021-04-01 00


Options Köhler, Jürgen 4 2021-05-25 50

45,000 45,000


Options Pilon, Nathalie 4 2021-03-24 37

25,000 -225,000


Options Pilon, Nathalie 4 2021-05-25 50

52,500 27,500


Options Scarlett, James 4 2021-03-24 37

25,000 -225,000


Options Scarlett, James 4 2021-05-25 50 52,500 27,500


Common Shares Tarte, Charles-Olivier 5 2021-03-24 37 31,875 -286,875


Common Shares Tarte, Charles-Olivier 5 2021-05-29 51 2.5 44,375 12,500


Common Shares Tarte, Charles-Olivier 5 2021-05-29 10 15.43 31,875 -12,500


Options Tarte, Charles-Olivier 5 2021-03-24 37 250,000 -2,250,000


Options Tarte, Charles-Olivier 5 2021-05-25 50 325,000 75,000


Options Tarte, Charles-Olivier 5 2021-05-29 51 2.5 312,500 -12,500


Options Torralbo, David 5 2021-03-24 37 100,000 -900,000


Options Torralbo, David 5 2021-05-25 50 150,000 50,000


Options Willis, Andrew 4, 6 2019-04-25 00


Options Willis, Andrew 4, 6 2021-05-25 50 22,500 22,500

Nova Royalty Corp. Common Shares Tucker, E.B. 4 2021-05-27 51 0.25 2,030,667 300,000 Nova Royalty Corp. Common Shares Tucker, E.B. 4 2021-05-27 57 0.5 2,097,334 66,667Nova Royalty Corp. Options Tucker, E.B. 4 2021-05-27 51 0.25 0 -300,000Nova Royalty Corp. Options Restrictive

Share Units Tucker, E.B. 4 2021-05-27 57 0.5 166,666 -66,667

NSJ Gold Corp. Common Shares Stevens, Rodney 4 2021-02-25 00 NSJ Gold Corp. Common Shares Stevens, Rodney 4 2021-05-25 16 0.2 100,000 100,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4869


T/O Unit Price


Acquired/ Disposed

NUVISTA ENERGY LTD. Options Andreachuk, Ross Lloyd 5 2021-05-20 50 2.62 686,607 17,949NUVISTA ENERGY LTD. Options Andreachuk, Ross Lloyd 5 2021-05-20 50 2.62 704,556 17,949NUVISTA ENERGY LTD. Options Andreachuk, Ross Lloyd 5 2021-05-20 50 2.62 722,505 17,949NUVISTA ENERGY LTD. Performance Share

Awards Andreachuk, Ross Lloyd 5 2021-05-20 56

327,289 54,122

NUVISTA ENERGY LTD. Restricted Share Awards

Andreachuk, Ross Lloyd 5 2021-05-20 56 127,114 21,649

NUVISTA ENERGY LTD. Options Asman, Kevin Garth 5 2021-05-20 50 2.62 608,084 16,114NUVISTA ENERGY LTD. Options Asman, Kevin Garth 5 2021-05-20 50 2.62 624,198 16,114 NUVISTA ENERGY LTD. Options Asman, Kevin Garth 5 2021-05-20 50 2.62 640,312 16,114NUVISTA ENERGY LTD. Performance Share

Awards Asman, Kevin Garth 5 2021-05-20 56

298,472 48,588


Asman, Kevin Garth 5 2021-05-20 56

115,931 19,435

NUVISTA ENERGY LTD. Options Lawford, Michael 5 2021-05-20 50 2.62 786,722 21,025NUVISTA ENERGY LTD. Options Lawford, Michael 5 2021-05-20 50 2.62 807,747 21,025NUVISTA ENERGY LTD. Options Lawford, Michael 5 2021-05-20 50 2.62 828,772 21,025NUVISTA ENERGY LTD. Performance Share

Awards Lawford, Michael 5 2021-05-20 56 386,491 63,397


Lawford, Michael 5 2021-05-20 56 150,091 25,359

NUVISTA ENERGY LTD. Options LeGrow, Christopher Mark Alessandro

5 2021-05-20 50 2.62 337,258 14,222


5 2021-05-20 50 2.62 351,480 14,222


5 2021-05-20 50 2.62 365,702 14,222

NUVISTA ENERGY LTD. Performance Share Awards

LeGrow, Christopher Mark Alessandro

5 2021-05-20 56 254,129 42,882


LeGrow, Christopher Mark Alessandro

5 2021-05-20 56 104,464 17,153

NUVISTA ENERGY LTD. Common Shares Deferred Share Units

MacPhail, Keith A.J. 4, 5 2021-05-20 56 193,512 13,359

NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 2021-05-20 50 2.62 488,711 15,853NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 2021-05-20 50 2.62 15,853NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 2021-05-20 50 2.62 504,564 15,853NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 2021-05-20 50 2.62 520,417 15,853NUVISTA ENERGY LTD. Performance Share

Awards Paulgaard, Ryan Daniel 5 2021-05-20 56 279,585 47,802


Paulgaard, Ryan Daniel 5 2021-05-20 56

108,694 19,121

NUVISTA ENERGY LTD. Common Shares Deferred Share Units

Poelzer, Ronald J.M. 4 2021-05-20 56

114,439 13,359

NUVISTA ENERGY LTD. Options Truba, Joshua Thomas 5 2021-05-20 50 2.62 556,214 14,380NUVISTA ENERGY LTD. Options Truba, Joshua Thomas 5 2021-05-20 50 2.62 570,594 14,380NUVISTA ENERGY LTD. Options Truba, Joshua Thomas 5 2021-05-20 50 2.62 584,974 14,380NUVISTA ENERGY LTD. Performance Share

Awards Truba, Joshua Thomas 5 2021-05-20 56 264,551 43,359


Truba, Joshua Thomas 5 2021-05-20 56 102,650 17,344

NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 2021-05-20 50 2.62 1,339,090 37,437NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 2021-05-20 50 2.62 1,376,527 37,437NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 2021-05-20 50 2.62 1,413,964 37,437NUVISTA ENERGY LTD. Performance Share

Awards Wright, Jonathan Andrew 5 2021-05-20 56 680,579 112,882


Wright, Jonathan Andrew 5 2021-05-20 56 267,245 45,153

Nuvo Pharmaceuticals Inc. (d/b/a Miravo Healthcare)

Common Shares Dobranowski, Anthony Edward

4 2021-05-26 10 1.5 56,181 1,181

Nuvo Pharmaceuticals Inc. (d/b/a Miravo Healthcare)

Common Shares Dobranowski, Anthony Edward

4 2021-05-28 10 1.45 62,181 6,000

O2Gold Inc. Restricted Share Units Atin, Aaron 5 2020-05-15 00O2Gold Inc. Restricted Share Units Atin, Aaron 5 2021-04-30 56 333,333 333,333O2Gold Inc. Restricted Share Units Atin, Aaron 5 2021-05-18 57 0 -333,333

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4870


T/O Unit Price


Acquired/ Disposed

O2Gold Inc. Restricted Share Units Battiston, Deborah 5 2020-01-20 00

O2Gold Inc. Restricted Share Units Battiston, Deborah 5 2021-04-30 56

100,000 100,000O2Gold Inc. Restricted Share Units Battiston, Deborah 5 2021-05-18 57

0 -100,000

O2Gold Inc. Restricted Share Units Lalinde, Jaime 4, 5 2020-01-20 00

O2Gold Inc. Restricted Share Units Lalinde, Jaime 4, 5 2021-04-30 56 2,500,000 2,500,000O2Gold Inc. Restricted Share Units Lalinde, Jaime 4, 5 2021-05-18 57 0 -2,500,000Obsidian Energy Ltd. Common Shares Loukas, Stephen 4, 5 2021-05-24 10 1.675 468,001 3,000Obsidian Energy Ltd. Common Shares Loukas, Stephen 4, 5 2021-05-25 10 1.648 470,001 2,000Obsidian Energy Ltd. Common Shares Loukas, Stephen 4, 5 2021-05-26 10 1.65 471,901 1,900Obsidian Energy Ltd. Common Shares Loukas, Stephen 4, 5 2021-05-27 10 1.68 473,001 1,100 Obsidian Energy Ltd. Common Shares Loukas, Stephen 4, 5 2021-05-28 10 1.69 475,001 2,000Omai Gold Mines Corp. (formerly Anconia Resources Corp.)

Common Shares Stifano, Mario 4, 5 2021-05-24 10 0.2 791,000 2,000

Orbit Garant Drilling Inc. Common Shares Alexandre, Eric 4, 5 2021-05-27 51 1.28 855,500 126,000Orbit Garant Drilling Inc. Options Alexandre, Eric 4, 5 2021-05-27 51 1.28 800,000 -126,000Orbit Garant Drilling Inc. Common Shares MAHEU, DANIEL 5 2021-05-01 00Orbit Garant Drilling Inc. Common Shares MAHEU, DANIEL 5 2021-05-27 51 1.28 32,000 32,000Orbit Garant Drilling Inc. Options MAHEU, DANIEL 5 2021-05-27 51 1.28 215,500 -32,000Orchid Ventures, Inc. (formerly, Earny Resources Ltd.)

Common Shares Hemphill, Luke 5 2019-03-07 00

Orchid Ventures, Inc. (formerly, Earny Resources Ltd.)

Common Shares Hemphill, Luke 5 2019-03-07 22 0.33 1,521,431 1,521,431

Orchid Ventures, Inc. (formerly, Earny Resources Ltd.)

Common Shares Hemphill, Luke 5 2021-03-31 37 380,358 -1,141,073

Orefinders Resources Inc. Common Shares Stewart, Stephen Alexander Nelson

4 2021-05-25 10 0.075 7,296,572 100,000

OSISKO GOLD ROYALTIES LTD

Common Shares Lodder, Chris Andrea 7 2021-05-25 51 13.5 31,649 15,633


Common Shares Lodder, Chris Andrea 7 2021-05-25 10 17.2 16,016 -15,633


Options Lodder, Chris Andrea 7 2021-05-25 51 13.5 49,117 -15,633

Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-26 38 3.485 50,000 50,000Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-26 38 3.485 0 -50,000Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-27 38 3.4095 154,200 154,200Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-27 38 3.4095 0 -154,200Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-28 38 3.4724 84,200 84,200Osisko Mining Inc. Common Shares Osisko Mining Inc. 1 2021-05-28 38 3.4724 0 -84,200Outback Goldfields Corp. Common Shares Donaldson, Christopher

Cameron4, 5 2021-05-26 10 0.43 425,500 7,500

Outback Goldfields Corp. Common Shares Donaldson, Christopher Cameron

4, 5 2021-05-26 10 0.44 435,500 10,000


4, 5 2021-05-27 10 0.43 438,000 2,500


4, 5 2021-05-28 10 0.43 448,000 10,000


4, 5 2021-05-28 10 0.4254 458,000 10,000

Pan American Silver Corp. Common Shares Carroll, Michael Louis 4 2021-05-26 46 40.617 42,386 1,773Pan American Silver Corp. Common Shares de Gelder, Neil 4 2021-05-26 46 40.617 29,982 1,187Pan American Silver Corp. Common Shares Jeannes, Charles A. 4 2021-05-26 46 40.617 16,092 1,449Pan American Silver Corp. Common Shares Maki, Jennifer 4 2021-05-26 46 40.617 1,187 1,187Pan American Silver Corp. Common Shares Segsworth, Walter

Thomas4 2021-05-27 30 30,672 1,187

Pan American Silver Corp. Common Shares Sendall, Kathleen E. 4 2021-05-26 46 40.617 1,614 1,187 Pan American Silver Corp. Common Shares Winckler, Gillian 4 2021-05-26 46 40.617 19,203 1,676Paramount Resources Ltd. Common Shares Class

A HAN, MICHAEL S. 5 2021-05-26 10 14 0 -6,166

Park Lawn Corporation Common Shares Millett, Daniel 5 2021-05-27 10 32.25 1,785 160

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4871


T/O Unit Price


Acquired/ Disposed

Partners Value Split Corp. Capital Shares Partners Value Investments Inc.

3 2021-05-21 37

42,696,100 -4,000,000

Pershimex Resources Corporation

Warrants Gagnon, Robert 4, 5 2021-05-25 55 0.15 50,000 -41,667

Peruvian Metals Corp. (Formerly Duran Ventures Inc.)

Common Shares Unlimited, No Par Value

Brown, William Richard 4 2021-05-25 10 0.15 10,782,571 -26,000



Reeder, Jeffrey 4 2021-05-20 10 0.14 4,498,406 2,000



TARTISAN NICKEL CORP.

3 2021-05-21 10 0.145 16,840,252 20,000




3 2021-05-26 10 0.15 16,845,252 5,000




3 2021-05-26 10 0.155 17,117,752 272,500




3 2021-05-26 10 0.16 17,271,752 154,000




3 2021-05-27 10 0.152 17,295,752 24,000




3 2021-05-27 10 0.155 17,347,752 52,000

Peyto Exploration & Development Corp.

Common Shares Robinson, Scott 5 2021-05-26 10 5.39 308,507 5,000

Phoenix Gold Resources Corp.

Common Shares Naughty, Blair Lawrence 3 2021-05-24 00 3,300,500


Common Shares Naughty, Blair Lawrence 3 2021-05-24 11 4,300,500 1,000,000


Common Shares Naughty, Blair Lawrence 3 2021-05-26 10 0.265 4,800,500 500,000

Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 2021-05-27 10 0.31 22,167,500 64,000 Pine Cliff Energy Ltd. Options Lee, Chris 5 2021-05-19 50 0.33 1,248,633 195,000Pine Cliff Energy Ltd. Options Lee, Chris 5 2021-05-19 50 0.33 1,443,633 195,000Pine Cliff Energy Ltd. Options Lee, Chris 5 2021-05-19 50 0.33 1,638,633 195,000Pipestone Energy Corp. (formerly, Blackbird Energy Inc.)

Common Shares BRAUN, Garth John 4 2021-05-23 57 1.55 1,305,021 12,963

Pipestone Energy Corp. (formerly, Blackbird Energy Inc.)

Restricted Share Units BRAUN, Garth John 4 2021-05-23 57

156,574 -12,963


Common Shares Lancaster, William 4 2021-05-23 57 1.55 117,458 12,963


Restricted Share Units Lancaster, William 4 2021-05-23 57 12,963


Restricted Share Units Lancaster, William 4 2021-05-23 57 131,574 -12,963


Common Shares Ritchie, Gordon Malcolm 4 2021-05-23 57 1.55 204,445 13,889


Restricted Share Units Ritchie, Gordon Malcolm 4 2021-05-23 57 165,972 -13,889


Common Shares Rossall, John Williamson 4 2021-05-23 57 1.55 415,099 12,963


Restricted Share Units Rossall, John Williamson 4 2021-05-23 57 156,574 -12,963

Platinum Group Metals Ltd.

Common Shares Begic, Kris 5 2021-05-21 57 12,324 7,324

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4872


T/O Unit Price


Acquired/ Disposed


Common Shares Begic, Kris 5 2021-05-25 10 5.1 10,724 -1,600









Begic, Kris 5 2021-05-21 57

48,994 -7,324


Common Shares Liberty Metals & Mining Holdings, LLC

3 2021-05-26 11 4.2179 7,721,165 -12,110



3 2021-05-27 11 4.1625 7,600,000 -121,165



3 2021-05-28 11 4.2857 7,550,000 -50,000

Points International Ltd. Common Shares Adams, David L. 4, 5 2021-05-26 57 20.91 31,841 8,118Points International Ltd. Rights Share Units Adams, David L. 4, 5 2021-05-24 56 20.48 24,773 8,204Points International Ltd. Rights Share Units Adams, David L. 4, 5 2021-05-26 57 20.91 8,204 -16,569Points International Ltd. Common Shares Barnard, Christopher 4, 5 2021-05-28 57 21 244,719 14,744Points International Ltd. Performance Share

Units Barnard, Christopher 4, 5 2021-05-24 56 20.48 8,094 8,094

Points International Ltd. Rights Share Units Barnard, Christopher 4, 5 2021-05-24 56 20.48 67,512 2,930Points International Ltd. Rights Share Units Barnard, Christopher 4, 5 2021-05-24 56 20.48 91,792 24,280Points International Ltd. Rights Share Units Barnard, Christopher 4, 5 2021-05-28 57 21 60,059 -31,733Points International Ltd. Common Shares Beckerman, Michael 4 2021-05-26 57 20.91 26,098 5,815Points International Ltd. Rights Share Units Beckerman, Michael 4 2021-05-24 56 20.48 16,103 5,333Points International Ltd. Rights Share Units Beckerman, Michael 4 2021-05-26 57 20.91 5,333 -10,770Points International Ltd. Common Shares Boyd, Christopher 5 2021-05-28 57 17.41 17,310 2,313Points International Ltd. Performance Share

Units Boyd, Christopher 5 2021-05-24 56 20.48 1,889 1,889

Points International Ltd. Rights Share Units Boyd, Christopher 5 2021-05-24 56 20.48 21,433 1,768Points International Ltd. Rights Share Units Boyd, Christopher 5 2021-05-24 56 20.48 27,099 5,666 Points International Ltd. Rights Share Units Boyd, Christopher 5 2021-05-28 57 17.41 22,117 -4,982Points International Ltd. Common Shares Brown, Danielle 5 2021-05-28 57 21 853 853 Points International Ltd. Performance Share

Units Brown, Danielle 5 2021-05-24 56 20.48 1,270 1,270

Points International Ltd. Rights Share Units Brown, Danielle 5 2021-05-24 56 20.48 6,735 1,221 Points International Ltd. Rights Share Units Brown, Danielle 5 2021-05-24 56 20.48 10,544 3,809Points International Ltd. Rights Share Units Brown, Danielle 5 2021-05-28 57 21 8,706 -1,838 Points International Ltd. Common Shares Croxon, David Bruce 4 2021-05-26 57 20.91 22,109 5,815Points International Ltd. Rights Share Units Croxon, David Bruce 4 2021-05-24 56 20.48 16,103 5,333 Points International Ltd. Rights Share Units Croxon, David Bruce 4 2021-05-26 57 20.91 -10,770Points International Ltd. Rights Share Units Croxon, David Bruce 4 2021-05-26 57 20.91 -10,770 Points International Ltd. Rights Share Units Croxon, David Bruce 4 2021-05-26 57 20.91 5,333 -10,770Points International Ltd. Common Shares Dew, Donald Alan 5 2021-05-28 57 21 3,804 1,446 Points International Ltd. Performance Share

Units Dew, Donald Alan 5 2021-05-24 56 20.48 2,149 2,149

Points International Ltd. Rights Share Units Dew, Donald Alan 5 2021-05-24 56 20.48 17,585 1,709Points International Ltd. Rights Share Units Dew, Donald Alan 5 2021-05-24 56 20.48 24,031 6,446Points International Ltd. Rights Share Units Dew, Donald Alan 5 2021-05-28 57 21 20,919 -3,112 Points International Ltd. Common Shares Georgiou, Erick James 5 2021-05-28 57 21 20,572 5,954Points International Ltd. Performance Share

