WestlawNext Canada | Better Results Faster · The Ontario Securities Commission OSC Bulletin December 20, 2018 Volume 41, Issue 51 (2018), 41 OSCB The Ontario Securities Commission

The Ontario Securities Commission

OSC Bulletin

December 20, 2018

Volume 41, Issue 51

(2018), 41 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)

The Ontario Securities Commission Published under the authority of the Commission by: Cadillac Fairview Tower Thomson Reuters 22nd Floor, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4 416-593-8314 or Toll Free 1-877-785-1555 416-609-3800 or 1-800-387-5164 Contact Centre – Inquiries, Complaints: Fax: 416-593-8122 TTY: 1-866-827-1295 Office of the Secretary: Fax: 416-593-2318

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December 20, 2018

(2018), 41 OSCB

Table of Contents

Chapter 1 Notices ................................................... 9937 1.1 Notices .......................................................... 9937 1.1.1 Notice of Ministerial Approval of Amendments to National Instrument 81-102 Investment Funds, National Instrument 81-104 Commodity Pools, National Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument 41-101 General Prospectus Requirements, National Instrument 81-106 Investment Fund Continuous Disclosure, and National Instrument 81-107 Independent Review

Committee for Investment Funds ................... 9937 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 ............................................ 9938 1.4.1 Larry Keith Davis ............................................ 9938 1.4.2 MOAG Copper Gold Resources Inc. et al. ............................................................... 9938 1.4.3 Caldwell Investment Management Ltd. .......... 9939 1.4.4 Katanga Mining Limited et al. ......................... 9939 1.5 Notices from the Office of the Secretary with Related Statements of Allegations ............................ (nil) Chapter 2 Decisions, Orders and Rulings ............ 9941 2.1 Decisions ...................................................... 9941 2.1.1 DPS Capital Inc. ............................................. 9941 2.1.2 Quadrus Investment Services Ltd. ................. 9945 2.1.3 Yorkville Asset Management Inc. ................... 9950 2.1.4 Mackenzie Financial Corporation ................... 9954 2.1.5 Husky Energy Inc. .......................................... 9960 2.2 Orders............................................................ 9964 2.2.1 Mitel Networks Corporation ............................ 9964 2.2.2 Larry Keith Davis ............................................ 9966 2.2.3 MOAG Copper Gold Resources Inc. et al. ............................................................... 9971 2.2.4 Bloomberg Trading Facility Limited – s. 144.......................................................... 9972 2.2.5 Xplore Technologies Corp. ............................ 9973 2.2.6 DBRS Limited ................................................. 9975 2.2.7 Marlin Gold Mining Ltd.................................... 9978 2.2.8 Caldwell Investment Management Ltd. .......... 9980 2.2.9 Katanga Mining Limited et al. – ss. 127(1), 127.1 ........................................ 9981 2.3 Orders with Related Settlement Agreements .................................................... (nil) 2.4 Rulings ........................................................... (nil)

Chapter 3 Reasons: Decisions, Orders and Rulings .................................................. 9987 3.1 OSC Decisions ............................................. 9987 3.1.1 Katanga Mining Limited et al. – ss. 127, 127.1 ............................................ 9987 3.2 Director’s Decisions ...................................... (nil) Chapter 4 Cease Trading Orders .......................... 9991 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 9991 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders.............. 9991 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................... 9991 Chapter 5 Rules and Policies ................................ 9993 5.1.1 Amendments to National Instrument 81-102 Investment Funds .............................. 9993 5.1.2 Changes to Commentary to National Instrument 81-102 Investment Funds .......... 10002 5.1.3 Changes to Companion Policy 81-102CP to National Instrument 81-102 Investment Funds ........................................ 10003 5.1.4 Amendments to National Instrument 81-104 Commodity Pools ............................. 10004 5.1.5 Withdrawal of Companion Policy 81-104CP to National Instrument 81-104 Commodity Pools ......................................... 10005 5.1.6 Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure .................................................... 10006 5.1.7 Amendments to National Instrument 41-101 General Prospectus Requirements .............................................. 10009 5.1.8 Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure ............................................. 10012 5.1.9 Amendments to National Instrument 81-107 Independent Review Committee for Investment Funds ................................... 10013 5.1.10 Changes to Commentary to National Instrument 81-107 Independent Review Committee for Investment Funds ................. 10014 Chapter 6 Request for Comments ...................... 10015 6.1.1 CSA Staff Notice and Request for Comment 23-323 Trading Fee Rebate Pilot Study ................................................... 10015 Chapter 7 Insider Reporting ................................ 10043 Chapter 9 Legislation ............................................... (nil)

Table of Contents

December 20, 2018

(2018), 41 OSCB

Chapter 11 IPOs, New Issues and Secondary Financings ........................................... 10165 Chapter 12 Registrations ....................................... 10175 12.1.1 Registrants ................................................... 10175 Chapter 13 SROs, Marketplaces,

Clearing Agencies and Trade Repositories .............................. 10177

13.1 SROs............................................................... (nil) 13.2 Marketplaces ............................................... 10177 13.2.1 Bloomberg Trading Facility Limited – Notice of Commission Order ........................ 10177 13.2.2 TSX – Notice of Housekeeping Rule Amendments to the TSX Company Manual.......................................................... 10178 13.2.3 Canadian Securities Exchange – Form 9 Notice of Proposed Issuance of Listed Securities and Policy 6 Distributions – Notice of Approval ........................................ 10185 13.2.4 Canadian Securities Exchange – Introduction of Monthly Tier Credits – Top of Book – Notice of Approval ................. 10185 13.2.5 Liquidnet Canada Inc. – Changes to Broker Blocks Functionality – Notice of Approval..... 10186 13.2.6 TriAct Canada Marketplace LP – Amendments to Trading System Functionality – Notice of Approval ................ 10186 13.3 Clearing Agencies ......................................... (nil) 13.4 Trade Repositories ........................................ (nil) Chapter 25 Other Information ................................... (nil) Index .......................................................................... 10187

December 20, 2018

(2018), 41 OSCB 9937

Chapter 1

Notices 1.1 Notices 1.1.1 Notice of Ministerial Approval of Amendments to National Instrument 81-102 Investment Funds, National

Instrument 81-104 Commodity Pools, National Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument 41-101 General Prospectus Requirements, National Instrument 81-106 Investment Fund Continuous Disclosure, and National Instrument 81-107 Independent Review Committee for Investment Funds

NOTICE OF MINISTERIAL APPROVAL OF AMENDMENTS TO

NATIONAL INSTRUMENT 81-102 INVESTMENT FUNDS, NATIONAL INSTRUMENT 81-104 COMMODITY POOLS,

NATIONAL INSTRUMENT 81-101 MUTUAL FUND PROSPECTUS DISCLOSURE, NATIONAL INSTRUMENT 41-101 GENERAL PROSPECTUS REQUIREMENTS,

NATIONAL INSTRUMENT 81-106 INVESTMENT FUND CONTINUOUS DISCLOSURE, AND NATIONAL INSTRUMENT 81-107 INDEPENDENT REVIEW COMMITTEE FOR INVESTMENT FUNDS

On December 6, 2018, the Ontario Minister of Finance approved amendments (the Rule Amendments) made by the Ontario Securities Commission to the following rules:

• National Instrument 81-102 Investment Funds (NI 81-102) • National Instrument 81-104 Commodity Pools • National Instrument 81-101 Mutual Fund Prospectus Disclosure • National Instrument 41-101 General Prospectus Requirements • National Instrument 81-106 Investment Fund Continuous Disclosure • National Instrument 81-107 Independent Review Committee for Investment Funds

The Rule Amendments to NI 81-102 reflect one correction adopted by the Commission: the words “, divided by the fund’s net asset value” were deleted in subsection 2.9.1(2) of NI 81-102 before the Rule Amendments were approved by the Minister. The Rule Amendments, as well as corresponding changes to commentaries and Companion Policies (the CP Changes), were published in Supplement 2 of the Bulletin on October 4, 2018. The same material is being published today in Chapter 5 of this Bulletin, except that today’s Chapter 5 reflects the one correction to the Rule Amendments. The Rule Amendments and the CP Changes become effective on January 3, 2019.

Notices

December 20, 2018

(2018), 41 OSCB 9938

1.4 Notices from the Office of the Secretary 1.4.1 Larry Keith Davis

FOR IMMEDIATE RELEASE December 12, 2018

LARRY KEITH DAVIS,

File No. 2017-6 TORONTO – The Commission issued an Order in the above named matter. A copy of the Order dated December 12, 2018 and the Amended Statement of Allegations dated December 12, 2018 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.4.2 MOAG Copper Gold Resources Inc. et al.


MOAG COPPER GOLD RESOURCES INC.,

GARY BROWN and BRADLEY JONES,

File No. 2018-41 TORONTO – The Commission issued an Order in the above named matter. A copy of the Order dated December 12, 2018 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

http://www.osc.gov.on.ca/




Notices

December 20, 2018

(2018), 41 OSCB 9939

1.4.3 Caldwell Investment Management Ltd.


CALDWELL INVESTMENT MANAGEMENT LTD.,

File No. 2018-36 TORONTO – The Commission issued an Order in the above named matter. A copy of the Order dated December 17, 2018 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

1.4.4 Katanga Mining Limited et al.


KATANGA MINING LIMITED, ARISTOTELIS MISTAKIDIS,

TIM HENDERSON, LIAM GALLAGHER,

JEFFREY BEST, JOHNNY BLIZZARD,

JACQUES LUBBE and MATTHEW COLWILL,

File No. 2018-76 TORONTO – Following a hearing held today, the Commission issued an Order approving the Settlement Agreement reached between Staff of the Commission and the respondents in the above named matter. A copy of the Order dated December 18, 2018, Oral Reasons for Approval of a Settlement dated December 18, 2018, and Settlement Agreement dated December 14, 2018 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY GRACE KNAKOWSKI SECRETARY TO THE COMMISSION For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)





Notices

December 20, 2018

(2018), 41 OSCB 9940

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December 20, 2018

(2018), 41 OSCB 9941

Chapter 2

Decisions, Orders and Rulings 2.1 Decisions 2.1.1 DPS Capital Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief from the self-dealing prohibitions in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to permit a one-time reorganization into a fund-on-fund structure including a one-time initial in-specie subscription by the top fund in the related bottom fund subject to conditions. Applicable Legislative Provisions National Instrument 31-103 Registration Requirements,

Exemptions and Ongoing Registrant Obligations, ss. 13.5(2)(a), 13.5(2)(b).

December 5, 2018

IN THE MATTER OF

THE SECURITIES LEGISLATION OF ONTARIO

(the Jurisdiction)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF DPS CAPITAL INC.

(the Filer)

DECISION

Background The principal regulator in the Jurisdiction has received an application from the Filer on its behalf and on behalf of Parkwood Limited Partnership Fund, an Ontario limited partnership (the “Ontario Fund”), and a Cayman Islands exempted company to be formed (the “Master Fund” and, together with the Ontario Fund, the “Funds”), for a decision under the securities legislation of the principal regulator (the Legislation) pursuant to section 15.1 of National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), exempting the Filer from:

(a) the prohibition contained in section 13.5(2)(a) of NI 31-103 that prohibits a registered adviser from knowingly caus-ing an investment portfolio managed by it, including an investment fund for which it acts as an adviser, to purchase a security of an issuer in which a respon-sible person or an associate of a respon-sible person is a partner, officer or direc-tor unless this fact is disclosed to the client, and the written consent of the client to the purchase is obtained before the purchase, to permit the Ontario Fund to make its initial investment in the Master Fund (the Related Issuer Relief); and

(b) the prohibition contained in section

13.5(2)(b) of NI 31-103 that prohibits a registered adviser from knowingly caus-ing an investment portfolio managed by it, including an investment fund for which it acts as an adviser, to purchase or sell a security from or to the investment port-folio of (a) a responsible person, (b) an associate of a responsible person or (c) an investment fund for which a respon-sible person acts as an adviser, to permit the Filer, on behalf of the Ontario Fund, to pay for the initial investment in the Master Fund by transferring portfolio securities from the Ontario Fund to the Master Fund (the In-Species Trans-action and the In-Species Relief);

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

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

(b) in respect of the Related Issuer Relief and

the In-Species Relief, the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each province and territory of Canada where security holders of the Ontario Fund are resident.

Interpretation Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Decisions, Orders and Rulings

December 20, 2018

(2018), 41 OSCB 9942

Representations 1. The Filer is a corporation established under the

laws of Ontario with its head office located in Toronto, Ontario.

2. The Filer is registered in Ontario as an investment

fund manager, a portfolio manager and an exempt market dealer, in Quebec as an investment fund manager and an exempt market dealer and in each of British Columbia and Nova Scotia as an exempt market dealer.

3. The Filer is and will be the manager and portfolio

adviser of the Funds. 4. The Ontario Fund was formed in May 2004 and has

issued and will issue limited partnership units exclusively to Canadian investors pursuant to the “accredited investor exemption” or another exemption from the prospectus requirement under applicable Canadian securities laws. It is a non-redeemable investment fund.

5. The Master Fund is a Cayman Islands exempted

company formed on November 22, 2018 as the master fund in a “feeder-master” structure and will commence issuing securities on January 1, 2019.

6. The Master Fund will issue interests in the Master

Fund directly to non-residents of Canada and to the Ontario Fund.

7. Each of the Funds has the same investment

objectives and strategies and as such, the investments held by the Master Fund are compatible with the investment objectives and strategies of the Ontario Fund and the investments held by the Ontario Fund are compatible with the investment objectives and strategies of the Master Fund.

8. None of the Funds is, or will become, a reporting

issuer in Canada. Each Fund is not in default of securities legislation in any province or territory of Canada.

9. The Filer is not a reporting issuer in any jurisdiction

of Canada and is not in default of securities legislation in any province or territory of Canada.

10. The Filer will provide timely notice of the transition

contemplated hereunder to each of the investors in the Ontario Fund so that each investor will be able to redeem from the Ontario Fund prior to giving effect to such transition.

Fund-on-Fund Structure 11. The Filer wishes to cause the Ontario Fund to

invest in the Master Fund.

12. The investment objectives and strategies of the Ontario Fund and the Master Fund are and will be substantially the same.

13. The fund-on-fund structure will permit the Filer to

manage a single portfolio of assets for both the Ontario Fund and the Master Fund in a single investment vehicle structure.

14. Managing a single pool of assets provides

economies of scale, allows the Ontario Fund to achieve its investment objectives in a cost efficient manner and will not be detrimental to the interests of other shareholders of the Master Fund.

15. The fund-on-fund structure is expected to increase

the asset base of the Master Fund, which is expected to result in additional benefits to shareholders of the Master Fund (including the Ontario Fund), including more favourable pricing and transaction costs on portfolio trades, increased access to investments when there is a minimum subscription or purchase amount, and better economies of scale through greater administrative efficiency.

16. The investment in the Master Fund by the Ontario

Fund as at January 1. 2019 will be effected at the then current net asset value of the Ontario Fund and thereafter, the Ontario Fund will invest cash in the Master Fund. The Master Fund will not yet have any assets at the time the Ontario Fund makes its initial investment in the Master Fund. Currently, the Ontario Fund holds primarily publicly traded securities and does not hold more than 10% of its assets in “illiquid assets”, as defined in National Instrument 81-102 (NI 81-102). The Master Fund may invest more than 10% of its assets in illiquid assets after the Ontario Fund’s initial investment, but will obtain the consent of its investors going forward as required under section 13.5(2)(a) of NI 31-103.

17. The Master Fund will not itself be a top fund in a

fund-on-fund structure. 18. Securities of the Ontario Fund and the Master Fund

have, or will have, matching redemption and valuation dates.

19. The Filer manages, or will manage, the liquidity of

the Ontario Fund having regard to the redemption features of the Master Fund to ensure that it can meet redemption requests from investors of the Ontario Fund.

20. Effective as of January 1, 2019, the investment

assets of the Ontario Fund and the Master Fund will continue to be held in accordance with sections 14.5.2 to and including 14.6.2 of NI 31-103.

21. In the absence of the Related Issuer Relief, the

Ontario Fund is precluded from investing in the


December 20, 2018

(2018), 41 OSCB 9943

Master Fund unless the specific fact is disclosed to securityholders of the Ontario Fund and the written consent of the securityholders of the Ontario Fund to the investment is obtained prior to the purchase, since an officer and/or director of the Filer, who may be considered a responsible person (as per section 13.5 of NI 31-103) or an associate of a responsible person, may also be a partner, officer and/or director of the Master Fund.

22. The Ontario Fund will not vote the securities of the

Master Fund held by it at any meeting of holders of such securities except that the Ontario Fund may, if the Filer so chooses, arrange for all of the securities it holds of the Master Fund to be voted by the beneficial holders of securities of the Ontario Fund to the extent the matter being voted on would have required approval of such beneficial holders had it occurred at the Ontario Fund level.

23. The Ontario Fund will revise its offering documents

upon receipt of the exemptive relief being sought under this Application to disclose that commencing on January 1, 2019, the Ontario Fund will invest substantially all of its capital in the Master Fund and to obtain the consent of security holders of the Ontario Fund whose subscription is effective on and following January 1, 2019. The Filer only requires the Related Issuer Relief in connection with the Ontario Fund’s initial investment in the Master Fund.

24. The investment by the Ontario Fund in the Master

Fund represents the Filer’s business judgment, uninfluenced by considerations other than the best interests of the Ontario Fund and the Master Fund.

25. There will not be any duplication of management or

performance fees paid to the Filer or any of its affiliates.

26. There will not be any duplication of incentive

allocations, performance allocations or other similar participations in the profits of the Ontario Fund and the Master Fund by the Filer or any of its affiliates.

In-Specie Transaction 27. The Filer wishes to engage in the In-Specie

Transaction effective as of January 1, 2019 pursuant to which the Ontario Fund will purchase securities of the Master Fund and as payment for the securities make good delivery of portfolio securities that meet the investment criteria of the Master Fund.

28. The Filer considers an investment by the Ontario

Fund in the Master Fund by way the In-Specie Transaction, to be a more cost effective and efficient way for the Ontario Fund to achieve exposure to the portfolio securities than a direct investment in those securities.

29. In the circumstances, instead of the Ontario Fund

disposing of portfolio securities and the Master Fund respectively purchasing the same securities and incurring unnecessary brokerage costs, the portfolio securities will, pursuant to the In-Specie Transaction, be acquired by the Master Fund.

30. As the Filer is the portfolio adviser of each Fund,

the Filer would be considered to be a “responsible person” within the meaning of the applicable provisions of NI 31-103. Accordingly, without the In-Species Relief, the Filer would be prohibited from engaging the Funds in the In-Specie Transaction.

31. The In-Specie Transaction will represent the

business judgment of the Filer uninfluenced by considerations other than the best interests of the Funds.

32. In connection with the In-Specie Transaction:

(a) the Master Fund will, at the time of

payment, be permitted to purchase the portfolio securities;

(b) the portfolio securities are acceptable to

the Filer, as portfolio adviser to the Master Fund, and are consistent with the investment objectives of the Master Fund;

(c) the value of the portfolio securities is

equal to the issue price of the securities of the Master Fund for which they are payment, valued as if the securities were portfolio assets of the Master Fund;

(d) each Fund will keep written records of the

In-Specie Transaction, reflecting the details of portfolio securities delivered to, or delivered by, such Fund and the value assigned to such portfolio securities, for a period of five years after the end of the fiscal year, the most recent two years in a reasonably accessible place;

(e) the Filer does not receive any com-

pensation in respect of the In-Species Transaction and, in respect of the delivery of portfolio securities under the In- Species Transaction, the only charge paid by the Fund may be a commission charged by the dealer executing the trade and/or any administrative charges levied by the custodian;

(f) the Filer has determined that it is in the

best interests of the Funds to receive the exemption sought and engage in In-Specie Transactions.


December 20, 2018

(2018), 41 OSCB 9944

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 Related Issuer Relief is granted provided that: 1. securities of the Ontario Fund are distributed in

Canada solely pursuant to exemptions from the prospectus requirement under Canadian securit-ies legislation;

2. the investment by the Ontario Fund in the Master

Fund is compatible with the fundamental invest-ment objectives of the Ontario Fund;

3. the investment in the Master Fund by the Ontario

Fund will be effected at the then current net asset value of the Ontario Fund;

4. the Ontario Fund will not purchase or hold a

security of the Master Fund unless at the time of purchasing securities of the Master Fund, the Master Fund holds no more than 10% of its NAV in securities of other investment funds;

5. no management fees or incentive fees are payable

by the Ontario Fund that, to a reasonable person, would duplicate a fee payable by the Master Fund for the same service;

6. no sales fee or redemption fees are payable by the

Ontario Fund in relation to its purchases or redemptions of securities of the Master Fund that, to a reasonable person, would duplicate a fee payable by an investor in the Ontario Fund;

7. the Filer does not cause the securities of the Master

Fund held by Ontario Fund to be voted at any meeting of the holders of such securities, except that the Filer may arrange for the securities the Ontario Fund holds of the Master Fund to be voted by the beneficial owners of the securities of the Ontario Fund who are not the Filer or an officer, director or substantial securityholder of the Filer; and

8. when purchasing and/or redeeming securities of

Master Fund, the Filer shall act honestly, in good faith and in the best interests of the Ontario Fund and the Master Fund, respectively, and shall exercise the care and diligence that a reasonably prudent person would exercise in comparable circumstances.

The In-Species Relief is granted provided that: 1. the Master Fund will at the time of payment be

permitted to purchase the portfolio securities delivered in specie by the Filer, on behalf of the Ontario Fund;

2. the portfolio securities are acceptable to the Filer

as portfolio adviser of the Master Fund, and consistent with the investment objectives of the Master Fund;

3. the portfolio securities transferred by the Ontario

Fund as purchase consideration will be valued: (i) on the same valuation day on which the purchase price of the Master Fund’s securities is determined; and (ii) at a value equal to the amount at which those portfolio securities were valued in calculating the net asset value used to establish the purchase price of the Master Fund’s securities, as if the portfolio securities were assets of the Master Fund and as if the Master Fund was subject by subsection 9.4(2)(b)(iii) of NI 81-102;

4. each of the Ontario Fund and the Master Fund will

keep written records of the In-Specie Transaction, reflecting details of the portfolio securities delivered to the Master Fund, and the value assigned to such portfolio securities, for a period of five years after the end of the fiscal year, the most recent two years in a reasonably accessible place; and

5. the Filers do not receive any compensation in

respect of any sale or redemption of securities of the Ontario Fund and, in respect of any delivery of portfolio securities further to the In-Specie Transaction, the only charge paid by the Ontario Fund or the Master Fund is the transfer charge.

“Neeti Varma” Acting Manager Investment Funds & Structured Products Branch Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9945

2.1.2 Quadrus Investment Services Ltd. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief from the requirement in s.3.2.01, NI 81-101 to deliver a fund facts document to investors for subsequent purchases of mutual fund securities made pursuant to model portfolios, subject to certain conditions. Applicable Legislative Provisions National Instrument 81-101 Mutual Fund Prospectus Disclosure, ss. 3.2.01, 6.1.

December 11, 2018

IN THE MATTER OF THE SECURITIES LEGISLATION OF

ONTARIO (the Jurisdiction)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

QUADRUS INVESTMENT SERVICES LTD. (the Filer)

DECISION

Background The principal regulator (Principal Regulator) in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction (Legislation) for an exemption from the requirement (Fund Facts Delivery Requirement) in section 5.2 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) to send or deliver the most recently filed fund facts document (Fund Facts) in the manner required under the Legislation in respect of purchases of securities of the Funds (as defined below) that are made in connection with Rebalancing Trades (as defined below) and Weighting Change Trades (as defined below) executed with respect to a Model Portfolio (as defined below) (Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102)

is intended to be relied upon by the Filer in all the provinces and territories of Canada (together with Ontario, the Jurisdictions) in respect of the Exemption Sought.

Interpretation Terms defined in MI 11-102 and National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation incorporated under the laws of Canada with its head office located in London, Ontario.


December 20, 2018

(2018), 41 OSCB 9946

2. The Filer is registered as a mutual fund dealer in each of the jurisdictions of Canada and is a member of the Mutual Fund Dealers Association of Canada.

3. Mackenzie Financial Corporation (Mackenzie) is a corporation amalgamated under the laws of Ontario with its head

office located in Toronto, Ontario. 4. Mackenzie is registered as an investment fund manager in each of Ontario, Quebec and Newfoundland & Labrador, as

a portfolio manager and exempt market dealer in each of the Jurisdictions, and as a commodity trading manager in Ontario.

5. Mackenzie is the investment fund manager of certain mutual funds (New Funds) which will form part of the London Life

Managed Program model portfolio service described below (the Service) and may, in the future, be the manager of other mutual funds used in the Service (collectively with the New Funds, the Funds).

6. The Filer acts as the principal distributor of securities of the Funds offered under the Service. 7. Each Fund will be an open-ended mutual fund established under the laws of Ontario or another Jurisdiction. 8. Each Fund is or will be a reporting issuer in one or more of the Jurisdictions and is or will be subject to the provisions of

National Instrument 81-102 Investment Funds (NI 81-102). 9. Mackenzie, the Filer and the New Funds are not in default of securities legislation in any Jurisdiction. The Service 10. Mackenzie proposes to offer the Service to investors in the Funds who typically have a minimum of $25,000 to invest

(either alone or part of a household). The Service will allow investors to match their risk profile and investment objectives to a model portfolio of Funds (each, a Model Portfolio) and then allocate their investment into I Series securities of such Funds and rebalance such investments on a pre-determined periodic basis.

11. Each Model Portfolio will be comprised entirely of Funds for which Mackenzie acts as investment fund manager. Only I

Series securities of the Funds will be used in the Service. The Funds do not pay any fees to Mackenzie in respect of I Series securities; instead, I Series investors pay a management and administration fee directly to Mackenzie.

12. Under the Service, Mackenzie proposes to offer a number of Model Portfolios, each of which will correspond to a different

investment objective, investment horizon and risk profile. 13. Each Model Portfolio will be comprised of a selection of Funds and will have its own unique allocation of mutual funds

that are exposed to different asset classes (the Asset Classes). 14. Mackenzie will construct Model Portfolios which provide exposure to the different Asset Classes. In the case of certain

Asset Classes, Mackenzie will identify a short list of Funds that are all suitable for the particular Model Portfolio. Each Fund within each Asset Class will have a specified minimum and maximum percentage permitted range (the Permitted Range) that is identified by Mackenzie.

15. The Filer will collect all of the relevant know-your-client and suitability information (including the client's financial

circumstances, investment knowledge, investment objectives, investment time horizon and risk tolerance) for each client in the Service.

16. If a potential client is interested in the Service, the potential client will meet with a dealing representative of the Filer and,

through the use of a digital tool (Tool), complete a series of questions in order to establish their risk profile, investment objectives, time horizon, liquidity needs and income requirements. Based on the potential client's responses in the Tool, a Model Portfolio will be recommended by the Filer as most suitable for the potential client. Where there is a choice of Funds within a particular Asset Class for the Model Portfolio, the dealing representative of the Filer will provide a recommendation for the specific Fund to be used for the particular Asset Class.

17. The client will discuss the recommended Model Portfolio and the recommended specific Funds with their dealing

representative in face-to-face meetings and/or via the telephone or email or other written correspondence. However, the client ultimately choses the Model Portfolio and, where there is a choice available, also selects which Funds are to be used in the desired Model Portfolio.


December 20, 2018

(2018), 41 OSCB 9947

18. The Tool will generate: (a) an investment policy statement which reflects the composition of the Model Portfolio and the Funds in the Model

Portfolio, the percentage allocation among the Asset Classes and the Permitted Range to be invested in for each Fund; and

(b) a client acknowledgement letter which describes the fees and provides for the payment of the fees to the Filer

and Mackenzie and the terms of the Service, as well as the rules governing the investment and management of the Model Portfolio (the I Series Account Agreement).

19. Clients will have no direct contact with Mackenzie in connection with Mackenzie’s management of the Model Portfolios

and will interact solely with the Filer and approved persons of the Filer in connection with Mackenzie’s management of the Model Portfolios and the Filer’s administration of its accounts.

20. The fees and expenses charged in respect of the Service will be disclosed in the simplified prospectus and Fund Facts

of the Funds and in the I Series Account Agreement. 21. There will be no duplication of any fees or charges as a result of a client’s decision to use the Service:

(a) Mackenzie will receive management and administration fees directly from each investor in respect of the

investor’s holding of I Series securities of the Funds. These management and administration fees are charged on a tiered basis depending upon the amount of assets held by each investor and their household across all mutual funds, segregated funds and annuities offered by London Life and the Filer and includes the cost to Mackenzie of offering and managing the Service.

(b) The Filer and its dealing representatives will not receive any trailing commissions from the Funds and, instead,

will receive advisor service fees from each client in the Service, which reflects the costs associated with performing its dealer responsibilities for the Service.

(c) No sales charges, redemption fees, switch fees or early trading fees will be charged in connection with any

trades effected under the Service.

22. The I Series Account Agreement with the Filer and Mackenzie sets out, amongst other matters, the following:

(a) Model Portfolio – The client will authorize Mackenzie to manage the client’s investments on a discretionary basis with a view to ensuring that the client’s account(s) are managed in accordance with the agreed upon Model Portfolio, according to the Permitted Range indicated in the I Series Account Agreement, but will provide that Mackenzie is not responsible for taking into consideration the client’s financial circumstances or risk profile in the management of the account(s);

(b) No Changes to another Model Portfolio – In the event that changes in the client’s financial circumstances or risk

profile are communicated by the client to the Filer, which results in a different Model Portfolio being more suitable for the client, the client will be required to enter into a new I Series Account Agreement before the client’s investments are changed to reflect the new Model Portfolio;

(c) Funds in Model Portfolio – Except as described below, none of the Filer, Mackenzie or the client can make any

changes to the Funds that make up the chosen Model Portfolio, or to the weighting established for each Fund within an Asset Class in the Model Portfolio. If the client desires to change the Funds or invest in a different Model Portfolio, the investor must terminate the I Series Account Agreement and enter into a new I Series Account Agreement that specifies the new Funds to be used in the Model Portfolio and/or new Model Portfolio. To the extent Mackenzie determines it will no longer offer a Fund within a Model Portfolio (e.g. upon termination of the Fund), it will identify a new Fund to be included in the Model Portfolio and 60 days’ advance written notice will be sent to the affected clients, delivering a copy of the Fund Facts for the new Fund and specifying that if the client does not provide his or her objection to the proposed change within a specified date, then Mackenzie will take this non objection as consent to make the Fund substitution in the client’s Model Portfolio on the effective date;

(d) KYC and Suitability – The client will acknowledge that the KYC Requirement and Suitability Requirement is not

the responsibility of Mackenzie and instead, the Filer will be responsible for gathering and periodically updating the KYC information concerning the client and confirming the suitability of the client’s Model Portfolio;

(e) Initial Allocation – To commence the Service, the client will invest his/her assets in I Series units of a money

market fund managed by Mackenzie and then will instruct the Filer to switch all investments made by the client


December 20, 2018

(2018), 41 OSCB 9948

in the money market fund into I Series securities of the Funds that make up the chosen Model Portfolio across all accounts for which the client is the beneficial owner according to the target allocation indicated in the I Series Account Agreement;

(f) Asset Classes – The client will authorize Mackenzie to use its discretion to change and update the percentage

allocations of the Asset Classes within the Model Portfolio by purchasing and redeeming I Series securities of the Funds in the Model Portfolio (a Weighting Change Trade), provided the client is given at least 60 days’ advance written notice of the change, but will not authorize the Filer or Mackenzie to add a new Fund into an Asset Class;

(g) Rebalancing Trades – The client will authorize Mackenzie to rebalance holdings in the Funds from time to time

within the Permitted Ranges in a manner that seeks to reduce the tax impact of holding such Funds across all account types for which the client is the beneficial owner (the Rebalancing Trades); and

(h) No Discretionary Authority for the Filer – The client will acknowledge that the Filer will not have discretionary

authority to participate in the management of the Model Portfolio or to effect Weighting Change Trades or Rebalancing Trades.

23. The I Series Account Agreement will explain the different responsibilities of the Filer and Mackenzie with respect to the

client and the client's Model Portfolio. This will include disclosure that Mackenzie is responsible for managing the Model Portfolio without reference to the client's circumstances and only in accordance with the Model Portfolio selected by the client, and the Filer alone will have the responsibility to determine that the selected Model Portfolio is and remains suitable for the client.

24. A client may terminate the Service at any time by instructing the Filer to redeem or switch the client’s investment out of I

Series securities of the Funds. On-going Monitoring and Oversight 25. The following monitoring and oversight procedures will be carried out in connection with each client’s account in the

Service: (a) An annual portfolio review will be conducted by the relevant dealing representative of the Filer to determine

whether there have been any changes to the client’s circumstances that would warrant the selection of another Model Portfolio; and

(b) Ongoing oversight of each Model Portfolio by Mackenzie’s advising representatives, including the selection of

recommended Funds within each Asset Class, to determine whether the composition of the Model Portfolio remains suitable for the risk profile of the model or whether any changes to the Asset Classes or selection of Funds within the model would be appropriate.

26. If Mackenzie determines it is appropriate to make a Weighting Change Trade to the Asset Classes in each a Model

Portfolio, each affected client will receive a notice describing the proposed change and specifying that if the client does not provide his or her objection to the proposed change within a specified date, then Mackenzie will take this non objection as consent to make the appropriate changes to the client’s Model Portfolio of Funds on the effective date.

Account Reporting 27. The I Series securities of the Funds that comprise each Model Portfolio are directly held by each client in his/her own

account(s) established with the Filer. 28. The Weighting Change Trades and Rebalancing Trades will be reflected in each client’s account(s) with the Filer on the

business day following such trades and the records of Mackenzie and the Filer are reconciled daily. 29. Clients will be able to access their accounts via the internet on a daily basis. 30. The Filer will send statements of account to each client in the Service on a quarterly basis. 31. An investment performance report will be sent to each client in the Service by the Filer on an annual basis. 32. Mackenzie will provide each client in the Service with an annual tax reporting package.


December 20, 2018

(2018), 41 OSCB 9949

Exemption Sought 33. Weighting Change Trades and Rebalancing Trades will result in redemptions and purchases of securities of one or more

Funds in the Model Portfolio. Such purchases would trigger the Fund Facts Delivery Requirement for the Fund(s) in the Model Portfolio, unless the Filer has previously delivered the most recent Fund Facts.

34. The Fund Facts Delivery Requirement requires the Filer, unless it has previously done so, to deliver or send to the

investor the most recently filed Fund Facts before the Filer accepts an instruction from the investor to purchase a security of a Fund.

35. Prior to the initial set-up of a new Model Portfolio for an investor or prior to an investor adding new money to their chosen

Model Portfolio, the Filer will send or deliver the Fund Facts document in respect of the money market fund and each Fund in the chosen Model Portfolio to the investor, in accordance with the Fund Facts Delivery Requirement.

36. In the absence of the Exemption Sought, unless the Filer has previously done so, the Filer is required to deliver the most

recently filed Fund Facts for each affected Fund in an investor’s chosen Model Portfolio prior to each Weighting Change Trade and Rebalancing Trade.

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 provided that:

(a) each investor in a Model Portfolio is sent or delivered a notice that states:

(i) that except as contemplated in representations 22 and 26 above, the investor will not receive the Fund Facts for the Funds in the Model Portfolio from time to time, unless the investor specifically requests them,

(ii) the investor is entitled to receive upon request, at no cost to the investor, the most recently filed Fund

Facts for the Funds in the Model Portfolio by calling a specified toll-free number, or by sending a request by mail or e-mail to a specified address or e-mail address,

(iii) how to access the Fund Facts for the Funds in the Model Portfolio electronically, (iv) the investor will not have a right of withdrawal under the Legislation for Weighting Change Trades and

Rebalancing Trades for the Funds in the Model Portfolio, but will continue to have a right of action if there is a misrepresentation in the prospectus or any document incorporated by reference into the prospectus, and

(v) the investor may terminate the I Series Account Agreement at any time;

(b) at least annually, the investor will be advised in writing of how he/she can request the most recently filed Fund Facts; and

(c) the most recently filed Fund Facts is sent or delivered to the investor if the investor requests it.

“Stephen Paglia” Manager, Investment Funds & Structured Products Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9950

2.1.3 Yorkville Asset Management Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief under section 19.1 of National Instrument 81-102 Investment Funds (NI 81-102) from (i) the requirement in paragraph 5.5(1)(a.1) of NI 81-102 to obtain approval for a change of control of an investment fund manager before the change occurs, and (ii) the requirement in paragraph 5.8(1)(a) of NI 81-102 for securityholders of a fund to be provided 60 days prior notice of the change of control of the investment fund manager, to permit a change of control of the investment fund manager after the change has occurred – Due to oversight, regulatory approval was not sought, and notice was not given to securityholders, of the change of control until after the change had occurred – Relief granted provided (i) no material changes are made to the management, operations or portfolio management of the funds for 60 days subsequent to notice of the change of control being provided to securityholders of the fund, and (ii) investors who purchased securities of the funds without prior notice of the change of control and who elect to redeem such securities within 90 days of being notified of the change of control are reimbursed any sales charge paid at the time of purchase and do not incur any deferred sales charges. Applicable Legislative Provisions National Instrument 81-102 Investment Funds, ss. 5.5(1)(a.1), 5.8(1)(a), 19.1.

December 6, 2018



AND

IN THE MATTER OF


AND

IN THE MATTER OF

YORKVILLE ASSET MANAGEMENT INC. (the Manager)

AND

IN THE MATTER OF

THE FUNDS (as defined below)

DECISION

Background The principal regulator in the Jurisdiction has received an application from the Manager and 2324615 Ontario Ltd. (2324615 Ontario Ltd., together with the Manager, the Filers) for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) exempting the Filers or the Manager, as applicable, under section 19.1 of National Instrument 81-102 Investment Funds (NI 81-102) from:

(i) the requirement in paragraph 5.5(1)(a.1) of NI 81-102 for the Filers to obtain the prior approval of the securities regulatory authority or regulator for a change of control of the Manager (the Prior Approval Relief), and

(ii) the requirement in paragraph 5.8(1)(a) of NI 81-102 for the Manager to provide notice to each securityholder of

the Funds (as defined below) at least 60 days prior to the change in control of the Manager (the Notice Relief) and, together with the Prior Approval Relief, the Relief Sought),

to permit a change of control of the Manager after the change has occurred.


December 20, 2018

(2018), 41 OSCB 9951

Under National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission 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 in each of British Columbia, Alberta, Saskatchewan, Manitoba and Québec (together with Ontario, each a Jurisdiction and, collectively, the Jurisdictions).

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. Representations This decision is based on the following facts represented by the Filers: The Manager 1. The Manager, a corporation existing under the Business Corporations Act (Ontario), with its head office in Toronto,

Ontario, is an asset management company. 2. The Manager is registered as a portfolio manager and exempt market dealer in Alberta, British Columbia and Ontario

and as an investment fund manager in Ontario. 3. The Manager is the investment fund manager and portfolio manager of Yorkville Enhanced Protection Class, Yorkville

Canadian QVR Enhanced Protection Class, Yorkville American QVR Enhanced Protection Class, Yorkville Health Care Opportunities Class, Yorkville Global Opportunities Class, Yorkville Optimal Return Bond Class and Yorkville International QVR Enhanced Protection Class (each a Fund and collectively, the Funds).

4. The Manager is not in default of applicable securities legislation in any Jurisdiction except the Manager failed to: (i) obtain

approval of the securities regulator prior to completing the Transaction (described below) that resulted in a change of control of the Manager, as required by paragraph 5.5(1)(a.1) of NI 81-102 and (ii) provide notice of the change of control of the Manager to all securityholders of the Funds at least 60 days before the effective date, as required by paragraph 5.8(1)(a) of NI 81-102.

The Funds 5. Each Fund is a separate class of mutual fund shares of Yorkville Mutual Fund Corporation (the Mutual Fund

Corporation). 6. The Funds are governed by NI 81-102 and are reporting issuers in each Jurisdiction. 7. The Funds are not in default of applicable securities legislation in any Jurisdiction. 2324615 Ontario Ltd. 8. 2324615 Ontario Ltd. is a corporation existing under the Business Corporations Act (Ontario), with its head office in

Toronto, Ontario. 9. 2324615 Ontario Ltd. currently owns 100% of the common shares of the Manager and The Hussein Amad Family Trust

owns 100% of the common shares of 2324615 Ontario Ltd. Hussein Amad is the sole trustee and sole beneficiary of the Hussein Amad Family Trust.

10. Hussein Amad is a director and the President, Chief Executive Officer and Chief Compliance Officer of the Manager, a

director and the President and Chief Executive Officer of the Mutual Fund Corporation, and a director, President and Secretary-Treasurer of 2324615 Ontario Ltd.

The Transaction 11. Prior to September 14, 2018 (the Closing Date), 100% of the issued and outstanding Class B common shares of the

Manager were owned by 2324615 Ontario Ltd. and 100% of the issued and outstanding Class A common shares of the Manager were owned by Hailus Financial Group Limited (the Vendor). Class A and Class B common shares of the


December 20, 2018

(2018), 41 OSCB 9952

Manager were equal in voting rights, effectively resulting in 2324615 Ontario Ltd. owning 50% of the Manager and the Vendor owning the remaining 50%.

12. Pursuant to a share purchase agreement entered into among the Manager and the Vendor on September 6, 2018, as of

the Closing Date, the Manager repurchased for cancellation all of the Class A common shares held by the Vendor on the Closing Date with the result that 2324615 Ontario Ltd. owns 100% of the Manager (the Transaction).

Change of Control of the Manager 13. As the share ownership of the Manager has changed such that the common shares owned by the Vendor on the Closing

Date have been repurchased and cancelled and, as a result, as of the Closing Date, 2324615 Ontario Ltd. owns 100% of the Manager, the Transaction resulted in a change of control of the Manager. Accordingly, regulatory approval was required pursuant to paragraph 5.5(1)(a.1) of NI 81-102.

Impact of the Transaction on the Manager and the Funds 14. The Transaction has not resulted in any material changes to, or impact on, the business, operations or affairs of the

Funds, the securityholders of the Funds or the Manager. 15. The Manager continues to act as the investment fund manager and portfolio manager of the Funds in the same manner

as it conducted such activities immediately prior to the Closing Date. 16. There are no plans to change the role of the Manager as investment fund manager or portfolio manager of the Funds. 17. Hussein Amad, the President, Chief Executive Officer and Chief Compliance Officer and Jillian Wade, the Chief Financial

Officer of the Manager remain in those senior management roles. 18. Prior to the Transaction, the Vendor was not involved in the day-to-day operations of the Manager or the Mutual Fund

Corporation other than having three nominees as directors of the Manager and the Mutual Fund Corporation (i.e. Onofrio Loduca, Jason Maguire and Scott McIndless) (the Vendor’s Director Nominees).

19. Effective September 14, 2018, the Vendor’s Director Nominees resigned their positions as directors of the Manager and

the Mutual Fund Corporation. 2324615 Ontario Ltd. intends to appoint two new independent directors, Candice Enman and Lyle Oberg, to the board of directors of the Manager (the New Independent Directors). Hussein Amad and the existing two independent directors, Gary M. Seveny and Mahmood Karim, continue to serve as directors of the Manager and the Mutual Fund Corporation.

20. Since the Closing Date, the Filers have not and have no current intention to:

(a) make any substantive changes as to how the Manager operates or manages the Funds; (b) change the structures, investment objectives, investment strategies or valuation procedures of the Funds; (c) change the investment fund manager, or portfolio manager of the Funds; (d) change the names or branding of the Manager or the Funds; (e) change the fees and expenses that are charged to the Funds; (f) merge the Funds; (g) rationalize personnel or systems; (h) except for the resignations of the Vendor's Director Nominees and the appointment of the New Independent

Directors, change any of the directors, officers or employees involved in any of the day-to-day business, operations or affairs of the Manager or the Funds;

(i) make changes to fund accounting and other administrative functions undertaken by the current providers, both

internal and external, to the Manager or the Funds; or (j) make changes to the custodians of the Funds.


December 20, 2018

(2018), 41 OSCB 9953

21. The members of the Independent Review Committee (IRC) of the Funds prior to the Closing Date ceased to be IRC members upon completion of the Transaction by operation of paragraph 3.10(1)(c) of National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107). However, the same members of the IRC have been reappointed in accordance with NI 81-107.

22. The Transaction has not and is not expected to adversely impact the financial stability of the Manager or its ability to fulfill

its regulatory obligations in respect of the Funds. 23. The Transaction has not and will not have any impact on the securityholders’ interest in the Funds and securityholders

are not required to take any action. The change of control of the Manager, by itself, has not and will not trigger any material change to the Funds.

Notice Requirement 24. Written notice (the Notice) regarding the Transaction was sent to each securityholder of the Funds on October 15, 2018

(the Notice Date). 25. Due to oversight, the Notice was sent after the change of control of the Manager had occurred, and not at least 60 days

before the change as required by section 5.8(1)(a) of NI 81-102. Based on the Closing Date of the Transaction, the Notice was required to have been sent by the Manager no later than July 16, 2018.

26. 2,739 investors purchased mutual fund shares of the Funds without prior notice of the change of control of the Manager

in the period from July 16, 2018 to the Notice Date (the Period). 27. It is the Filers’ view that the failure to send the Notice to securityholders in advance of the change of control of the

Manager has not been prejudicial to the securityholders of the Funds for the following reasons:

(a) the change of control of the Manager has not and will not trigger any material change to the Funds; (b) the Transaction has not and will not result in any change in how the Manager administers or manages the

Funds; (c) the Transaction has not and will not have any impact on the securityholders' interest in the Funds and

securityholders are not required to take any action. 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 Relief Sought is granted, provided that:

1. no material changes will be made to the management, operations or portfolio management of the Funds for at least 60 days following the Notice Date; and

2. where an investor who purchased shares of a Fund during the Period notifies the Manager within 90 days of the

Notice Date that the investor wishes to redeem from the Funds as a result of the change of control of the Manager, or the Manager is otherwise made aware of this fact, the Manager will

a. reimburse the investor the amount of any sales charge the investor paid up front at the time of

purchase; and b. waive any deferred sales charges that may be applicable to such redemption.

“Stephen Paglia” Manager Investment Funds and Structured Products Branch Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9954

2.1.4 Mackenzie Financial Corporation Headnote Pursuant to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief from the dealer registration requirement, the know-your-client and suitability requirements, and the requirements to deliver account statements and investment performance reports granted to a portfolio manager in respect of investors in a model portfolio service offered by an affiliated mutual fund dealer. Applicable Legislative Provisions Multilateral Instrument 11-102 Passport System, s. 4.7(1). Securities Act, R.S.O. 1990, c. S.5, ss. 25, 74(1). National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 13.2, 13.3, 14.14,

14.14.1, 14.18, 15.1(2).

December 11, 2018



AND

IN THE MATTER OF


AND

IN THE MATTER OF

MACKENZIE FINANCIAL CORPORATION (the Filer)

DECISION

Background The principal regulator (Principal Regulator) in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction (Legislation) exempting the Filer from:

(a) the requirement (Dealer Registration Requirement) in the Legislation that the Filer be registered as a dealer in order to effect Rebalancing Trades (as defined below) and Weighting Change Trades (as defined below) executed with respect to a Model Portfolio (as defined below) (Dealer Registration Exemption);

(b) with respect to clients in the Model Portfolios (as defined below), the requirement (the Know Your Client

Requirement) in the Legislation that the Filer must take reasonable steps to: (i) establish the identity of a client and, if the Filer has cause for concern, make reasonable inquiries as

to the reputation of the client; (ii) establish whether the client is an insider of a reporting issuer or any other issuer whose securities are

publicly traded; (iii) ensure that the Filer has sufficient information regarding the client’s investment needs, objectives,

financial circumstances and risk tolerance to enable the Filer to meet its obligations under the Legislation; and

(iv) keep the information described above current (collectively, the Know Your Client Exemption);

(c) with respect to clients invested in the Model Portfolios, the requirement (Suitability Requirement) in the Legislation that the Filer must take reasonable steps to ensure that, before it makes a recommendation to or


December 20, 2018

(2018), 41 OSCB 9955

accepts an instruction from a client to buy or sell a security, the purchase or sale is suitable for the client (the Suitability Exemption); and

(d) the requirement (the Statement Delivery Requirement) in the Legislation that the Filer deliver account

statements and investment performance reports to clients who have invested in the Model Portfolios (the Statement Delivery Exemption and together with the Dealer Registration Exemption, Know Your Client Exemption and Suitability Exemption, the Exemption Sought).

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

(a) the Ontario Securities Commission is the principal regulator for this application; and (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102)

is intended to be relied upon by the Filer in all the provinces and territories of Canada (together with Ontario, the Jurisdictions) in respect of the Exemption Sought.

Interpretation Terms defined in MI 11-102 and National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined. NI 31-103 means National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation amalgamated under the laws of Ontario with its head office located in Toronto, Ontario. 2. The Filer is registered as an investment fund manager in each of Ontario, Quebec and Newfoundland & Labrador, as a

portfolio manager and exempt market dealer in each of the Jurisdictions, and as a commodity trading manager in Ontario. 3. The Filer is the investment fund manager of certain mutual funds (New Funds) which will form part of the London Life

Managed Program model portfolio service described below (the Service) and may, in the future, be the manager of other mutual funds used in the Service (collectively with the New Funds, the Funds).

4. Quadrus Investment Services Ltd. (Quadrus) is a corporation incorporated under the laws of Canada with its head office

located in London, Ontario. 5. Quadrus is registered as a mutual fund dealer in each of the jurisdictions of Canada and is a member of the Mutual Fund

Dealers Association of Canada (MFDA). 6. Quadrus acts as the principal distributor of securities of the Funds offered under the Service. 7. Each Fund will be an open-ended mutual fund established under the laws of Ontario or another Jurisdiction. 8. Each Fund is or will be a reporting issuer in one or more of the Jurisdictions and is or will be subject to the provisions of

National Instrument 81-102 Investment Funds (NI 81-102). 9. The Filer, Quadrus and the New Funds are not in default of securities legislation in any Jurisdiction. The Service 10. The Filer proposes to offer the Service to investors in the Funds who typically have a minimum of $25,000 to invest (either

alone or part of a household). The Service will allow investors to match their risk profile and investment objectives to a model portfolio of Funds (each, a Model Portfolio) and then allocate their investment into I Series securities of such Funds and rebalance such investments on a pre-determined periodic basis.

11. Each Model Portfolio will be comprised entirely of Funds for which the Filer acts as investment fund manager. Only I

Series securities of the Funds will be used in the Service. The Funds do not pay any fees to the Filer in respect of I Series securities; instead, I Series investors pay a management and administration fee directly to the Filer.


December 20, 2018

(2018), 41 OSCB 9956

12. Under the Service, the Filer proposes to offer a number of Model Portfolios, each of which will correspond to a different investment objective, investment horizon and risk profile.

13. Each Model Portfolio will be comprised of a selection of Funds and will have its own unique allocation of mutual funds

that are exposed to different asset classes (the Asset Classes). 14. The Filer will construct Model Portfolios which provide exposure to the different Asset Classes. In the case of certain

Asset Classes, the Filer will identify a short list of Funds that are all suitable for the particular Model Portfolio . Each Fund within each Asset Class will have a specified minimum and maximum percentage permitted range (the Permitted Range) that is identified by the Filer.

15. Quadrus will collect all of the relevant know-your-client and suitability information (including the client’s financial

circumstances, investment knowledge, investment objectives, investment time horizon and risk tolerance) for each client in the Service.

16. If a potential client is interested in the Service, the potential client will meet with a Quadrus dealing representative and,

through the use of a digital tool (Tool), complete a series of questions in order to establish their risk profile, investment objectives, time horizon, liquidity needs and income requirements. Based on the potential client's responses in the Tool, a Model Portfolio will be recommended by the Quadrus dealing representative as most suitable for the potential client. Where there is a choice of Funds within a particular Asset Class for the Model Portfolio, the Quadrus dealing representative will provide a recommendation for the specific Fund to be used in the particular Asset Class.

17. The client will discuss the recommended Model Portfolio and the recommended specific Funds with their Quadrus dealing

representative in face-to-face meetings and/or via the telephone or email or other written correspondence. However, the client ultimately choses the Model Portfolio and, where there is a choice available, also selects which Funds are to be used in the desired Model Portfolio.

18. The Tool will generate:

(a) an investment policy statement which reflects the composition of the Model Portfolio and the Funds in the Model Portfolio, the percentage allocation among the Asset Classes and the Permitted Range to be invested in for each Fund; and

(b) a client acknowledgement letter which describes the fees and provides for the payment of the fees to Quadrus

and the Filer and the terms of the Service, as well as the rules governing the investment and management of the Model Portfolio (the I Series Account Agreement).

19. Clients will have no direct contact with the Filer in connection with the Filer’s management of the Model Portfolios and

will interact solely with Quadrus and approved persons of Quadrus in connection with the Filer’s management of the Model Portfolios and Quadrus’ administration of its accounts.

20. The fees and expenses charged in respect of the Service will be disclosed in the simplified prospectus and Fund Facts

of the Funds and in the I Series Account Agreement. 21. There will be no duplication of any fees or charges as a result of a client’s decision to use the Service:

(a) The Filer will receive management and administration fees directly from each client in respect of the client’s holding of I Series securities of the Funds. These management and administration fees are charged on a tiered basis depending upon the amount of assets held by each investor and their household across all mutual funds, segregated funds and annuities offered by London Life and Quadrus and includes the cost to the Filer of offering and managing the Service.

(b) Quadrus and its dealing representatives will not receive any trailing commissions from the Funds and instead

will receive advisor service fees from each client in the Service, which reflects the costs associated with performing its dealer responsibilities for the Service.

(c) No sales charges, redemption fees, switch fees or early trading fees will be charged in connection with any

trades effected under the Service.

22. The I Series Account Agreement with Quadrus and the Filer sets out, amongst other matters, the following:


December 20, 2018

(2018), 41 OSCB 9957

(a) Model Portfolio – The client will authorize the Filer to manage the client’s investments on a discretionary basis with a view to ensuring that the client’s account(s) are managed in accordance with the agreed upon Model Portfolio, according to the Permitted Range indicated in the I Series Account Agreement, but will provide that the Filer is not responsible for taking into consideration the client’s financial circumstances or risk profile in the management of the account(s);

(b) No Changes to another Model Portfolio – In the event that changes in the client’s financial circumstances or risk

profile are communicated by the client to Quadrus, which results in a different Model Portfolio being more suitable for the client, the client will be required to enter into a new I Series Account Agreement before the client’s investments are changed to reflect the new Model Portfolio;

(c) No Changes to Funds in Model Portfolio – None of Quadrus, the Filer or the client can make any changes to

the Funds that make up the chosen Model Portfolio, or to the weighting established for each Fund within an Asset Class in the Model Portfolio. If the client desires to change the Funds or invest in a different Model Portfolio, the client must terminate the I Series Account Agreement and enter into a new I Series Account Agreement that specifies the new Funds to be used in the Model Portfolio and/or new Model Portfolio. To the extent the Filer determines it will no longer offer a Fund within a Model Portfolio (e.g. upon termination of the Fund), it will identify a new Fund to be included in the Model Portfolio and 60 days’ advance written notice will be sent to the affected clients, delivering a copy of the Fund Facts for the new Fund and specifying that if the client does not provide his or her objection to the proposed change within a specified date, then the Filer will take this non objection as consent to make the Fund substitution in the client’s Model Portfolio on the effective date;

(d) KYC and Suitability – The client will acknowledge that the KYC Requirement and Suitability Requirement is not

the responsibility of the Filer and instead, Quadrus will be responsible for gathering and periodically updating the KYC information concerning the client and confirming the suitability of the client’s Model Portfolio;

(e) Initial Allocation – To commence the Service, the client will invest his/her assets in I Series units of a money

market fund managed by the Filer and then will instruct Quadrus to switch all investments made by the client in the money market fund into I Series securities of the Funds that make up the chosen Model Portfolio across all accounts for which the client is the beneficial owner according to the target allocation indicated in the I Series Account Agreement;

(f) Asset Classes –The client will authorize the Filer to use its discretion to change and update the percentage

allocations of the Asset Classes within the Model Portfolio by purchasing and redeeming I Series securities of the Funds in the Model Portfolio (a Weighting Change Trade), provided the client is given at least 60 days’ advance written notice of the change, but will not authorize Quadrus or the Filer to add a new Fund into an Asset Class;

(g) Rebalancing Trades – The client will authorize the Filer to rebalance holdings in the Funds from time to time

within the Permitted Ranges in a manner that seeks to reduce the tax impact of holding such Funds across all account types for which the client is the beneficial owner (the Rebalancing Trades); and

(h) No Discretionary Authority for Quadrus – The client will acknowledge that Quadrus will not have discretionary

authority to participate in the management of the Model Portfolio or to effect Weighting Change Trades or Rebalancing Trades.

23. The I Series Account Agreement will explain the different responsibilities of Quadrus and the Filer with respect to the

client and the client's Model Portfolio. This will include disclosure that the Filer is responsible for managing the Model Portfolio without reference to the client's circumstances and only in accordance with the Model Portfolio selected by the client, and Quadrus alone will have the responsibility to determine that the selected Model Portfolio is and remains suitable for the Client.

24. A client may terminate the Service at any time by instructing Quadrus to redeem or switch the client’s investment out of

I Series securities of the Funds. On-going Monitoring and Oversight 25. The following monitoring and oversight procedures will be carried out in connection with each client’s account in the

Service:


December 20, 2018

(2018), 41 OSCB 9958

(a) An annual portfolio review will be conducted by the relevant Quadrus dealing representative to determine whether there have been any changes to the client’s circumstances that would warrant the selection of another Model Portfolio; and

(b) Ongoing oversight of each Model Portfolio by the Filer’s advising representatives, including the selection of

recommended Funds within each Asset Class, to determine whether the composition of the Model Portfolio remains suitable for the risk profile of the model or whether any changes to the Asset Classes or selection of Funds within the model would be appropriate.

26. If the Filer determines it is appropriate to make a Weighting Change Trade to the Asset Classes in each a Model Portfolio,

each affected client will receive a notice describing the proposed change and specifying that if the client does not provide his or her objection to the proposed change within a specified date, then the Filer will take this non objection as consent to make the appropriate changes to the client’s Model Portfolio of Funds on the effective date.

Account Reporting 27. The I Series securities of the Funds that comprise each Model Portfolio are directly held by each client in his/her own

account(s) established with Quadrus. 28. The Weighting Change Trades and Rebalancing Trades will be reflected in each client’s account(s) with Quadrus on the

business day following such trades and the records of the Filer and Quadrus are reconciled daily. 29. Clients will be able to access their accounts via the internet on a daily basis. 30. Trade confirmations for the initial allocation trades will be provided by Quadrus and trade confirmations for each

Weighting Change Trade and Rebalancing Trade will be provided by the Filer. 31. Quadrus will send statements of account to each client in the Service on a quarterly basis. 32. An investment performance report will be sent to each client in the Service by Quadrus on an annual basis. 33. The Filer will provide each client in the Service with an annual tax reporting package. Exemption Sought 34. In the absence of the Exemption Sought, the Filer would be required:

(a) to register as a mutual fund dealer under the Legislation and become a member of the MFDA in order to effect

the Weighting Change Trades and Rebalancing Trades; (b) to gather and update the information contemplated by the Know Your Client Requirement in subsection 13.2 of

NI 31-103 for each client in the Service in order to fulfil its obligations as a registered adviser; (c) by the Suitability Requirement in subsection 13.3 of NI 31-103, to ensure that each Weighting Change Trade

and Rebalancing Trade is suitable for each client in the Service, rather than invested in accordance with the terms of the client’s I Series Account Agreement, in order to fulfil its obligations as a registered adviser; and

(d) by the Statement Delivery Requirement in subsections 14.14 or 14.14.1 and 14.18 of NI 31-103, to deliver a

quarterly account statement and annual investment performance report to each client in the Service.

35. Quadrus does not require an exemption from the adviser registration requirement under the Legislation as a result of its involvement with the Model Portfolio as it will not be engaged in providing discretionary management advice to clients in connection with the management of the Model Portfolios and nor will it be participating in the Weighting Change Trades or Rebalancing Trades.

36. Quadrus does not require an exemption from the trade confirmation requirement under the Legislation as it will send

trade confirmations after the initial allocation trades and thereafter, it will not act on behalf of a client in the Service to effect any Weighting Change Trades or Rebalancing Trades.

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.


December 20, 2018

(2018), 41 OSCB 9959

The decision of the Principal Regulator under the Legislation is that the Exemption Sought is granted provided that: (a) the Filer is, at the time of each Weighting Change Trade and Rebalancing Trade, registered under the

Legislation as an adviser in the category of portfolio manager; (b) each Weighting Change Trade and Rebalancing Trade is made in accordance with the terms of the selected

Model Portfolio; and (c) the Filer

(i) takes reasonable steps to assure itself that Quadrus has complied with the Know Your Client

Requirement and the Suitability Requirement with respect to each client in the Service; (ii) maintains its own records of each client’s investment positions and trades; (iii) informs each client in writing that it will not provide account statements and annual performance reports

in addition to those delivered by Quadrus; (iv) has a written agreement with Quadrus concerning their respective responsibilities regarding the

delivery of account statements and investment performance reports to clients in the Service; and (v) takes reasonable steps, including documented sample testing and reconciliations, to verify that

account statements and investment performance reports are delivered by Quadrus to clients and are complete, accurate and delivered on a timely basis in a format that is compliant with applicable rules of the MFDA.

In respect of the Dealer Registration Exemption “Robert P. Hutchison” “Peter Currie” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission In respect of the Know Your Client Exemption, Suitability Exemption and Statement Delivery Exemption “Felicia Tedesco” Deputy Director Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9960

2.1.5 Husky Energy Inc. Headnote Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Takeover Bids – Identical consideration – Offeror requires relief from the requirement in subsection 2.23(1) of National Instrument 62-104 Take-Over-Bids and Issuer Bids that all holders of the same class of securities must be offered identical consideration – Under the bid, Canadian resident shareholders will receive shares; Non-resident shareholders will receive substantially the same value as Canadian shareholders in the form of cash paid to the non-resident shareholders based on the proceeds from the sale of their shares. Applicable Legislative Provisions Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, ss. 2.23(1), 6.1(1). Citation: Re Husky Energy Inc., 2018 ABASC 184

December 13, 2018


ALBERTA AND ONTARIO (the Jurisdictions)

AND

IN THE MATTER OF


AND

IN THE MATTER OF

HUSKY ENERGY INC. (the Filer)

DECISION

Background The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filer from subsection 2.23(1) of National Instrument 62-104 Take-Over Bids and Issuer Bids (the Identical Consideration Requirement), which requires the Filer to offer identical consideration to all of the holders of the same class of securities that are subject to a take-over bid in connection with the Filer's offer to acquire all of the outstanding common shares of MEG Energy Corp. (the Exemption Sought). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the Alberta Securities Commission is the principal regulator for this application; (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 British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Nunavut, Yukon and Northwest 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. Interpretation Terms defined in National Instrument 14-101 Definitions or MI 11-102 have the same meaning if used in this decision, unless otherwise defined.


December 20, 2018

(2018), 41 OSCB 9961

Representations This decision is based on the following facts represented by the Filer: 1. The Filer is a corporation existing under the Business Corporations Act (Alberta) (ABCA). 2. The Filer's head office is located in Calgary, Alberta. 3. The Filer is a reporting issuer in each province of Canada and is not in default of securities legislation in any jurisdiction

of Canada. 4. The authorized capital of the Filer consists of an unlimited number of common shares (the Husky Shares) and an

unlimited number of preferred shares, issuable in series (Preferred Shares). As of November 16, 2018 there were 1,005,121,738 Husky Shares and no Preferred Shares issued and outstanding.

5. The Husky Shares are listed on the Toronto Stock Exchange (the TSX) under the symbol "HSE". 6. On September 30, 2018, the Filer issued a press release announcing its intention to make an offer (the Offer) to acquire

all of the common shares (the Common Shares) of MEG Energy Corp. (MEG). On October 2, 2018, the Filer formally commenced the Offer to acquire all of the Common Shares, including any Common Shares that may become issued and outstanding upon the exercise, exchange or conversion of securities exercisable, exchangeable or convertible into Common Shares, by publishing an advertisement and filing a take-over bid circular (the Circular) on SEDAR.

7. MEG is a corporation existing under the ABCA. 8. MEG's head office is located in Calgary, Alberta. 9. MEG is a reporting issuer in each of the provinces and territories of Canada. To the knowledge of the Filer, MEG is not

in default of securities legislation in any jurisdiction of Canada. 10. To the knowledge of the Filer, the authorized capital of MEG consists of an unlimited number of Common Shares, of

which, as reported by MEG as of September 30, 2018, there were 296,813,000 Common Shares issued and outstanding, 8,682,000 stock options exercisable into Common Shares outstanding and 6,722,000 equity-settled restricted share units and performance share units outstanding under which Common Shares may be issued.

11. The Common Shares are listed on the TSX under the symbol "MEG". 12. Under the terms of the Offer, holders of Common Shares (Shareholders) may choose to receive either: (i) $11.00 cash

(the Cash Consideration) for each Common Share held; or (ii) 0.485 of a Husky Share (the Share Consideration) for each Common Share held, subject to pro-ration. The total amount of cash available under the Offer is limited to $1,000,000,000 and the total number of Husky Shares available is limited to 107,215,520.

13. The Offer does not constitute an offer or a solicitation to any person in any jurisdiction in which such offer or solicitation

is unlawful. The Offer is not being made to, nor will deposits of Common Shares be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction. However, the Filer may, in its sole discretion, take such action as it may deem necessary to extend the Offer to Shareholders in any such jurisdiction.

14. The Filer has filed a registration statement on Form F-80 (the Registration Statement) with the SEC to register the Offer

under the 1933 Act. 15. The Registration Statement does not register the Offer in, or provide an exemption from the securities laws of, any state,

district or territory of the United States of America (U.S.). As a result, the securities laws of a number of U.S. states could prohibit the distribution of the Husky Shares to Shareholders in the U.S. (the U.S. Shareholders) without registration under the securities laws of such states of the Husky Shares to be issued to U.S. Shareholders resident in such states unless such holders are otherwise eligible to be issued Husky Shares in transactions exempt from registration under the securities laws of such states.

16. No offer to sell or solicitation of an offer to buy Husky Shares pursuant to the Offer was made in the U.S. states, districts

and territories of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Guam, Illinois, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Montana, Nebraska, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Tennessee, Texas, Utah,


December 20, 2018

(2018), 41 OSCB 9962

Virginia, Washington, West Virginia and Wyoming (collectively, the Restricted States) except only to a person who qualifies as an 'exempt institutional investor' (as defined in the Circular) in the applicable Restricted State.

17. In addition, no offer to sell or solicitation of an offer to buy Husky Shares pursuant to the Offer was made in the state of

New York or to U.S. Shareholders resident in New York. However, the Offer was made in New York and U.S. Shareholders resident in New York, under the terms of the Offer when it was made, could tender Common Shares to the Offer and receive the Cash Consideration.

18. The Filer has completed state securities filings in California and New York such that Husky Shares may be distributed

under the Offer in such states. 19. To the knowledge of the Filer, and based on a registered list of Shareholders delivered to the Filer by MEG, as of October

11, 2018, aside from Common Shares held by CEDE & Co., there were 15,470,723 Common Shares (approximately 5.21% of the issued and outstanding Common Shares) held of record by 15 U.S. Shareholders. Of such 15,470,723 Common Shares, 1,000 Common Shares were held of record by U.S. Shareholders resident in New York, no Common Shares were held of record by U.S. Shareholders resident in California, and 15,393,184 Common Shares (representing approximately 5.19% of the Common Shares) were held of record by U.S. Shareholders in the Restricted States (other than California).

20. To the knowledge of the Filer, and based on analysis prepared for the Filer by D.F. King Canada, its information agent

for the Offer, as of October 17, 2018, there were 108,050,038 Common Shares (approximately 36.40% of the issued and outstanding Common Shares) beneficially held by U.S. Shareholders. Of such 108,050,038 Common Shares, 47,745,331 Common Shares were beneficially held by U.S. Shareholders resident in New York, 12,308,615 Common Shares were beneficially held by U.S. Shareholders resident in California, and 40,021,157 Common Shares (representing approximately 13.48% of the Common Shares) were beneficially held by U.S. Shareholders in the Restricted States (other than California).

21. Registration of the Husky Shares deliverable to certain U.S. Shareholders (who are not eligible to be issued Husky Shares

in transactions exempt from registration under the securities laws of a number of U.S. states) under the state securities laws of the Restricted States (other than California) and elsewhere under the Offer would be costly and burdensome to the Filer.

22. The Filer intends to vary its Offer by sending a notice of variation to Shareholders (the Notice of Variation) such that:

(a) Shareholders resident in California and New York may elect to receive the Share Consideration; and (b) certain Shareholders may elect to receive Share Consideration and the Filer will deliver to the depositary for the

Offer (or such other qualified third party that the Filer determines) (the Selling Agent) the total number of Husky Shares Shareholders who are non-residents of Canada, including those U.S. Shareholders residing in a Restricted State (other than California) that are not "exempt institutional investors", would otherwise have been entitled to receive (as partial consideration) under the Offer, but are prohibited from receiving due to applicable securities laws (such Shareholders being referred to in this document, as the Non-exempt Shareholders).

23. The Selling Agent or its nominee will, as agent for the Non-exempt Shareholders, sell, or cause to be sold (through a

broker in Canada and on the TSX), those Husky Shares that would otherwise be issuable to Non-exempt Shareholders, after the payment date for the Common Shares taken up or otherwise acquired under the Offer (the Vendor Placement).

24. After completion of such sales, the Selling Agent will distribute the aggregate net proceeds of sale, after expenses,

commissions and applicable withholding tax, pro rata, among the Non-exempt Shareholders. Any sales of such Husky Shares described above will be completed as soon as practicable after the date on which the Filer takes up and pays for the Common Shares of Non-exempt Shareholders under the Offer and will be done in a manner intended to maximize the consideration to be received from the sale of such Husky Shares and to minimize any adverse impact of the sale on the market for the Common Shares.

25. The Notice of Variation will disclose the Filer's intention with respect to the Vendor Placement and the procedure to be

followed with respect to Non-exempt Shareholders that deposit their Common Shares under the Offer. 26. The Offer to Non-exempt Shareholders and the sale of Husky Shares for the benefit of Non-exempt Shareholders under

the Vendor Placement described in the preceding paragraphs will not constitute a violation of any U.S. federal securities laws or any applicable securities laws in a state or territory of the U.S.

27. There is currently a "liquid market" (as defined in section 1.2 of Multilateral Instrument 61-101 Protection of Minority

Security Holders in Special Transactions) for the Husky Shares and the Filer believes that there will continue to be a


December 20, 2018

(2018), 41 OSCB 9963

"liquid market" for the Husky Shares following completion of the Offer, any related second-step transaction and the sale of the Husky Shares on behalf of Non-exempt Shareholders.

28. Based on the exchange ratio under the Offer and the number of Common Shares outstanding that, to the knowledge of

the Filer, could be held by Non-exempt Shareholders and assuming the Filer acquires 100% of the Common Shares (on a non-diluted basis), the Husky Shares to be sold would represent not more than approximately 1.75% of the outstanding Husky Shares immediately following completion of the Offer.

29. If the Filer increases the consideration offered pursuant to the Offer to Shareholders resident in Canada, the increase in

consideration will also be offered to Non-exempt Shareholders at the same time and on the same basis. 30. Except to the extent that relief from the Identical Consideration Requirement is granted, the Offer will comply with the

requirements under the Legislation. Decision Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision. The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted, provided that each Non-exempt Shareholder, who would otherwise receive Husky Shares pursuant to the Offer, instead receive cash proceeds from the sale of the Husky Shares in accordance with the procedures set out in paragraphs 24 and 25 above. “Tim Robson” Manager, Legal Corporate Finance Alberta Securities Commission


December 20, 2018

(2018), 41 OSCB 9964

2.2 Orders 2.2.1 Mitel Networks Corporation Headnote National Policy 11-206 Process for Cease to be a Reporting Issuer Applications – The issuer ceased to be a reporting issuer under securities legislation. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii).

December 12, 2018



AND

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

AND

IN THE MATTER OF

MITEL NETWORKS CORPORATION (the Filer)

ORDER

Background The principal regulator in the Jurisdiction has received an application from the Filer for an order under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions in Canada in which it is a reporting issuer (the Order Sought). Under the Process for Cease to be a Reporting Issuer Applications (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and (b) the Filer has provided notice that subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System (MI 11-

102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, Northwest Territories, Yukon and Nunavut.

Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 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 not an OTC reporting issuer under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter

Markets; 2. the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer

than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide;


December 20, 2018

(2018), 41 OSCB 9965

3. no securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported;

4. the Filer is applying for an order that the Filer has ceased to be a reporting issuer in all of the jurisdictions of Canada in

which it is a reporting issuer; and 5. the Filer is not in default of securities legislation in any jurisdiction. Order The principal regulator is satisfied that the order meets the test set out in the Legislation for the principal regulator to make the order. The decision of the principal regulator under the Legislation is that the Order Sought is granted. “Michael Balter” Manager, Corporate Finance Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9966

2.2.2 Larry Keith Davis

FILE NO.: 2017-6

IN THE MATTER OF LARRY KEITH DAVIS

D. Grant Vingoe, Vice-Chair and Chair of the Panel

December 12, 2018

ORDER WHEREAS on December 12, 2018, the Ontario Securities Commission (the Commission) held a hearing at the offices of the Commission, located at 20 Queen Street West, 17th Floor, Toronto, Ontario, to consider a motion by Staff of the Commission (Staff) to amend the Statement of Allegations dated February 28, 2017 pertaining to Larry Keith Davis (Davis); ON READING the motion record filed by Staff and on hearing submissions from Staff, no one participating on behalf of Davis, although properly served; IT IS ORDERED THAT: 1. the Statement of Allegations is to be amended, as attached at Appendix “A”; and 2. this proceeding shall proceed under the expedited procedure for inter-jurisdictional enforcement proceedings pursuant

to Rule 11(3) of the Rules of Procedure and Forms. “D. Grant Vingoe”


December 20, 2018

(2018), 41 OSCB 9967

APPENDIX “A”

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5

AND

IN THE MATTER OF

LARRY KEITH DAVIS

AMENDED STATEMENT OF ALLEGATIONS

OF STAFF OF THE ONTARIO SECURITIES COMMISSION

(Subsections 127(1) and 127(10) of the Securities Act, RSO 1990 c S.5)

1. Staff of the Enforcement Branch (Staff) of the Ontario Securities Commission (“Staff”) allege:the Commission) elect to

proceed using the expedited procedure for inter-jurisdictional proceedings as set out in Rule 11(3) of the Commission's Rules of Procedure.

I. OVERVIEW A. ORDER SOUGHT 2. Staff request that the Commission make the following inter-jurisdictional enforcement order, pursuant to paragraph 4 of

subsection 127(10) of the Ontario Securities Act, RSO 1990 c S.5 (the Act):

(a). 1. against Larry Keith Davis (“Davis” or the “Respondent”) is subject to an order made by the British Columbia Securities Commission (the “BCSC”) dated November 7, 2016 (the “BCSC Order”) that imposes sanctions, conditions, restrictions or requirements upon him.Respondent) that: (i) pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Davis

cease permanently, except that he may trade securities or derivatives for his own account through a registrant, if he provides the registrant with a copy of the Order of the British Columbia Securities Commission (BCSC) dated September 19, 2018 (the BCSC Order), and a copy of the Order of the Commission in this proceeding, if granted;

(ii) pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Davis

cease permanently, except that he may purchase securities for his own account through a registrant, if he provides the registrant with a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, if granted;

(iii) pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities

law do not apply to Davis permanently; (iv) pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Davis resign any positions that he

holds as a director or officer of any issuer or registrant; (v) pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Davis be prohibited permanently from

becoming or acting as a director or officer of any issuer or registrant; and (vi) pursuant to paragraph 8.5 of subsection 127(1) of the Act, Davis be prohibited permanently from

becoming or acting as a registrant or promoter;

(b) such other order or orders as the Commission considers appropriate.

B. FACTS Staff make the following allegations of fact: 3. Davis is subject to an order of the BCSC, which imposes sanctions, conditions, restrictions or requirements upon him.


December 20, 2018

(2018), 41 OSCB 9968

4.2. In its findings on liability dated June 22, 2016 (the “Findings”), a panel of the BCSC (the “BCSC Panel”) found that Davis perpetrated a fraud, contrary to section 57(b) of the British Columbia Securities Act, RSBC 1996,1996 c 418 (the “BC Act”).

3. Staff are seeking an inter-jurisdictional enforcement order, pursuant to paragraph 4 of subsection 127(10) of the Ontario

Securities Act, R.S.O. 1990, c. S.5 (the “Act”). II. THE BCSC PROCEEDINGS (i) The BCSC FindingsProceedings Background 5.4. The conduct for which Davis was sanctioned took place between June 2011 and May 2013 (the “Material Time”). 6.5. As of the date of the Findings, Davis was a resident of British Columbia. Davis has never been registered under the BC

Act. 7.6. During the Material Time, Davis was working in investor relations using the name Bravo International Services (“Bravo”).

In 2009, Davis began doing investor relations work for various companies, including FormCap Corp. (“FormCap”), a Nevada company trading on the U.S. over-the-counter market. His involvement with the companies was through an individual (“Mr. B”.).

8.7. Davis had no agreement with FormCap to provide investor relations services, and received no remuneration from the

company. He obtained information relating to FormCap from Mr. B. and public sources. For a brief period of time in early 2011, Davis was remunerated for his work relating to FormCap through the transfer of FormCap shares to him from existing shareholders, but had sold his shares by April 2011. The BCSC Panel found that Davis never received any FormCap shares after January 2011.

9.8. WM was a neighbour and family friend of Davis, who had little investment knowledge or experience.

First Investment

10.9. In June 2011, Davis led WM to believe that there was an investment opportunity for her in FormCap, and that she could purchase shares through him. WM provided Davis $4,000 towards her investment, which was to turn into 40,000 FormCap shares in August or September 2011. WM received a receipt for her investment on Bravo letterhead, with an attached Stock Purchase Agreement (“SPA”) which had been authored by Davis. The SPA set out the terms of the investment, including identifying Davis as the seller of the FormCap shares to WM.

11.10. The BCSC Panel found that Davis deposited the investor’s initial investment funds into his personal bank account. Rather

than investing the funds as promised, Davis used them instead on personal expenses and cash withdrawals. 12.11. In July 2011, FormCap announced that it had approved a consolidation of its shares on a 1-for-10 share basis by which

shareholders would receive one share for every ten shares tendered. By October 17, 2011, however, FormCap abandoned the proposed 1-for-10 share consolidations and disclosed this publicly. Davis knew the 1-for-10 share consolidation was not proceeding, but did not convey that information to WM.

Second Investment

13.12. In April 2012, Davis convinced the investor to make a second investment of $3,000 in exchange for 30,000 FormCap shares. Although WM had yet to receive FormCap shares relating to her first investment, she proceeded with the additional investment. WM believed she was buying FormCap shares from Davis, through Bravo, and opened a brokerage account on Davis’ suggestion, into which her FormCap shares were to be deposited. WM received no purchase agreement or receipt in respect of her second investment.

14.13. Following WM’s second investment, FormCap restructured and commenced a 1-for-50 share consolidation on August

10, 2012.

SPA Amendment and Request for Return of Investment Funds

15.14. Throughout April and May 2013, WM asked Davis for the return of her investment funds. Davis repeatedly refused her requests, explaining, among other things, that WM”’s investments were in shares tied to the stock market. At the insistence of WM, the SPA was eventually amended in May 2013 to reflect her second investment.


December 20, 2018

(2018), 41 OSCB 9969

16.15. The BCSC Panel found that as late as May 2013, Davis continued to represent to WM that he owned FormCap shares, despite the 1-for-10 share consolidation having been abandoned in October 2011, and the fact that Davis had never received any FormCap shares following the 1-for-50 share consolidation which commenced in August 2012.

17.16. WM never received any FormCap shares from Davis, but eventually succeeded in getting the return of her funds from

him through a Small Claims Court process. BCSC Findings - Conclusions 18.17. In its Findings, the BCSC Panel concluded that:

(a)a. Davis perpetrated a fraud on WM in the aggregate amount of $7,000 contrary to section 57(b) of the BC Act.

(ii) The BCSC Order 19.18. The BCSC Order imposed the following sanctions, conditions, restrictions or requirements upon Davis:

(a)a. under sectionssection 161(1)(b)(ii), (c), and (d)(i), (ii), (iii), (iv) and (v) of the BC Act,i. Davis cease trading in, and is permanently prohibited from purchasing, any securities; or exchange contracts, except heDavis may trade or purchase securities for his own account through a registrant if he gives the registrant a copy of the BCSC Order;

(b)ii. under section 161(1)(c) of the BC Act, any or all of the exemptions set out in the BC Act, regulations or a decision

do not apply to Davis; (c)iii. under section 161(1)(d)(i) and (ii) of the BC Act, Davis resign any position he holds as, and is permanently

prohibited from becoming or acting as, a director or officer of any issuer or registrant; (d)iv. under section 161(1)(d)(iii) of the BC Act, Davis is permanently prohibited from becoming or acting as a

registrant or promoter; (e)v. under section 161(1)(d)(iv) of the BC Act, Davis is permanently prohibited from acting in a management or

consultative capacity in connection with activities in the securities market; and (f)vi. Davis is permanently prohibited from engaging in investor relations activities;under section 161(1)(d)(v) of the

BC Act, Davis is permanently prohibited from engaging in investor relations activities. b. under section 162 of the BC Act,

(iii) Davis’ Appeal – British Columbia Court of Appeal 20. On December 6, 2016, Davis filed a Notice of Application for Leave to Appeal with the British Columbia Court of Appeal

(BCCA) with respect to the Findings and the BCSC’s original sanctions order dated November 7, 2016 (the BCSC Original Sanctions Order). On March 22, 2017, the BCCA granted Davis leave to appeal, and ordered a stay of execution of the market prohibitions and administrative penalty against Davis within the BCSC Original Sanctions Order pending outcome of the appeal.

21. On April 20, 2018, the BCCA issued its Reasons for Judgment, dismissing Davis’ appeal on the BCSC’s Findings. The

BCCA allowed his appeal with respect to the BCSC Original Sanctions Order, staying the orders therein and setting aside the administrative penalty payable by Davis to the BCSC. The BCCA remitted the issue of those sanctions back to the BCSC for reconsideration (Davis v British Columbia (Securities Commission), 2018 BCCA 149).

22. On September 19, 2018, the BCSC issued its decision on reconsideration of sanctions (the BCSC Order), ultimately

ordering the same market prohibition sanctions against Davis as those contained within the BCSC Original Sanctions Order.

23. At paragraph 61(2) of the BCSC Original Sanctions Order, the BCSC considered it in the public interest to order that

Davis pay to the BCSC an administrative penalty of $15,000. That order was not set aside by the BCCA and remains in effect.


December 20, 2018

(2018), 41 OSCB 9970

IIIC. JURISDICTION OF THE ONTARIO SECURITIES COMMISSION 24.19. The Respondent is subject to an order of the BCSC imposing sanctions, conditions, restrictions or requirements upon

him. 25.20. Pursuant to paragraph 4 of subsection 127(10) of the Act, an order made by a securities regulatory authority, derivatives

regulatory authority or financial regulatory authority, in any jurisdiction, that imposes sanctions, conditions, restrictions or requirements on a person or company may form the basis for an order in the public interest made under subsection 127(1) of the Act.

26.21. Staff allege that it is in the public interest to make an order against the Respondent. 27.22. Staff reserve the right to amend these allegations and to make such further and other allegations as Staff deem fit and

the Commission may permit. 23. Staff request that this application be heard by way of a written hearing pursuant to Rules 2.6 and 11 of the Ontario

Securities Commission Rules of Procedure. DATED at Toronto this 28th day of February, 2017. this 12th day of December, 2018. Kai Olson Litigation Counsel Enforcement Branch Tel: (416) 597-7242 Email: [email protected]



December 20, 2018

(2018), 41 OSCB 9971

2.2.3 MOAG Copper Gold Resources Inc. et al.

FILE NO.: 2018-41

IN THE MATTER OF MOAG COPPER GOLD RESOURCES INC.,

GARY BROWN and BRADLEY JONES

Timothy Moseley, Vice-Chair and Chair of the Panel

December 12, 2018

ORDER WHEREAS on December 12, 2018, the Ontario Securities Commission held a hearing at the offices of the Commission, located at 20 Queen Street West, 17th Floor, Toronto, Ontario; ON HEARING the submissions of the representatives for Staff of the Commission, MOAG Copper Gold Resources Inc. and Bradley Jones, and Gary Brown appearing in person; IT IS ORDERED THAT: 1. Staff shall disclose to the Respondents all relevant, non-privileged documents and things in the possession or control of

Staff by no later than January 11, 2019; 2. Staff shall serve and file a witness list and indicate any intention to call an expert witness by no later than January 15,

2019; and 3. The Respondents shall serve and file a motion, if any, regarding Staff’s disclosure or seeking disclosure of additional

documents by no later than March 26, 2019; 4. Staff shall serve a summary of each witness’s anticipated evidence on the Respondents by no later than April 2, 2019;

and 5. An attendance in this matter is scheduled for April 9, 2019 at 2:00 p.m., or on such other date and time as may be agreed

by the parties and set by the Office of the Secretary. “Timothy Moseley”


December 20, 2018

(2018), 41 OSCB 9972

2.2.4 Bloomberg Trading Facility Limited – s. 144 Headnote Application for a variation order extending an interim order so that the interim order will expire on the earlier of (i) July 3, 2019 and (ii) the effective date of a subsequent order exempting BMTF from the requirement to be recognized as an exchange – requested order granted. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 144.

IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990, CHAPTER S. 5, AS AMENDED

(THE ACT)

AND

IN THE MATTER OF BLOOMBERG TRADING FACILITY LIMITED

ORDER

VARIATION OF INTERIM ORDER

(Section 144 of the Act) WHEREAS Bloomberg Trading Facility Limited (“Applicant”) is authorized by the U.K. Financial Conduct Authority (the “FCA”), a financial regulatory body in the United Kingdom, to act as the operator of a multilateral trading facility (“MTF”); AND WHEREAS the Applicant has participants or intends to have participants located in Ontario; AND WHEREAS an MTF allowing access to Ontario participants is considered by the Ontario Securities Commission (“Commission”) to be carrying on business as an exchange in Ontario; AND WHEREAS on December 22, 2017, the Commission issued an interim order under section 147 of the Act exempting the Applicant on an interim basis from the requirement in subsection 21(1) of the Act to be recognized as an exchange (“Interim Order”); AND WHEREAS the Interim Order will terminate on the earlier of (i) January 3, 2019 and (ii) the effective date of a subsequent order (“Subsequent Order”) exempting the Applicant from the requirement to be recognized as an exchange under section 21(1) of the Act (“Termination Date”); AND WHEREAS the Applicant has made an Application for a Subsequent Order but there is insufficient time for the Applicant to obtain a Subsequent Order from the Commission before the Termination Date; AND WHEREAS the Commission has determined that it is not prejudicial to the public interest to vary the Interim Order to extend the Applicant’s interim exemption from the requirement to be recognized as an exchange pursuant to section 21(1) of the Act for a six-month period; IT IS HEREBY ORDERED by the Commission, pursuant to section 144 of the Act, that

1. The Interim Order is varied by replacing the reference to “January 3, 2019” with “July 3, 2019”. DATED this 14th day of December, 2018 “AnneMarie Ryan” “Janet Leiper”


December 20, 2018

(2018), 41 OSCB 9973

2.2.5 Xplore Technologies Corp. Headnote National Policy 11-206 Process for Cease to be a Reporting Issuer Applications – Application for an order than the issuer is not a reporting issuer under applicable securities laws – issuer in default of securities legislation – relief granted. Applicable Legislative Provisions Securities Act (Ontario), ss. 1(10)(a)(ii).

December 14, 2018



AND

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

AND

IN THE MATTER OF

XPLORE TECHNOLOGIES CORP. (the Filer)

ORDER

Background The principal regulator in the Jurisdiction (Decision Maker) has received an application from the Filer for an order under the securities legislation of the Jurisdiction (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought). Under the Process for Cease to be a Reporting Issuer Applications (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and (b) the Filer has provided notice that section 4C.5(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 and Newfoundland and Labrador.

Interpretation Terms defined in National Instrument 14-101 – Definitions and MI 11-102 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 a corporation governed by the laws of Delaware, with its head office in Austin, Texas. 2. The Filer is a reporting issuer in each of the provinces of Canada (collectively, the Reporting Jurisdictions) and it is

applying for the Order Sought in each Reporting Jurisdiction. 3. On July 5, 2018, Zebra Technologies Corporation (Zebra) and the Filer announced that they had entered into an

agreement pursuant to which Zebra would acquire all outstanding common stock of the Filer for U.S.$6.00 per share in cash (the Acquisition) through its wholly owned subsidiary, Wolfdancer Acquisition Corp. (the Purchaser). Under the


December 20, 2018

(2018), 41 OSCB 9974

terms of the agreement, Zebra effected the Acquisition via a tender offer that was completed in accordance with U.S. securities laws (the Tender Offer). On August 14, 2018, Zebra and the Purchaser accepted for payment all shares validly tendered in the Tender Offer.

4. Following completion of the Tender Offer, Zebra completed the Acquisition through the merger of the Purchaser with and

into the Filer, pursuant to which remaining Filer stockholders received the same cash price per share as paid in the Tender Offer. The Filer survived the merger as a wholly owned subsidiary of Zebra.

5. Following completion of the Acquisition, the Filer does have not have any securities outstanding other than the common

stock held by Zebra. The outstanding securities of the Filer are beneficially owned directly by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide.

6. Prior to completion of the Acquisition, the Filer was an “SEC foreign issuer” for purposes of National Instrument 71-102

– Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, allowing it to satisfy continuous disclosure obligations under Canadian securities laws by filing the documents it filed with the U.S. Securities and Exchange Commission with the securities regulators in the Reporting Jurisdictions.

7. Following closing of the Acquisition, the Filer’s common stock was delisted from the Nasdaq Capital Market, and the Filer

terminated its registration under the U.S. Securities Exchange Act of 1934. 8. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105 – Issuers Quoted in the U.S. Over-the-

Counter Markets. 9. No securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined

in National Instrument 21-101 – Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.

10. The Filer is applying for a decision that the Filer has ceased to be a reporting issuer in all of the jurisdictions of Canada

in which it is a reporting issuer. 11. The Filer has no current intention to seek public financing by way of an offering of its securities in Canada. 12. The Filer is not in default of securities legislation in any Reporting Jurisdiction, other than: (i) the obligation of the Filer to

file its interim financial statements for the interim periods ended June 30, 2018 and September 30, 2018 and associated management’s discussion and analysis, as well as certification of the foregoing filings, as the filing deadline for such financial statements, management’s discussion and analysis and certifications occurred after the Acquisition closed; and (ii) the filing of the Filer’s current reports on Form 8-K and its proxy circular materials for periods subsequent to 2015 (collectively, the Filings).

13. The Filer is not eligible to use the simplified procedure under National Policy 11-206 – Process for Cease to be a

Reporting Issuer Applications (NP 11-206) as it is in default for failure to file the Filings. 14. The Filer is not eligible to use the modified procedure under NP 11-206 because following the closing of the Acquisition,

the Filer no longer files continuous disclosure reports under U.S. securities laws and is no longer listed on a U.S. exchange.

15. Upon granting of the Order Sought, the Filer will no longer be a reporting issuer in any jurisdiction in Canada. Order The principal regulator is satisfied that the order meets the test set out in the Legislation for the principal regulator to make the order. The decision of the principal regulator under the Legislation is that the Order Sought is granted. “Janet Leiper” Commissioner Ontario Securities Commission “Anne Marie Ryan” Commissioner Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9975

2.2.6 DBRS Limited Headnote National Policy 11-205 Process for Designation of Credit Rating Organizations in Multiple Jurisdictions – Application by a designated rating organization to amend and restate its designation order to include a German affiliate as a “DRO affiliate” and remove references to a Mexican affiliate. Applicable Legislative Provisions Securities Act (Ontario), R.S.O. 1990, c. S.5, as am., ss. 22, 144. National Instrument 25-101 Designated Rating Organizations, s. 6.

December 14, 2018



AND

IN THE MATTER OF

THE PROCESS FOR DESIGNATION OF CREDIT RATING ORGANIZATIONS

IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF DBRS LIMITED

(the Filer)

AMENDED AND RESTATED DESIGNATION ORDER Background The principal regulator in the Jurisdiction previously designated the Filer as a designated rating organization, as contemplated by National Instrument 25-101 Designated Rating Organizations (NI 25-101), pursuant to the October 2016 Designation (defined below). The principal regulator in the Jurisdiction has received an application from the Filer for an amended and restated decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that permits the addition of DBRS Germany (as defined below) as a DRO affiliate of the Filer and the removal of DBRS México (as defined below) as a DRO affiliate of the Filer, as contemplated by NI 25-101. Under the Process for Designation of Credit Rating Organizations in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission (the Commission) is the principal regulator (the Principal Regulator) for

this application; and (b) the Filer has provided notice that section 4B.6 of Multilateral Instrument 11-102 Passport System (MI 11-102)

is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, Yukon and Nunavut (the Passport Jurisdictions).

Interpretation Terms defined in National Instrument 14-101 Definitions, MI 11-102 or NI 25-101 have the same meanings in this decision, unless otherwise defined herein.


December 20, 2018

(2018), 41 OSCB 9976

Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation governed by the Business Corporations Act (Ontario) with its registered and principal offices

located in Toronto, Ontario. 2. The Filer provides credit rating opinions to a broad range of financial institutions, corporate entities, government bodies

and various structured finance product groups in North America, Europe, Australasia and South America. 3. Affiliates of the Filer are incorporated in the United States of America, the European Union and Mexico as follows:

(a) DBRS, Inc. (DBRS US) is a corporation existing under the laws of Delaware. DBRS US is registered with the

SEC as a nationally recognized statistical rating organization (NRSRO), and the Filer is a credit rating affiliate (as that term is defined in SEC Form NRSRO) of DBRS US;

(b) DBRS Ratings Limited (DBRS UK) is a company incorporated in England and Wales and is a registered credit

rating agency in the EU. DBRS UK is a credit rating affiliate (as that term is defined in SEC Form NRSRO) of DBRS US;

(c) DBRS Ratings México, Institución Calificadora de Valores, S.A. de C.V. (DBRS México) is a company existing

under the laws of México; (d) DBRS Ratings GmbH (DBRS Germany) is a company existing under the laws of Germany and is a registered

credit rating agency in the EU. DBRS Germany is a credit rating affiliate (as that term is defined in SEC Form NRSRO) of DBRS US.

DRBS US, DBRS UK, DBRS México and DBRS Germany are hereinafter collectively referred to as the Affiliates.

4. The Filer is privately owned and operated and is not a reporting issuer. DBRS was acquired in 2015 by a consortium led by The Carlyle Group (a global alternative asset manager) and Warburg Pincus (a global private equity firm). Currently, the Filer, together with DBRS US and DBRS UK, rates more than 1,000 different companies and single-purpose vehicles that issue commercial paper, term debt and preferred shares in the global capital markets.

5. On April 30, 2012, the Commission temporarily designated:

(a) the Filer as a designated rating organization under the Legislation, and (b) each of DBRS US and DBRS UK as DRO affiliates (the April 2012 Designation). The April 2012 Designation subsequently expired and was replaced by a permanent order dated October 31, 2012 (the October 2012 Designation). On October 27, 2016, the October 2012 Designation was further amended and replaced by an order that designated the Filer as a designated rating organization under the Legislation and each of DBRS US, DBRS UK and DBRS México as DRO affiliates under the Legislation (the October 2016 Designation).

6. The Filer was granted exemptive relief from certain aspects of NI 25-101 pursuant to an order granted by the Principal Regulator on October 31, 2012 (the Exemption Order).

Compliance with NI 25-101 7. Each of the Filer, DBRS US, DBRS UK and DBRS Germany have established a board of directors or supervisory board

(each, a Board). Each Board includes two non-executive independent directors. At least two members of each Board (including one independent member) have in-depth knowledge and experience at a senior level regarding the markets for structured finance products. The Board of the Filer complies with the composition requirements in section 8 of NI 25-101 and section 2.22 of Appendix A to NI 25-101.

8. The Filer has adopted and implemented its Business Code of Conduct for the DBRS Group of Companies (the Business

Code) which reflects adherence to the International Organization of Securities Commission’s Code of Conduct Fundamentals for Credit Rating Agencies (the IOSCO Code) and which has been revised to satisfy the requirements of NI 25-101. Each of the Affiliates are subject to the Business Code.


December 20, 2018

(2018), 41 OSCB 9977

9. The Filer has also implemented a range of globally applicable policies, procedures and internal controls (Policies) that are designed to achieve the objectives set out in the IOSCO Code and satisfy regulatory requirements that the Filer implements globally. The Policies satisfy the requirements of NI 25-101.

10. The Board of the Filer has responsibility for performing the functions prescribed by Part 3 of NI 25-101 and sections 2.22

through 2.25 of Appendix A of NI 25-101. 11. The Filer has appointed a designated compliance officer to fulfil the functions prescribed by Part 5 of NI 25-101. The

designated compliance officer has a direct reporting relationship to the Board of the Filer. 12. The Business Code and the Policies are consistent in all material respects with the objectives of NI 25-101 and enable

the Filer to: (a) accommodate the global nature of the Filer's operations; (b) ensure the objectivity and integrity of its credit ratings and the transparency of its operations; and (c) meet specific jurisdictional requirements, in addition to those which are reflected in the Business Code.

13. The Filer is in compliance in all material respects with the October 2016 Designation, the Exemption Order, NI 25-101 and the securities legislation applicable to credit rating organizations in each jurisdiction in Canada and in any other jurisdiction in which the Filer or the Affiliates operate.

14. The Filer is subject to the requirements set out in the Legislation and the securities legislation in each of the Passport

Jurisdictions. 15. The Filer has undertaken to the Commission that it will provide Commission staff with English translations of any relevant

documents that: (a) were originally prepared in a language other than English and relate to DBRS Germany or ratings of DBRS

Germany, and (b) are reasonably requested by Commission staff in the course of a compliance review or any other investigation

or review under the Legislation.

16. On December 14, 2018, DBRS Germany was registered as a credit rating agency in accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.

17. DBRS México has ceased all rating activity and discontinued all of its outstanding ratings. On November 20, 2018, upon

application by DBRS, the Comisión Nacional Bancaria y de Valores discontinued the authorization of DBRS México to operate as a rating agency in México.

Decision The Principal Regulator is satisfied that this decision meets the test set out in the Legislation for the Principal Regulator to make this decision. The decision of the Principal Regulator under the Legislation is that:

(a) the October 2016 Designation is hereby revoked, (b) the Filer is designated as a designated rating organization under the Legislation; and (c) each of DBRS US, DBRS UK and DBRS Germany are designated as DRO affiliates.

“Grant Vingoe” Vice-Chair Ontario Securities Commission “Maureen Jensen” Chair Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 9978

2.2.7 Marlin Gold Mining Ltd. Headnote National Policy 11-206 Process for Cease to be a Reporting Issuer Applications – Application for an order than the issuer is not a reporting issuer under applicable securities laws – The issuer is not an OTC reporting issuer; the securities of the issuer are beneficially owned by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders worldwide; no securities of the issuer are traded on a market in Canada or another country; the issuer is not in default of securities legislation except it has not filed certain continuous disclosure documents – relief granted. Applicable Legislative Provisions Securities Act (Ontario), c. S.5, as am., s.1(10)(a)(ii).

December 11, 2018

IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA AND ONTARIO

(the Jurisdictions)

AND

IN THE MATTER OF THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

AND

IN THE MATTER OF

MARLIN GOLD MINING LTD. (the Filer)

ORDER

Background 1 The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application

from the Filer for an order under the securities legislation of the Jurisdictions (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought).

Under the Process for Cease to be a Reporting Issuer Applications (for a dual application):

(a) the British Columbia Securities Commission is the principal regulator for this application, (b) the Filer has provided notice that subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System

(MI 11-102) is intended to be relied upon in Alberta and Manitoba, and (c) this order is the order of the principal regulator and evidences the decision of the securities regulatory

authority or regulator in Ontario. Interpretation 2 Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this order,

unless otherwise defined. Representations 3 This order is based on the following facts represented by the Filer:

1. the Filer is incorporated under the Business Corporations Act (British Columbia) (the BCBCA); 2. the Filer's head office is located in Vancouver, British Columbia;


December 20, 2018

(2018), 41 OSCB 9979

3. the Filer's authorized share capital consists of an unlimited number of common shares (Common Shares); 4. pursuant to a plan of arrangement under section 291 of the BCBCA completed effective November 9, 2018 (the

Arrangement), all of the Common Shares were acquired by Mako Mining Corp. (formerly Golden Reign Resources Ltd.) (Mako) in consideration of 0.5138 of a common share of Mako for each Common Share; on October 30, 2018, the Arrangement was approved at a special meeting of shareholders of Marlin by 99.03% of the votes cast, and the issuance of common shares of Mako in connection with the Arrangement was approved at an annual and general meeting of shareholders of Mako (then Golden Reign) by 99.9% of the votes case; the Supreme Court of British Columbia issued its final order allowing completion of the Arrangement on November 1, 2018;

5. the Filer has no securities outstanding other than the Common Shares; 6. the Filer has no intention to seek public financing by way of an offering of its securities in Canada; 7. the Common Shares were delisted from the TSX Venture Exchange on November 13, 2018; 8. the Filer is not an OTC reporting issuer under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-

the-Counter Markets; 9. the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by

fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide;

10. no securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace

as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported;

11. the Filer is applying for an order that the Filer has ceased to be a reporting issuer in all of the jurisdictions of

Canada in which it is a reporting issuer; 12. the Filer is not in default of any of its obligations under securities legislation in any jurisdiction of Canada other

than its obligation to file: (i) its interim financial statements and related management’s discussion and analysis for the interim period ended September 30, 2018, as required under National Instrument 51-102 Continuous Disclosure Obligations which were due to be filed on November 29, 2018; and (ii) the related certification of such interim financial statements as required under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, also due to be filed on November 29, 2018 (collectively, the Defaults); and

13. the Filer is not eligible to use the simplified procedure under National Policy 11-206 Process for Cease to be a

Reporting Issuer Applications because of the Defaults. Order 4 Each of the Decision Makers is satisfied that the order meets the test set out in the Legislation for the Decision Maker to

make the order. The decision of the Decision Makers under the Legislation is that the Order Sought is granted.

“John Hinze” Director, Corporate Finance British Columbia Securities Commission


December 20, 2018

(2018), 41 OSCB 9980

2.2.8 Caldwell Investment Management Ltd.

FILE NO.: 2018-36

IN THE MATTER OF CALDWELL INVESTMENT MANAGEMENT LTD.

Robert P. Hutchison, Commissioner and Chair of the Panel

December 17, 2018

ORDER WHEREAS on December 17, 2018, the Ontario Securities Commission (the Commission) held a hearing at the offices of the Commission, located at 20 Queen Street West, 17th Floor, Toronto, Ontario; ON HEARING the submissions of the representatives for Staff of the Commission (Staff) and for Caldwell Investment Management Ltd. (the Respondent); IT IS ORDERED THAT: 1. Staff shall serve on the Respondent any expert reports no later than February 15, 2019; 2. the Respondent shall serve on Staff any expert reports in response no later than April 12, 2019; 3. Staff shall serve any expert reports in reply no later than May 24, 2019; 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 no later than May 30, 2019; 5. each party shall provide to the Registrar a copy of an index to the party’s hearing brief no later than June 6, 2019; 6. an attendance is scheduled for June 13, 2019 at 10:00 a.m. or such other dates and times as provided by the Office of

the Secretary and agreed to by the parties; 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, in accordance with the Protocol for E-hearings, no later than June 28, 2019; and

8. the merits hearing shall commence on July 8, 2019 at 10:00 a.m. and continue on July 9, 11, 12, 15, 16, 18, 19, 29 and

30, and August 1, 2, 7, 8, 9, 12, 15, 16, 19, 20, 22, 23, 27 and 28, 2019, or such other dates and times as provided by the Office of the Secretary and agreed to by the parties.

“Robert P. Hutchison”


December 20, 2018

(2018), 41 OSCB 9981

2.2.9 Katanga Mining Limited et al. – ss. 127(1), 127.1

FILE NO.: 2018-76

IN THE MATTER OF KATANGA MINING LIMITED, ARISTOTELIS MISTAKIDIS,



JACQUES LUBBE and MATTHEW COLWILL

Timothy Moseley, Vice-Chair and Chair of the Panel M. Cecilia Williams, Commissioner Lawrence P. Haber, Commissioner

December 18, 2018

ORDER (Subsection 127(1) and section 127.1 of the Securities Act, RSO 1990, c S.5)

WHEREAS on December 18, 2018, the Ontario Securities Commission held a hearing at the offices of the Commission, located at 20 Queen Street West, 17th Floor, Toronto, Ontario, to consider the Joint Request for a Settlement Hearing filed by Katanga Mining Limited (“Katanga”), Aristotelis Mistakidis (“Mistakidis”), Tim Henderson (“Henderson”), Liam Gallagher (“Gallagher”), Jeffrey Best (“Best”), Johnny Blizzard (“Blizzard”), Jacques Lubbe (“Lubbe”), Matthew Colwill (“Colwill”) and Staff of the Commission (“Staff”) for approval of a settlement agreement dated December 14, 2018 (the “Settlement Agreement”); ON READING the Statement of Allegations dated December 14, 2018 and the Settlement Agreement and on hearing the submissions of representatives of each of the parties, and on considering Katanga’s having made a voluntary payment of $28,500,000 to the Commission, and having paid costs in the amount of $1,500,000 to the Commission; IT IS ORDERED THAT: 1. the Settlement Agreement is approved; 2. the voluntary payment of $28,500,000 made by Katanga is designated for allocation or use by the Commission in

accordance with subclause 3.4(2)(b)(i) or (ii) of the Securities Act, RSO 1990, c S.5 (the Act); 3. Katanga shall submit to a review of its practices and procedures pursuant to paragraph 4 of subsection 127(1) of the Act

by an independent consultant agreed to by Staff and Katanga and paid for by Katanga, as set out in Schedule "A" to this Order, and if necessary, Katanga or Staff, as the case may be, may file a motion requesting the further direction of the Commission, as contemplated in paragraphs B(iv) and C(i) of Schedule "A" to this Order;

4. Mistakidis shall:

a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 4 years commencing on the date of this Order, pursuant to paragraph 8 of subsection 127(1) of the Act;

b. pay an administrative penalty in the amount of $2,450,000 by wire transfer to the Commission within 30 days of

the date of this Order, pursuant to paragraph 9 of subsection 127(1) of the Act, which amount is designated for allocation or use by the Commission in accordance with subclause 3.4(2)(b)(i) or (ii) of the Act; and

c. pay costs in the amount of $50,000 by wire transfer to the Commission within 30 days of the date of this Order,

pursuant to section 127.1 of the Act; 5. Henderson shall:

a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 3 years

commencing on the date of this Order, pursuant to paragraph 8 of subsection 127(1) of the Act;


December 20, 2018

(2018), 41 OSCB 9982

b. pay an administrative penalty in the amount of $450,000 by wire transfer to the Commission within 30 days of the date of this Order, pursuant to paragraph 9 of subsection 127(1) of the Act, which amount is designated for allocation or use by the Commission in accordance with subclause 3.4(2)(b)(i) or (ii) of the Act; and


pursuant to section 127.1 of the Act;

6. Gallagher shall: a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 6 years

commencing on the date of this Order, pursuant to paragraph 8 of subsection 127(1) of the Act; b. pay an administrative penalty in the amount of $950,000 by wire transfer to the Commission within 30 days of



pursuant to section 127.1 of the Act; 7. Best shall:

a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 4 years




pursuant to section 127.1 of the Act; 8. Blizzard shall:

a. resign any position that he holds as a director or officer of a reporting issuer, pursuant to paragraph 7 of

subsection 127(1) of the Act, with the exception that Blizzard may hold the position of the CEO of Katanga for a transition period of 30 days from the date of this Order, provided that he has no role in approving or certifying Katanga's 2018 annual financial statements or Management's Discussion & Analysis, after which period Blizzard shall immediately resign as the CEO of Katanga;

b. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 2 years

commencing on the date of this Order, pursuant to paragraph 8 of subsection 127(1) of the Act, with the exception that Blizzard may: i. hold the position of the CEO of Katanga for a period of 30 days from the date of this Order as set out

above in subparagraph 8(a); and ii. hold the position of Director of Operations with Katanga for a period of 90 days from the date of his

resignation as the CEO of Katanga, provided that Blizzard shall not, directly or indirectly:

A. appoint officers or nominate directors of Katanga; B. provide instructions or direction to any legal or financial advisors of Katanga, including its

external auditor; C. have signing authority for Katanga, other than the authority to sign such invoices as may be

required as part of his role as the Director of Operations; D. participate in any decisions relating to the compensation of management of Katanga; E. participate in any decisions of management or the board of directors of Katanga in relation to:

(i) financial reporting; (ii) compliance with any obligations that may be applicable to Katanga under Ontario securities law; and (iii) preparation of any disclosure, filing or other document(s) required to be submitted or filed by Katanga under Ontario securities law except as required


December 20, 2018

(2018), 41 OSCB 9983

by law or in respect of any disclosure describing Blizzard personally or describing his relationship to Katanga;

F. play any role (other than as an investor) in the raising of financing by, or the solicitation of

investments in Katanga; and G. participate in any meeting of the board of Katanga or any committee of the board, unless

specifically invited to attend by the independent directors;

c. pay an administrative penalty in the amount of $400,000 by wire transfer to the Commission within 30 days of the date of this Order, pursuant to paragraph 9 of subsection 127(1) of the Act, which amount is designated for allocation or use by the Commission in accordance with subclause 3.4(2)(b)(i) or (ii) of the Act; and

d. pay costs in the amount of $50,000 by wire transfer to the Commission within 30 days of the date of this Order,

pursuant to section 127.1 of the Act;

9. Lubbe shall: a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 4 years




pursuant to section 127.1 of the Act; and

10. Colwill shall: a. be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 2 years




pursuant to section 127.1 of the Act. “Timothy Moseley” “M. Cecilia Williams” “Lawrence P. Haber”


December 20, 2018

(2018), 41 OSCB 9984

SCHEDULE “A”





TERMS OF REFERENCE FOR THE CONSULTANT

In connection with Katanga’s agreement to submit to a review of its practices and procedures pursuant to paragraph 4 of subsection 127(1) of the Act by an independent consultant (the “Consultant”), the Consultant is required to conduct, in accordance with the following terms, a comprehensive examination and review of Katanga’s metal accounting with respect to reporting of copper and cobalt metal production (“Production”). A. Scope of Review The agreement with the Consultant shall provide that the Consultant examine at Katanga’s expense:

i. The policies, procedures and effectiveness of: (a) Katanga's metal accounting with respect to reporting of Production; and (b) Katanga’s financial accounting with respect to the integration of production statistics, including the calculation of cost of sales and inventory values; and

ii. In light of the findings with respect to A.i, whether any consequential changes directly related to such metal

accounting or related financial accounting should be made in the policies and procedures followed by Katanga to prepare the disclosure documents filed by it to satisfy Ontario securities law requirements applicable to reporting issuers.

B. Consultant's Reporting Obligations

i. The Consultant shall issue a report to Katanga’s board of directors, its audit committee, and to Staff within three months of appointment, provided however, that the Consultant may seek to extend the period of review for one additional three-month term by requesting such an extension from Staff. After consultation with Katanga, Staff shall have discretion to grant such extension for the period requested if deemed reasonable and warranted.

ii. The Consultant's report shall address the Consultant's review of the areas specified in paragraphs A.i and A.ii

above and shall include a description of the review performed, the conclusions reached, and the Consultant's recommendations for any changes or improvements, having regard to Katanga’s size, industry and shareholder structure, and to best practices. In addition, any recommendation for changes or improvements shall be accompanied by a recommended procedural change which shall take into account any relevant remediation proposals put forward by Katanga.

iii. Katanga shall adopt all recommendations contained in the Consultant's report, provided, however, that within

forty-five days of its receipt of the report, Katanga shall, in writing, advise the Consultant and Staff of any recommendation that it considers to be unnecessary, unworkable or otherwise inappropriate. With respect to any recommendation that Katanga considers unnecessary, unworkable or otherwise inappropriate, Katanga need not adopt that recommendation at that time but shall explain in writing why the recommendation is unnecessary or propose in writing to the Consultant an alternative policy, procedure, or system designed to achieve the same objective or purpose on a basis that is workable and appropriate, for consideration by the Consultant.

iv. As to any recommendations of the Consultant with respect to which Katanga and the Consultant do not agree,

including any recommendations that Katanga considers unnecessary, unworkable or otherwise inappropriate, such parties shall attempt in good faith to reach an agreement within ninety days of the receipt of the Consultant's report. In the event Katanga and the Consultant are unable to agree on an alternative proposal, Katanga shall file a motion, on notice to Staff, asking the Commission to resolve the disagreement.

v. Katanga shall retain the Consultant for a period of twelve months from the date of appointment in accordance

with paragraph C below. After the Consultant's recommendations become final pursuant to this paragraph B,


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(2018), 41 OSCB 9985

the Consultant shall provide a report to Katanga's board of directors, its audit committee, and to Staff twelve months after appointment concerning the progress of the implementation. If, at the conclusion of this twelve-month period, there remain any recommendations deemed significant by Staff that have not been substantially implemented for at least two successive fiscal quarters, Staff may, in its discretion, direct Katanga to extend the Consultant's term of appointment until such time as all recommendations (to the extent deemed significant by Staff) have been substantially implemented for at least two successive fiscal quarters.

vi. In addition to the reports identified above, the Consultant shall provide Katanga's board of directors, its audit

committee, and Staff with such documents or other information concerning the areas specified in paragraph A.i and A.ii above as any of them may request during the pendency or at the conclusion of the review.

C. Terms of Consultant's Retention

i. Within forty-five days after the date of the Order, Katanga will submit to Staff a proposal setting forth the identity, qualifications, and proposed terms of retention of the Consultant. Staff, within thirty days of such notice, will either: (a) deem Katanga’s choice of Consultant and proposed terms of retention not unacceptable; or (b) require Katanga to propose an alternative Consultant and/or revised proposed terms of retention within fifteen days. If the alternative Consultant and/or revised proposed terms of retention is unacceptable to Staff, Staff may (a) grant Katanga an extension of time to propose a further alternative Consultant and/or revised proposed terms of retention or, if no such extension is granted, (b) file a motion with the Commission on notice to Katanga for an order directing Katanga to appoint a Consultant nominated by Staff, on terms of retention that are proposed by Katanga and are not unacceptable to Staff.

ii. The Consultant shall have reasonable access to all of Katanga's books and records including those of KCC and

the ability to meet privately with Katanga's personnel and auditors pertaining to policies, procedures and accounting related to its metal accounting. Katanga shall instruct and otherwise encourage its officers, directors, and employees to cooperate fully with the review conducted by the Consultant, and inform its officers, directors, and employees that failure to cooperate with the review may be grounds for dismissal, other disciplinary actions, or other appropriate actions.

iii. The Consultant shall have the right, as reasonable and necessary in his or her judgment but only after

consultation with Katanga, to retain, at Katanga's expense, legal counsel, accountants, and other persons or firms, other than officers, directors, or employees of Katanga, where necessary for the discharge of the Consultant's obligations. Katanga shall pay all reasonable fees and expenses (as reasonably documented) of any persons or firms retained by the Consultant.

iv. The Consultant shall make and keep notes of interviews conducted, and keep a copy of documents gathered,

in connection with the performance of his or her responsibilities, and require all persons and firms retained to assist the Consultant to do so as well.

v. If the Consultant determines that he or she has a conflict with respect to one or more of the areas described in

paragraph A.i or A.ii above, he or she shall delegate his or her responsibilities with respect to that subject to a person who is chosen by the Consultant and who is not unacceptable to Staff.


December 20, 2018

(2018), 41 OSCB 9986


December 20, 2018

(2018), 41 OSCB 9987

Chapter 3

Reasons: Decisions, Orders and Rulings 3.1 OSC Decisions 3.1.1 Katanga Mining Limited et al. – ss. 127, 127.1





ORAL REASONS FOR APPROVAL OF A SETTLEMENT

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

Citation: Katanga Mining Limited (Re), 2018 ONSEC 59 Date: 2018-12-18 File No.: 2018-76

Hearing: December 18, 2018

Decision: December 18, 2018

Panel: Timothy Moseley M. Cecilia Williams Lawrence P. Haber

Vice-Chair and Chair of the Panel Commissioner Commissioner

Appearances: Carlo Rossi Alvin Qian

For Staff of the Commission

Alan P. Gardner Amanda C. McLachlan

For Katanga Mining Limited

Tom Curry Shara N. Roy

For Aristotelis Mistakidis

Nigel Campbell Doug McLeod

For Tim Henderson

Harry Underwood Jeffrey Haylock

For Liam Gallagher

James W.E. Doris For Jeffrey Best and Matthew Colwill

Wendy Berman John M. Picone

For Johnny Blizzard

Craig Lockwood For Jacques Lubbe

Reasons: Decisions, Orders and Rulings

December 20, 2018

(2018), 41 OSCB 9988

REASONS AND DECISION The following reasons have been prepared for publication in the Ontario Securities Commission Bulletin, based on the reasons delivered orally at the hearing, and as edited and approved by the Panel, to provide a public record. [1] Staff of the Commission has made various allegations against one corporate respondent and seven individual

respondents. The purpose of today’s hearing is to consider a settlement agreement between Staff and all eight respondents relating to those allegations.

[2] Katanga Mining Limited, the corporate respondent, is a TSX-listed reporting issuer that operates copper and cobalt

mining and refinery facilities in the Democratic Republic of the Congo. A substantial majority of Katanga’s shares are owned by Glencore plc, a company listed on the London Stock Exchange. Glencore financed Katanga’s operations and was, essentially, Katanga’s only customer. Glencore is not a respondent in this proceeding.

[3] The other seven respondents are individuals who were officers and/or directors of Katanga. They include three people

who were at various times members of Glencore’s senior management, and Glencore nominee directors of Katanga. Those three individuals, who exercised significant influence over operational and financial decisions at Katanga, are: a. Liam Gallagher, who was also a member of Katanga’s Audit Committee; b. Tim Henderson; and c. Aristotelis Mistakidis, to whom Messrs. Gallagher and Henderson reported.

[4] The four other individual respondents are Jeffrey Best, Johnny Blizzard, Jacques Lubbe and Matthew Colwill. Each of them was, for some time, the CEO or the CFO of Katanga.

[5] All eight respondents have admitted that between 2012 and 2017, they contravened Ontario securities law in a number

of ways. Staff and the respondents have agreed to various sanctions and other measures, and to the payment of costs by the respondents. While the terms of the settlement have been agreed to by the parties, we must decide whether the settlement should be approved.

[6] The background is set out in detail in the settlement agreement, and we will not repeat it here. To summarize, though,

Staff’s allegations fall into three categories: a. first, materially misleading disclosure, over a number of years, relating to Katanga’s copper production and its

financial performance; b. second, failures and disclosure inadequacies relating to Katanga’s corporate governance, internal controls, and

procedures, including a failure to disclose a material weakness in its Management Discussion & Analysis (MD&A); and

c. third, inadequate disclosure regarding Katanga’s reliance on, and payments to, individuals and entities

associated with one particular individual, and regarding its operating environment, including the risk of public sector corruption in the Democratic Republic of the Congo.

[7] With respect to financial disclosure, in 2017 Katanga announced that it had begun an internal review of certain of its

accounting practices. That review was led by Katanga’s independent directors and was undertaken with the assistance of professional external advisors, and the cooperation and assistance of management, including the individual respondents. Following that review, Katanga ended up restating certain of its financial results and its MD&A.

[8] Katanga agrees that improper accounting adjustments had resulted in understatement of Katanga’s cost of sales by

approximately US$88 million per year, and repeated overstatement of Katanga’s fixed assets by approximately US$117 million. Improper recording of copper cathode production resulted in misstatements on the order of thousands of tonnes, with resulting financial misstatements of tens of millions of dollars. The settlement agreement reviews these and other misstatements in detail.

[9] Katanga admits that it contravened Ontario securities law by:

a. making statements that were materially misleading in its Annual Information Forms, financial statements and

MD&A;


December 20, 2018

(2018), 41 OSCB 9989

b. failing to maintain adequate internal controls over financial reporting, and adequate disclosure controls and procedures; and

c. failing to disclose material weaknesses in its internal controls over financial reporting.

[10] The individual respondents have not agreed to the facts relating to Katanga’s misleading risk disclosure. With respect to Katanga’s other breaches of Ontario securities law, the involvement of the individual respondents varies from one respondent to another, both in terms of the relevant time period, and the extent of the involvement.

[11] The settlement agreement contains the details, and makes the distinctions clear, but all individual respondents admit that

they authorized, permitted or acquiesced in some of Katanga’s breaches. In addition, Messrs. Best, Blizzard, Lubbe and Colwill, each of whom was the CEO or the CFO of Katanga at some point, contravened Ontario securities law by certifying misleading disclosure issued by Katanga.

[12] All eight respondents admit that their conduct was also contrary to the public interest. [13] A central theme in this case is the inadequacies in the tone from the top and in the culture of compliance at Katanga. The

individual respondents admit that they were responsible for establishing and enforcing a culture of compliance, and that their conduct undermined Katanga’s corporate governance and internal controls. Their failure to discharge their obligation contributed to a culture in which staff of Katanga failed to adhere to policies, and overrode internal controls.

[14] The misconduct in this case was serious. It resulted in material misstatements and failures to make adequate disclosure.

As Staff has submitted, these failures strike at the heart of the protections afforded by proper disclosure, on which investors must be entitled to rely.

[15] The failures warrant a substantial response, of the kind reflected in the settlement agreement. The principal terms of the

settlement are as follows: a. Katanga has made a voluntary payment of $28.5 million, and has paid costs of $1.5 million; b. Katanga will submit to a review, at its own expense and by an independent consultant, of its policies and

procedures relating to metal accounting and the integration of production statistics into its financial accounting, and Katanga will implement necessary changes to those policies and procedures;

c. the individual respondents will pay administrative penalties ranging from $350,000 to $2.45 million; d. each individual respondent will pay costs of $50,000; and e. each individual respondent will be prohibited from acting as a director or officer of any reporting issuer for a

period ranging from two years to six years, with a minor, limited and temporary exception for Mr. Blizzard, the current CEO of Katanga.

[16] Our role is to determine whether the negotiated result falls within a range of reasonable outcomes, and whether it would

be in the public interest to make the order requested. [17] We have reviewed this agreement in detail, and we recently conducted a confidential settlement conference with counsel

for all parties. We asked questions of counsel and we heard their submissions. With the benefit of that session and our review, we conclude that it would be in the public interest to approve this settlement.

[18] In making that decision, we recognize that the agreement is the product of negotiation between Staff and the respondents,

all ably represented by counsel. The Commission respects the negotiation process and accords significant deference to the resolution reached by the parties.

[19] We have also taken account of the fact that approval of this settlement would resolve the matter promptly, efficiently and

with certainty. A settlement avoids the expenditure of significant resources that would be associated with a contested hearing.

[20] In our view, the voluntary payment, the administrative penalties and the prohibitions against the individuals acting as

directors or officers properly reflect the principles applicable to sanctions, including: a. the recognition of the seriousness of misconduct;


December 20, 2018

(2018), 41 OSCB 9990

b. the importance of fostering investor protection and confidence in the capital markets; and c. the need for specific and general deterrence.

[21] The payment of costs helps to reduce the burden on market participants to pay for investigations and enforcement proceedings.

[22] Finally, the review to be conducted by the independent consultant, and the implementation of necessary changes, will

further protect the capital markets from harm caused by improper practices. [23] We will therefore issue an order substantially in the form of the draft attached to the settlement agreement. [24] A final word: This is a complex matter involving many divergent interests, as is evident from the number of counsel

involved. We have no doubt that it was not easy to reach this resolution, and that doing so involved significant commitments of time, money and effort. We appreciate those efforts and the able assistance of counsel.

Dated at Toronto this 18th day of December, 2018. “Timothy Moseley” “M. Cecilia Williams” “Lawrence P. Haber”

December 20, 2018

(2018), 41 OSCB 9991

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

Bougainville Ventures Inc. 04 December 2018 17 December 2018

CellCube Energy Storage Systems Inc. 02 November 2018 11 December 2018

Mainstream Minerals Corporation 25 April 2016 11 December 2018 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

Company Name Date of Order Date of Lapse

Blocplay Entertainment Inc. 04 December 2018

Katanga Mining Limited 15 August 2017

Cease Trading Orders

December 20, 2018

(2018), 41 OSCB 9992


December 20, 2018

(2018), 41 OSCB 9993

Chapter 5

Rules and Policies 5.1.1 Amendments to National Instrument 81-102 Investment Funds

AMENDMENTS TO

NATIONAL INSTRUMENT 81-102 INVESTMENT FUNDS 1. National Instrument 81-102 Investment Funds is amended by this Instrument. 2. Section 1.1 is amended

(a) by repealing the definition of “acceptable clearing corporation”, (b) in the definition of “cash cover” by replacing “a mutual fund” with “an investment fund”, and by replacing

“the mutual fund” with “the investment fund” wherever it occurs, (c) in the definition of “clearing corporation” by replacing “options or standardized futures” with “specified

derivatives”, (d) by repealing the definition of “fixed portfolio ETF”, (e) in the definition of “illiquid asset” by replacing “mutual fund” with “investment fund” in paragraph (a) and

by replacing “a mutual fund, the resale of which is prohibited by a representation, undertaking or agreement by the mutual fund or by the predecessor in title of the mutual fund” with “an investment fund” in paragraph (b),

(f) by repealing the definition of “Joint Regulatory Financial Questionnaire and Report”, (g) by repealing the definition of “permitted gold certificate”, (h) in the definition of “physical commodity” by adding “electricity, water, or,” before “in an original or

processed state”, (i) by replacing the definition of “public quotation” with the following:

“public quotation” includes, for the purposes of calculating the amount of illiquid assets held by an investment fund, any quotation of a price for any of the following:

(a) a fixed income security made through the inter-dealer bond market, (b) a foreign currency forward or foreign currency option in the interbank market;,

(j) in the definition of “restricted security” by replacing “mutual fund or by the mutual fund’s predecessor” with “investment fund or by the investment fund’s predecessor”, and

(k) by adding the following definitions:

“alternative mutual fund” means a mutual fund, other than a precious metals fund, that has adopted fundamental investment objectives that permit it to invest in physical commodities or specified derivatives, to borrow cash or engage in short selling in a manner not permitted for other mutual funds under this Instrument;, “cleared specified derivative” means a bilateral specified derivative that is accepted for clearing by a regulated clearing agency;, “fixed portfolio investment fund” means an exchange traded mutual fund not in continuous distribution or a non-redeemable investment fund that

Rules and Policies

December 20, 2018

(2018), 41 OSCB 9994

(a) has fundamental investment objectives that include holding and maintaining a fixed portfolio of publicly traded equity securities of one or more issuers the names of which are disclosed in its prospectus, and

(b) trades the securities referred to in paragraph (a) only in the circumstances disclosed in its

prospectus;, “non-redeemable investment fund” has the meaning ascribed to that term in National Instrument 81-106 Investment Fund Continuous Disclosure;, “permitted precious metal” means gold, silver, platinum or palladium;, “permitted precious metal certificate” means a certificate representing a permitted precious metal if the permitted precious metal is held in Canada in the form of bars or wafers and is

(a) available for delivery in Canada, free of charge, to or to the order of the holder of the

certificate, (b) in the case of a certificate representing gold, of a minimum fineness of 995 parts per 1000, (c) in the case of a certificate representing silver, platinum or palladium, of a minimum fineness

of 999 parts per 1000, and (d) if not purchased from a bank listed in Schedule, I, II or III of the Bank Act (Canada), fully

insured against loss and bankruptcy by an insurance company licensed under the laws of Canada or a jurisdiction;,

“precious metals fund” means a mutual fund that has adopted a fundamental investment objective to invest primarily in one or more permitted precious metals;, and “regulated clearing agency” has the meaning ascribed to that term in National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives;.

3. Section 1.2 is amended (a) in paragraph 1.2(3)(a) by replacing “sections 2.12 to 2.17;” with “section 2.6.1 and sections 2.7 to 2.17;”,

and (b) by adding the following subsection:

(5) Despite paragraph (1)(a.1), the following provisions do not apply to a non-redeemable investment fund that was established before October 4, 2018, unless the fund has filed a prospectus for which a receipt was issued after that date:

(a) sections 2.1 and 2.4, (b) paragraphs 2.6(1)(a), (b) and (c), and subsection 2.6(2), and (c) sections 2.6.1, 2.6.2 and 2.9.1..

4. Section 2.1 is amended

(a) in subsection (1) by replacing “A mutual fund” with “A mutual fund, other than an alternative mutual fund,”,

by replacing “index participation units” with “an index participation unit”, by replacing “10 percent” with “10%”and by adding “one” after “any”,

(b) by adding the following subsection:

(1.1) An alternative mutual fund or a non-redeemable investment fund must not purchase a security of an issuer, enter into a specified derivatives transaction or purchase an index participation unit if, immediately after the transaction, more than 20% of its net asset value would be invested in securities of any one issuer.,

Rules and Policies

December 20, 2018

(2018), 41 OSCB 9995

(c) in subsection (2) by replacing “Subsection (1) does” with “Subsections (1) and (1.1) do”, by replacing “a mutual fund” with “an investment fund” wherever it occurs, and in paragraph (e) by replacing “fixed portfolio ETF” with “fixed portfolio investment fund”,

(d) by replacing subsection (3) with the following:

(3) For the purposes of this section, for each long position in a specified derivative that is held by an

investment fund for a purpose other than hedging and for each index participation unit held by the investment fund, the investment fund is considered to hold directly the underlying interest of that specified derivative or its proportionate share of the securities held by the issuer of the index participation unit., and

(e) by replacing subsection (4) with the following:

(4) Despite subsection (3), for the purposes of this section, an investment fund is considered to not hold a

security or instrument if that security or instrument is a component of, but represents less than 10% of,

(a) a stock or bond index that is the underlying interest of a specified derivative, or (b) the securities held by the issuer of an index participation unit..


(a) in subsection (1) by adding “do any of the following:” after “must not”, (b) in paragraph (1)(c) by replacing “10 percent” with “10%”, (c) by replacing paragraph (1)(d) with the following:

(d) purchase a precious metal certificate, other than a permitted precious metal certificate;, (d) by replacing paragraph (1)(e) with the following:

(e) purchase a permitted precious metal, a permitted precious metal certificate, or a specified derivative of which the underlying interest is a physical commodity if, immediately after the purchase, more than 10% of the mutual fund’s net asset value would be made up of permitted precious metals, permitted precious metal certificates, or specified derivatives of which the underlying interests are physical commodities;,

(e) by replacing paragraph (1)(f) with the following:

(f) purchase a physical commodity, except to the extent permitted by paragraph (d) or (e);, (f) by adding “or” to the end of paragraph (1)(g), (g) by repealing paragraph (1)(h), (h) by adding the following subsections:

(1.1) Paragraphs (1)(d), (e) and (f) do not apply to an alternative mutual fund. (1.2) Paragraph (1)(e) does not apply to a precious metals fund with respect to purchasing a permitted

precious metal, a permitted precious metal certificate or a specified derivative of which the underlying interest is one or more permitted precious metals., and

(i) by adding the following subsections:

(3) For the purposes of this section, for each long position in a specified derivative that is held by an

investment fund for a purpose other than hedging and for each index participation unit or underlying investment fund held by the investment fund, the investment fund is considered to hold directly the underlying interest of that specified derivative or its proportionate share of the assets held by the issuer of the index participation unit or underlying investment fund.

Rules and Policies

December 20, 2018

(2018), 41 OSCB 9996

(4) Despite subsection (3), for the purposes of this section, an investment fund is considered to not hold a security or instrument if that security or instrument is a component of, but represents less than 10% of, (a) a stock or bond index that is the underlying interest of a specified derivative, or (b) the securities held by the issuer of an index participation unit or underlying investment fund..


(a) by replacing “percent” with “%” wherever it occurs, (b) in subsection (2) by replacing “must not have invested,” with “must not hold,”, and (c) by adding the following subsections:

(4) A non-redeemable investment fund must not purchase an illiquid asset if, immediately after the purchase, more than 20% of its net asset value would be made up of illiquid assets.

(5) A non-redeemable investment fund must not hold, for a period of 90 days or more, more than 25% of

its net asset value in illiquid assets. (6) If more than 25% of the net asset value of a non-redeemable investment fund is made up of illiquid

assets, the non-redeemable investment fund must, as quickly as commercially reasonable, take all necessary steps to reduce the percentage of its net asset value made up of illiquid assets to 25% or less..

7. Subsection 2.5(2) is amended

(a) by replacing paragraph (a) with the following:

(a) if the investment fund is a mutual fund, other than an alternative mutual fund, either of the following applies:

(i) the other investment fund is a mutual fund, other than an alternative mutual fund, that is

subject to this Instrument; (ii) the other investment fund is an alternative mutual fund or a non-redeemable investment fund

that is subject to this Instrument and, at the time of the purchase of that security, the investment fund holds no more than 10% of its net asset value in securities of alternative mutual funds and non-redeemable investment funds,,

(b) in paragraph (a.1) by adding “an alternative mutual fund or” before “a non-redeemable investment fund”

wherever it occurs, (c) by replacing paragraph (c) with the following:

(c) the other investment fund is a reporting issuer in a jurisdiction,, and (d) by repealing paragraph (c.1).

8. Subsection 2.5(3) is amended by replacing “(a.1), (c) and (c.1)” with “(a.1) and (c)”. 9. Subsection 2.5(5) is replaced with the following:

(5) Paragraphs (2)(e) and (f) do not apply to brokerage fees incurred for the purchase or sale of securities issued by an investment fund that are listed for trading on a stock exchange..


(a) by adding “Borrowing and Other” before “Investment Practices” in the heading, (b) by renumbering it as subsection 2.6(1),

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(c) in subsection (1) by replacing “not,” with “not”, (d) in paragraph (1)(a) by deleting “in the case of a mutual fund,”, (e) in subparagraph (1)(a)(i) replacing “mutual fund” with “investment fund” wherever it occurs, and by

replacing “five percent” with “5%”, (f) in subparagraph (1)(a)(ii) and (iii) by replacing “mutual fund” with “investment fund”, (g) in subparagraph (1)(a)(iv) by adding “or a non-redeemable investment fund” after “continuous distribution”, (h) in paragraphs (1)(b) and (c) by deleting “in the case of a mutual fund,”, and (i) by adding the following subsection:

(2) Despite paragraphs (1)(a) and (b), an alternative mutual fund or a non-redeemable investment fund

may borrow cash or provide a security interest over any of its portfolio assets if each of the following apply:

(a) any borrowing of cash is

(i) from an entity described in section 6.2 or 6.3, and (ii) if the lender is an affiliate or associate of the investment fund manager of the

alternative mutual fund or non-redeemable investment fund, under a borrowing agreement approved by the independent review committee as required under section 5.2 of NI 81-107;

(b) the borrowing agreement is in accordance with normal industry practice and on standard

commercial terms for the type of transaction; (c) the value of cash borrowed, when aggregated with the value of all outstanding borrowing by

the alternative mutual fund or non-redeemable investment fund, does not exceed 50% of the alternative mutual fund or non-redeemable investment fund’s net asset value..

11. Subsection 2.6.1(1) is amended

(a) by replacing “A mutual fund” with “An investment fund”, (b) in subparagraph (b)(i), by replacing “mutual fund” with “investment fund”, and (c) by replacing paragraph (c) with the following:

(c) at the time the investment fund sells the security short,

(i) the investment fund has borrowed or arranged to borrow from a borrowing agent the security that is to be sold under the short sale,

(ii) if the investment fund is a mutual fund, other than an alternative mutual fund, the aggregate

market value of the securities of the issuer of the securities sold short by the mutual fund does not exceed 5% of the net asset value of the mutual fund,

(iii) if the investment fund is a mutual fund, other than an alternative mutual fund, the aggregate

market value of the securities sold short by the mutual fund does not exceed 20% of the net asset value of the mutual fund,

(iv) if the investment fund is an alternative mutual fund or a non-redeemable investment fund, the

aggregate market value of the securities of the issuer of the securities sold short by the investment fund, other than government securities sold short by an alternative mutual fund or non-redeemable investment fund, does not exceed 10% of the net asset value of the investment fund, and

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(v) if the investment fund is an alternative mutual fund or a non-redeemable investment fund, the aggregate market value of the securities sold short by the investment fund does not exceed 50% of the net asset value of the investment fund..

12. Subsection 2.6.1(2) is amended by replacing “A mutual fund” with “A mutual fund, other than an alternative mutual

fund,” and by replacing “all” with “the” after “aggregate market value of”. 13. Subsection 2.6.1(3) is amended by replacing “A mutual fund” with “A mutual fund ,other than an alternative mutual

fund,”. 14. The Instrument is amended by adding the following section:

2.6.2 Total Borrowing and Short Sales (1) Despite sections 2.6 and 2.6.1, an investment fund must not borrow cash or sell securities short if, immediately

after entering into a cash borrowing or short selling transaction, the aggregate value of cash borrowed combined with the aggregate market value of the securities sold short by the investment fund would exceed 50% of the investment fund’s net asset value.

(2) Despite sections 2.6 and 2.6.1, if the aggregate value of cash borrowed combined with the aggregate market

value of the securities sold short by the investment fund exceeds 50% of the investment fund’s net asset value, the investment fund must, as quickly as is commercially reasonable, take all necessary steps to reduce the aggregate value of cash borrowed combined with the aggregate market value of securities sold short to 50% or less of the investment fund’s net asset value..


(a) in subsection (1) by replacing “A mutual fund” with “An investment fund”, by adding “forward” before

“contract” in paragraphs (1)(b) and (c), by replacing “rating.” with “rating;”, in paragraph (c) and by adding the following paragraph:

(d) the option, debt-like security, swap or forward contract is a cleared specified derivative.,

(b) by replacing subsection (2) with the following:

(2) If the credit rating of an option, debt-like security, swap or forward contract, or the credit rating of the

equivalent debt of the writer or guarantor of the option, debt-like security, swap or forward contract, falls below the level of designated rating while the option, debt-like security, swap or forward contract is held by an investment fund , the investment fund must take the steps that are reasonably required to close out its position in the option, debt-like security, swap or forward contract in an orderly and timely fashion, unless either of the following applies: (a) the option is a clearing corporation option; (b) the option, debt-like security, swap or forward contract is a cleared specified derivative.,

(c) in subsection (3) by replacing “a mutual fund” with “an investment fund”, (d) by replacing subsection (4) with the following:

(4) The mark-to-market value of the exposure of an investment fund under its specified derivatives

positions with any one counterparty, calculated in accordance with subsection (5), must not exceed, for a period of 30 days or more, 10% of the net asset value of the investment fund unless either of the following applies:

(a) the specified derivative is a cleared specified derivative; (b) the equivalent debt of the counterparty, or of a person or company that has fully and

unconditionally guaranteed the obligations of the counterparty in respect of the specified derivative, has a designated rating.,

(e) in subsection (5) by replacing “a mutual fund” with “an investment fund,” and by replacing “the mutual

fund” with “the investment fund” wherever it occurs, and

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(f) by adding the following subsection:

(6) Subsections (1), (2) and (3) do not apply to an alternative mutual fund or a non-redeemable investment fund..

16. Section 2.8 is amended by adding the following subsection:

(0.1) This section does not apply to an alternative mutual fund.. 17. The Instrument is amended by adding the following section:

2.9.1 Aggregate Exposure to Borrowing, Short Selling and Specified Derivatives (1) An alternative mutual fund or non-redeemable investment fund’s aggregate exposure to cash borrowing, short

selling and specified derivatives transactions must not exceed 300% of the fund’s net asset value. (2) For the purposes of subsection (1), an alternative mutual fund or non-redeemable investment fund’s aggregate

exposure is the sum of the following: (a) the aggregate value of the alternative mutual fund’s or non-redeemable investment fund’s outstanding

indebtedness under any borrowing agreements to which subsection 2.6(2) applies, (b) the aggregate market value of all securities sold short by the alternative mutual fund or non-redeemable

investment fund as permitted by section 2.6.1, and (c) the aggregate notional amount of the alternative mutual fund’s or non-redeemable investment’s fund’s

specified derivatives positions, minus the aggregate notional amount of the specified derivative positions that are hedging transactions.