Units Georgiou, Erick James 5 2021-05-24 56 20.48 4,960 4,960

Points International Ltd. Rights Share Units Georgiou, Erick James 5 2021-05-24 56 20.48 30,612 2,442Points International Ltd. Rights Share Units Georgiou, Erick James 5 2021-05-24 56 20.48 45,490 14,878Points International Ltd. Rights Share Units Georgiou, Erick James 5 2021-05-28 57 21 32,673 -12,817Points International Ltd. Common Shares MacLean, Robert 4, 5 2021-05-28 57 21 297,893 23,279Points International Ltd. Performance Share

Units MacLean, Robert 4, 5 2021-05-24 56 20.48 14,649 14,649

Points International Ltd. Rights Share Units MacLean, Robert 4, 5 2021-05-24 56 20.48 150,874 43,946Points International Ltd. Rights Share Units MacLean, Robert 4, 5 2021-05-28 57 21 100,776 -50,098

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4873


T/O Unit Price


Acquired/ Disposed

Points International Ltd. Common Shares Malowney, Jay B. 5 2021-05-28 57 21 68,560 5,634Points International Ltd. Performance Share

Units Malowney, Jay B. 5 2021-05-24 56 20.48 4,090 4,090

Points International Ltd. Rights Share Units Malowney, Jay B. 5 2021-05-24 56 20.48 27,842 2,442Points International Ltd. Rights Share Units Malowney, Jay B. 5 2021-05-24 56 20.48 40,111 12,269Points International Ltd. Rights Share Units Malowney, Jay B. 5 2021-05-28 57 21 27,985 -12,126Points International Ltd. Common Shares Murdoch, Inez Mary

Christine5 2021-05-28 57 21 41,994 4,158

Points International Ltd. Performance Share Units

Murdoch, Inez Mary Christine

5 2021-05-24 56 20.48 2,143 2,143

Points International Ltd. Rights Share Units Murdoch, Inez Mary Christine

5 2021-05-24 56 20.48 19,317 1,465


5 2021-05-24 56 20.48 25,745 6,428


5 2021-05-28 57 21 16,794 -8,951

Points International Ltd. Common Shares Skoblo, Jane 4 2021-05-26 57 20.91 9,345 5,815Points International Ltd. Rights Share Units Skoblo, Jane 4 2021-05-24 56 20.48 16,103 5,333 Points International Ltd. Rights Share Units Skoblo, Jane 4 2021-05-26 57 20.91 5,333 -10,770Points International Ltd. Common Shares Thompson, John 4 2021-05-26 57 20.91 34,975 6,486 Points International Ltd. Rights Share Units Thompson, John 4 2021-05-24 56 20.48 5,333Points International Ltd. Rights Share Units Thompson, John 4 2021-05-24 56 20.48 5,333 Points International Ltd. Rights Share Units Thompson, John 4 2021-05-24 56 20.48 17,960 5,948Points International Ltd. Rights Share Units Thompson, John 4 2021-05-26 57 20.91 -12,012Points International Ltd. Rights Share Units Thompson, John 4 2021-05-26 57 20.91 -12,012Points International Ltd. Rights Share Units Thompson, John 4 2021-05-26 57 20.91 5,948 -12,012Points International Ltd. Common Shares van Leeuwen-Atkins,

Leontine4 2021-05-26 57 20.91 8,811 6,113

Points International Ltd. Rights Share Units van Leeuwen-Atkins, Leontine

4 2021-05-24 56 20.48 16,928 5,606

Points International Ltd. Rights Share Units van Leeuwen-Atkins, Leontine

4 2021-05-26 57 20.91 5,606 -11,322

Pollard Banknote Limited Common Shares Franzmann, Paul Edmund 5 2021-05-26 10 59 5,000 -4,000POSaBIT Systems Corporation

Options Apker, Michael Glen 4 2021-05-26 50 0.315 300,000 150,000

POSaBIT Systems Corporation

Options Baugher, Jon Arthur 4, 5 2021-05-26 50 0.315 7,226,365 300,000


Options Hamlin, Ryan Richard 3, 4, 5 2021-05-26 50 0.315 1,050,000 300,000


Options Tringali, Donald John 4 2021-05-26 00

150,000

Power Corporation of Canada

Performance Share Units

de Seze, Amaury-Daniel 5 2021-05-25 30 27,399 152



de Seze, Amaury-Daniel 5 2021-05-25 97 30,228 2,829


PFC Performance Share Units

de Seze, Amaury-Daniel 5 2021-05-25 30 10,146 143






Desmarais, Paul III 7, 5 2021-05-25 30 3,879 104



Desmarais, Paul III 7, 5 2021-05-25 97 5,819 1,940



Desmarais, Paul III 7, 5 2021-05-25 30 3,665 98



Desmarais, Paul III 7, 5 2021-05-25 97 5,497 1,832


Performance Deferred Share Units

Généreux, Claude 7, 5 2021-05-25 30 99,054 275



Généreux, Claude 7, 5 2021-05-25 97 104,180 5,126


PFC Performance Deferred Share Units

Généreux, Claude 7, 5 2021-05-25 30 109,077 779



Généreux, Claude 7, 5 2021-05-25 97 123,607 14,530

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4874


T/O Unit Price


Acquired/ Disposed



Lefebvre, Jocelyn 5 2021-05-25 30

83,679 564




94,195 10,516




19,055 274



Lefebvre, Jocelyn 5 2021-05-25 97 24,174 5,119



Lemay, Stéphane 7, 5 2021-05-25 30

23,511 129



Lemay, Stéphane 7, 5 2021-05-25 97

25,921 2,410



Lemay, Stéphane 7, 5 2021-05-25 30

8,665 122



Lemay, Stéphane 7, 5 2021-05-25 97

10,942 2,277


Options Orr, Robert Jeffrey 4, 7, 5 2021-05-25 51 23.88 5,981,591 -628,241



Orr, Robert Jeffrey 4, 7, 5 2021-05-25 30 193,005 2,751



Orr, Robert Jeffrey 4, 7, 5 2021-05-25 97 244,322 51,317



Orr, Robert Jeffrey 4, 7, 5 2021-05-25 51 23.88 1,143,241 628,241



Orr, Robert Jeffrey 4, 7, 5 2021-05-25 10 39.191 1,093,241 -50,000



Orr, Robert Jeffrey 4, 7, 5 2021-05-25 10 39.096 993,241 -100,000





























Equity Forward Contract Power Corporation of Canada

1 2021-05-27 70 38.674 66 1


Equity Swap - Long Position PCC 13 (2018-03)


1 2021-05-25 70 38.287 4 -1


Equity Swap - Long Position PCC 16


1 2021-05-25 70 38.287 2 -1




1 2000-02-17 00




1 2021-05-25 70 38.287 1 1




1 2000-02-17 00




1 2021-05-25 70 38.287 1 1




1 2000-02-17 00




1 2021-05-25 70 38.287 1 1


Equity Swap - Long Position PCC 2018-03


1 2021-05-25 70 38.287 -1

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4875


T/O Unit Price


Acquired/ Disposed


Equity Swap - Long Position PCC 2018-03


1 2021-05-25 70 38.287 0 -11


Equity Swap - Long Position PFC 15 (2019-04)


1 2021-05-25 70 38.287 7 1


Equity Swap - Long Position PFC 16


1 2021-05-25 70 38.287 2 -1


Equity Swap - Long Position PFC 2018-03


1 2021-05-25 70 38.287 11 -1



Tretiak, Gregory Dennis 7, 5 2021-05-25 30

78,479 439




86,678 8,199




35,735 415




43,482 7,747

Power Financial Corporation


de Seze, Amaury-Daniel 6 2021-05-25 30

10,146 143






Desmarais, Paul III 6 2021-05-25 30 3,665 98



Desmarais, Paul III 6 2021-05-25 97 5,497 1,832



Généreux, Claude 6, 7 2021-05-25 30 109,077 779



Généreux, Claude 6, 7 2021-05-25 97 123,607 14,530



Lefebvre, Jocelyn 6 2021-05-25 30 274



Lefebvre, Jocelyn 6 2021-05-25 30 19,055 274



Lefebvre, Jocelyn 6 2021-05-25 97 5,119



Lefebvre, Jocelyn 6 2021-05-25 97 24,174 5,119



Lemay, Stéphane 6, 5 2021-05-25 30 8,665 122



Lemay, Stéphane 6, 5 2021-05-25 97 10,942 2,277



Orr, Robert Jeffrey 4, 6, 7, 5 2021-05-25 30

193,005 2,751



Orr, Robert Jeffrey 4, 6, 7, 5 2021-05-25 97

244,322 51,317


Equity Swap - Long Position PFC 15 (2019-04)

POWER FINANCIAL CORPORATION

1 2021-05-25 70 38.287 7 1


Equity Swap - Long Position PFC 16


1 2021-05-25 70 38.287 2 -1


Equity Swap - Long Position PFC 2018-03


1 2021-05-25 70 38.287 11 -1



Tretiak, Gregory Dennis 6, 7, 5 2021-05-25 30 35,735 415



Tretiak, Gregory Dennis 6, 7, 5 2021-05-25 97 43,482 7,747

Prairie Provident Resources Inc.

Common Shares Lai, Mimi 5 2021-05-26 10 0.055 374,525 20,000


Restricted Share Units Lai, Mimi 5 2021-05-25 56 317,942 146,000


Restricted Share Units Likuski, Brad 5 2021-05-25 56 312,896 146,000


Restricted Share Units Taylor, Gjoa 5 2021-05-25 56 297,383 146,000

PrairieSky Royalty Ltd. Common Shares Robotti, Robert Edward 4 2021-05-26 10 13.403 95,092 24,600PrairieSky Royalty Ltd. Common Shares Robotti, Robert Edward 4 2021-05-27 10 13.454 120,492 25,400PrairieSky Royalty Ltd. Common Shares Robotti, Robert Edward 4 2021-05-27 90 82 -27

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4876


T/O Unit Price


Acquired/ Disposed

Premier Diversified Holdings Inc.

Common Shares Ingman, Eric 3 2021-05-25 10 0.028 23,667,729 2,486,000

Primo Water Corporation (formerly, Cott Corporation)

Common Shares Fowden, Jeremy Stephen Gary

5 2021-05-21 51 9.25 1,577,331 209,302



5 2021-05-21 10 17.43 1,447,231 -130,100



5 2021-05-21 10 17.44 1,441,631 -5,600



5 2021-05-21 10 17.45 1,432,931 -8,700



5 2021-05-21 10 17.46 1,430,281 -2,650



5 2021-05-21 10 17.46 1,429,181 -1,100



5 2021-05-21 10 17.48 1,425,481 -3,700



5 2021-05-21 10 17.49 1,411,007 -14,474



5 2021-05-21 10 17.5 1,385,724 -25,283



5 2021-05-21 10 17.51 1,370,229 -15,495



5 2021-05-21 10 17.52 1,368,029 -2,200



5 2021-05-21 51 11.22 1,378,957 10,928



5 2021-05-21 10 17.6 1,371,677 -7,280



5 2021-05-21 10 17.61 1,368,029 -3,648



5 2021-05-21 51 10.4 1,496,585 128,556



5 2021-05-21 10 17.4 1,495,385 -1,200



5 2021-05-21 10 17.41 1,492,450 -2,935



5 2021-05-21 10 17.42 1,488,021 -4,429



5 2021-05-21 10 17.43 1,478,825 -9,196



5 2021-05-21 10 17.44 1,466,202 -12,623



5 2021-05-21 10 17.45 1,446,264 -19,938



5 2021-05-21 10 17.46 1,441,474 -4,790



5 2021-05-21 10 17.47 1,440,974 -500

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4877


T/O Unit Price


Acquired/ Disposed



5 2021-05-21 10 17.5 1,431,758 -9,216



5 2021-05-21 10 17.51 1,425,658 -6,100



5 2021-05-21 10 17.52 1,423,958 -1,700



5 2021-05-21 10 17.53 1,422,826 -1,132



5 2021-05-21 10 17.54 1,412,318 -10,508



5 2021-05-21 10 17.55 1,410,218 -2,100



5 2021-05-21 10 17.56 1,408,658 -1,560



5 2021-05-21 10 17.57 1,403,658 -5,000



5 2021-05-21 10 17.58 1,401,212 -2,446



5 2021-05-21 10 17.59 1,398,002 -3,210



5 2021-05-21 10 17.6 1,376,489 -21,513



5 2021-05-21 10 17.61 1,368,029 -8,460



5 2021-05-24 51 11.22 1,373,444 5,415



5 2021-05-24 10 17.6 1,368,147 -5,297



5 2021-05-24 10 17.61 1,368,029 -118



5 2021-05-24 51 10.4 1,424,126 56,097



5 2021-05-24 10 17.5 1,424,026 -100



5 2021-05-24 10 17.51 1,423,826 -200



5 2021-05-24 10 17.52 1,423,626 -200



5 2021-05-24 10 17.53 1,421,036 -2,590



5 2021-05-24 10 17.54 1,418,435 -2,601



5 2021-05-24 10 17.55 1,416,335 -2,100



5 2021-05-24 10 17.56 1,416,035 -300

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4878


T/O Unit Price


Acquired/ Disposed



5 2021-05-24 10 17.57 1,415,695 -340



5 2021-05-24 10 17.58 1,414,964 -731



5 2021-05-24 10 17.59 1,404,899 -10,065



5 2021-05-24 10 17.6 1,384,904 -19,995



5 2021-05-24 10 17.61 1,374,604 -10,300



5 2021-05-24 10 17.62 1,370,404 -4,200



5 2021-05-24 10 17.63 1,368,894 -1,510



5 2021-05-24 10 17.64 1,368,094 -800



5 2021-05-24 10 17.65 1,368,029 -65



5 2021-05-25 51 10.4 1,384,328 16,299



5 2021-05-25 10 17.61 1,384,155 -173



5 2021-05-25 10 17.62 1,384,091 -64



5 2021-05-25 10 17.63 1,383,591 -500



5 2021-05-25 10 17.64 1,382,291 -1,300



5 2021-05-25 10 17.65 1,379,891 -2,400



5 2021-05-25 10 17.66 1,378,291 -1,600



5 2021-05-25 10 17.67 1,375,190 -3,101



5 2021-05-25 10 17.68 1,374,390 -800



5 2021-05-25 10 17.69 1,373,588 -802



5 2021-05-25 10 17.7 1,372,988 -600



5 2021-05-25 10 17.71 1,372,723 -265



5 2021-05-25 10 17.72 1,372,219 -504



5 2021-05-25 10 17.73 1,371,719 -500

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4879


T/O Unit Price


Acquired/ Disposed



5 2021-05-25 10 17.74 1,371,319 -400



5 2021-05-25 10 17.745 1,371,219 -100



5 2021-05-25 10 17.75 1,370,029 -1,190



5 2021-05-25 10 17.76 1,369,129 -900



5 2021-05-25 10 17.77 1,368,229 -900



5 2021-05-25 10 17.78 1,368,029 -200



5 2021-05-25 10 11.22 1,373,730 5,701



5 2021-05-25 10 17.7 1,373,430 -300



5 2021-05-25 10 17.71 1,373,330 -100



5 2021-05-25 10 17.72 1,372,630 -700



5 2021-05-25 10 17.73 1,371,830 -800



5 2021-05-25 10 17.74 1,371,530 -300



5 2021-05-25 10 17.75 1,370,030 -1,500



5 2021-05-25 10 17.76 1,368,830 -1,200



5 2021-05-25 10 17.77 1,368,229 -601



5 2021-05-25 10 17.78 1,368,029 -200


Options Fowden, Jeremy Stephen Gary

5 2021-05-21 51 9.25 1,374,850 -209,302



5 2021-05-21 51 11.22 1,363,922 -10,928



5 2021-05-21 51 10.4 1,235,366 -128,556



5 2021-05-24 51 11.22 1,229,951 -5,415



5 2021-05-24 51 10.4 1,173,854 -56,097



5 2021-05-25 51 1,157,555 -16,299



5 2021-05-25 51 1,151,854 -5,701

Pro Real Estate Investment Trust

Units Lawlor, Gordon G. 5 2021-05-27 10 6.59 24,499 833

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4880


T/O Unit Price


Acquired/ Disposed






Units Lawlor, Gordon G. 5 2021-05-27 10 6.65 209,488 1,800





Profound Medical Corp. (formerly Mira IV Acquisition Corp.)

Options Burtnyk, Mathieu 5 2021-05-19 00

70,833


Options Burtnyk, Mathieu 5 2021-05-21 50 22.08 101,700 30,867


Options Dewan, Rashed Osman 5 2021-05-21 50 22.08 101,700 51,533


Options Ellacott, Brian 4 2021-05-21 50 22.08 33,300 10,000


Options Galbraith, Kenneth Harry 4 2021-05-21 50 22.08 34,950 10,000


Options Lavoie, Cynthia Ann 4 2021-05-21 50 22.08 20,000 10,000


Options Lortie, Murielle 4 2021-05-21 50 22.08 20,000 10,000


Options Menawat, Dr., Arun 4, 5 2021-05-21 50 22.08 490,000 49,287


Restricted Share Unit Menawat, Dr., Arun 4, 5 2015-06-04 00


Restricted Share Unit Menawat, Dr., Arun 4, 5 2021-05-21 56 100,000 100,000


Options Rosenthal, Arthur Lee 4 2021-05-21 50 22.08 33,300 10,000


Options Singh, Guruprit Kour 5 2021-05-21 50 22.08 101,699 39,866

Progressive Planet Solutions Inc.

Common Shares Richardson, George David

3 2021-05-25 10 0.3 16,292,999 93,000



3 2021-05-25 10 0.315 16,355,499 62,500



3 2021-05-26 10 0.3 16,355,999 500



3 2021-05-27 10 0.32 16,376,499 20,500

Prospect Ridge Resources Corp.

Common Shares Luksha, Nicholas 4 2021-03-31 00 150,000

Puma Exploration Inc. Options Fontaine, Michel 4 2021-05-18 50 0.25 600,000 200,000Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 2021-05-27 10 0.29 3,689,156 2,500Pure Gold Mining Inc. Common Shares Fierro, Troy John 4 2021-05-20 51 0.44 1,600,000 300,000Pure Gold Mining Inc. Common Shares Fierro, Troy John 4 2021-05-20 51 0.49 1,900,000 300,000Pure Gold Mining Inc. Options Fierro, Troy John 4 2021-05-20 51 0.44 800,000 -300,000Pure Gold Mining Inc. Options Fierro, Troy John 4 2021-05-20 51 0.49 500,000 -300,000PYROGENESIS CANADA INC.

Common Shares Pascali, Photis Peter 3, 4, 5 2021-05-26 54 0.85 61,242,941 500,000

PYROGENESIS CANADA INC.

Warrants Pascali, Photis Peter 3, 4, 5 2019-05-28 11 5,407,083 500,000

PYROGENESIS CANADA INC.