(3) For the purposes of this section the alternative mutual fund or non-redeemable investment fund must include in

its calculation its proportionate share of the assets of any underlying investment fund for which a similar calculation is required.

(4) An alternative mutual fund or non-redeemable investment fund must determine its aggregate exposure in

accordance with subsection (2) as of the close of business of each day on which it calculates a net asset value. (5) If the alternative mutual fund or non-redeemable investment fund’s aggregate exposure as determined in

accordance with subsection (2) exceeds 300% of its net asset value, the alternative mutual fund or non-redeemable investment fund must, as quickly as is commercially reasonable, take all necessary steps to reduce the aggregate exposure to 300% its net asset value or less..


(0.1) This section does not apply to an alternative mutual fund.. 19. Section 6.2 is amended in paragraph 3.(a) by deleting “that have been made public,”. 20. Section 6.3 is amended in paragraph 3.(a) by deleting “that have been made public,”. 21. Subsection 6.8(1) is amended

(a) by adding “Borrowing,” before “Derivatives” in the heading, (b) by replacing “futures or” with “futures,”, (c) by adding “or cleared specified derivatives with a member of a regulated clearing agency or” after

“standardized futures”, (d) by adding “member or” after “margin already held by the”, and (e) by replacing “10 percent” with “10%”.

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22. Subsection 6.8(2) is amended

(a) by adding “member of a regulated clearing agency or with a” after “portfolio assets with a”, by replacing “or” with “,” after “options on futures” and by adding “or cleared specified derivatives” after “standardized futures”,

(b) in paragraph (a) by replacing “in the case of standardized futures and options on futures, the” with “the

member or”, by adding “regulated clearing agency,” before “futures exchange”, by deleting “, in the case of clearing corporation options, is a member of a”, by replacing “either case” with “any case” and by replacing “;” with “,”,

(c) in paragraph (b) by adding “member or” before “dealer”, by deleting “that have been made public” and by

replacing “;” with “,”, and (d) in paragraph (c) by adding “member or” before “dealer”, and by replacing “10 percent” with “10%”.


(3.1) An investment fund may deposit with its lender, portfolio assets over which it has granted a security interest in connection with a borrowing agreement to which section 2.6 applies..

24. Subsection 6.8(4) is amended by replacing “(2) or (3)” with “(2), (3) or (3.1)”. 25. Subsection 6.8(5) is amended by adding “borrowing,” before “securities lending”. 26. Section 6.8.1 is amended

(a) by replacing subsection (1) with the following: (1) Unless the borrowing agent is the investment fund's custodian or sub-custodian, if an investment fund

deposits portfolio assets with a borrowing agent as security in connection with a short sale of securities, the market value of portfolio assets deposited with the borrowing agent must not, when aggregated with the market value of portfolio assets already held by the borrowing agent as security for outstanding short sales of securities by the investment fund,

(a) in the case of a mutual fund, other than an alternative mutual fund, exceed 10% of the net

asset value of the mutual fund at the time of deposit, and (b) in the case of an alternative mutual fund or a non-redeemable investment fund, exceed 25%

of the net asset value of the alternative mutual fund or non-redeemable investment fund at the time of deposit., and

(b) in paragraph (3)(b) by deleting “that have been made public”.


(a) by renumbering it as subsection 7.1(1), (b) in subsection (1) by replacing “A mutual fund” with “A mutual fund, other than an alternative mutual fund,”,

and by replacing “, unless” with “unless”, and (c) by adding the following subsection:

(2) An alternative mutual fund must not pay, or enter into arrangements that would require it to pay, and must not sell securities of an alternative mutual fund on the basis that an investor would be required to pay, a fee that is determined by the performance of the alternative mutual fund unless

(a) the payment of the fee is based on the cumulative total return of the alternative mutual fund

for the period that began immediately after the last period for which the performance fee was paid, and

(b) the method of calculating the fee is described in the alternative mutual fund’s prospectus..

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28. Paragraph 9.1.1(b) is amended by adding “short” before “position”. 29. Section 10.1 is amended by adding the following subsection:

(2.1) If disclosed in its prospectus, an alternative mutual fund may include, as part of the requirements contemplated in subsection (2), a provision that securityholders of the alternative mutual fund may not redeem their securities for a period up to 6 months after the date on which the receipt is issued for the initial prospectus of the alternative mutual fund..


(5) Despite subsection (1), an alternative mutual fund may redeem securities of the alternative mutual fund at a

price that is equal to the net asset value for those securities determined on the first or second business day after the date of receipt by the alternative mutual fund of the redemption order if

(a) the alternative mutual fund has established a policy providing for the redemption price to be calculated

on such a basis, and (b) the policy has been disclosed in the alternative mutual fund’s prospectus before the policy’s

implementation..

31. Subsection 10.4(1.1) is amended by adding “or an alternative mutual fund or” after “continuous distribution”. 32. Subsection 15.13(2) is amended by replacing “a commodity pool” with “an alternative mutual fund” wherever it

occurs and by deleting “as defined in National Instrument 81-104 Commodity Pools”. 33. Appendix A – Futures Exchanges for the Purpose of Subsection 2.7(4) – Derivative Counterparty Exposure

Limits is repealed. Transition 34. If a commodity pool, as that term was defined in National Instrument 81-104 Commodity Pools on January 2, 2019, has

filed a prospectus for which a receipt was granted on or before that date, this Instrument does not apply to that commodity pool until July 4, 2019.

Effective Date 35. This Instrument comes into force on January 3, 2019.

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5.1.2 Changes to Commentary to National Instrument 81-102 Investment Funds

CHANGES TO COMMENTARY TO NATIONAL INSTRUMENT 81-102 INVESTMENT FUNDS

1. National Instrument 81-102 Investment Funds is changed by this document. 2. The Commentary to Item 1 of Appendix F – Investment Risk Classification Methodology is changed by adding

the following after Commentary (2):

(3) In deciding whether to exercise the discretion to increase a mutual fund’s investment risk level as permitted in subsection (2) above, consideration should be given as to whether the standard deviation calculation applied under the Investment Risk Classification Methodology may result in a risk level that is below the manager’s own expectations for the mutual fund. This can occur, for example, when a mutual fund employs investment strategies that produce an atypical or non-normal distribution of performance results. In such circumstances mutual funds are encouraged to consider supplementing the Investment Risk Classification Methodology with other factors or risk metrics in order to determine whether it would be appropriate to make an upward adjustment of the mutual fund’s risk level to better reflect the features of the mutual fund..

3. This change becomes effective on January 3, 2019.

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5.1.3 Changes to Companion Policy 81-102CP to National Instrument 81-102 Investment Funds

CHANGES TO COMPANION POLICY 81-102CP TO

NATIONAL INSTRUMENT 81-102 INVESTMENT FUNDS 1. Companion Policy 81-102CP to National Instrument 81-102 Investment Funds is changed by this Document. 2. Part 2 is changed by adding the following sections:

2.01 “alternative mutual fund” – (1) This term replaced the term “commodity pool” that was previously defined under the National Instrument 81-104 Commodity Pools (NI 81-104). Mutual funds that were commodity pools under NI 81-104 are deemed to be alternative mutual funds under this Instrument. (2) The definition of “alternative mutual fund” contemplates that the fund’s fundamental investment objectives will reflect those features that distinguish the alternative mutual fund from more conventional mutual funds. Therefore if an existing mutual were to convert to an alternative mutual fund, we would expect such a change to necessitate changes to the mutual fund’s investment objectives that would require securityholder approval under Part 5 of the Instrument. (3) The Instrument does not mandate a naming convention for mutual funds. However, it is our view that a mutual fund with the word “alternative” in its name could be misleading or cause confusion in the marketplace if that mutual fund is not an alternative mutual fund. We would generally expect that the only mutual funds that would use that term in their name would be alternative mutual funds. 2.3.1 “cleared specified derivative” – the definition of “cleared specified derivative” is intended to apply to derivatives transactions that take place through the facilities of a “regulated clearing agency” as defined in National Instrument 94-101 Mandatory Central Clearing of Derivatives. The Instrument provides exemptions from certain of the provisions governing the use of cleared specified derivatives by investment funds. These exemptions are intended to facilitate the use of the clearing infrastructure in compliance with international requirements for mandatory clearing of derivatives, although the exemptions also apply in respect of cleared specified derivatives that are not subject to mandatory clearing obligations..

3. Subsection (1) of Section 3.3.1 is changed by deleting “Although section 2.4 of the Instrument does not apply to non-

redeemable investment funds,” and by replacing “the Canadian securities regulatory authorities” with “The Canadian securities regulatory authorities”.

4. Part 3 is changed by adding the following section:

3.6.1 Cash Borrowing – Subsection 2.6(2) of the Instrument permits an alternative mutual fund or non-redeemable investment fund to borrow cash for investment purposes (including investing on margin) from an entity that meets the criteria of a fund custodian or subcustodian under section 6.2 or 6.3, and can include the fund’s own custodian or subcustodian. This provision also permits a fund to borrow cash from a lender that is an affiliate or associate of the fund’s investment fund manager provided independent review committee approval is granted..

5. Section 4.3 is changed by replacing it with the following:

4.3 Leveraging – (1) The investment restrictions in the Instrument are in part intended to prevent the use of specified derivatives for the purpose of leveraging the assets of a mutual fund. The definition of “hedging” prohibits leveraging with respect to specified derivatives used for hedging purposes. The provisions of subsection 2.8(1) of the Instrument restrict leveraging with respect specified derivatives used for non-hedging purposes. (2) Alternative mutual funds however, are exempted from section 2.8 and are instead subject to the restrictions on the use of leverage set out in section 2.9.1 of the Instrument, which limit exposure to certain sources of leverage to no more than 300% of an alternative mutual fund’s net asset value. The calculation in section 2.9.1 requires an investment fund to determine the notional amount of its specified derivatives positions. While the Instrument does not define notional amount, in this context we would expect it to be determined in regard to the value of the underlying reference asset, as if the specified derivative position were converted into the equivalent position in the underlying reference asset at the time of the calculation..

6. The changes become effective on January 3, 2019.

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5.1.4 Amendments to National Instrument 81-104 Commodity Pools

AMENDMENTS TO NATIONAL INSTRUMENT 81-104 COMMODITY POOLS

1. National Instrument 81-104 Commodity Pools is amended by this Instrument. 2. The title is amended by replacing “NATIONAL INSTRUMENT 81-104 COMMODITY POOLS” with “NATIONAL

INSTRUMENT 81-104 ALTERNATIVE MUTUAL FUNDS”. 3. Subsection 1.1(1) is amended

(a) by repealing the definitions of “commodity pool”, “independent review committee”, and “precious metals

fund”, (b) by adding “and” at the end of the definition of “Derivatives Fundamentals Course”, (c) by deleting “and” at the end of the definition of “mutual fund restricted individual”, and (d) by adding the following definition:

“alternative mutual fund” has the same meaning as in section 1.1 of NI 81-102;.


(a) in paragraph (a) by replacing “a commodity pool” with “an alternative mutual fund”, and in subparagraph (i) by replacing “commodity pool” with “alternative mutual fund”, and

(b) in paragraph (b) by replacing “a commodity pool” with “an alternative mutual fund”, and by deleting “or

pertaining to the filing of a prospectus to which subsection 3.2(1) applies”. 5. Section 1.3 is amended

(a) in subsection (1) by replacing “a commodity pool” with “an alternative mutual fund”, and by replacing “commodity pool” with “alternative mutual fund”, and

(b) by repealing subsection (2).

6. Part 2 is repealed. 7. Part 3 is repealed. 8. Section 4.1 is amended by replacing “a commodity pool” with “an alternative mutual fund” wherever it occurs, and

by replacing “commodity pools” with “alternative mutual funds” wherever it occurs. 9. Part 5 is repealed. 10. Part 6 is repealed. 11. Part 8 is repealed. 12. Section 11.2 is repealed. 13. This Instrument comes into force on January 3, 2019.

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5.1.5 Withdrawal of Companion Policy 81-104CP to National Instrument 81-104 Commodity Pools

WITHDRAWAL OF COMPANION POLICY 81-104CP TO

NATIONAL INSTRUMENT 81-104 COMMODITY POOLS 1. Companion Policy 81-104CP to National Instrument 81-104 Commodity Pools is withdrawn. 2. This document becomes effective on January 3, 2019.

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5.1.6 Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure

AMENDMENTS TO NATIONAL INSTRUMENT 81-101 MUTUAL FUND PROSPECTUS DISCLOSURE

1. National Instrument 81-101 Mutual Fund Prospectus Disclosure is amended by this Instrument. 2. Section 1.1 is amended by repealing the definitions of “commodity pool” and “precious metals fund”. 3. Section 1.3 is amended by adding “or” at the end of paragraph (a) and by repealing paragraph (b). 4. Section 5.1 is amended by adding the following subsection:

(4) Despite subsection (1), a simplified prospectus for an alternative mutual fund must not be consolidated with a simplified prospectus of another mutual fund if the other mutual fund is not an alternative mutual fund..

5. Subsection 6.1(3) is amended by adding “Alberta and” before “Ontario”. 6. Form 81-101F1 Contents of Simplified Prospectus is amended

(a) by adding the following under the general instructions:

(14.1) Subsection 5.1(4) of National Instrument 81-101 states that a simplified prospectus of an alternative mutual fund must not be consolidated with a simplified prospectus of another mutual fund that is not an alternative mutual fund.,

(b) by adding the following after Item 1.1(2) of Part A:

(2.1) If the mutual fund to which the simplified prospectus pertains is an alternative mutual fund, indicate that fact on the front cover.,

(c) by adding the following after Item 1.2(2) of Part A:

(2.1) If the mutual funds to which the document pertains are alternative mutual funds, indicate that fact on

the front cover.,

(d) by adding the following after instruction (3) to Item 6 of Part B:

(4) If the mutual fund is an alternative mutual fund, describe the features of the mutual fund that cause it to fall within the definition of “alternative mutual fund” in National Instrument 81-102 Investment Funds. If those features include the use of leverage, disclose the sources of leverage (e.g., cash borrowing, short selling, use of derivatives) that the fund is permitted to use as well as the maximum aggregate exposure to those sources of leverage the alternative mutual fund is permitted to have, as a percentage calculated in accordance with section 2.9.1 of National Instrument 81-102 Investment Funds.,

(e) by adding the following after Item 7(10) of Part B:

(11) In the case of an alternative mutual fund that borrows cash pursuant to subsection 2.6 (2) of National Instrument 81-102 Investment Funds

(a) state that the alternative mutual fund is permitted to borrow cash and the maximum amount

the fund is permitted to borrow, and (b) briefly describe how borrowing will be used in conjunction with other strategies of the

alternative mutual fund to achieve its investment objectives.,

(f) by adding the following after Item 9(2) of Part B: (2.1) In the case of an alternative mutual fund, include disclosure explaining that the alternative mutual fund

is permitted to invest in asset classes and use investment strategies that are not permitted for other types of mutual funds and explain how these investment strategies could affect investors’ risk of losing money on their investment in the fund.,

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(g) by deleting “and” at the end of paragraph (b) of Item 9(7) of Part B, (h) by replacing “.” at the end of paragraph (c) of Item 9(7) of Part B with “; and”, and (i) by adding the following after paragraph (c) of Item 9(7) of Part B:

(d) borrowing arrangements.. 7. Form 81-101F2 Contents of Annual Information Form is amended

(a) by adding the following after Item 1.1(2):

(2.1) If the mutual fund to which the annual information form pertains is an alternative mutual fund, indicate that fact on the front cover., and

(b) by adding the following after Item 10.9.1:

10.9.2 Cash Lender (1) In the case of an alternative mutual fund, state the name of each person or company that has entered

into an agreement to lend money to the alternative mutual fund or provides a line of credit or similar lending arrangement to the alternative mutual fund.

(2) State whether any person or company named in subsection (1) is an affiliate or associate of the

manager of the alternative mutual fund.. 8. Form 81-101F3 Contents of Fund Facts Document is amended

(a) by deleting “and” at the end of paragraph (e) of Item 1 of Part I, (b) by replacing “risk.” with “risk; and” at the end of paragraph (f) of Item 1 of Part I, (c) by adding the following after paragraph (f) of Item 1 of Part I:

(g) if the fund facts document pertains to an alternative mutual fund, textbox disclosure using wording substantially similar to the following: This mutual fund is an alternative mutual fund. It is permitted to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. The specific strategies that differentiate this fund from other types of mutual funds include: [list the features of the alternative mutual fund that cause it to fall within the definition of “alternative mutual fund” in National Instrument 81-102 Investment Funds]. [Explain how the listed investment strategies could affect investors’ risk of losing money on their investment in the alternative mutual fund.],

(d) by adding the following after Item 3(1) of Part I:

(1.1) In the case of an alternative mutual fund that uses leverage,

(a) disclose the sources of leverage, and (b) disclose the maximum aggregate exposure to those sources of leverage the alternative

mutual fund is permitted to have., and

(e) by adding the following after subsection (3) of the instructions to Item 3 of Part I:

(3.1) The alternative mutual fund’s aggregate exposure to the sources of leverage must be expressed as a percentage calculated in accordance with section 2.9.1 of National Instrument 81-102 Investment Funds..

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Transition 9. If a commodity pool, as that term was defined in National Instrument 81-104 Commodity Pools on January 2, 2019, has

filed a prospectus for which a receipt was granted on or before that date, this Instrument does not apply to that commodity pool until July 4, 2019.


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5.1.7 Amendments to National Instrument 41-101 General Prospectus Requirements

AMENDMENTS TO NATIONAL INSTRUMENT 41-101 GENERAL PROSPECTUS REQUIREMENTS

1. National Instrument 41-101 General Prospectus Requirements is amended by this Instrument. 2. Section 1.1 is amended by adding the following definition:

“alternative mutual fund” has the same meaning as in section 1.1 of NI 81-102;. 3. Form 41-101F2 Information Required in an Investment Fund Prospectus is amended

(a) by replacing “commodity pool” in Item 1.3(1) with “alternative mutual fund”, (b) by adding the following after Item 1.3(3):

(4) If the mutual fund to which the prospectus pertains is an alternative mutual fund, include a statement

explaining that the fund is permitted to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds and explain how exposure to the asset classes or the adoption of the investment strategies may affect investors’ risk of losing money on their investment in the fund.,

(c) by replacing “commodity pool” in Item 1.11(3) with “alternative mutual fund”, (d) by repealing Item 1.12, (e) by replacing paragraph (e) of Item 3.3(1) with the following:

(e) the use of leverage, including all of the following:

(i) the maximum aggregate exposure to borrowing, short selling and specified derivatives the investment fund is permitted to have, expressed as a percentage calculated in accordance with section 2.9.1 of NI 81-102,

(ii) a brief description of any other restrictions on the investment fund’s use of leverage, and (iii) a brief description of any limits that apply to each source of leverage.,

(f) by adding the following after instruction (3) to Item 5:

(4) If the mutual fund is an alternative mutual fund, describe the features of the mutual fund that cause it

to fall within the definition of “alternative mutual fund” in NI 81-102. If those features involve the use of leverage, disclose the sources of leverage (i.e., borrowing, short selling, use of derivatives) the alternative mutual fund is permitted to use and the maximum aggregate exposure to those sources of leverage the alternative mutual fund is permitted to have, as a percentage calculated in accordance with section 2.9.1 of NI 81-102 .,

(g) by replacing paragraph (b) of Item 6.1(1) with the following:

(b) the use of leverage, including both of the following:

(i) a brief description of any restrictions on the investment fund’s use of leverage; (ii) a brief description of any limits that apply to each source of leverage.,

(h) by adding the following after Item 6.1(6):

(7) In the case of an investment fund that borrows cash in accordance with subsection 2.6 (2) of NI 81-

102,

(a) state that the investment fund is permitted to borrow cash and the maximum amount the fund is permitted to borrow, and

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(b) briefly describe how borrowing will be used in conjunction with other strategies of the investment fund to achieve its investment objectives and the material terms of the borrowing arrangements.,

(i) by adding the following after Item 19.11

19.12 Lender (1) State the name of each person or company that has entered into an agreement to lend money to the

investment fund or provides a line of credit or similar lending arrangement to the investment fund. (2) State whether the person or company named in subsection (1) is an affiliate or associate of the

manager of the investment fund., and (j) by replacing “a commodity pool” in Item 23.1(f) with “an alternative mutual fund”.

4. Form 41-101F4 Information Required in an ETF Facts Document is amended

(a) by replacing the instructions to Item 1 of Part 1 with the following: INSTRUCTIONS: (1) The date for an ETF facts document that is filed with a preliminary prospectus or final prospectus must be the date of the preliminary prospectus or final prospectus, respectively. The date for an ETF facts document that is filed with a pro forma prospectus must be the date of the anticipated final prospectus. The date for an amended ETF facts document must be the date on which it is filed. (2) If the investment objectives of the ETF are to track a multiple (positive or negative) of the daily performance of a specified underlying index or benchmark, provide textbox disclosure in bold type using wording substantially similar to the following:

This ETF is an alternative mutual fund. It is permitted to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. This ETF is highly speculative. It uses leverage which magnifies gains and losses. It is intended for use in daily or short-term trading strategies by sophisticated investors. If you hold this ETF for more than one day, your return could vary considerably from the ETF’s daily target return. Any losses may be compounded. Don’t buy this ETF if you are looking for a longer-term investment.

(3) If the investment objectives of the ETF are to track the inverse performance of a specified underlying index or benchmark, provide textbox disclosure in bold type using wording substantially similar to the following:

This ETF is an alternative mutual fund. It is permitted to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. This ETF is highly speculative. It is intended for use in daily or short-term trading strategies by sophisticated investors. If you hold this ETF for more than one day, your return could vary considerably from the ETF’s daily target return. Any losses may be compounded. Don’t buy this ETF if you are looking for a longer-term investment.

(4) If the ETF is an alternative mutual fund and Instruction (2) or (3) does not apply, provide textbox disclosure in bold type using wording substantially similar to the following:

This ETF is an alternative mutual fund. It has the ability to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. The specific features that differentiate this fund from other types of mutual funds include: [list the asset classes the alternative mutual fund invests in and the investment strategies used by the alternative mutual fund that cause it to fall within the definition of “alternative mutual fund”] [Explain how the listed features may affect investors’ risk of losing money on their investment in the alternative mutual fund],

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(2018), 41 OSCB 10011

(b) by adding the following after Item 3(1) of Part 1:

(1.1) For an alternative mutual fund that uses leverage

(a) disclose the sources of leverage, and (b) disclose the maximum aggregate exposure to those sources of leverage the alternative

mutual fund is permitted to have., and (c) by adding the following after subsection (3) of the instructions to Item 3 of Part 1:

(3.1) The alternative mutual fund’s aggregate exposure to sources of leverage must be expressed as a

percentage calculated in accordance with section 2.9.1 of NI 81-102.. Transition 5. If a commodity pool, as that term was defined in National Instrument 81-104 Commodity Pools on January 2, 2019, has

filed a prospectus for which a receipt was granted on or before that date, this Instrument does not apply to the commodity pool until July 4, 2019.


Rules and Policies

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(2018), 41 OSCB 10012

5.1.8 Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure

AMENDMENTS TO NATIONAL INSTRUMENT 81-106 INVESTMENT FUND CONTINUOUS DISCLOSURE

1. National Instrument 81-106 Investment Fund Continuous Disclosure is amended by this Instrument. 2. Subsection 1.3(3) is amended by deleting “National Instrument 81-104 Commodity Pools or” and by replacing “those

Instruments” with “that Instrument”. 3. The Instrument is amended by adding the following section:

3.12 Disclosure of Use of Leverage – (1) An investment fund that uses leverage must disclose the following information in its financial statements:

(a) a brief explanation of the sources of leverage including cash borrowing, short selling or use of specified

derivatives, used during the reporting period covered by the financial statements, (b) the lowest and highest level of the aggregate exposure to those sources of leverage in the period, and (c) a brief explanation of the significance to the investment fund of the lowest and highest levels of the

aggregate exposure to those sources of leverage.

(2) For the purposes of subsection (1), an investment fund must calculate its aggregate exposure to those sources of leverage in accordance with section 2.9.1 of National Instrument 81-102 Investment Funds..

4. Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance is amended

(a) in Item 2.3 of Part B by adding the following subsection:

(3) An investment fund that uses leverage must disclose,

(a) a brief explanation on the sources of leverage including cash borrowing, short selling or use of specified derivatives, used during the reporting period,

(b) the lowest and highest level of aggregate exposure to those sources of leverage in the period,

and (c) a brief explanation of the significance of the lowest and highest levels of aggregate exposure

to those sources of leverage to the investment fund including the impact of the use of specified derivatives for hedging purposes., and

(b) by replacing the Instruction to Item 2.3 of Part B with the following:

INSTRUCTIONS: (1) Explain the nature of and reasons for changes in the investment fund's performance. Do not only disclose the amount of change in a financial statement item from period to period. Avoid the use of boilerplate wording. Your discussion must be prepared in a manner that will assist a reasonable reader to understand the significant factors that have affected the investment fund’s performance. (2) For the purposes of the disclosure required in Item 2.3(3)(b), an investment fund must calculate its aggregate exposure to sources of leverage in accordance with section 2.9.1 of National Instrument 81-102 Investment Funds. (3) In discussing the impact of the use of specified derivatives for hedging purposes on the investment fund’s calculation of its aggregate exposure to sources of leverage, the fund must discuss by how much the aggregate exposure was reduced by subtracting the notional value of the fund’s specified derivatives positions that are hedging transactions as is contemplated in paragraph 2.9.1(2)(c) of National Instrument 81-102 Investment Funds..

5. This Instrument comes into force on January 3, 2019.

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5.1.9 Amendments to National Instrument 81-107 Independent Review Committee for Investment Funds

AMENDMENTS TO NATIONAL INSTRUMENT 81-107

INDEPENDENT REVIEW COMMITTEE FOR INVESTMENT FUNDS 1. National Instrument 81-107 Independent Review Committee for Investment Funds is amended by this Instrument. 2. Subsection 5.2(1) is amended

(a) in paragraph (b) by deleting “or”, (b) in paragraph (c) replacing “.” with “; or”, and (c) by adding the following paragraph:

(d) a transaction in which an investment fund intends to borrow cash from a person or company that is an associate or affiliate of the investment fund manager..

3. This Instrument comes into force on January 3, 2019.

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(2018), 41 OSCB 10014

5.1.10 Changes to Commentary to National Instrument 81-107 Independent Review Committee for Investment Funds

CHANGES TO COMMENTARY TO NATIONAL INSTRUMENT 81-107

INDEPENDENT REVIEW COMMITTEE FOR INVESTMENT FUNDS 1. The Commentary to National Instrument 81-107 Independent Review Committee for Investment Funds is

changed by this Document. 2. Section 1 of the Commentary to Section 5.2 of the Instrument is changed by adding “Part 2 and” after “Part 6 of

this Instrument or”. 3. This change becomes effective on January 3, 2019.

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(2018), 41 OSCB 10015

Chapter 6

Request for Comments 6.1.1 CSA Staff Notice and Request for Comment 23-323 Trading Fee Rebate Pilot Study

CSA Staff Notice and Request for Comment 23-323

Trading Fee Rebate Pilot Study

December 18, 2018 Executive Summary The Canadian Securities Administrators (CSA or we) are publishing for comment a proposed Trading Fee Rebate Pilot Study that would apply temporary pricing restrictions on marketplace transaction fees applicable to trading in certain securities (Proposed Pilot). We are publishing the Proposed Pilot for a 45-day comment period to solicit views. We are seeking comment on all issues raised in this notice, including the design of the Proposed Pilot that is contained in the Design Report at Appendix A, as well as the specific questions raised within it. The comment period will end on February 1, 2019. I. Introduction The CSA has been considering a pilot study on the payment of trading fee rebates for many years in relation to our continued work to foster fair and efficient capital markets and confidence in capital markets. On May 15, 2014, we published a Notice and Request for Comment (the 2014 Notice) that proposed amendments to National Instrument 23-101 Trading Rules (NI 23-101) in relation to the order protection rule (OPR).1 On April 7, 2016, as a result of our review of OPR, we published a Notice of Approval of Amendments to NI 23-101 and Companion Policy 23-101CP (the 2016 Notice).2 In the 2016 Notice, we acknowledged that we had been considering a pilot study for a number of years but, due to certain risks arising from the interconnected nature of North American markets and securities that are interlisted in the United States, we decided not to move forward with a pilot study unless a similar study was undertaken in the United States.3

1 Published at: (2014) 37 OSCB 4873. 2 Published at: (2016) 39 OSCB 3237. 3 Please refer to section 7 Pilot Study on Prohibition on Payment of Rebates by Marketplaces in (2016) 39 OSCB 3237.

Request for Comments

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(2018), 41 OSCB 10016

On March 14, 2018, the United States Securities and Exchange Commission (SEC) proposed new Rule 610T of Regulation National Market System (NMS) that would conduct a transaction fee pilot for NMS securities (the Proposed SEC Transaction Fee Pilot),4 and, as a result, an opportunity has emerged to move forward with a Canadian pilot study. On March 16, 2018, we published CSA Staff Notice 23-322 Trading Fee Rebate Pilot Study5 to provide an update on our plans to study the impacts of transaction fees and rebates on order routing behaviour, execution quality, and market quality, and noted that we have been engaged in dialogue with SEC staff on this issue. We are publishing for comment the design and specifications of the Proposed Pilot to solicit feedback. We will continue discussions with SEC staff about coordinating the pilot studies, where possible and appropriate. II. Background Trading Fee Models The “maker-taker” trading fee model originated in the United States as a method by which new marketplaces could attract orders and compete with established exchanges. The maker-taker model attracts orders through the payment of trading rebates. When a trade occurs, the participant that enters the liquidity providing order displayed in the order book (i.e. “makes” liquidity) is paid a rebate and the participant who removes that order from the order book (i.e. “takes” liquidity) is charged a fee. The fee is higher than the rebate and the difference between the two is the trading revenue earned by the marketplace. In Canada, the maker-taker model was first introduced by the TSX in 2005 in order to compete with marketplaces in the U.S. trading interlisted securities. Since that time, and as marketplace competition emerged in Canada, the use of rebate payments to attract orders has become the standard fee model employed by Canadian marketplaces. The maker-taker model has also evolved to include an “inverted maker-taker” or “taker-maker” fee model, where the provider of liquidity pays a fee and the liquidity remover receives a rebate when a trade occurs. Potential Issues Identified In the 2014 Notice, we expressed our view that the payment of rebates by a marketplace is changing behaviours of marketplace participants. As elaborated below, the payment of rebates may be:

• creating conflicts of interest for dealer routing decisions that may be difficult to manage; • contributing to increased segmentation of order flow; and • contributing to increased intermediation on actively traded securities.

(a) Conflicts of Interest

4 Published at: https://www.sec.gov/rules/proposed/2018/34-82873.pdf. 5 Published at: http://www.osc.gov.on.ca/en/SecuritiesLaw_sn_20180316_23-322_trading-fee-rebate-pilot-study.htm.

https://www.sec.gov/rules/proposed/2018/34-82873.pdf

http://www.osc.gov.on.ca/en/SecuritiesLaw_sn_20180316_23-322_trading-fee-rebate-pilot-study.htm


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Dealers that manage client orders make decisions regarding the marketplaces to which these orders will be routed. The payment of a rebate by a marketplace raises a potential conflict of interest when a dealer must choose between routing an order to a marketplace that pays them a rebate or to a marketplace that charges them a fee, neither of which are typically passed on to the end client. A decision to route orders based on costs may conflict with routing orders in a manner that results in the best outcome for clients. For example, the payment of a rebate may create a conflict of interest for dealers who must pursue the best execution for their clients’ orders while facing potentially conflicting economic incentives to avoid fees or earn rebates. A dealer that routes to a marketplace that offers a rebate but does not offer high execution quality (i.e. orders are either less likely or take longer to execute) may ultimately provide suboptimal outcomes for clients. This potential conflict has been the subject of academic literature including Angel, Harris, and Spatt 20106 and Battalio, Corwin, and Jennings 2016,7 and was also highlighted by the International Organization of Securities Commissions (IOSCO) in a December 2013 publication, “Trading Fee Models and their Impact on Trading Behaviour: Final Report” (the IOSCO Report).8 The IOSCO Report notes that

… various jurisdictions raised concerns about the potential conflicts of interest [trading fees or trading fee models] may create – for example, by providing incentives to enter into transactions for improper purposes (such as increasing trading volumes solely for the purposes of achieving volume-based incentives) or by impacting routing decisions based on earning a rebate or discount for the participant at the expense of the quality of best execution for its client.9

In prohibiting the payment of marketplace rebates for a test group of securities, we believe the Proposed Pilot will provide an opportunity to understand any inherent conflicts for dealers and study both changes in order routing practices and impacts on market quality measures. (b) Segmentation of Orders In the context of the execution of orders, segmentation refers to the separation of orders from one class or type of market participant to other classes or types of market participants, and in the Canadian context, is often associated with the orders of retail investors. For instance, it is our understanding that a key driver for the introduction of the inverted maker-taker model was to attract orders from dealers that are more cost-sensitive to “take” fees, such as retail dealers. Retail investors may tend to demand immediacy of trade execution (i.e. use marketable orders) more frequently than other types of clients. As a result, retail dealers often “take” liquidity from order books and may choose to route orders to marketplaces with an inverted maker-taker model, where they receive a rebate rather than pay a fee.

6 “Equity Trading in the 21st Century,” May 2010, available at

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1584026. 7 “Can Brokers Have It All? On the Relation between Make-Take Fees and Limit Order Execution Quality,” available at

https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12422. 8 “Trading Fee Models and their Impact on Trading Behaviour: Final Report,” available at http://www.iosco.org/library/

pubdocs/pdf/IOSCOPD430.pdf. 9 Id.

https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12422

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD430.pdf

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD430.pdf


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The use of different fee models that pay rebates to different sides of a trade may be contributing to the segmentation of orders by type of client. The Proposed Pilot will study any changes in dealer routing practices based on type of client in an environment where for certain securities rebates do not play a role in influencing decisions. (c) Increased Intermediation on Actively Traded Securities It was argued that marketplace rebate payments have contributed to increased market participation by intermediaries that provide liquidity to Canadian marketplaces. In the 2014 Notice, we highlighted the concern that while the payment of rebates has successfully increased the level of liquidity primarily in the most liquid securities, it may have led to a situation where there is intermediation of investor orders where sufficient liquidity already exists and is least needed. The Proposed Pilot will study the level of intermediation on Canadian marketplaces where the payment of rebates to providers of liquidity is prohibited for certain securities. III. Summary of the Proposed Pilot The objective of the Proposed Pilot is to study the effects of the prohibition of rebate payments by Canadian marketplaces. In July 2018, we selected and retained three Canadian academics (the Academics)10 to design the Proposed Pilot and measure the results. While greater detail can be found in the Design Report at Appendix A, a summary of the Proposed Pilot is set out below. (a) Timing and Duration The Proposed Pilot will run concurrently with the Proposed SEC Transaction Fee Pilot, and thus timing is dependent both on SEC approval of their proposed rules and the date of implementation. Should timing of the Proposed SEC Transaction Fee Pilot permit, the intention is to implement the Proposed Pilot on a staggered basis consisting of two stages:

1. non-interlisted stocks three to six months prior to the implementation of the Proposed SEC

Transaction Fee Pilot; and 2. interlisted stocks in tandem with the implementation of the Proposed SEC Transaction Fee

Pilot. (b) Applicable Marketplaces The Proposed Pilot will be applicable to trading rebates paid by Canadian marketplaces, both exchanges and alternative trading systems (ATSs), for the execution of an order with respect to certain equity securities outlined in more detail below.

10 http://www.osc.gov.on.ca/en/NewsEvents_nr_20180801_csa-trading-fees-rebates-pilot-study.htm. The CSA has selected

the following group of researchers with expertise in Canadian equity market structure to design and conduct the pilot study: Katya Malinova, Andriy Shkilko and Andreas Park.

http://www.osc.gov.on.ca/en/NewsEvents_nr_20180801_csa-trading-fees-rebates-pilot-study.htm


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(c) Proposed Pilot Securities The Proposed Pilot will include a sample of securities selected from a list of highly liquid securities that is prepared and published by the Investment Industry Regulatory Organization of Canada (IIROC)11 and a sample of actively traded, medium liquidity securities that will be constructed by the Academics. These sample securities will include both interlisted and non-interlisted common stocks. A matched pairs design will be used to find securities that closely match on a set of characteristics such as firm size, share price, and/or trading volume, and then a treated security and a control security will be randomly selected from each pair. We do not believe that the Proposed Pilot will harm issuers even though it may result in the elimination of trading fee rebate incentives that would otherwise be used to attract posted liquidity in certain securities. While the Proposed Pilot will eliminate trading rebates in certain securities, it will not impact the application of OPR. Marketplaces that display protected orders will continue to receive trade-through protection under OPR,12 which may continue to serve as an incentive to attract liquidity. Furthermore, the temporary elimination of trading rebates for certain securities may make it less expensive, and consequently more attractive, to transact in those securities, which also may offset the reduced rebate incentive and attract liquidity. The cost of capital for issuers is determined by a number of factors, most of which are not impacted by secondary market trading activity. While the Proposed Pilot is limited in scope (for instance, it does not include illiquid securities or exchange traded products), this is because a study is, by nature, limited. The exclusion of certain securities from the Proposed Pilot is in no way intended to signal that these securities will not be subject to whatever policy actions are taken as a result of the findings of the Proposed Pilot. (d) Proposed Pilot Design The Proposed Pilot will prohibit the payment of trading fee rebates by marketplaces with respect to trading in treated securities.13 The Academics will conduct an empirical analysis based on market quality metrics and compare the treated securities with the control securities. This statistical analysis will investigate the effects of the prohibition of rebates both pre- and post-implementation of the Proposed Pilot. As the purpose of the Proposed Pilot is to study the effects of prohibiting rebates, the design relies on only this prohibition. In relation to studying conflicts of interest in order routing, we recognize that prohibiting rebates alone will not eliminate all conflicts and, in consultation with the Academics, we considered alternative approaches such as mandating symmetrical marketplace fee models.14 Although symmetrical fee models may better control for conflicts of interest, we ultimately decided that this approach would be overly prescriptive and limit the ability of marketplaces to compete to attract orders. For this reason, we have proposed only a rebate prohibition for the treated securities. 11 Please see: http://www.iiroc.ca/industry/rulebook/Pages/Highly-Liquid-Stocks.aspx. 12 See https://www.osc.gov.on.ca/documents/en/Securities-Category2/sn_20160620_23-316_order-protection-rule.pdf. 13 This will include the prohibition of rebate payments for intentional crosses. 14 Symmetrical marketplace fee models charge the same fee to both sides of a trade.

http://www.iiroc.ca/industry/rulebook/Pages/Highly-Liquid-Stocks.aspx

https://www.osc.gov.on.ca/documents/en/Securities-Category2/sn_20160620_23-316_order-protection-rule.pdf


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In order to ensure that the Proposed Pilot meets the objective of providing a better understanding of the effects of the prohibition of rebate payments on Canadian marketplaces, marketplaces seeking to implement either a fee or major market structure change throughout the implementation period of the Proposed Pilot will be required to demonstrate to the CSA that such a change does not interfere with this objective. The regulators may seek public comment on these changes to aid in making such determinations. Please refer to the attached Design Report for more details. Please also refer to GitHub for ongoing code and data analysis from the Academics as the Proposed Pilot moves forward. (e) Local Matters – Implementation In Ontario, the Proposed Pilot will be implemented by orders of the Ontario Securities Commission (the Commission) under s. 21(5) and s. 21.0.1 of the Securities Act (Ontario), as applicable for each exchange and ATS carrying on business in Ontario. Where a marketplace pays a trading fee rebate with respect to trading in a security that is included in a treatment group in the Proposed Pilot, the Commission will order that marketplace to file a fee amendment that would eliminate the rebate payment for the duration of the Proposed Pilot. The Commission will also order that for the duration of the Proposed Pilot, where a marketplace seeks any amendment to its Form 21-101 F1/F2, including the exhibits thereto, that marketplace will file submissions that satisfy the Commission that any such proposed amendments do not negatively impact the objective of the Proposed Pilot. A draft model order for both an exchange and an ATS is attached at Appendix B. Note that should we have any concerns about the Proposed Pilot following its implementation, we will immediately apply to the Commission for orders under s. 144 of the Securities Act (Ontario) revoking or varying the orders issued under ss. 21(5) and 21.0.1, as applicable. In other jurisdictions, the Proposed Pilot will be implemented by orders of such jurisdictions, as applicable. IV. Next Steps The CSA will seek public comment on the Proposed Pilot for 45 days following the publication of this proposal, and if implemented, will monitor the Proposed Pilot on an ongoing basis and evaluate the results. Prior to implementation, the CSA will also be requesting that marketplace participants advise the CSA what actions they are taking or will take to comply with the Proposed Pilot. We invite participants to provide input on the issues outlined in this public Consultation Paper. You may provide written comments in hard copy or electronic form. The consultation period expires February 1, 2019.

Please submit your comments in writing on or before February 1, 2019. If you are not sending your comments by email, please send a CD containing the submissions (in Microsoft Word format).


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(2018), 41 OSCB 10021

Address your submission to all of the CSA as follows:

British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers Financial and Consumer Services Commission, New Brunswick Superintendent of Securities, Government of Prince Edward Island Nova Scotia Securities Commission Office of the Superintendent of Securities, Service NL (Newfoundland and Labrador) Superintendent of Securities, Northwest Territories Superintendent of Securities, Yukon Superintendent of Securities, Department of Justice, Government of Nunavut Deliver your comments only to the addresses below. Your comments will be distributed to the other participating CSA regulators.

The Secretary Ontario Securities Commission 20 Queen Street West 22nd Floor Toronto, Ontario M5H 3S8 Fax: 416-593-2318 [email protected] Me Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, rue du Square Victoria, 22e étage C.P. 246, tour de la Bourse Montréal (Québec) H4Z 1G3 Fax : 514-864-6381 [email protected]




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V. Questions Questions and comments may be referred to:

Kent Bailey Trading Specialist, Market Regulation Ontario Securities Commission [email protected]

Alex Petro Trading Specialist, Market Regulation Ontario Securities Commission [email protected]

Heather Cohen Legal Counsel, Market Regulation Ontario Securities Commission [email protected]

Serge Boisvert Analyste en réglementation Direction des bourses et des OAR Autorité des marchés financiers [email protected]

Roland Geiling Derivatives Product Analyst Direction des bourses et des OAR Autorité des marchés financiers [email protected]

Maxime Lévesque Analyste aux OAR, Direction des bourses et des OAR Autorité des marchés financiers [email protected]

Sasha Cekerevac Regulatory Analyst, Market Regulation Alberta Securities Commission [email protected]

Bruce Sinclair Securities Market Specialist British Columbia Securities Commission [email protected]











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Appendix A – Proposed Design Report -Trading Fee Rebate Pilot Study

Design Report for the CSA Pilot Study on Rebate Prohibition*

Katya Malinova Andreas Park Andriy Shkilko

First version: July 24, 2018

This version: November 21, 2018

Disclaimer: This document is subject to a request for comments and may change as the comments are addressed. The final design of the Pilot will be determined by the Canadian Securities Administrators (CSA). * We thank the Canadian Securities Administrators, the Canadian Securities Traders Association, the Market Structure Advisory Committee of the Ontario Securities Commission, and participants at the Rotman Capital Markets Institute Panel Discussion for early input.

Katya Malinova – DeGroote School of Business, McMaster University, [email protected] Andreas Park – Rotman School of Management, University of Toronto, Institute of Management

and Innovation@UTM, [email protected] (corresponding author) Andriy Shkilko – Lazaridis School of Business and Economics, Wilfrid Laurier University,

[email protected]





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(2018), 41 OSCB 10024

I. Executive Summary The CSA has proposed a pilot study to better understand the effects of the prohibition of rebate payments by Canadian marketplaces (the Pilot). The United States Securities and Exchange Commission (SEC) has announced its intention to conduct a pilot study examining a similar set of issues (the SEC Pilot). Rebates are often paid to market participants to attract their orders to a particular platform. The CSA has commissioned the authors of this report to develop the methodology for the Pilot, analyze the results, and complete a final research report detailing the findings of the Pilot. In this document, we propose a design and discuss the framework for the analysis of the Pilot. In particular, we cover the following issues: timing, sample construction, empirical measures, statistical tools, and anticipated challenges. We also include a list of questions for industry feedback and discuss some of the issues that have arisen in our previous discussions with the regulators and market participants. An important feature of the Pilot is design simplicity. A complex design that tries to answer too many questions may confound the analysis and as such will be detrimental to drawing policy-relevant conclusions. Consequently, key conditions for the Pilot to be successful are as follows:

• for a group of securities selected using objective and transparent criteria (hereafter, treated securities), marketplaces are prohibited from paying fee rebates15 to dealers, including offering discounts on liquidity removal fees if such discounts are linked to the dealers’ liquidity-providing activities. For all remaining securities, the rules remain unchanged;

• the prohibition applies to all marketplaces trading equity securities; • with respect to interlisted securities, the timing of the Pilot and the set of the Pilot securities

are coordinated with the SEC; • the Pilot matches the duration of the SEC Pilot; • the Pilot is introduced in two stages to mitigate the effects of unexpected market-wide events

that may coincide with the Pilot start date; • in the analysis stage, a set of market quality and order routing metrics is computed using

data from the Investment Industry Regulatory Organization of Canada (IIROC) Surveillance Technology Enhancement Platform (STEP) data;16

• a set of standard techniques is applied to examine these data; and • the codes used in the analysis are publicly available and comments are encouraged.

15 This will include the prohibition of rebate payments for intentional crosses. 16 STEP offers a consolidated view of equity trading on all marketplaces.


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The sample will be selected from corporate equity securities split into highly liquid and medium-liquid. Each treated security will be matched with a control security that has similar characteristics, i.e., firm size, share price, and trading volume. The control securities will not be treated. The sample selection will be governed exclusively by statistical considerations. We expect the sample to consist of:

• 50-60 highly liquid and 20-30 medium liquid interlisted securities, with an equal number of interlisted matches, and

• 60-80 highly liquid and 80-100 medium liquid non-interlisted securities, with an equal

number of non-interlisted matches.

Precise quantities will be determined on the date the sample is finalized, approximately three months prior to the start of the Pilot. In the analysis stage, we will use standard market quality metrics (e.g., quoted spreads and depths, effective and realized spreads, implementation shortfall, volatility, trade and order autocorrelation, time to execution for competitively priced limit orders, etc.). We will examine these metrics before and after rebate prohibition for the market overall and for several types of market participants separately (e.g., dealers, retail investors, institutional participants, participants using high frequency strategies, etc.). The final report will present the results with due care to preserve anonymity of the participants. II. Details A. Background In its 2014 Request for Comments on Proposed Amendments to NI 23-101 Trading Rules,17 the CSA cites several concerns regarding the maker-taker fee model. Specifically, the CSA suggests that the model may “distort transparency of the quoted spread, introduce inappropriate incentives and excessive intermediation, and create conflicts of interest” and proposes conducting a pilot study to formally examine these issues. The CSA specifically states that any pilot should “examine the impact of prohibiting the payment of rebates by marketplaces.” In proposing the Pilot design, we seek to better understand how the prohibition of rebates may affect dealers’ routing practices, the level of intermediation, and standard measures of market quality. The analysis will be carried out for the market overall and for various groups of market participants separately. In what follows, we provide a detailed description of the data, variables, and methods that will allow us to address the issues raised by the CSA. For the results to be meaningful and policy-relevant, two design features are important: sufficiently large and well-structured treatment and control samples and a staggered introduction of treatment. Furthermore, we will seek close coordination with the SEC, since trading in Canada may be affected by the final design of the SEC Pilot.

17 http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20140515_23-101_rfc-pro-amd.htm.

http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20140515_23-101_rfc-pro-amd.htm


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(2018), 41 OSCB 10026

B. Merits of a Canadian Pilot Although the U.S. and the Canadian equity markets are similar, there are several key differences that may affect dealer routing decisions. Examples include the practice of retail order internalization in the U.S. and broker-preferencing in Canada. Therefore, while we expect rebate prohibition to have a similar impact on market-wide measures of market quality in both countries, changes in routing practices and the extent to which different groups of market participants are affected may differ. Consequently, a Canadian pilot, in combination with sufficiently granular data, will substantially improve understanding of the existing fee system and will be necessary for a well-informed Canadian regulatory policy. C. Required Data The Pilot aims to examine discretionary routing practices and the impact of fees on different groups of market participants. We will use masked data from IIROC’s STEP system. In the STEP data, we will define a trader ID as the combination of the dealer ID, user ID, and account type (specialist, client, inventory, etc.). Once defined, we will use trader IDs following the classification of market participants proposed by Devani, Tayal, Anderson, Zhou, Gomez, and Taylor (2014). III. Pilot Securities and Sample Construction A. Background There are about 3,800 securities listed on Canadian stock exchanges, some of which are interlisted on foreign exchanges. Trading characteristics differ significantly across securities, and in constructing the sample we must ensure that such differences do not confound the results. First, a number of securities trade almost exclusively in rebate-free environments. Examples include CSE-listed securities, as well as TSX- and TSXV-listed securities priced under $1 that trade on the TSX, TSXV, and MatchNow. Such securities will not be included in the sample. Second, while we expect that our analysis will provide the most statistically reliable results for the highly liquid securities, we recognize that there is significant interest in examining the impact of rebate prohibition for securities with medium activity levels. Therefore, we will analyze a sample of such securities, but caution that the resulting market quality measures may be statistically noisy. We will not examine very illiquid securities as such an analysis will not yield statistically meaningful insights. We will split the securities into two subsamples: U.S.-interlisted equities and non-interlisted equities. B. Sample Selection and Matching Criteria The two groups of corporate equities will be further split into highly liquid and medium liquid securities. IIROC defines a security to be “highly liquid” if it trades on average at least 100 times per day and with an average trading value of at least $1,000,000 per trading day over the past month.18 Highly liquid securities account for more than 90 percent of the TSX market capitalization and as such are reasonably representative of the wealth invested in publicly-listed Canadian corporate equities. We will define a security as “medium-liquid” if it trades on average at least 50 times a day and with an average trading value of at least $50,000 over the past month. 18 http://www.iiroc.ca/industry/rulebook/Pages/Highly-Liquid-Stocks.aspx.

http://www.iiroc.ca/industry/rulebook/Pages/Highly-Liquid-Stocks.aspx


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(2018), 41 OSCB 10027

To select the treatment and control groups, we will use a procedure that finds stocks similar to each other based on a set of pre-defined characteristics and then randomly selects a stock to treat from each pair. We will use the following matching characteristics as of three months prior to the Pilot start date: listing status (single market vs. interlisted), liquidity status (highly liquid vs. medium liquid), firm size (market capitalization), price, and dollar trading volume, with the last three characteristics averaged over the month preceding the selection date. The list of Pilot securities will be made public as soon as it is finalized. An appropriately-sized sample that is representative of the universe of Canadian publicly listed firms must include the interlisted stocks. We have submitted a comment letter to the SEC to formally request that the Pilot and the SEC Pilot are coordinated so that the interlisted stocks are treated in the same manner in Canada and the U.S.19 For instance, if Barrick Gold, ABX, is a treated security in the Pilot, then it should also be included in Group 3 in the SEC Pilot as currently proposed. Similarly, the interlisted stocks used as controls in the Pilot must be in the control group (currently Group 4) in the SEC Pilot. C. Matching Procedure We will follow the approach known as the nearest-neighbor matching. Specifically, for each possible pair of securities i and j, we will compute the pairwise scaled matching error as follows:

𝑚𝑚𝑚𝑚𝑚𝑚𝑚𝑚ℎ𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑖𝑖𝑖𝑖 = ��𝐶𝐶𝑘𝑘𝑖𝑖 − 𝐶𝐶𝑘𝑘

𝑖𝑖

𝐶𝐶𝑘𝑘𝑖𝑖 + 𝐶𝐶𝑘𝑘𝑖𝑖�

2𝑀𝑀

𝑘𝑘=1

, (1)

where Ck is one of the above-mentioned matching characteristics, e.g., firm size, price, and trading volume. We will then sequentially select pairs with the lowest matching errors until all stocks are allocated a pair. Finally, we will randomly assign one stock in each pair for treatment and retain the other stock as a control. IV. Empirical Measures and Analysis A. Empirical Measures Quoted Liquidity. The quoted spread will be computed as the difference between the Canada-wide best ask and bid prices (the CBBO). We will compute this metric in two ways: (i) across all markets and (ii) only for the markets with protected quotes. The quoted spread at time t for security i is defined as:

𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 = 𝑚𝑚𝑞𝑞𝑎𝑎𝑖𝑖𝑖𝑖 − 𝑏𝑏𝑏𝑏𝑏𝑏𝑖𝑖𝑖𝑖. (2) We will drop instances of locked markets, when the bid and the ask are equal, and instances of crossed markets, when the bid is greater than the ask.

19 https://www.sec.gov/comments/s7-05-18/s70518-4465710-175825.pdf.

https://www.sec.gov/comments/s7-05-18/s70518-4465710-175825.pdf


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(2018), 41 OSCB 10028

Spreads usually vary in the stock price, and as such it is a common practice to compute the proportional spread as:

𝑞𝑞𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 =𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖𝑚𝑚𝑖𝑖𝑖𝑖

, (3)

where mit is the CBBO mid-quote defined as:

𝑚𝑚𝑖𝑖𝑖𝑖 =𝑚𝑚𝑞𝑞𝑎𝑎𝑖𝑖𝑖𝑖 + 𝑏𝑏𝑏𝑏𝑏𝑏𝑖𝑖𝑖𝑖

2. (4)

To aggregate the spread metrics to the daily level, we will compute the time-weighted quoted spread on day d as follows:

𝑚𝑚𝑡𝑡𝑞𝑞𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 =1

∑ Δ𝑖𝑖,𝑖𝑖+1𝑖𝑖× �Δ𝑖𝑖,𝑖𝑖+1

𝑖𝑖

𝑞𝑞𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖, (5)

where Δt,t+1 is the number of time units during which the quote is active. For instance, if a quote is active from 14:35:00.002 to 14:35:08.004, then Δt,t+1 = 8,002 milliseconds (ms). Some of the stocks in our sample will likely be constrained by the minimum tick size of one cent. To account for this possibility, we will compute the fraction of the day that a stock is quoted with a one-cent spread. We will compute quoted depth as the sum of the number of shares posted at both sides of the CBBO. We will compute quoted dollar depth as the sum of the dollar value of shares posted at both sides of the CBBO. We will time-weight both depth metrics. Price Efficiency. The finance literature has developed a number of metrics that capture the speed with which (and the extent to which) prices incorporate new information. Generally speaking, the faster the price discovery process, the more informationally efficient are the prices. Autocorrelation of Returns. Similarly to Hendershott and Jones (2005), we will compute the autocorrelation of midquote returns for 30-second, 1-minute, and 5-minute intervals. A lower absolute value of autocorrelation is associated with greater market efficiency as prices better resemble a random walk. Variance Ratios. If prices are efficient and follow a random walk, the variance of midquotes is linear in the time horizon. Campbell, Lo, and MacKinlay (1997) define the scaled ratio of variances over k time horizons as: |(σtk/kσt) – 1| and suggest that the closer this ratio is to 0, the more efficient is the market. We will follow the existing literature and compute the variance ratios for two intervals: 30-second to 1-minute and 1-minute to 5-minute. Intra-Day Volatility. We will compute two volatility metrics: range-based and variance-based. The range-based metric is the daily average of the high-low price range computed over ten-minute intervals, scaled by the interval’s mid-quote defined in equation (4) above. Aggregated over many securities, this metric is


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(2018), 41 OSCB 10029

usually strongly correlated with overall market volatility as measured by the VIX.20 The variance-based metric is the standard deviation of the one-minute mid-quote returns for the day. Activity Levels. To measure market activity, we will compute several trading volume metrics such as volume at the open and close, volume during the continuous market, volume in intentional crosses, and dark volume. We will further compute a set of order-related metrics such as the number of orders and their value, the proportion of canceled and executed orders, the proportion of executed order value, the number of orders that match or improve the CBBO, and the proportion of orders one and two cents away from the best quotes, as well as one percent and five percent of the mid-quote away from the best quotes. We note that there are no agreed-upon economic measures that determine whether a change in market activity levels is beneficial or harmful. Therefore, volume and order submission figures must be interpreted with caution. Effective Spreads. Effective spreads measure the costs that market participants incur when they trade. It is conventional to base the computation of effective spreads on the mid-quote of the prevailing CBBO. For security i, the proportional effective spread for a trade at time t is defined as:

𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 = 2 × 𝑞𝑞𝑖𝑖𝑖𝑖 ×𝑞𝑞𝑖𝑖𝑖𝑖 − 𝑚𝑚𝑖𝑖𝑖𝑖

𝑚𝑚𝑖𝑖𝑖𝑖, (6)

where pit is the transaction price, mit is the mid-quote of the CBBO prevailing at the time of the trade, and qit is an indicator variable that equals 1 if the trade is buyer-initiated and -1 if the trade is seller-initiated. The factor 2 is used to make the estimate comparable to the quoted spread by capturing the cost of a round-trip transaction. To obtain a daily effective spread estimate, it is common to volume-weight transaction-specific estimates, i.e., for trades of volumes vit, the effective spread on day d is the sum of the trades’ effective spreads weighted by the trades’ shares of total daily volume:

𝑣𝑣𝑡𝑡𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 =1

∑ 𝑣𝑣𝑖𝑖𝑖𝑖𝑖𝑖× �𝑣𝑣𝑖𝑖𝑖𝑖𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖.

𝑖𝑖

(7)

The purpose of the Pilot is to understand the impact of a prohibition of rebates and we will therefore compute the “cum fee” effective spread (often referred to in the industry as the “economic” spread):21

𝑚𝑚𝑐𝑐𝑚𝑚 𝑓𝑓𝑒𝑒𝑒𝑒 𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 = 𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 + 2 × 𝑚𝑚𝑚𝑚𝑎𝑎𝑒𝑒𝑒𝑒 𝑓𝑓𝑒𝑒𝑒𝑒𝑖𝑖𝑖𝑖 𝑚𝑚𝑖𝑖𝑖𝑖. (8)⁄

20 The CBOE Volatility Index (VIX) is a calculation designed to produce a measure of constant, 30-day expected volatility of

the U.S. stock market, derived from real-time, mid-quote prices of S&P 500 Index call and put options. 21 This measure will be computed per transaction. We caution that it will be difficult to determine precisely which fees apply;

dark, lit, and post-only orders may all command different fees, market-makers may receive bulk-discounts, etc. We will apply a uniform rule by employing only the “most common” fee that applies on the specific venue.


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(2018), 41 OSCB 10030

Price Impact and Realized Spread. It is common practice to decompose the effective spread into two components: the price impact and the realized spread. The price impact measures by how much the trade moves the price and is formally defined as:

𝑞𝑞𝑒𝑒𝑏𝑏𝑚𝑚𝑞𝑞𝑖𝑖𝑖𝑖 = 2 × 𝑞𝑞𝑖𝑖𝑖𝑖 ×𝑚𝑚𝑖𝑖,𝑖𝑖+𝜏𝜏 − 𝑚𝑚𝑖𝑖𝑖𝑖

𝑚𝑚𝑖𝑖𝑖𝑖, (9)

where mi,t+τ is the CBBO midpoint τ time units after the trade. The idea behind this measure is that trades reveal information about the fundamental value of the underlying security, and the market needs time to incorporate this information into prices. The time horizon τ is set according to the frequency with which a security trades and varies between one second for the frequently traded stocks to five seconds for the less frequently traded ones. The price impact is directly related to the realized spread, which is defined as:

𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 = 𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 − 𝑞𝑞𝑒𝑒𝑏𝑏𝑚𝑚𝑞𝑞𝑖𝑖𝑖𝑖 (10) and is interpreted as the revenue that liquidity providers receive net of the adverse selection costs captured by the price impact. Analogously to the cum fee effective spreads, we will account for the rebates that liquidity providers are eligible to receive and will compute the cum rebate realized spreads as follows:

𝑚𝑚𝑐𝑐𝑚𝑚 𝑓𝑓𝑒𝑒𝑒𝑒 𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 = 𝑒𝑒𝑞𝑞𝑞𝑞𝑖𝑖𝑖𝑖 + 2 × 𝑚𝑚𝑚𝑚𝑎𝑎𝑒𝑒𝑒𝑒 𝑒𝑒𝑒𝑒𝑏𝑏𝑚𝑚𝑚𝑚𝑒𝑒 𝑚𝑚𝑖𝑖𝑖𝑖⁄ . (11) Implementation Shortfall. Buy-side institutions often trade amounts that are larger than the depth available at the best prices and therefore commonly slice large “parent” orders into smaller “child” orders. The child orders may move market prices away from the price prevalent at the beginning of the large trade and as such increase the total cost of the parent order. Buy-side traders therefore worry about the total cost of their parent orders, which is usually measured by the implementation shortfall (IS). While we likely cannot identify the buy-side trades directly, we will proxy for parent orders by identifying instances where a single trader executes several trades in the same direction on a given day and trades only in that direction. The total cost associated with such a string of trades will be measured by the implementation shortfall defined as:

𝐼𝐼𝐼𝐼𝑖𝑖𝑖𝑖 = 𝑞𝑞𝑖𝑖𝑖𝑖 × ($𝑣𝑣𝑒𝑒𝑣𝑣𝑖𝑖𝑖𝑖 − 𝑞𝑞𝑖𝑖0 × 𝑣𝑣𝑒𝑒𝑣𝑣𝑖𝑖𝑖𝑖), (12) where qit is +1 for a string of buys and -1 for a string of sales that begins at time t in stock i, $volit is the total dollar volume for the string, pi0 is the prevailing mid-quote at the time of the first trade in the string, and volit is the total share volume for the string. A positive shortfall indicates that prices move in the same direction as the parent order. In our reporting, the aggregate shortfall will be computed in basis points of the aggregate dollar volume traded. We will consider two types of trade strings: (i) those that originate from marketable orders only and (ii) those that originate from marketable and non-marketable orders.


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(2018), 41 OSCB 10031

Passive Order Execution Quality. For retail orders and for large trade strings, we will compute the resting time of non-marketable orders. We will specifically focus on orders with prices that suggest that the submitter is interested in a timely execution. As such, we will consider only orders that are submitted at prices that match or improve the CBBO. For large trade strings, we will also report the average fraction of volume that is traded with marketable orders. A change in this measure captures the possibility that institutional investors may change their strategies and choose to “cross the spread” more/less often. Finally, we will examine the ratio of traded to submitted orders; this ratio captures how many orders an institution needs to submit to fill a position. We will consider only the orders submitted at prices matching or improving the CBBO. We will also compute this ratio for share volume. B. Statistical Analysis The basis of our statistical approach is a conventional difference-in-differences analysis of a panel dataset (securities×days). Analyses of this kind usually rely on two approaches to examine the treatment effect (i.e., the effect of rebate prohibition). We discuss these approaches below using the bid-ask spread as an example. In the first approach, the dependent variable ΔDVit is the value of the bid-ask spread for the treated security i at time t less the value for the matched security. Using this dependent variable, we will estimate the following regression:

Δ𝐷𝐷𝐷𝐷𝑖𝑖𝑖𝑖 = 𝛼𝛼 ∙ 𝑞𝑞𝑏𝑏𝑣𝑣𝑒𝑒𝑚𝑚𝑖𝑖 + 𝑚𝑚𝑒𝑒𝑐𝑐𝑚𝑚𝑒𝑒𝑒𝑒𝑣𝑣𝑞𝑞𝑖𝑖 + 𝛿𝛿𝑖𝑖 + 𝜀𝜀𝑖𝑖𝑖𝑖, (13) where Pilott is an indicator variable set to 1 on the Pilot start date, controlst are time series controls such as the VIX, and δi are security-pair fixed effects. The coefficient of interest α captures the effect of the Pilot on treated securities.22 In the second approach, the dependent variable DVit is the value of the bid-ask spread for each security from the treatment and control groups. Using this dependent variable, we will estimate the following regression:

Δ𝐷𝐷𝐷𝐷𝑖𝑖𝑖𝑖 = 𝛼𝛼1 ∙ 𝑞𝑞𝑏𝑏𝑣𝑣𝑒𝑒𝑚𝑚𝑖𝑖 + 𝛼𝛼2 ∙ 𝑞𝑞𝑏𝑏𝑣𝑣𝑒𝑒𝑚𝑚𝑖𝑖 × 𝑚𝑚𝑒𝑒𝑒𝑒𝑚𝑚𝑚𝑚𝑒𝑒𝑏𝑏𝑖𝑖 + 𝛼𝛼3 ∙ 𝑚𝑚𝑒𝑒𝑒𝑒𝑚𝑚𝑚𝑚𝑒𝑒𝑏𝑏𝑖𝑖 + 𝑚𝑚𝑒𝑒𝑐𝑐𝑚𝑚𝑒𝑒𝑒𝑒𝑣𝑣𝑞𝑞𝑖𝑖 + 𝛿𝛿𝑖𝑖 + 𝜀𝜀𝑖𝑖𝑖𝑖, (14) where Pilott is the indicator variable set to 1 on the Pilot start date, treatedi is 1 if the security is from the treatment group and 0 otherwise, controlst are time series controls such as the VIX, and δi are security fixed effects. The coefficient of interest is α2; it estimates the incremental effect of the Pilot on the treated securities. For instance, with quoted spread as the dependent variable, a positive α2 will indicate that the spreads for the treatment group increased relative to the control group.

22 This regression methodology is similar to that in Hendershott and Moulton (2011) and Malinova and Park (2015).


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(2018), 41 OSCB 10032

We will conduct inference in all regressions using double-clustered Cameron, Gelbach, and Miller (2011) standard errors, which are robust to cross-sectional correlation and idiosyncratic time-series persistence.23 Each approach will use two controls for the market-wide effects that are known to affect trader behaviour and market quality. First, we will use the U.S. volatility index, VIX, to control for the level of market-wide volatility. We acknowledge that Canada has its own volatility index, but note that this index may be directly affected by trading in the sample securities, while the U.S. VIX is less likely to be similarly affected. Second, we will use the cumulative return for the S&P GSCI commodity index. Comerton-Forde, Malinova, and Park (2018) show that this index is highly correlated with the Canadian TSX Composite index, but is unlikely to be significantly affected by trading in Canada and therefore serves as a proxy for Canadian market-wide returns. V. Anticipated Challenges We caution that several possible scenarios may affect our ability to deliver meaningful conclusions. First, individual firms in the sample may experience events during the Pilot that render them unusable for the subsequent statistical analyses (e.g., mergers, bankruptcies, or delistings). We will mitigate the impact of such events by building the final sample as close as possible to the start of the Pilot. This said, if one of the above-mentioned events occurs after the sample is finalized, we may omit the affected security and its match from further analyses. Second, all securities may be affected by major market-wide confounding events. Examples are a failure of a major financial institution, a market crash, or a political event. While a staggered introduction, the use of control groups, and a sufficiently long Pilot period alleviate some of the concerns regarding such events, the CSA will reserve the right to extend the Pilot or to delay the start of the Pilot if necessary. Third, the marketplaces may develop workarounds for rebate prohibitions that undermine the Pilot, e.g., differentiated fees, bulk discounts, new order types, new venues or order books, etc. Possible effects of such developments will be evaluated by the CSA prior to their approval, with the focus on preserving the scientific integrity of the Pilot. VI. Timing We propose that the Pilot match the duration of the SEC Pilot. We also propose that the Pilot proceed in two stages: (i) non-interlisted stocks first and (ii) interlisted stocks second (together with the SEC Pilot), with a three- to six-month separation between the stages, should timing of the SEC Pilot permit. As we mention earlier, the staggered introduction may alleviate concerns should the Pilot begin around the time of an unexpected market-wide event. For example, in July 2011, the SEC adopted a new rule that restricted some aspects of direct market access (DMA). Several research teams endeavored to analyze this event. Unfortunately, about two weeks after the DMA rule adoption, the U.S. credit rating was downgraded, creating a substantial amount of noise in the data. No research team has been able to produce meaningful conclusions, since the noise completely confounded the results. We caution that a similarly unpredictable event may confound the results of the Pilot if all stocks are introduced at once. 23 Cameron, Gelbach, and Miller (2011) and Thompson (2011) developed the double-clustering approach simultaneously. See

also Petersen (2009) for a detailed discussion of (double-)clustering techniques.


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(2018), 41 OSCB 10033

Our conversations with market participants suggest that they share this concern, and we received feedback that the difference between the two-stage and all-at-once alternatives is immaterial in terms of technical implementation. VII. Communication and Transparency We believe that transparency is integral when conducting studies and commit to providing timely and comprehensive updates to the CSA for disclosure to market participants. For the data preparation and analysis stages of our work, we will use SAS, SQL, and Stata coding packages. In the interest of transparency, we will make all codes publicly available via GitHub (the online code depository). Comments for code improvement will be welcome; GitHub includes a comment function. Where possible, we will also provide the data (e.g., the non-proprietary data that will be used for the matching process). We believe that this level of transparency will bring added trust in the integrity of our analysis. Further, we welcome suggestions for improvement of the proposed Pilot structure and analyses. We recognize the importance of consultation with market participants and coordination with other regulatory bodies and are prepared to consider alternative designs. We have received excellent feedback from the CSA, the members of the OSC Market Structure Advisory Committee, the Canadian Securities Traders Association, and participants at the Rotman Capital Markets Institute Panel Discussion. This report reflects this feedback.


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Appendix I: A Sample Matching Procedure This appendix provides an example of the matching procedure used to assign Canadian stocks interlisted in the U.S. into the treatment and control groups. Trading volume, price, and market capitalization figures are the latest available from the Canadian Financial Markets Research Centre (CFMRC) database.24 Trading volume is the average daily dollar volume, price is the closing price, and market capitalization is the product of the price and the number of shares outstanding. We use Canadian dollars for variables that require a price component. We arrive at the matched sample using the following procedure:

1. We begin with a sample of 181 Canadian securities listed on the Toronto Stock Exchange (TSX) that are also interlisted on the NYSE, NYSE Arca, NYSE MKT, Nasdaq GM, and Nasdaq CM.

2. Among these, we identify 18 securities that trade at prices below $1 and refer to them as

low-priced (LP). Price volatility in such securities is rather high, and as we mention previously, LPs are usually excluded from research samples.