Warrants Pascali, Photis Peter 3, 4, 5 2021-05-26 54 0.85 7,377,798 -500,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4881


T/O Unit Price


Acquired/ Disposed

QC Copper and Gold Inc. Common Shares Stewart, Stephen Alexander Nelson

4, 5 2021-05-25 10 0.22 2,372,444 50,000

QC Copper and Gold Inc. Common Shares Stewart, Stephen Alexander Nelson

4, 5 2021-05-25 10 0.22 2,422,444 50,000

QcX Gold Corp. (formerly, First Mexican Gold Corp.)

Common Shares Generic Capital Corporation

3 2021-05-25 10 0.245 10,366,000 23,500

QcX Gold Corp. (formerly, First Mexican Gold Corp.)

Common Shares Generic Capital Corporation

3 2021-05-25 10 0.25 10,427,500 61,500

Quarterhill Inc. (formerly, Wi-LAN Inc.)

Common Shares Quarterhill Inc. 1 2021-05-17 10 2.3555 96,500 12,000










Common Shares Quarterhill Inc. 1 2021-05-26 38 0 -78,400

Queen's Road Capital Investment Ltd.

Common Shares Cook, Vicki 5 2021-05-01 00

Quipt Home Medical Corp. Options Carter, Kevin 4 2021-05-25 50 8.48 5,625Quipt Home Medical Corp. Options Carter, Kevin 4 2021-05-25 50 8.48 55,625 5,625Quipt Home Medical Corp. RSU's Carter, Kevin 4 2020-12-07 00Quipt Home Medical Corp. RSU's Carter, Kevin 4 2021-05-25 56 13,125 13,125Quipt Home Medical Corp. Options Crawford, Gregory J. 4, 5 2021-05-25 50 8.48 656,000 75,000Quipt Home Medical Corp. RSU's Crawford, Gregory J. 4, 5 2016-04-19 00Quipt Home Medical Corp. RSU's Crawford, Gregory J. 4, 5 2021-05-25 56 355,000 355,000Quipt Home Medical Corp. Options Ewing, Eugene 4 2021-05-25 50 8.48 110,000 60,000Quipt Home Medical Corp. RSU's Ewing, Eugene 4 2018-08-01 00Quipt Home Medical Corp. RSU's Ewing, Eugene 4 2021-05-25 56 140,000 140,000Quipt Home Medical Corp. Options Greenberg, Mark Alan 4 2021-05-25 50 8.48 488,750 60,000Quipt Home Medical Corp. RSU's Greenberg, Mark Alan 4 2017-12-21 00Quipt Home Medical Corp. RSU's Greenberg, Mark Alan 4 2021-05-25 56 140,000 140,000Quipt Home Medical Corp. Options Mehta, Hardik 5 2021-05-25 50 8.48 578,500 60,000Quipt Home Medical Corp. RSU's Mehta, Hardik 5 2018-02-15 00Quipt Home Medical Corp. RSU's Mehta, Hardik 5 2021-05-25 56 292,500 292,500 Railtown AI Technologies Inc. (formerly Railtown Capital Corp.)

Options Woodward, Paul John Courtney

4 2021-03-15 50

350,000

Railtown AI Technologies Inc. (formerly Railtown Capital Corp.)

Options Woodward, Paul John Courtney

4 2021-03-15 50 450,000 450,000

Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 51 2.4 14,114 14,000Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 10 17.211 114 -14,000Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 51 6.11 30,114 30,000Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 10 17.211 114 -30,000Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 51 3.93 27,514 27,400Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-20 10 17.211 114 -27,400Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-21 51 3.93 28,714 28,600 Real Matters Inc. Common Shares Cooke, Loren 7 2021-05-21 10 16.743 114 -28,600Real Matters Inc. Options Cooke, Loren 7 2021-05-20 51 2.4 296,416 -14,000 Real Matters Inc. Options Cooke, Loren 7 2021-05-20 51 6.11 266,416 -30,000Real Matters Inc. Options Cooke, Loren 7 2021-05-20 51 3.93 239,016 -27,400 Real Matters Inc. Options Cooke, Loren 7 2021-05-21 51 3.93 210,416 -28,600Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-26 38 16.641 89,000 89,000 Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-26 38 16.641 0 -89,000Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-27 38 16.595 93,300 93,300 Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-27 38 16.595 0 -93,300Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-28 38 16.691 113,800 113,800 Real Matters Inc. Common Shares Real Matters Inc. 1 2021-05-28 38 16.691 0 -113,800

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4882


T/O Unit Price


Acquired/ Disposed

Real Matters Inc. Common Shares Smith, Jason 4, 5 2021-05-25 10 16.437 2,623,384 -3,000Real Matters Inc. Common Shares Smith, Jason 4, 5 2021-05-26 10 16.574 2,620,384 -3,000Real Matters Inc. Common Shares Smith, Jason 4, 5 2021-05-27 10 16.567 2,617,384 -3,000Real Matters Inc. Common Shares Smith, Jason 4, 5 2021-05-28 10 16.647 2,614,384 -3,000Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-21 51 2.4 65,211 65,211Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-21 10 16.719 0 -65,211Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-25 51 2.4 12,300 12,300Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-25 10 16.526 0 -12,300Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-26 51 2.4 72,489 72,489Real Matters Inc. Common Shares Smith, Ryan Jacob 5 2021-05-26 10 16.551 0 -72,489 Real Matters Inc. Options Smith, Ryan Jacob 5 2021-05-21 51 2.4 396,205 -65,211Real Matters Inc. Options Smith, Ryan Jacob 5 2021-05-25 51 2.4 383,905 -12,300 Real Matters Inc. Options Smith, Ryan Jacob 5 2021-05-26 51 2.4 311,416 -72,489Recipe Unlimited Corporation (formerly Cara Operations Limited)

Deferred Share Units Norris, Michael John 4 2021-05-25 30 20.162 0 -12,837

Recipe Unlimited Corporation (formerly Cara Operations Limited)

Deferred Share Units Rothschild, John 4 2021-05-25 30 20.162 0 -16,215

Reconnaissance Energy Africa Ltd.

Common Shares Escribano, Carlos Javier 5 2021-05-27 15 9.25 95,000 5,000


Warrants Escribano, Carlos Javier 5 2021-05-27 15 77,500 2,500


Common Shares Gerlitz, Mark 4 2021-05-27 15 9.25 515,199 5,264


Warrants Gerlitz, Mark 4 2021-05-27 15 14 2,632 2,632


Common Shares Tudela, Anna Maria 5 2021-05-27 15 9.25 12,106 2,106


Warrants Tudela, Anna Maria 5 2021-05-27 15 1,053 1,053

RediShred Capital Corp. Options Foster, Brad Edward 4 2021-05-26 50 205,350 12,500RediShred Capital Corp. Options Hasham, Jeffrey I. 5 2021-05-26 50 360,700 50,000 RediShred Capital Corp. Options MacMillan, Mark Jeffrey 4, 5 2021-05-26 50 130,879 8,929RediShred Capital Corp. Options Pawluk, Katherina Maria 5 2021-05-26 50 239,100 50,000 RediShred Capital Corp. Options Richardson, Robert 4 2021-05-26 50 197,736 19,286RepliCel Life Sciences Inc. Common Shares Hall, David M. 4, 5 2021-05-17 16 0.375 402,404 4,355Restaurant Brands International Inc.

Common Shares Thompson Motta, Roberto Moses

4, 6 2014-12-12 00

Restaurant Brands International Inc.


4, 6 2021-05-26 51

25,627 25,627



4, 6 2021-05-26 10 68.3 0 -25,627


Options Thompson Motta, Roberto Moses

4, 6 2021-05-26 51 19.51 0 -25,627

Resverlogix Corp. Options Cann, Aaron Bradley 5 2021-05-19 52 0 -38,300 Resverlogix Corp. Options JOHANSSON, DR. JAN

OVE 5 2021-05-19 52 0 -25,000

Resverlogix Corp. Options Kulikowski, Ewelina 5 2021-05-19 52 100,000 -6,600Resverlogix Corp. Options Lebioda, Kenneth Eugene 5 2021-05-19 52 0 -35,700Resverlogix Corp. Options MCCAFFREY, DONALD

J. 4, 5 2021-05-19 52 0 -128,700

Resverlogix Corp. Options Sweeney, Michael 5 2021-05-19 52 0 -63,700Resverlogix Corp. Options WONG, NORMAN C.W. 5 2021-05-19 52 0 -25,000Rex Opportunity Corp. Common Shares Marrelli, Carmelo 5 2021-05-28 00 1,568,458Rex Opportunity Corp. Options Marrelli, Carmelo 5 2021-05-28 00 275,000Rex Opportunity Corp. Warrants Marrelli, Carmelo 5 2021-05-28 00 250,000Ridgewood Canadian Investment Grade Bond Fund

Units Ridgewood Capital Asset Management

3 2021-05-25 10 16.98 12,863,400 4,049

Ridgewood Canadian Investment Grade Bond Fund


3 2021-05-26 10 16.98 12,863,980 580

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4883


T/O Unit Price


Acquired/ Disposed

Ridgewood Canadian Investment Grade Bond Fund


3 2021-05-26 10 16.98 12,863,962 -18

RIOCAN REAL ESTATE INVESTMENT TRUST

Deferred Units Brooks, Bonnie 4 2021-05-26 56 4740 68,805 4,740


Deferred Units Dansereau, Richard 4 2021-05-26 56 21.09 36,348 4,740


Deferred Units Fukakusa, Janice Rose 4 2021-05-26 00


Deferred Units Fukakusa, Janice Rose 4 2021-05-26 56 21.09 4,740 4,740


Deferred Units Godfrey, Paul Victor 4 2021-05-26 56 21.09 86,649 4,740


Deferred Units Lastman, Dale Howard 4 2021-05-26 56 21.09 58,765 4,740


Deferred Units Marshall, S. Jane 4 2021-05-26 56 21.09 49,774 4,740


Deferred Units Sonshine, Edward 4 2003-01-10 00


Deferred Units Sonshine, Edward 4 2021-05-26 56 21.09 7,111 7,111


Deferred Units Vanaselja, Siim A. 4 2021-05-26 56 21.09 48,104 4,740


Deferred Units Winograd, Charles 4 2021-05-26 56 21.09 72,514 4,740

Rise Capital Corp. Common Shares Lobo, Vernon 4, 5 2021-03-04 00Rise Capital Corp. Common Shares Lobo, Vernon 4, 5 2021-05-26 15 0.2 500,000 500,000 Rise Capital Corp. Common Shares Lobo, Vernon 4, 5 2021-03-04 00 2,000,001Rise Capital Corp. Common Shares Lobo, Vernon 4, 5 2021-05-26 15 0.2 2,250,001 250,000 Rise Capital Corp. Common Shares Torrie, Alan D. 4 2021-05-26 00 2,900,001Ritchie Bros. Auctioneers Incorporated

Common Shares Jeter, James Jeffrey 5 2021-05-24 59 62.34 24,841 -3,200

Rockland Resources Ltd. Common Shares England, Michael Bruno John Franz

5 2021-05-24 10 0.25 20,500 5,500

Rockland Resources Ltd. Common Shares England, Michael Bruno John Franz

5 2021-05-27 10 0.245 22,500 2,000

Royal Coal Corp. Common Shares NAGAMATSU, MILES 5 2020-03-04 00Royal Coal Corp. Common Shares NAGAMATSU, MILES 5 2021-05-19 16 0.005 1,950,198 1,950,198Royal Fox Gold Inc. (formerly, Hornby Bay Mineral Exploration Ltd.)

Common Shares Cantore, Victor 4 2021-05-21 00 3,500,000

Royal Fox Gold Inc. (formerly, Hornby Bay Mineral Exploration Ltd.)

Common Shares Marcotte, Simon 4, 5 2021-05-21 00

3,000,000

Royal Fox Gold Inc. (formerly, Hornby Bay Mineral Exploration Ltd.)

Warrants Marcotte, Simon 4, 5 2021-05-21 00 3,000,000

Rubicon Organics Inc. Common Shares McConnell, Jesse 3, 4, 5 2021-05-20 10 2.5 11,667,168 10,000Rubicon Organics Inc. Common Shares McConnell, Jesse 3, 4, 5 2021-05-20 10 2.6 11,672,168 5,000Russel Metals Inc. Common Shares Coleman, Lesley

Margaret Seppings5 2021-05-26 51 26.18 59,374 2,500

Russel Metals Inc. Options Coleman, Lesley Margaret Seppings

5 2021-05-26 51 26.18 17,500 -2,500

Russel Metals Inc. Common Shares Hedges, Brian Robie 4 2021-05-18 47 32.66 30,000 10,000Russel Metals Inc. Common Shares Hedges, Brian Robie 4 2021-05-18 47 32.66 90,000 -10,000 S2 Minerals Inc. Common Shares Murphy, Paul 5 2021-05-18 57 0.1 25,030S2 Minerals Inc. Common Shares Murphy, Paul 5 2021-05-18 57 0.1 77,040 52,010 Sailfish Royalty Corp. Common Shares Sailfish Royalty Corp. 1 2021-05-12 38 0 -1,296,900Sailfish Royalty Corp. Common Shares Sailfish Royalty Corp. 1 2021-05-21 38 1.3908 250,000 250,000 Salona Global Medical Device Corporation

Brattle Finco B.C. Ltd. Subscription Receipts

Cross, Leslie 4 2020-09-16 00

Salona Global Medical Device Corporation


Cross, Leslie 4 2020-09-16 00



Cross, Leslie 4 2021-05-21 22 -39,342

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4884


T/O Unit Price


Acquired/ Disposed



Cross, Leslie 4 2021-05-21 22

0 -39,342


Subscription Rights Cross, Leslie 4 2020-09-16 00




Subscription Rights Cross, Leslie 4 2021-05-21 22 -196,714



0 -196,714



Kiernan, Jane 4 2021-05-21 22

0 -19,152


Common Shares Kiernan, Jane 4 2021-05-21 22

19,152 19,152


Common Shares Kiernan, Jane 4 2021-05-21 22

114,914 95,762


Options Kiernan, Jane 4 2020-09-16 00


Options Kiernan, Jane 4 2021-05-21 22 0.855 228,470 228,470


Subscription Rights Kiernan, Jane 4 2021-05-21 22 0 -95,762


Warrants Kiernan, Jane 4 2020-09-16 00


Warrants Kiernan, Jane 4 2021-05-21 22 1.25 19,152 19,152



Wilks, Kyle Lowell 4 2020-09-16 00 19,152



Wilks, Kyle Lowell 4 2021-05-21 22 0 -19,152


Common Shares Wilks, Kyle Lowell 4 2020-09-16 00


Common Shares Wilks, Kyle Lowell 4 2021-05-21 22 19,152 19,152


Common Shares Wilks, Kyle Lowell 4 2021-05-21 22 114,914 95,762


Options Wilks, Kyle Lowell 4 2020-09-16 00


Options Wilks, Kyle Lowell 4 2021-05-21 22 0.855 294,800 294,800


Subscription Rights Wilks, Kyle Lowell 4 2020-09-16 00

95,762


Subscription Rights Wilks, Kyle Lowell 4 2021-05-21 22

0 -95,762


Warrants Wilks, Kyle Lowell 4 2020-09-16 00


Warrants Wilks, Kyle Lowell 4 2021-05-21 22 1.25 19,152 19,152

Sassy Resources Corporation

Common Shares coughlan, terence f 4 2021-05-25 00 50,000


Options coughlan, terence f 4 2021-05-25 00 200,000


Warrants coughlan, terence f 4 2021-05-25 00 25,000

Savaria Corporation Options BOURASSA, JEAN-MARIE

4 2021-05-21 50 18.71 206,750 50,000

ScreenPro Security Inc. (formerly, Compel Capital Inc.)

Common Shares Lee, Young Cho 4 2021-03-05 00 9,377,172

ScreenPro Security Inc. (formerly, Compel Capital Inc.)

Warrants Ryu, Andrew Jong Soo 4 2021-05-17 00 10,000,000

Seabridge Gold Inc. Common Shares Gonzalez-Urien, Eliseo 4 2021-05-21 10 17 108,765 -10,000Seabridge Gold Inc. Common Shares Sugar, Gary A. 4 2021-05-25 10 22.25 2,500 -9,000Seabridge Gold Inc. Common Shares Sugar, Gary A. 4 2021-05-25 51 17.16 52,500 50,000Seabridge Gold Inc. Common Shares Sugar, Gary A. 4 2021-05-26 10 22.57 21,500 -31,000Seabridge Gold Inc. Options Sugar, Gary A. 4 2021-05-25 51 17.16 63,000 -50,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4885


T/O Unit Price


Acquired/ Disposed

Seabridge Gold Inc. Common Shares Threlkeld, William Earl II 5 2021-05-24 10 18.52 371,097 -4,500Seahawk Gold Corp. (formerly Seahawk Ventures Inc.)

Common Shares Ekholm, Ian Jack 3 2021-05-28 10 0.5099 982,200 500

SHAW COMMUNICATIONS INC.

Non-Voting Shares Class "B"

Shaw, Parker 6 2018-06-29 00

54



Shaw, Parker 6 2018-12-31 30 25.59 124 70



Shaw, Parker 6 2019-12-31 30 26.82 229 105



Shaw, Parker 6 2020-12-31 30 24.07 373 144

Shopify Inc. Options Finkelstein, Harley Michael

5 2021-05-27 51 62.15 106,192 -570

Shopify Inc. RSU Finkelstein, Harley Michael

5 2021-05-25 57

8,891 -924

Shopify Inc. Subordinate Voting Shares Class A Subordinate Voting Shares

Finkelstein, Harley Michael

5 2021-05-25 57

942 924



5 2021-05-25 10 1245.1 427 -515



5 2021-05-27 51 62.15 997 570



5 2021-05-27 30 1231.9 427 -570

Shopify Inc. RSU Frasca, Joseph Andrew 5 2021-05-25 57 6,171 -462Shopify Inc. Subordinate Voting

Shares Class A Subordinate Voting Shares

Frasca, Joseph Andrew 5 2021-05-25 57 492 462


Frasca, Joseph Andrew 5 2021-05-25 10 1245.1 234 -258

Shopify Inc. RSU Johnston, Colleen 4 2021-05-25 57 785 -185 Shopify Inc. Subordinate Voting


Johnston, Colleen 4 2021-05-25 57

1,160 185


Johnston, Colleen 4 2021-05-25 10 1245.1 1,057 -103

Shopify Inc. Multiple Voting Shares Class B Multiple Voting Shares

Lemieux, Jean-Michel 5 2021-05-24 51 5.17 500 500

Shopify Inc. Multiple Voting Shares Class B Multiple Voting Shares

Lemieux, Jean-Michel 5 2021-05-24 36 0 -500

Shopify Inc. Options Lemieux, Jean-Michel 5 2021-05-24 51 5.17 20,000 -500 Shopify Inc. RSU Lemieux, Jean-Michel 5 2021-05-24 57 -462Shopify Inc. RSU Lemieux, Jean-Michel 5 2021-05-25 57 9,523 -462 Shopify Inc. Subordinate Voting


Lemieux, Jean-Michel 5 2021-05-24 36 9,071 500


Lemieux, Jean-Michel 5 2021-05-24 30 1224.8 8,571 -500

Shopify Inc. Subordinate Voting Shares Class A

Lemieux, Jean-Michel 5 2021-05-25 57 9,033 462

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4886


T/O Unit Price


Acquired/ Disposed



Lemieux, Jean-Michel 5 2021-05-25 10 1245.1 8,776 -257

Shopify Inc. Options Lutke, Tobias Albin 4, 5 2021-05-24 51 180.38 201,780 -3,210Shopify Inc. Subordinate Voting


Lutke, Tobias Albin 4, 5 2021-05-24 51 180.38 3,210 3,210


Lutke, Tobias Albin 4, 5 2021-05-24 30 1229.1 0 -3,210


Lutke, Tobias Albin 4, 5 2021-05-24 30 1242.1 108,500 -3,500

Shopify Inc. RSU Shannan, Tobyn David 5 2021-05-25 57 8,543 -462Shopify Inc. Subordinate Voting


Shannan, Tobyn David 5 2021-05-25 57 17,711 462


Shannan, Tobyn David 5 2021-05-25 10 1245.1 17,454 -257

Shopify Inc. Options Shapero, Amy Elizabeth 5 2021-05-27 51 137.72 48,333 -575 Shopify Inc. RSU Shapero, Amy Elizabeth 5 2021-05-25 57 9,802 -924Shopify Inc. Subordinate Voting


Shapero, Amy Elizabeth 5 2021-05-25 57 24,090 924


Shapero, Amy Elizabeth 5 2021-05-25 10 1245.1 23,445 -645


Shapero, Amy Elizabeth 5 2021-05-27 51 137.72 24,020 575


Shapero, Amy Elizabeth 5 2021-05-27 30 1231.9 23,445 -575

Sierra Wireless, Inc. Common Shares Armstrong, James Bradford

5 2021-05-25 10 14.92 1,200 1,200

Silo Wellness Inc. (formerly Yukoterre Resources Inc.)