3. Among the remaining securities, we identify 107 that are on IIROC’s “highly liquid” list.

We refer to these as HL stocks, and the remaining 56 securities are nHL (not highly liquid). We match HL stocks to HL stocks and nHL stocks to nHL stocks.

4. For each possible pair of i and j securities, we estimate a match error as follows:

𝑚𝑚𝑚𝑚𝑚𝑚𝑚𝑚ℎ𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑖𝑖𝑖𝑖 = ��𝐶𝐶𝑘𝑘𝑖𝑖 − 𝐶𝐶𝑘𝑘

𝑖𝑖

𝐶𝐶𝑘𝑘𝑖𝑖 + 𝐶𝐶𝑘𝑘𝑖𝑖�

2

,3

𝑘𝑘=1

where Ck are natural logs of trading volume, price, and market capitalization as defined above.

5. From the matrix of match errors that spans all stock pairs, we then select stock pairs with the

lowest errors, for a total of 53 HL pairs, 28 nHL pairs, and 9 LP pairs. 6. Finally, to assign stocks into the treated and control groups, for each pair we generate a

random number between 0 and 1. If this number is below 0.5, we assign the first stock in the pair to be treated and vice versa.

Figure 1 provides an illustration of match quality. The horizontal and vertical axes represent logarithms of market capitalization, dollar volume, and stock price for pairs of securities, with a random assignment of one member in the pair to the treatment and the other to the control group. A good match obtains if the points are on or close to the 45-degree line. A formal t-test shows no evidence that the treatment and control samples are different for any of the matching criteria. 24 http://clouddc.chass.utoronto.ca/ds/cfmrc. In rare cases when CFMRC does not have a valid record for a security, we obtain

the missing data from https://www.tmxmoney.com/en/index.html

http://clouddc.chass.utoronto.ca/ds/cfmrc

https://www.tmxmoney.com/en/index.html


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(2018), 41 OSCB 10035

Appendix II: Questions for Market Participants 1. We propose to define a security as medium-liquid if it trades at least 50 times a day on average and

more than $50,000 on average per trading day over the past month. Do you believe that this definition is appropriate? If not, please provide an alternative definition and supporting data, if available, to illustrate which securities your definition captures.

2. We propose to introduce the Pilot in two stages, with non-interlisted securities first, followed by

interlisted securities. Do you believe that such staggered introduction will cause material problems for the statistical analysis and the results of the Pilot? If so, please describe your concerns in detail.

3. Several Canadian marketplaces offer formal programs that reward market makers with enhanced

rebates in return for liquidity provision obligations. On the one hand, such programs may benefit liquidity. One the other hand, one of the primary objectives of the Pilot is to understand if rebates cause excessive intermediation. In your opinion, should exchanges be allowed to continue using rebates or similar arrangements for market making programs during the Pilot? Do you believe any constraints on such programs during the Pilot to be appropriate?

4. We propose to compute price impacts at the one- and five-second horizons. Do you believe that we

should consider other horizons? If so, which ones? 5. We propose to compute time-to-execution for limit orders posted at the CBBO prices or improving

these prices. Do you believe that we should consider different price levels? If so, which ones? Please provide supporting data and analysis, if available, to demonstrate the empirical importance of order postings at other levels.

6. We propose a number of market quality metrics. Do you believe that we should consider additional

metrics? If so, please outline these metrics and provide supporting data and analysis, if available, to demonstrate their empirical importance.

7. We have had extensive discussions with a number of market participants on whether to include

exchange-traded products (ETPs) in the Pilot, and some participants suggest that such an inclusion is warranted. Nevertheless, others point out that trading characteristics of ETPs are substantially different from those of corporate equities and including ETPs will present significant challenges in the matching stage and will likely confound the results in the analysis stage.

These participants and our own research identify the following concerns:

• most liquidity in ETPs is determined and provided by contracted market makers, and the ETP creation/redemption process represents its own source of liquidity;

• matching characteristics that we propose to use for corporate equities do not have the same

meaning for ETPs. For instance, ETP fund size is not a relevant metric, and ETP trading volume is usually not correlated with quoting activity or liquidity;


December 20, 2018

(2018), 41 OSCB 10036

• spillover effects of two types may confound the results. First, liquidity in ETPs relates to liquidity of the underlying basket of securities, and if the basket is significantly affected by the Pilot, the ETP will be affected too. Second, ETPs that follow the same baskets may be viewed not only as good matches, but also as substitutes for investment, hedging, and trading purposes. If one of them is selected to be treated, and the other is not, market participants may move between products, potentially confounding the results of the Pilot.

The above-mentioned concerns make finding matched ETP pairs a uniquely challenging task. To the best of our knowledge, there is no established procedure for matching ETPs to study their trading costs. As such, in relation to ETP inclusion, we ask that market participants consider the following questions: Given the challenges that ETP matching presents, can the goals of the Pilot be achieved without including ETPs in the sample? If ETP inclusion is important, can you propose a way to construct a matched sample that addresses the concerns identified above?


December 20, 2018

(2018), 41 OSCB 10037

Appendix III: Responses to Received Questions The Capital Markets Institute held an open forum on the Pilot at the Rotman School of Management on September 12, 2018.25 The event included a panel of industry experts who had been asked to comment on various aspects of the Pilot’s design. Prior to and during the event as well as in the weeks that followed, we received a number of thoughtful questions and comments from market participants and are grateful for their time and advice. We believe that this design report addresses most of the issues raised during these discussions. We list the most common comments here for reference.

• Inclusion of less liquid securities. In our presentation, focusing mainly on statistical considerations, we proposed that the Pilot only examine highly liquid securities. The participant consensus however was to include a broader set of securities. The current version of the design report proposes including a set of securities with medium levels of liquidity. We caution that due to statistical noise the analysis of these securities may be inconclusive. To ensure that the less liquid securities do not contaminate the analysis of liquid securities, we will treat them separately both during the matching and the analysis stages.

• Rebate prohibition vs. symmetric fees. Our presentation and several market participants point out that some aspects of the current rebate economics are preserved even if rebates are prohibited. Specifically, some venues may begin charging liquidity makers no fees and charging the takers positive fees, while others may do the opposite. We believe that symmetric “take-take” fees are the only way to entirely eliminate potential conflicts of interest identified in the academic literature (Battalio, Corwin, and Jennings, 2016). The CSA has discussed the possibility of mandating symmetric fees and has decided to pursue only rebate prohibition at this time.

• Replication of the SEC Pilot buckets. Several participants suggested that we follow the SEC Pilot structure and use three treatment buckets with varying caps on fees. Unfortunately, there are too few Canadian securities to populate such buckets and to conduct an analysis that allows for meaningful policy advice. For instance, there are only about 100-120 highly liquid interlisted securities. Splitting them into three treatment buckets and one control bucket will result in only 25-30 securities per bucket, leading to statistical estimation problems.

• Staggered introduction. We have received several distinct proposals for the staggered introduction of stocks into the Pilot, including, for instance, a step-wise lowering of rebates. We believe that the current design that proposes to treat non-interlisted securities first and interlisted securities second with the SEC Pilot, provides the best compromise between cost/risk considerations and an economically meaningful analysis.

• Suggestions for the analysis. Several market participants have made suggestions as to which aspects of market quality we should pay attention to. These include the cost of executing large orders, dealer routing and posting behaviors, dark trading, time to execution, and levels of intermediation. We are grateful for these comments and have incorporated them into the report. We are open to further suggestions that may enhance the analysis.

25 Presentation slides are available at https://slides.com/ap248/cmi_csa_tickpilot_slides#/.

https://slides.com/ap248/cmi_csa_tickpilot_slides#/


December 20, 2018

(2018), 41 OSCB 10038

References Battalio, Robert, Shane Corwin, and Robert Jennings, 2016, Can brokers have it all? on the relation between make-take fees and limit order execution quality, The Journal of Finance 71, 2193–2238. Cameron, A. Colin, Jonah B. Gelbach, and Douglas L. Miller, 2011, Robust inference with multi-way clustering, Journal of Business Economics and Statistics, forthcoming. Campbell, John Y., Andrew W. Lo, and A. Craig MacKinlay, 1997, The Econometrics of Financial Markets (Princeton University Press). Comerton-Forde, Carole, Katya Malinova, and Andreas Park, 2018, Regulating dark trading: Order flow segmentation and market quality, Journal of Financial Economics, forthcoming. Devani, Baiju, Ad Tayal, Lisa Anderson, Dawei Zhou, Juan Gomez, and Graham W. Taylor, 2014, Identifying trading groups – methodology and results, Discussion paper, IIROC Working Paper. Hendershott, Terrence, and Charles M. Jones, 2005, Island goes dark: Transparency, fragmentation, and regulation, The Review of Financial Studies 18, 743–793. Hendershott, Terrence, and Pam Moulton, 2011, Automation, speed, and stock market quality: The NYSE’s hybrid, Journal of Financial Markets 14, 568–604. Malinova, Katya, and Andreas Park, 2015, Subsidizing liquidity: The impact of make/take fees on market quality, The Journal of Finance 70, 509–536. Petersen, Mitchell A., 2009, Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches, Review of Financial Studies 22, 435–480. Thompson, Samuel B., 2011, Simple formulas for standard errors that cluster by both firm and time, Journal of Financial Economics 99, 1–10.


December 20, 2018

(2018), 41 OSCB 10039

Figure 1


December 20, 2018

(2018), 41 OSCB 10040

Appendix B – Draft Model Order

MODEL DRAFT ORDER

IN THE MATTER OF THE SECURITIES ACT,

RSO 1990, CHAPTER S5, AS AMENDED (the “Act”)

AND

IN THE MATTER OF

[INSERT EXCHANGE/ATS]

([Exchange/ATS short form])

ORDER (Subsection 21(5)/Section 21.0.1 of the Act)

WHEREAS [Exchange/ATS short form] is an exchange/alternative trading system (ATS) carrying on business in Ontario; AND WHEREAS if it considers it to be in the public interest, the Ontario Securities Commission (Commission) has the authority to make any decision with respect to the manner in which a recognized exchange/an alternative trading system carries on business; AND WHEREAS the payment of rebates by a marketplace may be changing behaviours of marketplace participants and creating unnecessary conflicts of interest for dealer routing decisions that may be difficult to manage, contributing to increased segmentation of order flow, and/or contributing to increased intermediation on highly liquid securities; AND WHEREAS in light of the information set out in the paragraph above, it is the Commission’s opinion that it is in the public interest to conduct a pilot study on the prohibition of the payment of rebates by marketplaces for a sample of securities (the Pilot); AND WHEREAS the Pilot will apply to [insert number] of securities; AND WHEREAS the objective of the Pilot is to gain a better understanding of the effects of the prohibition of rebate payments by Canadian marketplaces (the Objective) to determine whether the Commission should facilitate the transition to an amended rule regarding the payment of rebates by marketplaces; IT IS ORDERED that, pursuant to subsection 21(5)/section 21.0.1 of the Act:

1. On [insert Pilot start date], [insert Exchange/ATS] shall implement the Pilot according to the design set out at Appendix A appended to this Order, by eliminating rebates for those securities set out at [insert where treated securities listed] in Appendix A until [insert Pilot end date].


December 20, 2018

(2018), 41 OSCB 10041

2. Between [insert Pilot start date] and [insert Pilot end date], if [insert Exchange/ATS] seeks

any amendment to its Form 21-101F1/2, including the exhibits thereto (the Proposed Amendments), [insert Exchange/ATS] shall file submissions which satisfy the Commission that the Proposed Amendments do not negatively impact the Objective of the Pilot.

DATED this __ day of ______________, 201_, to take effect ___________________, 201_. _______________________ _______________________ [Name] [Name] [Title] [Title] Ontario Securities Commission Ontario Securities Commission


December 20, 2018

(2018), 41 OSCB 10042


December 20, 2018

(2018), 41 OSCB 10043

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

December 20, 2018

(2018), 41 OSCB 10044

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Price

Date/Month End Holdings

Acquired/ Disposed

01 Communique Laboratory Inc.

Options Cheung, Andrew 4 12/10/2018 52 0.2 940,000 -300,000


Options Kissack, Gary 4 12/10/2018 52 700,000 -118,750


Options Loo, Gee Gee 5 12/10/2018 52 0.2 235,000 -68,750


Options Stringer, Brian 5 12/10/2018 52 0.2 1,240,000 -212,500


Options Train, William, Archibald 4 12/10/2018 52 0.2 885,000 -140,000

37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/11/2018 10 0.12 155,464 -3,000 37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/11/2018 10 0.105 140,464 -15,000 37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/11/2018 10 0.1 108,464 -32,000 37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/12/2018 10 0.12 107,464 -1,000 37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/12/2018 10 0.115 98,464 -9,000 37 Capital Inc. Common Shares Kalpakian, Bedo H 3 12/12/2018 10 0.105 58,464 -40,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/11/2018 10 0.12 155,464 -3,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/11/2018 10 0.105 140,464 -15,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/11/2018 10 0.1 108,464 -32,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/12/2018 10 0.12 107,464 -1,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/12/2018 10 0.115 98,464 -9,000 37 Capital Inc. Common Shares Kalpakian, Jacob H 4 12/12/2018 10 0.105 58,464 -40,000 49 North Resources Inc. Common Shares Davidson, Andrew 4, 5 12/12/2018 57 0.02 455,274 179,686 49 North Resources Inc. Common Shares Davidson, Andrew 4, 5 12/12/2018 57 0.02 3,300,000 2,500,000 49 North Resources Inc. Rights Expire December

7, 2018 Davidson, Andrew 4, 5 11/14/2018 56 0.02 275,588

49 North Resources Inc. Rights Expire December 7, 2018

Davidson, Andrew 4, 5 11/14/2018 56 0.02 275,588 275,588


Davidson, Andrew 4, 5 12/12/2018 56 0.02 359,372 83,784


Davidson, Andrew 4, 5 12/12/2018 57 0.02 0 -359,372


Davidson, Andrew 4, 5 11/14/2018 56 0.02 800,000


Davidson, Andrew 4, 5 11/14/2018 56 0.02 800,000 800,000


Davidson, Andrew 4, 5 12/12/2018 56 0.02 5,000,000 4,200,000


Davidson, Andrew 4, 5 12/12/2018 57 0.02 0 -5,000,000

49 North Resources Inc. Common Shares MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 6,301,494 1,956,404 49 North Resources Inc. Common Shares MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 7,386 2,462 49 North Resources Inc. Common Shares MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 3,550,000 2,500,000 49 North Resources Inc. Rights Expire December

7, 2018 MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 4,399,190


MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 4,399,190 4,399,190


MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 486,382 -3,912,808


MacNeill, Tom 3, 4, 7, 5 12/12/2018 58 - Expiration

of rights

0.02 0 -486,382


MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 4,924


MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 4,924 4,924


MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 0 -4,924


MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 1,050,000


MacNeill, Tom 3, 4, 7, 5 11/14/2018 56 0.02 1,050,000 1,050,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10045



Acquired/ Disposed


MacNeill, Tom 3, 4, 7, 5 12/12/2018 56 0.02 5,000,000 3,950,000


MacNeill, Tom 3, 4, 7, 5 12/12/2018 57 0.02 0 -5,000,000

Abitibi Royalties Inc. Common Shares Ball, Ian 4, 5 12/13/2018 10 9.24 230,802 300 Abitibi Royalties Inc. Common Shares Ball, Ian 4, 5 12/7/2018 10 9.2 30,350 100 Abitibi Royalties Inc. Common Shares Ball, Ian 4, 5 12/13/2018 10 9.24 30,650 300 Acadian Timber Corp. Common Shares Bishop, Mark Winslow 5 5/1/2015 00 Acadian Timber Corp. Common Shares Bishop, Mark Winslow 5 12/12/2018 10 14.477 10,000 10,000 Acadian Timber Corp. Common Shares Bishop, Mark Winslow 5 5/1/2015 00 Acadian Timber Corp. Common Shares Cecil-Cockwell, Malcolm

Jack Lorne 4 5/8/2018 00

Acadian Timber Corp. Common Shares Cecil-Cockwell, Malcolm Jack Lorne

4 12/11/2018 10 14.5 100,000 100,000

Acadian Timber Corp. Common Shares Cockwell, Jack Lynn 6 12/12/2018 10 14.25 57,600 2,600 Acerus Pharmaceuticals Corporation

Common Shares Gregory, Stephen Robert 4 12/10/2018 10 0.135 1,535,127 19,500

Acerus Pharmaceuticals Corporation

Common Shares Gregory, Stephen Robert 4 12/11/2018 10 0.135 1,565,627 30,500

AcuityAds Holdings Inc. Common Shares Pollack, Sheldon M. 4 12/10/2018 10 1.02 372,285 3,000 AcuityAds Holdings Inc. Common Shares Pollack, Sheldon M. 4 12/10/2018 10 1.03 373,285 1,000 ADVANZ PHARMA Corp. (formerly Concordia International Corp.)

Limited Voting Shares Solus Alternative Asset Management LP

3 12/6/2018 10 24.353 8,488,773 10,500

ADVANZ PHARMA Corp. (formerly Concordia International Corp.)


3 12/6/2018 10 25 8,486,373 -2,400



3 12/10/2018 10 25.213 8,481,373 -5,000



3 12/11/2018 10 25.44 8,478,873 -2,500

Agnico Eagle Mines Limited Common Shares Nasso, James D. 4 12/10/2018 47 52.81 10,511 -1,420 Aimia Inc. Common Shares Mittleman Investment

Management, LLC 3 12/10/2018 10 3.3256 28,676,547 52,300

Aimia Inc. Common Shares Mittleman Investment Management, LLC

3 12/11/2018 10 3.35 28,709,247 32,700


3 12/13/2018 10 3.321 28,767,547 58,300


3 12/14/2018 10 3.2907 28,774,247 6,700


3 12/14/2018 10 3.29 28,779,247 5,000

Air Canada Class B Voting Shares Verschuren, Annette Marie 4 12/10/2018 47 62,153 -940 Air Canada Class B Voting Shares Verschuren, Annette Marie 4 12/10/2018 47 61,963 -190 Air Canada Class B Voting Shares Verschuren, Annette Marie 4 12/10/2018 47 61,583 -380 Air Canada Class B Voting Shares Verschuren, Annette Marie 4 12/12/2018 47 61,168 -415 Alamos Gold Inc. Rights Rights

Performance Share Units Barwell, Christine 5 4/30/2018 30 58,141 107

Alamos Gold Inc. Rights Rights Performance Share Units

Barwell, Christine 5 10/31/2018 30 58,286 145


Bostwick, Christopher John 5 4/30/2018 30 58,141 107


Bostwick, Christopher John 5 10/31/2018 30 58,286 145


Chavez - Martinez, Mario Luis

5 4/30/2018 30 55,139 102


Chavez - Martinez, Mario Luis

5 10/31/2018 30 55,277 138


Cormier, John Andrew 5 4/30/2018 30 58,141 107


Cormier, John Andrew 5 10/31/2018 30 58,286 145


Engelstad, Nils Frederik Jonas

8 4/30/2018 30 56,682 105

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10046



Acquired/ Disposed


Engelstad, Nils Frederik Jonas

8 10/31/2018 30 56,824 142


Fisher, Gregory S. 5 4/30/2018 30 58,141 107


Fisher, Gregory S. 5 10/31/2018 30 58,286 145


MacPhail, Peter 5 4/30/2018 30 117,750 218


MacPhail, Peter 5 10/31/2018 30 118,044 294


Parsons, Scott Kyle 5 4/30/2018 30 56,682 105


Parsons, Scott Kyle 5 10/31/2018 30 56,824 142


Porter, James 5 4/30/2018 30 117,745 218


Porter, James 5 10/31/2018 30 118,039 294

Alamos Gold Inc. Rights Restricted Share Units

Webster, Colin 5 1/19/2017 59 11.02 8,907 -4,463


Webster, Colin 5 4/30/2018 30 4,478 8


Webster, Colin 5 10/31/2018 30 4,489 11


Webster, Colin 5 4/30/2018 30 58,141 107


Webster, Colin 5 10/31/2018 30 58,286 145

Alaska Hydro Corporation Common Shares Grandison, Clifford Allan 4, 5 12/8/2018 10 0.05 5,335,030 3,000 Alimentation Couche-Tard Inc.

Subordinate Voting Shares Catégorie B

Poirier, Suzanne 5 12/10/2018 00

Alimentation Couche-Tard Inc.


Poirier, Suzanne 5 12/13/2018 10 68.21 1,500 1,500


Unité d'action fictive Poirier, Suzanne 5 12/10/2018 00


Unité d'action fictive Poirier, Suzanne 5 12/10/2018 46 68.18 1,145 1,145



Rabinowicz, Daniel 5 12/6/2018 47 68.82 -1,500



Rabinowicz, Daniel 5 12/6/2018 47 68.82 1,337 -1,500

Almaden Minerals Ltd. Common Shares Carlson, Gerald George 4 12/11/2018 51 0.72 91,306 8,606 Almaden Minerals Ltd. Options Carlson, Gerald George 4 12/11/2018 51 0.72 440,000 -72,000 Almaden Minerals Ltd. Common Shares McDonald, Douglas John 5 12/11/2018 51 0.72 96,219 3,446 Almaden Minerals Ltd. Options McDonald, Douglas John 5 12/11/2018 52 1.68 325,000 -150,000 Almaden Minerals Ltd. Options McDonald, Douglas John 5 12/11/2018 51 0.72 295,000 -30,000 Almaden Minerals Ltd. Options McDonald, Douglas John 5 12/13/2018 50 0.86 475,000 180,000 Almaden Minerals Ltd. Common Shares Poliquin, Morgan James 4, 5 12/11/2018 51 0.72 1,653,822 34,458 Almaden Minerals Ltd. Options Poliquin, Morgan James 4, 5 12/11/2018 51 0.72 2,465,000 -300,000 Almaden Minerals Ltd. Options Poliquin, Morgan James 4, 5 12/13/2018 50 0.86 2,765,000 300,000 Almaden Minerals Ltd. Common Shares Trieu, Korm 5 12/11/2018 51 0.85 44,644 3,446 Almaden Minerals Ltd. Options Trieu, Korm 5 12/11/2018 51 0.72 565,000 -30,000 Almaden Minerals Ltd. Options Trieu, Korm 5 12/13/2018 50 0.86 595,000 30,000 Almaden Minerals Ltd. Common Shares WORRALL, WILLIAM

JOSEPH 4 12/11/2018 51 0.72 58,366 3,586

Almaden Minerals Ltd. Options WORRALL, WILLIAM JOSEPH

4 12/11/2018 51 0.72 435,000 -30,000

Almaden Minerals Ltd. Options WORRALL, WILLIAM JOSEPH

4 12/13/2018 50 0.86 465,000 30,000

Almadex Minerals Ltd. (formerly 1154229 B.C. Ltd.)

Common Shares Poliquin, Morgan James 4 12/11/2018 51 0.05 1,341,028 60,000


Common Shares Poliquin, Morgan James 4 12/11/2018 51 0.07 1,491,028 150,000


Options Poliquin, Morgan James 4 12/11/2018 51 0.05 1,640,000 -60,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10047



Acquired/ Disposed


Options Poliquin, Morgan James 4 12/11/2018 51 0.07 1,490,000 -150,000


Common Shares Trieu, Korm 5 5/18/2018 00


Common Shares Trieu, Korm 5 12/12/2018 51 0.07 30,000 30,000


Common Shares Trieu, Korm 5 12/12/2018 10 0.27 0 -30,000


Options Trieu, Korm 5 12/12/2018 51 0.07 320,000 -30,000

AltaGas Canada Inc. Options Green, Jared Blake 4 10/18/2018 00 AltaGas Canada Inc. Options Green, Jared Blake 4 12/5/2018 50 14.65 70,000 70,000 AltaGas Canada Inc. Rights Performance Share

Unit (PSU) Green, Jared Blake 4 10/18/2018 00

AltaGas Canada Inc. Rights Performance Share Unit (PSU)

Green, Jared Blake 4 12/5/2018 56 24,137 24,137

AltaGas Canada Inc. Rights Restricted Share Unit (RSU)

Green, Jared Blake 4 10/18/2018 00


Green, Jared Blake 4 12/5/2018 56 14,482 14,482

AltaGas Canada Inc. Options Hawkins, John Michael 7 10/18/2018 00 AltaGas Canada Inc. Options Hawkins, John Michael 7 12/5/2018 50 14.65 13,500 13,500 AltaGas Canada Inc. Rights Performance Share

Unit (PSU) Hawkins, John Michael 7 10/18/2018 00


Hawkins, John Michael 7 12/5/2018 56 3,724 3,724


Hawkins, John Michael 7 10/18/2018 00


Hawkins, John Michael 7 12/5/2018 56 3,724 3,724

AltaGas Canada Inc. Options Redden, Zeda 7 12/4/2018 00 AltaGas Canada Inc. Options Redden, Zeda 7 12/5/2018 50 14.65 4,000 4,000 AltaGas Canada Inc. Options Shoji-Lee, Leigh Ann 5 10/18/2018 00 AltaGas Canada Inc. Options Shoji-Lee, Leigh Ann 5 12/5/2018 50 14.65 37,375 37,375 AltaGas Canada Inc. Rights Performance Share

Unit (PSU) Shoji-Lee, Leigh Ann 5 10/18/2018 00


Shoji-Lee, Leigh Ann 5 12/5/2018 56 12,888 12,888


Shoji-Lee, Leigh Ann 5 10/18/2018 00


Shoji-Lee, Leigh Ann 5 12/5/2018 56 7,733 7,733

AltaGas Canada Inc. Options Stock, Michael Thomas 7 12/4/2018 00 AltaGas Canada Inc. Options Stock, Michael Thomas 7 12/5/2018 50 14.65 4,000 4,000 AltaGas Canada Inc. Options Toivanen, Shaun William 5 10/18/2018 00 AltaGas Canada Inc. Options Toivanen, Shaun William 5 12/5/2018 50 14.65 37,500 37,500 AltaGas Canada Inc. Rights Performance Share

Unit (PSU) Toivanen, Shaun William 5 10/18/2018 00


Toivanen, Shaun William 5 12/5/2018 56 12,931 12,931


Toivanen, Shaun William 5 10/18/2018 00


Toivanen, Shaun William 5 12/5/2018 56 7,758 7,758

Alternate Health Corp. Common Shares MANN, HOWARD 4, 5 12/10/2018 00 3,200,000 Altiplano Metals Inc. Common Shares Williamson, John 3, 4 12/6/2018 10 0.18 1,928,071 5,000 Amarillo Gold Corporation Common Shares Raykov, Rostislav Christov 4 12/12/2018 10 0.235 2,437,214 7,000 American Hotel Income Properties REIT LP

Units Frank, Richard 4 12/10/2018 10 4.9422 25,000 5,000

American Hotel Income Properties REIT LP

Units Lawson, Tamara 4 12/13/2018 10 6.36 17,000 2,500


Units Lawson, Tamara 4 12/13/2018 10 6.385 19,500 2,500


Units Murphy, William Michael 4 11/29/2018 10 5.25 31,500 500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10048



Acquired/ Disposed


Units Murphy, William Michael 4 12/10/2018 10 4.937 33,500 2,000


Units Murphy, William Michael 4 12/14/2018 10 4.8401 34,000 500


Units O'Neill, Robert Francis 4, 5 12/14/2018 10 6.294 362,264 67,900


Units Pinsker, Martin James 5 11/30/2018 10 6.55 1,540


Units Pinsker, Martin James 5 11/30/2018 10 6.55 6,285 740






Units Walters, Elizabeth May 4 12/7/2018 10 6.64 16,350 200


Units Walters, Elizabeth May 4 12/7/2018 10 6.635 16,650 300

American Pacific Mining Corp.

Common Shares Saderholm, Eric 4, 5 10/25/2018 16 0.05 375,000 250,000

Ansar Financial and Development Corporation

Common Shares Jalaluddin, Mohammed 3, 4, 5 12/11/2018 10 0.61 2,003,020 5,000

Ansar Financial and Development Corporation

Common Shares Nasim, Pervez 3, 4, 5 12/11/2018 10 0.61 2,003,020 5,000

Antibe Therapeutics Inc. Common Shares Wu, Yung Cheng 4 12/13/2018 54 0.22 1,900,000 300,000 Antibe Therapeutics Inc. Warrants Wu, Yung Cheng 4 12/13/2018 54 0.22 500,000 -300,000 Aphria Inc. (formerly, Black Sparrow Capital Corp.)

Common Shares Leong, Gary Joseph 5 12/6/2018 51 7.55 138,079

Aphria Inc. (formerly, Black Sparrow Capital Corp.)

Common Shares Leong, Gary Joseph 5 12/6/2018 51 0.65 160,129 138,079


Options Leong, Gary Joseph 5 12/6/2018 51 0.6 -150,000


Options Leong, Gary Joseph 5 12/6/2018 51 0.6 265,000 -150,000

Appia Energy Corp. Common Shares van de Water, Frank 4, 5 12/7/2018 90 8,000 -50,000 Appia Energy Corp. Common Shares van de Water, Frank 4, 5 12/7/2018 90 160,000 50,000 Aquila Resources Inc. Common Shares Dunn, Andrew William 4 12/11/2018 10 15.5 65,000 5,000 Arbutus Biopharma Corporation

Options Koert VandenEnden, Koert VandenEnden

5 12/11/2018 50 4.44 82,500 7,500

ARC Resources Ltd. Common Shares Anderson, Terry Michael 5 12/12/2018 10 8.51 95,592 5,000 ARC Resources Ltd. Common Shares Dyment, Fred J. 4 12/10/2018 10 8.81 135,282 10,000 ARC Resources Ltd. Common Shares Dyment, Fred J. 4 12/11/2018 10 8.42 150,282 15,000 ARC Resources Ltd. Common Shares Kvisle, Harold N. 4 12/13/2018 10 8.83 150,000 5,000 ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 4, 5 12/12/2018 10 8.65 98,726 30,000 ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 4, 5 12/12/2018 10 8.7 343,449 60,000 Arch Biopartners Inc. Warrants Heersink, John 8 2/28/2017 00 Arch Biopartners Inc. Warrants Heersink, John 8 6/22/2018 54 0.5 500,000 500,000 Arch Biopartners Inc. Warrants Heersink, John 8 6/22/2018 54 0.5 0 -500,000 Arctic Star Exploration Corp. Common Shares Power, Patrick Edward 4, 5 12/12/2018 10 0.06 5,990,862 -174,000 Argonaut Gold Inc. Common Shares Dougherty, Peter 4 11/27/2018 10 1.21 1,910,894 5,500 Artis Real Estate Investment Trust

Deferred Units Albo, Ida 4 12/14/2018 56 9.48 3,896 37

Artis Real Estate Investment Trust

Units Artis Real Estate Investment Trust

1 12/10/2018 38 9.5179 472,204 59,138



1 12/11/2018 38 9.5039 624,295 152,091



1 12/12/2018 38 9.4961 683,433 59,138



1 12/13/2018 38 9.4366 742,571 59,138



1 12/14/2018 38 9.5479 801,709 59,138


Restricted Units Green, James 5 12/14/2018 56 9.48 46,440 437

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10049



Acquired/ Disposed


Deferred Units Jack, Bruce William James 4 12/14/2018 56 9.48 20,041 188


Restricted Units Johnson, David Lyall 5 12/14/2018 56 9.48 8,837 83


Deferred Units Joyce, Steven 4 12/14/2018 56 9.48 4,174 40


Restricted Units Martens, Armin 4, 5 12/14/2018 56 9.48 158,970 1,494


Units Martens, Armin 4, 5 12/12/2018 10 9.578 320,633 5,000






Deferred Units Martens, Cornelius 4 12/14/2018 56 9.48 6,951 65


Restricted Units Martens, Philip 5 12/14/2018 56 9.48 5,857 55


Deferred Units Rimer, Ronald Albert 4 12/14/2018 56 9.48 32,890 309


Restricted Units Sherlock, Stephen Francis Patrick

5 12/14/2018 56 9.48 8,837 83


Deferred Units Thielmann, Victor 4 12/14/2018 56 9.48 6,951 65


Deferred Units Townsend, Kenneth 4 12/14/2018 56 9.48 6,951 65


Deferred Units Warkentin, Edward 4 12/14/2018 56 9.48 6,951 65


Restricted Units Wong, Dennis San 5 12/14/2018 56 9.48 9,322 88


Deferred Units Zucker, Lauren 4 12/14/2018 56 9.48 3,863 36

Asian Television Network International Limited

Common Shares CHANDRASEKAR, SUBRAHMAN

4, 5 12/7/2018 10 0.15 15,904,678 500



4, 5 12/10/2018 10 0.15 15,954,678 50,000



4, 5 12/11/2018 10 0.145 16,004,678 50,000

ATCO LTD. Non-Voting Shares Class I Maher, Anthony L. 5 3/21/2018 30 43.79 754 56 ATCO LTD. Non-Voting Shares Class I Maher, Anthony L. 5 12/7/2018 30 39.54 988 232 Athabasca Oil Corporation Common Shares Ebbern, Thomas William 4 5/9/2018 00 Athabasca Oil Corporation Common Shares Ebbern, Thomas William 4 12/14/2018 10 1.08 100,000 100,000 Athabasca Oil Corporation Common Shares Taylor, Matthew 5 12/14/2018 10 1.07 30,000 5,000 Athabasca Oil Corporation Common Shares Taylor, Matthew 5 12/14/2018 10 1.08 15,000 5,000 ATS Automation Tooling Systems Inc.

Common Shares ATS Automation Tooling Systems Inc.

1 12/6/2018 38 16.405 60,118 60,118

ATS Automation Tooling Systems Inc.


1 12/6/2018 38 16.405 0 -60,118



1 12/7/2018 38 16.547 60,118 60,118



1 12/7/2018 38 16.547 0 -60,118



1 12/10/2018 38 15.949 60,118 60,118



1 12/10/2018 38 15.949 0 -60,118

Aura Health Inc. (formerly Lamêlée Iron Ore Ltd.)

Common Shares Nutritional High International Inc.

3 12/7/2018 36 6,938,979 4,028,272


Common Shares Nutritional High International Inc.

3 12/7/2018 54 8,953,115 2,014,136


Convertible Notes US$ Nutritional High International Inc.

3 12/7/2018 36 $0 ($120,000)


Warrants Nutritional High International Inc.

3 12/7/2018 36 2,214,136 2,014,136


Warrants Nutritional High International Inc.

3 12/7/2018 54 200,000 -2,014,136

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10050



Acquired/ Disposed

AurCrest Gold Inc. Common Shares Farr, J. Errol 5 12/5/2018 10 0.02 1,326,547 -200,000 Aurinia Pharmaceuticals Inc. Common Shares Bourgeault, Dennis 5 12/7/2018 51 4.25 29,252 10,000 Aurinia Pharmaceuticals Inc. Common Shares Bourgeault, Dennis 5 12/7/2018 10 6.3 27,252 -2,000 Aurinia Pharmaceuticals Inc. Common Shares Bourgeault, Dennis 5 12/7/2018 10 8.45 20,452 -6,800 Aurinia Pharmaceuticals Inc. Options Bourgeault, Dennis 5 12/7/2018 51 595,776 -10,000 Aurinia Pharmaceuticals Inc. Common Shares Dickerson, Bradley 5 12/7/2018 51 3.66 25,000 20,000 Aurinia Pharmaceuticals Inc. Common Shares Dickerson, Bradley 5 12/7/2018 10 6.21 5,000 -20,000 Aurinia Pharmaceuticals Inc. Options Dickerson, Bradley 5 12/7/2018 10 3.66 -20,000 Aurinia Pharmaceuticals Inc. Options Dickerson, Bradley 5 12/7/2018 51 3.66 378,601 -20,000 Aurinia Pharmaceuticals Inc. Common Shares Glickman, Richard 4 12/10/2018 54 2.1428 109,489 3,500 Aurinia Pharmaceuticals Inc. Warrants Glickman, Richard 4 9/20/2013 00 3,500 Aurinia Pharmaceuticals Inc. Warrants Glickman, Richard 4 12/10/2018 54 2.1428 0 -3,500 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 51 6.52 50,094 48,611 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 10 6.2809 1,483 -48,611 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 51 3.95 9,594 8,111 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 10 6.2809 1,483 -8,111 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 51 4.21 11,066 9,583 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 10 6.2809 9,583 Aurinia Pharmaceuticals Inc. Common Shares Gluck, Rashieda 5 12/6/2018 10 6.2809 1,483 -9,583 Aurinia Pharmaceuticals Inc. Options Gluck, Rashieda 5 12/6/2018 51 225,889 -48,611 Aurinia Pharmaceuticals Inc. Options Gluck, Rashieda 5 12/6/2018 51 217,778 -8,111 Aurinia Pharmaceuticals Inc. Options Gluck, Rashieda 5 12/6/2018 51 208,195 -9,583 Aurinia Pharmaceuticals Inc. Warrants Martin, Michael Robert 4, 5 12/13/2018 54 2.143 1 -3,499 Aurinia Pharmaceuticals Inc. Warrants Martin, Michael Robert 4, 5 12/13/2018 54 2.143 3,500 3,499 Aurora Cannabis Inc. Options Szweras, Adam Kelley 4 11/30/2018 50 775,000 35,000 Aurora Cannabis Inc. Rights Deferred Share

Units Szweras, Adam Kelley 4 8/10/2015 00

Aurora Cannabis Inc. Rights Deferred Share Units

Szweras, Adam Kelley 4 11/30/2018 56 6,000 6,000

Automotive Properties Real Estate Investment Trust

Trust Units Forbes, Louis Marie 4 6/20/2017 00


Trust Units Forbes, Louis Marie 4 12/13/2018 10 9.5676 2,500 2,500


Trust Units Forbes, Louis Marie 4 6/20/2017 00


Trust Units Forbes, Louis Marie 4 12/13/2018 10 9.55 2,500 2,500


Trust Units Lazier, Francis Stuart 4 12/13/2018 10 9.5 29,000 7,500

Axis Auto Finance Inc. Common Shares Hudson, Todd Charles 5 12/7/2018 10 0.42 4,687,000 213,000 Axis Auto Finance Inc. Common Shares Hudson, Todd Charles 5 12/7/2018 10 0.415 4,690,000 3,000 Axis Auto Finance Inc. Common Shares Hudson, Todd Charles 5 12/7/2018 10 0.41 4,691,000 1,000 Axis Auto Finance Inc. Common Shares Hudson, Todd Charles 5 12/7/2018 10 0.415 4,695,500 4,500 Azucar Minerals Ltd. (formerly Almadex Minerals Limited)

Common Shares Poliquin, Morgan James 4, 5 12/11/2018 51 0.1 1,331,028 60,000

Azucar Minerals Ltd. (formerly Almadex Minerals Limited)

Common Shares Poliquin, Morgan James 4, 5 12/11/2018 51 0.17 1,481,028 150,000


Stock Options Poliquin, Morgan James 4, 5 12/11/2018 51 0.1 1,740,000 -60,000


Stock Options Poliquin, Morgan James 4, 5 12/11/2018 51 0.17 1,590,000 -150,000


Common Shares Trieu, Korm 5 12/12/2018 51 0.17 30,000 30,000


Common Shares Trieu, Korm 5 12/12/2018 10 0.43 0 -30,000


Stock Options Trieu, Korm 5 12/12/2018 51 0.17 370,000 -30,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10051



Acquired/ Disposed

B2Gold Corp. Common Shares Garagan, Thomas 5 12/13/2018 51 2 3,733,924 247,000 B2Gold Corp. Common Shares Garagan, Thomas 5 12/13/2018 51 2 3,833,924 100,000 B2Gold Corp. Common Shares Garagan, Thomas 5 12/13/2018 10 3.54 3,733,924 -100,000 B2Gold Corp. Common Shares Garagan, Thomas 5 12/13/2018 51 2 3,880,924 147,000 B2Gold Corp. Common Shares Garagan, Thomas 5 12/13/2018 10 3.58 3,733,924 -147,000 B2Gold Corp. Options Garagan, Thomas 5 12/13/2018 51 2 1,028,000 -247,000 B2Gold Corp. Options Garagan, Thomas 5 12/13/2018 51 2 928,000 -100,000 B2Gold Corp. Options Garagan, Thomas 5 12/13/2018 51 2 781,000 -147,000 B2Gold Corp. Common Shares Richer, Roger 5 12/10/2018 51 2 2,880,000 30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/10/2018 10 3.62 2,850,000 -30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/11/2018 51 2 2,880,000 30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/11/2018 10 3.51 2,850,000 -30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/11/2018 51 2 2,870,000 20,000 B2Gold Corp. Common Shares Richer, Roger 5 12/11/2018 10 3.47 2,850,000 -20,000 B2Gold Corp. Common Shares Richer, Roger 5 12/12/2018 51 2 2,890,000 40,000 B2Gold Corp. Common Shares Richer, Roger 5 12/12/2018 10 3.51 2,850,000 -40,000 B2Gold Corp. Common Shares Richer, Roger 5 12/12/2018 51 2 2,870,000 20,000 B2Gold Corp. Common Shares Richer, Roger 5 12/12/2018 10 3.52 2,850,000 -20,000 B2Gold Corp. Common Shares Richer, Roger 5 12/13/2018 51 2 2,880,000 30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/13/2018 10 3.54 2,850,000 -30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/13/2018 51 2 2,880,000 30,000 B2Gold Corp. Common Shares Richer, Roger 5 12/13/2018 10 3.56 2,850,000 -30,000 B2Gold Corp. Options Richer, Roger 5 12/10/2018 51 2 770,000 -30,000 B2Gold Corp. Options Richer, Roger 5 12/11/2018 51 2 740,000 -30,000 B2Gold Corp. Options Richer, Roger 5 12/11/2018 51 2 720,000 -20,000 B2Gold Corp. Options Richer, Roger 5 12/12/2018 51 2 680,000 -40,000 B2Gold Corp. Options Richer, Roger 5 12/12/2018 51 2 660,000 -20,000 B2Gold Corp. Options Richer, Roger 5 12/13/2018 51 2 630,000 -30,000 B2Gold Corp. Options Richer, Roger 5 12/13/2018 51 2 600,000 -30,000 B2Gold Corp. Common Shares Rogers, Dana 5 10/1/2018 00 B2Gold Corp. Common Shares Rogers, Dana 5 12/7/2018 51 2.32 85,000 85,000 B2Gold Corp. Options Rogers, Dana 5 12/7/2018 51 2.32 844,200 85,000 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/7/2018 38 31.15 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/7/2018 38 31.15 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/7/2018 38 31.15 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/7/2018 38 31.15 69,846 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/10/2018 38 33.36 104,769 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/11/2018 38 33.2 139,692 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/12/2018 38 33.66 174,615 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/13/2018 38 33.32 209,538 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/14/2018 38 32.96 34,923 Badger Daylighting Ltd. Common Shares Badger Daylighting Ltd. 1 12/14/2018 38 32.96 244,461 34,923 Baja Mining Corp. Common Shares Seidler, Wolf 4 1/27/2011 00 Baja Mining Corp. Common Shares Seidler, Wolf 4 1/27/2011 00 Baja Mining Corp. Common Shares Seidler, Wolf 4 5/27/2011 10 1.13 10,000 Baja Mining Corp. Common Shares Seidler, Wolf 4 5/27/2011 10 1.13 10,000 Baja Mining Corp. Common Shares Seidler, Wolf 4 5/27/2011 10 1.13 10,000 Baja Mining Corp. Options Seidler, Wolf 4 1/27/2011 00 Baja Mining Corp. Options Seidler, Wolf 4 1/27/2011 00 Baja Mining Corp. Options Seidler, Wolf 4 2/2/2011 50 1.06 750,000 Baja Mining Corp. Options Seidler, Wolf 4 2/2/2011 50 1.06 750,000 Baja Mining Corp. Options Seidler, Wolf 4 2/2/2011 50 1.06 750,000 Ballard Power Systems Inc. Common Shares WHYTE, DAVID MARTIN 5 12/7/2018 51 1.22 33,272 25,000 Ballard Power Systems Inc. Common Shares WHYTE, DAVID MARTIN 5 12/7/2018 10 3.82 8,272 -25,000 Ballard Power Systems Inc. Options WHYTE, DAVID MARTIN 5 12/7/2018 51 1.22 118,945 -25,000 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 8/27/2018 00 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.32 200 200 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.34 300 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10052



Acquired/ Disposed

Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.35 600 300 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.36 1,070 470 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.37 2,200 1,130 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.38 2,400 200 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.39 2,500 100 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.4 2,600 100 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.41 3,000 400 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.42 3,400 400 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.43 4,000 600 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.44 4,900 900 Bank of Montreal Common Shares Broderick, Craig Wyeth 4 12/12/2018 10 68.45 5,000 100 Bank of Montreal Common Shares Cope, George 4 12/11/2018 10 93.6 25,660 16,000 Bank of Montreal Common Shares Farmer, Ron 4 12/14/2018 10 89.35 3,000 1,000 Bank of Montreal Common Shares Huber, Linda Susan 4 12/7/2018 30 93.78 1,696 218 Bank of Montreal Common Shares Orsino, Philip 4 12/11/2018 10 92.958 65,000 10,000 Bank of Montreal Common Shares Rudderham, Richard D. 5 12/7/2018 51 34.13 377 377 Bank of Montreal Options Rudderham, Richard D. 5 12/7/2018 51 34.13 115,026 -377 Bank of Montreal Options Rudderham, Richard D. 5 12/7/2018 51 34.13 377 Bank of Montreal Options Rudderham, Richard D. 5 12/7/2018 51 34.13 377 Bank of Nova Scotia, The Common Shares Warmbold, Benita Marie 4 12/10/2018 10 71.57 3,000 1,000 Barkerville Gold Mines Ltd. Options Vézina, François 5 6/5/2018 50 0.6 900,000 250,000 BCE Inc. Common Shares Cole, Michael 7 12/12/2018 51 86,433 75,850 BCE Inc. Common Shares Cole, Michael 7 12/12/2018 10 56.78 10,583 -75,850 BCE Inc. Options Cole, Michael 7 12/12/2018 51 39.73 488,930 -75,850 Bear Creek Mining Corporation

Common Shares Hawkshaw, Anthony Grant 4, 5 12/13/2018 10 1.13 102,100 2,100

Bear Creek Mining Corporation

Common Shares Hawkshaw, Anthony Grant 4, 5 12/13/2018 10 1.14 102,300 200


Common Shares Hawkshaw, Anthony Grant 4, 5 12/13/2018 10 1.15 102,400 100





Benchmark Botanics Inc. Common Shares Dorin, George Graham 4 12/13/2018 10 0.33 60,500 -8,000 Benchmark Botanics Inc. Common Shares Dorin, George Graham 4 12/14/2018 10 0.33 58,500 -2,000 Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 11/30/2018 10 4.72 1,584,400 2,100 Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 12/6/2018 10 4.5 1,585,300 900 Big Rock Brewery Inc. Common Shares Noone, Patrick Donnell 4 12/10/2018 10 4.66 1,586,400 1,100 BioSyent Inc. Common Shares Lockhard, Peter Douglas 4 12/14/2018 10 8 0 -2,700 BioSyent Inc. Common Shares Lockhard, Peter Douglas 4 12/14/2018 10 8 0 -600 BioSyent Inc. Common Shares Lockhard, Peter Douglas 4 12/14/2018 10 8 152,092 -500 Birchcliff Energy Ltd. Preferred Shares Series A

Preferred Shares Humphreys, David 5 10/9/2009 00

Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares

Humphreys, David 5 12/11/2018 10 24.99 800 800


Humphreys, David 5 12/11/2018 10 24.99 6,360 135


Humphreys, David 5 12/11/2018 10 24.99 12,093 498


Humphreys, David 5 12/11/2018 10 25 244 24

Black Iron Inc. Deferred Share Units Porter, David James 4 12/6/2018 56 897,397 150,000 BlackPearl Resources Inc. Common Shares Ratke, Renee Marguerite 5 12/14/2018 22 0 -20,000 Blok Technologies Inc. (formerly Aida Minerals Corp.)

Options Dawson, Robert Earle 5 12/7/2018 38 0 -250,000

Body and Mind Inc. Options Clough, Leonard Michael 4 12/11/2018 50 0.57 450,000 250,000 Bonterra Energy Corp. Common Shares Fink, George Frederick 3, 4, 5 12/12/2018 10 6.37 3,467,799 5,000 Bonterra Energy Corp. Common Shares Fink, George Frederick 3, 4, 5 12/13/2018 10 6.4895 3,477,799 10,000 Bonterra Energy Corp. Common Shares Thompson, Robb Douglas 5 12/7/2018 10 7.38 31,500 2,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10053



Acquired/ Disposed

Boralex Inc. Common Shares Aird, Sylvain 7 12/6/2018 40 18.075 -7,754 -17,613 Boralex Inc. Common Shares Aird, Sylvain 7 12/6/2018 10 16.25 -2,257 Boralex Inc. Common Shares Aird, Sylvain 7 12/6/2018 10 18.075 -10,011 -2,257 Boralex Inc. Common Shares Aird, Sylvain 7 12/7/2018 51 13.87 829 10,840 Boralex Inc. Common Shares Aird, Sylvain 7 12/7/2018 51 16.65 7,602 6,773 Boralex Inc. Options Options d'achat

d'actions ordinaires Aird, Sylvain 7 12/7/2018 51 13.87 11,308 -10,840

Boralex Inc. Options Options d'achat d'actions ordinaires

Aird, Sylvain 7 12/7/2018 51 16.65 4,535 -6,773

Boreal Metals Corp. Common Shares Varas, Jorge Patricio 4 12/6/2018 10 0.05 3,168,000 18,000 Boreal Metals Corp. Common Shares Varas, Jorge Patricio 4 12/6/2018 10 0.055 3,250,000 82,000 Boston Pizza Royalties Income Fund

Units Boston Pizza Royalties Income Fund

1 12/10/2018 38 15.832 72,900 8,100

Boston Pizza Royalties Income Fund


1 12/11/2018 38 15.644 81,000 8,100



1 12/12/2018 38 15.444 89,100 8,100



1 12/13/2018 38 15.256 97,200 8,100

Braveheart Resources Inc. Common Shares Keele, Philip Abbott 4, 5 12/13/2018 10 0.075 2,451,500 10,000 Braveheart Resources Inc. Common Shares Keele, Philip Abbott 4, 5 12/13/2018 10 0.09 2,481,500 30,000 Brookfield Asset Management Inc.

Common Shares Class A Limited Voting

Brookfield Asset Management Inc.

1 12/10/2018 38 55.7 243,509




1 12/10/2018 38 55.7 243,569 243,569




1 12/10/2018 38 41.615 557,082 313,513




1 12/10/2018 30 313,513 -243,569




1 12/10/2018 30 0 -313,513


Preferred Shares Cass A Series 18


1 12/10/2018 38 19.29 1,107 1,107




1 12/10/2018 38 0 -1,107




1 12/11/2018 38 19.33 1,107 1,107




1 12/11/2018 38 0 -1,107




1 12/11/2018 38 19.734 1,107 1,107




1 12/12/2018 38 0 -1,107


Preferred Shares Class A Series 13


1 5/30/2003 00 1,901




1 12/10/2018 38 0 -1,901




1 12/11/2018 38 13.8 1,901 1,901




1 12/11/2018 38 0 -1,901




1 12/12/2018 38 14.021 1,901 1,901




1 12/12/2018 38 0 -1,901




1 12/10/2018 38 19.34 1,232 1,232




1 12/10/2018 38 0 -1,232




1 12/11/2018 38 19.423 1,232 1,232




1 12/11/2018 38 0 -1,232




1 12/12/2018 38 19.9 1,232 1,232

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10054



Acquired/ Disposed




1 12/12/2018 38 0 -1,232




1 5/30/2003 00 1,483




1 12/11/2018 38 0 -1,483




1 12/12/2018 38 13.967 1,483 1,483




1 12/12/2018 38 0 -1,483




1 12/10/2018 38 16.5 1,358 1,358




1 12/10/2018 38 0 -1,358




1 12/11/2018 38 16.779 1,358 1,358




1 12/11/2018 38 0 -1,358




1 12/12/2018 38 16.746 1,358 1,358




1 12/12/2018 38 0 -1,358




1 5/30/2003 00 1,000




1 12/10/2018 38 0 -1,000




1 12/11/2018 38 16.886 1,000 1,000




1 12/11/2018 38 0 -1,000




1 12/11/2018 38 16.681 3,168 1,584




1 12/11/2018 38 1,584 -1,584




1 12/12/2018 38 16.956 3,168 1,584




1 12/12/2018 38 1,584 -1,584




1 12/10/2018 38 15.277 1,710 1,710




1 12/10/2018 38 0 -1,710




1 12/11/2018 38 15.2 1,710 1,710




1 12/11/2018 38 0 -1,710




1 12/12/2018 38 14.99 1,710 1,710




1 12/12/2018 38 0 -1,710




1 12/10/2018 38 20 2,184 2,184




1 12/10/2018 38 0 -2,184




1 12/11/2018 38 20.205 2,184 2,184




1 12/11/2018 38 0 -2,184




1 12/12/2018 38 19.91 2,184 2,184




1 12/12/2018 38 0 -2,184




1 12/10/2018 38 20.27 3,239 3,239




1 12/10/2018 38 0 -3,239

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10055



Acquired/ Disposed




1 12/11/2018 38 20.759 3,239 3,239




1 12/11/2018 38 0 -3,239




1 12/12/2018 38 20.65 3,239 3,239




1 12/12/2018 38 0 -3,239




1 12/10/2018 38 13.695 1,483 1,483




1 12/10/2018 38 0 -1,483




1 12/10/2018 38 18.775 1,271 1,271




1 12/10/2018 38 0 -1,271




1 12/11/2018 38 18.883 1,271 1,271




1 12/11/2018 38 0 -1,271




1 12/12/2018 38 18.924 1,271 1,271




1 12/12/2018 38 0 -1,271




1 12/10/2018 38 13.73 818 818




1 12/10/2018 38 0 -818




1 12/10/2018 38 19.7 1,199 1,199




1 12/10/2018 38 0 -1,199




1 12/11/2018 38 19.75 1,199 1,199




1 12/11/2018 38 0 -1,199




1 12/12/2018 38 20.209 1,199 1,199




1 12/12/2018 38 0 -1,199




1 12/10/2018 38 19.9 1,644 1,644




1 12/10/2018 38 0 -1,644




1 12/12/2018 38 20.668 1,644 1,644




1 12/12/2018 38 0 -1,644




1 12/10/2018 38 19.099 1,000 1,000




1 12/10/2018 38 0 -1,000




1 12/10/2018 38 18.33 1,132 1,132




1 12/10/2018 38 0 -1,132




1 12/11/2018 38 18.481 1,132 1,132




1 12/11/2018 38 0 -1,132




1 12/12/2018 38 18.47 1,132 1,132




1 12/12/2018 38 0 -1,132




1 5/30/2003 00 818

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10056



Acquired/ Disposed




1 12/11/2018 38 0 -818




1 12/12/2018 38 13.821 818 818




1 12/12/2018 38 0 -818




1 12/10/2018 38 19.319 2,085 2,085




1 12/10/2018 38 0 -2,085




1 12/11/2018 38 19.531 2,085 2,085




1 12/11/2018 38 0 -2,085




1 12/12/2018 38 19.2 2,085 2,085




1 12/12/2018 38 0 -2,085




1 12/10/2018 38 18.369 1,067 1,067




1 12/10/2018 38 0 -1,067




1 12/10/2018 38 19.583 1,400 1,400




1 12/10/2018 38 0 -1,400




1 12/11/2018 38 19.747 1,400 1,400




1 12/11/2018 38 0 -1,400




1 12/12/2018 38 19.47 1,400 1,400




1 12/12/2018 38 0 -1,400




1 12/11/2018 38 25.471 1,746 1,746




1 12/11/2018 38 0 -1,746




1 12/10/2018 38 24.739 2,183 2,183




1 12/10/2018 38 0 -2,183




1 12/11/2018 38 24.763 2,183 2,183




1 12/11/2018 38 0 -2,183




1 12/12/2018 38 24.924 2,183 2,183




1 12/12/2018 38 0 -2,183




1 5/30/2003 00 3,123




1 12/10/2018 38 0 -3,123




1 12/11/2018 38 24.628 3,123 3,123




1 12/11/2018 38 0 -3,123




1 12/12/2018 38 24.32 3,123 3,123




1 12/12/2018 38 0 -3,123




1 5/30/2003 00 1,000




1 12/11/2018 38 0 -1,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10057



Acquired/ Disposed




1 12/12/2018 38 19.998 400 400




1 12/12/2018 38 0 -400




1 12/12/2018 38 18.876 1,000 1,000




1 12/12/2018 38 0 -1,000

Brookfield Property Partners L.P.

Limited Partnership Units Brookfield Asset Management Inc.

3 11/22/2018 11 18.54 -44,218,276



3 11/22/2018 90 18.54 0 -44,218,276



3 11/22/2018 11 18.54 44,218,276



3 11/22/2018 90 18.54 44,218,276 44,218,276


RE LP Units (BPLP) Brookfield Asset Management Inc.

3 11/22/2018 11 18.54 -25,032,269



3 11/22/2018 90 18.54 0 -25,032,269



3 11/22/2018 11 18.54 25,032,269



3 11/22/2018 90 18.54 25,032,269 25,032,269


Limited Partnership Units Maroun, Louis 4 12/10/2018 10 22.12 30,000 5,000

BRP Inc. Options Uhr, Thomas 5 12/10/2018 50 74,300 10,000 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/10/2018 10 3.6 124,500 500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/11/2018 10 3.6 125,100 600 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/12/2018 10 3.6 126,600 1,500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/10/2018 10 3.6 3,793,886 500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/11/2018 10 3.6 3,794,486 600 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/12/2018 10 3.6 3,795,986 1,500 Buhler Industries Inc. Common Shares Buhler, John 3, 4 12/14/2018 10 3.6 3,797,386 1,400 BURCON NUTRASCIENCE CORPORATION

Common Shares Tergesen, Johann Franz 4, 5, 2 12/11/2018 10 0.23 452,419 20,000

BURCON NUTRASCIENCE CORPORATION








Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 10/30/2017 00 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 10/30/2017 00 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 3/27/2018 10 0.33 64,000 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 3/27/2018 11 0.33 64,000 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 3/27/2018 11 0.33 -64,000 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 3/27/2018 11 0.33 1,556,000 -64,000 Cabral Gold Inc. Common Shares Hansed, Paul Taylor 5 11/28/2018 16 0.25 1,566,000 10,000 Cadillac Ventures Inc. Common Shares Brewster, Norman 5 11/29/2018 10 0.02 7,366,720 40,000 Calfrac Well Services Ltd. RSU Ellingson, Mark Ryan 5 9/1/2015 00 Calfrac Well Services Ltd. RSU Ellingson, Mark Ryan 5 9/1/2015 00 7,000 Calfrac Well Services Ltd. Options 2004 Stock

Option Plan Gall, Christopher Kenneth 5 4/15/2011 00

Calfrac Well Services Ltd. Options 2004 Stock Option Plan

Gall, Christopher Kenneth 5 4/15/2011 00

Calfrac Well Services Ltd. Options 2004 Stock Option Plan

Gall, Christopher Kenneth 5 4/15/2011 00 27,000

Calfrac Well Services Ltd. RSU Sutherland, Robert 5 1/1/2018 38 -58,333 Calfrac Well Services Ltd. RSU Sutherland, Robert 5 1/1/2018 38 87,499 -5,833

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10058



Acquired/ Disposed

Calian Group Ltd. Deferred Share Units (Cash Value of Common Shares)

Basler, Raymond Gregory 4 12/12/2018 56 29.86 2,121 19


loeb, kenneth jeffrey 4 12/12/2018 56 29.86 6,773 61


Park, Young 4 12/12/2018 56 29.86 653 3


Poirier, Jo-Anne Cecile 4 12/12/2018 56 29.86 1,773 15


Vickers, Richard Allan 4 12/12/2018 56 29.86 3,629 33


weber, george brian 4 12/12/2018 56 29.86 2,831 25

Camrova Resources Inc. Options Seidler, Wolf 4 2/2/2016 52 -750,000 Camrova Resources Inc. Options Seidler, Wolf 4 2/2/2016 52 -750,000 Camrova Resources Inc. Options Seidler, Wolf 4 2/2/2016 52 -750,000 Camrova Resources Inc. Common Shares Seidler, Wolf K 4 5/27/2011 10 1.13 70,000 10,000 Camrova Resources Inc. Options Seidler, Wolf K 4 2/8/2017 50 237,500 200,000 Canaccord Genuity Group Inc.

Rights Deferred Share Units (DSUs)

Bralver, Charles Norman 4 12/10/2018 56 6.4076 63,552 99

Canaccord Genuity Group Inc.


Desai, Kalpana 4 12/10/2018 56 6.4076 38,253 60



Harris, Michael Deane 4 12/10/2018 56 6.0476 140,467 219



Jones, Merri 4 12/10/2018 56 6.4076 606 1



Lyons, Terrence 4 12/10/2018 56 6.0476 75,291 117



Shah, Dipesh Jayantilal 4 12/10/2018 56 6.4076 51,901 81

Canacol Energy Ltd. Common Shares Canacol Energy Ltd. 1 12/10/2018 38 4.14 63,800 24,200 Canada Carbon Inc. Warrants Duncan, Robert Bruce 4, 5 12/11/2018 16 0.18 4,173,333 1,400,000 Canada Goose Holdings Inc. Options Baker, Carrie 5 12/10/2018 51 0.019 73,844 -20,000 Canada Goose Holdings Inc. Subordinate Voting

Shares Baker, Carrie 5 12/10/2018 51 0.019 20,000 20,000

Canada Goose Holdings Inc. Subordinate Voting Shares

Baker, Carrie 5 12/10/2018 10 78 0 -20,000

Canadian Imperial Bank of Commerce

Common Shares Dottori-Attanasio, Laura Lee 7 12/12/2018 51 95.66 6,702 2,936


Common Shares Dottori-Attanasio, Laura Lee 7 12/12/2018 47 106.83 3,766 -2,936










Options Dottori-Attanasio, Laura Lee 7 12/12/2018 51 132,399 -2,936





Canadian Metals Inc. Common Shares Leblanc, Stéphane 3, 4, 5 12/7/2018 10 0.055 6,519,822 33,500 Canadian Metals Inc. Common Shares Leblanc, Stéphane 3, 4, 5 12/7/2018 10 0.06 6,598,822 79,000 Canadian Metals Inc. Common Shares Leblanc, Stéphane 3, 4, 5 12/7/2018 10 0.06 6,656,622 57,800 Canadian Metals Inc. Common Shares Leblanc, Stéphane 3, 4, 5 5/2/2013 00 Canadian Metals Inc. Common Shares Leblanc, Stéphane 3, 4, 5 12/7/2018 10 0.06 154,000 154,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10059



Acquired/ Disposed

Canadian Orebodies Inc. Common Shares McKinnon, Gordon Scott Townsend

4, 5 12/11/2018 10 0.243 1,897,500 5,000

Canadian Tire Corporation, Limited

Non-Voting Shares Class A


1 12/10/2018 38 143.43 20,000 20,000




1 12/10/2018 38 0 -20,000




1 12/11/2018 38 143.77 20,000 20,000




1 12/11/2018 38 0 -20,000




1 12/12/2018 38 144.38 45,000 45,000




1 12/12/2018 38 0 -45,000




1 12/13/2018 38 143.8 45,000 45,000




1 12/13/2018 38 0 -45,000




1 12/14/2018 38 142.11 45,000 45,000




1 12/14/2018 38 0 -45,000



Chant, Diana Leslie 4 12/13/2018 10 143.68 1,800 350

Canadian Utilities Limited Non-Voting Shares Class A

Maher, Anthony L. 7 3/19/2018 30 34.44 1,330 98


Maher, Anthony L. 7 12/7/2018 30 32.26 2,263 277


Maher, Anthony L. 7 12/7/2018 30 31.53 2,325 62

Canadian Western Bank Common Shares Boles, Niall 5 12/11/2018 10 26.136 500 500 Canadian Western Bank Common Shares Boles, Niall 5 12/11/2018 10 25.948 1,000 500 Canadian Western Bank Common Shares Mulligan, Margaret Jean 4 12/10/2018 10 26.544 6,400 3,600 Canadian Western Bank Common Shares Rudd, Robin Matthew 5 4/23/2018 00 Canadian Western Bank Common Shares Rudd, Robin Matthew 5 12/13/2018 10 25.85 12 12 Canadian Western Bank Common Shares Rudd, Robin Matthew 5 4/23/2018 00 Canadian Western Bank Common Shares Rudd, Robin Matthew 5 12/13/2018 10 25.76 400 400 Cannabis Strategies Acquisition Corp.

Subordinate Voting Shares (Class A Restricted Voting Shares)

Effron, Craig 3 12/10/2018 10 16.007 15,000

Cannabis Strategies Acquisition Corp.


Effron, Craig 3 12/10/2018 10 16.007 1,500,000 15,000


Warrants Effron, Craig 3 12/11/2018 10 3.0086 41,000


Warrants Effron, Craig 3 12/11/2018 10 3.0086 116,100 41,000



Miles, Charles Edward 4 12/15/2017 00



Miles, Charles Edward 4 12/12/2018 10 10.918 7,000 7,000



Miles, Charles Edward 4 12/13/2018 10 10.658 9,000 2,000



Schenker, Curtis 3 12/10/2018 10 16.007 1,500,000 15,000


Warrants Schenker, Curtis 3 12/11/2018 10 3.0086 50,000


Warrants Schenker, Curtis 3 12/11/2018 10 3.0086 91,000 41,000

CannTrust Holdings Inc. Common Shares Cannamed Financial Corp. 3 12/10/2018 10 7.4353 10,555,144 -50,000 CannTrust Holdings Inc. Common Shares Cannamed Financial Corp. 3 12/12/2018 10 7.8987 10,535,144 -20,000 Cannvas MedTech Inc. Common Shares Loutskou, Steve 3, 4, 5 12/7/2018 10 0.275 5,668,904 6,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10060



Acquired/ Disposed

Cannvas MedTech Inc. Common Shares Loutskou, Steve 3, 4, 5 12/7/2018 10 0.28 5,681,904 13,000 Cannvas MedTech Inc. Common Shares Loutskou, Steve 3, 4, 5 12/7/2018 10 0.28 5,684,404 2,500 Cannvas MedTech Inc. Common Shares Loutskou, Steve 3, 4, 5 12/7/2018 10 0.28 5,685,904 1,500 Cannvas MedTech Inc. Common Shares Loutskou, Steve 3, 4, 5 12/11/2018 10 0.315 5,687,404 1,500 Canopy Growth Corporation Common Shares Bigioni, David 5 5/1/2018 00 Canopy Growth Corporation Common Shares Bigioni, David 5 12/10/2018 10 41.99 3,600 3,600 Canopy Growth Corporation Common Shares Bigioni, David 5 5/1/2018 00 Canopy Growth Corporation Common Shares Bigioni, David 5 12/12/2018 10 42.822 252 252 Canopy Growth Corporation Common Shares Hanson, Robert Lee 4 11/2/2018 00 5 Canopy Growth Corporation Common Shares Hanson, Robert Lee 4 12/6/2018 10 29.85 0 -5 CanWel Building Materials Group Ltd.

Common Shares Doman, Amar 4 12/11/2018 10 4.3929 13,205,170 41,000

CanWel Building Materials Group Ltd.





Common Shares Doman, Didar (Ted) Singh 5 2/1/2010 00


Common Shares Doman, Didar (Ted) Singh 5 12/10/2018 10 4.42 6,000 6,000


Common Shares Doman, Didar (Ted) Singh 5 12/11/2018 10 4.4 12,000 6,000


Common Shares Doman, Rupinder (Rob) Singh

5 12/12/2018 10 4.35 75,952 11,428

Capital Power Corporation Common Shares DeNeve, Bryan 5 12/10/2018 51 24.27 55,740 35,611 Capital Power Corporation Options DeNeve, Bryan 5 12/10/2018 51 397,047 -35,611 Capital Power Corporation Common Shares TRUFYN, DARCY 5 12/10/2018 51 24.27 73,116 39,167 Capital Power Corporation Common Shares TRUFYN, DARCY 5 12/10/2018 10 28.36 33,949 -39,167 Capital Power Corporation Common Shares TRUFYN, DARCY 5 12/10/2018 10 38.36 2,456 Capital Power Corporation Common Shares TRUFYN, DARCY 5 12/10/2018 10 38.36 2,456 Capital Power Corporation Common Shares TRUFYN, DARCY 5 12/10/2018 10 28.36 36,495 2,546 Capital Power Corporation Options TRUFYN, DARCY 5 12/10/2018 51 389,171 -39,167 Capstone Mining Corp. Common Shares Brack, George Leslie 8 12/13/2018 10 0.513 1,405,000 200,000 Captiva Verde Land Corp. Options Taylor, James Gordon 4 4/26/2017 00 Captiva Verde Land Corp. Options Taylor, James Gordon 4 11/29/2018 50 750,000 750,000 Cardero Resource Corp. Warrants Kopple, Robert Charles 3 12/10/2018 11 0.1 15,719,993 3,912,850 Cardero Resource Corp. Warrants Kopple, Robert Charles 3 12/10/2018 11 0.1 24,069,993 8,350,000 Cardinal Energy Ltd. Common Shares Ratushny, M. Scott 4, 5 12/12/2018 10 2.4 169,900 69,900 Cardinal Energy Ltd. Common Shares Ratushny, M. Scott 4, 5 12/13/2018 10 2.4 200,000 30,100 Cardinal Energy Ltd. Common Shares Wollmann, Robert Ernest

Law 5 12/10/2018 57 138,000 110,000

Cardinal Energy Ltd. Common Shares Wollmann, Robert Ernest Law

5 12/12/2018 10 2.8156 85,200 -52,800

Cardinal Energy Ltd. Restricted Bonus Awards Wollmann, Robert Ernest Law

5 12/10/2018 57 220,000 -110,000

Carmanah Technologies Corporation

Common Shares Brown, Evan 5 12/14/2018 10 5.77 12,841 2,500




Common Shares Brown, Evan 5 12/14/2018 10 5.8 18,641 800






Common Shares Brown, Evan 5 12/14/2018 10 5.8 22,841 500




Common Shares Carmanah Technologies Corporation

1 12/14/2018 38 5.75 235,800 235,800


Common Shares Carmanah Technologies Corporation

1 12/14/2018 38 5.75 0 -235,800

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10061



Acquired/ Disposed

Cenovus Energy Inc. Common Shares Reid, Alan Craig 5 12/13/2018 10 10.559 32,763 5,000 Century Global Commodities Corporation (formerly known as Century Iron Mines Corporation)

Common Shares Chim, Sandy Chun Kwan 4, 6, 7, 5 11/27/2018 10 0.17 2,708,900 10,000

Century Global Commodities Corporation (formerly known as Century Iron Mines Corporation)


Century Global Commodities Corporation (formerly known as Century Iron Mines Corporation)


Cequence Energy Ltd. Options Thorson, Erin Patricia 5 12/12/2018 52 181,750 -750 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/3/2018 10 3.13 12,110,146 11,600 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/4/2018 10 3.15 12,113,046 2,900 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/6/2018 10 3.04 12,121,346 8,300 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/10/2018 10 3.13 12,122,546 1,200 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/11/2018 10 3.1469 12,127,146 4,600 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/12/2018 10 3.2544 12,129,346 2,200 Ceres Global Ag Corp. Common Shares Vanasek, James Thomas 3, 4 12/13/2018 10 3.31 12,144,346 15,000 Cervus Equipment Corporation

Common Shares Cervus Equipment Corporation

1 12/12/2018 38 12.446 8,600 1,800

Cervus Equipment Corporation

Common Shares Cervus Equipment Corporation

1 12/14/2018 38 12.39 9,700 1,100

CES Energy Solutions Corp. Restricted Share Units Armour III, Spencer Davis 4 12/12/2018 00 CES Energy Solutions Corp. Restricted Share Units Armour III, Spencer Davis 4 12/12/2018 56 3.0116 33,206 33,206 CES Energy Solutions Corp. Common Shares Aulicino, Anthony Michael 5 12/7/2018 10 3.06 7,700 1,000 CGX Energy Inc. Warrants Frontera Energy

Corporation (formerly, Pacific Rubiales Energy Corp.)