Common Shares Arnold, Craig Michael 4, 5 2021-05-24 10 0.1471 4,019,750 1,000

Silver Bear Resources Plc Options Sotskov, Alexey 4 2021-04-21 52 4,500,000 -400,000Silver Bear Resources Plc Ordinary Shares Westdal, Christopher 4 2021-04-23 46 0.14 1,125,000Silver Bear Resources Plc Ordinary Shares Westdal, Christopher 4 2021-04-23 46 0.14 1,156,972 112,500Silver Dollar Resources Inc.

Common Shares Smulders, Joseph Jerome 5 2021-05-27 10 1.03 415,000 -10,000

Silver Elephant Mining Corp.

Common Shares without par value

Lee, John 4, 5 2021-05-25 10 0.35 8,970,401 -455,500



Lee, John 4, 5 2021-05-26 10 0.345 8,470,401 -500,000



Lee, John 4, 5 2021-05-28 54 0.26 15,470,401 7,000,000


Warrants Lee, John 4, 5 2021-05-28 54 0.26 1,292,707 -7,000,000

SILVERCORP METALS INC.


Feng, Rui 4, 5 2021-05-26 10 7.8304 5,528,000 -30,000



Feng, Rui 4, 5 2021-05-26 51 3.4 5,678,000 150,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4887


T/O Unit Price


Acquired/ Disposed



Feng, Rui 4, 5 2021-05-27 10 7.7893 5,648,000 -30,000



Feng, Rui 4, 5 2021-05-28 10 7.7365 5,618,000 -30,000


Options Feng, Rui 4, 5 2021-05-26 51 3.4 370,000 -150,000



Katusa, Marina 4 2021-05-27 57 74,134 3,334



Katusa, Marina 4 2021-05-27 57

43,866 -3,334



Kim, Yong-Jae 5 2021-05-26 57

17,562 3,334



Kim, Yong-Jae 5 2021-05-26 57

58,229 -3,334



Kong, David TokPay 4 2021-05-26 57 7.67 161,167 3,334



Kong, David TokPay 4 2021-05-27 10 7.78 159,167 -2,000



Kong, David TokPay 4 2021-05-26 58 - Expiration of rights

7.67 43,833 -3,334



Liu, Derek Zhihua 5 2021-05-26 10 7.865 35,000 -17,167



Liu, Derek Zhihua 5 2021-05-26 57 43,334 8,334



Liu, Derek Zhihua 5 2021-05-26 57 139,166 -8,334



Liu, Yikang 4 2021-05-26 10 7.9 80,000 -5,000



Liu, Yikang 4 2021-05-26 57 83,334 3,334



Liu, Yikang 4 2021-05-26 57 43,833 -3,334



Shaver, Lon Eric 5 2021-05-28 57 47,458 6,250



Shaver, Lon Eric 5 2021-05-28 57 106,042 -6,250



Simpson, Stephen Paul 4 2021-05-28 57 1,076,118 3,334



Simpson, Stephen Paul 4 2021-05-28 57 43,866 -3,334

SIR Royalty Income Fund Units irvine, william frederick 3 2021-05-21 10 7.05 878,417 8,800SIR Royalty Income Fund Units irvine, william frederick 3 2021-05-27 10 7.62 882,017 3,600Skeena Resources Limited Options MacRitchie, Andrew 5 2021-05-26 47

1,295,002 -1,666

Skeena Resources Limited Common Shares Williams, Shane 5 2020-04-10 00Skeena Resources Limited Common Shares Williams, Shane 5 2020-04-10 00Skeena Resources Limited Common Shares Williams, Shane 5 2021-04-12 51 1.12 166,666 166,666Skeena Resources Limited Common Shares Williams, Shane 5 2021-04-16 10 3.55 80,666 -86,000Skeena Resources Limited Options Williams, Shane 5 2020-04-10 00Skeena Resources Limited Options Williams, Shane 5 2020-04-10 00 1,100,000Skeena Resources Limited Options Williams, Shane 5 2021-04-14 51 1.12 -166,000 Skeena Resources Limited Options Williams, Shane 5 2021-04-14 51 1.12 933,334 -166,666Skylight Health Group Inc. (Formerly CB2 Insights Inc.)

Common Shares Brogan, Thomas 4 2021-05-26 10 1.4 20,000

Skylight Health Group Inc. (Formerly CB2 Insights Inc.)

Common Shares Brogan, Thomas 4 2021-05-26 15 1.4 55,380 20,000

Sleep Country Canada Holdings Inc.

Deferred Share Units (DSU)

Cassaday, John 4 2021-05-20 56 10,841 1,589



Chawla, Mandeep 4 2021-05-20 56 4,200 1,589


Options DePratto, Craig 5 2021-05-20 50 48,777 2,847


Performance Share Units (PSU)

DePratto, Craig 5 2021-05-20 56 25,788 1,657

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4888


T/O Unit Price


Acquired/ Disposed



DePratto, Craig 5 2021-05-20 56

26,616 828


Options Friesema, David 4 2021-05-20 50

321,679 770



Friesema, David 4 2021-05-20 56

70,020 448



Friesema, David 4 2021-05-20 56 70,244 224



Hirji-Nowaczynski, Zabeen

4 2021-05-20 56

9,115 1,589


Options Howcroft, Dave 5 2021-05-20 50

132,947 1,666



Howcroft, Dave 5 2021-05-20 56

36,047 969



Howcroft, Dave 5 2021-05-20 56

36,532 485



Magee, Christine 4 2021-05-20 56

12,798 1,589



Moor, Andrew 4 2021-05-20 56 10,841 1,589



Mowbray, Stacey 4 2021-05-20 56 7,057 1,589


Options Schaefer, Stewart 5 2021-05-20 50 279,447 1,172



Schaefer, Stewart 5 2021-05-20 56 57,776 682



Schaefer, Stewart 5 2021-05-20 56 58,117 341



Shaw, David Robinson 4 2021-05-20 56 10,841 1,589

Sleeping Giant Capital Corp.

Common Shares Bate, Lonn 3, 4, 5 2021-05-21 00 300,000


Options Bate, Lonn 3, 4, 5 2021-05-21 00


Common Shares Cameron, Gordon Robert 3 2021-05-21 00 500,000


Options Cameron, Gordon Robert 3 2021-05-21 00


Common Shares Damberger, Steven James

3 2021-05-21 00 500,000


Common Shares Elliott, John Francis 3, 4 2021-05-21 00

400,000


Options Elliott, John Francis 3, 4 2021-05-21 00


Common Shares Meek, Terence Stanley 3, 4, 5 2021-05-21 00 100,000


Common Shares Meek, Terence Stanley 3, 4, 5 2021-05-21 00 300,000


Options Meek, Terence Stanley 3, 4, 5 2021-05-21 00


Common Shares Turnbull, Gregory George 3, 4 2021-05-21 00


Common Shares Turnbull, Gregory George 3, 4 2021-05-21 00


Common Shares Turnbull, Gregory George 3, 4 2021-05-21 00 500,000


Options Turnbull, Gregory George 3, 4 2021-05-21 00

SmartCentres Real Estate Investment Trust (formerly, Smart Real Estate Investment Trust)

Trust Units Young, Michael D'Arcy 4 2021-05-21 10 29.202 162,600 -11,600

Sol Cuisine Ltd. Common Shares 2018 Balshine Family Trust

3 2021-05-19 00 11,217,327

Sol Cuisine Ltd. Warrants 2018 Balshine Family Trust

3 2021-05-19 00 22,254

Sol Cuisine Ltd. Common Shares Balshine, Dror 3, 4, 5 2021-05-19 00 11,217,327

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4889


T/O Unit Price


Acquired/ Disposed

Sol Cuisine Ltd. Options Balshine, Dror 3, 4, 5 2021-05-19 00

1,101,746Sol Cuisine Ltd. Warrants Balshine, Dror 3, 4, 5 2021-05-19 00

22,254

Sol Cuisine Ltd. Common Shares BDC 3 2021-05-19 00

16,862,906Sol Cuisine Ltd. Warrants BDC 3 2021-05-19 00

264,568

Sol Cuisine Ltd. Options Chaturvedi, Prashin 5 2021-05-19 00 413,155Sol Cuisine Ltd. Common Shares Cline, Sarah 5 2021-05-19 00Sol Cuisine Ltd. Options Cline, Sarah 5 2021-05-19 00 550,873Sol Cuisine Ltd. Common Shares Cross, Kenrick 5 2021-05-19 00

Sol Cuisine Ltd. Options Cross, Kenrick 5 2021-05-19 00

550,873Sol Cuisine Ltd. Common Shares Dalimonte, Mary Cicchillo 4 2021-05-19 00

Sol Cuisine Ltd. Options Dalimonte, Mary Cicchillo 4 2021-05-19 00

111,628Sol Cuisine Ltd. Common Shares Fata, Michael 4, 5 2021-05-19 00

190,565

Sol Cuisine Ltd. Options Fata, Michael 4, 5 2021-05-19 00

1,101,746Sol Cuisine Ltd. Warrants Fata, Michael 4, 5 2021-05-19 00

1,946

Sol Cuisine Ltd. Common Shares Flanagan, John 5 2021-05-19 00

190,565Sol Cuisine Ltd. Options Flanagan, John 5 2021-05-19 00

2,203,492

Sol Cuisine Ltd. Warrants Flanagan, John 5 2021-05-19 00 1,946Sol Cuisine Ltd. Common Shares Goldenberg, Beena 4 2021-05-19 00 Sol Cuisine Ltd. Options Goldenberg, Beena 4 2021-05-19 00 111,628Sol Cuisine Ltd. Common Shares Kirchner Asset

Management (A) GP Inc.3 2021-05-19 00 8,399,895

Sol Cuisine Ltd. Common Shares Kirchner Asset Management (A) GP Inc.

3 2021-05-19 00 498,117

Sol Cuisine Ltd. Warrants Kirchner Asset Management (A) GP Inc.

3 2021-05-19 00 85,800

Sol Cuisine Ltd. Warrants Kirchner Asset Management (A) GP Inc.

3 2021-05-19 00 5,087

Sol Cuisine Ltd. Common Shares Planted Power Inc. 3 2021-05-19 00 11,217,327Sol Cuisine Ltd. Warrants Planted Power Inc. 3 2021-05-19 00 22,254 Sol Cuisine Ltd. Common Shares Presley, Michael William 5 2021-05-19 00Sol Cuisine Ltd. Options Presley, Michael William 5 2021-05-19 00 275,437 Sol Cuisine Ltd. Common Shares Sussman, Tamara 3 2021-05-19 00 11,217,327Sol Cuisine Ltd. Warrants Sussman, Tamara 3 2021-05-19 00 22,254 Sol Cuisine Ltd. Common Shares Swartzman, Lisa 4 2021-05-19 00Sol Cuisine Ltd. Options Swartzman, Lisa 4 2021-05-19 00 111,628 Solaris Resources Inc. Common Shares Parikh, Purni 5 2021-05-14 51 0.6 151,190 26,190Solaris Resources Inc. Options Parikh, Purni 5 2021-05-14 51 0.6 474,619 -26,190Source Energy Services Ltd.

Common Shares Melbourn, Scott 5 2021-05-19 57 1.5044

1,003

Source Energy Services Ltd.

Common Shares Melbourn, Scott 5 2021-05-19 97 1.33 -482


Common Shares Melbourn, Scott 5 2021-05-19 97 1.33 -482


Common Shares Melbourn, Scott 5 2021-05-26 57 1.5938 2,114


Common Shares Melbourn, Scott 5 2021-05-26 57 1.5938 20,614 2,114


Common Shares Melbourn, Scott 5 2021-05-26 97 1.5938 19,598 -1,016


Common Shares Melbourn, Scott 5 2021-05-26 57 1.5938 20,208 610


Common Shares Melbourn, Scott 5 2021-05-26 97 1.5938 19,915 -293



Melbourn, Scott 5 2021-05-26 57 1.5938 12,881 -3,333


Restricted Share Units Melbourn, Scott 5 2021-05-19 57 1.5044 -1,003


Restricted Share Units Melbourn, Scott 5 2021-05-26 57 1.5938 14,033 -2,114


Common Shares Newell, Derren James 5 2021-05-19 57 1.5044 1,003


Common Shares Newell, Derren James 5 2021-05-19 57 1.5938 2,114

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4890


T/O Unit Price


Acquired/ Disposed


Common Shares Newell, Derren James 5 2021-05-19 97 1.33

-482



2,114



-1,016


Common Shares Newell, Derren James 5 2021-05-25 57 1.5938 610


Common Shares Newell, Derren James 5 2021-05-26 57 1.5938 8,699 2,114


Common Shares Newell, Derren James 5 2021-05-26 97 1.5938 7,683 -1,016


Common Shares Newell, Derren James 5 2021-05-26 57 1.5938 8,293 610



-293


Common Shares Newell, Derren James 5 2021-05-26 97 1.5938 8,000 -293



Newell, Derren James 5 2021-05-25 57 1.5938 -3,333



Newell, Derren James 5 2021-05-26 57 1.5938 12,881 -3,333


Restricted Share Units Newell, Derren James 5 2021-05-19 57 1.5044 -1,003


Restricted Share Units Newell, Derren James 5 2021-05-25 57 1.5938 -2,114


Restricted Share Units Newell, Derren James 5 2021-05-26 57 1.5938 14,033 -2,114


Common Shares Thomson, Brad 5 2021-05-19 57 1.5044 2,006


Common Shares Thomson, Brad 5 2021-05-19 97 1.33 -963


Common Shares Thomson, Brad 5 2021-05-19 97 1.33 -963


Common Shares Thomson, Brad 5 2021-05-26 57 1.5938 4,228


Common Shares Thomson, Brad 5 2021-05-26 57 1.5938 12,168 4,228


Common Shares Thomson, Brad 5 2021-05-26 97 1.5938 10,138 -2,030


Common Shares Thomson, Brad 5 2021-05-26 57 1.5938 11,360 1,222


Common Shares Thomson, Brad 5 2021-05-26 97 1.5938 10,773 -587



Thomson, Brad 5 2021-05-26 57 1.5938 25,762 -6,666


Restricted Share Units Thomson, Brad 5 2021-05-19 57 1.5044 -2,006


Restricted Share Units Thomson, Brad 5 2021-05-26 57 1.5938 16,400 -4,228

Spartan Delta Corp. (formerly Return Energy Inc.)

Common Shares Berg, Randy Murray 5 2021-03-31 30 3.9315 85,413 3,179


Common Shares Greenall, Geraldine Louise

5 2021-03-31 30 3.9315 511,662 3,561


Common Shares Hodgson, Mark Alan 5 2021-03-31 30 3.9315 398,113 3,179


Common Shares Hohm, Ashley Dawn 5 2021-03-31 30 4.0557 307,727 821


Common Shares KALANTZIS, FOTIS 4, 5 2021-03-31 30 3.9315 1,074,641 5,087


Common Shares Martin, Craig Christopher 5 2021-03-31 30 3.9315 585,413 3,179

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4891


T/O Unit Price


Acquired/ Disposed


Common Shares McHardy, Richard Francis 4, 5 2021-03-31 30 3.9315 1,311,530 4,451


Common Shares Natras, Thanos Athanassios

5 2021-03-31 30 3.9315 423,260 317


Common Shares Paton, Brendan Archibald 5 2021-03-31 30 4.0557 364,972 821

SPC Nickel Corp. Common Shares Mourre, Grant Albert 4, 5 2021-05-21 10 0.26 148,967 1,100Spyder Cannabis Inc. (formerly, Anchor Capital Corporation)

Options Gosain, Ankit 5 2021-05-07 00

Spyder Cannabis Inc. (formerly, Anchor Capital Corporation)

Options Gosain, Ankit 5 2021-05-21 50

650,000 650,000


Common Shares Pan, Shujie Christina 5 2021-05-21 00


Options Pan, Shujie Christina 5 2021-05-21 00 800,000


Options Wickham, Robert Cameron Takehiko

4, 5 2021-05-07 00


Options Wickham, Robert Cameron Takehiko

4, 5 2021-05-21 50 800,000 800,000

SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2021-05-17 11 0 -74,258,466SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2015-04-08 00SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2015-04-08 00SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2021-05-17 11 6,822,744 6,822,744SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2021-05-17 11 81,081,210 74,258,466SQI Diagnostics Inc. Common Shares Connor, Gerald R. 3, 4 2021-05-17 11 0 -6,822,744SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 35,290,969 -5,563,300SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 28,660,969 -6,630,000SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 24,814,815 -3,846,154SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 10,000,000 -14,814,815SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 0 -10,000,000SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2015-04-08 00SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11

5,563,300 5,563,300

SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11

12,193,300 6,630,000SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11

16,039,454 3,846,154

SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 30,854,269 14,814,815SQI Diagnostics Inc. Warrants Connor, Gerald R. 3, 4 2021-05-17 11 40,854,269 10,000,000St-Georges Eco-Mining Corp.