3 4/26/2018 55 0 -35,000,000

CHAR Technologies Ltd. Common Shares Beutel, Eric Marshall 4, 5 4/11/2014 00 CHAR Technologies Ltd. Common Shares Beutel, Eric Marshall 4, 5 12/12/2018 10 0.19 40,000 40,000 Charlotte's Web Holdings, Inc. (formerly Stanley Brothers Holdings Inc.)

Common Shares Sartori, Juan 4 8/24/2018 00

Charlotte's Web Holdings, Inc. (formerly Stanley Brothers Holdings Inc.)

Common Shares Sartori, Juan 4 11/16/2018 11 4,110,008 4,110,008

Charlotte's Web Holdings, Inc. (formerly Stanley Brothers Holdings Inc.)

Proportionate Voting Shares

Sartori, Juan 4 11/16/2018 11 0 -10,275

Choice Properties Real Estate Investment Trust

Trust Units Rebanks, Mary Diane Wendy

7 12/6/2018 10 12.187 65,000 8,200

Choom Holdings Inc. Common Shares Chris, Bogart 4 12/5/2018 10 0.45 3,329,750 177,500 Choom Holdings Inc. Common Shares Chris, Bogart 4 12/6/2018 10 0.42 3,429,750 100,000 Choom Holdings Inc. Common Shares Forbes, Michael 4, 5 6/15/2018 00 Choom Holdings Inc. Common Shares Forbes, Michael 4, 5 12/10/2018 45 567,724 567,724 Choom Holdings Inc. Common Shares Forbes, Michael 4, 5 12/10/2018 45 3,464,715 532,215 Choom Holdings Inc. Share Commitments Forbes, Michael 4, 5 12/10/2018 38 0 -11,730,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 12/10/2018 10 0.7 5,988,347 3,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 12/11/2018 10 0.7042 6,000,347 12,000 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 12/7/2018 10 0.73 1,780,500 89,000 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 12/11/2018 10 0.71 1,794,000 13,500 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 12/12/2018 10 0.7 1,807,500 13,500 CIBT Education Group Inc. Common Shares Weir, Shane 4 12/10/2018 10 0.72 1,060,000 20,000 Cineplex Inc. Deferred Share Units Banks, Jordan 4 12/13/2018 56 13,316 958 Cineplex Inc. Deferred Share Units Bruce, Robert W. 4 12/13/2018 56 20,288 958 Cineplex Inc. Deferred Share Units Dea, Joan 4 12/13/2018 56 16,132 719 Cineplex Inc. Deferred Share Units Fukakusa, Janice Rose 4 12/13/2018 56 6,310 1,150 Cineplex Inc. Deferred Share Units Greenberg, Ian 4 12/13/2018 56 24,606 1,676 Cineplex Inc. Deferred Share Units Hayes, Donna Marie 4 12/13/2018 56 6,231 958 Cineplex Inc. Deferred Share Units Marwah, Sarabjit 4 12/13/2018 56 22,067 958

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10062



Acquired/ Disposed

Cineplex Inc. Deferred Share Units Mohamed, Nadir 4 12/13/2018 56 5,769 1,102 Cineplex Inc. Deferred Share Units Sonshine, Edward 4 12/13/2018 56 21,908 958 CMX Gold & Silver Corp. Common Shares Alston, Jan Millward 4, 5 12/10/2018 11 0.05 1,589,125 -50,000 CMX Gold & Silver Corp. Common Shares Clements, John David 4 12/11/2018 10 0.04 450,000 200,000 CMX Gold & Silver Corp. Common Shares Murray, Bruce James 4 12/11/2018 10 0.04 681,625 200,000 CMX Gold & Silver Corp. Common Shares Niedermaier, John Anthony 4 12/11/2018 10 0.04 927,059 48,000 CMX Gold & Silver Corp. Common Shares Niedermaier, John Anthony 4 12/11/2018 10 0.045 979,059 52,000 CO2 GRO Inc. Common Shares Gledhill, Stephen Mark 5 12/4/2018 46 0.135 117,066 59,338 CO2 GRO Inc. Common Shares Gledhill, Stephen Mark 5 12/12/2018 10 0.155 60,066 -57,000 CO2 GRO Inc. Common Shares Surgeoner, Gordon Allen 4 12/12/2018 10 0.18 42,500 20,000 Cobalt 27 Capital Corp. Options Cochrane, Justin 5 12/7/2018 97 315,276 -7,639 Cobalt 27 Capital Corp. Options Milewski, Anthony 4, 5 12/7/2018 97 436,691 -10,186 Colibri Resource Corporation Common Shares McGavney, Ian 5 12/7/2018 10 0.04 304,000 4,000 Colibri Resource Corporation Common Shares McGavney, Ian 5 12/10/2018 10 0.04 310,000 6,000 Colibri Resource Corporation Common Shares McGavney, Ian 5 12/12/2018 10 0.04 313,000 3,000 Colibri Resource Corporation Common Shares MONETTE, JACQUES F. 4 12/5/2018 10 4.5 100,000 Colibri Resource Corporation Common Shares MONETTE, JACQUES F. 4 12/5/2018 10 0.045 615,636 100,000 Colonial Coal International Corp.

Common Shares Rosseau Asset Management Ltd.

3 12/11/2018 10 0.41 21,258,333 1,935,500

Commerce Resources Corp. Common Shares Dahrouge, Jody 4 11/28/2018 10 0.065 723,350 -31,000 Computer Modelling Group Ltd.

Rights Deferred Share Units

Athaide, Judith 4 12/14/2018 30 3,154 51

Computer Modelling Group Ltd.

Rights Restricted Share Units

Balic, Sandra 5 12/14/2018 30 7,773 52



Balic, Sandra 5 12/14/2018 30 7,847 74



Dedeluk, Kenneth Michael 4 12/14/2018 30 1,543 25



Dedeluk, Kenneth Michael 4 12/14/2018 30 4,828 77



Eastick, Robert Roy 5 12/14/2018 30 7,773 52



Eastick, Robert Roy 5 12/14/2018 30 7,847 74



Fong, Christopher Lee 4 12/14/2018 30 3,154 51


Common Shares Hicks, Robert David 5 12/12/2018 10 6.0566 5,000


Common Shares Hicks, Robert David 5 12/12/2018 10 6.0566 57,500 5,000



Jamieson, Patrick 4 12/14/2018 30 3,783 61



Kinash, Peter Harry 4 12/14/2018 30 3,154 51



Kumar, Anjani 5 12/14/2018 30 7,773 52



Kumar, Anjani 5 12/14/2018 30 7,847 74



Nghiem, Long X 5 12/14/2018 30 7,773 52



Nghiem, Long X 5 12/14/2018 30 7,847 74


Common Shares SCHNEIDER, RYAN NICOLAS

4, 5 12/5/2018 10 6.27 69,337 5,000



SCHNEIDER, RYAN NICOLAS

4, 5 12/14/2018 30 15,545 103



SCHNEIDER, RYAN NICOLAS

4, 5 12/14/2018 30 15,694 149



Smith, Robert Frederick Morrison

4 12/14/2018 30 3,783 61



Zaozirny, John Brian 4 12/14/2018 30 4,728 76

Comstock Metals Ltd. Common Shares Turnbull, Douglas Stewart 2 12/6/2018 10 0.025 326,000 -35,000 Constellation Software Inc. Common Shares Scotchmer, Steven 4 12/5/2018 30 1111.4 6,889 7

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10063



Acquired/ Disposed

Constellation Software Inc. Common Shares Scotchmer, Steven 4 12/5/2018 11 928.17 0 -6,889 Constellation Software Inc. Common Shares Scotchmer, Steven 4 12/10/2018 30 1111.4 7 Constellation Software Inc. Common Shares Scotchmer, Steven 4 12/5/2018 11 928.17 46,880 6,889 Constellation Software Inc. Debentures -

Subordinated Floating Rate, Series 1 due March 31, 2040

Scotchmer, Steven 4 12/10/2018 10 124.95 $232,964 ($112,036)

Constellation Software Inc. Debentures - Subordinated Floating Rate, Series 1 due March 31, 2040

Scotchmer, Steven 4 12/11/2018 10 122.9 $15,647 ($217,317)

Copper Mountain Mining Corporation

Common Shares Klue, Edward Richard 5 9/11/2018 00 10,000


Common Shares Newman, Lance Carl 5 12/12/2018 10 0.59 100,000 7,500


Common Shares Wong, Letitia 5 12/10/2018 10 0.74 75,000 25,000


Common Shares Wong, Letitia 5 12/14/2018 10 0.72 83,500 8,500

COPPER REEF MINING CORPORATION

Common Shares Masson, Stephen Leo 3 12/6/2018 10 0.02 2,789,816 200,000
















Common Shares Masson, Stephen Leo 3 12/13/2018 10 0.02 9,564,865 -500,000

Copperbank Resources Corp.

Common Shares Kovacevic, John Gianni 4, 5 12/12/2018 10 0.045 17,420,415 50,000

Corridor Resources Inc. Common Shares Hachey, Lisette France 5 12/6/2018 51 22500 52,489 22,500 Corridor Resources Inc. Options Hachey, Lisette France 5 12/6/2018 51 0.4 320,000 -22,500 Cott Corporation Common Shares Ausher, Jason 5 12/6/2018 57 14.84 15,668 628 Cott Corporation Common Shares Ausher, Jason 5 12/7/2018 57 14.7 16,040 372 Cott Corporation Options Ausher, Jason 5 12/11/2018 50 67,108 12,593 Cott Corporation Performance Share Units Ausher, Jason 5 12/11/2018 56 15,219 3,448 Cott Corporation Restricted Share Units Ausher, Jason 5 12/6/2018 57 14.84 4,013 -628 Cott Corporation Restricted Share Units Ausher, Jason 5 12/6/2018 38 3,559 -454 Cott Corporation Restricted Share Units Ausher, Jason 5 12/7/2018 57 14.7 3,187 -372 Cott Corporation Restricted Share Units Ausher, Jason 5 12/7/2018 38 2,917 -270 Cott Corporation Restricted Share Units Ausher, Jason 5 12/11/2018 56 5,216 2,299 Cott Corporation Common Shares Fowden, Jeremy Stephen

Gary 5 12/6/2018 57 14.84 906,382 18,605

Cott Corporation Common Shares Fowden, Jeremy Stephen Gary

5 12/7/2018 57 14.7 918,820 12,438

Cott Corporation Options Fowden, Jeremy Stephen Gary

5 12/11/2018 50 2,115,708 141,853

Cott Corporation Performance Share Units Fowden, Jeremy Stephen Gary

5 12/11/2018 56 357,656 25,800

Cott Corporation Restricted Share Units Fowden, Jeremy Stephen Gary

5 12/6/2018 57 14.84 122,332 -18,605


5 12/6/2018 38 108,886 -13,446


5 12/7/2018 57 14.7 96,448 -12,438


5 12/7/2018 38 87,458 -8,990

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10064



Acquired/ Disposed


5 12/11/2018 56 104,658 17,200

Cott Corporation Common Shares Harrington, Thomas 5 12/6/2018 57 14.84 23,942 8,149 Cott Corporation Common Shares Harrington, Thomas 5 12/7/2018 57 14.7 28,784 4,842 Cott Corporation Options Harrington, Thomas 5 12/11/2018 50 585,700 214,552 Cott Corporation Performance Share Units Harrington, Thomas 5 12/11/2018 56 942,085 58,753 Cott Corporation Restricted Share Units Harrington, Thomas 5 12/6/2018 57 14.84 33,980 -8,149 Cott Corporation Restricted Share Units Harrington, Thomas 5 12/6/2018 38 30,911 -3,069 Cott Corporation Restricted Share Units Harrington, Thomas 5 12/7/2018 57 14.7 26,069 -4,842 Cott Corporation Restricted Share Units Harrington, Thomas 5 12/7/2018 38 24,245 -1,824 Cott Corporation Restricted Share Units Harrington, Thomas 5 12/11/2018 56 63,413 39,168 Cott Corporation Options Hinson, Charles Ronald 7 11/7/2017 00 Cott Corporation Options Hinson, Charles Ronald 7 12/11/2018 50 69,962 69,962 Cott Corporation Performance Share Units Hinson, Charles Ronald 7 11/7/2017 00 Cott Corporation Performance Share Units Hinson, Charles Ronald 7 12/11/2018 56 19,158 19,158 Cott Corporation Restricted Share Units Hinson, Charles Ronald 7 11/7/2017 00 Cott Corporation Restricted Share Units Hinson, Charles Ronald 7 12/11/2018 56 12,772 12,772 Cott Corporation Common Shares Poe, Marni Morgan 5 12/6/2018 57 14.84 108,670 1,976 Cott Corporation Common Shares Poe, Marni Morgan 5 12/7/2018 57 14.7 110,535 1,865 Cott Corporation Options Poe, Marni Morgan 5 12/11/2018 50 450,487 65,298 Cott Corporation Performance Share Units Poe, Marni Morgan 5 12/11/2018 56 77,356 17,881 Cott Corporation Restricted Share Units Poe, Marni Morgan 5 12/6/2018 57 14.84 20,753 -1,976 Cott Corporation Restricted Share Units Poe, Marni Morgan 5 12/6/2018 38 19,324 -1,429 Cott Corporation Restricted Share Units Poe, Marni Morgan 5 12/7/2018 57 14.7 17,459 -1,865 Cott Corporation Restricted Share Units Poe, Marni Morgan 5 12/7/2018 38 16,110 -1,349 Cott Corporation Restricted Share Units Poe, Marni Morgan 5 12/11/2018 56 28,030 11,920 Cott Corporation Common Shares Savage, Graham William 4 12/4/2018 10 20 40,684 -12,311 Cott Corporation Common Shares Savage, Graham William 4 12/4/2018 10 20.02 40,584 -100 Cott Corporation Common Shares Savage, Graham William 4 12/7/2018 10 20 -12,311 Cott Corporation Common Shares Savage, Graham William 4 12/7/2018 10 20.02 -100 Cott Corporation Common Shares Savage, Graham William 4 12/12/2018 10 20 32,705 -7,879 Cott Corporation Common Shares Wells, Jay 5 12/6/2018 57 14.84 80,902 2,511 Cott Corporation Common Shares Wells, Jay 5 12/7/2018 57 14.7 83,362 2,460 Cott Corporation Options Wells, Jay 5 12/11/2018 50 670,107 83,955 Cott Corporation Performance Share Units Wells, Jay 5 12/11/2018 56 122,125 22,990 Cott Corporation Restricted Share Units Wells, Jay 5 12/6/2018 57 14.84 31,914 -2,511 Cott Corporation Restricted Share Units Wells, Jay 5 12/6/2018 38 30,098 -1,816 Cott Corporation Restricted Share Units Wells, Jay 5 12/7/2018 57 14.7 27,638 -2,460 Cott Corporation Restricted Share Units Wells, Jay 5 12/7/2018 38 25,860 -1,778 Cott Corporation Restricted Share Units Wells, Jay 5 12/11/2018 56 41,186 15,326 CounterPath Corporation Common Shares Carothers, Todd 5 12/7/2018 30 2.1399 82 CounterPath Corporation Common Shares Carothers, Todd 5 12/7/2018 30 2.1399 82 CounterPath Corporation Common Shares Carothers, Todd 5 12/7/2018 30 2.1399 12,004 82 CounterPath Corporation Common Shares Carothers, Todd 5 12/7/2018 30 2.1523 12,045 41 CounterPath Corporation Common Shares Karp, David Lawrence 5 12/6/2018 30 3.0681 29,551 99 CounterPath Corporation Common Shares Karp, David Lawrence 5 12/6/2018 30 2.8572 29,604 53 CR Capital Corp. Common Shares Howlett, Brian 5 12/12/2018 10 0.045 315,000 10,000 CRH Medical Corporation Common Shares Bear, Richard 5 12/10/2018 57 4.88 350,000 30,000 CRH Medical Corporation Common Shares Bear, Richard 5 12/11/2018 10 3.53 335,000 -15,000 CRH Medical Corporation Options Bear, Richard 5 12/10/2018 57 990,000 -30,000 CRH Medical Corporation Common Shares Webb, Ian A. 4 12/12/2018 10 4.615 137,500 -29,620 CRH Medical Corporation Common Shares Wright, Edward 4 12/10/2018 57 4.88 180,000 30,000 CRH Medical Corporation Common Shares Wright, Edward 4 12/10/2018 10 4.89 165,000 -15,000 CRH Medical Corporation Options Wright, Edward 4 12/10/2018 57 1,340,000 -30,000 Crombie Real Estate Investment Trust

Trust Units Special Voting Empire Company Limited 3 12/14/2018 30 12.972 61,980,011 7,870

Curaleaf Holdings, Inc. (formerly Lead Ventures Inc.)

Subordinate Voting Shares

Derby, Peter 4 10/25/2018 00

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10065



Acquired/ Disposed



Derby, Peter 4 10/25/2018 00 113,912



Derby, Peter 4 12/7/2018 10 4.7214 114,812 900



Derby, Peter 4 12/7/2018 10 4.6763 114,912 100



Derby, Peter 4 10/25/2018 00



Derby, Peter 4 10/25/2018 00



Derby, Peter 4 10/25/2018 00 113,912



Wilcox, Stuart Anthony 5 10/25/2018 00



Wilcox, Stuart Anthony 5 10/25/2018 00



Wilcox, Stuart Anthony 5 10/25/2018 00 17,086

CWC Energy Services Corp. Restricted Share Units Apps, Robert Charles Nelson

5 12/6/2018 56 605,332 222,000

CWC Energy Services Corp. Restricted Share Units Au, Duncan Tak-Yan 4, 5 12/6/2018 56 0.14 444,000 CWC Energy Services Corp. Restricted Share Units Au, Duncan Tak-Yan 4, 5 12/6/2018 56 1,160,000 444,000 CWC Energy Services Corp. Restricted Share Units Au, Duncan Tak-Yan 4, 5 12/10/2018 57 0.13 1,110,000 -50,000 CWC Energy Services Corp. Restricted Share Units Austin, Daryl George 4 12/6/2018 56 380,000 135,000 CWC Energy Services Corp. Common Shares Bentham, Gary Lambert 4 12/7/2018 30 0.13 1,310,044 33,333 CWC Energy Services Corp. Common Shares Bentham, Gary Lambert 4 12/9/2018 30 0.13 1,320,044 10,000 CWC Energy Services Corp. Common Shares Bentham, Gary Lambert 4 12/14/2018 30 0.13 1,365,044 45,000 CWC Energy Services Corp. Restricted Share Units Bentham, Gary Lambert 4 12/7/2018 57 0.13 -33,333 CWC Energy Services Corp. Restricted Share Units Bentham, Gary Lambert 4 12/7/2018 57 0.13 313,334 -33,333 CWC Energy Services Corp. Restricted Share Units Bentham, Gary Lambert 4 12/9/2018 57 303,334 -10,000 CWC Energy Services Corp. Restricted Share Units Bentham, Gary Lambert 4 12/14/2018 57 258,334 -45,000 CWC Energy Services Corp. Restricted Share Units Donohue, Paul Francis 5 12/6/2018 56 655,332 222,000 CWC Energy Services Corp. Common Shares Dubois, Michael 5 12/9/2018 57 0.13 25,000 25,000 CWC Energy Services Corp. Common Shares Dubois, Michael 5 12/9/2018 57 0.13 80,667 55,667 CWC Energy Services Corp. Restricted Share Units Dubois, Michael 5 12/6/2018 56 580,333 222,000 CWC Energy Services Corp. Restricted Share Units Dubois, Michael 5 12/9/2018 57 0.13 555,333 -25,000 CWC Energy Services Corp. Restricted Share Units Dubois, Michael 5 12/9/2018 57 0.13 499,666 -55,667 CWC Energy Services Corp. Restricted Share Units King, Stuart James 5 12/6/2018 56 444,000 222,000 CWC Energy Services Corp. Restricted Share Units McGowan, Wade John 4 12/5/2018 56 346,667 135,000 CWC Energy Services Corp. Common Shares McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 550,000 25,000 CWC Energy Services Corp. Common Shares McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 575,000 25,000 CWC Energy Services Corp. Restricted Share Units McIntyre, Darwin Lloyd 5 12/6/2018 56 786,000 222,000 CWC Energy Services Corp. Restricted Share Units McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 -25,000 CWC Energy Services Corp. Restricted Share Units McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 -25,000 CWC Energy Services Corp. Restricted Share Units McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 761,000 -25,000 CWC Energy Services Corp. Restricted Share Units McIntyre, Darwin Lloyd 5 12/9/2018 57 0.13 736,000 -25,000 DATA Communications Management Corp. (formerly DATA Group Ltd.)

Common Shares Sifton, Michael 3, 4, 5 12/6/2018 10 1.0789 1,637,583 4,800

DATA Communications Management Corp. (formerly DATA Group Ltd.)

Common Shares Sifton, Michael 3, 4, 5 12/7/2018 10 1.0881 1,654,783 17,200

Datable Technology Corporation (formerly 3TL Technologies Corp.)

Common Shares Sartorius, Roland Carlos 5 12/12/2018 46 0.06 117,000 37,778

DealNet Capital Corp. Common Shares Houlden, Kathryn 5 12/4/2018 10 0.075 615,279 21,000 DECISIVE DIVIDEND CORPORATION

Common Shares Redekop, David 4, 5 12/10/2018 10 3.98 166,400 1,500

DECISIVE DIVIDEND CORPORATION

Common Shares Torriero, Richard 5 10/1/2018 00


Common Shares Torriero, Richard 5 12/12/2018 10 3.95 5,000 5,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10066



Acquired/ Disposed


Options Torriero, Richard 5 10/1/2018 00


Options Torriero, Richard 5 12/10/2018 50 4 10,000 10,000

Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/10/2018 10 0.26 1,283,000 2,500 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/10/2018 10 2.63 1,310,500 27,500 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/10/2018 10 0.27 1,313,000 2,500 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/10/2018 10 0.25 1,315,500 2,500 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/11/2018 10 0.24 1,318,500 3,000 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/12/2018 10 0.24 1,329,000 10,500 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/13/2018 10 0.235 1,330,000 1,000 Delrey Metals Corp. Common Shares Good, Morgan 4, 5 12/13/2018 10 0.23 1,334,500 4,500 Detour Gold Corporation Common Shares Anwyll, Edward William

Drew 5 12/11/2018 51 31,200 15,000

Detour Gold Corporation Common Shares Anwyll, Edward William Drew

5 12/11/2018 10 10.7 16,200 -15,000

Detour Gold Corporation Options Anwyll, Edward William Drew

5 12/11/2018 51 250,419 -15,000

Detour Gold Corporation Rights Restricted Share Units

Bourchier, Frazer William 5 12/9/2018 56 10.1 180,397 90,693


Gaborit, Laurence 5 12/9/2018 56 10.1 36,220 26,238


Galloway, Julie 5 12/9/2018 56 10.1 120,323 71,881


Mavor, James Whyte 5 12/9/2018 56 10.1 121,041 71,782


Wallin, Ruben 5 12/9/2018 56 10.1 49,459 31,683

Devonian Health Group Inc. Subordinate Voting Shares échangeables

Bernier, Jacques 4 11/13/2018 36 251,341 -167,561

DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 10 2.4771 15,908,590 93,770 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 90 2.69 12,180,218 68,148 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 10 2.4771 12,252,678 72,460 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/14/2018 10 2.09 12,314,748 62,070 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 90 2.69 2,153,247 118,544 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 10 2.4771 2,166,057 12,810 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/14/2018 90 2.09 2,176,417 10,360 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 90 2.69 4,476,557 -209,254 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/14/2018 90 2.09 4,385,997 -90,560 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 90 2.69 3,523,108 22,562 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/10/2018 10 2.4771 3,544,068 20,960 DHX Media Ltd. Variable Voting Shares Fine Capital Partners, L.P. 3 12/14/2018 90 2.09 3,562,198 18,130 DHX Media Ltd. Variable Voting Shares Fine, Debra 3, 6 12/10/2018 00 150,000 DHX Media Ltd. Variable Voting Shares Fine, Debra 3, 6 12/11/2018 10 2.3314 350,000 200,000 DHX Media Ltd. Variable Voting Shares Fine, Debra 3, 6 12/12/2018 10 2.2701 400,000 50,000 DHX Media Ltd. Variable Voting Shares Fine, Debra 3, 6 12/13/2018 10 2.2879 450,000 50,000 DHX Media Ltd. Common Voting Shares Machum, Donald Geoffrey 4 12/10/2018 10 3.2884 127,065 10,000 DHX Media Ltd. Common Voting Shares Machum, Donald Geoffrey 4 12/10/2018 10 3.31 129,065 2,000 Diagnos Inc. Common Shares Gestion Maurice

Pinsonnault inc. 3 12/12/2018 97 23,871,750 200,000

Diagnos Inc. Common Shares Hébert, Georges 4 1/10/2017 00 Diagnos Inc. Common Shares Hébert, Georges 4 12/12/2018 97 200,000 200,000 DiaMedica Therapeutics Inc. Common Shares Alcorn, Harry 4 12/11/2018 15 1,000 1,000 DiaMedica Therapeutics Inc. Common Shares GIUFFRE, MICHAEL 4 12/11/2018 15 741,214 11,250 DiaMedica Therapeutics Inc. Common Shares Kellen, Scott 5 12/11/2018 15 82,850 1,250 DiaMedica Therapeutics Inc. Common Shares Parsons, James Todd 4 10/23/2015 00 DiaMedica Therapeutics Inc. Common Shares Parsons, James Todd 4 12/11/2018 15 2,250 2,250 DiaMedica Therapeutics Inc. Common Shares Pauls, Dietrich (Rick) John 4, 5 12/11/2018 15 466,100 5,000 DiaMedica Therapeutics Inc. Common Shares Pilnik, Richard D. 4 12/11/2018 15 206,250 6,250 DiaMedica Therapeutics Inc. Common Shares Verdoorn, Todd 5 12/11/2018 15 21,000 1,000 DiaMedica Therapeutics Inc. Common Shares Xiao, Zhenyu 4 11/28/2016 00

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10067



Acquired/ Disposed

DiaMedica Therapeutics Inc. Common Shares Xiao, Zhenyu 4 12/11/2018 15 3,250 3,250 Dionymed Brands Inc. (formerly Sixonine Ventures Corp.)

Options Dineley, Stephen 4 11/29/2018 00

Dionymed Brands Inc. (formerly Sixonine Ventures Corp.)

Options Dineley, Stephen 4 11/29/2018 00 225,000

DionyMed Brands Inc. (formerly Sixonine Ventures Corp.)

Common Shares Kerr, David 4 11/29/2018 00


Common Shares Kerr, David 4 11/29/2018 11 1 25,000 25,000


Options Kerr, David 4 11/29/2018 00


Options Kerr, David 4 11/29/2018 50 1 225,000 225,000


Common Shares Watt, Susan Mary 4 11/27/2018 00 15,000


Options Watt, Susan Mary 4 11/27/2018 00 225,000

Divestco Inc. Bonds Senior Secured Bond

Summers, Ruth 4 6/19/2018 00


Summers, Ruth 4 6/19/2018 00 $450,000


Summers, Ruth 4 12/5/2018 00

Divestco Inc. Common Shares Class A Summers, Ruth 4 6/19/2018 00 Divestco Inc. Common Shares Class A Summers, Ruth 4 6/19/2018 00 822,500 Divestco Inc. Common Shares Class A Summers, Ruth 4 12/5/2018 00 DMG Blockchain Solutions Inc.

Common Shares Bennett, Sheldon Norman 4 12/14/2018 10 0.155 1,600,000 50,000

DMG Blockchain Solutions Inc.

Common Shares Reitzik, Daniel 4, 5 12/13/2018 10 0.15 1,559,680 25,000

Dollarama Inc. Common Shares Robillard, Geoffrey Peter 5 12/11/2018 10 31.165 1,500,000 -280,000 Dorel Industries Inc. Subordinate Voting

Shares Class B Schwartz, Jeffrey 3, 4, 5 12/10/2018 10 16.75 566,980 5,000

Dundee Sustainable Technologies Inc.

Options Gelfand, Brahm 4 12/12/2018 52 1,400,000 -250,000


Options Lemieux, David 5 12/12/2018 52 2,400,000 -2,900,000


Options Mai, Jean-Philippe 5 12/12/2018 52 1,550,000 -150,000


Options Marleau, Hubert 4 12/12/2018 52 1,250,000 -250,000

Dunes Exploration Ltd. Options Macdonald, Glen Colin 4 5/25/2012 52 0 -900,000 Dunes Exploration Ltd. Warrants Macdonald, Glen Colin 4 10/29/2009 55 6,000,000 -250,000 Dunes Exploration Ltd. Warrants Macdonald, Glen Colin 4 5/23/2010 55 0 -6,000,000 East Coast Investment Grade Income Fund

Units Arrow Capital Management Inc.

7 12/10/2018 10 9.7 1,058,200 -1,800

East Coast Investment Grade Income Fund

Units Arrow Capital Management Inc.

7 12/11/2018 10 9.7 1,055,000 -3,200

Eguana Technologies Inc. Options Pollard, Gregory Ian 5 12/14/2018 50 0.2 900,000 100,000 Element Fleet Management Corp. (formerly Element Financial Corporation)

Common Shares Graham, George Keith 4 12/14/2018 10 6.84 100,000 25,000

Emera Incorporated Common Shares O'Connor, Wayne David 5 12/12/2018 51 32.35 11,242 7,100 Emera Incorporated Common Shares O'Connor, Wayne David 5 12/12/2018 10 44.37 4,142 -7,100 Emera Incorporated Options O'Connor, Wayne David 5 12/12/2018 51 32.35 58,775 -7,100 Encana Corporation Common Shares Mayson, Howard John 4 12/14/2018 10 5.9161 45,317 3,500 Enerdynamic Hybrid Technologies Corp.

Warrants Matthews, Wilmot Leslie 3 12/11/2018 55 10,000,000 -2,450,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10068



Acquired/ Disposed

Energy Fuels Inc. Common Shares Eshleman, Benjamin 4 12/11/2018 10 3.6 1,150,062 -255 Energy Fuels Inc. Common Shares Eshleman, Benjamin 4 12/12/2018 10 3.6182 1,107,817 -42,245 Energy Fuels Inc. Common Shares Eshleman, Benjamin 4 12/11/2018 10 3.6 202,814 -45 Energy Fuels Inc. Common Shares Eshleman, Benjamin 4 12/12/2018 10 3.6182 195,359 -7,455 Enthusiast Gaming Holdings Inc. (formerly, Tova Ventures II Inc.)

Common Shares kestenbaum, Menashe 3, 4, 5 9/21/2018 00 11,904

Enthusiast Gaming Holdings Inc. (formerly, Tova Ventures II Inc.)

Common Shares kestenbaum, Menashe 3, 4, 5 9/21/2018 22 1,568,827 1,556,923


Common Shares kestenbaum, Menashe 3, 4, 5 9/21/2018 00 1,180,000


Options kestenbaum, Menashe 3, 4, 5 9/21/2018 00 539,447


Warrants kestenbaum, Menashe 3, 4, 5 9/21/2018 00 1,580,007

Entree Resources Ltd. Common Shares Edwards, Alan R. 4 12/7/2018 51 532,783 75,000 Entree Resources Ltd. Options Edwards, Alan R. 4 12/7/2018 51 0.26 525,000 -75,000 Entree Resources Ltd. Common Shares Harris, James Lindsay 4 12/10/2018 51 0.26 563,500 75,000 Entree Resources Ltd. Options Harris, James Lindsay 4 12/10/2018 51 0.26 600,000 -75,000 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/12/2018 10 0.54 27,604,880 90,000 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/12/2018 10 0.53 27,643,380 38,500 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/12/2018 10 0.52 27,653,880 10,500 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/12/2018 10 0.5 27,759,880 106,000 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/13/2018 10 0.53 27,978,380 218,500 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/13/2018 10 0.52 28,078,880 100,500 Entree Resources Ltd. Common Shares SANDSTORM GOLD LTD. 3 12/13/2018 10 0.54 28,350,380 271,500 Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 12/10/2018 38 2.9 17,903 1,700 Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 12/13/2018 10 3.04 22,304 4,401 Equinox Gold Corp. (formerly Trek Mining Inc.)

Common Shares Hardie, Peter Jeremie 5 12/7/2018 57 0.9 417,029 24,304

Equinox Gold Corp. (formerly Trek Mining Inc.)

Rights Restricted Share Units - Time Based

Hardie, Peter Jeremie 5 12/7/2018 57 151,824 -45,000

European Focused Dividend Fund

Trust Units European Focused Dividend Fund

1 12/4/2018 38 7.8733 840,800 300



1 12/5/2018 38 7.804 841,300 500



1 12/6/2018 38 7.795 841,500 200



1 12/7/2018 38 7.745 841,700 200



1 12/10/2018 38 7.66 842,300 600



1 12/11/2018 38 7.65 842,800 500



1 12/12/2018 38 7.62 843,400 600



1 12/13/2018 38 7.7175 844,200 800

Excellon Resources Inc. Options Cahill, Brendan Thomas 4, 5 12/11/2018 52 1.14 75,000 -150,000 Excellon Resources Inc. Options Dhadwar, Gurjinder Singh

(Rupy) 5 12/11/2018 52 1.14 50,000 -25,000

Excellon Resources Inc. Options Fernandez Mena, Oliver 4 12/11/2018 52 1.14 200,000 -50,000 Excellon Resources Inc. Options Fortier, André Y. 4 12/11/2018 52 1.14 -50,000 Excellon Resources Inc. Options Fortier, André Y. 4 12/11/2018 52 1.14 -50,000 Excellon Resources Inc. Options Fortier, André Y. 4 12/11/2018 52 1.14 50,000 -50,000 Excellon Resources Inc. Options Hasan, Nisha 5 12/11/2018 52 1.14 28,333 -20,000 Excellon Resources Inc. Options Marino Sanchez, Ronald

Anibal 5 12/11/2018 52 1.14 38,334 -15,000

Excellon Resources Inc. Options McFarland, Alan Roberts 4 12/11/2018 52 1.14 0 -50,000 Excelsior Mining Corp. Common Shares Goodgame, Roland 5 12/6/2018 52 0.25 2,142,788 1,325,606

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10069



Acquired/ Disposed

Excelsior Mining Corp. Common Shares Goodgame, Roland 5 12/6/2018 51 0.3 2,770,060 627,272 Excelsior Mining Corp. Common Shares Goodgame, Roland 5 12/6/2018 38 0.982 1,998,719 -771,341 Excelsior Mining Corp. Options Incentive Stock Goodgame, Roland 5 12/6/2018 51 2,600,000 -2,000,000 Excelsior Mining Corp. Options Incentive Stock Goodgame, Roland 5 12/6/2018 51 1,700,000 -900,000 Excelsior Mining Corp. Common Shares Haworth, Michael John 4, 6 9/5/2014 00 Excelsior Mining Corp. Common Shares Haworth, Michael John 4, 6 12/5/2018 16 0.9462 1,022,559 1,022,559 Excelsior Mining Corp. Common Shares Haworth, Michael John 4, 6 12/5/2018 16 0.9462 20,851,174 4,383,974 Excelsior Mining Corp. Common Shares Haworth, Michael John 4, 6 9/5/2014 00 Excelsior Mining Corp. Common Shares Haworth, Michael John 4, 6 12/5/2018 16 0.9462 7,644,307 7,644,307 Excelsior Mining Corp. Common Shares Jennex, John Jeffery 5 12/6/2018 51 0.3 229,242 220,242 Excelsior Mining Corp. Common Shares Jennex, John Jeffery 5 12/6/2018 38 0.982 197,625 -31,617 Excelsior Mining Corp. Options Incentive Stock Jennex, John Jeffery 5 12/6/2018 51 100,000 -316,000 Excelsior Mining Corp. Common Shares Kinley, Colin Brent 4 10/14/2010 00 Excelsior Mining Corp. Common Shares Kinley, Colin Brent 4 12/6/2018 51 0.3 453,030 453,030 Excelsior Mining Corp. Common Shares Kinley, Colin Brent 4 12/6/2018 38 0.982 329,258 -123,772 Excelsior Mining Corp. Options Incentive Stock Kinley, Colin Brent 4 12/6/2018 51 -650,000 Excelsior Mining Corp. Options Incentive Stock Kinley, Colin Brent 4 12/6/2018 51 -650,000 Excelsior Mining Corp. Options Incentive Stock Kinley, Colin Brent 4 12/6/2018 51 580,000 -650,000 Excelsior Mining Corp. Common Shares Kolbe, Jim 4 12/6/2018 51 0.3 453,030 453,030 Excelsior Mining Corp. Common Shares Kolbe, Jim 4 12/6/2018 38 0.982 329,258 -123,772 Excelsior Mining Corp. Options Incentive Stock Kolbe, Jim 4 12/6/2018 51 600,000 -650,000 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 12/6/2018 51 0.25 397,687 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 12/6/2018 51 0.25 745,557 397,681 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 12/6/2018 51 0.3 1,094,041 348,484 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 12/6/2018 38 0.982 -314,138 Excelsior Mining Corp. Common Shares Twyerould, Stephen 4, 5 12/6/2018 38 0.982 777,345 -316,696 Excelsior Mining Corp. Options Incentive Stock Twyerould, Stephen 4, 5 12/6/2018 51 2,800,000 -600,000 Excelsior Mining Corp. Options Incentive Stock Twyerould, Stephen 4, 5 12/6/2018 51 2,300,000 -500,000 Exchange Income Corporation

Common Shares Exchange Income Corporation

1 12/10/2018 30 27.872 213,359 36,859

Exchange Income Corporation

Common Shares Exchange Income Corporation

1 12/11/2018 30 26.972 218,359 5,000


Common Shares Schock, Tamara 5 12/11/2018 10 26.76 4,490 300






Common Shares Warkentin, Edward 4 1/29/2018 90 0 -25,625


Common Shares Warkentin, Edward 4 7/28/2009 00


Common Shares Warkentin, Edward 4 1/29/2018 90 25,625 25,625


Common Shares Warkentin, Edward 4 12/12/2018 10 27.948 29,179 3,554

Exco Technologies Limited Common Shares ROBBINS, PAUL 5 12/7/2018 10 9.4 945,243 -7,500 Fairfax Africa Holdings Corporation


Fairfax Africa Holdings Corporation

1 2/8/2017 00




1 11/5/2018 38 9.5026 2,848 2,848




1 11/6/2018 38 9.704 5,696 2,848




1 11/7/2018 38 9.6 8,544 2,848




1 11/8/2018 38 9.62 11,392 2,848




1 11/9/2018 38 9.4918 14,240 2,848




1 11/12/2018 38 9.5575 17,088 2,848




1 11/13/2018 38 9.7192 19,936 2,848

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10070



Acquired/ Disposed




1 11/14/2018 38 9.8 22,784 2,848




1 11/15/2018 38 9.6509 25,632 2,848




1 11/16/2018 38 9.4492 28,480 2,848




1 11/19/2018 38 9.6796 31,328 2,848




1 11/20/2018 38 9.31 34,176 2,848




1 11/21/2018 38 9.2495 37,024 2,848




1 11/22/2018 38 9.2065 39,872 2,848




1 11/23/2018 38 9.1795 42,720 2,848




1 11/26/2018 38 9.26 45,568 2,848




1 11/27/2018 38 9.2711 48,416 2,848




1 11/28/2018 38 9.2067 51,264 2,848




1 11/30/2018 38 0 -51,264

Fairfax India Holdings Corporation



1 11/1/2018 38 12.844 11,123 11,123




1 11/1/2018 38 12.75 22,246 11,123




1 11/2/2018 38 12.86 33,369 11,123




1 11/2/2018 38 12.76 44,492 11,123




1 11/5/2018 38 13.57 69,492 25,000




1 11/20/2018 38 13.231 80,615 11,123




1 11/21/2018 38 13.108 91,738 11,123




1 11/22/2018 38 13.033 102,861 11,123




1 11/23/2018 38 12.99 113,984 11,123




1 11/26/2018 38 12.991 211,807 97,823




1 11/27/2018 38 13.012 222,930 11,123




1 11/28/2018 38 13.033 234,053 11,123




1 11/30/2018 38 0 -234,053

Falco Resources Ltd. (formerly Falco Pacific Resource Group Inc.)

Common Shares Cartier, Hélène 5 12/11/2018 51 0.25 100,000 100,000


Common Shares Cartier, Hélène 5 12/12/2018 51 0.25 140,000 40,000


Common Shares Cartier, Hélène 5 12/12/2018 10 0.3233 100,000 -40,000


Options Cartier, Hélène 5 12/11/2018 51 0.25 533,885 -100,000


Options Cartier, Hélène 5 12/12/2018 51 0.25 493,885 -40,000

Far Resources Ltd. Options Bottomer, Lindsay Richard 4 12/7/2018 38 0.325 250,000 -300,000 Finning International Inc. Common Shares Kvisle, Harold N. 4 12/13/2018 10 24.05 17,600 5,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10071



Acquired/ Disposed

First Capital Realty Inc. Common Shares Brekken, Kay 7, 5 12/11/2018 10 20.022 21,386 -6,240 First Division Ventures Inc. Options Leonard, Joel 5 10/31/2018 00 First Division Ventures Inc. Options Leonard, Joel 5 12/11/2018 50 0.2 150,000 150,000 First Division Ventures Inc. Options mulberry, michael 5 3/2/2018 00 First Division Ventures Inc. Options mulberry, michael 5 12/11/2018 50 0.2 300,000 300,000 First Division Ventures Inc. Common Shares Walther, John 4 3/2/2017 00 First Division Ventures Inc. Common Shares Walther, John 4 3/2/2018 00 1,000,000 First Division Ventures Inc. Options Walther, John 4 3/2/2018 00 First Division Ventures Inc. Options Walther, John 4 3/2/2018 00 First Division Ventures Inc. Options Walther, John 4 3/2/2018 00 First Division Ventures Inc. Options Walther, John 4 12/10/2018 50 0.2 100,000 100,000 First Division Ventures Inc. Options Witham-Carroll, Jordon

Matthew 4 12/10/2018 50 0.2 150,000 50,000

First Majestic Silver Corp. Options Arias, Jill Anne 5 12/11/2018 52 10.62 185,250 -25,000 First Majestic Silver Corp. Options Lillico, Connie 5 12/11/2018 52 10.62 520,000 -100,000 First Majestic Silver Corp. Options Liu, Karen 5 12/11/2018 52 10.62 287,500 -15,000 First Majestic Silver Corp. Options Polman, Raymond L. 5 12/11/2018 52 10.62 451,250 -100,000 First Majestic Silver Corp. Options Poon, Andrew Winston 5 12/11/2018 52 10.62 292,500 -15,000 First Mining Gold Corp. Options Bouchard, Michel 4 12/10/2018 50 0.4 1,925,000 550,000 First Mining Gold Corp. Options Osterman, Christopher 4, 5 12/10/2018 50 0.4 7,265,000 1,000,000 First Mining Gold Corp. Options Patel, Samir Devendra 5 12/10/2018 50 0.4 1,950,000 750,000 First Mining Gold Corp. Options Polman, Raymond L. 4 12/10/2018 50 0.4 2,175,000 550,000 First Mining Gold Corp. Common Shares SHAW, DAVID ANDREW 4, 5 12/12/2018 10 0.25 750,750 50,000 First Mining Gold Corp. Options SHAW, DAVID ANDREW 4, 5 12/10/2018 50 0.4 550,000 550,000 First National Financial Corporation

Common Shares Mitchell, Robert 4, 7 12/11/2018 10 26.66 0 -200

First National Financial Corporation

Common Shares Mitchell, Robert 4, 7 12/11/2018 10 26.72 1,410 410

First National Financial Corporation

Common Shares Mitchell, Robert 4, 7 12/11/2018 10 26.66 0 -210

Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/5/2018 10 0.06 77,300 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/7/2018 10 0.055 82,300 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/7/2018 10 0.06 87,300 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/3/2018 10 0.051 2,710,080 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/3/2018 10 0.055 2,715,080 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/4/2018 10 0.06 2,720,080 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/4/2018 10 0.055 2,725,080 5,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/5/2018 10 0.06 2,735,080 10,000 Five Star Diamonds Limited Common Shares Waraich, Aneel Singh 4 12/7/2018 10 0.06 2,740,080 5,000 Focus Graphite Inc. Common Shares York, Jeffrey 4 12/11/2018 11 0.05 13,782,008 2,000,000 Focus Graphite Inc. Warrants York, Jeffrey 4 12/11/2018 11 0.05 6,621,961 2,000,000 Fortis Inc. Common Shares Duke, Nora 5 12/13/2018 51 34.27 120,990 16,742 Fortis Inc. Common Shares Duke, Nora 5 12/13/2018 10 47.25 104,248 -16,742 Fortis Inc. Options Duke, Nora 5 12/13/2018 51 262,570 -16,742 Fortune Minerals Limited Options Clouter, Carl Lester 4 12/7/2018 50 1,510,000 -200,000 Fortune Minerals Limited Options Goad, Robin Ellis 4, 5 12/7/2018 50 0.1 4,510,000 800,000 Fortune Minerals Limited Options Knight, David Allan 4, 5 12/7/2018 50 0.1 700,000 100,000 Fortune Minerals Limited Options Koropchuk, Glen Edward 4, 5 12/7/2018 50 0.1 1,900,000 400,000 Fortune Minerals Limited Options Massola, David 5 12/7/2018 50 0.1 1,900,000 400,000 Fortune Minerals Limited Options McVey, John Wallace 6 12/7/2018 50 1,250,000 250,000 Fortune Minerals Limited Options Naik, Mahendra 4 12/7/2018 50 0.1 3,235,000 375,000 Fortune Minerals Limited Options Schryer, Richard Philippe 5 12/7/2018 50 0.1 1,125,000 300,000 Fortune Minerals Limited Common Shares YURKOWSKI, EDWARD

ALFRED 4, 6 7/25/2013 00

Fortune Minerals Limited Common Shares YURKOWSKI, EDWARD ALFRED

4, 6 12/13/2018 51 0.05 1,000,000 1,000,000

Fortune Minerals Limited Options YURKOWSKI, EDWARD ALFRED

4, 6 12/7/2018 50 0.1 1,675,000 275,000

Fortune Minerals Limited Options YURKOWSKI, EDWARD ALFRED

4, 6 12/13/2018 51 675,000 -1,000,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10072



Acquired/ Disposed

Founders Advantage Capital Corp.

Options Kayat, Christopher Mark 4 12/11/2018 52 1.75 0 -500,000

Founders Advantage Capital Corp.

Options Mauris, Gary Brian 4 12/11/2018 52 1.75 100,000 -500,000

Fox River Resources Corporation

Common Shares Case, Stephen Dunbar 3, 4, 5 12/12/2018 10 0.06 8,455,838 50,000

Fox River Resources Corporation

Common Shares Case, Stephen Dunbar 3, 4, 5 12/13/2018 10 0.06 8,456,838 1,000

Franco-Nevada Corporation Common Shares Brink, Paul 5 12/10/2018 47 204,508 -208 Franco-Nevada Corporation Common Shares Brink, Paul 5 12/10/2018 47 204,456 -52 Franco-Nevada Corporation Common Shares Brink, Paul 5 12/10/2018 47 204,404 -52 Franco-Nevada Corporation Common Shares Brink, Paul 5 12/11/2018 57 208,206 3,802 Franco-Nevada Corporation Common Shares Brink, Paul 5 12/11/2018 57 211,577 3,371 Franco-Nevada Corporation Common Shares Brink, Paul 5 12/12/2018 10 95.765 207,734 -3,843 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Brink, Paul 5 12/11/2018 57 6,310 -3,802

Franco-Nevada Corporation Rights Restricted Share Units (Time-based)

Brink, Paul 5 12/11/2018 57 3,102 -3,371

Franco-Nevada Corporation Common Shares de Vries, Boris 7 4/19/2017 00 Franco-Nevada Corporation Common Shares de Vries, Boris 7 12/11/2018 57 182 182 Franco-Nevada Corporation Rights Restricted Share

Units (Time-based) de Vries, Boris 7 12/11/2018 57 364 -182

Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 1/2/2018 00 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/11/2018 57 603 603 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/11/2018 10 96 203 -400 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/13/2018 51 59.52 5,203 5,000 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/13/2018 10 97 203 -5,000 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/11/2018 57 1,372 684 Franco-Nevada Corporation Common Shares Gray, Eaun Harrison 5 12/11/2018 57 1,425 53 Franco-Nevada Corporation Options Gray, Eaun Harrison 5 12/13/2018 51 59.52 67,975 -5,000 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Gray, Eaun Harrison 5 12/11/2018 57 1,283 -684


Gray, Eaun Harrison 5 12/11/2018 57 623 -656

Franco-Nevada Corporation Common Shares Harquail, David 4, 5 12/11/2018 57 1,008,610 11,405 Franco-Nevada Corporation Common Shares Harquail, David 4, 5 12/11/2018 57 1,018,557 9,947 Franco-Nevada Corporation Common Shares Harquail, David 4, 5 12/11/2018 10 95.06 1,007,057 -11,500 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Harquail, David 4, 5 12/11/2018 57 18,432 -11,405


Harquail, David 4, 5 12/11/2018 57 8,974 -9,947

Franco-Nevada Corporation Common Shares Hong, Lloyd Hyunsoo 5 12/11/2018 57 5,606 2,768 Franco-Nevada Corporation Common Shares Hong, Lloyd Hyunsoo 5 12/11/2018 57 8,336 2,730 Franco-Nevada Corporation Common Shares Hong, Lloyd Hyunsoo 5 12/12/2018 10 96.04 3,351 -4,985 Franco-Nevada Corporation Common Shares Hong, Lloyd Hyunsoo 5 12/11/2018 57 1,849 273 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Hong, Lloyd Hyunsoo 5 12/11/2018 57 5,149 -3,041


Hong, Lloyd Hyunsoo 5 12/11/2018 57 2,549 -2,730

Franco-Nevada Corporation Common Shares O'Connell, Jason 5 12/11/2018 57 7,287 760 Franco-Nevada Corporation Common Shares O'Connell, Jason 5 12/11/2018 57 8,347 1,060 Franco-Nevada Corporation Common Shares O'Connell, Jason 5 12/11/2018 10 95.08 7,369 -978 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) O'Connell, Jason 5 12/11/2018 57 2,424 -760


O'Connell, Jason 5 12/11/2018 57 1,175 -1,060

Franco-Nevada Corporation Common Shares Rana, Sandip 5 12/11/2018 57 38,172 3,422 Franco-Nevada Corporation Common Shares Rana, Sandip 5 12/11/2018 57 41,223 3,051 Franco-Nevada Corporation Common Shares Rana, Sandip 5 12/12/2018 10 95.55 34,750 -6,473 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Rana, Sandip 5 12/11/2018 57 5,729 -3,422


Rana, Sandip 5 12/11/2018 57 2,825 -3,051

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10073



Acquired/ Disposed

Franco-Nevada Corporation Common Shares Sparkes, Kerry Elwyn 5 12/11/2018 57 1,576 931 Franco-Nevada Corporation Common Shares Sparkes, Kerry Elwyn 5 12/11/2018 57 2,378 802 Franco-Nevada Corporation Common Shares Sparkes, Kerry Elwyn 5 12/11/2018 10 95.2 1,329 -1,049 Franco-Nevada Corporation Common Shares Sparkes, Kerry Elwyn 5 12/11/2018 10 95.35 678 -651 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Sparkes, Kerry Elwyn 5 12/11/2018 57 1,477 -931


Sparkes, Kerry Elwyn 5 12/11/2018 57 709 -802

Franco-Nevada Corporation Common Shares Wilson, Philip Dane 5 12/11/2018 57 11,459 1,511 Franco-Nevada Corporation Common Shares Wilson, Philip Dane 5 12/11/2018 57 12,327 868 Franco-Nevada Corporation Common Shares Wilson, Philip Dane 5 12/11/2018 10 96 11,050 -1,277 Franco-Nevada Corporation Rights Restricted Share

Units (Performance) Wilson, Philip Dane 5 12/11/2018 57 2,391 -1,511


Wilson, Philip Dane 5 12/11/2018 57 764 -868

Frontera Energy Corporation Common Shares Frontera Energy Corporation

1 11/1/2018 38 17.38 3,300 3,300


1 11/1/2018 38 17.38 0 -3,300


1 11/2/2018 38 17.1 3,700 3,700


1 11/2/2018 38 17.1 0 -3,700


1 11/5/2018 38 16.67 3,600 3,600


1 11/5/2018 38 16.67 0 -3,600


1 11/6/2018 38 16.82 3,400 3,400


1 11/6/2018 38 16.82 0 -3,400


1 11/7/2018 38 16.64 3,904 3,904


1 11/7/2018 38 16.64 0 -3,904


1 11/8/2018 38 15.76 3,500 3,500


1 11/8/2018 38 15.76 0 -3,500


1 11/9/2018 38 14.8 164,130 164,130


1 11/9/2018 38 14.8 0 -164,130


1 11/12/2018 38 15.37 13,500 13,500


1 11/12/2018 38 15.37 0 -13,500


1 11/13/2018 38 14.75 14,230 14,230


1 11/13/2018 38 14.75 0 -14,230


1 11/14/2018 38 14.55 7,500 7,500


1 11/14/2018 38 14.55 0 -7,500


1 11/15/2018 38 14.71 14,230 14,230


1 11/15/2018 38 14.71 0 -14,230


1 11/16/2018 38 14.87 14,230 14,230


1 11/16/2018 38 14.87 0 -14,230


1 11/19/2018 38 14.73 14,000 14,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10074



Acquired/ Disposed


1 11/19/2018 38 14.73 0 -14,000


1 11/20/2018 38 14.34 14,100 14,100


1 11/20/2018 38 14.34 0 -14,100


1 11/21/2018 38 14.59 14,230 14,230


1 11/21/2018 38 14.59 0 -14,230


1 11/22/2018 38 14.5 14,230 14,230


1 11/22/2018 38 14.5 0 -14,230


1 11/23/2018 38 14.05 14,100 14,100


1 11/23/2018 38 14.05 0 -14,100


1 11/26/2018 38 14.31 14,100 14,100


1 11/26/2018 38 14.31 0 -14,100


1 11/27/2018 38 14 156,000 156,000


1 11/27/2018 38 14 0 -156,000


1 11/28/2018 38 13.7 14,230 14,230


1 11/28/2018 38 13.7 0 -14,230


1 11/29/2018 38 13.38 14,230 14,230


1 11/29/2018 38 13.38 14,230


1 11/29/2018 38 13.38 14,230


1 11/29/2018 38 13.38 0 -14,230


1 11/30/2018 38 12.96 -14,230 -14,230


1 11/30/2018 38 12.96 0 14,230

FRONTIER LITHIUM INC. Common Shares Koziol, Marian 4 12/6/2018 51 0.1 470,000 100,000 FRONTIER LITHIUM INC. Options Koziol, Marian 4 12/6/2018 51 0.1 100,000 FRONTIER LITHIUM INC. Options Koziol, Marian 4 12/6/2018 51 0.1 750,000 -100,000 Galantas Gold Corporation Common Shares Magee, Roisin Ann 4 10/15/2018 00 Galantas Gold Corporation Common Shares Magee, Roisin Ann 4 12/12/2018 16 0.05 500,000 500,000 Galantas Gold Corporation Common Shares Phelps, Roland Frank 3, 4, 7, 5 12/12/2018 97 0.05 49,338,167 10,000,000 Galaxy Digital Holdings Ltd. Common Shares Novogratz, Michael Edward 4, 7, 5 7/31/2018 00 Galaxy Digital Holdings Ltd. Common Shares Novogratz, Michael Edward 4, 7, 5 12/7/2018 10 1.1 456,600 456,600 Galaxy Digital Holdings Ltd. Common Shares Tavoso, Richard 7, 5 12/6/2018 10 1.03 317,100 17,100 Galaxy Digital Holdings Ltd. Common Shares Tavoso, Richard 7, 5 12/7/2018 10 1.03 350,000 32,900 Galaxy Digital Holdings Ltd. Common Shares Tavoso, Richard 7, 5 12/7/2018 10 0.98 351,600 1,600 Galaxy Digital Holdings Ltd. Options Taylor, Ian McLeod 7, 5 12/3/2018 00 750,000 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/11/2018 10 9.23 16,868 1,768 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/11/2018 10 9.23 16,866 1,766 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/13/2018 10 9.75 16,966 100 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/11/2018 10 9.23 16,866 1,766 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/13/2018 10 9.75 17,066 200 Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/13/2018 10 9.75 17,266 200 Gear Energy Ltd. Common Shares O'Connell, John 4 12/12/2018 10 0.59 2,791,482 -4,036 Gegs Capital Corp. Common Shares Campbell, John James 4 9/28/2018 00 1,000,000 Gegs Capital Corp. Options Campbell, John James 4 9/28/2018 00 Gegs Capital Corp. Options Campbell, John James 4 12/10/2018 50 248,064 248,064

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10075



Acquired/ Disposed

Gegs Capital Corp. Common Shares Isfeld, Jarrod 5 9/28/2018 00 200,000 Gegs Capital Corp. Options Isfeld, Jarrod 5 9/28/2018 00 Gegs Capital Corp. Options Isfeld, Jarrod 5 12/10/2018 50 243,200 243,200 Gegs Capital Corp. Common Shares McGregor, Scott 4, 5 9/28/2018 00 1,700,001 Gegs Capital Corp. Options McGregor, Scott 4, 5 9/28/2018 00 Gegs Capital Corp. Options McGregor, Scott 4, 5 12/10/2018 50 355,072 355,072 Gegs Capital Corp. Common Shares McRoberts, James 4 9/28/2018 00 1,400,000 Gegs Capital Corp. Options McRoberts, James 4 9/28/2018 00 Gegs Capital Corp. Options McRoberts, James 4 12/10/2018 50 267,520 267,520 Gegs Capital Corp. Common Shares Mewha, Marshall Brian 5 9/28/2018 00 100,000 Gegs Capital Corp. Options Mewha, Marshall Brian 5 9/28/2018 00 Gegs Capital Corp. Options Mewha, Marshall Brian 5 9/28/2018 00 Gegs Capital Corp. Options Mewha, Marshall Brian 5 9/28/2018 00 Gegs Capital Corp. Options Mewha, Marshall Brian 5 12/10/2018 50 77,824 77,824 Gegs Capital Corp. Common Shares Peters, Trevor Anthony 4 9/28/2018 00 1,400,000 Gegs Capital Corp. Options Peters, Trevor Anthony 4 9/28/2018 00 Gegs Capital Corp. Options Peters, Trevor Anthony 4 12/10/2018 50 267,520 267,520 Generation Mining Limited Common Shares levy, Jamie 4 12/13/2018 10 0.1 161,000 1,000 Genesis Land Development Corp.

Options Bharucha, Yazdi 4 12/12/2018 50 3.12 135,000 135,000

Genesis Land Development Corp.

Options Brodsky, Michael Benjamin 4 6/30/2016 38 0 -75,000


Options Brodsky, Michael Benjamin 4 12/12/2018 50 3.12 135,000 135,000


Options Glover, Steven James 4 12/12/2018 50 3.12 135,000 135,000


Options Mitchell, Mark William 4 12/12/2018 50 3.12 135,000 135,000


Options Owen, Loudon 4 12/12/2018 50 3.12 135,000 135,000

Genesis Metals Corp (formerly Entourage Metals Ltd.)

Common Shares Elsdon, Sheryl 5 12/11/2018 16 0.07 222,163 20,000


Options Elsdon, Sheryl 5 12/11/2018 50 0.1 162,500 37,500


Warrants Elsdon, Sheryl 5 12/11/2018 16 0.1 68,304 10,000


Common Shares Fleming, Adrian Wallace 4, 5 12/11/2018 16 0.07 869,722 150,000


Options Fleming, Adrian Wallace 4, 5 12/11/2018 50 0.1 650,000 150,000


Warrants Fleming, Adrian Wallace 4, 5 12/11/2018 16 0.1 300,000 75,000


Common Shares Florek, John 4, 5 12/11/2018 16 0.07 959,278 150,000


Options Florek, John 4, 5 12/11/2018 50 0.1 390,000 90,000


Warrants Florek, John 4, 5 12/11/2018 16 0.1 350,000 75,000


Options Groves, Brian John 4 12/11/2018 50 0.1 1,625,000 375,000


Common Shares Hohol, Keenan Harry 4 12/11/2018 16 0.07 501,667 150,000


Options Hohol, Keenan Harry 4 12/11/2018 50 0.1 552,500 127,500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10076



Acquired/ Disposed


Warrants Hohol, Keenan Harry 4 12/11/2018 16 0.1 237,500 75,000


Options Scott, Robert James 4 12/11/2018 50 0.1 552,500 127,500


Common Shares Sundar, Jeffrey Rohit 4, 5 12/11/2018 16 0.07 1,471,500 150,000


Common Shares Sundar, Jeffrey Rohit 4, 5 12/13/2018 10 0.075 1,511,500 40,000


Options Sundar, Jeffrey Rohit 4, 5 12/11/2018 50 0.1 1,755,000 405,000


Warrants Sundar, Jeffrey Rohit 4, 5 12/11/2018 16 0.1 200,000 75,000

Genworth MI Canada Inc. Common Shares Levings, Stuart Kendrick 4 12/12/2018 10 41.97 23,183 -2 Genworth MI Canada Inc. Common Shares Pinto, Jonathan 5 12/5/2018 30 41.86 -558 Genworth MI Canada Inc. Common Shares Pinto, Jonathan 5 12/5/2018 30 41.32 956 -558 Genworth MI Canada Inc. Common Shares Williams, Aaron James

Glyndwr 7 12/10/2018 30 41.632 925 -426

Geodrill Limited Common Shares Sustainable Capital Ltd 3 12/7/2018 10 1.44 6,014,600 1,600 Geodrill Limited Common Shares Sustainable Capital Ltd 3 12/10/2018 10 1.4371 6,016,300 1,700 Geodrill Limited Common Shares Sustainable Capital Ltd 3 12/11/2018 10 1.38 6,019,500 3,200 Geodrill Limited Common Shares Sustainable Capital Ltd 3 12/12/2018 10 1.1437 6,023,800 4,300 Geodrill Limited Common Shares Sustainable Capital Ltd 3 12/13/2018 10 1.44 6,024,400 600 George Weston Limited Common Shares George Weston Limited 1 11/1/2018 38 97.416 700 700 George Weston Limited Common Shares George Weston Limited 1 11/2/2018 38 93.517 27,900 27,200 George Weston Limited Common Shares George Weston Limited 1 11/5/2018 38 92.556 41,500 13,600 George Weston Limited Common Shares George Weston Limited 1 11/6/2018 38 93.168 61,300 19,800 George Weston Limited Common Shares George Weston Limited 1 11/7/2018 38 93.75 81,300 20,000 George Weston Limited Common Shares George Weston Limited 1 11/8/2018 38 92.911 105,700 24,400 George Weston Limited Common Shares George Weston Limited 1 11/9/2018 38 93.59 119,300 13,600 George Weston Limited Common Shares George Weston Limited 1 11/9/2018 38 38,000 -81,300 George Weston Limited Common Shares George Weston Limited 1 11/12/2018 38 93.487 42,200 4,200 George Weston Limited Common Shares George Weston Limited 1 11/13/2018 38 93.714 64,500 22,300 George Weston Limited Common Shares George Weston Limited 1 11/14/2018 38 93.35 94,000 29,500 George Weston Limited Common Shares George Weston Limited 1 11/15/2018 38 93.492 96,200 2,200 George Weston Limited Common Shares George Weston Limited 1 11/16/2018 38 2,200 -94,000 George Weston Limited Common Shares George Weston Limited 1 11/20/2018 38 93.274 20,700 18,500 George Weston Limited Common Shares George Weston Limited 1 11/21/2018 38 94.485 52,700 32,000 George Weston Limited Common Shares George Weston Limited 1 11/22/2018 38 94.455 84,700 32,000 George Weston Limited Common Shares George Weston Limited 1 11/23/2018 38 94.829 116,700 32,000 George Weston Limited Common Shares George Weston Limited 1 11/23/2018 38 64,000 -52,700 George Weston Limited Common Shares George Weston Limited 1 11/26/2018 38 95.151 96,000 32,000 George Weston Limited Common Shares George Weston Limited 1 11/27/2018 38 94.913 128,000 32,000 George Weston Limited Common Shares George Weston Limited 1 11/28/2018 38 94.946 160,000 32,000 George Weston Limited Common Shares George Weston Limited 1 11/29/2018 38 96.587 192,000 32,000 George Weston Limited Common Shares George Weston Limited 1 11/30/2018 38 96.018 224,000 32,000 George Weston Limited Common Shares George Weston Limited 1 11/30/2018 38 64,000 -160,000 George Weston Limited Common Shares Wasti, Rashid 5 12/12/2018 10 92.118 6,800 400 Getchell Gold Corp. Common Shares Sieb, Mike 4 12/10/2018 00 Getchell Gold Corp. Common Shares Wagener, William 4, 5 12/7/2018 10 0.23 110,055 21,000 Global Dividend Growers Income Fund

Trust Units Global Dividend Growers Income Fund

1 12/6/2018 38 12.388 5,295,705 800

Global Dividend Growers Income Fund

Trust Units Global Dividend Growers Income Fund

1 12/10/2018 38 11.942 5,305,005 9,300

Global Hemp Group Inc. Common Shares Class A Perrault, Paul 4 12/12/2018 10 0.16 1,185,000 -50,000 Global Hemp Group Inc. Common Shares Class A Perrault, Paul 4 12/12/2018 10 0.165 1,135,000 -50,000 Global Hemp Group Inc. Warrants Perrault, Paul 4 12/10/2018 53 0.12 3,235,000 2,400,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10077



Acquired/ Disposed

Global Innovation Dividend Fund

Trust Units Brasseur, Jeremy 6 12/13/2018 10 9.3201 165,000 -10,100


Trust Units Global Innovation Dividend Fund

1 12/4/2018 38 9.404 659,300 9,600



1 12/5/2018 38 9.3667 659,600 300



1 12/6/2018 38 9.25 660,600 1,000



1 12/7/2018 38 9.2589 664,200 3,600



1 12/10/2018 38 9.2067 664,500 300

Global Real Estate & E-Commerce Dividend Fund

Trust Units Global Real Estate & E-Commerce Dividend Fund

1 12/4/2018 38 9.4595 49,900 12,000



1 12/5/2018 38 9.4588 50,700 800



1 12/6/2018 38 9.3781 55,400 4,700



1 12/7/2018 38 9.4379 65,300 9,900



1 12/11/2018 38 9.3171 66,700 1,400



1 12/12/2018 38 9.3664 70,600 3,900



1 12/13/2018 38 9.3548 73,100 2,500

Global Real Estate Dividend Growers Corp.

Common Shares Equity Shares

Global Real Estate Dividend Growers Corp.

1 12/10/2018 38 8.15 7,190,289 100

Global Vanadium Corp. Common Shares Morrison, Brian 4, 5 11/13/2018 10 0.17 616,333 202,000 Global Vanadium Corp. Common Shares Morrison, Brian 4, 5 11/29/2018 10 0.21 721,333 105,000 Globalive Technology Inc. (formerly, Corporate Catalyst Acquisition Inc.)

Common Shares Lacavera, Anthony 3, 4, 5 12/10/2018 10 0.19 56,856,402 1,500

Globalive Technology Inc. (formerly, Corporate Catalyst Acquisition Inc.)
























Insider Reporting

December 20, 2018

(2018), 41 OSCB 10078



Acquired/ Disposed

Globex Mining Enterprises Inc.

Common Shares Globex Mining Enterprises Inc.

1 12/10/2018 38 0.27 9,500 9,500

goeasy Ltd. (formerly, easyhome Ltd.)

Common Shares Appel, David Harry 4 11/26/2018 10 37.984 350












Common Shares Appel, David Harry 4 11/26/2018 10 37.9 17,755 1,000






Common Shares Appel, David Harry 4 12/10/2018 10 36.689 1,000








Common Shares Appel, David Harry 4 11/29/2018 10 39.458 98,775 459








Common Shares Appel, David Harry 4 11/26/2018 10 37.984 780 350
















Common Shares Khatib, Shadi 5 5/19/2016 00


Common Shares Khatib, Shadi 5 11/22/2018 10 37.998 750 750

Gold Standard Ventures Corp.