Common Shares Tally, Neha Edah 5 2021-05-25 10 0.31 1,363,285 -60,000

Stantec Inc. Common Shares Finis, Mario 7 2021-05-28 51 32.98 3,898 2,086Stantec Inc. Common Shares Finis, Mario 7 2021-05-28 10 54.184 2,252 -1,646Stantec Inc. Options Finis, Mario 7 2021-05-28 51 32.98 0 -2,086Star Diamond Corporation Common Shares MacNeill, Kenneth Earl 4, 5 2021-05-21 90 0.15 4,749,605 -6,666,667Star Diamond Corporation Common Shares MacNeill, Kenneth Earl 4, 5 2021-05-21 90 0.15 11,416,272 6,666,667Star Navigation Systems Group Ltd.

Common Shares pawandeep kaur athwal 4 2020-05-07 00

Star Navigation Systems Group Ltd.

Common Shares pawandeep kaur athwal 4 2020-05-07 00

Starlight U.S. Multi-Family (No. 2) Core Plus Fund

Class A Units Hanick, David Hartley 5 2021-01-08 00

Starlight U.S. Multi-Family (No. 2) Core Plus Fund

Class A Units Hanick, David Hartley 5 2021-05-26 10 9.75 1,500 1,500

Stella-Jones Inc. Common Shares Muzyka, Douglas 4 2021-05-27 10 38.29 4,700 2,500Stella-Jones Inc. Common Shares Travaglini, Silvana 5 2021-05-26 10 46.64 1,300 300Stella-Jones Inc. Common Shares Travaglini, Silvana 5 2021-05-26 10 46.65 1,500 200

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4892


T/O Unit Price


Acquired/ Disposed

STEP Energy Services Ltd.

Phantom Restricted Share Units

Kane, Joshua Maxwell 5 2021-05-28 59

37,292 -1,867

STEP Energy Services Ltd.

Phantom Restricted Share Units

Kane, Joshua Maxwell 5 2021-05-28 59

30,059 -7,233

Stone Gold Inc. Common Shares Bovaird, James Birks 4 2021-04-28 00

Stone Gold Inc. Common Shares Bovaird, James Birks 4 2021-05-25 10 0.075 25,000 25,000Strategic Resources Inc. Common Shares Hicks, Scott Victor

Andrew4, 5 2021-05-26 10 0.25 509,500 9,500

Stuhini Exploration Ltd. Common Shares KAMIMURA, CHARLES SHIGEO

5 2021-05-21 51 0.2 325,000 10,000

Stuhini Exploration Ltd. Options KAMIMURA, CHARLES SHIGEO

5 2021-05-21 51 0.2

10,000


5 2021-05-21 51 0.2

10,000


5 2021-05-21 51 0.2 130,000 -10,000

Stuhini Exploration Ltd. Common Shares O'Brien, David Bruce 5 2021-05-21 51 0.2 1,570,000 70,000Stuhini Exploration Ltd. Options O'Brien, David Bruce 5 2021-05-21 51 0.2 195,000 -70,000Stuhini Exploration Ltd. Common Shares Silina, Yanika 5 2021-05-21 51 0.2 120,000 20,000Stuhini Exploration Ltd. Common Shares Silina, Yanika 5 2021-05-21 10 0.7 119,500 -500Stuhini Exploration Ltd. Options Silina, Yanika 5 2021-05-21 51 0.2 130,000 -20,000Summit Industrial Income REIT

Trust Units Lempert, Jo-Ann 4 2021-05-12 00 800

Superior Gold Inc. Rights Deferred Share Units

Marion, Rene Louis Joseph

4 2017-09-07 00


Marion, Rene Louis Joseph

4 2021-05-27 56 0.785 44,596 44,596


Wellings, Mark 4 2020-06-14 00


Wellings, Mark 4 2021-05-27 56 0.785 57,337 57,337

Superior Plus Corp. Common Shares Marquard & Bahls AG 3 2021-05-25 10 14.973 30,695,200 168,200Superior Plus Corp. Common Shares Marquard & Bahls AG 3 2021-05-26 10 15.022 30,806,200 111,000Superior Plus Corp. Common Shares Marquard & Bahls AG 3 2021-05-27 10 14.995 30,918,600 112,400Superior Plus Corp. Common Shares Marquard & Bahls AG 3 2021-05-28 10 14.975 30,998,600 80,000Sustainable Infrastructure Dividend Fund

Trust Units Sustainable Infrastructure Dividend Fund

1 2021-05-25 38 10.547 794,600 2,800

Sustainable Infrastructure Dividend Fund

Trust Units Sustainable Infrastructure Dividend Fund

1 2021-05-27 38 10.486 800,200 5,600

Sustainable Innovation & Health Dividend Fund

Trust Units Sustainable Innovation & Health Dividend Fund

1 2021-05-21 38 9.1383 537,300 4,600



1 2021-05-25 38 9.0693 538,700 1,400



1 2021-05-26 38 9.122 540,200 1,500



1 2021-05-27 38 9.1191 542,400 2,200

Sustainable Power & Infrastructure Split Corp.


Brompton Corp. 7 2021-05-21 00 150,000

Sustainable Power & Infrastructure Split Corp.

Preferred Shares Brompton Corp. 7 2021-05-21 00 150,000

Talon Metals Corp. Options Conte, Vincent Gregory 5 2021-05-28 50 6,194,035 250,000Talon Metals Corp. Options DEISLEY, DAVID LEE 4 2021-05-28 50 1,446,132 500,000Talon Metals Corp. Options Kaplan, John David 4 2021-05-28 50 1,446,132 500,000Talon Metals Corp. Options Kicis, Michael David 5 2021-05-28 50 2,750,000 250,000Talon Metals Corp. Options Newfield, Warren Eric 4 2021-05-28 50 3,070,325 500,000Talon Metals Corp. Options Singer, David Eli 4 2014-06-27 00Talon Metals Corp. Options Singer, David Eli 4 2021-05-28 50 500,000 500,000Talon Metals Corp. Options Van Rooyen, Henri 4, 5 2021-05-28 50 14,424,409 500,000Talon Metals Corp. Options Werger, Sean Neal 5 2021-05-28 50 11,717,510 500,000Tantalus Systems Holding Inc. (formerly RiseTech Capital Corp.)

Common Shares Londa, Peter 4, 5 2021-05-26 10 2.52 1,260,766 1,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4893


T/O Unit Price


Acquired/ Disposed

Tantalus Systems Holding Inc. (formerly RiseTech Capital Corp.)

Common Shares Londa, Peter 4, 5 2021-05-26 10 2.54 1,264,766 4,000

Tartisan Nickel Corp. Common Shares Appleby, D. Mark 4, 5 2021-05-21 10 0.52 15,014,050 11,000Tartisan Nickel Corp. Common Shares Appleby, D. Mark 4, 5 2021-05-21 10 0.53 15,027,550 13,500 Tartisan Nickel Corp. Common Shares Appleby, D. Mark 4, 5 2021-05-25 10 0.53 15,037,550 10,000Tartisan Nickel Corp. Common Shares Appleby, D. Mark 4, 5 2021-05-27 10 0.52 15,047,550 10,000 Taseko Mines Limited Options Rotzinger, Robert John 5 2021-05-28 52 2.94 550,000 -100,000TC Energy Corporation Common Shares Lord, Bryce A. 7 2021-05-20 30 60.7 3,879 -2 TC Energy Corporation Common Shares Yeomans, Mark 7 2021-05-27 10 61.7 0 -5TechX Technologies Inc. (formerly "LiteLink Technologies Inc.")

Options Devine, Michael 4 2021-05-26 50 0.8 2,733,334 1,300,000

TechX Technologies Inc. (formerly "LiteLink Technologies Inc.")

Options Green, Peter 4 2021-05-26 50 0.8 3,703,333 1,700,000


Options Kanji-Aquino, Zahara 5 2021-05-26 50

300,000 150,000


Options Nathwani, Aleem 4 2021-05-26 50 0.8 3,703,333 1,700,000

TELUS International (Cda) Inc.


Barry, Tony 7 2021-02-02 00



Barry, Tony 7 2021-05-20 56 1,923 1,923



Belec, Michel 5 2021-02-02 00



Belec, Michel 5 2021-05-20 56 10,970 10,970



Belec, Michel 5 2021-05-20 56 49,094 10,970



Blair, Joshua Andrew 4, 7 2021-05-20 56 28,816 8,536



Caron, Yves 7 2021-02-02 00



Caron, Yves 7 2021-05-20 56 1,183 1,183



Clancy, Roger 7 2021-02-02 00



Clancy, Roger 7 2021-05-20 56

1,799 1,799



French, Douglas 4, 7 2021-02-02 00



French, Douglas 4, 7 2021-05-20 56 5,691 5,691



Geheran, Tony 4, 7 2021-02-02 00



Geheran, Tony 4, 7 2021-05-20 56 6,118 6,118



Hannon, Brian 7 2021-05-20 56 22,572 2,572



Kanu, Vanessa 5 2021-02-02 00



Kanu, Vanessa 5 2021-05-20 56 13,541 13,541



Kanu, Vanessa 5 2021-05-20 56 108,899 13,541



Koskovich, Charles 5 2021-02-02 00



Koskovich, Charles 5 2021-05-20 56 13,370 13,370



Koskovich, Charles 5 2021-05-20 56 78,728 13,370



Lewis, Stephen Flynn 4, 7 2021-02-02 00

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4894


T/O Unit Price


Acquired/ Disposed



Lewis, Stephen Flynn 4, 7 2021-05-20 56

5,691 5,691



Ligorria, Estuardo 7 2021-02-02 00



Ligorria, Estuardo 7 2021-05-20 56

2,738 2,738



Puritt, Jeffrey 4, 5 2021-02-02 00



Puritt, Jeffrey 4, 5 2021-05-20 56

104,988 104,988



Puritt, Jeffrey 4, 5 2021-05-20 56

310,296 104,988



Radzicki, James 5 2021-02-02 00




10,113 10,113




53,682 10,113



Ringman, Michael 5 2021-02-02 00



Ringman, Michael 5 2021-05-20 56 10,799 10,799



Ringman, Michael 5 2021-05-20 56 54,368 10,799



Tyfting, Marilyn 5 2021-02-02 00



Tyfting, Marilyn 5 2021-05-20 56 11,142 11,142



Tyfting, Marilyn 5 2021-05-20 56 76,500 11,142



Willy, Wilfred Sean 7 2021-05-07 00

Tembo Gold Corp. Common Shares Cernovitch, Marc 4 2021-05-26 10 0.145 150,000 50,000 Tembo Gold Corp. Common Shares Cernovitch, Marc 4 2021-05-27 10 0.145 175,000 25,000TerraVest Industries Inc. (formerly TerraVest Capital Inc.)

Common Shares Gilbert, Mitchell Jordan 5 2021-05-27 51 9.1 133,759 120,031

TerraVest Industries Inc. (formerly TerraVest Capital Inc.)

Options Gilbert, Mitchell Jordan 5 2021-05-27 51 9.1 212,969 -120,031

TerraVest Industries Inc. (formerly TerraVest Capital Inc.)

Options Gilbert, Mitchell Jordan 5 2021-05-27 59 9.1 0 -212,969

Tetra Bio-Pharma Inc. Common Shares Kim, John 4 2021-05-28 00

146,000Tetra Bio-Pharma Inc. Warrants Kim, John 4 2021-05-28 00 75,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-13 51 25.14 4,190,144 25,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-13 10 108 4,165,144 -25,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-20 51 25.14 4,185,144 20,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-20 10 112.07 4,165,144 -20,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-26 51 25.14 4,180,144 15,000TFI International Inc. Common Shares Bédard, Alain 4, 5 2021-05-26 10 114.56 4,165,144 -15,000TFI International Inc. Options Bédard, Alain 4, 5 2021-05-13 51 1,513,897 -25,000TFI International Inc. Options Bédard, Alain 4, 5 2021-05-20 51 1,493,897 -20,000TFI International Inc. Options Bédard, Alain 4, 5 2021-05-26 51 1,478,897 -15,000The Bitcoin Fund Units Class A Sodhi, Tanvir Singh 4 2021-01-05 00The Bitcoin Fund Units Class A Sodhi, Tanvir Singh 4 2021-01-05 00 660 THE CALDWELL PARTNERS INTERNATIONAL INC.

Common Shares Milic, Tom 7 2021-05-27 10 1.33 1,625,341 5,000

THE CALDWELL PARTNERS INTERNATIONAL INC.

Common Shares Milic, Tom 7 2021-05-28 10 1.2849 1,630,341 5,000

The Green Organic Dutchman Holdings Ltd.

Common Shares Dessureault, Jacques 4 2021-05-20 10 0.32 307,860 300,000



Insider Reporting

June 3, 2021

(2021), 44 OSCB 4895


T/O Unit Price


Acquired/ Disposed



The Limestone Boat Company Limited (formerly LL One Inc.)

Convertible Debentures 10%

Pennock, Charles 4 2021-03-02 00



Pennock, Charles 4 2021-05-14 16 1000 $50



Pennock, Charles 4 2021-05-14 16 1000

$50



Pennock, Charles 4 2021-05-14 16

$50,000 $50,000

The Real Brokerage Inc. (formerly ADL Ventures Inc.)

Common Shares Poleg, Tamir 4, 5 2021-05-20 10 1.95 9,577,137 -1,713






Common Shares Poleg, Tamir 4, 5 2021-05-21 10 1.99 -1,800


Common Shares Poleg, Tamir 4, 5 2021-05-21 10 1.99 9,573,737 -400


Common Shares Rose, Laurence David 4 2021-05-21 10 1.95 2,096,772 -10,000


Common Shares Rose, Laurence David 4 2021-05-25 10 2 2,091,772 -5,000

Titan Mining Corporation Common Shares Warke, Richard William 4 2021-05-26 11 0.42 27,355,612 750,000Tocvan Ventures Corp. Common Shares Jones, Fred 4 2020-02-18 00Tocvan Ventures Corp. Common Shares Jones, Fred 4 2021-05-26 51 0.2 150,000 150,000Tocvan Ventures Corp. Options Jones, Fred 4 2021-05-26 51 0.2 125,000 -150,000Topaz Energy Corp. Common Shares Staples, Marty 5 2021-05-20 30 14.42 46,288 711 Topaz Energy Corp. Common Shares Stephenson, Cheree 5 2021-05-20 30 14.42 28,591 537Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 51 39.79 218,529 35,000 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.3 217,571 -958Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 104 217,491 -80 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 103 197,491 -20,000Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.5 197,411 -80 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.22 197,171 -240Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.89 197,011 -160 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.01 196,851 -160Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.49 196,611 -240 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.67 196,212 -399Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106 195,972 -240Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106 195,892 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.28 195,812 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.54 195,652 -160Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.65 195,572 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.52 195,492 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.72 195,412 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.5 195,252 -160Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.66 195,172 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.58 195,092 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 104.45 -240Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.45 194,852 -240Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.55 194,772 -80

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4896


T/O Unit Price


Acquired/ Disposed

Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.57 194,612 -160Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.71 194,372 -240Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.82 194,292 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.96 193,892 -400Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.9 193,812 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 105.94 193,732 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.09 193,652 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.11 193,572 -80Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.03 193,529 -43Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.73 193,429 -100 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.72 192,729 -700Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.71 192,629 -100 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.51 192,129 -500Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.5 190,929 -1,200 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.41 190,429 -500Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.39 190,129 -300 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.3 189,629 -500Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.24 189,429 -200 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.21 189,329 -100Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.22 188,329 -1,000 Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.23 188,029 -300Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.2 187,329 -700Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.14 186,829 -500Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.13 186,629 -200Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.24 186,529 -100Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.17 186,229 -300Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.16 185,829 -400Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.15 185,529 -300Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.07 185,429 -100Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.06 184,629 -800Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107.04 184,529 -100Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 107 183,929 -600Toromont Industries Ltd. Common Shares Medhurst, Scott 4, 5 2021-05-25 10 106.9 183,529 -400Toromont Industries Ltd. Options Medhurst, Scott 4, 5 2021-05-25 51 39.79 465,000 -35,000Torq Resources Inc. Common Shares Wallace, Shawn 4 2021-05-26 10 0.87 5,505,250 2,500Torrent Capital Ltd. Common Shares Dawe, Wade K. 5 2021-05-25 10 1.16 5,213,500 45,000Torrent Capital Ltd. Common Shares Fisher, Glynn David 3 2021-05-20 10 1.124 1,634,900 50,900Torrent Capital Ltd. Common Shares Fisher, Glynn David 3 2021-05-21 10 1.185 1,651,900 17,000Total Energy Services Inc. Common Shares Halyk, Daniel Kim 4, 5 2021-05-25 10 3.8 428,400 3,400Total Energy Services Inc. Common Shares Halyk, Daniel Kim 4, 5 2021-05-27 10 3.75 429,600 1,200Total Telcom Inc. Common Shares Hammermeister, David

Harry 4 2021-05-26 51 0.1 1,614,833 100,000

Total Telcom Inc. Options Hammermeister, David Harry

4 2021-05-26 51 0 -100,000

Touchstone Exploration Inc.

Options Baay, Paul Raymond 4, 5 2021-05-25 50 1.73 450,000


Options Baay, Paul Raymond 4, 5 2021-05-25 50 1.73 2,250,000 450,000


Options Budau, Christopher Scott 5 2021-05-25 50 1.73 300,000


Options Budau, Christopher Scott 5 2021-05-25 50 1.73 1,500,000 300,000


Options McKINNON, KENNETH RICHARD

4 2021-05-25 50 1.73 142,500


Options McKINNON, KENNETH RICHARD

4 2021-05-25 50 1.73 610,000 142,500


Options Nicol, Peter William 4 2021-05-25 50 1.73 132,500


Options Nicol, Peter William 4 2021-05-25 50 1.73 590,000 132,500

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4897


T/O Unit Price


Acquired/ Disposed


Options Shipka, James 5 2021-05-25 50 1.73

300,000


Options Shipka, James 5 2021-05-25 50 1.73 1,500,000 300,000


Options Smith, Beverley 4 2021-05-25 50 1.73

15,000


Options Smith, Beverley 4 2021-05-25 50 1.73 130,000 15,000


Common Shares Smith, Stanley Thomas 4 2021-05-26 10 1.65 225,668 10,000






Options Smith, Stanley Thomas 4 2021-05-25 50 1.73 587,500 137,500


Options Valentine, Thomas 5 2021-05-25 50 1.73 592,500 142,500


Options Vredenburg, Harrie 4 2021-05-25 50 1.73 587,500 117,500


Options WRIGHT, JOHN DAVID 4, 5 2021-05-25 50 1.73 750,000 147,500

TPCO Holding Corp. Common Shares Perez, Desiree 4 2021-05-13 00 2,376,425Transition Metals Corp. Options Baird, Jon Gillis 4 2020-12-18 50 0.15 150,000Transition Metals Corp. Options Baird, Jon Gillis 4 2020-12-18 50 0.155 400,000 150,000Trez Capital Senior Mortgage Investment Corporation

Class A Shares Cowan, Jonathon 4 2019-06-19 00 5,700

Trez Capital Senior Mortgage Investment Corporation

Options Cowan, Jonathon 4 2019-06-19 00


Options Cowan, Jonathon 4 2021-05-19 50 73,180 73,180


Voting Shares Kupinsky, Jordan 4 2021-05-25 10 1.9799 1,323,600 26,900


Voting Shares Kupinsky, Jordan 4 2021-05-26 10 1.9561 1,341,600 18,000


Options Nathan, Bradley 4 2021-05-19 00

73,180


Options Wiener, Kenneth 4 2021-05-19 00

73,180


Class A Shares Windsor Private Capital Limited Partnership

3 2021-05-25 10 1.9799 1,375,200 26,900


Class A Shares Windsor Private Capital Limited Partnership

3 2021-05-26 10 1.9561 1,393,200 18,000

Tribe Property Technologies Inc.