Common Shares Awde, Jonathan Charles Timothy

4, 6, 5 12/11/2018 10 1.63 825,700 -144,500

Golden Star Resources Ltd. Common Shares BAKER, TIMOTHY CLIVE 4 10/30/2018 37 46,503 -186,012 Golden Star Resources Ltd. Deferred Share Units BAKER, TIMOTHY CLIVE 4 10/30/2018 37 344,274 -1,377,097 Golden Star Resources Ltd. Options BAKER, TIMOTHY CLIVE 4 10/30/2018 37 115,000 -460,000 Golden Star Resources Ltd. Common Shares Clausen, Gilmour 4 10/30/2018 37 34,000 -136,000 Golden Star Resources Ltd. Deferred Share Units Clausen, Gilmour 4 10/30/2018 37 38,590 -154,363 Golden Star Resources Ltd. Options Clausen, Gilmour 4 10/30/2018 37 20,000 -80,000 Golden Star Resources Ltd. Deferred Share Units Coetzer, Samuel Theodorus 4, 5 10/30/2018 37 93,192 -372,771 Golden Star Resources Ltd. Options Coetzer, Samuel Theodorus 4, 5 10/30/2018 37 913,767 -3,655,076

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10079



Acquired/ Disposed

Golden Star Resources Ltd. Rights Performance Share Units (PSUs)

Coetzer, Samuel Theodorus 4, 5 10/30/2018 37 611,351 -2,445,409

Golden Star Resources Ltd. Deferred Share Units Crew, Graham John 4 10/30/2018 37 192 -768 Golden Star Resources Ltd. Options Crew, Graham John 4 10/30/2018 37 20,000 -80,000 Golden Star Resources Ltd. Common Shares Dhir, Anu 4 10/30/2018 37 49,069 -196,280 Golden Star Resources Ltd. Deferred Share Units Dhir, Anu 4 10/30/2018 37 126,660 -506,643 Golden Star Resources Ltd. Options Dhir, Anu 4 10/30/2018 37 30,000 -120,000 Golden Star Resources Ltd. Common Shares Doyle, Robert Emmet 4 10/30/2018 37 20,000 -80,000 Golden Star Resources Ltd. Deferred Share Units Doyle, Robert Emmet 4 10/30/2018 37 291,897 -1,167,593 Golden Star Resources Ltd. Options Doyle, Robert Emmet 4 10/30/2018 37 30,000 -120,000 Golden Star Resources Ltd. Common Shares Nelsen, Craig Joseph 4 10/30/2018 37 50,380 -201,520 Golden Star Resources Ltd. Deferred Share Units Nelsen, Craig Joseph 4 10/30/2018 37 74,415 -297,661 Golden Star Resources Ltd. Options Nelsen, Craig Joseph 4 10/30/2018 37 30,000 -120,000 Golden Star Resources Ltd. Deferred Share Units Owiredu, Daniel 5 10/30/2018 37 33,978 -135,912 Golden Star Resources Ltd. Rights Performance Share

Units (PSUs) Owiredu, Daniel 5 10/30/2018 37 300,252 -1,201,014

Golden Star Resources Ltd. Deferred Share Units Quartey, Mona Helen Kabuki

4 10/30/2018 37 12,001 -93,008

Golden Star Resources Ltd. Options Quartey, Mona Helen Kabuki

4 10/30/2018 37 20,000 -80,000

Golden Star Resources Ltd. Common Shares Raffield, Martin Philip 5 10/30/2018 37 21,919 -87,678 Golden Star Resources Ltd. Deferred Share Units Raffield, Martin Philip 5 10/30/2018 37 24,887 -99,553 Golden Star Resources Ltd. Options Raffield, Martin Philip 5 10/30/2018 37 428,880 -1,715,529 Golden Star Resources Ltd. Rights Performance Share

Units (PSUs) Raffield, Martin Philip 5 10/30/2018 37 252,212 -1,008,850

Golden Star Resources Ltd. Deferred Share Units van Niekerk, Pieter A. 5 10/30/2018 37 20,660 -82,644 Golden Star Resources Ltd. Rights Performance Share

Units (PSUs) van Niekerk, Pieter A. 5 10/30/2018 37 202,669 -810,686

Golden Star Resources Ltd. Deferred Share Units Walsh, Karen Denise 5 10/30/2018 37 14,677 -58,710 Golden Star Resources Ltd. Options Walsh, Karen Denise 5 10/30/2018 37 175,149 -700,604 Golden Star Resources Ltd. Rights Performance Share

Units (PSUs) Walsh, Karen Denise 5 10/30/2018 37 103,196 -412,795

Golden Star Resources Ltd. Common Shares Wasel, Steven Mitchell 5 10/30/2018 37 14,101 -56,408 Golden Star Resources Ltd. Options Wasel, Steven Mitchell 5 10/30/2018 37 294,802 -1,179,215 Golden Star Resources Ltd. Rights Performance Share

Units (PSUs) Wasel, Steven Mitchell 5 10/30/2018 37 165,137 -660,559

Golden Star Resources Ltd. Rights Restricted Share Units

Wasel, Steven Mitchell 5 12/11/2018 59 0 -81,141

Golden Star Resources Ltd. Deferred Share Units Wray, Andrew Michael 4 10/30/2018 37 768 -3,072 Golden Star Resources Ltd. Options Wray, Andrew Michael 4 10/30/2018 37 20,000 -80,000 Golden Valley Mines Ltd. Common Shares Lee, Jimmy S.H. 3, 4 12/10/2018 10 0.23 31,880,500 9,500 Golden Valley Mines Ltd. Common Shares mccartney, william david 4 12/10/2018 10 0.23 30,000 10,000 Goldeneye Resources Corp. Common Shares Bal, Jatinder Singh 4 12/6/2018 10 0.105 4,210,000 -150,000 Goldmoney Inc. (formerly BitGold Inc.)

Common Shares Goldmoney Inc. 1 12/11/2018 38 1.5389 60,000 40,000

GOLDPLAY EXPLORATION LTD. (Formerly: Soleil Capital Corp.)

Common Shares woolfe, trevor ian 5 8/1/2018 00


Common Shares woolfe, trevor ian 5 12/4/2018 11 0.22 136,364 136,364


Warrants woolfe, trevor ian 5 8/1/2018 00


Warrants woolfe, trevor ian 5 12/4/2018 11 68,182 68,182

Goodfood Market Corp. (formerly Mira VII Acquisition Corp.)

Options Cuggy, Neil 3, 4, 6, 5 12/7/2018 59 1.56 646,154 -32,051


Options Cuggy, Neil 3, 4, 6, 5 12/7/2018 59 2 640,835 -5,319

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10080



Acquired/ Disposed


Options Ferrari, Jonathan 3, 4, 6, 5 12/7/2018 59 1.56 646,154 -32,051


Options Ferrari, Jonathan 3, 4, 6, 5 12/7/2018 59 2 640,835 -5,319

GPM Metals Inc. Options Burgess, Harry 4 12/12/2018 50 0.1 350,000 100,000 GPM Metals Inc. Options Drake, Shaun Anthony 5 12/12/2018 50 0.1 100,000 100,000 GPM Metals Inc. Options Mullens, Peter James 4, 5 12/12/2018 50 0.1 500,000 500,000 GPM Metals Inc. Options Noone, Daniel Joseph 4 12/12/2018 50 0.1 900,000 100,000 GPM Metals Inc. Options rosenberg, bruce 4 12/12/2018 50 0.1 400,000 100,000 GPM Metals Inc. Options Wang, Ya Jian 5 12/12/2018 50 0.1 500,000 500,000 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/5/2018 38 3.83 152,704 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/6/2018 38 3.86 305,408 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/7/2018 38 3.85 458,112 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/8/2018 38 3.8 610,816 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/9/2018 38 3.73 763,520 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/12/2018 38 3.84 911,224 147,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/13/2018 38 3.69 1,063,928 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/14/2018 38 3.68 1,216,632 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/15/2018 38 3.7 1,369,336 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/16/2018 38 3.71 1,522,040 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/19/2018 38 3.64 1,674,744 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/20/2018 38 3.48 1,827,448 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/21/2018 38 3.46 1,980,152 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/22/2018 38 3.51 2,005,552 25,400 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/23/2018 38 3.37 2,158,256 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/23/2018 38 636,216 -1,522,040 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/26/2018 38 3.38 788,920 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/27/2018 38 3.3 941,624 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/28/2018 38 3.37 1,094,328 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/29/2018 38 3.44 1,247,032 152,704 Gran Tierra Energy Inc. Common Shares Gran Tierra Energy Inc. 1 11/30/2018 38 3.49 1,399,736 152,704 Grande West Transportation Group Inc.

Common Shares Miller, Joseph 4 12/7/2018 51 3,432,431 400,000

Grande West Transportation Group Inc.

Options Miller, Joseph 4 12/7/2018 51 0.5 0 -400,000

Granite Oil Corp. (formerly DeeThree Exploration Ltd.)

Performance Awards Andrus, Kevin 4 12/12/2018 59 0.7968 22,731 -4,761


Common Shares Carrigy, Brendan Richard 4, 5 12/12/2018 57 0.7968 558,285 7,043


Performance Awards Carrigy, Brendan Richard 4, 5 12/12/2018 57 0.7968 22,731 -4,761


Common Shares Cheyne, Martin James 4, 5 12/12/2018 57 0.7968 412,634 7,043


Performance Awards Cheyne, Martin James 4, 5 12/12/2018 57 0.7968 22,731 -4,761


Common Shares Griffiths, Devon Christopher 5 12/12/2018 57 0.7968 33,417 21,335


Performance Awards Griffiths, Devon Christopher 5 12/12/2018 57 0.7968 81,000 -15,000


Common Shares Hannon, Gail 5 12/12/2018 57 0.7968 257,824 73,962


Performance Awards Hannon, Gail 5 12/12/2018 57 0.7968 125,500 -50,000


Common Shares Kabanuk, Michael Lyle 4, 5 12/12/2018 57 0.7968 653,176 28,963


Performance Awards Kabanuk, Michael Lyle 4, 5 12/12/2018 57 0.7968 170,000 -83,334


Common Shares Kenney, Daniel Ellis 5 12/12/2018 57 0.7968 50,929 4,932


Performance Awards Kenney, Daniel Ellis 5 12/12/2018 57 0.7968 22,731 -3,334

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10081



Acquired/ Disposed


Common Shares Klatt, Tyler 5 12/12/2018 57 0.7968 159,881 59,170


Performance Awards Klatt, Tyler 5 12/12/2018 57 0.7968 125,500 -40,000


Common Shares Porter, Bradley Blair 4 12/12/2018 57 0.7968 546,434 7,043


Performance Awards Porter, Bradley Blair 4 12/12/2018 57 0.7968 22,731 -4,761

Granite Real Estate Investment Trust

Trust Units (traded as a component of stapled units)

Gorrie, Kevan Stuart 4, 5 12/10/2018 10 54.565 17,100 1,300



KUMER, LORNE 5 12/10/2018 10 53.97 5,583 100



KUMER, LORNE 5 12/10/2018 10 53.98 6,083 500



KUMER, LORNE 5 12/10/2018 10 53.98 6,283 200



KUMER, LORNE 5 12/10/2018 10 53.97 6,408 125



KUMER, LORNE 5 12/11/2018 10 54.09 7,308 900



KUMER, LORNE 5 12/11/2018 10 54.1 7,333 25

Granite REIT Inc. Common Shares (traded as a component of stapled units)

Gorrie, Kevan Stuart 4, 5 12/10/2018 10 54.565 17,100 1,300


KUMER, LORNE 5 12/10/2018 10 53.97 5,583 100


KUMER, LORNE 5 12/10/2018 10 53.98 6,083 500


KUMER, LORNE 5 12/10/2018 10 53.98 6,283 200


KUMER, LORNE 5 12/10/2018 10 53.97 6,408 125


KUMER, LORNE 5 12/11/2018 10 54.09 7,308 900


KUMER, LORNE 5 12/11/2018 10 54.1 7,333 25

Gratomic Inc. (formerly CKR Carbon Corporation)

Common Shares Brand, Arno 4 12/11/2018 16 0.1 2,565,000 1,500,000


Common Shares Brand, Arno 4 12/12/2018 16 0.1 2,582,000 17,000


Warrants Brand, Arno 4 12/11/2018 16 2,565,000 1,500,000


Warrants Brand, Arno 4 12/12/2018 16 2,582,000 17,000


Common Shares Roden, Rodger 5 11/29/2018 00


Common Shares Roden, Rodger 5 12/11/2018 11 0.1 125,000 125,000


Warrants Roden, Rodger 5 11/29/2018 00


Warrants Roden, Rodger 5 12/11/2018 11 0.2 125,000 125,000

Great Canadian Gaming Corporation

Common Shares Great Canadian Gaming Corporation

1 11/13/2018 38 50.83 203,000 203,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10082



Acquired/ Disposed



1 11/14/2018 38 50.76 203,300 300



1 11/14/2018 38 50.81 203,400 100



1 11/14/2018 38 50.82 205,200 1,800



1 11/14/2018 38 50.91 211,400 6,200



1 11/14/2018 38 50.92 219,500 8,100



1 11/14/2018 38 50.93 223,700 4,200



1 11/14/2018 38 50.94 226,600 2,900



1 11/14/2018 38 50.97 227,300 700



1 11/14/2018 38 50.98 229,100 1,800



1 11/14/2018 38 50.99 229,170 70



1 11/14/2018 38 51 243,170 14,000



1 11/15/2018 38 49.93 243,270 100



1 11/15/2018 38 49.94 243,370 100



1 11/15/2018 38 49.95 243,670 300



1 11/15/2018 38 49.96 243,870 200



1 11/15/2018 38 49.97 244,570 700



1 11/15/2018 38 49.98 244,770 200



1 11/15/2018 38 50 244,870 100



1 11/15/2018 38 50.01 245,070 200



1 11/15/2018 38 50.02 245,670 600



1 11/15/2018 38 50.04 245,770 100



1 11/15/2018 38 50.05 246,070 300



1 11/15/2018 38 50.06 247,170 1,100



1 11/15/2018 38 50.08 247,870 700



1 11/15/2018 38 50.09 248,070 200



1 11/15/2018 38 50.1 248,270 200



1 11/15/2018 38 50.11 248,870 600



1 11/15/2018 38 50.12 249,370 500



1 11/15/2018 38 50.14 249,470 100



1 11/15/2018 38 50.15 249,870 400



1 11/15/2018 38 50.16 249,970 100



1 11/15/2018 38 50.17 250,170 200



1 11/15/2018 38 50.18 250,670 500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10083



Acquired/ Disposed



1 11/15/2018 38 50.19 250,870 200



1 11/15/2018 38 50.23 251,070 200



1 11/15/2018 38 50.24 251,270 200



1 11/15/2018 38 50.25 251,470 200



1 11/15/2018 38 50.26 252,070 600



1 11/15/2018 38 50.27 252,270 200



1 11/15/2018 38 50.3 252,370 100



1 11/15/2018 38 50.31 253,170 800



1 11/15/2018 38 50.33 253,270 100



1 11/15/2018 38 50.34 253,470 200



1 11/15/2018 38 50.35 253,770 300



1 11/15/2018 38 50.37 254,270 500



1 11/15/2018 38 50.39 254,570 300



1 11/15/2018 38 50.4 255,070 500



1 11/15/2018 38 50.41 255,270 200



1 11/15/2018 38 50.42 255,370 100



1 11/15/2018 38 50.43 255,570 200



1 11/15/2018 38 50.44 255,770 200



1 11/15/2018 38 50.45 256,770 1,000



1 11/15/2018 38 50.465 257,670 900



1 11/15/2018 38 50.47 257,770 100



1 11/15/2018 38 50.48 259,470 1,700



1 11/15/2018 38 50.49 259,670 200



1 11/15/2018 38 50.5 260,570 900



1 11/15/2018 38 50.53 261,770 1,200



1 11/15/2018 38 50.55 262,170 400



1 11/15/2018 38 50.56 262,240 70



1 11/15/2018 38 50.57 262,840 600



1 11/15/2018 38 50.58 263,140 300



1 11/15/2018 38 50.59 263,740 600



1 11/15/2018 38 50.6 264,340 600



1 11/15/2018 38 50.61 265,340 1,000



1 11/15/2018 38 50.615 265,440 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10084



Acquired/ Disposed



1 11/15/2018 38 50.62 265,740 300



1 11/15/2018 38 50.63 266,240 500



1 11/15/2018 38 50.64 267,640 1,400



1 11/15/2018 38 50.65 268,240 600



1 11/15/2018 38 50.66 269,040 800



1 11/15/2018 38 50.67 270,740 1,700



1 11/15/2018 38 50.68 271,440 700



1 11/15/2018 38 50.69 271,840 400



1 11/15/2018 38 50.7 272,040 200



1 11/15/2018 38 50.71 274,940 2,900



1 11/15/2018 38 50.72 275,340 400



1 11/15/2018 38 50.73 276,140 800



1 11/15/2018 38 50.74 276,740 600



1 11/15/2018 38 50.75 278,540 1,800



1 11/15/2018 38 50.76 279,340 800



1 11/15/2018 38 50.77 280,640 1,300



1 11/15/2018 38 50.78 281,040 400



1 11/15/2018 38 50.79 281,440 400



1 11/15/2018 38 50.81 281,840 400



1 11/15/2018 38 50.82 283,340 1,500



1 11/16/2018 38 50.47 283,440 100



1 11/16/2018 38 50.55 283,640 200



1 11/16/2018 38 50.56 283,740 100



1 11/16/2018 38 50.57 284,040 300



1 11/16/2018 38 50.6 284,540 500



1 11/16/2018 38 50.61 284,740 200



1 11/16/2018 38 50.66 284,840 100



1 11/16/2018 38 50.68 284,940 100



1 11/16/2018 38 50.7 285,140 200



1 11/16/2018 38 50.72 285,540 400



1 11/16/2018 38 50.73 285,940 400



1 11/16/2018 38 50.74 286,440 500



1 11/16/2018 38 50.75 287,240 800

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10085



Acquired/ Disposed



1 11/16/2018 38 50.82 287,440 200



1 11/19/2018 38 50.65 287,640 200



1 11/19/2018 38 50.7 287,740 100



1 11/19/2018 38 50.73 287,840 100



1 11/19/2018 38 50.74 287,940 100



1 11/19/2018 38 50.76 288,040 100



1 11/19/2018 38 50.79 288,140 100



1 11/19/2018 38 50.81 288,340 200



1 11/19/2018 38 50.83 289,340 1,000



1 11/19/2018 38 50.86 289,440 100



1 11/19/2018 38 50.875 289,540 100



1 11/19/2018 38 50.88 289,940 400



1 11/19/2018 38 50.91 291,540 1,600



1 11/19/2018 38 50.92 293,540 2,000



1 11/19/2018 38 50.93 294,640 1,100



1 11/19/2018 38 50.94 294,840 200



1 11/19/2018 38 50.95 296,840 2,000



1 11/19/2018 38 50.96 299,040 2,200



1 11/19/2018 38 50.99 299,340 300



1 11/19/2018 38 51 299,440 100



1 11/19/2018 38 51.01 302,040 2,600



1 11/19/2018 38 51.02 302,240 200



1 11/19/2018 38 51.03 305,440 3,200



1 11/19/2018 38 51.04 307,640 2,200



1 11/19/2018 38 51.05 457,240 149,600



1 11/20/2018 38 49.215 457,340 100



1 11/20/2018 38 49.23 457,540 200



1 11/20/2018 38 49.24 457,640 100



1 11/20/2018 38 49.25 457,840 200



1 11/20/2018 38 49.26 458,240 400



1 11/20/2018 38 49.28 458,940 700



1 11/20/2018 38 49.29 459,540 600



1 11/20/2018 38 49.3 459,640 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10086



Acquired/ Disposed



1 11/20/2018 38 49.315 459,740 100



1 11/20/2018 38 49.32 461,140 1,400



1 11/20/2018 38 49.33 462,140 1,000



1 11/20/2018 38 49.35 462,540 400



1 11/20/2018 38 49.37 463,240 700



1 11/20/2018 38 49.38 463,840 600



1 11/20/2018 38 49.385 463,940 100



1 11/20/2018 38 49.39 464,440 500



1 11/20/2018 38 49.395 464,540 100



1 11/20/2018 38 49.4 465,640 1,100



1 11/20/2018 38 49.41 465,840 200



1 11/20/2018 38 49.42 466,240 400



1 11/20/2018 38 49.43 467,440 1,200



1 11/20/2018 38 49.44 468,140 700



1 11/20/2018 38 49.45 469,740 1,600



1 11/20/2018 38 49.46 471,240 1,500



1 11/20/2018 38 49.47 471,840 600



1 11/20/2018 38 49.48 473,840 2,000



1 11/20/2018 38 49.49 476,040 2,200



1 11/20/2018 38 49.5 478,140 2,100



1 11/20/2018 38 49.51 478,640 500



1 11/20/2018 38 49.52 479,040 400



1 11/20/2018 38 49.53 479,440 400



1 11/20/2018 38 49.54 480,040 600



1 11/20/2018 38 49.55 480,140 100



1 11/20/2018 38 49.56 480,840 700



1 11/20/2018 38 49.565 480,940 100



1 11/20/2018 38 49.57 481,140 200



1 11/20/2018 38 49.58 481,540 400



1 11/20/2018 38 49.59 481,940 400



1 11/20/2018 38 49.6 482,040 100



1 11/20/2018 38 49.61 482,440 400



1 11/20/2018 38 49.63 482,940 500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10087



Acquired/ Disposed



1 11/20/2018 38 49.66 483,240 300



1 11/20/2018 38 49.68 483,840 600



1 11/20/2018 38 49.71 484,540 700



1 11/20/2018 38 49.715 484,640 100



1 11/20/2018 38 49.72 484,740 100



1 11/20/2018 38 49.73 486,440 1,700



1 11/20/2018 38 49.74 486,640 200



1 11/20/2018 38 49.75 487,740 1,100



1 11/20/2018 38 49.76 488,740 1,000



1 11/20/2018 38 49.77 488,940 200



1 11/20/2018 38 49.81 489,140 200



1 11/20/2018 38 49.82 489,440 300



1 11/20/2018 38 49.83 491,140 1,700



1 11/20/2018 38 49.84 491,440 300



1 11/20/2018 38 49.87 491,540 100



1 11/20/2018 38 49.89 491,640 100



1 11/20/2018 38 49.9 491,840 200



1 11/20/2018 38 49.93 492,940 1,100



1 11/20/2018 38 49.94 494,040 1,100



1 11/20/2018 38 49.95 494,140 100



1 11/20/2018 38 49.97 494,840 700



1 11/20/2018 38 49.98 494,940 100



1 11/20/2018 38 50 495,040 100



1 11/20/2018 38 50.01 495,340 300



1 11/20/2018 38 50.04 495,540 200



1 11/20/2018 38 50.05 495,640 100



1 11/20/2018 38 50.07 495,840 200



1 11/20/2018 38 50.08 496,040 200



1 11/20/2018 38 50.09 496,140 100



1 11/20/2018 38 50.37 497,240 1,100



1 11/21/2018 38 49.7 498,340 1,100



1 11/21/2018 38 49.83 498,740 400



1 11/21/2018 38 49.97 498,840 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10088



Acquired/ Disposed



1 11/21/2018 38 50.01 499,740 900



1 11/21/2018 38 50.1 499,940 200



1 11/21/2018 38 50.11 500,040 100



1 11/21/2018 38 50.12 500,240 200



1 11/21/2018 38 50.13 500,340 100



1 11/21/2018 38 50.14 500,740 400



1 11/21/2018 38 50.15 500,810 70



1 11/21/2018 38 50.16 501,410 600



1 11/21/2018 38 50.17 502,210 800



1 11/21/2018 38 50.18 504,510 2,300



1 11/21/2018 38 50.19 506,510 2,000



1 11/21/2018 38 50.2 510,110 3,600



1 11/21/2018 38 50.21 513,810 3,700



1 11/21/2018 38 50.22 516,410 2,600



1 11/21/2018 38 50.23 521,610 5,200



1 11/21/2018 38 50.24 531,010 9,400



1 11/21/2018 38 50.25 534,910 3,900



1 11/21/2018 38 50.26 535,210 300



1 11/21/2018 38 50.27 536,210 1,000



1 11/21/2018 38 50.28 536,410 200



1 11/21/2018 38 50.3 536,510 100



1 11/21/2018 38 50.33 536,910 400



1 11/21/2018 38 50.38 537,410 500



1 11/22/2018 38 49.8 538,010 600



1 11/22/2018 38 49.85 538,110 100



1 11/22/2018 38 50.27 538,310 200



1 11/22/2018 38 50.28 538,710 400



1 11/22/2018 38 50.3 538,810 100



1 11/22/2018 38 50.33 539,110 300



1 11/22/2018 38 50.34 540,810 1,700



1 11/22/2018 38 50.41 541,110 300



1 11/22/2018 38 50.44 541,310 200



1 11/22/2018 38 50.53 541,710 400

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10089



Acquired/ Disposed



1 11/22/2018 38 50.54 542,710 1,000



1 11/22/2018 38 50.55 542,910 200



1 11/22/2018 38 50.58 543,410 500



1 11/22/2018 38 50.59 543,510 100



1 11/22/2018 38 50.6 543,710 200



1 11/22/2018 38 50.62 544,110 400



1 11/22/2018 38 50.7 544,210 100



1 11/22/2018 38 50.71 544,310 100



1 11/22/2018 38 50.72 544,510 200



1 11/22/2018 38 50.82 544,710 200



1 11/22/2018 38 50.84 544,910 200



1 11/22/2018 38 50.85 546,010 1,100



1 11/22/2018 38 50.86 546,880 870



1 11/22/2018 38 50.87 547,280 400



1 11/22/2018 38 50.88 547,380 100



1 11/22/2018 38 50.89 547,780 400



1 11/22/2018 38 50.9 552,580 4,800



1 11/22/2018 38 50.91 552,880 300



1 11/22/2018 38 50.95 553,280 400



1 11/22/2018 38 50.96 555,480 2,200



1 11/22/2018 38 50.97 557,980 2,500



1 11/22/2018 38 50.98 561,580 3,600



1 11/22/2018 38 50.99 562,980 1,400



1 11/22/2018 38 51 564,280 1,300



1 11/22/2018 38 51.01 565,980 1,700



1 11/22/2018 38 51.02 567,580 1,600



1 11/22/2018 38 51.03 567,880 300



1 11/22/2018 38 51.04 570,380 2,500



1 11/22/2018 38 51.05 577,580 7,200



1 11/23/2018 38 50.41 579,180 1,600



1 11/23/2018 38 50.42 580,080 900



1 11/23/2018 38 50.43 580,180 100



1 11/23/2018 38 50.45 580,380 200

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10090



Acquired/ Disposed



1 11/23/2018 38 50.47 582,680 2,300



1 11/23/2018 38 50.48 583,180 500



1 11/23/2018 38 50.49 584,180 1,000



1 11/23/2018 38 50.5 584,780 600



1 11/23/2018 38 50.51 585,380 600



1 11/23/2018 38 50.53 586,080 700



1 11/23/2018 38 50.54 588,080 2,000



1 11/23/2018 38 50.55 589,080 1,000



1 11/23/2018 38 50.56 589,180 100



1 11/23/2018 38 50.57 590,580 1,400



1 11/23/2018 38 50.58 590,780 200



1 11/23/2018 38 50.59 590,980 200



1 11/23/2018 38 50.6 592,080 1,100



1 11/23/2018 38 50.62 592,980 900



1 11/23/2018 38 50.63 593,180 200



1 11/23/2018 38 50.66 593,480 300



1 11/23/2018 38 50.67 593,680 200



1 11/23/2018 38 50.68 593,880 200



1 11/23/2018 38 50.69 594,280 400



1 11/23/2018 38 50.7 594,380 100



1 11/23/2018 38 50.71 594,880 500



1 11/23/2018 38 50.72 595,080 200



1 11/23/2018 38 50.73 595,280 200



1 11/23/2018 38 50.74 595,480 200



1 11/23/2018 38 50.75 595,580 100



1 11/23/2018 38 50.76 595,780 200



1 11/23/2018 38 50.77 597,080 1,300



1 11/23/2018 38 50.78 597,280 200



1 11/23/2018 38 50.79 597,780 500



1 11/23/2018 38 50.8 598,280 500



1 11/23/2018 38 50.81 599,680 1,400



1 11/23/2018 38 50.83 600,180 500



1 11/23/2018 38 50.84 600,880 700

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10091



Acquired/ Disposed



1 11/23/2018 38 50.85 602,980 2,100



1 11/23/2018 38 50.86 603,480 500



1 11/23/2018 38 50.87 603,980 500



1 11/23/2018 38 50.88 604,780 800



1 11/23/2018 38 50.89 605,180 400



1 11/23/2018 38 50.9 606,980 1,800



1 11/23/2018 38 50.91 607,880 900



1 11/23/2018 38 50.92 609,080 1,200



1 11/23/2018 38 50.93 609,680 600



1 11/23/2018 38 50.94 609,980 300



1 11/23/2018 38 50.96 610,580 600



1 11/23/2018 38 50.97 612,050 1,470



1 11/23/2018 38 50.98 613,550 1,500



1 11/23/2018 38 50.99 614,050 500



1 11/23/2018 38 51 614,450 400



1 11/23/2018 38 51.01 614,750 300



1 11/23/2018 38 51.03 615,550 800



1 11/23/2018 38 51.05 617,750 2,200



1 11/26/2018 38 51.02 618,250 500



1 11/26/2018 38 51.05 628,650 10,400



1 11/27/2018 38 50.17 628,750 100



1 11/27/2018 38 50.19 628,850 100



1 11/27/2018 38 50.21 628,950 100



1 11/27/2018 38 50.24 629,350 400



1 11/27/2018 38 50.25 629,550 200



1 11/27/2018 38 50.26 630,150 600



1 11/27/2018 38 50.27 630,750 600



1 11/27/2018 38 50.28 630,850 100



1 11/27/2018 38 50.29 631,450 600



1 11/27/2018 38 50.3 632,550 1,100



1 11/27/2018 38 50.31 632,850 300



1 11/27/2018 38 50.32 634,250 1,400



1 11/27/2018 38 50.33 634,650 400

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10092



Acquired/ Disposed



1 11/27/2018 38 50.34 634,950 300



1 11/27/2018 37 50.37 636,350 1,400



1 11/27/2018 38 50.39 636,450 100



1 11/27/2018 38 50.4 637,250 800



1 11/27/2018 38 50.41 637,650 400



1 11/27/2018 38 50.42 637,850 200



1 11/27/2018 38 50.43 638,050 200



1 11/27/2018 38 50.45 638,250 200



1 11/27/2018 38 50.46 639,050 800



1 11/27/2018 38 50.47 639,250 200



1 11/27/2018 38 50.48 639,650 400



1 11/27/2018 38 50.49 640,150 500



1 11/27/2018 38 50.5 640,450 300



1 11/27/2018 38 50.51 640,750 300



1 11/27/2018 38 50.52 640,950 200



1 11/27/2018 38 50.53 641,150 200



1 11/27/2018 38 50.55 641,250 100



1 11/27/2018 38 50.56 641,550 300



1 11/27/2018 38 50.6 641,750 200



1 11/27/2018 38 50.61 641,950 200



1 11/27/2018 38 50.64 642,150 200



1 11/27/2018 38 50.66 642,350 200



1 11/27/2018 38 50.67 643,650 1,300



1 11/27/2018 38 50.68 643,950 300



1 11/27/2018 38 50.69 644,650 700



1 11/27/2018 38 50.71 644,850 200



1 11/27/2018 38 50.72 645,350 500



1 11/27/2018 38 50.73 646,150 800



1 11/27/2018 38 50.74 646,250 100



1 11/27/2018 38 50.75 646,850 600



1 11/27/2018 38 50.76 647,250 400



1 11/27/2018 38 50.77 647,750 500



1 11/27/2018 38 50.79 649,950 2,200

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10093



Acquired/ Disposed



1 11/27/2018 38 50.8 651,150 1,200



1 11/27/2018 38 50.82 651,850 700



1 11/27/2018 38 50.83 651,950 100



1 11/27/2018 38 50.85 652,550 600



1 11/27/2018 38 50.86 652,750 200



1 11/27/2018 38 50.865 652,850 100



1 11/27/2018 38 50.87 653,650 800



1 11/27/2018 38 50.88 653,750 100



1 11/27/2018 38 50.89 654,850 1,100



1 11/27/2018 38 50.91 655,450 600



1 11/27/2018 38 50.92 656,150 700



1 11/27/2018 38 50.93 656,450 300



1 11/27/2018 38 50.94 656,720 270



1 11/27/2018 38 50.96 657,720 1,000



1 11/27/2018 38 50.97 658,320 600



1 11/27/2018 38 50.98 658,620 300



1 11/27/2018 38 50.99 658,720 100



1 11/27/2018 38 51 658,920 200



1 11/27/2018 38 51.01 659,520 600



1 11/27/2018 38 51.02 660,020 500



1 11/27/2018 38 51.03 660,220 200



1 11/27/2018 38 51.04 788,020 127,800



1 11/27/2018 38 51.05 796,320 8,300



1 11/29/2018 38 50.52 796,420 100



1 11/29/2018 38 50.56 796,620 200



1 11/29/2018 38 50.64 796,820 200



1 11/29/2018 38 50.66 797,020 200



1 11/29/2018 38 50.67 797,120 100



1 11/29/2018 38 50.69 797,220 100



1 11/29/2018 38 50.7 797,420 200



1 11/29/2018 38 50.73 797,720 300



1 11/29/2018 38 50.75 798,020 300



1 11/29/2018 38 50.76 798,120 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10094



Acquired/ Disposed



1 11/29/2018 38 50.77 798,520 400



1 11/29/2018 38 50.8 799,320 800



1 11/29/2018 38 50.81 799,620 300



1 11/29/2018 38 50.82 799,720 100



1 11/29/2018 38 50.83 799,920 200



1 11/29/2018 38 50.84 800,220 300



1 11/29/2018 38 50.85 800,420 200



1 11/29/2018 38 50.86 800,820 400



1 11/29/2018 38 50.87 801,020 200



1 11/29/2018 38 50.89 801,120 100



1 11/29/2018 38 50.9 801,220 100



1 11/29/2018 38 50.93 801,420 200



1 11/29/2018 38 50.935 801,520 100



1 11/29/2018 38 50.94 801,620 100



1 11/29/2018 38 50.96 802,420 800



1 11/29/2018 38 50.97 802,920 500



1 11/29/2018 38 50.98 803,520 600



1 11/29/2018 38 50.99 804,020 500



1 11/29/2018 38 51 806,220 2,200



1 11/29/2018 38 51.01 806,320 100



1 11/29/2018 38 51.02 807,020 700



1 11/29/2018 38 51.03 809,120 2,100



1 11/29/2018 38 51.04 811,420 2,300



1 11/29/2018 38 51.05 820,420 9,000



1 11/30/2018 38 24,100 -796,320



1 11/30/2018 38 50.95 24,200 100



1 11/30/2018 38 50.99 24,400 200



1 11/30/2018 38 51.05 33,400 9,000


Options Moore, Gary 4 12/6/2018 51 20.12 13,667 -4,000


Common Shares Phouikhoune-Phinith, Chindavone

5 12/7/2018 51 16.1 13,077 10,000


Common Shares Phouikhoune-Phinith, Chindavone

5 12/7/2018 10 50.05 3,077 -10,000


Options Phouikhoune-Phinith, Chindavone

5 12/7/2018 51 16.1 6,667 -10,000

Great Panther Silver Limited Common Shares Bannantine, James Martin 4, 5 8/16/2017 00 Great Panther Silver Limited Common Shares Bannantine, James Martin 4, 5 11/30/2018 10 63.64 19,625 19,625

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10095



Acquired/ Disposed

Great-West Lifeco Inc. Common Shares Plan Common Shares

Fedorchuk, Bradley John 5 12/3/2018 97 2,214 -42

Great-West Lifeco Inc. Executive Performance Share Units

Fedorchuk, Bradley John 5 1/1/2008 00

Great-West Lifeco Inc. Executive Performance Share Units

Fedorchuk, Bradley John 5 12/3/2018 97 6,230 6,230

Great-West Lifeco Inc. Options Common Share - Stock Options

Fedorchuk, Bradley John 5 1/1/2008 00

Great-West Lifeco Inc. Options Common Share - Stock Options

Fedorchuk, Bradley John 5 12/3/2018 97 34,000 34,000

Green Axis Capital Corp. Common Shares Gilpin-Payne, Gregory 3 11/23/2018 00 15,210,267 Green Axis Capital Corp. Common Shares Gilpin-Payne, Gregory 3 11/23/2018 00 35,490,623 Green Thumb Industries Inc. (formerly Bayswater Uranium Corporation)

Multiple Voting Shares Kadens, Pete Albert 4, 5 6/12/2018 00

Green Thumb Industries Inc. (formerly Bayswater Uranium Corporation)

Multiple Voting Shares Kadens, Pete Albert 4, 5 6/12/2018 00 254,597



Kadens, Pete Albert 4, 5 6/12/2018 00 5,747,900


Multiple Voting Shares Kovler, Benjamin 4, 5 6/12/2018 00


Multiple Voting Shares Kovler, Benjamin 4, 5 6/12/2018 00 185,134











Kovler, Benjamin 4, 5 6/12/2018 00 5,581,600



Kovler, Benjamin 4, 5 6/12/2018 00 5,747,900



Kovler, Benjamin 4, 5 6/12/2018 00 6,122,100


Super Voting Shares Kovler, Benjamin 4, 5 6/12/2018 00


Super Voting Shares Kovler, Benjamin 4, 5 6/12/2018 00 54,392

Grid Metals Corp. Common Shares Dunbar, Robin Edward 4, 5 12/10/2018 10 0.05 1,487,672 50,000 GTEC Holdings Ltd. Common Shares Singhavon, Norton 3, 4, 5 12/6/2018 54 2.5 208,259 20,000 GTEC Holdings Ltd. Warrants Singhavon, Norton 3, 4, 5 12/6/2018 54 2.5 9,629 -20,000 Guardian Capital Group Limited


Guardian Capital Group Limited

1 12/10/2018 38 0 -75,000

Hammond Power Solutions Inc.


Baldwin, Douglas 4 12/12/2018 56 6,605 33



FitzGibbon, David Joseph 4 12/12/2018 56 6,605 33



GRANOVSKY, DAHRA 4 12/12/2018 56 9,927 44



HAMMOND, BILL 6 12/12/2018 56 8,228 49



HUETHER, CHRIS 5 12/12/2018 56 8,228 49

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10096



Acquired/ Disposed



Jaques, Frederick Maurice 4 12/12/2018 56 13,250 55



MACADAM, DON 4 12/12/2018 56 6,605 33



Robinson, Grant Cameron 4 12/12/2018 56 6,605 33



Waterman, Richard Stanley 4 12/12/2018 56 6,605 33

Heritage Cannabis Holdings Corp. (formerly Umbral Energy Corp.)

Common Shares Sharples, Clint 4 12/13/2018 10 0.175 2,815,000 50,000

High Arctic Energy Services Inc.

Common Shares Binnion, Michael Rupert 4 11/25/2018 51 2.83 1,836,800 50,000


Options Binnion, Michael Rupert 4 11/25/2018 51 50,000 -50,000


Common Shares High Arctic Energy Services Inc., High Arctic Energy Services Inc.

1 11/21/2018 38 3.5199 9,544 9,544



1 11/21/2018 38 0 -9,544



1 11/22/2018 38 3.5013 9,544 9,544



1 11/22/2018 38 0 -9,544



1 11/23/2018 38 3.577 9,544 9,544



1 11/23/2018 38 0 -9,544



1 11/26/2018 38 3.5754 9,544 9,544



1 11/26/2018 38 0 -9,544



1 11/27/2018 38 3.496 9,544 9,544



1 11/27/2018 38 0 -9,544



1 11/28/2018 38 3.4591 4,544 4,544



1 11/28/2018 38 0 -4,544



1 11/29/2018 38 3.5033 9,544 9,544



1 11/29/2018 38 0 -9,544



1 11/30/2018 38 3.5368 9,544 9,544



1 11/30/2018 38 0 -9,544

High Hampton Holdings Corp.

Common Shares Allen, Robert 4 6/18/2018 00


Common Shares Allen, Robert 4 12/14/2018 10 75,000 75,000


Common Shares Scovenna, Christian 4 12/13/2018 10 0.27 327,000 50,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10097



Acquired/ Disposed

Hill Street Beverage Company Inc. (formerly Avanco Capital Corp.)

Common Shares Shergill, Parvinder 5 12/6/2018 10 0.175 328,514 328,514


Common Shares Shergill, Parvinder 5 7/24/2018 00


Common Shares Shergill, Parvinder 5 12/5/2018 10 0.18 301,512 301,512

Hilltop Cybersecurity Inc. Common Shares Randhawa, Devinder 4 12/6/2018 11 5,717,320 629,820 Hilltop Cybersecurity Inc. Warrants Randhawa, Devinder 4 6/21/2018 00 Hilltop Cybersecurity Inc. Warrants Randhawa, Devinder 4 12/6/2018 11 629,820 629,820 Home Capital Group Inc. Rights Restricted Share

Units Cluff, David 5 12/11/2018 59 4,465 -180

Home Capital Group Inc. Rights Restricted Share Units

Hong, John 5 12/11/2018 59 5,491 -747

Home Capital Group Inc. Rights Restricted Share Units

Katchen, Benjamin 5 12/11/2018 59 0 -961

Horizon North Logistics Inc. Common Shares Tremblay, Dale E. 4 12/13/2018 10 1.59 72,100 -16,000 Horizon North Logistics Inc. Common Shares Tremblay, Dale E. 4 12/13/2018 10 1.6 13,200 -58,900 Horizon North Logistics Inc. Common Shares Tremblay, Dale E. 4 12/13/2018 10 1.61 13,100 -100 Horizon North Logistics Inc. Common Shares Tremblay, Dale E. 4 12/14/2018 90 0 -13,100 Horizon North Logistics Inc. Common Shares Tremblay, Dale E. 4 12/14/2018 90 26,100 13,100 Hudbay Minerals Inc. (formerly HudBay Minerals Inc.)

Common Shares GMT Capital Corp 3 12/10/2018 10 4.86 7,691,490 114,400

Hudbay Minerals Inc. (formerly HudBay Minerals Inc.)





Common Shares GMT Capital Corp 3 12/10/2018 10 4.86 368,920 4,100




Common Shares Waterton Global Resource Management, Inc.

3 12/10/2018 00 12,607,224



3 12/10/2018 10 6.4973 13,063,606 456,382



3 12/10/2018 00 12,607,229



3 12/10/2018 10 6.4973 13,063,610 456,381

iAnthus Capital Holdings, Inc. Common Shares Ford, Hadley 4, 5 12/11/2018 10 6.4 339,000 -5,000 iAnthus Capital Holdings, Inc. Common Shares Ford, Hadley 4, 5 12/11/2018 10 6.42 334,000 -5,000 iAnthus Capital Holdings, Inc. Options rosen, paul 4 12/7/2018 50 6 125,000 25,000 Idaho Champion Gold Mines Canada Inc. (formerly, GoldTrain Resources Inc.)

Common Shares Reid, Bruce 4 12/10/2018 10 0.105 9,578,726 -500,000

Idaho Champion Gold Mines Canada Inc. (formerly, GoldTrain Resources Inc.)

Common Shares Reid, Bruce 4 12/10/2018 10 0.11 9,568,726 -10,000

Imagination Park Entertainment Inc.

Options Napora, Gabriel 4, 5 12/12/2018 50 0.12 350,000 100,000

IMAX Corporation Common Shares Foster, Greg 4, 5 12/9/2018 57 101,115 6,474 IMAX Corporation Common Shares Foster, Greg 4, 5 12/10/2018 10 18.279 97,548 -3,567 IMAX Corporation Rights Restricted Share

Unit Foster, Greg 4, 5 12/9/2018 57 77,671 -6,474

IMAX Corporation Common Shares Gelfond, Richard L. 4, 5 12/9/2018 57 269,829 64,742 IMAX Corporation Common Shares Gelfond, Richard L. 4, 5 12/10/2018 10 18.279 235,154 -34,675

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10098



Acquired/ Disposed

IMAX Corporation Rights Restricted Share Unit

Gelfond, Richard L. 4, 5 12/9/2018 57 87,044 -64,742

IMAX Corporation Common Shares IMAX Corporation 1 12/10/2018 30 54,704 -83,814 IMAX Corporation Common Shares Lister, Robert D. 5 12/9/2018 57 42,721 6,474 IMAX Corporation Common Shares Lister, Robert D. 5 12/10/2018 10 18.279 39,163 -3,558 IMAX Corporation Rights Restricted Share

Unit Lister, Robert D. 5 12/9/2018 57 95,565 -6,474

IMAX Corporation Common Shares Vance, Jeff 5 12/9/2018 57 4,345 875 IMAX Corporation Common Shares Vance, Jeff 5 12/10/2018 10 18.279 3,875 -470 IMAX Corporation Rights Restricted Share

Unit Vance, Jeff 5 12/9/2018 57 9,260 -875

Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/7/2018 38 37.46 545,933,886 -126,935 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/10/2018 38 36.5 545,806,951 -126,935 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/11/2018 38 35.75 545,680,016 -126,935 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/12/2018 38 36.24 545,553,081 -126,935 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/13/2018 38 35.53 545,426,146 -126,935 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 12/14/2018 38 34.78 545,299,211 -126,935 Industrial Alliance Insurance and Financial Services inc.

Common Shares Industrielle Alliance, Assurance et services financiers inc

1 11/29/2018 38 48.449 52,500 25,000

Industrial Alliance Insurance and Financial Services inc.


1 11/30/2018 38 48.262 50,000 25,000



1 12/3/2018 38 48.198 75,000 25,000



1 12/4/2018 38 47.049 112,500 37,500



1 12/5/2018 38 47.226 137,500 25,000



1 12/7/2018 38 0 -137,500


Common Shares Morin, Danielle G. 4 12/10/2018 10 44.5 4,735 200


Common Shares Potvin, Jacques 5 12/7/2018 10 45.25 5,404 1,000


Common Shares Ricard, Denis 5 12/10/2018 10 44.7 26,000 2,000


Common Shares Ricard, Denis 5 12/14/2018 10 43.5 28,000 2,000

InMed Pharmaceuticals Inc. Options Woudenberg, Michael Henry

5 11/5/2018 00

InMed Pharmaceuticals Inc. Options Woudenberg, Michael Henry

5 12/5/2018 50 0.445 700,000 700,000

Inner Spirit Holdings Ltd. Options Bondar, Darren Hartley 3, 4, 5 12/10/2018 50 0.2 1,500,000 500,000 Inner Spirit Holdings Ltd. Options Bondar, Darren Hartley 3, 4, 5 7/20/2018 00 Inner Spirit Holdings Ltd. Options Bondar, Darren Hartley 3, 4, 5 12/10/2018 50 0.2 75,000 75,000 Inner Spirit Holdings Ltd. Options Gulka, Christopher David 4, 5 12/10/2018 50 1,100,000 380,000 Inner Spirit Holdings Ltd. Options STEINBERG, CRAIG

OWEN 4 12/10/2018 50 0.2 600,000 150,000

Innergex Renewable Energy Inc.

Common Shares Beaty, Ross J. 4 12/12/2018 47 12.97 7,251,000 -1,000,000

Innergex Renewable Energy Inc.

Common Shares Beaty, Ross J. 4 12/12/2018 47 12.97 1,617,493 1,000,000

Inovalis Real Estate Investment Trust

Exchangeable Securities Inovalis S.A. 3 12/7/2018 36 804,828 -210,052


Units Inovalis S.A. 3 12/7/2018 36 1,083,347 210,052


Units Inovalis S.A. 3 12/11/2018 10 9.8952 1,062,647 -20,700


Units Inovalis S.A. 3 12/12/2018 10 9.9001 1,050,347 -12,300

Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.37 40,770 -100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10099



Acquired/ Disposed

Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.46 40,670 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.42 40,570 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.6 40,470 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.64 40,370 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.79 40,270 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.85 40,170 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.75 40,070 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.8 39,870 -200 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.81 39,770 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.84 39,670 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.97 39,570 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.96 39,470 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.62 39,270 -200 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.82 39,170 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 102.02 39,070 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.98 38,870 -200 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.68 38,770 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.55 38,670 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.51 38,570 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.32 38,470 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.18 38,370 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.17 38,270 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.08 38,170 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.06 38,070 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101.02 37,970 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 100.87 37,870 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 101 37,770 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 100.84 37,670 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 100.69 37,570 -100 Intact Financial Corporation Common Shares Tullis, Mark Alan 5 12/7/2018 10 100.52 37,470 -100 Integra Resources Corp. (formerly, Mag Copper Limited)

Options Stock Option Plan Ladd, Anna Man-Yue 4 12/12/2018 00

Integra Resources Corp. (formerly, Mag Copper Limited)

Options Stock Option Plan Ladd, Anna Man-Yue 4 12/13/2018 50 0.8 250,000 250,000

IntelGenx Technologies Corp.

Common Shares Godin, André 5 12/10/2018 10 0.78 126,688 10,000

Inter Pipeline Ltd. Rights Restricted Share Units

Neufeld, Cory Wade 5 12/10/2018 57 21.308 17,202 -4,000

Interfor Corporation Common Shares Interfor Corporation 1 12/7/2018 38 15.25 478,120 6,500 Interfor Corporation Common Shares Interfor Corporation 1 12/7/2018 38 12,000 -466,120 Interfor Corporation Common Shares Interfor Corporation 1 12/10/2018 38 15.147 76,705 64,705 Interfor Corporation Common Shares Interfor Corporation 1 12/11/2018 38 14.626 141,410 64,705 Interfor Corporation Common Shares Interfor Corporation 1 12/12/2018 38 14.5 206,115 64,705 Interfor Corporation Common Shares Interfor Corporation 1 12/13/2018 38 14.166 270,820 64,705 International Petroleum Corporation

Common Shares Nemesia S.a.r.l. 3 12/10/2018 10 28,767,570 705,058

Intertape Polymer Group Inc. Deferred Share Units Foster, Robert J 4 12/10/2018 56 17.27 43,866 2,657 Intertape Polymer Group Inc. Common Shares Pantelidis, James 4 12/12/2018 10 16.59 25,000 5,000 Intertape Polymer Group Inc. Common Shares Quintas, Jorge Nelson 4 12/11/2018 10 16.598 58,008 7,500 Intertape Polymer Group Inc. Common Shares Quintas, Jorge Nelson 4 12/14/2018 10 15.88 65,508 7,500 Intertape Polymer Group Inc. Deferred Share Units Quintas, Jorge Nelson 4 12/10/2018 56 17.27 38,867 2,164 Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 12/11/2018 10 12.38 339,054 -600 Intrinsyc Technologies Corporation

Common Shares Intrinsyc Technologies Corporation

1 12/4/2018 10 1.44 1,400 1,400

Intrinsyc Technologies Corporation


1 12/4/2018 38 0 -1,400



1 12/5/2018 10 1.41 3,300 3,300

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10100



Acquired/ Disposed



1 12/5/2018 38 0 -3,300



1 12/6/2018 10 1.4 3,300 3,300



1 12/6/2018 38 0 -3,300



1 12/7/2018 10 1.41 3,300 3,300



1 12/7/2018 38 0 -3,300



1 12/10/2018 10 1.38 165,000 165,000



1 12/10/2018 38 0 -165,000



1 12/11/2018 10 1.33 3,300



1 12/11/2018 38 -3,300



1 12/11/2018 10 1.34 100 100



1 12/11/2018 10 1.38 3,300 3,200



1 12/11/2018 38 0 -3,300



1 12/14/2018 10 1.33 3,300 3,300



1 12/14/2018 38 0 -3,300



1 12/14/2018 10 1.34 100



1 12/14/2018 10 1.38 3,200



1 12/14/2018 38 -3,300

Inventus Mining Corp. Common Shares Spears, Stephan Michael Seydegart

6 12/12/2018 10 0.13 600,001 2,000

Invictus MD Strategies Corp. Options Kveton, George Edward 5 11/5/2018 50 2 1,490,000 750,000 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/10/2018 51 0.99 62,500 62,500 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/10/2018 10 2.6 53,600 -8,900 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.55 52,200 -1,400 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.6 42,200 -10,000 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.61 37,400 -4,800 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.615 37,200 -200 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.62 22,200 -15,000 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.64 13,800 -8,400 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.645 13,600 -200 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/11/2018 10 2.65 8,600 -5,000 Ivanhoe Mines Ltd. Common Shares Class A Bos, Matthieu 7 12/12/2018 10 2.55 0 -8,600 Ivanhoe Mines Ltd. Options Bos, Matthieu 7 12/10/2018 51 0.99 500,000 -62,500 Ivanhoe Mines Ltd. Common Shares Class A Friedland, Robert Martin 3, 4, 6, 5 12/12/2012 51 1.98 235,225 235,225 Ivanhoe Mines Ltd. Options Friedland, Robert Martin 3, 4, 6, 5 12/12/2018 51 2,800,000 -1,000,000 Ivanhoe Mines Ltd. Common Shares Class A Johansson, Lars-Eric 7, 5 12/7/2018 51 4,570,917 261,579 Ivanhoe Mines Ltd. Options Johansson, Lars-Eric 7, 5 12/7/2018 51 1.98 2,800,000 -1,000,000 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 12/12/2018 51 0.99 125,000 125,000 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 12/12/2018 10 2.5023 26,900 -98,100 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 12/13/2018 10 2.51 0 -26,900 Ivanhoe Mines Ltd. Options Makhesha, Setha Patricia 7 12/12/2018 51 0.99 200,000 -125,000 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/11/2018 51 1.98 100,000 100,000 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/11/2018 10 2.49 85,000 -15,000 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/11/2018 10 2.5 50,000 -35,000 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/11/2018 10 2.51 30,000 -20,000 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/11/2018 10 2.52 29,800 -200 Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/12/2018 10 2.54 20,000 -9,800

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10101



Acquired/ Disposed

Ivanhoe Mines Ltd. Common Shares Class A Nzuru Solo, Guy Benjamin 7 12/12/2018 10 2.55 0 -20,000 Ivanhoe Mines Ltd. Options Nzuru Solo, Guy Benjamin 7 12/11/2018 51 1.98 100,000 -100,000 J55 Capital Corp. Common Shares Aquilini, Francesco 3, 4 12/3/2018 00 4,001,000 J55 Capital Corp. Options Aquilini, Francesco 3, 4 12/3/2018 00 J55 Capital Corp. Options Aquilini, Francesco 3, 4 12/12/2018 50 685,000 685,000 J55 Capital Corp. Common Shares Aquilini, Roberto 3 12/3/2018 00 3,999,500 J55 Capital Corp. Common Shares Helmel, Alexander 4 12/3/2018 00 375,000 J55 Capital Corp. Options Helmel, Alexander 4 12/3/2018 00 J55 Capital Corp. Options Helmel, Alexander 4 12/12/2018 50 40,000 40,000 J55 Capital Corp. Common Shares Montgomery, Adrian Taylor 3, 4, 5 12/3/2018 00 3,999,500 J55 Capital Corp. Options Montgomery, Adrian Taylor 3, 4, 5 12/3/2018 00 J55 Capital Corp. Options Montgomery, Adrian Taylor 3, 4, 5 12/12/2018 50 685,000 685,000 J55 Capital Corp. Common Shares Veltheer, John Edward 3, 4, 5 12/3/2018 00 2,625,000 J55 Capital Corp. Options Veltheer, John Edward 3, 4, 5 12/3/2018 00 J55 Capital Corp. Options Veltheer, John Edward 3, 4, 5 12/12/2018 50 300,000 300,000 Jamieson Wellness Inc. Common Shares Chan, Robert 5 12/5/2018 30 22 23,824 -173 JPJ Group plc (formerly, Jackpotjoy plc)

Equity Swap - Long Position 3,000,000 ordinary shares - expiry 01/15/2020

HG Vora Capital Management, LLC

3 11/30/2017 00

JPJ Group plc (formerly, Jackpotjoy plc)



3 12/12/2018 70 6.315 1 1




3 11/30/2017 00




3 12/11/2018 70 6.46 1 1


Ordinary Shares HG Vora Capital Management, LLC

3 12/11/2018 10 6.46 9,000,000 -3,500,000


Ordinary Shares HG Vora Capital Management, LLC

3 12/12/2018 10 6.315 6,000,000 -3,000,000


Options Ryan, James Alan 4 12/14/2018 97 0 -30,000

Just Energy Group Inc. Common Shares MCCULLOUGH, PATRICK 5 12/12/2018 10 3.68 266,328 10,000 Karnalyte Resources Inc. Rights Matson, Peter David 4 5/6/2017 00 Karnalyte Resources Inc. Rights Matson, Peter David 4 5/6/2017 00 518,900 Karnalyte Resources Inc. Rights Rowan, William Todd 4 5/5/2017 00 Karnalyte Resources Inc. Rights Rowan, William Todd 4 11/21/2018 56 133,000 133,000 Karnalyte Resources Inc. Rights Zachanowich, Mark 4 5/5/2017 00 187,500 Karnalyte Resources Inc. Rights Zachanowich, Mark 4 12/6/2018 10 0.02 156,500 -31,000 Kelt Exploration Ltd. Common Shares Gigg, Bruce Douglas 5 12/7/2018 10 4.21 75,000 15,000 Kelt Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 12/10/2018 10 4.01 2,562,085 42,300 Khiron Life Sciences Corp. Common Shares Monaghan, Mark 4 12/5/2018 10 1.18 719,500 10,000 Killam Apartment Real Estate Investment Trust

Trust Units Karine, MacIndoe 4 12/11/2018 10 16.901 44,492 -1,000

Killam Apartment Real Estate Investment Trust





Trust Units WALT, MANFRED 4 12/10/2018 10 16.93 14,138 -6,000


Trust Units WALT, MANFRED 4 12/11/2018 10 17.02 13,238 -900

Kinaxis Inc. Common Shares Carreiro, Paul 5 12/10/2018 57 68.632 7,600 5,000 Kinaxis Inc. Common Shares Carreiro, Paul 5 12/10/2018 10 68.632 5,505 -2,095 Kinaxis Inc. Rights Restricted Share

Units Carreiro, Paul 5 12/10/2018 57 10,000 -5,000

Kinaxis Inc. Common Shares Monkman, Richard George 5 12/10/2018 57 68.632 31,715 10,899 Kinaxis Inc. Common Shares Monkman, Richard George 5 12/10/2018 10 68.632 20,816 -10,899

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10102



Acquired/ Disposed

Kinaxis Inc. Rights Restricted Share Units

Monkman, Richard George 5 12/10/2018 57 -10,899


Monkman, Richard George 5 12/10/2018 57 -10,899


Monkman, Richard George 5 12/10/2018 57 22,634 -10,899

Kinaxis Inc. Common Shares Sicard, John Ernest 4, 5 12/10/2018 57 68.632 77,555 21,666 Kinaxis Inc. Common Shares Sicard, John Ernest 4, 5 12/10/2018 10 68.632 55,889 -21,666 Kinaxis Inc. Rights Restricted Share

Units Sicard, John Ernest 4, 5 12/10/2018 57 -21,666


Sicard, John Ernest 4, 5 12/10/2018 57 -21,666


Sicard, John Ernest 4, 5 12/10/2018 57 20,000 -21,666

Kingsway Financial Services Inc.

Common Shares Fitzgerald, John Taylor Maloney

4, 5 12/10/2018 10 2.27 405,136 640



4, 5 12/10/2018 10 2.29 405,336 200



4, 5 12/10/2018 10 2.3 408,796 3,460



4, 5 12/10/2018 10 2.305 408,896 100



4, 5 12/10/2018 10 2.31 409,096 200



4, 5 12/10/2018 10 2.34 409,296 200



4, 5 12/10/2018 10 2.35 409,496 200



4, 5 12/11/2018 10 2.29 409,968 472



4, 5 12/11/2018 10 2.3 413,816 3,848

kneat.com, inc. Common Shares Ainsworth, Ian 4 12/12/2018 10 0.99 703,385 6,000 kneat.com, inc. Common Shares Dawe, Wade K. 5 12/10/2018 10 0.99 879,072 1,200 kneat.com, inc. Common Shares Dawe, Wade K. 5 12/10/2018 10 1 887,872 8,800 Lakeside Minerals Inc. (formerly Grasslands Entertainment Inc.)

Common Shares FMI Capital Advisory Inc. (formerly, Foundation Opportunities Inc.)

3 4/19/2017 11 -375,000

Lakeside Minerals Inc. (formerly Grasslands Entertainment Inc.)

Common Shares FMI Capital Advisory Inc. (formerly, Foundation Opportunities Inc.)

3 4/19/2017 11 882,104 -188,971

Largo Resources Ltd. Common Shares Cleave, Ernest Michael 5 12/11/2018 10 3.159 -21,120 -28,620 Largo Resources Ltd. Common Shares Smith, Mark 5 12/11/2018 10 3.159 3,400,779 -93,242 LAURENTIAN BANK OF CANADA

Unités actions performance-UAP/Performance Share Units-PSUs

Allidina, Azmina 7 6/20/2016 00

LAURENTIAN BANK OF CANADA


Allidina, Azmina 7 12/7/2018 56 40.88 1,887 1,887


Unités d'actions de performance différées-UAPD / DPSUs

Allidina, Azmina 7 12/7/2018 35 47.67 6,216 323


Unités d'actions restreintes-UAR/Restricted Share Units-RSUs

Allidina, Azmina 7 12/7/2018 56 40.88 9,020 3,162



Allidina, Azmina 7 12/7/2018 35 47.67 9,341 321



Allidina, Azmina 7 12/7/2018 59 40.88 8,648 -693

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10103



Acquired/ Disposed



Artinian, Vania 5 9/10/2010 00



Artinian, Vania 5 12/7/2018 56 40.88 2,996 2,996



Artinian, Vania 5 9/10/2010 00



Artinian, Vania 5 12/7/2018 56 40.88 3,296 3,296



Backman, Craig 5 8/20/2018 00



Backman, Craig 5 12/7/2018 56 40.88 7,263 7,263


Unités d'actions différées Bastarache, Lise 4 12/7/2018 35 41.85 5,979 90


Unités d'actions différées Baxendale, Sonia 4 12/7/2018 35 41.85 72


Unités d'actions différées Baxendale, Sonia 4 12/7/2018 35 41.85 4,818 73


Unités d'actions différées Baxendale, Sonia 4 12/7/2018 56 40.481 5,011 193



Bergeron, Louise 5 12/7/2018 35 47.67 3,487 181


Unités d'actions restreintes différées-UARD / DRSUs

Bergeron, Louise 5 12/7/2018 35 47.67 5,555 289



Bergeron, Louise 5 12/7/2018 56 40.88 7,120 1,565



Bernier, Julie 5 11/3/2014 00



Bernier, Julie 5 12/7/2018 56 40.88 1,689 1,689



Bernier, Julie 5 12/7/2018 35 47.67 5,703 296



Bernier, Julie 5 12/7/2018 35 47.67 1,056 55



Bernier, Julie 5 12/7/2018 56 40.88 2,566 248



Bernier, Julie 5 12/7/2018 35 47.67 2,693 127


Unités d'actions différées Boychuk, Michael T. 4 12/7/2018 35 41.85 8,983 135


Unités d'actions différées Boychuk, Michael T. 4 12/7/2018 56 40.481 9,261 278


Unités d'actions différées Campbell, Gordon 4 12/7/2018 35 41.85 3,474 53


Unités d'actions différées Campbell, Gordon 4 12/7/2018 56 40.481 3,860 386


Unités d'actions différées Courville, Isabelle 4 12/7/2018 35 41.85 12,548 189

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10104



Acquired/ Disposed


Unités d'actions différées Courville, Isabelle 4 12/7/2018 56 40.481 13,413 865



Cuillerier, Mathieu 5 12/7/2018 35 47.67 1,774 92



Cuillerier, Mathieu 5 12/7/2018 56 40.88 2,900 2,500



Cuillerier, Mathieu 5 12/7/2018 35 47.67 2,922 22



Daneau, Suzanne 5 12/7/2018 35 47.67 1,132 59



Daneau, Suzanne 5 12/7/2018 35 47.67 724 37



Daneau, Suzanne 5 6/12/2017 00



Daneau, Suzanne 5 12/7/2018 56 40.88 1,696 1,696



De Broux, Christian 5 12/7/2018 56 40.88 9,455 2,637



De Broux, Christian 5 12/7/2018 35 47.67 9,829 374






De Broux, Christian 5 12/7/2018 56 40.88 9,900 3,367






De Broux, Christian 5 12/7/2018 59 40.88 8,373 -1,885



Deschamps, Yvan 5 12/7/2018 59 40.88 252 -433



Deschamps, Yvan 5 12/7/2018 35 47.67 289 37



Deschamps, Yvan 5 12/7/2018 56 40.88 3,404



Deschamps, Yvan 5 12/7/2018 56 40.88 3,403



Deschamps, Yvan 5 12/7/2018 56 40.88 6,791 2,166



Deschamps, Yvan 5 12/7/2018 35 47.67 238

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10105



Acquired/ Disposed



Deschamps, Yvan 5 12/7/2018 35 47.67 7,029 238



Deschamps, Yvan 5 12/7/2018 35 47.67 2,042 106



Deschamps, Yvan 5 12/7/2018 56 40.88 5,086 3,044


Options Desjardins, François 4, 5 7/1/2004 00


Options Desjardins, François 4, 5 12/13/2018 50 38.97 53,279 53,279



Desjardins, François 4, 5 10/30/2018 38 -9,752



Desjardins, François 4, 5 10/30/2018 38 -10,130



Desjardins, François 4, 5 10/30/2018 38 32,533 -10,131



Desjardins, François 4, 5 12/7/2018 35 47.67 34,716 2,183















Desjardins, François 4, 5 12/7/2018 35 47.67 9,381 488



Farooqi, Sarim 5 12/7/2018 56 40.88 3,327



Farooqi, Sarim 5 12/7/2018 56 40.88 3,327



Farooqi, Sarim 5 12/7/2018 35 47.67 3,468 141



Farooqi, Sarim 5 2/6/2018 00



Farooqi, Sarim 5 12/7/2018 56 40.88 2,936 2,936



Farooqi, Sarim 5 2/6/2018 00



Farooqi, Sarim 5 12/7/2018 56 40.88 3,298 3,298

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10106



Acquired/ Disposed



King, Donald Fisher 7 9/6/2016 00



King, Donald Fisher 7 12/7/2018 56 40.88 1,861 1,861



King, Donald Fisher 7 12/7/2018 35 47.67 5,121 266



King, Donald Fisher 7 12/7/2018 35 47.67 1,652 86



King, Donald Fisher 7 9/6/2016 00



King, Donald Fisher 7 12/7/2018 56 40.88 2,472 2,472


Unités d'actions différées Labonté, Michel 4 12/7/2018 35 41.85 12,279 185


Unités d'actions différées Labonté, Michel 4 12/7/2018 56 40.481 12,835 556



LAFRESNAYE, DIANE 7 12/7/2018 35 47.67 2,030 105



LAFRESNAYE, DIANE 7 12/7/2018 56 40.88 10,556 1,831









LAFRESNAYE, DIANE 7 12/7/2018 56 40.88 8,105 2,589






LAFRESNAYE, DIANE 7 12/7/2018 59 40.88 6,942 -1,465


Options Laurin, François 5 8/10/2015 00


Options Laurin, François 5 12/13/2018 50 38.97 12,012 12,012



Laurin, François 5 10/30/2018 38 -2,198



Laurin, François 5 10/30/2018 38 28,442 -2,282



Laurin, François 5 12/7/2018 56 40.88 38,592 10,150



Laurin, François 5 12/7/2018 35 47.67 40,241 1,649



Laurin, François 5 12/7/2018 35 47.67 10,002 520

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10107



Acquired/ Disposed



Laurin, François 5 12/7/2018 56 40.88 14,116 4,114


Unités d'actions différées Lavigne, A. Michel 4 12/7/2018 35 41.85 4,595 69



Lopresti, André 5 12/7/2018 35 47.67 8,734 454



Lopresti, André 5 12/7/2018 35 40.88 1,309 68



Lopresti, André 5 12/7/2018 56 40.88 6,135 1,776



Lopresti, André 5 12/7/2018 35 47.67 6,374 239



Lopresti, André 5 12/7/2018 59 40.88 5,436 -938



Marcoux, Christian 5 12/7/2018 35 47.67 1,262 65






Marcoux, Christian 5 12/7/2018 56 40.88 3,813 1,747






Mason, William James Alexander

5 6/4/2018 00




5 12/7/2018 56 40.88 10,150 10,150




5 6/4/2018 00




5 12/7/2018 56 40.88 1,480 1,480




5 12/7/2018 35 47.67 2,156 61



Migliara, Antonino 5 12/7/2018 35 47.67 2,195 114



Migliara, Antonino 5 12/7/2018 56 40.88 10,469 2,524






Migliara, Antonino 5 12/7/2018 56 40.88 10,296 3,496




Insider Reporting

December 20, 2018

(2018), 41 OSCB 10108



Acquired/ Disposed



Migliara, Antonino 5 12/7/2018 59 40.88 8,271 -2,397


Unités d'actions différées Morris, David Dyson 4 12/7/2018 35 41.85 2,179 33


Unités d'actions différées Morris, David Dyson 4 12/7/2018 56 40.481 2,418 239



O'Neill, David 7 12/7/2018 56 40.88 12,815 2,908



O'Neill, David 7 12/7/2018 35 47.67 13,358 543



O'Neill, David 7 12/7/2018 35 47.67 5,163 268



O'Neill, David 7 12/7/2018 56 40.88 12,231 4,339



O'Neill, David 7 12/7/2018 35 47.67 12,663 432



O'Neill, David 7 12/7/2018 59 40.88 11,000 -1,663



Penhale, John 5 6/4/2018 00



Penhale, John 5 12/7/2018 56 40.88 2,517 2,517



Penhale, John 5 6/4/2018 00



Penhale, John 5 12/7/2018 56 40.88 2,450 2,450



Pilote, Diane 5 9/7/2015 00



Pilote, Diane 5 12/7/2018 56 40.88 2,816 2,816



Pilote, Diane 5 12/7/2018 35 47.67 9,000 467



Pilote, Diane 5 12/7/2018 56 40.88 9,553 3,858



Pilote, Diane 5 12/7/2018 35 47.67 9,865 312



Pinsonneault, Denis 5 12/7/2018 56 40.88 9,361 2,017



Pinsonneault, Denis 5 12/7/2018 35 47.67 9,764 403



Pinsonneault, Denis 5 12/7/2018 35 47.67 5,828 303

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10109



Acquired/ Disposed



Pinsonneault, Denis 5 12/7/2018 56 40.88 8,925 3,097



Provost, Éric 5 12/7/2018 56 40.88 12,622 3,212



Provost, Éric 5 12/7/2018 59 40.88 11,197 -1,425



Provost, Éric 5 12/7/2018 35 47.67 11,713 516



Provost, Éric 5 12/7/2018 35 47.67 6,337 330



Provost, Éric 5 12/7/2018 35 47.67 658 34



Provost, Éric 5 12/7/2018 56 40.88 13,845 4,787



Provost, Éric 5 12/7/2018 35 47.67 14,341 496



Provost, Éric 5 12/7/2018 59 40.88 11,932 -2,409


Options Rose, Deborah 5 10/17/2011 00


Options Rose, Deborah 5 12/13/2018 50 38.97 27,898 27,898



Rose, Deborah 5 12/7/2018 56 40.88 11,219 11,219



Rose, Deborah 5 10/30/2018 38 -5,106



Rose, Deborah 5 10/30/2018 38 40,234 -5,304



Rose, Deborah 5 12/7/2018 35 47.67 42,649 2,415



Rose, Deborah 5 12/7/2018 35 47.67 2,982 155



Rose, Deborah 5 12/7/2018 56 40.88 8,469 5,487



Rose, Deborah 5 12/7/2018 35 47.67 17,074 887



Rose, Deborah 5 12/7/2018 59 40.88 11,458 -5,616


Common Shares Savoy, Michelle Renee 4 12/7/2018 46 40.04 5,412 171


Unités d'actions différées Savoy, Michelle Renee 4 12/7/2018 35 41.85 6,593 99


Unités d'actions différées Savoy, Michelle Renee 4 12/7/2018 56 40.481 6,763 170

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10110



Acquired/ Disposed



Stamadianos, Eva 5 12/7/2018 56 40.88 15,798 2,883



Stamadianos, Eva 5 12/7/2018 35 47.67 16,506 708



Stamadianos, Eva 5 12/7/2018 35 47.67 1,462 76



Stamadianos, Eva 5 12/7/2018 56 40.88 9,773 3,454



Stamadianos, Eva 5 12/7/2018 35 47.67 10,119 346



Stamadianos, Eva 5 12/7/2018 59 40.88 8,456 -1,663


Options Therrien, Stéphane 5 1/9/2012 00


Options Therrien, Stéphane 5 12/13/2018 50 38.97 31,773 31,773



Therrien, Stéphane 5 10/30/2018 38 -5,815



Therrien, Stéphane 5 10/30/2018 38 37,712 -6,041



Therrien, Stéphane 5 12/7/2018 56 40.88 48,931 11,219



Therrien, Stéphane 5 12/7/2018 59 40.88 40,599 -8,332






Therrien, Stéphane 5 12/7/2018 35 47.67 14,222 740



Therrien, Stéphane 5 12/7/2018 56 47.67 1,355 71









Therrien, Stéphane 5 12/7/2018 59 40.88 20,536 -8,508


Common Shares Wener, Jonathan I. 4 12/10/2018 10 38.66 10,411 2,200


Unités d'actions différées Wener, Jonathan I. 4 12/7/2018 35 41.85 1,987 30



Williams, Brian 5 12/7/2018 35 47.67 1,094 57

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10111



Acquired/ Disposed



Williams, Brian 5 11/6/2017 00



Williams, Brian 5 12/7/2018 56 40.88 2,641 2,641


Unités d'actions différées Wolburgh Jenah, Susan 4 12/7/2018 35 41.85 6,906 104


Unités d'actions différées Wolburgh Jenah, Susan 4 12/7/2018 56 40.481 7,145 239

LEAGOLD MINING CORPORATION

Common Shares Giustra, Frank 4 11/19/2018 10 1.4823 3,966,900 100,000

LEAGOLD MINING CORPORATION

Common Shares Giustra, Frank 4 11/26/2018 10 1.375 4,066,900 100,000

Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/20/2018 38 15.7 2,000 2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/20/2018 38 15.7 0 -2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/21/2018 38 15.77 2,005 2,005 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/21/2018 38 15.77 0 -2,005 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/23/2018 38 14.755 800 800 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/23/2018 38 14.755 0 -800 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/26/2018 38 14.929 2,000 2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/26/2018 38 14.929 0 -2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/27/2018 38 14.85 2,000 2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/27/2018 38 14.85 0 -2,000 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/28/2018 38 15 19,400 19,400 Leon's Furniture Limited Common Shares Leon's Furniture Limited 1 11/28/2018 38 15 0 -19,400 LeoNovus Inc. Common Shares Benk, Christopher Kenneth 5 12/14/2018 10 0.15 300,000 77,500 Libero Copper Corporation (Formerly Libero Mining Corporation)

Common Shares Bell, Robert Wiltshire 4 12/7/2018 11 0.075 3,666,667 666,667

Libero Copper Corporation (Formerly Libero Mining Corporation)

Common Shares Pease, Robert 4 12/7/2018 11 0.075 600,000 350,000

Libero Copper Corporation (Formerly Libero Mining Corporation)

Common Shares Slater, Ian 4, 5 12/7/2018 11 0.075 2,166,667 666,667

Liberty Leaf Holdings Ltd. Common Shares Rascan, William 4, 5 12/13/2018 10 0.105 2,807,000 33,000 Linamar Corporation Common Shares Drolc, Alexander 5 12/13/2018 10 45 686 431 Linamar Corporation Common Shares McDougall, Kenneth 5 12/13/2018 10 45 5,141 862 Lineage Grow Company Ltd. Common Shares Bilodeau, Peter 4 12/7/2018 51 0.1 125,814 125,000 Lineage Grow Company Ltd. Options Bilodeau, Peter 4 12/7/2018 51 500,000 -125,000 Lineage Grow Company Ltd. Options Bilodeau, Peter 4 12/11/2018 50 750,000 Lineage Grow Company Ltd. Options Bilodeau, Peter 4 12/11/2018 50 750,000 Lineage Grow Company Ltd. Options Bilodeau, Peter 4 12/14/2018 50 1,250,000 750,000 Lineage Grow Company Ltd. Common Shares Branson Corporate Services 5 12/7/2018 51 0.1 1,735,000 85,000 Lineage Grow Company Ltd. Options Branson Corporate Services 5 12/7/2018 51 0 -85,000 Lineage Grow Company Ltd. Warrants FMI Capital Advisory Inc.

(formerly, Foundation Opportunities Inc.)

3 12/20/2016 55 450,000 -6,250

Lineage Grow Company Ltd. Options Li, Ka Yin Keith 5 12/14/2018 50 250,000 125,000 Lineage Grow Company Ltd. Options Posner, David 4 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Posner, David 4 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Posner, David 4 12/14/2018 50 500,000 300,000 Lineage Grow Company Ltd. Common Shares Schwartz, Robert 4 12/7/2018 51 0.1 2,125,000 415,000 Lineage Grow Company Ltd. Options Schwartz, Robert 4 12/7/2018 51 250,000 -415,000 Lineage Grow Company Ltd. Options Schwartz, Robert 4 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Schwartz, Robert 4 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Schwartz, Robert 4 12/14/2018 50 550,000 300,000 Lineage Grow Company Ltd. Options Sutherland, Hugh Hamish 4 12/11/2018 50 250,000 Lineage Grow Company Ltd. Options Sutherland, Hugh Hamish 4 12/11/2018 50 250,000 Lineage Grow Company Ltd. Options Sutherland, Hugh Hamish 4 12/14/2018 50 750,000 250,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10112



Acquired/ Disposed

Lineage Grow Company Ltd. Options Szweras, Adam Kelley 5 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Szweras, Adam Kelley 5 12/11/2018 50 300,000 Lineage Grow Company Ltd. Options Szweras, Adam Kelley 5 12/14/2018 50 500,000 300,000 Lite Access Technologies Inc. (formerly 1017341 B.C. Ltd.)

Common Shares Shimoon, Carlo 5 12/10/2018 10 0.4 132,500 10,000

Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/15/2018 38 58.91 116,500 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/16/2018 38 58.843 494,000 377,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/19/2018 38 58.926 610,500 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/20/2018 38 58.708 727,000 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/21/2018 38 60.403 843,500 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/22/2018 38 60.733 960,000 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/26/2018 38 61.533 1,076,500 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/27/2018 38 61.436 1,193,000 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/28/2018 38 61.542 1,657,700 464,700 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/29/2018 38 61.154 1,774,200 116,500 Loblaw Companies Limited Common Shares Loblaw Companies Limited 1 11/30/2018 38 814,200 -960,000 Lucara Diamond Corp. Common Shares Conibear, Paul K. 4 12/13/2018 97 383,000 -383,000 LXRandCo, Inc. (formerly Gibraltar Growth Corporation)

Performance Share Units St-Hilaire, Philippe 5 3/12/2018 00

LXRandCo, Inc. (formerly Gibraltar Growth Corporation)

Performance Share Units St-Hilaire, Philippe 5 11/19/2018 56 83,333 83,333

Madalena Energy Inc. Common Shares Penafiel, Alejandro Augusto 4 12/10/2018 10 0.19 93,000 93,000 Madalena Energy Inc. Common Shares Penafiel, Alejandro Augusto 4 12/11/2018 10 0.19 150,000 57,000 Madalena Energy Inc. Common Shares Penafiel, Alejandro Augusto 4 12/12/2018 10 0.19 300,000 150,000 Madalena Energy Inc. Common Shares Penafiel, Alejandro Augusto 4 12/13/2018 10 0.19 335,000 35,000 Madalena Energy Inc. Common Shares Penafiel, Alejandro Augusto 4 12/13/2018 10 0.185 345,000 10,000 Madalena Energy Inc. Common Shares Penafiel, Jose David 4, 5 12/10/2018 10 0.19 93,000 93,000 Madalena Energy Inc. Common Shares Penafiel, Jose David 4, 5 12/11/2018 10 0.19 150,000 57,000 Madalena Energy Inc. Common Shares Penafiel, Jose David 4, 5 12/12/2018 10 0.19 300,000 150,000 Madalena Energy Inc. Common Shares Penafiel, Jose David 4, 5 12/13/2018 10 0.19 335,000 35,000 Madalena Energy Inc. Common Shares Penafiel, Jose David 4, 5 12/13/2018 10 0.185 345,000 10,000 Magna International Inc. Common Shares Apfalter, Guenther Friedrich 5 12/14/2018 38 45.48 63,581 6,460 Magna International Inc. Rights Restricted Stock

Units Apfalter, Guenther Friedrich 5 12/14/2018 38 45.48 12,794 -7,895

Magna International Inc. Rights Restricted Stock Units

Apfalter, Guenther Friedrich 5 12/14/2018 38 45.48 6,334 -6,460

Magna International Inc. Common Shares Galifi, Vincent Joseph 5 12/14/2018 38 60.76 300,586 33,555 Magna International Inc. Rights Restricted Stock

Units Galifi, Vincent Joseph 5 12/14/2018 38 60.76 33,555 -38,652


Galifi, Vincent Joseph 5 12/14/2018 38 60.76 0 -33,555

Magna International Inc. Common Shares Kotagiri, Seetarama Swamy 5 12/14/2018 38 45.48 37,649 13,794 Magna International Inc. Rights Restricted Stock

Units Kotagiri, Seetarama Swamy 5 12/14/2018 38 45.48 75,190 -11,845


Kotagiri, Seetarama Swamy 5 12/14/2018 38 45.48 61,396 -13,794

Magna International Inc. Common Shares Magna International Inc. 1 12/14/2018 38 0 -156,030 Magna International Inc. Common Shares Magna International Inc. 1 12/14/2018 38 6,602 -43,937 Magna International Inc. Common Shares Neeb, Marc Joseph 5 12/14/2018 38 60.76 48,529 5,034 Magna International Inc. Rights Restricted Stock

Units Neeb, Marc Joseph 5 12/14/2018 38 60.76 21,336 -5,798


Neeb, Marc Joseph 5 12/14/2018 38 60.76 16,302 -5,034

Magna International Inc. Common Shares Skudutis, Tommy Joseph 7, 5 12/14/2018 38 60.76 33,555 33,555 Magna International Inc. Rights Restricted Stock

Units Skudutis, Tommy Joseph 7, 5 12/14/2018 38 60.76 142,238 -38,652


Skudutis, Tommy Joseph 7, 5 12/14/2018 38 60.76 108,683 -33,555

Magna International Inc. Common Shares Tobin, Sr., James Joseph 5 12/12/2018 51 27.755 46,341 3,602

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10113



Acquired/ Disposed

Magna International Inc. Common Shares Tobin, Sr., James Joseph 5 12/14/2018 38 45.48 60,585 14,244 Magna International Inc. Options Tobin, Sr., James Joseph 5 12/12/2018 51 27.755 270,208 -3,602 Magna International Inc. Rights Restricted Stock

Units Tobin, Sr., James Joseph 5 12/14/2018 38 45.48 37,704 -12,232


Tobin, Sr., James Joseph 5 12/14/2018 38 45.48 23,460 -14,244

Magna International Inc. Common Shares Walker, Donald James 4, 5 12/14/2018 38 60.76 1,435,813 83,886 Magna International Inc. Rights Restricted Stock

Units Walker, Donald James 4, 5 12/14/2018 38 60.76 83,886 -96,631


Walker, Donald James 4, 5 12/14/2018 38 60.76 0 -83,886

Magnum Goldcorp Inc. Warrants Evans, Daniel Bernard 4 12/10/2018 55 0 -125,000 Magnum Goldcorp Inc. Warrants Evans, David Herbert 4 12/10/2018 55 0 -125,000 Magnum Goldcorp Inc. Warrants Hamzagic, Sead 4, 5 12/10/2018 55 100,000 -125,000 Magnum Goldcorp Inc. Warrants Mason, Douglas Lawrence 3, 4, 5 11/8/2018 55 -350,000 Magnum Goldcorp Inc. Warrants Mason, Douglas Lawrence 3, 4, 5 11/8/2018 55 -225,000 Magnum Goldcorp Inc. Warrants Mason, Douglas Lawrence 3, 4, 5 11/8/2018 55 225,000 -125,000 Magnum Goldcorp Inc. Warrants Mason, Douglas Lawrence 3, 4, 5 12/10/2018 55 100,000 -125,000 Major Drilling Group International Inc.

Common Shares Gignac, Louis-Pierre 4 9/7/2018 00

Major Drilling Group International Inc.

Common Shares Gignac, Louis-Pierre 4 12/12/2018 10 4.7 5,000 5,000


Common Shares Gignac, Louis-Pierre 4 12/14/2018 10 4.5 7,500 2,500


Common Shares Zurel, Jo Mark 4 12/10/2018 10 50,000 14,300

Mako Mining Corp. Common Shares Bullock, Kevin 5 1/19/2016 00 115,000 Mako Mining Corp. Common Shares Bullock, Kevin 5 12/10/2018 10 185,000 70,000 Mako Mining Corp. Common Shares Bullock, Kevin 5 12/10/2018 22 0 -95,000 Mandalay Resources Corporation

Common Shares AZVALOR ASSET MANAGEMENT SGIIC

3 12/7/2018 10 1,848,030 239,000

Mandalay Resources Corporation

Common Shares AZVALOR ASSET MANAGEMENT SGIIC

3 12/10/2018 10 2,046,708 198,678

Manitex Capital Inc. Common Shares Saviuk, Steve 4, 6, 5 12/10/2018 10 0.165 6,003,542 29,000 Manitex Capital Inc. Common Shares Saviuk, Steve 4, 6, 5 12/13/2018 10 0.16 6,013,542 10,000 Manitex Capital Inc. Common Shares Simcor Canada Holdings

Inc. 3 12/10/2018 10 0.165 6,003,542 29,000

Manitex Capital Inc. Common Shares Simcor Canada Holdings Inc.

3 12/13/2018 10 0.16 6,013,542 10,000

Manitou Gold Inc. Common Shares Dubreuil, Patrice Simon 5 12/7/2018 10 0.045 2,022,061 47,000 Manitou Gold Inc. Common Shares Dubreuil, Patrice Simon 5 12/11/2018 10 0.045 2,031,061 9,000 Manulife Financial Corporation

Common Shares Mantia, Linda 5 12/10/2018 10 19.999 5,000 5,000

Maricann Group Inc. Common Shares Fretz, Terry Lynn 5 12/13/2018 97 1,830,600 1,830,000 Maricann Group Inc. Securities Lending

Arrangement - see remarks

Fretz, Terry Lynn 5 12/13/2018 97 0 -1,830,000

Maricann Group Inc. Common Shares Ward, Benjamin Allan 4, 5 12/13/2018 97 3,436,014 878,000 Maricann Group Inc. Securities Lending

Arrangement - see remarks

Ward, Benjamin Allan 4, 5 12/13/2018 97 0 -878,000

Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.32 600 600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.33 2,120 1,520 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.34 3,320 1,200 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.35 5,520 2,200 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.36 5,920 400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.37 6,020 100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.375 6,120 100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.38 6,920 800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.39 7,420 500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.4 8,720 1,300 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.41 10,220 1,500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.42 13,920 3,700

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10114



Acquired/ Disposed

Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.43 16,320 2,400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.44 18,220 1,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.45 20,920 2,700 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.455 21,320 400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.46 23,920 2,600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.47 27,720 3,800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.48 31,520 3,800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.49 35,120 3,600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.5 37,620 2,500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.51 39,020 1,400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.52 39,520 500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.53 40,520 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.54 41,520 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.55 43,620 2,100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.56 46,320 2,700 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.57 48,220 1,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.58 49,020 800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 10.59 49,420 400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/7/2018 38 0 -49,420 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.89 200 200 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.9 1,900 1,700 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.91 5,800 3,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.92 7,400 1,600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.93 8,000 600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.94 10,000 2,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.95 12,300 2,300 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.96 13,300 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.97 13,900 600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.98 14,900 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 9.99 15,600 700 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10 16,600 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.01 16,700 100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.02 18,000 1,300 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.03 19,000 1,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 37 10.04 19,500 500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.05 20,300 800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.06 20,500 200 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.07 22,300 1,800 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.08 23,600 1,300 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.09 24,500 900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.1 25,000 500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.11 26,900 1,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.12 28,900 2,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.13 31,000 2,100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.14 32,900 1,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.16 33,500 600 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 10.18 33,820 320 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/10/2018 38 0 -33,820 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.76 14,420 14,420 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.79 24,420 10,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.805 29,420 5,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.815 32,120 2,700 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.82 34,420 2,300 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.825 44,320 9,900 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.83 44,420 100 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 9.84 49,420 5,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/13/2018 38 0 -49,420 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.7 1,500 1,500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10115



Acquired/ Disposed

Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.72 11,500 10,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.73 20,000 8,500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.75 45,000 25,000 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.81 49,400 4,400 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 9.92 106,900 57,500 Martinrea International Inc. Common Shares Martinrea International Inc. 1 12/14/2018 38 0 -106,900 MATRRIX Energy Technologies Inc.

Common Shares Andrade, Matthew Philip 4 12/12/2018 10 0.19 38,334 5,000

MATRRIX Energy Technologies Inc.

Common Shares Whitmarsh, Lyle Clarence 4, 5 12/6/2018 10 0.2 2,796,000 20,000

MBN Corporation Units MBN Corporation 1 12/4/2018 38 6.6669 13,000 13,000 MBN Corporation Units MBN Corporation 1 12/4/2018 38 0 -13,000 MBN Corporation Units MBN Corporation 1 12/6/2018 38 6.5509 1,100 1,100 MBN Corporation Units MBN Corporation 1 12/6/2018 38 0 -1,100 MBN Corporation Units MBN Corporation 1 12/7/2018 38 6.55 2,000 2,000 MBN Corporation Units MBN Corporation 1 12/7/2018 38 0 -2,000 MBN Corporation Units MBN Corporation 1 12/10/2018 38 6.5553 6,200 6,200 MBN Corporation Units MBN Corporation 1 12/10/2018 38 0 -6,200 MBN Corporation Units MBN Corporation 1 12/11/2018 38 6.6388 1,600 1,600 MBN Corporation Units MBN Corporation 1 12/11/2018 38 0 -1,600 MBN Corporation Units MBN Corporation 1 12/12/2018 38 6.77 500 500 MBN Corporation Units MBN Corporation 1 12/12/2018 38 0 -500 MBN Corporation Units MBN Corporation 1 12/13/2018 38 6.7125 800 800 MBN Corporation Units MBN Corporation 1 12/13/2018 38 0 -800 McCoy Global Inc. Options Deng, Bing 5 12/10/2018 50 1.1 250,000 75,000 McCoy Global Inc. Options McGill, Lindsay Marie 5 9/4/2018 00 McCoy Global Inc. Options McGill, Lindsay Marie 5 12/11/2018 50 1.1 75,000 75,000 Medicure Inc. Common Shares Medicure Inc. 1 12/7/2018 38 6.24 148,900 94,700 MedMen Enterprises Inc. (formerly Ladera Ventures Corp.)

MedMen Enterprises Inc. Class B

Bierman, Adam Nathaniel 4, 5 5/28/2018 00

MedMen Enterprises Inc. (formerly Ladera Ventures Corp.)










MedMen Enterprises Inc. Class B Subordinate Voting Shares




Bierman, Adam Nathaniel 4, 5 12/6/2018 10 3.905 342,660 342,660


MM Can USA, Inc. Class B Shares

Bierman, Adam Nathaniel 4, 5 12/6/2018 10 342,660



Bierman, Adam Nathaniel 4, 5 12/6/2018 10 342,660



Modlin, Andrew Max 4, 5 5/28/2018 00









Modlin, Andrew Max 4, 5 12/6/2018 10 3.901 335,815 335,815

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10116



Acquired/ Disposed



Modlin, Andrew Max 4, 5 12/6/2018 10 335,815



Modlin, Andrew Max 4, 5 12/6/2018 10 335,815

Melcor Developments Ltd. Options Brown, Robert 5 12/12/2018 52 19.26 19,300 -5,000 Melcor Developments Ltd. Options Eggert, Daniel 5 12/12/2018 52 19.26 22,200 -3,000 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/10/2018 38 13 6,310 1,262 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/11/2018 38 12.66 7,572 1,262 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/12/2018 38 12.596 8,834 1,262 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/13/2018 38 12.51 10,096 1,262 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/14/2018 38 12.397 11,358 1,262 Melcor Developments Ltd. Common Shares Melcor Developments Ltd. 1 12/14/2018 38 12.793 2,524 -8,834 Melcor Developments Ltd. Common Shares Melton, Andrew John 3, 4 12/11/2018 10 12.65 7,420 950 Melcor Developments Ltd. Options Melton, Andrew John 3, 4 12/12/2018 52 19.26 64,000 -15,000 Melcor Developments Ltd. Options Melton, Graeme 5 12/12/2018 52 19.26 28,200 -5,000 Melcor Developments Ltd. Options Melton, Timothy Charles 3, 4, 5 12/12/2018 52 19.26 62,000 -15,000 Melcor Developments Ltd. Options Monson, Susan 5 12/12/2018 52 19.26 22,800 -3,000 Melcor Developments Ltd. Options Pelletier, Guy 5 12/12/2018 52 19.26 30,000 -7,500 Melcor Developments Ltd. Common Shares Rayburn, Darin Anthony 5 12/12/2018 10 12.55 43,643 1,800 Melcor Developments Ltd. Options Rayburn, Darin Anthony 5 12/12/2018 52 19.26 76,000 -12,000 Melcor Developments Ltd. Options Stefura, Naomi Marie 5 12/12/2018 52 19.26 60,000 -7,500 Melcor Developments Ltd. Options Thompson, Jarett 5 12/12/2018 52 19.26 25,200 -5,000 Melcor Real Estate Investment Trust

Trust Units Melton, Andrew John 6 12/11/2018 10 12.65 11,225 700

Melcor Real Estate Investment Trust

Trust Units Melton, Andrew John 6 12/11/2018 10 12.65 250


Trust Units Melton, Andrew John 6 12/11/2018 10 12.65 250


Trust Units Melton, Andrew John 6 5/1/2013 00


Trust Units Rayburn, Darin Anthony 6 12/13/2018 10 7.25 148,915 1,000


Trust Units Rayburn, Darin Anthony 6 12/13/2018 10 7.3 149,130 215

Mene Inc. Class A superior voting shares

Goldmoney Inc. 3 10/30/2018 00

Mene Inc. Class B subordinate voting shares

Goldmoney Inc. 3 10/30/2018 00 79,800,000


Goldmoney Inc. 3 12/7/2018 35 75,810,053 -3,989,947


Naik, Mahendra 6 12/7/2018 00 3,134


Sebag, Roy 3, 4, 5 11/8/2018 10 0.823 5,687,001 200,000


Sebag, Roy 3, 4, 5 11/9/2018 10 0.79 5,812,001 125,000


Sebag, Roy 3, 4, 5 11/11/2018 35 980566 980,566


Sebag, Roy 3, 4, 5 11/11/2018 35 0.67 980,566


Sebag, Roy 3, 4, 5 11/11/2018 35 0.67 988,566


Sebag, Roy 3, 4, 5 11/11/2018 35 0.67 6,809,297 997,296


Sebag, Roy 3, 4, 5 11/12/2018 10 0.79 6,835,297 26,000


Sebag, Roy 3, 4, 5 11/13/2018 10 0.76 6,870,297 35,000


Sebag, Roy 3, 4, 5 11/16/2018 10 0.73 6,879,397 9,100


Sebag, Roy 3, 4, 5 11/20/2018 10 0.71 6,909,397 30,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10117



Acquired/ Disposed


Sebag, Roy 3, 4, 5 11/21/2018 10 0.705 7,184,397 275,000


Sebag, Roy 3, 4, 5 11/22/2018 10 0.75 7,234,397 50,000


Sebag, Roy 3, 4, 5 11/23/2018 10 0.83 7,339,397 105,000


Sebag, Roy 3, 4, 5 11/26/2018 10 0.83 7,459,397 120,000


Sebag, Roy 3, 4, 5 11/27/2018 10 0.84 7,484,397 25,000


Sebag, Roy 3, 4, 5 11/30/2018 11 0.7 7,154,397 -330,000

Mene Inc. Common Shares Sebag, Roy 3, 4, 5 10/30/2018 00 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 10/30/2018 00 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/8/2018 10 0.823 200,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/9/2018 10 0.79 125,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/12/2018 10 0.79 26,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/13/2018 10 76 35,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/13/2018 10 0.076 35,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/13/2018 10 0.76 35,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/16/2018 10 0.73 9,100 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/20/2018 10 0.71 30,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/21/2018 10 0.705 275,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/22/2018 10 0.75 50,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/23/2018 10 0.83 105,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/26/2018 10 0.83 120,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/27/2018 10 0.84 25,000 Mene Inc. Common Shares Sebag, Roy 3, 4, 5 11/30/2018 11 0.7 -330,000 Mene Inc. Class B subordinate

voting shares Turk, James J 6 10/30/2018 00


Turk, James J 6 12/7/2018 35 105,569 105,569

Metalla Royalty & Streaming Ltd.

Common Shares Casswell, Kim Charisse 5 12/6/2018 57 0.76 24,000 12,000



Casswell, Kim Charisse 5 12/6/2018 56 0.76 18,000 12,000



Casswell, Kim Charisse 5 12/6/2018 57 0.76 6,000 -12,000


Common Shares Hanagarne, Frank L. Jr 4 12/6/2018 57 12000 20,000 12,000



Hanagarne, Frank L. Jr 4 12/6/2018 56 0.76 12,000 12,000



Hanagarne, Frank L. Jr 4 12/6/2018 57 0.76 0 -12,000


Common Shares Molyneux, Alexander 4 12/11/2018 57 315,000 12,000



Molyneux, Alexander 4 12/11/2018 56 12,000 12,000



Molyneux, Alexander 4 12/11/2018 57 0 -12,000


Common Shares Tsang, William To Ping 5 12/6/2018 57 0.76 24,000 12,000



Tsang, William To Ping 5 12/6/2018 56 0.76 18,000 12,000



Tsang, William To Ping 5 12/6/2018 57 0.76 6,000 -12,000

Methanex Corporation Common Shares Daoust, Paul 7 11/26/2018 10 74.64 2,057 1,350 Mexican Gold Corp. Common Shares Hering, Carl William 4, 5 12/5/2018 10 0.17 505,000 5,000 Microbix Biosystems Inc. Common Shares Alagic, Amer 5 11/21/2018 00 500 Microbix Biosystems Inc. Common Shares Cassidy, Kevin James 5 11/21/2018 00 Microbix Biosystems Inc. Common Shares Cassidy, Kevin James 5 11/21/2018 00 287,370 Microbix Biosystems Inc. Options Hagerman, Steven Trevor 5 11/21/2018 00 20,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10118



Acquired/ Disposed

Micron Waste Technologies Inc. (formerly, Finore Mining Inc.)

Warrants Mlait, Ravinder 4, 5 12/13/2018 55 0 -50,000

Middlefield Can-Global REIT Income Fund

Trust Units Middlefield Can-Global REIT Income Fund

1 12/4/2018 38 11.655 5,280,341 3,100

Middlefield Healthcare & Life Sciences Dividend Fund

Trust Units Brasseur, Jeremy 6 12/10/2018 10 10.02 0 -10,000


Trust Units Brasseur, Jeremy 6 12/10/2018 10 10.02 0 -8,000


Trust Units Lauzon, Robert 7 12/10/2018 10 10.02 0 -13,300


Trust Units Middlefield Healthcare & Life Sciences Dividend Fund

1 12/7/2018 38 10 1,164,100 900


Trust Units Middlefield Healthcare & Life Sciences Dividend Fund

1 12/10/2018 38 9.875 1,165,700 1,600

Middlefield Healthcare & Wellness Dividend Fund

Trust Units Middlefield Healthcare & Wellness Dividend Fund

1 12/4/2018 38 10.573 5,357,259 2,000

Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 12/10/2018 10 0.08 526,306 6,500 Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 12/12/2018 10 0.0728 532,306 6,000 Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 12/13/2018 10 0.0711 538,806 6,500 Millrock Resources Inc. Common Shares Butler, Roland Wayne 4 12/7/2018 11 0.1 1,083,400 500,000 Millrock Resources Inc. Common Shares Butler, Roland Wayne 4 12/7/2018 11 0.14 1,583,400 500,000 Milner Consolidated Silver Mines Ltd.

Common Shares MacDonald, Alan 4, 5 9/11/2018 00

Milner Consolidated Silver Mines Ltd.

Common Shares MacDonald, Alan 4, 5 9/11/2018 00


Common Shares MacDonald, Alan 4, 5 12/12/2018 11 0.05 612,400 612,400


Common Shares Telfer, Glenholme Falconbridge

4 12/5/2018 10 0.04 486,000 -27,500

Minera Alamos Inc. Warrants OSISKO GOLD ROYALTIES LTD

3 5/30/2017 00

Minera Alamos Inc. Warrants OSISKO GOLD ROYALTIES LTD

3 12/10/2018 16 0.3 200,000 200,000

Minera Alamos Inc. Common Shares Ramshaw, Douglas William 4, 5 12/14/2018 10 0.1 3,027,200 60,000 Mineral Mountain Resources Ltd.

Common Shares Coughlan, Terrance Barry 4 12/7/2018 10 0.145 425,000 15,000

Mineral Mountain Resources Ltd.






MINT Income Fund Trust Units MINT Income Fund 1 12/6/2018 38 6 71,518,851 800 MINT Income Fund Trust Units MINT Income Fund 1 12/10/2018 38 6.0055 71,519,951 1,100 MINT Income Fund Trust Units MINT Income Fund 1 12/11/2018 38 6.0352 71,522,451 2,500 Monarques Gold Corporation (formerly know as MONARQUES RESOURCES INC.)

Common Shares Baril, Michel 4 12/13/2018 11 0.33 739,762 30,000

Monarques Gold Corporation (formerly know as MONARQUES RESOURCES INC.)

Common Shares Bourassa, guy georges 4, 6 12/13/2018 11 0.33 431,308 45,000


Common Shares Lacoste, Jean-Marc 4, 5 12/13/2018 16 0.33 33,000 33,000


Common Shares Pichette, Christian 4 12/13/2018 11 0.33 200,000 30,000

Mongolia Growth Group Ltd. Common Shares Mongolia Growth Group Ltd. 1 11/13/2018 38 0.345 177,500 50,000 Mongolia Growth Group Ltd. Common Shares Mongolia Growth Group Ltd. 1 11/14/2018 38 98,000 -79,500 MONTAN MINING CORP. Common Shares Ozcakmak, Bahay 4 6/11/2018 00

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10119



Acquired/ Disposed

MONTAN MINING CORP. Common Shares Ozcakmak, Bahay 4 12/7/2018 10 0.035 44,000 44,000 MONTAN MINING CORP. Common Shares Ozcakmak, Bahay 4 12/7/2018 10 0.04 200,000 156,000 MONTAN MINING CORP. Common Shares Zapata, Luis 5 12/7/2018 10 0.06 208,450 -150,000 Morguard Corporation Debentures 4.099% series

A senior unsecured debentures due 12/10/2018

Murphy, Timothy John 4 12/10/2018 38 $0 ($25,000)

Morguard Corporation Debentures 4.099% series A senior unsecured debentures due 12/10/2018

Sahi, Kuldip Rai 3, 4, 6, 5 12/10/2018 38 $0 ($10,000,000)

Morguard Corporation Debentures 4.099% series A senior unsecured debentures due 12/10/2018

Wright, Robert D. 5 12/10/2018 38 $0 ($300,000)

Morguard Real Estate Investment Trust

Units Morguard Corporation 3 12/10/2018 10 11.27 8,978,536 69,500


Units Morguard Corporation 3 12/12/2018 10 11.196 9,015,136 36,600


Units Sahi, Kuldip Rai 4, 6, 5 12/13/2018 10 11.18 1,179,976 84,700

Mount Logan Capital Inc. (formerly, Marret Resource Corp.)

Common Shares Goldthorpe, Edward 4, 5 10/19/2018 00


Common Shares Goldthorpe, Edward 4, 5 12/6/2018 10 0.5346 250,000 250,000






Common Shares Wang, Henry Han-Wei 5 10/19/2018 00


Common Shares Wang, Henry Han-Wei 5 12/6/2018 10 0.3753 500 500


Common Shares Wang, Henry Han-Wei 5 12/6/2018 10 0.3753 6,500 6,000


Common Shares Wang, Henry Han-Wei 5 12/6/2018 10 0.4052 100,000 93,500

Mountain Province Diamonds Inc.

Common Shares Desmond, Dermot Fachtna 3 12/7/2018 10 1.64 62,010,968 3,500




Common Shares Desmond, Dermot Fachtna 3 12/10/2018 10 1.665 62,025,368 700




Common Shares Desmond, Dermot Fachtna 3 12/11/2018 10 1.629 27




Common Shares Desmond, Dermot Fachtna 3 12/11/2018 10 1.63 99,973










Common Shares Vertigol Unlimited Company 3 12/7/2018 10 1.64 62,010,968 3,500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10120



Acquired/ Disposed




Common Shares Vertigol Unlimited Company 3 12/10/2018 10 1.665 62,025,368 700




Common Shares Vertigol Unlimited Company 3 12/11/2018 10 1.629 27




Common Shares Vertigol Unlimited Company 3 12/11/2018 10 1.63 99,973









NameSilo Technologies Corp (formerly known as Brisio Innovations Inc.)

Common Shares Andreola, Gianpaolo Fabrisio

4 12/14/2018 10 0.38 3,432,600 10,000

National Bank of Canada Options Achard, Stéphane 5 12/11/2018 50 34,893 34,864 National Bank of Canada Unités d'actions

assujetties à un critère de performance

Achard, Stéphane 5 12/11/2018 56 12,592 10,196

National Bank of Canada Common Shares Banque Nationale du Canada

1 12/6/2018 38 58.71 1,300 1,300


1 12/6/2018 38 58.72 2,900 1,600


1 12/6/2018 38 58.73 3,600 700


1 12/6/2018 38 58.74 5,000 1,400


1 12/6/2018 38 58.75 5,200 200


1 12/6/2018 38 58.76 6,100 900


1 12/6/2018 38 58.77 10,300 4,200


1 12/6/2018 38 58.79 11,100 800


1 12/6/2018 38 58.78 13,800 2,700


1 12/6/2018 38 58.8 15,700 1,900


1 12/6/2018 38 58.81 16,100 400


1 12/6/2018 38 58.88 16,700 600


1 12/6/2018 38 58.91 16,900 200


1 12/6/2018 38 58.92 17,800 900


1 12/6/2018 38 58.93 18,000 200


1 12/6/2018 38 58.94 18,600 600


1 12/6/2018 38 58.95 20,000 1,400


1 12/6/2018 38 58.96 21,000 1,000


1 12/6/2018 38 58.97 21,100 100


1 12/6/2018 38 58.98 23,500 2,400

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10121



Acquired/ Disposed


1 12/6/2018 38 59 23,800 300


1 12/6/2018 38 59.01 24,900 1,100


1 12/6/2018 38 59.02 26,000 1,100


1 12/6/2018 38 59.03 29,900 3,900


1 12/6/2018 38 59.04 31,300 1,400


1 12/6/2018 38 59.05 32,500 1,200


1 12/6/2018 38 59.06 34,300 1,800


1 12/6/2018 38 59.08 35,000 700


1 12/6/2018 38 59.09 36,300 1,300


1 12/6/2018 38 59.11 37,800 1,500


1 12/6/2018 38 59.12 41,200 3,400


1 12/6/2018 38 59.13 43,200 2,000


1 12/6/2018 38 59.15 43,500 300


1 12/6/2018 38 59.16 44,300 800


1 12/6/2018 38 59.18 44,500 200


1 12/6/2018 38 59.21 44,700 200


1 12/6/2018 38 59.25 45,600 900


1 12/6/2018 38 59.28 46,900 1,300


1 12/6/2018 38 59.3 47,900 1,000


1 12/6/2018 38 59.32 48,500 600


1 12/7/2018 38 58.93 48,800 300


1 12/7/2018 38 58.94 48,900 100


1 12/7/2018 38 58.97 50,100 1,200


1 12/7/2018 38 58.95 50,500 400


1 12/7/2018 38 58.98 51,100 600


1 12/7/2018 38 58.99 51,300 200


1 12/7/2018 38 59 52,300 1,000


1 12/7/2018 38 59.01 53,200 900


1 12/7/2018 38 59.015 53,300 100


1 12/7/2018 38 59.02 53,900 600


1 12/7/2018 38 59.03 54,900 1,000


1 12/7/2018 38 59.05 55,600 700


1 12/7/2018 38 59.06 56,600 1,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10122



Acquired/ Disposed


1 12/7/2018 38 59.07 57,600 1,000


1 12/7/2018 38 59.08 59,400 1,800


1 12/7/2018 38 59.09 61,800 2,400


1 12/7/2018 38 59.1 63,800 2,000


1 12/7/2018 38 59.11 65,300 1,500


1 12/7/2018 38 59.12 65,800 500


1 12/7/2018 38 59.14 66,400 600


1 12/7/2018 38 59.15 67,200 800


1 12/7/2018 38 59.16 67,400 200


1 12/7/2018 38 59.17 67,800 400


1 12/7/2018 38 59.18 68,100 300


1 12/7/2018 38 59.19 68,200 100


1 12/7/2018 38 59.21 69,000 800


1 12/7/2018 38 59.24 69,300 300


1 12/7/2018 38 59.25 69,500 200


1 12/7/2018 38 59.26 69,700 200


1 12/7/2018 38 59.39 69,800 100


1 12/7/2018 38 59.4 70,200 400


1 12/7/2018 38 59.47 70,300 100


1 12/7/2018 38 59.5 70,700 400


1 12/7/2018 38 59.51 71,000 300


1 12/7/2018 38 59.53 71,200 200


1 12/7/2018 38 59.54 71,400 200


1 12/7/2018 38 59.55 71,800 400


1 12/7/2018 38 59.56 72,000 200


1 12/7/2018 38 59.57 72,100 100


1 12/7/2018 38 59.58 72,200 100


1 12/7/2018 38 59.59 72,600 400


1 12/7/2018 38 59.61 72,900 300


1 12/7/2018 38 59.62 73,200 300


1 12/7/2018 38 59.63 73,300 100


1 12/7/2018 38 59.64 73,500 200


1 12/7/2018 38 59.65 73,700 200

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10123



Acquired/ Disposed


1 12/7/2018 38 59.66 73,900 200


1 12/7/2018 38 59.67 74,400 500


1 12/7/2018 38 59.68 74,700 300


1 12/7/2018 38 59.69 75,100 400


1 12/7/2018 38 59.7 75,600 500


1 12/7/2018 38 59.71 75,900 300


1 12/7/2018 38 59.72 76,300 400


1 12/7/2018 38 59.73 77,400 1,100


1 12/7/2018 38 59.745 77,700 300


1 12/7/2018 38 59.75 77,900 200


1 12/7/2018 38 59.76 78,100 200


1 12/7/2018 38 59.77 78,500 400


1 12/7/2018 38 59.78 78,700 200


1 12/7/2018 38 59.79 79,900 1,200


1 12/7/2018 38 59.8 81,000 1,100


1 12/7/2018 38 59.81 82,100 1,100


1 12/7/2018 38 59.82 82,500 400


1 12/7/2018 38 59.83 83,700 1,200


1 12/7/2018 38 59.84 84,800 1,100


1 12/7/2018 38 59.85 85,900 1,100


1 12/7/2018 38 59.86 87,500 1,600


1 12/7/2018 38 59.87 88,900 1,400


1 12/7/2018 38 59.88 89,300 400


1 12/7/2018 38 59.89 91,400 2,100


1 12/7/2018 38 59.9 92,100 700


1 12/7/2018 38 59.91 92,800 700


1 12/7/2018 38 59.93 93,600 800


1 12/7/2018 38 59.95 94,100 500


1 12/7/2018 38 59.96 94,300 200


1 12/7/2018 38 59.97 96,000 1,700


1 12/7/2018 38 59.98 96,400 400


1 12/7/2018 38 59.99 96,900 500


1 12/7/2018 38 60 97,400 500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10124



Acquired/ Disposed


1 12/7/2018 38 60.01 97,600 200


1 12/7/2018 38 60.03 97,700 100


1 12/7/2018 38 60.04 98,300 600


1 12/7/2018 38 60.05 98,500 200


1 12/10/2018 38 58.78 98,700 200


1 12/10/2018 38 58.82 99,100 400


1 12/10/2018 38 58.84 99,300 200


1 12/10/2018 38 58.85 99,600 300


1 12/10/2018 38 58.87 100,100 500


1 12/10/2018 38 58.88 100,300 200


1 12/10/2018 38 58.89 100,400 100


1 12/10/2018 38 58.9 100,900 500


1 12/10/2018 38 58.94 101,100 200


1 12/10/2018 38 58.95 101,700 600


1 12/10/2018 38 58.96 102,100 400


1 12/10/2018 38 58.97 102,200 100


1 12/10/2018 38 58.99 102,300 100


1 12/10/2018 38 59 103,000 700


1 12/10/2018 38 59.01 103,500 500


1 12/10/2018 38 59.02 104,400 900


1 12/10/2018 38 59.03 104,700 300


1 12/10/2018 38 59.04 105,000 300


1 12/10/2018 38 59.05 105,500 500


1 12/10/2018 38 59.06 105,600 100


1 12/10/2018 38 59.07 105,700 100


1 12/10/2018 38 59.08 106,100 400


1 12/10/2018 38 59.09 106,300 200


1 12/10/2018 38 59.1 107,000 700


1 12/10/2018 38 59.11 107,600 600


1 12/10/2018 38 59.12 108,200 600


1 12/10/2018 38 59.13 108,700 500


1 12/10/2018 38 59.14 109,100 400


1 12/10/2018 38 59.15 109,800 700

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10125



Acquired/ Disposed


1 12/10/2018 38 59.16 110,400 600


1 12/10/2018 38 59.17 110,600 200


1 12/10/2018 38 59.18 110,700 100


1 12/10/2018 38 59.19 111,100 400


1 12/10/2018 38 59.2 112,200 1,100


1 12/10/2018 38 59.22 112,600 400


1 12/10/2018 38 59.23 112,800 200


1 12/10/2018 38 59.24 113,600 800


1 12/10/2018 38 59.25 113,800 200


1 12/10/2018 38 59.26 114,600 800


1 12/10/2018 38 59.27 114,900 300


1 12/10/2018 38 59.29 115,300 400


1 12/10/2018 38 59.33 115,600 300


1 12/10/2018 38 59.35 115,700 100


1 12/11/2018 38 58.47 116,200 500


1 12/11/2018 38 58.49 116,300 100


1 12/11/2018 38 58.5 116,700 400


1 12/11/2018 38 58.52 116,900 200


1 12/11/2018 38 58.53 117,400 500


1 12/11/2018 38 58.54 117,900 500


1 12/11/2018 38 58.55 118,700 800


1 12/11/2018 38 58.56 119,000 300


1 12/11/2018 38 58.575 119,500 500


1 12/11/2018 38 58.59 119,600 100


1 12/11/2018 38 58.6 120,100 500


1 12/11/2018 38 58.61 120,800 700


1 12/11/2018 38 58.62 121,500 700


1 12/11/2018 38 58.63 122,500 1,000


1 12/11/2018 38 58.64 124,100 1,600


1 12/11/2018 38 58.66 124,500 400


1 12/11/2018 38 58.67 125,400 900


1 12/11/2018 38 58.68 126,000 600


1 12/11/2018 38 58.69 126,800 800

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10126



Acquired/ Disposed


1 12/11/2018 38 58.7 127,800 1,000


1 12/11/2018 38 58.71 128,800 1,000


1 12/11/2018 38 58.72 130,000 1,200


1 12/11/2018 38 58.73 131,700 1,700


1 12/11/2018 38 58.74 133,300 1,600


1 12/11/2018 38 58.75 134,300 1,000


1 12/11/2018 38 58.76 134,700 400


1 12/11/2018 38 58.77 135,900 1,200


1 12/11/2018 38 58.78 137,100 1,200


1 12/11/2018 38 58.79 139,000 1,900


1 12/11/2018 38 58.8 141,500 2,500


1 12/11/2018 38 58.81 142,900 1,400


1 12/11/2018 38 58.82 144,400 1,500


1 12/11/2018 38 58.83 146,100 1,700


1 12/11/2018 38 58.84 147,000 900


1 12/11/2018 38 58.85 147,700 700


1 12/11/2018 38 58.86 148,500 800


1 12/11/2018 38 58.87 149,700 1,200


1 12/11/2018 38 58.88 150,600 900


1 12/11/2018 38 58.89 151,400 800


1 12/11/2018 38 58.9 151,900 500


1 12/11/2018 38 58.91 152,500 600


1 12/11/2018 38 58.92 153,200 700


1 12/11/2018 38 58.93 154,300 1,100


1 12/11/2018 38 58.94 155,000 700


1 12/11/2018 38 58.96 156,000 1,000


1 12/11/2018 38 58.97 158,600 2,600


1 12/11/2018 38 58.98 160,900 2,300


1 12/11/2018 38 58.99 163,300 2,400


1 12/11/2018 38 59 163,400 100


1 12/11/2018 38 59.01 164,200 800


1 12/11/2018 38 59.02 165,100 900


1 12/11/2018 38 59.03 165,900 800

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10127



Acquired/ Disposed


1 12/11/2018 38 59.05 166,600 700


1 12/11/2018 38 59.06 167,000 400


1 12/11/2018 38 59.08 167,600 600


1 12/11/2018 38 59.1 168,000 400


1 12/11/2018 38 59.11 168,200 200


1 12/11/2018 38 59.12 168,600 400


1 12/11/2018 38 59.13 169,200 600


1 12/11/2018 38 59.15 169,300 100


1 12/11/2018 38 59.16 169,700 400


1 12/11/2018 38 59.17 170,100 400


1 12/11/2018 38 59.2 170,200 100


1 12/11/2018 38 59.21 170,300 100


1 12/11/2018 38 59.22 170,600 300


1 12/11/2018 38 59.23 171,000 400


1 12/11/2018 38 59.265 171,100 100


1 12/11/2018 38 59.27 171,400 300


1 12/11/2018 38 59.28 171,800 400


1 12/11/2018 38 59.29 172,500 700


1 12/11/2018 38 59.34 173,000 500


1 12/11/2018 38 59.38 173,200 200


1 12/11/2018 38 59.42 173,500 300


1 12/11/2018 38 59.44 173,900 400


1 12/11/2018 38 59.48 174,300 400


1 12/11/2018 38 59.59 174,500 200


1 12/12/2018 38 58.33 174,900 400


1 12/12/2018 38 58.35 175,000 100


1 12/12/2018 38 58.38 175,300 300


1 12/12/2018 38 58.39 175,900 600


1 12/12/2018 38 58.4 178,600 2,700


1 12/12/2018 38 58.41 178,700 100


1 12/12/2018 38 58.43 181,800 3,100


1 12/12/2018 38 58.46 183,900 2,100


1 12/12/2018 38 58.48 185,800 1,900

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10128



Acquired/ Disposed


1 12/12/2018 38 58.5 188,900 3,100


1 12/12/2018 38 58.56 191,100 2,200


1 12/12/2018 38 58.63 191,400 300


1 12/12/2018 38 58.65 191,500 100


1 12/12/2018 38 58.67 191,700 200


1 12/12/2018 38 58.73 192,000 300


1 12/12/2018 38 58.75 192,300 300


1 12/12/2018 38 58.76 192,500 200


1 12/12/2018 38 58.77 192,800 300


1 12/12/2018 38 58.8 193,400 600


1 12/12/2018 38 58.81 193,900 500


1 12/12/2018 38 58.82 194,800 900


1 12/12/2018 38 58.84 195,000 200


1 12/12/2018 38 58.85 195,500 500


1 12/12/2018 38 58.86 196,500 1,000


1 12/12/2018 38 58.87 197,300 800


1 12/12/2018 38 58.88 197,900 600


1 12/12/2018 38 58.89 199,300 1,400


1 12/12/2018 38 58.9 200,000 700


1 12/12/2018 38 58.91 200,600 600


1 12/12/2018 38 58.92 203,200 2,600


1 12/12/2018 38 58.93 205,100 1,900


1 12/12/2018 38 58.94 207,700 2,600


1 12/12/2018 38 58.95 209,700 2,000


1 12/12/2018 38 58.96 211,400 1,700


1 12/12/2018 38 58.97 212,200 800


1 12/12/2018 38 59.98 213,900 1,700


1 12/12/2018 38 58.99 215,700 1,800


1 12/12/2018 38 59 217,800 2,100


1 12/12/2018 38 59.01 218,800 1,000


1 12/12/2018 38 59.015 218,900 100


1 12/12/2018 38 59.02 219,100 200


1 12/12/2018 38 59.025 219,300 200

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10129



Acquired/ Disposed


1 12/12/2018 38 59.03 220,900 1,600


1 12/12/2018 38 59.04 222,400 1,500


1 12/12/2018 38 59.05 223,600 1,200


1 12/12/2018 38 59.06 224,100 500


1 12/12/2018 38 59.07 224,600 500


1 12/12/2018 38 59.08 226,200 1,600


1 12/12/2018 38 59.09 227,500 1,300


1 12/12/2018 38 59.1 227,600 100


1 12/12/2018 38 59.12 228,500 900


1 12/12/2018 38 59.13 228,900 400


1 12/12/2018 38 59.14 229,500 600


1 12/12/2018 38 59.15 231,100 1,600


1 12/12/2018 38 59.16 231,400 300


1 12/12/2018 38 59.19 231,700 300


1 12/12/2018 38 59.21 232,200 500


1 12/12/2018 38 59.22 232,300 100


1 12/12/2018 38 59.24 232,500 200

National Bank of Canada Options Blanchet, Lucie 5 12/11/2018 50 130,718 46,016 National Bank of Canada Unités d'actions

assujetties à des restrictions (UAR) /(RSU)

Blanchet, Lucie 5 12/10/2018 59 60.07 0 -2,617

National Bank of Canada Unités d'actions assujetties à un critère de performance

Blanchet, Lucie 5 12/10/2018 59 60.07 4,403 -890


Blanchet, Lucie 5 12/10/2018 56 4,568 165


Blanchet, Lucie 5 12/10/2018 59 60.07 4,403 -165


Blanchet, Lucie 5 12/11/2018 56 14,420


Blanchet, Lucie 5 12/11/2018 56 14,420


Blanchet, Lucie 5 12/11/2018 56 18,823 14,420

National Bank of Canada Unités d'actions différées (UAD) / (DSU)

Blanchet, Lucie 5 12/11/2018 56 2,474 655

National Bank of Canada Options Bonnell, William 5 12/11/2018 50 34,864 National Bank of Canada Options Bonnell, William 5 12/11/2018 50 34,864 National Bank of Canada Options Bonnell, William 5 12/11/2018 50 311,692 54,452 National Bank of Canada Unités d'actions


Bonnell, William 5 12/10/2018 59 60.07 15,705


Bonnell, William 5 12/10/2018 59 60.07 15,705

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10130



Acquired/ Disposed


Bonnell, William 5 12/10/2018 59 -2,921


Bonnell, William 5 12/10/2018 59 -2,921


Bonnell, William 5 12/10/2018 56 2,921


Bonnell, William 5 12/10/2018 56 2,921


Bonnell, William 5 12/10/2018 56 2,921


Bonnell, William 5 12/10/2018 59 60.07 15,705


Bonnell, William 5 12/10/2018 59 60.07 15,705


Bonnell, William 5 12/10/2018 56 2,921


Bonnell, William 5 12/10/2018 56 2,921


Bonnell, William 5 12/10/2018 59 60.07 36,194 -2,921


Bonnell, William 5 12/10/2018 56 60.07 39,115 2,921


Bonnell, William 5 12/10/2018 59 60.07 23,410 -15,705


Bonnell, William 5 12/11/2018 56 34,331 10,921

National Bank of Canada Options Davis, Brian A. 7 12/11/2018 50 198,744 19,924 National Bank of Canada Unités d'actions


Davis, Brian A. 7 12/10/2018 56 31,115

National Bank of Canada Unités d'actions assujetties à des restrictions (UAR) /(RSU)

Davis, Brian A. 7 12/10/2018 56 31,115


Davis, Brian A. 7 12/10/2018 59 60.07 27,022 -31,115


Davis, Brian A. 7 12/11/2018 56 26,926


Davis, Brian A. 7 12/11/2018 56 26,926


Davis, Brian A. 7 12/11/2018 56 53,949 26,927


Davis, Brian A. 7 12/10/2018 59 60.07 3,373 -2,356


Davis, Brian A. 7 12/10/2018 56 3,811 438


Davis, Brian A. 7 12/10/2018 59 60.07 3,373 -438


Davis, Brian A. 7 12/11/2018 56 4,871 1,498

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10131



Acquired/ Disposed


Davis, Brian A. 7 12/11/2018 56 26,926


Davis, Brian A. 7 12/11/2018 56 26,926

National Bank of Canada Options Fagnoule, Dominique 5 12/11/2018 50 160,500 38,348 National Bank of Canada Unités d'actions


Fagnoule, Dominique 5 12/10/2018 59 60.07 17,574 -12,269


Fagnoule, Dominique 5 12/10/2018 56 60.07 19,856 2,282


Fagnoule, Dominique 5 12/10/2018 59 60.07 -2,289


Fagnoule, Dominique 5 12/10/2018 59 60.07 -2,289


Fagnoule, Dominique 5 12/10/2018 59 60.07 17,574 -2,282


Fagnoule, Dominique 5 12/11/2018 56 9,613


Fagnoule, Dominique 5 12/11/2018 56 9,613


Fagnoule, Dominique 5 12/11/2018 56 27,187 9,613

National Bank of Canada Options Ferreira, Laurent 7 12/11/2018 50 156,272 59,764 National Bank of Canada Unités d'actions


Ferreira, Laurent 7 12/10/2018 59 60.07 88,939 -96,084


Ferreira, Laurent 7 12/11/2018 56 151,916 62,977


Ferreira, Laurent 7 12/10/2018 59 60.07 2,811 -1,963


Ferreira, Laurent 7 12/10/2018 56 3,176 365


Ferreira, Laurent 7 12/10/2018 59 60.07 2,811 -365


Ferreira, Laurent 7 12/11/2018 56 18,917 16,106

National Bank of Canada Options Gagnon, Martin 5 12/11/2018 50 241,178 44,160 National Bank of Canada Unités d'actions


Gagnon, Martin 5 12/10/2018 59 60.07 0 -3,468


Gagnon, Martin 5 12/10/2018 59 60.07 40,069 -3,248


Gagnon, Martin 5 12/10/2018 56 -604


Gagnon, Martin 5 12/10/2018 56 -604


Gagnon, Martin 5 12/10/2018 59 60.07 39,465 -604


Gagnon, Martin 5 12/10/2018 56 40,069 604

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10132



Acquired/ Disposed


Gagnon, Martin 5 12/11/2018 56 57,860 17,791


Gagnon, Martin 5 12/11/2018 56 14,348 2,423

National Bank of Canada Options Girouard, Denis 7 12/11/2018 50 252,508 59,764 National Bank of Canada Unités d'actions


Girouard, Denis 7 12/10/2018 59 60.07 56,941 -71,193


Girouard, Denis 7 12/11/2018 56 38,535


Girouard, Denis 7 12/11/2018 56 38,535


Girouard, Denis 7 12/11/2018 56 95,476 38,535


Girouard, Denis 7 12/10/2018 59 60.07 25,270 -1,963


Girouard, Denis 7 12/10/2018 56 25,635 365


Girouard, Denis 7 12/10/2018 59 60.07 25,270 -365


Girouard, Denis 7 12/11/2018 56 41,376 16,106

National Bank of Canada Options Hébert, Brigitte 5 12/11/2018 50 113,360 24,404 National Bank of Canada Unités d'actions


Hébert, Brigitte 5 12/10/2018 59 60.07 14,058 -9,816


Hébert, Brigitte 5 12/10/2018 56 15,884 1,826


Hébert, Brigitte 5 12/10/2018 59 60.07 14,058 -1,826


Hébert, Brigitte 5 12/11/2018 56 9,780


Hébert, Brigitte 5 12/11/2018 56 9,780


Hébert, Brigitte 5 12/11/2018 56 23,838 9,780


Hébert, Brigitte 5 12/11/2018 56 21,240 1,339

National Bank of Canada Options Knuepp, Marc 5 12/11/2018 50 69,556 21,848 National Bank of Canada Unités d'actions


Knuepp, Marc 5 12/10/2018 59 60.07 1,463 -979


Knuepp, Marc 5 12/10/2018 56 1,645 182


Knuepp, Marc 5 12/10/2018 59 60.07 1,463 -182


Knuepp, Marc 5 12/11/2018 56 3,224 1,761

National Bank of Canada Options Lavigne, Martin 5 12/11/2018 50 277,584 26,032 National Bank of Canada Unités d'actions


Lavigne, Martin 5 12/10/2018 59 60.07 3,797

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10133



Acquired/ Disposed


Lavigne, Martin 5 12/10/2018 59 60.07 3,797


Lavigne, Martin 5 12/10/2018 59 60.07 3,742 -3,797


Lavigne, Martin 5 12/11/2018 56 3,496


Lavigne, Martin 5 12/11/2018 56 3,496


Lavigne, Martin 5 12/11/2018 56 7,238 3,496


Lavigne, Martin 5 12/10/2018 59 60.07 3,239


Lavigne, Martin 5 12/10/2018 59 60.07 3,239


Lavigne, Martin 5 12/10/2018 56 602


Lavigne, Martin 5 12/10/2018 56 602


Lavigne, Martin 5 12/10/2018 56 -602


Lavigne, Martin 5 12/10/2018 56 -602


Lavigne, Martin 5 12/10/2018 59 -602


Lavigne, Martin 5 12/10/2018 59 -602


Lavigne, Martin 5 12/10/2018 56 60.07 8,518 602


Lavigne, Martin 5 12/10/2018 59 60.07 7,916 -602


Lavigne, Martin 5 12/10/2018 59 60.07 4,677 -3,239


Lavigne, Martin 5 12/11/2018 56 6,775 2,098

National Bank of Canada Options Parent, Ghislain 5 12/11/2018 50 289,956 41,836 National Bank of Canada Unités d'actions


Parent, Ghislain 5 12/10/2018 59 60.07 15,705


Parent, Ghislain 5 12/10/2018 59 60.07 15,705


Parent, Ghislain 5 12/10/2018 56 60.07 2,921


Parent, Ghislain 5 12/10/2018 56 60.07 2,921


Parent, Ghislain 5 12/10/2018 59 60.07 15,705


Parent, Ghislain 5 12/10/2018 59 60.07 15,705

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10134



Acquired/ Disposed


Parent, Ghislain 5 12/10/2018 56 2,921


Parent, Ghislain 5 12/10/2018 56 2,921


Parent, Ghislain 5 12/10/2018 56 2,921


Parent, Ghislain 5 12/10/2018 59 -2,921


Parent, Ghislain 5 12/10/2018 59 -2,921


Parent, Ghislain 5 12/10/2018 56 60.07 43,083 2,921


Parent, Ghislain 5 12/10/2018 59 60.07 40,162 -2,921


Parent, Ghislain 5 12/10/2018 59 60.07 24,457 -15,705


Parent, Ghislain 5 12/11/2018 56 36,443 11,986


Parent, Ghislain 5 12/11/2018 56 33,939 2,296

National Bank of Canada Common Shares Pascoe, Ricardo 5 12/10/2018 51 17.44 66,855 49,884 National Bank of Canada Common Shares Pascoe, Ricardo 5 12/10/2018 10 58.657 16,971 -49,884 National Bank of Canada Common Shares Pascoe, Ricardo 5 12/12/2018 51 17.44 66,855 49,884 National Bank of Canada Common Shares Pascoe, Ricardo 5 12/12/2018 10 58.693 16,971 -49,884 National Bank of Canada Options Pascoe, Ricardo 5 12/10/2018 51 17.44 668,144 -49,884 National Bank of Canada Options Pascoe, Ricardo 5 12/11/2018 50 727,908 59,764 National Bank of Canada Options Pascoe, Ricardo 5 12/12/2018 51 17.44 678,024 -49,884 National Bank of Canada Unités d'actions


Pascoe, Ricardo 5 12/10/2018 59 60.07 21,745 -50,890


Pascoe, Ricardo 5 12/10/2018 59 60.07 84,998 -25,324


Pascoe, Ricardo 5 12/10/2018 56 89,708 4,710


Pascoe, Ricardo 5 12/10/2018 59 60.07 84,998 -4,710


Pascoe, Ricardo 5 12/11/2018 56 135,938 50,940

National Bank of Canada Options Thériault, Martin 2 12/11/2018 50 19,724 9,564 National Bank of Canada Unités d'actions


Thériault, Martin 2 12/10/2018 59 60.07 1,123 -774


Thériault, Martin 2 6/18/2018 00


Thériault, Martin 2 12/11/2018 56 599 599

National Bank of Canada Common Shares Vachon, Louis 4, 5 12/10/2018 51 17.44 237,611 100,000 National Bank of Canada Common Shares Vachon, Louis 4, 5 12/10/2018 10 58.774 137,611 -100,000 National Bank of Canada Options Vachon, Louis 4, 5 12/10/2018 51 17.44 2,358,216 -100,000 National Bank of Canada Options Vachon, Louis 4, 5 12/11/2018 50 224,104 National Bank of Canada Options Vachon, Louis 4, 5 12/11/2018 50 224,104 National Bank of Canada Options Vachon, Louis 4, 5 12/11/2018 50 2,582,320 224,104

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10135



Acquired/ Disposed


Vachon, Louis 4, 5 12/10/2018 59 60.07 126,533 -88,339


Vachon, Louis 4, 5 12/10/2018 56 142,964 16,431


Vachon, Louis 4, 5 12/10/2018 59 60.07 126,533 -16,431


Vachon, Louis 4, 5 12/11/2018 56 182,717 56,184

Nemaska Lithium Inc. Common Shares Bourassa, guy georges 4, 5 12/10/2018 10 0.72 6,115,000 5,500 Nevada Copper Corp. Common Shares Gili, Matthew 4, 5 12/10/2018 10 0.38 109,360 5,000 Nevada Copper Corp. Common Shares Gili, Matthew 4, 5 12/11/2018 10 0.37 112,360 3,000 Nevada Copper Corp. Common Shares Gili, Matthew 4, 5 12/11/2018 10 0.38 117,538 5,178 Nevada Copper Corp. Common Shares Gili, Matthew 4, 5 12/11/2018 10 0.4 120,538 3,000 Nevada Copper Corp. Common Shares Gili, Matthew 4, 5 12/11/2018 10 0.39 121,038 500 Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 12/10/2018 10 0.11 2,576,094 5,000 Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 12/11/2018 10 0.1 2,581,094 5,000 Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 12/12/2018 10 0.11 2,586,094 5,000 Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 12/12/2018 10 0.1 2,606,094 20,000 Nevada Zinc Corporation Common Shares Norvista Capital Corporation 3 12/13/2018 10 0.1 2,636,094 30,000 New Jersey Mining Company Common Shares Morgan, Robert 5 12/7/2018 10 0.18 150,000 50,000 New Tech Lithium Corp. Common Shares de jonge, rudy 4 12/7/2018 16 0.05 2,969,255 750,000 New Tech Lithium Corp. Warrants de jonge, rudy 4 12/7/2018 16 0.1 1,300,000 750,000 Newrange Gold Corp. Common Shares Archer, Robert Alexander 4 3/16/2018 10 0.28 402,000 135,000 Newrange Gold Corp. Options Archer, Robert Alexander 4 9/26/2018 50 0.08 610,000 460,000 Newrange Gold Corp. Warrants Archer, Robert Alexander 4 3/20/2018 53 0.45 67,500 67,500 Nexa Resources S.A. (formerly, VM Holding S.A.)

Common Shares Nexa Resources SA 1 12/10/2018 38 12.117 52,643 8,550

Nexa Resources S.A. (formerly, VM Holding S.A.)






NexGen Energy Ltd. Common Shares Curyer, Leigh Robert 4, 5 12/7/2018 51 560,500 250,000 NexGen Energy Ltd. Options Curyer, Leigh Robert 4, 5 12/7/2018 51 0.3 9,750,000 -250,000 NexGen Energy Ltd. Common Shares Li, Ka-shing 3 12/10/2018 97 13,293,933 231,331 NexGen Energy Ltd. Common Shares Li, Ka-shing 3 12/10/2018 97 1,928,548 231,331 NexGen Energy Ltd. Common Shares Li, Victor Tzar-Kuoi 3 12/10/2018 97 13,293,933 231,331 NexGen Energy Ltd. Common Shares Li, Victor Tzar-Kuoi 3 12/10/2018 97 1,928,548 231,331 NexgenRx Inc. Common Shares Crossett, Paul Everett 3 12/12/2018 10 0.25 6,639,500 1,000 NexgenRx Inc. Common Shares Ehler, Kelly Tyler 5 12/5/2016 00 133,500 NexgenRx Inc. Common Shares Ehler, Kelly Tyler 5 10/11/2018 11 0.25 173,500 40,000 NexgenRx Inc. Common Shares Ehler, Kelly Tyler 5 12/5/2016 00 151,000 NexgenRx Inc. Options Ehler, Kelly Tyler 5 12/5/2016 00 NexgenRx Inc. Options Ehler, Kelly Tyler 5 9/29/2017 50 0.23 250,000 250,000 NexgenRx Inc. Options Loucks, Ronald Campbell 3, 4, 5 12/6/2018 50 4,400,275 2,000,000 Next Green Wave Holdings Inc.

Common Shares Chow, Paul 4 12/6/2018 10 0.39 5,699,333 15,000

Next Green Wave Holdings Inc.





Common Shares Jennings, Michael 4 11/9/2018 11 33,000,000 -2,000,000

Nexus Real Estate Investment Trust

Trust Units Forgione, Mario 4 12/10/2018 36 1,434,864 1,000,000

NFI Group Inc. (formerly New Flyer Industries Inc.)

Common Shares Edwards, Larry Dean 7 12/11/2018 10 25.47 5,000 5,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10136



Acquired/ Disposed


Common Shares Gray, Adam L. 4 12/7/2018 10 34.75 713,744 100,000


Common Shares Gray, Adam L. 4 12/10/2018 10 33.74 773,744 60,000


Common Shares Marinucci, Giovanni (John) 4 12/11/2018 10 33.95 135,500 3,000


Common Shares Smart, Ian Scott 5 12/14/2018 10 34.75 18,138 1,727


Common Shares Soubry, Paul 5 12/10/2018 10 33.286 352,440 5,000


Common Shares Young, Steven Allan 5 12/12/2018 10 34.65 2,100 600

Noront Resources Ltd. Common Shares Parisotto, Paul Anthony 4 12/10/2018 51 0.17 523,500 100,000 Noront Resources Ltd. Options common shares Parisotto, Paul Anthony 4 12/10/2018 51 0.17 800,000 -100,000 Noront Resources Ltd. Options common shares RCF Management LLC 4 9/7/2018 52 0 -1,000,000 Noront Resources Ltd. Options common shares Thomas, David Alan 4 9/7/2018 52 0 -1,000,000 Noront Resources Ltd. Common Shares Weston, Ryan 5 12/10/2018 10 0.2304 150,000 50,000 North Bud Farms Inc. Common Shares Brown, Ryan 4, 5 12/5/2018 10 0.23 1,361,941 5,000 North Bud Farms Inc. Common Shares Brown, Ryan 4, 5 12/5/2018 10 0.225 1,364,441 2,500 North Bud Farms Inc. Common Shares Brown, Ryan 4, 5 12/5/2018 10 0.22 1,369,941 5,500 North Bud Farms Inc. Common Shares Brown, Ryan 4, 5 12/5/2018 10 0.24 1,372,941 3,000 Northfield Capital Corporation

Common Shares CLASS A RESTRICTED VOTING

Northfield Capital Corporation

1 12/7/2018 10 29 36,252 500

Northfield Capital Corporation

Common Shares CLASS A RESTRICTED VOTING

Peters, Brent James 4, 5 12/11/2018 47 29 72,400 -500

Nova Leap Health Corp. Common Shares Dobbin, Christopher Donald 4 12/10/2018 10 0.33 2,051,700 3,000 Nova Leap Health Corp. Common Shares Myles, R. Wayne 4 12/6/2018 10 0.29 1,016,333 48,500 Nova Leap Health Corp. Common Shares Myles, R. Wayne 4 12/10/2018 10 0.32 1,043,333 27,000 Nova Leap Health Corp. Common Shares Myles, R. Wayne 4 12/11/2018 10 0.32 1,087,333 44,000 Nova Leap Health Corp. Common Shares Myles, R. Wayne 4 12/12/2018 10 0.32 1,102,333 15,000 NOVAGOLD RESOURCES INC.

Common Shares DEISLEY, DAVID LEE 5 12/7/2018 51 2.9 1,047,286 275,974

NOVAGOLD RESOURCES INC.