Common Shares Yassin, Talal Riad 3 2021-05-21 10 3.826 2,796,155 1,000







Trican Well Service Ltd. Common Shares Curran, Trudy Marie 4 2021-05-13 00 8,500 Trican Well Service Ltd. Rights Deferred Share

Units (DSUs) Curran, Trudy Marie 4 2021-05-13 00

Trican Well Service Ltd. Rights Deferred Share Units (DSUs)

Curran, Trudy Marie 4 2021-05-25 56 18,083 18,083

Tricon Residential Inc. (formerly, Tricon Capital Group Inc.)

Deferred Share Units Douglas, Camille 4 2021-05-26 46 12.89 18,140 1,455

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4898


T/O Unit Price


Acquired/ Disposed


Deferred Share Units Gluskin, Ira 4 2021-05-26 46 12.89 49,265 2,909


Deferred Share Units KNOWLTON, JOHN MICHAEL ARTHUR

4 2021-05-26 46 12.89 34,132 1,455


Deferred Share Units Matthews, Sian Margaret 4 2021-05-26 46 12.89 61,274 3,103


Deferred Share Units Sacks, Peter 4 2021-05-26 46 12.89 14,851 1,455


Deferred Share Units Sherren, Tracy 4 2021-05-26 46 12.89 13,297 1,455

Trilogy International Partners Inc.

Common Shares Horwitz, Brad 7 2021-05-21 10 1.67 2,174,688 119,900





Triple Flag Precious Metals Corp.

Common Shares Elliott Investment Management L.P.

3 2021-05-19 00 37,987,680

Triple Flag Precious Metals Corp.

Common Shares Elliott Investment Management L.P.

3 2021-05-19 00 97,915,712

True North Commercial Real Estate Investment Trust

Options Poklar, Sandy Ivan 4 2021-05-27 51 6.04 50,000 -10,000






Trust Units Poklar, Sandy Ivan 4 2021-05-27 51 6.04 7,988 1,319





True North Gems Inc. Common Shares Smith, Andrew Lee 4 2020-06-12 00

23,090True North Gems Inc. Options Tucker, Jacqueline Mae 5 2016-11-02 00

True North Gems Inc. Options Tucker, Jacqueline Mae 5 2018-10-02 50 150,000 150,000True North Gems Inc. Options Tucker, Jacqueline Mae 5 2019-02-14 37 15,000 -135,000Tsodilo Resources Limited Options Bruington, Thomas

Seldon 4 2021-05-21 50 0.75 550,000 100,000

Turquoise Hill Resources Ltd.

Common Shares Dudley, Jo-Anne 5 2019-06-03 00

Turquoise Hill Resources Ltd.

Common Shares Dudley, Jo-Anne 5 2021-05-21 10 17.264 1,900 1,900

Ubique Minerals Limited Common Shares Cullingham, Paul Winston 3 2021-05-28 10 0.05 5,111,876 -2,000Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 51 1.28 155,948 35,000 Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 51 3.29 142,330 -13,618Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 10 3.18 137,330 -5,000 Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 10 3.22 132,330 -5,000Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 10 3.19 127,330 -5,000 Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 10 3.15 122,330 -5,000Uranium Energy Corp. Common Shares Kong, David 4 2021-05-27 10 3.13 117,330 -5,000 Uranium Energy Corp. Common Shares Kong, David 4 2021-05-28 10 3.2 112,330 -5,000Uranium Energy Corp. Common Shares Kong, David 4 2021-05-28 10 3.22 107,330 -5,000 Uranium Energy Corp. Options Kong, David 4 2021-05-27 51 1.28 165,000 -35,000Urbanimmersive Inc. Common Shares Bedard, Simon 4, 5 2021-05-27 97 0.165 5,757,837 109,091Urbanimmersive Inc. Common Shares Lemire, Ghislain 4, 5 2021-05-27 97 0.165 4,761,119 109,091

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4899


T/O Unit Price


Acquired/ Disposed

Val-d'Or Mining Corporation (formerly Nunavik Nickel Mines Ltd.)

Common Shares Honig, Deborah Jane 4 2021-02-22 00

Val-d'Or Mining Corporation (formerly Nunavik Nickel Mines Ltd.)

Common Shares Honig, Deborah Jane 4 2021-03-25 10 0.12 16,500 16,500

VALEO PHARMA INC. Options Fasano, Frederic 5 2021-05-25 50 2,000,000 50,000VALEO PHARMA INC. Restricted Share Units

(RSUs) Fasano, Frederic 5 2021-01-18 00

VALEO PHARMA INC. Restricted Share Units (RSUs)

Fasano, Frederic 5 2021-05-25 56 1.12 400,000 400,000


Skinner, Jeffrey Michael 5 2018-12-27 00


Skinner, Jeffrey Michael 5 2021-05-25 56 1.12 25,000 25,000


Therrien, Nathalie 5 2018-12-27 00


Therrien, Nathalie 5 2021-05-25 56 1.12 50,000 50,000

Valorem Resources Inc. Options Brass, Drew Nelson 4 2021-04-30 00Valorem Resources Inc. Options Brass, Drew Nelson 4 2021-05-27 50 0.29 300,000 300,000Valorem Resources Inc. Options Louie, Tony 4 2019-08-26 00Valorem Resources Inc. Options Louie, Tony 4 2021-05-27 50 0.29 3,500,000 3,500,000Vermilion Energy Inc. Common Shares Jeffery, Yvonne 5 2021-05-17 00 14,224Vermilion Energy Inc. Rights Share Awards Jeffery, Yvonne 5 2021-05-17 00 31,722 VersaBank Common Shares Oliver, Paul G. 4 2021-05-28 10 14.1 4,048 500VersaBank Common Shares Oliver, Paul G. 4 2021-05-28 10 14.11 4,948 900 Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-27 10 6.96 814,591 2,000Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-27 10 7.04 816,591 2,000 Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-27 10 6.99 817,591 1,000Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-27 10 7.05 819,691 2,100 Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-27 10 7 821,691 2,000Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-21 10 7.25 36,719 1,000 Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-26 10 7.1 37,719 1,000Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-26 10 7.2 38,719 1,000 Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-26 10 7.25 39,719 1,000Versus Systems Inc. Common Shares Tingle, Brian 4 2021-05-26 10 7.08 41,719 2,000Veteran Capital Corp. Common Shares Class

"A" MacKenzie, Grant Alexandre

4 2021-05-27 00 600,000

Veteran Capital Corp. Options MacKenzie, Grant Alexandre

4 2021-05-27 00

89,000

Veteran Capital Corp. Common Shares Class "A"

Matlock, Aaron 4 2021-05-27 00


Matlock, Aaron 4 2021-05-27 00


Matlock, Aaron 4 2021-05-27 00 600,000

Veteran Capital Corp. Options Matlock, Aaron 4 2021-05-27 00 89,000Veteran Capital Corp. Common Shares Class

"A" NGUYEN, DON 4 2021-05-27 00 200,000

Veteran Capital Corp. Options NGUYEN, DON 4 2021-05-27 00 89,000Victoria Gold Corp. Common Shares Gray, Paul Dunstan 5 2021-05-21 10 19.01 9,380 -16,900Victoria Gold Corp. Common Shares Gray, Paul Dunstan 5 2021-05-26 10 18.29 -387 -9,767Victoria Gold Corp. Common Shares Gray, Paul Dunstan 5 2021-05-27 51 7.5 26,280 26,667Victoria Gold Corp. Options Gray, Paul Dunstan 5 2021-05-27 51 7.5 139,667 -26,667Victoria Gold Corp. Common Shares Harvey, T. Sean 4 2021-05-20 10 18.48 1 -5,000Visible Gold Mines Inc. Common Shares Dallaire, Martin 4, 5 2021-05-26 10 0.134 1,250,000 850,000Visible Gold Mines Inc. Common Shares Dallaire, Martin 4, 5 2021-05-26 10 0.13 2,173,500 450,000ViveRE Communities Inc. Common Shares Turner, Thomas Richard 4 2021-05-18 11 0.2 335,000 250,000ViveRE Communities Inc. Common Shares Turner, Thomas Richard 4 2021-05-18 11 0.2 656,249 500,000ViveRE Communities Inc. Common Shares Turner, Thomas Richard 4 2021-05-18 11 0.2 1,363,636 250,000Vizsla Silver Corp. Common Shares Konnert, Michael 4 2021-05-21 54 0.25 2,211,301 100,000

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4900


T/O Unit Price


Acquired/ Disposed

Vizsla Silver Corp. Warrants Konnert, Michael 4 2021-05-21 54 0.25 0 -100,000Vizsla Silver Corp. Common Shares Parry, Craig Andrew 4 2021-05-21 54 0.25 6,992,485 2,666,667Vizsla Silver Corp. Warrants Parry, Craig Andrew 4 2021-05-21 54 0.25 20,000 -2,666,667Volcanic Gold Mines Inc Common Shares Ridgway, Simon T.P. 4, 5 2021-05-26 10 0.425 1,579,737 10,000Volcanic Gold Mines Inc Common Shares Ridgway, Simon T.P. 4, 5 2021-05-26 10 0.41 1,586,737 7,000VOYAGEUR MINERAL EXPLORERS CORP. (formerly Copper Reef Mining Corp.)

Common Shares Howlett, Brian 4, 5 2021-05-26 10 0.4 300,000 10,000

VSBLTY Groupe Technologies Corp.

Common Shares Huckaby, Timothy 5 2019-02-15 00


Common Shares Huckaby, Timothy 5 2021-05-25 51

125,000 125,000


Options Huckaby, Timothy 5 2021-05-25 51

500,000 -125,000


Common Shares Hutton, Jay 4, 5 2021-05-25 36 0.6 967,162 41,666


Convertible Debentures Hutton, Jay 4, 5 2021-05-25 36 0.6 $0 -$25,000


Warrants Hutton, Jay 4, 5 2021-05-25 36 0.6 229,166 20,833


Common Shares Lombardo, Guy 3, 4 2021-05-25 36 0.6 1,671,901 545,833


Convertible Debentures Lombardo, Guy 3, 4 2021-05-25 36 0.6 $0 -$327,500


Warrants Lombardo, Guy 3, 4 2021-05-25 36 0.6 1,398,984 272,916

Waseco Resources Inc. Common Shares Williams, Richard David 4, 5 2021-05-27 10 0.05 3,877,581 50,000Wedgemount Resources Corp.

Options Barth, Richard Sean 4 2021-05-25 50 0.45 150,000 100,000

Wedgemount Resources Corp.

Options Burianyk, Lesia 5 2021-05-25 50 0.45 75,000 50,000


Options Campbell, Cody 4 2021-05-25 50 0.45 150,000 100,000


Options Clark, James Garnet (Garry)

4 2021-01-27 00


Options Clark, James Garnet (Garry)

4 2021-05-25 50 0.45 100,000 100,000


Options Hodges, Leah 5 2021-05-25 50 0.45 75,000 50,000


Options Vanry, Mark Andrew 4, 5 2021-05-25 50 0.45 475,000 400,000

Wesana Health Holdings Inc. (formerly Debut Diamonds Inc.)

Common Shares The K2 Principal Fund L.P.

3 2021-05-25 10 2.9997 1,302,765 6,100



3 2021-05-26 10 2.8878 1,321,665 18,900



3 2021-05-28 10 2.75 1,323,665 2,000

West Fraser Timber Co. Ltd.

Common Shares West Fraser Timber Co. Ltd.

1 2021-05-24 38 77.261 681,157 50,802



1 2021-05-25 38 76.944 795,633 114,476



1 2021-05-25 38 92.714 835,633 40,000



1 2021-05-26 38 76.008 950,109 114,476



1 2021-05-26 38 91.219 1,045,209 95,100



1 2021-05-27 38 77.753 1,159,685 114,476



1 2021-05-27 38 93.865 1,199,685 40,000



1 2021-05-28 38 77.503 1,314,161 114,476

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4901


T/O Unit Price


Acquired/ Disposed



1 2021-05-28 38 93.483 1,339,161 25,000

West Vault Mining Inc. Common Shares Jones, R. Michael 4 2021-05-26 10 1.3 308,391 5,000Western Copper and Gold Corporation

Common Shares Spivak, Elena 5 2021-05-27 51 0.9 25,000 25,000

Western Copper and Gold Corporation

Common Shares Spivak, Elena 5 2021-05-27 10 0.9 0 -25,000

Western Copper and Gold Corporation

Options Spivak, Elena 5 2021-05-27 51 0.9 125,000 -25,000

Wi2Wi Corporation Options Balazsi, Matthew 4 2021-05-20 50

300,000 150,000WildBrain Ltd. (formerly, DHX Media Ltd.)

Rights Restricted Share Units (Common Voting)

Bishop, James William 5 2021-05-14 56 2.7553 100,000 100,000

Wildpack Beverage Inc. Warrants Barnard, Mitchell 4, 5 2021-05-17 00

277,777Wildpack Beverage Inc. Rights RSU Bubel, Joseph 4 2021-05-17 00

Wildpack Beverage Inc. Rights RSU Bubel, Joseph 4 2021-05-19 56

26,000 26,000Wildpack Beverage Inc. Warrants Clark, Sean 4 2021-05-17 00

83,333

Wildpack Beverage Inc. Warrants Fader, Stephen 4, 5 2021-05-17 00

111,110Wildpack Beverage Inc. Warrants Mason, Jeffrey Robert 4 2021-05-18 00 83,333Wildpack Beverage Inc. Rights RSU Walker, Thomas 5 2021-05-19 56 26,000Wildpack Beverage Inc. Rights RSU Walker, Thomas 5 2021-05-19 56 26,000Xebec Adsorption Inc. Unités d'Actions

Restreintes/Restricted Stock Units

Archambault, Stéphane 5 2021-05-21 56 5.01 36,766 16,766

Xebec Adsorption Inc. Warrants Sorschak, Kurt 3, 4, 5 2011-06-12 55 2.75 0 -1,083,207Xebec Adsorption Inc. Warrants Sorschak, Kurt 3, 4, 5 2011-06-12 55 2.15 0 -3,791,224 Xebec Adsorption Inc. Warrants Sorschak, Kurt 3, 4, 5 2011-06-12 55 2.15 0 -703,787Xebec Adsorption Inc. Unités d'Actions

Restreintes/Restricted Stock Units

Théberge, Nathalie 5 2021-05-21 56 5.01 19,978 10,978

Xebec Adsorption Inc. Unités d'Actions Restreintes/Restricted Stock Units

Van Driel, Marinus 7 2020-12-31 00

Xebec Adsorption Inc. Unités d'Actions Restreintes/Restricted Stock Units

Van Driel, Marinus 7 2021-05-21 56 5.01 16,333 16,333

Xenon Pharmaceuticals Inc.

Common Shares Pimstone, Simon Neil 4 2021-05-24 51 3.74 232,819 22,633


Common Shares Pimstone, Simon Neil 4 2021-05-24 38 227,743 -5,076


Options Pimstone, Simon Neil 4 2021-05-24 51 3.74 1,393,715 -22,633

XORTX Therapeutics Inc. Options Farley, William James 4 2021-05-26 00

250,000Yorkton Equity Group Inc. Common Shares Lui, Benny 4, 5 2020-11-17 00Yorkton Equity Group Inc. Common Shares Lui, Benny 4, 5 2020-11-17 00 50,977,902Yorkton Equity Group Inc. Common Shares Lui, Benny 4, 5 2021-05-25 16 0.25 82,511,845 31,533,943Zedcor Inc. Common Shares Swanberg, Dean Sylvan 3, 4, 5 2021-05-28 10 0.2954 1,500,000 22,500Zenith Capital Corp. Options Cann, Aaron Bradley 5 2021-05-26 52 80,700 -24,600Zenith Capital Corp. Options Hansen, Henrik Claus 5 2021-05-26 52 318,900 -99,000Zenith Capital Corp. Options Lakhotia, Sanjay 5 2021-05-26 52 1,170,700 -166,200ZeU Technologies, Inc. (formerly, ZeU Crypto Netwoks Inc.)


ZeU Technologies, Inc. (formerly, ZeU Crypto Netwoks Inc.)





Common Shares Tally, Neha Edah 4, 5 2021-05-21 51 0.3 314,798 150,000


Common Shares Tally, Neha Edah 4, 5 2021-05-27 10 0.59 294,298 -20,500

Insider Reporting

June 3, 2021

(2021), 44 OSCB 4902


T/O Unit Price


Acquired/ Disposed


Options Tally, Neha Edah 4, 5 2021-05-21 51

0 -150,000

Zonte Metals Inc. Options MacEachen, Brian 5 2021-05-27 50 0.21 725,000 300,000Zymeworks Inc. Common Shares Josephson, Neil 5 2021-05-16 00

1,593

Zymeworks Inc. Options Josephson, Neil 5 2021-05-16 00 138,125Zymeworks Inc. Rights Restricted Stock

Units Josephson, Neil 5 2021-05-16 00 6,459

June 3, 2021

(2021), 44 OSCB 4903

Chapter 11

IPOs, New Issues and Secondary Financings

INVESTMENT FUNDS Issuer Name: Yorkville American QVR Enhanced Protection Class Yorkville Canadian QVR Enhanced Protection Class Yorkville Enhanced Protection Class Yorkville Global Opportunities Class Yorkville Health Care Opportunities Class Yorkville International QVR Enhanced Protection Class Yorkville Optimal Return Bond Class Principal Regulator – Ontario Type and Date: Combined Preliminary and Pro Forma Simplified Prospectus dated May 28, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3207119 _______________________________________________ Issuer Name: EdgePoint Canadian Growth & Income Portfolio EdgePoint Canadian Portfolio EdgePoint Global Growth & Income Portfolio EdgePoint Global Portfolio Principal Regulator – Ontario Type and Date: Combined Preliminary and Pro Forma Simplified Prospectus dated May 26, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3206006 _______________________________________________

Issuer Name: Horizons S&P Green Bond Index ETF Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated May 21, 2021 NP 11-202 Final Receipt dated May 26, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3211734 _______________________________________________ Issuer Name: Longevity Pension Fund Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated May 28, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3226704 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4904

Issuer Name: Mackenzie Betterworld Canadian Equity Fund Mackenzie Betterworld Global Equity Fund Mackenzie Canadian Dividend Fund II Mackenzie Canadian Growth Balanced Fund II Mackenzie Canadian Growth Fund II Mackenzie Cundill Value Fund II Mackenzie Emerging Markets Fund II Mackenzie Global China Fund Mackenzie Global Growth Fund Mackenzie Global Resource Fund II Mackenzie Gold Bullion Fund Mackenzie Ivy Canadian Balanced Fund II Mackenzie Ivy European Fund Mackenzie Ivy Foreign Equity Currency Neutral Fund Mackenzie Ivy Foreign Equity Fund II Mackenzie Ivy Global Balanced Fund II Mackenzie Ivy International Fund II Mackenzie Maximum Diversification Canada Index Fund Mackenzie Precious Metals Fund Mackenzie Strategic Income Fund II Mackenzie US Growth Fund Mackenzie US Small-Mid Cap Growth Currency Neutral Fund Mackenzie US Small-Mid Cap Growth Fund Symmetry Balanced Portfolio II Symmetry Conservative Income Portfolio II Symmetry Conservative Portfolio II Symmetry Equity Portfolio Symmetry Moderate Growth Portfolio II Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated May 27, 2021 NP 11-202 Preliminary Receipt dated May 28, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3229016 _______________________________________________

Issuer Name: Mackenzie Canadian Dividend Fund Mackenzie Canadian Dividend Fund II Mackenzie Canadian Equity Fund Mackenzie Canadian Growth Balanced Fund II Mackenzie Canadian Growth Fund II Mackenzie Canadian Small Cap Fund Mackenzie Global Growth Fund Mackenzie Global Small-Mid Cap Fund Mackenzie Strategic Income Fund II Mackenzie US Small-Mid Cap Growth Fund Symmetry Balanced Portfolio II Symmetry Conservative Income Portfolio II Symmetry Conservative Portfolio II Symmetry Equity Portfolio Symmetry Moderate Growth Portfolio II Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated May 27, 2021 NP 11-202 Preliminary Receipt dated May 28, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3229103 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4905

Issuer Name: BMO Ascent Balanced Portfolio BMO Ascent Conservative Portfolio BMO Ascent Equity Growth Portfolio BMO Ascent Growth Portfolio BMO Ascent Income Portfolio BMO Asian Growth and Income Class BMO Asian Growth and Income Fund BMO Asset Allocation Fund BMO Balanced ETF Portfolio BMO Balanced ETF Portfolio Class BMO Bond Fund BMO Canadian Equity Class BMO Canadian Equity ETF Fund BMO Canadian Equity Fund BMO Canadian Large Cap Equity Fund BMO Canadian Small Cap Equity Fund BMO Canadian Stock Selection Fund BMO Clean Energy ETF Fund BMO Concentrated Global Balanced Fund BMO Concentrated Global Equity Fund BMO Concentrated U.S. Equity Fund BMO Conservative ETF Portfolio BMO Core Bond Fund BMO Core Plus Bond Fund BMO Covered Call Canada High Dividend ETF Fund BMO Covered Call Canadian Banks ETF Fund BMO Covered Call Europe High Dividend ETF Fund BMO Covered Call U.S. High Dividend ETF Fund BMO Crossover Bond Fund BMO Diversified Income Portfolio BMO Dividend Class BMO Dividend Fund BMO Emerging Markets Bond Fund BMO Emerging Markets Fund BMO Equity Growth ETF Portfolio BMO Equity Growth ETF Portfolio Class BMO European Fund BMO Fixed Income ETF Portfolio BMO Floating Rate Income Fund BMO FundSelect Balanced Portfolio BMO FundSelect Equity Growth Portfolio BMO FundSelect Growth Portfolio BMO FundSelect Income Portfolio BMO Global Balanced Fund BMO Global Dividend Class BMO Global Dividend Fund BMO Global Energy Class BMO Global Equity Class BMO Global Equity Fund BMO Global Growth & Income Fund BMO Global Infrastructure Fund BMO Global Low Volatility ETF Class BMO Global Monthly Income Fund BMO Global Multi-Sector Bond Fund BMO Global Small Cap Fund BMO Global Strategic Bond Fund BMO Greater China Class BMO Growth & Income Fund BMO Growth ETF Portfolio BMO Growth ETF Portfolio Class BMO Growth Opportunities Fund BMO Income ETF Portfolio

BMO Income ETF Portfolio Class BMO International Equity ETF Fund BMO International Equity Fund BMO International Value Class BMO International Value Fund BMO Japan Fund BMO Low Volatility Canadian Equity ETF Fund BMO Low Volatility U.S. Equity ETF Fund BMO Money Market Fund BMO Monthly Dividend Fund Ltd. BMO Monthly High Income Fund II BMO Monthly Income Fund BMO Mortgage and Short-Term Income Fund BMO Multi-Factor Equity Fund BMO Nasdaq 100 Equity ETF Fund BMO North American Dividend Fund BMO Precious Metals Fund BMO Preferred Share Fund BMO Resource Fund BMO Retirement Balanced Portfolio BMO Retirement Conservative Portfolio BMO Retirement Income Portfolio BMO Risk Reduction Equity Fund BMO Risk Reduction Fixed Income Fund BMO SDG Engagement Global Equity Fund BMO SelectClass Balanced Portfolio BMO SelectClass Equity Growth Portfolio BMO SelectClass Growth Portfolio BMO SelectClass Income Portfolio BMO SelectTrust Balanced Portfolio BMO SelectTrust Conservative Portfolio BMO SelectTrust Equity Growth Portfolio BMO SelectTrust Fixed Income Portfolio BMO SelectTrust Growth Portfolio BMO SelectTrust Income Portfolio BMO SIA Focused Canadian Equity Fund BMO SIA Focused North American Equity Fund BMO Sustainable Balanced Portfolio (formerly, BMO Principle Balanced Portfolio) BMO Sustainable Bond Fund BMO Sustainable Conservative Portfolio (formerly, BMO Principle Conservative Portfolio) BMO Sustainable Growth Portfolio (formerly, BMO Principle Growth Portfolio) BMO Sustainable Income Portfolio (formerly BMO Principle Income Portfolio) BMO Sustainable Opportunities Canadian Equity Fund BMO Sustainable Opportunities China Equity Fund BMO Sustainable Opportunities Global Equity Fund BMO Tactical Balanced ETF Fund BMO Tactical Dividend ETF Fund BMO Tactical Global Asset Allocation ETF Fund BMO Tactical Global Bond ETF Fund BMO Tactical Global Equity ETF Fund BMO Tactical Global Growth ETF Fund BMO Target Education 2025 Portfolio BMO Target Education 2030 Portfolio BMO Target Education 2035 Portfolio BMO Target Education 2040 Portfolio BMO Target Education Income Portfolio BMO U.S. All Cap Equity Fund BMO U.S. Dividend Fund BMO U.S. Dollar Balanced Fund


June 3, 2021

(2021), 44 OSCB 4906

BMO U.S. Dollar Dividend Fund BMO U.S. Dollar Equity Index Fund BMO U.S. Dollar Money Market Fund BMO U.S. Dollar Monthly Income Fund BMO U.S. Equity Class BMO U.S. Equity ETF Fund BMO U.S. Equity Fund BMO U.S. Equity Plus Fund BMO U.S. High Yield Bond Fund BMO U.S. Small Cap Fund BMO USD Balanced ETF Portfolio BMO USD Conservative ETF Portfolio BMO USD Income ETF Portfolio BMO Women in Leadership Fund BMO World Bond Fund Principal Regulator – Ontario Type and Date Securities Description: - Project #03207558 Type and Date: Combined Preliminary and Pro Forma Simplified Prospectus dated May 26, 2021 NP 11-202 Final Receipt dated May 28, 2021 Offering Price and Description: Series F, Series A and Series O Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3207558 _______________________________________________

Issuer Name: Mackenzie Emerging Markets Fund Mackenzie Emerging Markets Fund II Mackenzie Global Growth Fund Mackenzie Ivy European Fund Mackenzie Precious Metals Fund Mackenzie Strategic Income Fund II Mackenzie US Small-Mid Cap Growth Fund Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated May 27, 2021 NP 11-202 Preliminary Receipt dated May 28, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3229156 _______________________________________________ Issuer Name: Longevity Pension Fund Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3226704 _______________________________________________ Issuer Name: Franklin Strategic Income Fund Templeton International Stock Fund Principal Regulator - Ontario Type and Date: Amendment #4 to Final Simplified Prospectus dated May 3, 2021 NP 11-202 Final Receipt dated May 27, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3059902 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4907

Issuer Name: Invesco Canadian Premier Balanced Fund (formerly, Invesco Canadian Balanced Fund) Invesco Canadian Premier Balanced Class (formerly, Invesco Core Canadian Balanced Class) Invesco Canadian Premier Growth Fund Invesco Canadian Premier Growth Class Invesco Emerging Markets Fund (formerly, Invesco Indo-Pacific Fund) Invesco European Growth Class Invesco International Growth Fund Invesco International Growth Class Principal Regulator - Ontario Type and Date: Amendment #7 to Final Simplified Prospectus dated May 21, 2021 NP 11-202 Final Receipt dated May 27, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3069832 _______________________________________________

Issuer Name: Mackenzie Canadian Growth Balanced Class Mackenzie Ivy Canadian Balanced Class Mackenzie Ivy Global Balanced Class Mackenzie Canadian Equity Class Mackenzie Canadian Growth Class Mackenzie Canadian Dividend Class Mackenzie Canadian Small Cap Class Mackenzie Cundill Canadian Security Class Mackenzie US Growth Class Mackenzie US Small-Mid Cap Growth Class Mackenzie US Small-Mid Cap Growth Currency Neutral Class Mackenzie Cundill Value Class Mackenzie Global Growth Class Mackenzie Global Small-Mid Cap Equity Class Mackenzie Global Small-Mid Cap Equity Fund Mackenzie Ivy European Class Mackenzie Ivy Foreign Equity Currency Neutral Class Mackenzie Ivy International Class Mackenzie Global Resource Class Mackenzie Gold Bullion Class Mackenzie Precious Metals Class Symmetry Balanced Portfolio Class Symmetry Equity Portfolio Class Symmetry Growth Portfolio Class Symmetry Moderate Growth Portfolio Class Mackenzie Maximum Diversification Canada Index Class Mackenzie Private Canadian Focused Equity Pool Class Mackenzie Private Global Equity Pool Class Mackenzie Private Income Balanced Pool Class Mackenzie Private US Equity Pool Class Principal Regulator - Ontario Type and Date: Amendment #5 to Final Simplified Prospectus dated May 20, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3093522 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4908

Issuer Name: Mackenzie Canadian Growth Balanced Class Mackenzie Canadian Equity Class Mackenzie Canadian Growth Class Mackenzie Canadian Dividend Class Mackenzie Canadian Small Cap Class Mackenzie US Small-Mid Cap Growth Class Mackenzie Global Growth Class Symmetry Balanced Portfolio Class Symmetry Moderate Growth Portfolio Class Symmetry Growth Portfolio Class Symmetry Equity Portfolio Class Mackenzie Private Canadian Focused Equity Pool Class Mackenzie Private Global Equity Pool Class Mackenzie Private Income Balanced Pool Class Mackenzie Private US Equity Pool Class Principal Regulator - Ontario Type and Date: Amendment #2 to Final Simplified Prospectus dated May 20, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3121763 _______________________________________________ Issuer Name: Mackenzie US Small-Mid Cap Growth Class Mackenzie Global Growth Class Mackenzie Ivy European Class Mackenzie Precious Metals Class Principal Regulator - Ontario Type and Date: Amendment #3 to Final Simplified Prospectus dated May 20, 2021 NP 11-202 Final Receipt dated May 31, 2021 Offering Price and Description: - Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3140751 _______________________________________________

Issuer Name: Family Single Student Education Savings Plan Flex First Plan Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated May 27, 2021 NP 11-202 Receipt dated May 27, 2021 Offering Price and Description: Scholarship Plan Units Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3207649 _______________________________________________ Issuer Name: Flex First Plan Family Single Student Education Savings Plan Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated May 27, 2021 NP 11-202 Receipt dated May 27, 2021 Offering Price and Description: Scholarship Plan Units Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #3207655 _______________________________________________ Issuer Name: PIMCO Tactical Income Opportunities Fund Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated May 26, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: $650,000,000 Maximum (65,000,000 Class A Units and/or Class F Units) $75,000,000 Minimum (7,500,000 Class A Units and/or Class F Units) Underwriter(s) or Distributor(s): CIBC World Markets Inc. National Bank Financial Inc. RBC Dominion securities Inc. TD Securities Inc. BMO Nesbitt Burns Inc. Scotia Capital Inc. Canaccord Genuity Corp. Raymond James Ltd. Richardson Wealth Limited Desjardins Securities Inc. Echelon Wealth Partners Inc. Hampton Securities Limited IA Private Wealth Inc. Manulife Securities Incorporated Promoter(s): PIMCO Canada Corp. Project #3212113 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4909

NON-INVESTMENT FUNDS Issuer Name: Ankh Capital Inc. Principal Regulator - British Columbia Type and Date: Preliminary CPC Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 26, 2021 Offering Price and Description: Minimum Offering: $500,000.00 or 5,000,000 Common Shares Maximum Offering: $1,000,000.00 or 10,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): PI Financial Corp. Promoter(s): Roger E. Milad Project #3227274 _______________________________________________ Issuer Name: Choom Holdings Inc. Principal Regulator - British Columbia Type and Date: Preliminary Short Form Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 26, 2021 Offering Price and Description: Minimum Offering: $3,500,000.00 ([●] Units) Maximum Offering: $5,000,000.00 ([●] Units) $[●] per Unit Underwriter(s) or Distributor(s): CANACCORD GENUITY CORP. Promoter(s): - Project #3227228 _______________________________________________ Issuer Name: Elemental Royalties Corp. Principal Regulator - British Columbia Type and Date: Preliminary Shelf Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: US$200,000,000.00 Common Shares Subscription Receipts Warrants Debt Securities Units Underwriter(s) or Distributor(s): - Promoter(s): Frederick Bell Richard Evans Project #3226852 _______________________________________________

Issuer Name: ESG Capital 1 Inc. Principal Regulator - Ontario Type and Date: Preliminary CPC Prospectus dated May 21, 2021 NP 11-202 Preliminary Receipt dated May 26, 2021 Offering Price and Description: $200,000.00 - 1,000,000 Common Shares Price: $0.20 per Common Share Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): - Project #3226707 _______________________________________________ Issuer Name: EV Nickel Inc. Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 26, 2021 Offering Price and Description: Minimum Offering: [*] Units and [*] FT Shares Maximum Offering: [*] Units and [*] FT Shares Price: $[*] per Unit and $[*] per FT Share (Minimum Offering of $3,000,000 and up to a Maximum Offering of [*]) Underwriter(s) or Distributor(s): ECHELON WEALTH PARTNERS INC. STIFEL NICOLAUS CANADA INC. CORMARK SECURITIES INC. CANACCORD GENUITY CORP. Promoter(s): Michael Silver Project #3227320 _______________________________________________ Issuer Name: Fairplay Ventures Inc. Principal Regulator - Ontario Type and Date: Preliminary CPC Prospectus (TSX-V) dated May 27, 2021 NP 11-202 Preliminary Receipt dated May 31, 2021 Offering Price and Description: $500,000.00 - 5,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): Echelon Wealth Partners Inc. Promoter(s): Vern Vipul, Bruno Amadi and Paul Tyers Project #3230258 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4910

Issuer Name: Q4 Inc. Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: C$ * * Common Shares Price: C$ * per common share Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. NATIONAL BANK FINANCIAL INC. CREDIT SUISSE SECURITIES (CANADA), INC. CANACCORD GENUITY CORP. RAYMOND JAMES LTD. RBC DOMINION SECURITIES INC. STIFEL NICOLAUS CANADA INC. TD SECURITIES INC. INFOR FINANCIAL INC. Promoter(s): - Project #3226772 _______________________________________________ Issuer Name: Theralase Technologies Inc. Principal Regulator - Ontario Type and Date: Preliminary Shelf Prospectus dated May 21, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: $100,000,000.00 - Common Shares, Warrants, Units, Subscription Receipts Underwriter(s) or Distributor(s): - Promoter(s): - Project #3226110 _______________________________________________ Issuer Name: Timbercreek Financial Corp. Principal Regulator - Ontario Type and Date: Preliminary Shelf Prospectus dated May 28, 2021 NP 11-202 Preliminary Receipt dated May 31, 2021 Offering Price and Description: $500,000,000.00 - Common Shares Debt Securities Subscription Receipts Warrants Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #3230441 _______________________________________________

Issuer Name: Topaz Energy Corp. Principal Regulator - Alberta Type and Date: Preliminary Short Form Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: $175,004,250.00 - 12,281,000 Common Shares Price: $14.25 per Common Share Underwriter(s) or Distributor(s): PETERS & CO. LIMITED BMO NESBITT BURNS INC. SCOTIA CAPITAL INC. NATIONAL BANK FINANCIAL INC. CIBC WORLD MARKETS INC. RBC DOMINION SECURITIES INC. STIFEL NICOLAUS CANADA INC. TD SECURITIES INC. ATB CAPITAL MARKETS INC. DESJARDINS SECURITIES INC. CANACCORD GENUITY CORP. IA PRIVATE WEALTH INC. RAYMOND JAMES LTD. TUDOR, PICKERING, HOLT & CO. SECURITIES – CANADA, ULC Promoter(s): Tourmaline Oil Corp. Project #3224437 _______________________________________________ Issuer Name: Tricon Residential Inc. (formerly, Tricon Capital Group Inc.) Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated May 25, 2021 NP 11-202 Preliminary Receipt dated May 25, 2021 Offering Price and Description: C$174,999,500.00 - 13,461,500 Common Shares Price: C$13.00 per Offered Share Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. SCOTIA CAPITAL INC. MORGAN STANLEY CANADA LIMITED STIFEL NICOLAUS CANADA INC. BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. TD SECURITIES INC. NATIONAL BANK FINANCIAL INC. RAYMOND JAMES LTD. CANACCORD GENUITY CORP. PARADIGM CAPITAL INC. Promoter(s): - Project #3224435 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4911

Issuer Name: VerticalScope Holdings Inc. Principal Regulator - Ontario Type and Date: Preliminary Long Form Prospectus dated May 26, 2021 NP 11-202 Preliminary Receipt dated May 26, 2021 Offering Price and Description: C$* * Subordinate Voting Shares Price: C$* per Subordinate Voting Share Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. CANACCORD GENUITY CORP. NATIONAL BANK FINANCIAL INC. TD SECURITIES INC. RAYMOND JAMES LTD. DESJARDINS SECURITIES INC CORMARK SECURITIES INC. HSBC SECURITIES Promoter(s): - Project #3227668 _______________________________________________ Issuer Name: VerticalScope Holdings Inc. Principal Regulator - Ontario Type and Date: Amendment dated May 31, 2021 to Preliminary Long Form Prospectus dated May 26, 2021 NP 11-202 Preliminary Receipt dated May 31, 2021 Offering Price and Description: C$100,000,000.00 Subordinate Voting Shares Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. CANACCORD GENUITY CORP. NATIONAL BANK FINANCIAL INC. TD SECURITIES INC. RAYMOND JAMES LTD. DESJARDINS SECURITIES INC CORMARK SECURITIES INC. HSBC SECURITIES Promoter(s): - Project #3227668 _______________________________________________ Issuer Name: Arctic Fox Ventures Inc. Principal Regulator - British Columbia Type and Date: Final Long Form Prospectus dated May 27, 2021 NP 11-202 Receipt dated May 27, 2021 Offering Price and Description: 0.00 Underwriter(s) or Distributor(s): - Promoter(s): - Project #3163139 _______________________________________________

Issuer Name: Aritzia Inc. Principal Regulator - British Columbia Type and Date: Final Short Form Prospectus dated May 27, 2021 NP 11-202 Receipt dated May 27, 2021 Offering Price and Description: $91,221,000 - 3,040,700 Subordinate Voting Shares Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. Promoter(s): - Project #3221935 _______________________________________________ Issuer Name: Aumento Capital IX Corp. Principal Regulator - Ontario Type and Date: Final CPC Prospectus dated May 21, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: $500,000.00 - 1,000,000 Common Shares Price: $0.50 per Common Share Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Promoter(s): - Project #3206936 _______________________________________________ Issuer Name: BetterLife Pharma Inc. Principal Regulator - British Columbia Type and Date: Final Shelf Prospectus dated April 26, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: $100,000,000.00 - Common Shares Preferred Shares Debt Securities Subscription Receipts Warrants Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #3191224 _______________________________________________ Issuer Name: Brachium2 Capital Corp. Principal Regulator - British Columbia Type and Date: Final CPC Prospectus dated May 19, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: $300,000.00 - 3,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): PI FINANCIAL CORP Promoter(s): Bryant Pike Project #3202412 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4912

Issuer Name: First Tidal Acquisition Corp. Principal Regulator - British Columbia Type and Date: Final CPC Prospectus dated May 28, 2021 NP 11-202 Receipt dated May 28, 2021 Offering Price and Description: $400,000 or 4,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): MACKIE RESEARCH CAPITAL CORPORATION Promoter(s): Ian McGavney Project #3199586 _______________________________________________ Issuer Name: GoldSpot Discoveries Corp. Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated May 28, 2021 NP 11-202 Receipt dated May 28, 2021 Offering Price and Description: $10,000,000.00 - 12,500,000 Common Shares Price: $0.80 per Common Share Underwriter(s) or Distributor(s): CANACCORD GENUITY CORP. Promoter(s): - Project #3219919 _______________________________________________ Issuer Name: HEXO Corp. Principal Regulator - Ontario Type and Date: Final Shelf Prospectus dated May 21, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: $500,000,000.00 - DEBT SECURITIES Underwriter(s) or Distributor(s): - Promoter(s): - Project #3222329 _______________________________________________ Issuer Name: HEXO Corp. Principal Regulator - Ontario Type and Date: Amendment dated May 25, 2021 to Final Shelf Prospectus dated May 7, 2021 NP 11-202 Receipt dated May 27, 2021 Offering Price and Description: $700,000,000.00 - COMMON SHARES WARRANTS SUBSCRIPTION RECEIPTS UNITS Underwriter(s) or Distributor(s): - Promoter(s): - Project #3205386 _______________________________________________

Issuer Name: Just Kitchen Holdings Corp. Principal Regulator - British Columbia Type and Date: Final Shelf Prospectus dated May 21, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: $50,000,000.00 - Common Shares Warrants Subscription Receipts Units Underwriter(s) or Distributor(s): - Promoter(s): Jason Chen Project #3217315 _______________________________________________ Issuer Name: Kovo Healthtech Corporation Type and Date: Final Long Form Prospectus dated May 26, 2021 Receipted on May 27, 2021 Offering Price and Description: 634,200 Common Shares on Conversion of 634,200 Subscription Receipts 317,100 Common Shares on Exercise of 317,100 Warrants 16,530 Common Shares on Exercise of 16,530 Broker Warrants Underwriter(s) or Distributor(s): - Promoter(s): Gregory L Noble Jeana Noble Peter Bak Project #3146671 _______________________________________________ Issuer Name: Lightspeed POS Inc. Principal Regulator - Quebec Type and Date: Final Shelf Prospectus (NI 44-102) dated May 27, 2021 NP 11-202 Receipt dated May 28, 2021 Offering Price and Description: C$4,000,000,000.00 - Subordinate Voting Shares, Preferred Shares, Debt Securities, Warrants, Subscription Receipts, Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #3225188 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4913

Issuer Name: Meed Growth Corp. Principal Regulator - British Columbia Type and Date: Final CPC Prospectus dated May 27, 2021 NP 11-202 Receipt dated May 28, 2021 Offering Price and Description: $400,000.00 -(4,000,000 COMMON SHARES Price: $0.10 per Common Share Underwriter(s) or Distributor(s): CANACCORD GENUITY CORP. Promoter(s): JOHN SIMMONS Project #3208277 _______________________________________________ Issuer Name: Novo Resources Corp. Principal Regulator - British Columbia Type and Date: Final Short Form Prospectus dated May 26, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: $26,400,150 - 10,353,000 Units Issuable upon Exercise or Deemed Exercise of 10,353,000 Special Warrants Underwriter(s) or Distributor(s): CLARUS SECURITIES INC. STIFEL NICOLAUS CANADA INC. PI FINANCIAL CORP. HAYWOOD SECURITIES INC. CIBC WORLD MARKETS INC. ECHELON WEALTH PARTNERS INC. Promoter(s): - Project #3218590 _______________________________________________ Issuer Name: Padlock Partners UK Fund II Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated May 25, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: Minimum: $20,000,000.00 -f Class A Units, Class F Units, Class C Units and/or Class U Units Maximum: $40,000,000.00 of Class A Units, Class F Units, Class C Units and/or Class U Units Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. RICHARDSON WEALTH LIMITED WELLINGTON-ALTUS PRIVATE WEALTH INC. CANACCORD GENUITY CORP. NATIONAL BANK FINANCIAL INC. RAYMOND JAMES LTD. Promoter(s): PADLOCK UK HOLDCO 2 LIMITED Project #3206495 _______________________________________________

Issuer Name: Plurilock Security Inc. (formerly, Libby K Industries Inc.) Principal Regulator - British Columbia Type and Date: Final Shelf Prospectus dated May 31, 2021 NP 11-202 Receipt dated May 31, 2021 Offering Price and Description: $50,000,000.00 - Common Shares, Warrants, Subscription Receipts, Debt Securities, Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #3218164 _______________________________________________ Issuer Name: SLANG Worldwide Inc. Principal Regulator - Ontario Type and Date: Final Shelf Prospectus dated May 26, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: $75,000,000.00 - Common Shares Preferred Shares Debt Securities Subscription Receipts Units Warrants Underwriter(s) or Distributor(s): - Promoter(s): - Project #3204836 _______________________________________________ Issuer Name: Softchoice Corporation Principal Regulator - Ontario Type and Date: Final Long Form Prospectus dated May 26, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: C$350,000,000.00 • Common Shares Price: C$ • per Common Share Underwriter(s) or Distributor(s): TD SECURITIES INC. GOLDMAN SACHS CANADA INC. RBC DOMINION SECURITIES INC. NATIONAL BANK FINANCIAL INC. CIBC WORLD MARKETS INC. SCOTIA CAPITAL INC. BMO NESBITT BURNS INC. CORMARK SECURITIES INC. LAURENTIAN BANK SECURITIES INC. ATB CAPITAL MARKETS INC. RAYMOND JAMES LTD. INFOR FINANCIAL INC. Promoter(s): - Project #3220669 _______________________________________________


June 3, 2021

(2021), 44 OSCB 4914

Issuer Name: Solution Financial Inc. Principal Regulator - British Columbia Type and Date: Amendment dated May 26, 2021 to Final Short Form Prospectus dated March 29, 2021 NP 11-202 Receipt dated May 28, 2021 Offering Price and Description: Minimum Public Offering: $2,000,000.00 - 5,000,000 Units Maximum Public Offering: $10,000,000.00 - 25,000,000 Units Price: $0.40 per Unit Underwriter(s) or Distributor(s): iA Private Wealth Inc. Promoter(s): - Project #3185631 _______________________________________________ Issuer Name: Superior Plus Corp. Principal Regulator - Ontario Type and Date: Final Shelf Prospectus dated May 25, 2021 NP 11-202 Receipt dated May 25, 2021 Offering Price and Description: $2,000,000,000.00 - Common Shares Preferred Shares Warrants Subscription Receipts Debt Securities Underwriter(s) or Distributor(s): - Promoter(s): - Project #3223427 _______________________________________________ Issuer Name: TELUS Corporation Principal Regulator - British Columbia Type and Date: Final Shelf Prospectus dated May 25, 2021 NP 11-202 Receipt dated May 26, 2021 Offering Price and Description: $3,500,000,000.00 - Debt Securities, Preferred Shares, Common Shares, Warrants to Purchase Equity Securities, Warrants to Purchase Debt Securities, Share Purchase Contracts, Share Purchase or Equity Units, Subscription Receipts Underwriter(s) or Distributor(s): - Promoter(s): - Project #3222611 _______________________________________________

Issuer Name: Whatcom Capital II Corp. Principal Regulator - British Columbia Type and Date: Final CPC Prospectus dated May 28, 2021 NP 11-202 Receipt dated May 31, 2021 Offering Price and Description: $755,000.00 - 7,550,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): - Promoter(s): - Project #3205925 _______________________________________________ Issuer Name: Yubba Capital Corp. Principal Regulator - Ontario Type and Date: Final CPC Prospectus dated May 28, 2021 NP 11-202 Receipt dated May 31, 2021 Offering Price and Description: Minimum Offering: $200,000.00 Maximum Offering: $600,000.00 Minimum of 2,000,000 Common Shares and up to a Maximum of 6,000,000 Common Shares (the "Offering") PRICE: $0.10 per Common Share Underwriter(s) or Distributor(s): HAYWOOD SECURITIES INC. Promoter(s): - Project #3192710 _______________________________________________

June 3, 2021

(2021), 44 OSCB 4915

Chapter 12

Registrations 12.1.1 Registrants

Type Company Category of Registration Effective Date

Change in Registration Category

East Coast Fund Management Inc.

From: Exempt Market Dealer, Portfolio Manager, Investment Fund Manager and Commodity Trading Manager To: Exempt Market Dealer, Portfolio Manager and Investment Fund Manager

May 26, 2021

New Registration JGL Capital Ltd. Portfolio Manager May 27, 2021

Change in Registration Category

EMJ Capital Ltd. From: Restricted Portfolio Manager To: Restricted Portfolio Manager, Exempt Market Dealer and Investment Fund Manager

May 28, 2021

New Registration Vered Wealth Management (Canada) Company Limited

Investment Dealer May 31, 2021

New Registration Sandpiper Investment Services Inc.

Exempt Market Dealer May 25, 2021

Registrations

June 3, 2021

(2021), 44 OSCB 4916


June 3, 2021

(2021), 44 OSCB 4917

Chapter 13

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.3 Clearing Agencies

13.3.1 Canadian Derivatives Clearing Corporation (CDCC) – Proposed Amendments to the Risk Manual of CDCC with Respect to the Initial Margin Model for Bond Derivatives – OSC Staff Notice of Request for Comment

OSC STAFF NOTICE OF REQUEST FOR COMMENT

CANADIAN DERIVATIVES CLEARING CORPORATION (CDCC)

PROPOSED AMENDMENTS TO THE RISK MANUAL OF CDCC WITH RESPECT TO THE INITIAL MARGIN MODEL FOR BOND DERIVATIVES

The Ontario Securities Commission is publishing for public comment the proposed amendments to the CDCC Risk Manual with respect to the Initial Margin Model for Bond Derivatives.

The purpose of the proposed amendments is to introduce a stress risk component in the Initial Margin Model for Bond Derivatives, similarly to what is proposed for Equity Derivatives (published Q1-2021), as a permanent solution to replace the temporary measures introduced post the COVID-19 market volatility.

The comment period ends on July 02, 2021.

A copy of the CDCC Notice is published on our website at http://www.osc.ca.

SROs, Marketplaces, Clearing Agencies and Trade Repositories

June 3, 2021

(2021), 44 OSCB 4918


June 3, 2021

(2021), 44 OSCB 4919

Index Agrios Global Holdings Ltd.

Cease Trading Order ................................................ 4816

Algold Resources Ltd. Cease Trading Order ................................................ 4815

Aonso, Michael Notice from the Office of the Secretary ..................... 4771 Notice from the Office of the Secretary ..................... 4773 Order – ss. 127(8), 127(1)......................................... 4797

Arrow Capital Management Inc. Decision .................................................................... 4781

Avicanna Inc. Cease Trading Order ................................................ 4816

Bhang Inc. Cease Trading Order ................................................ 4816

Bluesky Digital Assets Corp. Cease Trading Order ................................................ 4816

BMO Floating Rate Income Fund Decision .................................................................... 4789

BMO Investments Inc. Decision .................................................................... 4789

BMO Monthly Dividend Fund Ltd. Decision .................................................................... 4789

Calfrac Well Services Ltd. Notice from the Office of the Secretary ..................... 4773

Canadian Derivatives Clearing Corporation Clearing Agencies – Proposed Amendments to the Risk Manual of CDCC with Respect to the Initial Margin Model for Bond Derivatives – OSC Staff Notice of Request for Comment ................................ 4917

Carmichael, Kevin Notice from the Office of the Secretary ..................... 4771 Notice from the Office of the Secretary ..................... 4773 Order – ss. 127(8), 127(1)......................................... 4797

Carr, Taylor Notice from the Office of the Secretary ..................... 4772 Order ......................................................................... 4797

Cartu, David Notice from the Office of the Secretary ..................... 4769 Order with Related Settlement Agreement – ss. 127, 127.1 ......................................................................... 4800 Reasons for Approval of a Settlement – ss. 127, 127.1 ......................................................................... 4807

Cartu, Jonathan Notice from the Office of the Secretary .................... 4769 Order with Related Settlement Agreement – ss. 127, 127.1 ........................................................................ 4800 Reasons for Approval of a Settlement – ss. 127, 127.1 ........................................................................ 4807

Cartu, Joshua Notice from the Office of the Secretary .................... 4769 Order with Related Settlement Agreement – ss. 127, 127.1 ........................................................................ 4800 Reasons for Approval of a Settlement – ss. 127, 127.1 ........................................................................ 4807

CDCC Clearing Agencies – Proposed Amendments to the Risk Manual of CDCC with Respect to the Initial Margin Model for Bond Derivatives – OSC Staff Notice of Request for Comment ............................... 4917

Clean TEQ Holdings Limited Order ........................................................................ 4798

Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

Companion Policy 81-101 Mutual Fund Prospectus Disclosure OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

Companion Policy 81-105 Mutual Fund Sales Practices OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

Cuspis Capital Ltd. Order – s. 1(6) of the OBCA ..................................... 4796

East Coast Fund Management Inc. Change in Registration Category ............................. 4915

Emergia Inc. Cease Trading Order ................................................ 4815

EMJ Capital Ltd. Change in Registration Category ............................. 4915

Empower Clinics Inc. Cease Trading Order ................................................ 4816

EnerSpar Corp. Cease Trading Order ................................................ 4815

Exemplar Investment Grade Fund Decision .................................................................... 4781

Flower One Holdings Inc. Cease Trading Order ................................................ 4816

Index

June 3, 2021

(2021), 44 OSCB 4920

Generation IACP Inc. Decision .................................................................... 4786

Generation PMCA Corp. Decision .................................................................... 4786

Gibbs, Philip Neville Notice from the Office of the Secretary ..................... 4770 Order ......................................................................... 4795

Graham, Dmitri Notice from the Office of the Secretary ..................... 4772 Order ......................................................................... 4797

Holmes, Alexander Francis Cuthbert Notice from the Office of the Secretary ..................... 4770 Order ......................................................................... 4795

I.G. Investment Management, Ltd. Decision .................................................................... 4775

I.G. Investment Management, Ltd. Decision .................................................................... 4779

IG Irish Life Global Equity Fund Decision .................................................................... 4775

IG Mackenzie Low Volatility Canadian Equity Fund Decision .................................................................... 4775

Ionic Brands Corp. Cease Trading Order ................................................ 4816

iProfile Portfolio – Global Equity Balanced Decision .................................................................... 4779

iProfile Portfolio – Global Equity Decision .................................................................... 4779

iProfile Portfolio – Global Fixed Income Balanced Decision .................................................................... 4779

iProfile Portfolio – Global Neutral Balanced Decision .................................................................... 4779

JGL Capital Ltd. New Registration ...................................................... 4915

Jones, Alvin Notice from the Office of the Secretary ..................... 4770 Order ......................................................................... 4795

Jushi Holdings Inc. Cease Trading Order ................................................ 4816

King Global Ventures Inc. Cease Trading Order ................................................ 4816

KM Strike Management Inc. Notice from the Office of the Secretary ..................... 4771 Notice from the Office of the Secretary ..................... 4773 Order – ss. 127(8), 127(1)......................................... 4797

Matica Enterprises Inc. Cease Trading Order ................................................ 4816

Nass Valley Gateway Ltd. Cease Trading Order ................................................ 4816

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

National Instrument 81-101 Mutual Fund Prospectus Disclosure OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

National Instrument 81-105 Mutual Fund Sales Practices OSC Notice of Amendments – Prohibition of Deferred Sales Charges for Mutual Funds ............... 4719

Pennine Petroleum Corporation Cease Trading Order ................................................ 4815

Performance Sports Group Ltd. Cease Trading Order ................................................ 4815

Plateau Energy Metals Inc. Notice from the Office of the Secretary .................... 4770 Order ........................................................................ 4795

Pure Hydrogen Corporation Limited Cease Trading Order ................................................ 4815

Red White & Bloom Brands Inc. Cease Trading Order ................................................ 4816

Reservoir Capital Corp. Cease Trading Order ................................................ 4816

Rosborough, Trevor Notice from the Office of the Secretary .................... 4772 Order ........................................................................ 4797

Sandpiper Investment Services Inc. New Registration ..................................................... 4915

Sheehan, Daniel Notice from the Office of the Secretary .................... 4772 Order ........................................................................ 4796

Strike Holdings Inc. Notice from the Office of the Secretary .................... 4771 Notice from the Office of the Secretary .................... 4773 Order – ss. 127(8), 127(1) ........................................ 4797

Sunrise Energy Metals Limited Order ........................................................................ 4798

Threegold Resources Inc. Notice from the Office of the Secretary .................... 4771 Reasons for Decision ............................................... 4810

Tree of Knowledge International Corp. Cease Trading Order ................................................ 4816

TSX Inc. Notice from the Office of the Secretary .................... 4773

Index

June 3, 2021

(2021), 44 OSCB 4921

Vered Wealth Management (Canada) Company Limited New Registration ....................................................... 4915

WeedMD Inc. Cease Trading Order ................................................ 4816

Wilks Brothers, LLC Notice from the Office of the Secretary ..................... 4773

Index

June 3, 2021

(2021), 44 OSCB 4922