Common Shares DEISLEY, DAVID LEE 5 12/7/2018 38 5.16 892,062 -155,224


Common Shares DEISLEY, DAVID LEE 5 12/7/2018 10 5.16 771,312 -120,750


Options DEISLEY, DAVID LEE 5 12/7/2018 51 2.9 1,780,150 -275,974


Common Shares Lang, Gregory Anthony 5 12/7/2018 51 2.9 1,731,866 150,000


Common Shares Lang, Gregory Anthony 5 12/7/2018 38 5.06 1,645,896 -85,970




Common Shares Lang, Gregory Anthony 5 12/10/2018 47 1,513,528 -90,800



















Insider Reporting

December 20, 2018

(2018), 41 OSCB 10137



Acquired/ Disposed


Options Lang, Gregory Anthony 5 12/7/2018 51 2.9 6,996,750 -150,000








Common Shares Williams, Richard 5 12/7/2018 51 2.9 372,502 100,000


Common Shares Williams, Richard 5 12/7/2018 38 5.15 316,185 -56,317




Common Shares Williams, Richard 5 12/13/2018 51 2.9 322,502 50,000






Options Williams, Richard 5 12/7/2018 51 2.9 1,346,334 -100,000


Options Williams, Richard 5 12/13/2018 51 2.9 1,296,334 -50,000

Novelion Therapeutics Inc. Common Shares Chan, Barbara 5 12/6/2018 57 1.28 13,784 11,250 Novelion Therapeutics Inc. Common Shares Chan, Barbara 5 12/6/2018 11 1.28 10,471 -3,313 Novelion Therapeutics Inc. Restricted Stock Unit Chan, Barbara 5 12/6/2018 57 1.28 8,600 -11,250 Nutrien Ltd. Common Shares Webb, Michael Reed 5 12/14/2018 10 63.293 8,676 1,000 Nutritional High International Inc.

Common Shares Siciliano, Tom 5 12/10/2018 00

Nutritional High International Inc.

Options Siciliano, Tom 5 12/10/2018 00 350,000

Nutritional High International Inc.

Warrants Siciliano, Tom 5 12/10/2018 00

NUVISTA ENERGY LTD. Options Andreachuk, Ross Lloyd 5 11/27/2018 52 10.79 549,791 -10,000 NUVISTA ENERGY LTD. Options Asman, Kevin Garth 5 11/26/2018 52 8.1 476,622 -14,000 NUVISTA ENERGY LTD. Options Asman, Kevin Garth 5 11/27/2018 52 10.79 464,956 -11,666 NUVISTA ENERGY LTD. Options Lawford, Michael 5 11/26/2018 52 8.1 616,504 -16,666 NUVISTA ENERGY LTD. Options Lawford, Michael 5 11/27/2018 52 10.79 603,171 -13,333 NUVISTA ENERGY LTD. Options Lawford, Michael 5 11/30/2018 52 8.04 592,171 -11,000 NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 11/26/2018 52 8.1 284,946 -7,000 NUVISTA ENERGY LTD. Options Paulgaard, Ryan Daniel 5 11/27/2018 52 10.79 279,613 -5,333 NUVISTA ENERGY LTD. Options Truba, Joshua Thomas 5 11/27/2018 52 10.79 436,935 -10,000 NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 11/26/2018 52 8.1 1,074,821 -27,333 NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 11/27/2018 52 10.79 1,047,488 -27,333 NUVISTA ENERGY LTD. Options Wright, Jonathan Andrew 5 11/30/2018 52 8.04 1,022,488 -25,000 NXT Energy Solutions Inc. Common Shares Tilson, John 4 12/13/2018 10 0.307 584,498 -14,000 OceanaGold Corporation Common Shares Cadzow, Mark David 5 12/14/2018 10 306,702 -10,000 OceanaGold Corporation Common Shares MA, YUWEN 5 12/13/2018 10 73,276 -22,262 Olympia Financial Group Inc. Common Shares Bahnuik, Jonathan Marvin 5 12/14/2018 30 41.035 1,212 25 Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 12/12/2018 10 40.5 663 320 Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 12/12/2018 10 41.34 7,667 504 Olympia Financial Group Inc. Common Shares Newman, Brian Ross 4 12/12/2018 10 40.49 7,967 300 Oncolytics Biotech Inc. Common Shares Coffey, Matthew 4, 5 12/11/2018 10 2.029 35,373 5,000 Oncolytics Biotech Inc. Common Shares de Guttadauro, Andrew 5 7/3/2017 00 Oncolytics Biotech Inc. Common Shares de Guttadauro, Andrew 5 12/11/2018 10 2.0974 4,000 4,000 Oncolytics Biotech Inc. Common Shares Look, Kirk 5 12/11/2018 10 2.75 8,173 4,100 ONEX CORPORATION Subordinate Voting

Shares Heersink, Ewout R. 4, 5 6/27/2002 00

ONEX CORPORATION Subordinate Voting Shares

Heersink, Ewout R. 4, 5 12/6/2018 47 81.72 33,292 33,292

ONEX CORPORATION Options Morgan, Anthony David 7 12/10/2018 59 63.53 184,000 -4,000 ONEX CORPORATION Options Morgan, Anthony David 7 12/10/2018 59 38.5 134,000 -50,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10138



Acquired/ Disposed

ONEX CORPORATION Options Morgan, Anthony David 7 12/10/2018 59 56.92 114,000 -20,000 ONEX CORPORATION Options Morgan, Anthony David 7 12/10/2018 59 40.35 94,000 -20,000 ONEX CORPORATION Options Thompson, Emma 5 12/10/2018 59 15.95 170,250 -2,000 Optiva Inc. (formerly Redknee Solutions Inc.)

Rights Performance Share Units

Basu, Anindyaraj 7 12/12/2018 58 - Expiration of rights

374 -70

Optiva Inc. (formerly Redknee Solutions Inc.)

Rights Performance Share Units

Basu, Anindyaraj 7 12/12/2018 58 - Expiration of rights

224 -150

Optiva Inc. (formerly Redknee Solutions Inc.)


Basu, Anindyaraj 7 12/12/2018 59 45.98 300 -150

ORTHO REGENERATIVE TECHNOLOGIES INC.

Common Shares Mainville, Luc 5 12/6/2018 10 0.2108 395,000 25,000





Painted Pony Energy Ltd. Options Angus, Kevin Daniel 4 12/12/2018 52 28,800 -18,000 Painted Pony Energy Ltd. Options Carley, Glenn Robert 4 12/12/2018 52 31,800 -15,000 Painted Pony Energy Ltd. Options Hanbury, Edwin Stewart 5 12/12/2018 52 1,036,000 -70,000 Painted Pony Energy Ltd. Options Joubert, Nereus 4 12/12/2018 52 0 -89,000 Painted Pony Energy Ltd. Options Madden, Arthur J.G. 4 12/12/2018 52 28,800 -18,000 Painted Pony Energy Ltd. Options McNamara, Leo Barry 5 12/12/2018 52 906,000 -70,000 Painted Pony Energy Ltd. Options Ward, Patrick Russell 4, 5 12/12/2018 52 1,455,500 -105,000 Palamina Corp. Common Shares Thomson, Andrew 4 12/13/2018 10 0.36 1,382,869 2,500 Pan American Silver Corp. Common Shares Andrews, Matthew Robert 5 12/7/2018 46 17.53 31,327 6,413 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Andrews, Matthew Robert 5 12/7/2018 56 17.53 8,077 3,686

Pan American Silver Corp. Rights Restricted Share Units ("RSUs")

Andrews, Matthew Robert 5 12/8/2018 59 18.37 1,268


Andrews, Matthew Robert 5 12/8/2018 59 18.37 6,809 -1,268


Andrews, Matthew Robert 5 12/9/2018 59 18.37 4,954 -1,855

Pan American Silver Corp. Common Shares Busby, Steven 5 12/7/2018 46 17.53 76,690 11,886 Pan American Silver Corp. Options Busby, Steven 5 12/9/2018 52 24.9 94,863 -40,389 Pan American Silver Corp. Rights Performance Share

Units Busby, Steven 5 12/7/2018 56 17.48 37,068 14,503

Pan American Silver Corp. Rights Performance Share Units

Busby, Steven 5 12/11/2018 59 25,345 -11,723


Busby, Steven 5 12/7/2018 56 17.53 15,195 6,831


Busby, Steven 5 12/8/2018 59 12,171 -3,024


Busby, Steven 5 12/9/2018 59 9,854 -2,317

Pan American Silver Corp. Common Shares Couturier, Ignacio Llerena 5 12/7/2018 46 17.53 7,021 2,932 Pan American Silver Corp. Options Couturier, Ignacio Llerena 5 12/7/2018 52 24.9 -4,767 Pan American Silver Corp. Options Couturier, Ignacio Llerena 5 12/7/2018 50 17.53 59,696 7,515 Pan American Silver Corp. Options Couturier, Ignacio Llerena 5 12/9/2018 52 24.9 54,929 -4,767 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Couturier, Ignacio Llerena 5 12/7/2018 56 17.53 5,573 2,528


Couturier, Ignacio Llerena 5 12/7/2018 59 18.37 -870


Couturier, Ignacio Llerena 5 12/8/2018 59 18.37 4,703 -870


Couturier, Ignacio Llerena 5 12/9/2018 59 18.37 3,397 -1,306

Pan American Silver Corp. Common Shares Dasso, Andres Antonio 5 12/7/2018 46 17.53 71,155 11,885 Pan American Silver Corp. Options Dasso, Andres Antonio 5 12/9/2018 52 24.9 0 -8,896 Pan American Silver Corp. Rights Performance Share

Units Dasso, Andres Antonio 5 12/7/2018 56 17.48 30,734 12,380


Dasso, Andres Antonio 5 12/11/2018 59 21,401 -9,333


Dasso, Andres Antonio 5 12/7/2018 56 17.53 18,018 7,203

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10139



Acquired/ Disposed





Pan American Silver Corp. Common Shares Doyle, Alun Robert 5 12/7/2018 46 17.53 50,166 7,930 Pan American Silver Corp. Options Doyle, Alun Robert 5 12/9/2018 52 24.9 31,010 -8,147 Pan American Silver Corp. Rights Performance Share

Units Doyle, Alun Robert 5 12/7/2018 56 17.48 29,205 11,749


Doyle, Alun Robert 5 12/11/2018 59 20,311 -8,894


Doyle, Alun Robert 5 12/7/2018 56 17.53 25,052 13,672





Pan American Silver Corp. Common Shares Emerson, Christopher 5 12/7/2018 46 17.53 8,649 2,277 Pan American Silver Corp. Options Emerson, Christopher 5 12/7/2018 50 17.53 71,585 23,342 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Emerson, Christopher 5 12/7/2018 56 17.53 7,250 3,925


Emerson, Christopher 5 12/8/2018 59 18.37 6,072 -1,178


Emerson, Christopher 5 12/9/2018 59 18.37 5,102 -970

Pan American Silver Corp. Common Shares Fisekci, Siren 5 12/7/2018 46 17.53 6,631 3,157 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Fisekci, Siren 5 12/7/2018 56 17.53 10,066 5,443


Fisekci, Siren 5 12/8/2018 59 18.37 9,152 -914


Fisekci, Siren 5 12/9/2018 59 18.37 6,357 -2,795

Pan American Silver Corp. Common Shares Fisher, Delaney Joseph 5 12/7/2018 46 17.53 17,300 1,718 Pan American Silver Corp. Options Fisher, Delaney Joseph 5 12/7/2018 50 17.53 29,615 17,609 Pan American Silver Corp. Options Fisher, Delaney Joseph 5 12/9/2018 52 24.9 24,764 -4,851 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Fisher, Delaney Joseph 5 12/7/2018 56 17.53 10,565 2,961


Fisher, Delaney Joseph 5 12/8/2018 59 18.37 7,513 -3,052


Fisher, Delaney Joseph 5 12/9/2018 59 18.37 6,014 -1,499

Pan American Silver Corp. Options Greer, Georges 5 12/9/2018 52 24.9 33,135 -10,846 Pan American Silver Corp. Rights Performance Share

Units Greer, Georges 5 12/7/2018 56 17.48 23,599 9,806


Greer, Georges 5 12/11/2018 59 16,719 -6,880


Greer, Georges 5 12/7/2018 56 17.53 33,524 22,822


Greer, Georges 5 12/8/2018 59 29,634 -3,890


Greer, Georges 5 12/9/2018 59 26,712 -2,922

Pan American Silver Corp. Common Shares Lemon, Christopher 5 12/7/2018 46 17.53 12,101 7,122 Pan American Silver Corp. Options Lemon, Christopher 5 12/7/2018 50 17.53 18,257 Pan American Silver Corp. Options Lemon, Christopher 5 12/7/2018 50 17.53 18,257 Pan American Silver Corp. Options Lemon, Christopher 5 12/7/2018 50 17.53 18,257 Pan American Silver Corp. Options Lemon, Christopher 5 12/7/2018 50 17.53 18,257 Pan American Silver Corp. Options Lemon, Christopher 5 12/7/2018 50 17.53 33,352 18,257 Pan American Silver Corp. Rights Performance Share

Units Lemon, Christopher 5 12/11/2018 56 17.48 14,755 10,553


Lemon, Christopher 5 12/7/2018 56 17.53 6,140




Lemon, Christopher 5 12/7/2018 57 18.37 -2,146

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10140



Acquired/ Disposed








Lemon, Christopher 5 12/7/2018 56 17.53 10,432 6,140






Lemon, Christopher 5 12/11/2018 59 18.37 8,286 -2,146

Pan American Silver Corp. Options McAleer, Sean 5 12/9/2018 52 24.9 0 -26,073 Pan American Silver Corp. Rights Performance Share

Units McAleer, Sean 5 12/7/2018 56 17.48 26,157 10,581


McAleer, Sean 5 12/11/2018 59 18,227 -7,930


McAleer, Sean 5 12/7/2018 56 17.53 48,300 24,625


McAleer, Sean 5 12/8/2018 59 39,694 -8,606


McAleer, Sean 5 12/9/2018 59 33,231 -6,463

Pan American Silver Corp. Common Shares Paterson, Cameron 5 12/7/2018 46 17.53 4,077 1,397 Pan American Silver Corp. Options Paterson, Cameron 5 12/7/2018 50 17.53 36,704 14,318 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Paterson, Cameron 5 12/7/2018 56 17.53 6,984 2,408


Paterson, Cameron 5 12/8/2018 59 18.37 5,330 -1,654


Paterson, Cameron 5 12/9/2018 59 18.37 4,063 -1,267

Pan American Silver Corp. Common Shares Steinmann, Michael 5 12/7/2018 46 17.53 73,774 13,606 Pan American Silver Corp. Options Steinmann, Michael 5 12/9/2018 52 24.9 46,031 -38,814 Pan American Silver Corp. Rights Performance Share

Units Steinmann, Michael 5 12/7/2018 56 17.48 98,991 38,606


Steinmann, Michael 5 12/11/2018 59 77,989 -21,002


Steinmann, Michael 5 12/7/2018 56 17.53 47,950 25,671





Pan American Silver Corp. Common Shares Vincent, Wayne 5 12/7/2018 46 17.53 28,679 5,270 Pan American Silver Corp. Options Vincent, Wayne 5 12/9/2018 52 24.9 0 -10,306 Pan American Silver Corp. Rights Restricted Share

Units ("RSUs") Vincent, Wayne 5 12/7/2018 56 17.53 6,471 3,315


Vincent, Wayne 5 12/8/2018 59 18.37 5,330 -1,141


Vincent, Wayne 5 12/9/2018 59 18.37 4,456 -874

Pan American Silver Corp. Common Shares Wafforn, Martin 5 12/7/2018 46 17.53 20,248 3,088 Pan American Silver Corp. Options Wafforn, Martin 5 12/7/2018 50 17.53 113,326 31,661 Pan American Silver Corp. Options Wafforn, Martin 5 12/9/2018 52 24.9 101,362 -11,964 Pan American Silver Corp. Rights Performance Share

Units Wafforn, Martin 5 12/7/2018 56 17.48 15,662 9,150


Wafforn, Martin 5 12/7/2018 56 17.53 10,366 5,324


Wafforn, Martin 5 12/8/2018 59 8,533 -1,833


Wafforn, Martin 5 12/9/2018 59 7,157 -1,376

Parkit Enterprise Inc. Common Shares Dunkley, Bradley Roy 4 12/7/2018 10 0.28 2,534,500 6,500

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10141



Acquired/ Disposed

Parkit Enterprise Inc. Common Shares Dunkley, Bradley Roy 4 12/11/2018 10 0.2721 2,628,000 93,500 Parkit Enterprise Inc. Common Shares Dunkley, Bradley Roy 4 12/12/2018 10 0.2692 2,687,500 59,500 Parkit Enterprise Inc. Common Shares Geller, Avi 4, 5 12/11/2018 10 0.27 5,760,037 5,000 Parkit Enterprise Inc. Common Shares Geller, Avi 4, 5 12/11/2018 10 0.202 5,770,037 10,000 Parkland Fuel Corporation Common Shares Espey, Robert Berthold 5 12/6/2018 51 12.25 226,530 Parkland Fuel Corporation Common Shares Espey, Robert Berthold 5 12/6/2018 51 12.25 226,530 Parkland Fuel Corporation Share Options Espey, Robert Berthold 5 12/6/2018 51 12.25 -226,530 Parkland Fuel Corporation Share Options Espey, Robert Berthold 5 12/6/2018 51 12.25 -226,530 Pascal Biosciences Inc. Common Shares Gray, Patrick 4, 5 11/23/2018 11 -290,692 Pascal Biosciences Inc. Common Shares Gray, Patrick 4, 5 11/23/2018 11 525,287 -290,692 Pasinex Resources Limited Common Shares Olsson, Sven 4 10/25/2016 54 2,215,818 50,000 Pasinex Resources Limited Common Shares Olsson, Sven 4 8/18/2017 11 0.2 3,025,618 75,000 Pasinex Resources Limited Warrants Olsson, Sven 4 10/25/2016 54 1,025,000 -50,000 Pasinex Resources Limited Warrants Olsson, Sven 4 8/16/2017 11 75,000 75,000 Pasinex Resources Limited Warrants Olsson, Sven 4 8/18/2017 54 0.2 0 -75,000 Pasinex Resources Limited Warrants Williams, Steven Robert 4, 5 12/21/2014 55 0.15 25,000 -50,000 Pason Systems Inc. Common Shares Faber, Jonathan 5 12/14/2018 10 18.55 14,200 4,000 Pason Systems Inc. Common Shares Kessler, Marcel 5 12/10/2018 10 18.85 47,938 3,000 Pason Systems Inc. Common Shares Kessler, Marcel 5 12/11/2018 10 19.6 50,288 2,350 Pason Systems Inc. Common Shares Smith, Russell 5 12/11/2018 10 14.138 13,790 500 Pathfinder Income Fund Trust Units Pathfinder Convertible

Debenture Fund 1 12/4/2018 38 7.4731 11,129,698 1,300

Pathfinder Income Fund Trust Units Pathfinder Convertible Debenture Fund

1 12/5/2018 38 7.44 11,129,898 200


1 12/10/2018 38 7.4075 11,130,698 800


1 12/11/2018 38 7.3814 11,131,398 700


1 12/12/2018 38 7.3611 11,132,298 900


1 12/13/2018 38 7.4181 11,134,898 2,600

Pearl River Holdings Limited Common Shares Lunick, George 4, 5 12/6/2018 10 12.5 54,000 4,000 Peekaboo Beans Inc. Common Shares Fong, Dave 5 12/11/2018 00 9,471 Pelangio Exploration Inc. Common Shares Bates, Warren Ross 5 12/10/2018 22 0.13 139,007 49,757 People Corporation Common Shares Anderson, Scott Cameron 4 12/11/2018 10 7.25 44,500 -1,500 PetroShale Inc. Common Shares Izzo, Antonio Vincenzo 5 12/14/2018 51 0.7 649,615 265,000 PetroShale Inc. Options Izzo, Antonio Vincenzo 5 12/14/2018 51 0.7 50,000 -265,000 PetroShale Inc. Restricted Bonus Awards Morgret, Caleb George 5 12/3/2018 00 350,000 PetroShale Inc. Common Shares Rain, David James 4 12/11/2018 51 0.7 649,615 265,000 PetroShale Inc. Options Rain, David James 4 12/11/2018 51 0.7 265,000 PetroShale Inc. Options Rain, David James 4 12/11/2018 51 0.7 50,000 -265,000 PetroShale Inc. Options Rain, David James 4 12/11/2018 51 0.7 -265,000 PetroShale Inc. Options Rain, David James 4 12/11/2018 51 0.7 -265,000 PetroShale Inc. Common Shares Roorda, Jacob 4 12/11/2018 51 0.7 349,732 49,132 PetroShale Inc. Options Roorda, Jacob 4 12/11/2018 51 0.7 49,132 PetroShale Inc. Options Roorda, Jacob 4 12/11/2018 51 0.7 160,868 -49,132 Peyto Exploration & Development Corp.

Common Shares Robinson, Scott 5 12/6/2018 10 9.35 358,007 -40,000

Phivida Holdings Inc. Common Shares Belfontaine, John David Alexander

3, 4, 5 12/4/2018 10 0.6122 2,584,040 -53,360


3, 4, 5 12/11/2018 10 0.71 2,579,040 -5,000


3, 4, 5 12/12/2018 10 0.71 2,534,040 -45,000

PHX Energy Services Corp. Common Shares PHX Energy Services Corp 1 11/16/2018 10 2.85 15,600 15,600 PHX Energy Services Corp. Common Shares PHX Energy Services Corp 1 11/23/2018 10 2.92 23,600 8,000 Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 12/13/2018 10 0.27 17,696,375 25,000 Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 12/10/2018 10 0.28 16,566,500 22,500 Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 12/13/2018 10 0.275 16,666,500 100,000 Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 12/13/2018 10 0.27 16,691,500 25,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10142



Acquired/ Disposed

Pine Cliff Energy Ltd. Options Drummond, Gary J. 4 12/12/2018 52 1.16 790,966 -100,000 Pine Cliff Energy Ltd. Options Fink, George Frederick 3, 4, 5 12/8/2018 52 1.16 1,109,000 -150,000 Pine Cliff Energy Ltd. Options Hodge, Philip Blake 4, 5 12/8/2018 52 1.16 2,600,000 -350,000 Pine Cliff Energy Ltd. Options Isidoro, Heather Adele 5 12/8/2018 52 1.16 1,010,000 -150,000 Pine Cliff Energy Ltd. Options Jarock, Randy M. 4 12/8/2018 52 1.16 790,966 -100,000 Pine Cliff Energy Ltd. Options Lee, Chris 5 12/8/2018 52 1.16 828,000 -120,000 Pine Cliff Energy Ltd. Options Lowe, Cheryne 5 12/8/2018 52 1.16 884,167 -183,333 Pine Cliff Energy Ltd. Options McNeill, Terry Lee 5 12/8/2018 52 1.16 1,714,000 -240,000 Pine Cliff Energy Ltd. Options Rice, William Sanford 4 12/8/2018 52 834,300 -62,000 Pivit Exploration Inc. Common Shares Kalt, Ryan 3 12/12/2018 10 0.13 2,718,000 10,000 Plateau Energy Metals Inc. Common Shares Disbrow, Robert 3 12/7/2018 10 0.78 6,473,153 2,500 Plateau Energy Metals Inc. Common Shares Disbrow, Robert 3 12/10/2018 10 0.765 6,478,153 5,000 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 11/1/2018 16 0.95 365,000 60,000 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 11/1/2018 16 0.95 165,000 45,000 Plateau Energy Metals Inc. Warrants Holmes, Alexander 4, 5 11/1/2018 16 1.25 170,000 30,000 Plateau Energy Metals Inc. Warrants Holmes, Alexander 4, 5 11/1/2018 16 1.25 82,500 22,500 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 12/12/2018 10 0.65 6,229,782 55,000 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 12/12/2018 90 6,226,500 -3,282 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 12/13/2018 90 6,222,151 -4,349 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 12/12/2018 10 0.65 2,073,700 15,000 Platform Eight Capital Corp. Common Shares Travaglini, John Francis 3, 4, 5 12/12/2018 10 0.16 1,220,000 20,000 Platinum Group Metals Ltd. Common Shares Begic, Kris 5 12/13/2018 97 118,060 60 Platinum Group Metals Ltd. Common Shares Begic, Kris 5 12/13/2018 37 11,806 -106,254 Platinum Group Metals Ltd. Common Shares Begic, Kris 5 12/13/2018 37 434 -3,906 Platinum Group Metals Ltd. Common Shares Begic, Kris 5 12/13/2018 37 760 -6,840 Platinum Group Metals Ltd. Options Begic, Kris 5 12/13/2018 37 19,463 -175,162 Platinum Group Metals Ltd. Warrants Begic, Kris 5 12/13/2018 37 10,000 -90,000 Platinum Group Metals Ltd. Common Shares Hallam, Frank 4, 5 12/13/2018 37 20,808 -187,268 Platinum Group Metals Ltd. Common Shares Hallam, Frank 4, 5 12/13/2018 37 55 -495 Platinum Group Metals Ltd. Options Hallam, Frank 4, 5 12/13/2018 37 42,250 -380,250 Platinum Group Metals Ltd. Warrants Hallam, Frank 4, 5 12/13/2018 37 8,400 -75,600 Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 12/13/2018 37 25,198 -226,778 Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 12/13/2018 37 9,560 -86,040 Platinum Group Metals Ltd. Common Shares Jones, R. Michael 4, 5 12/13/2018 37 801 -7,210 Platinum Group Metals Ltd. Options Jones, R. Michael 4, 5 12/13/2018 37 48,750 -438,750 Platinum Group Metals Ltd. Warrants Jones, R. Michael 4, 5 12/13/2018 37 8,267 -74,400 Platinum Group Metals Ltd. Common Shares Marlow, Timothy Douglas 4 12/13/2018 37 300 -2,700 Platinum Group Metals Ltd. Options Marlow, Timothy Douglas 4 12/13/2018 37 21,875 -196,875 Platinum Group Metals Ltd. Common Shares McLean, Iain David

Colquhoun 4 12/13/2018 37 2,033 -18,302

Platinum Group Metals Ltd. Options McLean, Iain David Colquhoun

4 12/13/2018 37 21,875 -196,875

Platinum Group Metals Ltd. Common Shares Walters, Diana 4 12/13/2018 37 400 -3,600 Platinum Group Metals Ltd. Options Walters, Diana 4 12/13/2018 37 21,875 -196,875 POCML 5 INC. Options D'Onofrio, David 3, 4, 5 10/29/2018 00 POCML 5 INC. Options D'Onofrio, David 3, 4, 5 12/10/2018 50 0.1 450,000 450,000 POCML 5 INC. Options DiCapo, Pasquale 3, 4 10/29/2018 00 POCML 5 INC. Options DiCapo, Pasquale 3, 4 12/10/2018 50 0.1 500,000 500,000 POCML 5 INC. Options Parsons, Adam 4 10/29/2018 00 POCML 5 INC. Options Parsons, Adam 4 12/10/2018 50 0.1 50,000 50,000 Pond Technologies Holdings Inc.

Common Shares Andrade, Kevin 5 12/11/2018 10 0.6 36,250 11,250

Pond Technologies Holdings Inc.

Common Shares Martin, Steven 4, 5 12/11/2018 10 0.72 1,000


Common Shares Martin, Steven 4, 5 12/11/2018 10 0.7 1,623,119 1,000


Common Shares Martin, Steven 4, 5 12/11/2018 10 0.72 1,627,119 4,000

Portage Biotech Inc. Common Shares Mintz, Steven Michael 4 12/10/2018 10 0 -26,000 Portage Biotech Inc. Common Shares Mintz, Steven Michael 4 12/10/2018 10 0 -26,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10143



Acquired/ Disposed

Portage Biotech Inc. Common Shares Mintz, Steven Michael 4 12/11/2018 10 0 -100,000 Portage Biotech Inc. Common Shares Mintz, Steven Michael 4 12/10/2018 10 0 -26,000 Portage Biotech Inc. Common Shares Mintz, Steven Michael 4 12/10/2018 10 0 -26,000 PPX Mining Corp. Common Shares Imrie, Brian Crompton 4 12/5/2018 10 0.095 5,628,100 50,000 Precision Drilling Corporation Common Shares Gibson, Brian James 4 12/11/2018 10 2.64 95,000 40,000 Precision Drilling Corporation Common Shares Neveu, Kevin A. 4, 5 12/11/2018 10 2.679 807,596 100,000 Pretium Resources Inc. Rights DSUs Bienenstock, Robin Anne 4 11/8/2018 00 Pretium Resources Inc. Rights DSUs Bienenstock, Robin Anne 4 12/11/2018 56 37,321 37,321 Pretium Resources Inc. Rights DSUs Birkey, Peter Merriman 4 5/14/2014 00 Pretium Resources Inc. Rights DSUs Birkey, Peter Merriman 4 12/11/2018 56 14,315 14,315 Pretium Resources Inc. Options Board, Warwick 5 12/11/2018 50 107,720 32,720 Pretium Resources Inc. Rights PSUs Board, Warwick 5 1/23/2018 00 Pretium Resources Inc. Rights PSUs Board, Warwick 5 12/11/2018 56 5,624 5,624 Pretium Resources Inc. Rights RSUs Board, Warwick 5 12/11/2018 56 20,958 5,624 Pretium Resources Inc. Rights RSUs Cvijetinovic, Vladimir 5 7/3/2018 00 Pretium Resources Inc. Rights RSUs Cvijetinovic, Vladimir 5 12/11/2018 56 4,090 4,090 Pretium Resources Inc. Common Shares McNaughton, Kenneth C. 6 12/13/2018 51 5.85 340,325 39,825 Pretium Resources Inc. Common Shares McNaughton, Kenneth C. 6 12/13/2018 10 10.183 300,500 -39,825 Pretium Resources Inc. Options McNaughton, Kenneth C. 6 12/11/2018 50 296,885 34,346 Pretium Resources Inc. Options McNaughton, Kenneth C. 6 12/13/2018 51 5.85 257,060 -39,825 Pretium Resources Inc. Rights PSUs McNaughton, Kenneth C. 6 12/11/2018 56 15,006 8,586 Pretium Resources Inc. Rights RSUs McNaughton, Kenneth C. 6 12/11/2018 56 47,541 8,586 Pretium Resources Inc. Options Ovsenek, Joseph J. 4, 5 12/11/2018 50 632,599 146,128 Pretium Resources Inc. Rights PSUs Ovsenek, Joseph J. 4, 5 12/11/2018 56 61,952 33,604 Pretium Resources Inc. Rights RSUs Ovsenek, Joseph J. 4, 5 12/11/2018 56 141,419 33,604 Pretium Resources Inc. Common Shares Paspalas, George Nickolas 4 12/14/2018 57 41,846 8,811 Pretium Resources Inc. Common Shares Paspalas, George Nickolas 4 12/14/2018 10 9.96 37,646 -4,200 Pretium Resources Inc. Rights DSUs Paspalas, George Nickolas 4 5/10/2013 00 Pretium Resources Inc. Rights DSUs Paspalas, George Nickolas 4 12/11/2018 56 14,315 14,315 Pretium Resources Inc. Rights RSUs Paspalas, George Nickolas 4 12/14/2018 57 12,634 -8,811 Pretium Resources Inc. Options Prins, David William 5 12/11/2018 50 559,835 73,064 Pretium Resources Inc. Rights PSUs Prins, David William 5 12/11/2018 56 32,092 16,802 Pretium Resources Inc. Rights RSUs Prins, David William 5 12/11/2018 56 32,092 16,802 Pretium Resources Inc. Rights RSUs Quartermain, Robert Allan 4, 5 12/11/2018 56 283,699 104,503 Pretium Resources Inc. Options Romero, Michelle Ann 5 12/11/2018 50 205,833 51,708 Pretium Resources Inc. Rights PSUs Romero, Michelle Ann 5 12/11/2018 56 22,592 12,927 Pretium Resources Inc. Rights RSUs Romero, Michelle Ann 5 12/11/2018 56 41,697 12,927 Pretium Resources Inc. Rights DSUs Smith, David 4 5/12/2017 00 Pretium Resources Inc. Rights DSUs Smith, David 4 12/11/2018 56 14,315 14,315 Pretium Resources Inc. Rights DSUs Tejani, Faheem 4 5/10/2018 00 Pretium Resources Inc. Rights DSUs Tejani, Faheem 4 12/11/2018 56 37,321 37,321 Pretium Resources Inc. Options Yip, Tom 5 12/11/2018 50 607,629 62,626 Pretium Resources Inc. Rights PSUs Yip, Tom 5 12/11/2018 56 28,819 14,402 Pretium Resources Inc. Rights RSUs Yip, Tom 5 12/11/2018 56 48,963 14,402 Pro Real Estate Investment Trust

Limited Partnership Units Class B, 1 trust special voting unit per Class B

Aghar, Peter 4 12/7/2018 36 3,030,033 -192,189

Pro Real Estate Investment Trust

Units Aghar, Peter 4 9/30/2014 00


Units Aghar, Peter 4 12/7/2018 36 192,189 192,189


Limited Partnership Units Class B, 1 trust special voting unit per Class B

Jadavji, Shenoor 4 12/7/2018 36 3,030,033 -192,189


Units Jadavji, Shenoor 4 9/30/2014 00


Units Jadavji, Shenoor 4 12/7/2018 36 192,189 192,189

Probe Metals Inc. Common Shares Haymann, Basil Anthony 4 12/7/2018 10 1.0107 672,840 25,000 Prodigy Ventures Inc. (formerly 71 Capital Corp.)

Common Shares Watts, Jeffrey Smith 5 10/3/2016 00

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10144



Acquired/ Disposed

Prodigy Ventures Inc. (formerly 71 Capital Corp.)

Common Shares Watts, Jeffrey Smith 5 12/10/2018 51 0.1 350,000 350,000

Prodigy Ventures Inc. (formerly 71 Capital Corp.)

Options Watts, Jeffrey Smith 5 12/10/2018 51 245,000 -350,000

Progressive Planet Solutions Inc.

Common Shares Harpur, Stephen Kenneth 4, 5 1/2/2018 00


Common Shares Harpur, Stephen Kenneth 4, 5 12/7/2018 11 0.05 900,000 900,000


Warrants Harpur, Stephen Kenneth 4, 5 1/2/2018 00


Warrants Harpur, Stephen Kenneth 4, 5 12/7/2018 11 0.06 900,000 900,000

Prophecy Development Corp.

Common Shares without par value

Panneton, Gerald 4, 5 12/13/2018 10 0.315 50,000 20,000

Provenance Gold Corp. (formerly Sparx Energy Corp.)

Common Shares Crom, Thomas 4 12/12/2018 11 437,500 -437,500

Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/10/2018 10 0.04 495,000 25,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/11/2018 10 0.04 520,000 25,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/12/2018 10 0.04 545,000 25,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/12/2018 10 0.035 547,000 2,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/13/2018 10 0.04 572,000 25,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/13/2018 10 0.035 591,000 19,000 Puma Exploration Inc. Common Shares Fournier, Raphael 4 12/14/2018 10 0.04 595,000 4,000 Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 12/12/2018 10 0.04 2,833,465 20,000 Rapid Dose Therapeutics Corp.

Common Shares FERA, Lino Arcangelo 5 12/10/2018 00 750,000

Rapid Dose Therapeutics Corp.

Common Shares FOX, Kenneth Kitchener 4 12/10/2018 00 100,000


Common Shares Howlett, Brian 4 12/10/2018 22 0.5 240,000 50,000


Common Shares LEWIS, Jason Daniel 4, 5 12/10/2018 00 4,750,000


Common Shares UPSDELL, MARK ANDREW

3, 4, 5 12/7/2018 00 11,786,390

Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 12/7/2018 10 2.53 962,166 100 Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 12/7/2018 10 2.54 962,766 600 Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 12/7/2018 10 2.59 962,866 100 Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 12/7/2018 10 2.5 963,066 200 Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 12/7/2018 10 2.6 964,566 1,500 Real Matters Inc. Common Shares Holland, William Thomas 4 3/1/2018 90 0 -323,214 Real Matters Inc. Common Shares Holland, William Thomas 4 3/1/2018 90 2,510,766 323,214 Recipe Unlimited Corporation (formerly Cara Operations Limited)

Multiple Voting Shares Fairfax Financial Holdings Limited

3 4/10/2015 00

Recipe Unlimited Corporation (formerly Cara Operations Limited)


3 12/12/2018 90 25.5 1,050,200 1,050,200



3 4/10/2015 00



3 11/28/2018 90 25.15 2,211,247 2,211,247



3 12/12/2018 90 25.5 1,161,047 -1,050,200



3 11/28/2018 90 25.15 0 -1,126,247



3 11/28/2018 90 25.15 2,631,247 2,211,247



3 11/28/2018 90 25.15 3,757,494 1,126,247

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10145



Acquired/ Disposed



3 11/28/2018 90 25.15 -2,211,247



3 11/28/2018 90 25.15 -2,211,247



3 11/28/2018 90 25.15 1,546,247 -2,211,247



3 11/28/2018 90 25.15 386,247 -2,211,247

Red Pine Exploration Inc. Common Shares Dodds, Robert Brian 4 12/12/2018 11 0.05 2,346,966 1,000,000 Red Pine Exploration Inc. Common Shares Yarie, Quentin 4 12/7/2018 10 0.04 1,011,200 122,400 Redfund Capital Corp. Common Shares Palisade Global

Investments Ltd. 3 8/2/2018 00 4,267,200

Redfund Capital Corp. Warrants Palisade Global Investments Ltd.

3 8/2/2018 00 4,267,200

Redfund Capital Corp. Warrants Palisade Global Investments Ltd.

3 8/11/2018 11 0 -4,267,200

Redline Communications Group Inc.

Common Shares Roberts, David John 4 3/7/2016 00


Common Shares Roberts, David John 4 12/13/2018 10 1.29 200 200


Common Shares Roberts, David John 4 12/13/2018 10 1.3 28,000 27,800

REIT INDEXPLUS Income Fund

Trust Units REIT INDEXPLUS Income Fund

1 12/10/2018 38 12.86 10,283,925 400

Reko International Group Inc. Options AUDET, Christine Marie 7 12/12/2018 50 6,500 2,500 Reko International Group Inc. Options BRUMMELL, Lauren 7 12/12/2018 50 15,000 5,000 Reko International Group Inc. Options CROWLEY, Marilyn Joan-

Marie 5 12/12/2018 50 15,000 5,000

Reko International Group Inc. Options GOBEL, Peter 7 12/12/2018 50 50,000 10,000 Reko International Group Inc. Options PIGNANELLI, Gennaro 7 12/12/2018 50 33,000 5,000 Reko International Group Inc. Options Read, Mark Allan 7 12/12/2018 50 15,000 5,000 Reko International Group Inc. Common Shares Reko International Group

Inc. 1 12/11/2018 10 2.95 25,000 25,000

Reko International Group Inc. Common Shares Reko International Group Inc.

1 12/11/2018 10 2.95 0 -25,000

Reko International Group Inc. Options REKO, DIANE 4, 6, 5 12/12/2018 50 120,000 10,000 Reko International Group Inc. Options ROMANELLO, David Mario 7 12/12/2018 50 33,000 5,000 Reko International Group Inc. Options SARTZ, JOHN 4 12/12/2018 50 30,000 10,000 Reko International Group Inc. Options Schilling, Gene 7 12/12/2018 50 10,000 5,000 Reko International Group Inc. Options STAJDUHAR, Ernest

Anthony 7 12/12/2018 50 33,000 5,000

Reko International Group Inc. Options SZONYI, ANDREW 4 12/12/2018 50 30,000 10,000 Reko International Group Inc. Options THOMPSON, Maria 4 12/12/2018 50 20,000 10,000 Relay Medical Corp. (formerly, ChroMedX Corp).

Common Shares Invidx Corp 3 12/10/2018 10 18,213,052 -49,000

Relay Medical Corp. (formerly, ChroMedX Corp).

Common Shares Invidx Corp 3 12/14/2018 10 18,122,052 -91,000

Relevium Technologies Inc. Common Shares Engelbrecht, Albertus Petrus

3 12/11/2018 10 0.09 15,957,688 -242,000

Relevium Technologies Inc. Common Shares Engelbrecht, Albertus Petrus

3 12/12/2018 10 0.09 15,949,688 -8,000

Relevium Technologies Inc. Common Shares Useche Gutierrez, Aurelio Antonio

5 12/11/2018 10 0.09 2,024,000 10,000

Remington Resources Inc. Common Shares Hahn, Brent Francis 4, 5 12/11/2018 10 0.2 325,500 50,000 RepliCel Life Sciences Inc. Common Shares Lowry, Peter 4 12/14/2018 00 265,000 RepliCel Life Sciences Inc. Options Lowry, Peter 4 12/14/2018 00 Revelo Resources Corp. Common Shares Stephens, Paul H. 3 11/21/2018 10 0.0113 13,259,929 -40,000 Revelo Resources Corp. Common Shares Stephens, Paul H. 3 11/28/2018 10 0.0113 13,258,929 -1,000 Revelo Resources Corp. Common Shares Stephens, Paul H. 3 12/4/2018 10 0.0113 13,150,929 -108,000 Revelo Resources Corp. Common Shares Stephens, Paul H. 3 12/7/2018 10 0.0112 13,127,929 -23,000 Revelo Resources Corp. Common Shares Stephens, Paul H. 3 12/10/2018 10 0.0075 10,633,500 -2,494,429

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10146



Acquired/ Disposed

Revelo Resources Corp. Common Shares Stephens, Paul H. 3 12/10/2018 10 0.0075 8,160,000 -2,473,500 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/6/2018 10 0.65 3,035,872 5,000 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/7/2018 10 0.63 3,040,872 5,000 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/10/2018 10 0.6 3,045,872 5,000 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/11/2018 10 0.6 3,050,872 5,000 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/12/2018 10 0.62 3,055,872 5,000 Revival Gold Inc. Common Shares Agro, Hugh 3, 4, 5 12/14/2018 10 0.65 3,065,872 10,000 Richards Packaging Income Fund

Trust Units Prupas, David Lewis 7 12/10/2018 10 33.992 427,205 1,000

Richards Packaging Income Fund

Trust Units Prupas, David Lewis 7 12/10/2018 10 33.733 428,205 1,000


Trust Units Prupas, David Lewis 7 12/14/2018 10 33.5 429,105 900


Trust Units Wright, Donald Arthur 4 12/11/2018 10 34.2 5,300 -7,700


Trust Units Wright, Donald Arthur 4 12/12/2018 10 34.2 5,000 -300

Ridgewood Canadian Investment Grade Bond Fund

Units Ridgewood Capital Asset Management

3 12/7/2018 10 14.877 8,085,070 3,780



3 12/7/2018 10 14.88 8,084,734 -336



3 12/10/2018 10 14.95 8,090,446 5,712



3 12/10/2018 10 14.98 8,086,434 -4,012



3 12/11/2018 10 14.88 8,088,234 1,800



3 12/12/2018 10 14.88 8,093,134 4,900

Rift Valley Resources Corp. Common Shares Martin, Stephen Edward 3 12/10/2018 10 0.075 5,457,668 17,000 Rift Valley Resources Corp. Common Shares Martin, Stephen Edward 3 12/11/2018 10 0.08 5,496,674 39,006 RIOCAN REAL ESTATE INVESTMENT TRUST

Deferred Units Godfrey, Paul Victor 4 12/14/2018 56 48,746 756

RISE Life Science Corp. Common Shares Secord, Scott Lawrence 4 12/10/2018 10 0.145 58,000 50,000 RISE Life Science Corp. Common Shares Secord, Scott Lawrence 4 12/11/2018 10 0.16 73,000 15,000 RISE Life Science Corp. Common Shares Secord, Scott Lawrence 4 12/13/2018 10 0.15 80,500 7,500 RISE Life Science Corp. Common Shares Secord, Scott Lawrence 4 12/13/2018 10 0.14 100,500 20,000 Rockhaven Resources Ltd. Common Shares Drechsler, Richard Micheal 6 12/10/2018 10 0.085 526,250 40,000 Rockshield Capital Corp. Common Shares Rockshield Capital Corp. 1 12/12/2018 10 0.1 1,464,000 31,500 Rockshield Capital Corp. Common Shares Rockshield Capital Corp. 1 12/13/2018 10 0.1 1,468,000 4,000 Rocky Mountain Dealerships Inc.

Common Shares Rocky Mountain Dealerships Inc.

1 12/10/2018 38 41,932 -27,516

Rocky Mountain Dealerships Inc.

Common Shares Rocky Mountain Dealerships Inc.

1 12/12/2018 38 0 -41,932


Common Shares Stimson, Derek Ian 4 12/11/2018 10 8.5549 1,701,039 29,400


Common Shares Stimson, Derek Ian 4 12/12/2018 10 8.8253 1,771,639 70,600

Rogers Communications Inc. Non-Voting Shares Class B

Rogers Control Trust 3 12/10/2018 11 71.22 294,861 294,861


Rogers Control Trust 3 12/10/2018 47 0 -294,861


Rogers Control Trust 3 12/10/2018 11 71.22 5,118,630 -294,861


Rogers Control Trust 3 12/10/2018 11 71.22 2,378,526 294,861

Roots Corporation Common Shares Gabel, James Alan 4, 5 12/10/2018 10 3.2899 103,548 50,000 Royal Bank of Canada Options Bolger, Rod 5 12/10/2018 50 96.548 150,138 35,906

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10147



Acquired/ Disposed

Royal Bank of Canada Rights Performance Deferred Share Units

Bolger, Rod 5 12/10/2018 56 96.408 56,701 19,848

Royal Bank of Canada Options Dobbins, Michael 5 12/10/2018 50 96.548 88,742 17,752 Royal Bank of Canada Rights Performance

Deferred Share Units Dobbins, Michael 5 12/10/2018 56 96.408 35,039 9,812

Royal Bank of Canada Rights RBC Share Units Dobbins, Michael 5 12/10/2018 56 96.408 11,254 1,443 Royal Bank of Canada Options Gottschling, Helena 5 12/10/2018 50 96.548 71,952 12,910 Royal Bank of Canada Rights Performance

Deferred Share Units Gottschling, Helena 5 12/10/2018 56 96.408 18,626 7,136

Royal Bank of Canada Rights RBC Share Units Gottschling, Helena 5 6/1/2017 00 Royal Bank of Canada Rights RBC Share Units Gottschling, Helena 5 12/10/2018 56 96.408 1,310 1,310 Royal Bank of Canada Options guzman, douglas antony 5 12/10/2018 50 96.548 181,298 55,270 Royal Bank of Canada Rights Performance

Deferred Share Units guzman, douglas antony 5 12/10/2018 56 96.408 119,323 38,850

Royal Bank of Canada Options Hepworth, Graeme Ashley 5 12/10/2018 50 96.548 39,920 19,378 Royal Bank of Canada Rights Performance

Deferred Share Units Hepworth, Graeme Ashley 5 12/10/2018 56 96.408 26,003 10,711

Royal Bank of Canada Common Shares McGregor, Alex Douglas 5 12/10/2018 11 94.51 19,500 -10,000 Royal Bank of Canada Options McGregor, Alex Douglas 5 12/10/2018 50 96.548 597,818 97,572 Royal Bank of Canada Rights Performance

Deferred Share Units McGregor, Alex Douglas 5 12/10/2018 56 96.408 247,792 53,937

Royal Bank of Canada Options McKay, David Ian 4, 5 12/10/2018 50 96.548 968,754 133,130 Royal Bank of Canada Rights Performance

Deferred Share Units McKay, David Ian 4, 5 12/10/2018 56 96.408 298,245 73,593

Royal Bank of Canada Options McLaughlin, Neil 5 12/10/2018 50 96.548 87,178 37,520 Royal Bank of Canada Rights Performance

Deferred Share Units McLaughlin, Neil 5 12/10/2018 56 96.408 43,134 20,740

Royal Bank of Canada Options Ross, Bruce Washington 5 12/10/2018 50 96.548 191,570 38,730 Royal Bank of Canada Rights Performance

Deferred Share Units Ross, Bruce Washington 5 12/10/2018 56 96.408 87,365 21,409

Royal Bank of Canada Options Tory, Jennifer Anne 5 12/10/2018 50 96.548 219,106 18,962 Royal Bank of Canada Rights Performance

Deferred Share Units Tory, Jennifer Anne 5 12/10/2018 56 96.408 94,109 10,481

Royal Bank of Canada Rights RBC Share Units Tory, Jennifer Anne 5 12/10/2018 56 96.408 2,567 2,567 Royal Bank of Canada Common Shares Yabuki, Jeffery William 4 12/6/2018 10 71.777 5,000 300 Rubicon Organics Inc. Common Shares Savics, Eric 3 12/13/2018 10 1.8 90,000 100 Rubicon Organics Inc. Common Shares Savics, Eric 3 12/14/2018 10 1.8 93,900 3,900 Russel Metals Inc. Common Shares Dinning, James Francis 4 12/10/2018 10 21.1 22,500 1,000 Russel Metals Inc. Common Shares Hedges, Brian Robie 4 12/13/2018 10 20.92 121,357 2,000 Russel Metals Inc. Common Shares Hedges, Brian Robie 4 12/13/2018 10 21.19 123,357 2,000 Russel Metals Inc. Common Shares Hedges, Brian Robie 4 12/13/2018 10 21.17 124,357 1,000 Russel Metals Inc. Common Shares Laberge, Alice D. 4 12/12/2018 10 21.23 7,000 1,000 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.165 10,400 400 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.135 11,000 600 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.155 11,400 400 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.15 12,000 600 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.18 12,600 600 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/10/2018 10 21.2 14,000 1,400 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 2/24/2009 00 Russel Metals Inc. Common Shares O'Reilly, William Michael 5 12/14/2018 10 20.9 700 700 Sabina Gold & Silver Corp. Common Shares Morton, James Nicholson 4 11/22/2018 10 1.4605 175,400 -2,000 Sanatana Resources Inc. Common Shares Miles, Peter Leighton 3, 4, 5 12/7/2018 10 0.04 8,684,886 50,000 Sanatana Resources Inc. Common Shares Miles, Peter Leighton 3, 4, 5 12/11/2018 10 0.05 8,704,886 20,000 Sanatana Resources Inc. Common Shares Miles, Peter Leighton 3, 4, 5 12/13/2018 10 0.05 8,724,886 20,000 SANDSTORM GOLD LTD. Options Awram, David 4, 5 12/13/2018 50 1,711,674 770,000 SANDSTORM GOLD LTD. Rights Restricted Share

Rights Awram, David 4, 5 12/13/2018 56 408,250 50,000

SANDSTORM GOLD LTD. Common Shares Budreski, John Philip Adrian 4 12/10/2018 57 71,334 15,666 SANDSTORM GOLD LTD. Common Shares Budreski, John Philip Adrian 4 12/12/2018 57 84,334 13,000 SANDSTORM GOLD LTD. Rights Restricted Share

Rights Budreski, John Philip Adrian 4 12/10/2018 57 48,666 -15,666

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10148



Acquired/ Disposed

SANDSTORM GOLD LTD. Rights Restricted Share Rights

Budreski, John Philip Adrian 4 12/12/2018 57 35,666 -13,000


Budreski, John Philip Adrian 4 12/13/2018 56 71,666 36,000


De Witt, David E. 4 12/13/2018 56 111,666 36,000

SANDSTORM GOLD LTD. Options KAZEMI-ESFAHANI, ERFAN

5 12/13/2018 50 1,050,000 420,000


KAZEMI-ESFAHANI, ERFAN

5 12/13/2018 56 230,898 35,000


KOBALIA, VERA 4 12/13/2018 56 56,000 36,000


Little, Mary Lois 4 12/13/2018 56 111,666 36,000


Swarthout, Andrew 4 12/13/2018 56 111,666 36,000

SANDSTORM GOLD LTD. Options Watson, Nolan Allan 4, 5 12/13/2018 50 2,285,000 1,300,000 SANDSTORM GOLD LTD. Rights Restricted Share

Rights Watson, Nolan Allan 4, 5 12/13/2018 56 292,333 43,000

Sangoma Technologies Corporation

Common Shares Mandelstam, David 4, 5 12/7/2018 10 1.34 4,310,400 3,200

Savaria Corporation Common Shares BOURASSA, JEAN-MARIE 4, 6, 5 12/12/2018 47 116,500 -19,000 Seabridge Gold Inc. Options Banfield, Armine Frederick 4 12/13/2018 50 138,000 18,000 Seabridge Gold Inc. Options Fronk, Rudi P. 4, 1 12/12/2018 50 15.46 825,000 150,000 Seabridge Gold Inc. Options Gonzalez-Urien, Eliseo 4 12/13/2018 50 88,000 18,000 Seabridge Gold Inc. Common Shares Kraus, Richard Carl 4 12/11/2018 51 8 52,000 50,000 Seabridge Gold Inc. Common Shares Kraus, Richard Carl 4 12/12/2018 10 11.771 22,000 -30,000 Seabridge Gold Inc. Options Kraus, Richard Carl 4 12/11/2018 51 8 70,000 -50,000 Seabridge Gold Inc. Options Kraus, Richard Carl 4 12/13/2018 50 88,000 18,000 Seabridge Gold Inc. Options Murphy, Robert Brent 5 12/13/2018 50 105,000 25,000 Seabridge Gold Inc. Rights Restricted Share

Units Murphy, Robert Brent 5 12/13/2018 56 6,000 6,000

Seabridge Gold Inc. Options Pelletier, Clement A 4 12/13/2018 50 68,000 18,000 Seabridge Gold Inc. Options Reynolds, Christopher

Justin 5 12/12/2018 50 15.46 192,500 25,000

Seabridge Gold Inc. Rights Restricted Share Units

Reynolds, Christopher Justin

5 12/12/2018 56 6,000 6,000

Seabridge Gold Inc. Options Sabine, John William 4 12/12/2018 50 138,000 18,000 Seabridge Gold Inc. Options Scott, Charles Bruce Scott 5 12/12/2018 50 138,333 25,000 Seabridge Gold Inc. Rights Restricted Share

Units Scott, Charles Bruce Scott 5 12/12/2018 56 6,500 6,500

Seabridge Gold Inc. Options Sugar, Gary A. 4 12/13/2018 50 113,000 18,000 Seabridge Gold Inc. Options Threlkeld, William Earl II 5 12/13/2018 50 240,000 25,000 Seabridge Gold Inc. Rights Restricted Share

Units Threlkeld, William Earl II 5 12/13/2018 56 7,000 7,000

Seabridge Gold Inc. Common Shares Trujillo, Gloria M. 8 12/12/2018 10 16.2 24,127 -813 Seabridge Gold Inc. Rights Restricted Share

Units Trujillo, Gloria M. 8 12/13/2018 56 2,500 2,500

Seabridge Gold Inc. Options Williams, Peter D. 5 12/12/2018 50 80,000 25,000 Seabridge Gold Inc. Rights Restricted Share

Units Williams, Peter D. 5 12/12/2018 56 7,000 7,000

Seahawk Ventures Inc. Common Shares Gasbarro, Giovanni 4 12/10/2018 10 0.3 2,138,000 7,000 Seahawk Ventures Inc. Common Shares Gasbarro, Giovanni 4 12/10/2018 10 0.28 2,140,000 2,000 Seahawk Ventures Inc. Common Shares Gasbarro, Giovanni 4 12/10/2018 10 0.34 2,141,000 1,000 Secure Energy Services Inc. Options Engel, David Glenn 5 12/10/2018 52 16.77 244,298 -15,000 Secure Energy Services Inc. Options Higham, Corey Ray 5 12/10/2018 52 16.77 283,750 -15,000 Secure Energy Services Inc. Common Shares WADSWORTH, GEORGE 7 12/13/2018 47 549,419 -1,500 Security Devices International Inc.

Common Shares Levantin, Donald 4 12/10/2018 10 0.15 900,000 14,688

Seven Generations Energy Ltd.

Common Shares Class A Monroe, Mark Eden 4 10/30/2018 00


Common Shares Class A Monroe, Mark Eden 4 12/12/2018 10 7.41 100 100

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10149



Acquired/ Disposed


Common Shares Class A Monroe, Mark Eden 4 12/12/2018 10 7.4089 6,200 6,100




Common Shares Class A Monroe, Mark Eden 4 12/12/2018 10 7.39 20,100 100
















Common Shares Class A Proctor, Marty Leigh 4, 5 12/10/2018 10 9.302 200,774 5,000

SHAW COMMUNICATIONS INC.

Performance Stock Units (PSU)

Emberly, Katherine 5 11/1/2018 56 24.35 4,986



Emberly, Katherine 5 11/1/2018 56 24.35 7,392 7,392


Restricted Share Units Emberly, Katherine 5 11/1/2018 56 24.35 4,619


Restricted Share Units Emberly, Katherine 5 11/1/2018 56 24.35 2,876 2,876



Markou, Dan 5 11/1/2018 56 24.35 5,147



Markou, Dan 5 11/1/2018 56 24.35 6,160 6,160


Restricted Share Units Markou, Dan 5 11/1/2018 56 24.35 4,664


Restricted Share Units Markou, Dan 5 11/1/2018 56 24.35 2,157 2,157



McAleese, Paul 5 11/1/2018 56 24.35 6,622



McAleese, Paul 5 11/1/2018 56 24.35 7,392 7,392


Restricted Share Units McAleese, Paul 5 11/1/2018 56 24.35 6,994


Restricted Share Units McAleese, Paul 5 11/1/2018 56 24.35 3,195 3,195



McKenzie, Ronald E. 5 11/1/2018 56 24.35 4,974



McKenzie, Ronald E. 5 11/1/2018 56 24.35 5,339 5,339


Restricted Share Units McKenzie, Ronald E. 5 11/1/2018 56 24.35 4,504


Restricted Share Units McKenzie, Ronald E. 5 11/1/2018 56 24.35 1,869 1,869


Non-Voting Shares Class "B"

Vogel, Carl E. 4 12/7/2018 10 18.964 42,500 -7,500



Yuill, Willard 4 12/5/2018 10 25.25 2,996,712 -25,000



Yuill, Willard 4 12/6/2018 10 25.25 2,971,712 -25,000

Shopify Inc. Multiple Voting Shares Class B Multiple Voting Shares

Finkelstein, Harley Michael 5 12/13/2018 51 0.152 2,226 2,226


Finkelstein, Harley Michael 5 12/13/2018 36 0 -2,226

Shopify Inc. Options Finkelstein, Harley Michael 5 12/13/2018 51 0.152 222,633 -2,226

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10150



Acquired/ Disposed

Shopify Inc. Subordinate Voting Shares Class A Subordinate Voting Shares

Finkelstein, Harley Michael 5 12/13/2018 36 2,621 2,226


Finkelstein, Harley Michael 5 12/13/2018 30 160.81 395 -2,226


Forsyth, Brittany Jean 5 12/3/2018 10 154.78 -577


Forsyth, Brittany Jean 5 12/3/2018 10 154.78 587 -578


Forsyth, Brittany Jean 5 12/10/2018 30 146.07 0 -138


Lemieux, Jean-Michel 5 12/3/2018 36 556 -30


Lemieux, Jean-Michel 5 12/5/2018 36 0 -556


Lemieux, Jean-Michel 5 12/3/2018 36 8,720 30


Lemieux, Jean-Michel 5 12/3/2018 10 156.75 8,690 -30


Lemieux, Jean-Michel 5 12/5/2018 36 9,246 556


Lutke, Tobias Albin 4, 5 12/10/2018 30 147.33 204,000 -4,000


Miller, Craig Stuart 5 12/12/2018 57 6.22 2,722 2,722


Miller, Craig Stuart 5 12/12/2018 36 0 -2,722

Shopify Inc. Options Miller, Craig Stuart 5 12/12/2018 51 6.22 214,871 -2,722 Shopify Inc. Subordinate Voting

Shares Class A Subordinate Voting Shares

Miller, Craig Stuart 5 12/12/2018 36 2,722 2,722


Miller, Craig Stuart 5 12/12/2018 30 157.52 0 -2,722

SilverCrest Metals Inc. Common Shares Donald Smith Value Fund, L.P.

3 12/6/2018 54 3 7,050,000 450,000

SilverCrest Metals Inc. Warrants Donald Smith Value Fund, L.P.

3 12/6/2018 54 3 600,000 -450,000

Slam Exploration Ltd. Common Shares Macdonald, Bruce 3 12/14/2018 10 0.02 6,424,000 24,000 Slate Retail REIT Trust Units Class U Units Rowe, Lisa 5 12/12/2018 10 11.7 2,870 1,770 Solium Capital Inc. Common Shares Craig, Brian Norman 3, 4, 6, 5 12/10/2018 30 11.63 3,033,300 -8,000 Solium Capital Inc. Common Shares Craig, Brian Norman 3, 4, 6, 5 12/11/2018 30 11.93 3,026,300 -7,000 Southern Arc Minerals Inc. Options Al Obaidli, Khalid Ahmad 4 12/14/2018 50 0.35 100,000 40,000 Southern Arc Minerals Inc. Options Andrews, Michael John 4 12/14/2018 50 0.35 280,000 100,000 Southern Arc Minerals Inc. Options Au, Eileen 5 12/14/2018 50 0.35 80,000 30,000 Southern Arc Minerals Inc. Options Carlile, John Charles 4 12/14/2018 50 0.35 100,000 40,000 Southern Arc Minerals Inc. Options Gallagher, Robert 4 12/14/2018 50 0.35 115,000 40,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10151



Acquired/ Disposed

Southern Arc Minerals Inc. Options Morris, Klid 4 12/14/2018 50 0.35 100,000 40,000 Southern Arc Minerals Inc. Options Proust, John Graham 4, 5 12/14/2018 50 0.35 280,000 100,000 Spacefy Inc. Common Shares Scharfe, Bradley Nixon 4 12/10/2018 10 0.15 804,500 95,000 Spacefy Inc. Common Shares Scharfe, Bradley Nixon 4 12/11/2018 10 0.1525 888,500 84,000 Sparton Resources Inc. Common Shares Barker, Alan Lee 4, 5 12/11/2018 10 0.05 2,719,645 21,000 Speakeasy Cannabis Club Ltd.

Common Shares Merrin, Arie 5 11/27/2018 10 0.43 432,750 1,000

Speakeasy Cannabis Club Ltd.





Common Shares Merrin, Arie 5 11/30/2018 10 0.395 424,750 -10,000

Spectra7 Microsystems Inc. Common Shares Abunasrah, Ebrahim Hani 8 12/5/2018 10 0.1157 855,443 -10,951 Spectra7 Microsystems Inc. Common Shares Antonen, Brian Douglas 4 12/5/2018 10 0.1157 101,229 -1,860 Spectra7 Microsystems Inc. Common Shares Halim, Raouf Youssef 4, 5 12/5/2018 10 3,616,737 -26,767 Spectra7 Microsystems Inc. Common Shares Halim, Raouf Youssef 4, 5 12/7/2018 10 0.105 3,416,737 -200,000 Spectra7 Microsystems Inc. Common Shares Halim, Raouf Youssef 4, 5 12/10/2018 10 0.1064 3,216,737 -200,000 Spectra7 Microsystems Inc. Common Shares Halim, Raouf Youssef 4, 5 12/11/2018 10 0.105 3,016,737 -200,000 Spectra7 Microsystems Inc. Common Shares Halim, Raouf Youssef 4, 5 12/12/2018 10 0.105 2,816,737 -200,000 Spectra7 Microsystems Inc. Common Shares Hamilton, Gerald Joseph 5 12/5/2018 10 0.1157 72,423 -40,071 Spectra7 Microsystems Inc. Common Shares Ma, Darren 5 12/5/2018 10 0.1157 208,304 -72,576 Spectra7 Microsystems Inc. Common Shares Mitchell, John Weaver 5 12/5/2018 10 0.1157 75,499 -6,519 Spectra7 Microsystems Inc. Common Shares Ng Yukshing, Antony 5 12/3/2018 00 66,932 Spectra7 Microsystems Inc. Options Ng Yukshing, Antony 5 12/3/2018 00 410,000 Spectra7 Microsystems Inc. Restricted Share Units Ng Yukshing, Antony 5 12/3/2018 00 307,500 Spectra7 Microsystems Inc. Common Shares Vettese, John 4 12/5/2018 10 0.1157 109,276 -5,688 Sphinx Resources Ltd. Common Shares Biron, François 4 12/11/2018 16 0.05 200,000 100,000 Sphinx Resources Ltd. Common Shares Biron, François 4 12/11/2018 53 0.07 50,000 Sphinx Resources Ltd. Common Shares Biron, François 4 12/11/2018 53 0.07 50,000 Sphinx Resources Ltd. Warrants Biron, François 4 12/11/2018 16 0.07 150,000 50,000 Sphinx Resources Ltd. Common Shares Champigny, Normand 4, 5 12/11/2018 16 0.05 1,830,399 100,000 Sphinx Resources Ltd. Warrants Champigny, Normand 4, 5 12/11/2018 16 100,000 Sphinx Resources Ltd. Warrants Champigny, Normand 4, 5 12/11/2018 16 335,500 50,000 Sphinx Resources Ltd. Common Shares Gardin Inc. 3 12/11/2018 16 0.05 10,815,382 100,000 Sphinx Resources Ltd. Warrants Gardin Inc. 3 8/6/2015 00 Sphinx Resources Ltd. Warrants Gardin Inc. 3 12/11/2018 16 0.07 50,000 50,000 Sphinx Resources Ltd. Common Shares Gauthier, Michel 4 12/11/2018 16 0.05 100,000 Sphinx Resources Ltd. Common Shares Gauthier, Michel 4 12/11/2018 16 0.05 100,000 Sphinx Resources Ltd. Warrants Gauthier, Michel 4 12/11/2018 16 50,000 Sphinx Resources Ltd. Warrants Gauthier, Michel 4 12/11/2018 16 50,000 Sphinx Resources Ltd. Common Shares Hick, John Walter Wallen 4 12/11/2018 16 0.05 512,578 400,000 Sphinx Resources Ltd. Warrants Hick, John Walter Wallen 4 10/2/2014 00 Sphinx Resources Ltd. Warrants Hick, John Walter Wallen 4 12/11/2018 16 200,000 200,000 Sphinx Resources Ltd. Common Shares MARTIN, INGRID 5 4/30/2014 00 Sphinx Resources Ltd. Common Shares MARTIN, INGRID 5 12/11/2018 16 0.05 200,000 200,000 Sphinx Resources Ltd. Warrants MARTIN, INGRID 5 4/30/2014 00 Sphinx Resources Ltd. Warrants MARTIN, INGRID 5 12/11/2018 16 0.07 100,000 100,000 Spin Master Corp. Multiple Voting Shares LentilBerry Inc. 3 12/10/2018 36 7,432,740 -17,125 Spin Master Corp. Subordinate Voting

Shares LentilBerry Inc. 3 12/10/2018 36 17,125 17,125

Spin Master Corp. Subordinate Voting Shares

LentilBerry Inc. 3 12/10/2018 47 0 -17,125

Spin Master Corp. Multiple Voting Shares Varadi, Ben 3, 4, 2 12/10/2018 36 7,432,740 -17,125 Spin Master Corp. Subordinate Voting

Shares Varadi, Ben 3, 4, 2 12/10/2018 36 17,125 17,125

Spin Master Corp. Subordinate Voting Shares

Varadi, Ben 3, 4, 2 12/10/2018 47 0 -17,125

Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 12/10/2018 10 0.065 2,065,458 3,000 Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 12/13/2018 10 0.06 2,098,458 33,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10152



Acquired/ Disposed

Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 12/14/2018 10 0.06 2,101,458 3,000 Squire Mining Ltd. Options Strub, Marco 4 10/26/2018 00 Squire Mining Ltd. Options Strub, Marco 4 12/11/2018 50 200,000 200,000 SSR Mining Inc. (Silver Standard Resources Inc.)

Common Shares Block, Nadine June 5 12/13/2018 51 5.83 19,884 16,867

SSR Mining Inc. (Silver Standard Resources Inc.)

Common Shares Block, Nadine June 5 12/13/2018 10 15.538 3,017 -16,867

SSR Mining Inc. (Silver Standard Resources Inc.)

Options Block, Nadine June 5 12/13/2018 51 5.83 125,084 -16,867

Starlight Hybrid Global Real Assets Trust

Series C Units Drimmer, Daniel 4 10/11/2018 00


Series C Units Drimmer, Daniel 4 12/13/2018 15 10 500,000 500,000


Series F Units Llewellyn, Graeme Christopher Edward

5 10/11/2018 00


Series F Units Llewellyn, Graeme Christopher Edward

5 12/13/2018 15 10 10,000 10,000

Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/4/2018 10 0.84 515,068 525 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/4/2018 10 0.83 515,518 450 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/5/2018 10 0.79 516,118 600 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/6/2018 10 0.8 516,643 525 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/7/2018 10 0.8 517,643 1,000 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/3/2018 10 0.84 2,427,701 1,025 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/4/2018 10 0.83 2,428,251 550 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/4/2018 10 0.85 2,428,751 500 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/4/2018 10 0.84 2,429,051 300 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/5/2018 10 0.78 2,429,601 550 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/7/2018 10 0.8 2,430,651 1,050 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/7/2018 10 0.78 2,431,301 650 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/10/2018 10 0.83 2,431,801 500 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/10/2018 10 0.77 2,432,451 650 Steppe Gold Ltd. Common Shares Waraich, Aneel Singh 4, 5 12/10/2018 10 0.71 2,433,151 700 Stingray Group Inc. Subordinate Voting

Shares Pathy, Mark 4 12/10/2018 10 6.879 1,660,434 74,600

Stingray Group Inc. Subordinate Voting Shares

Pathy, Mark 4 12/11/2018 10 7.1729 1,688,734 28,300


Pathy, Mark 4 12/12/2018 10 7.2603 1,703,334 14,600


Pathy, Mark 4 12/13/2018 10 7.2789 1,706,034 2,700

Storm Resources Ltd. Common Shares Brister, Matthew 4 1/26/2017 51 1.75 216,393 36,000 Storm Resources Ltd. Common Shares Brister, Matthew 4 3/31/2017 30 4.22 223,438 7,045 Storm Resources Ltd. Common Shares Brister, Matthew 4 3/31/2018 30 3.9 230,832 7,394 Storm Resources Ltd. Options Brister, Matthew 4 12/13/2016 50 171,000 33,000 Storm Resources Ltd. Options Brister, Matthew 4 1/26/2017 51 135,000 -36,000 Storm Resources Ltd. Options Brister, Matthew 4 1/3/2018 50 177,000 42,000 Storm Resources Ltd. Options Brister, Matthew 4 3/10/2018 52 142,500 -34,500 Storm Resources Ltd. Options Brister, Matthew 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Brister, Matthew 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Brussa, John Albert 4 12/9/2018 52 4.31 85,000 -34,500 Storm Resources Ltd. Options Brussa, John Albert 4 12/11/2018 50 1.81 127,000 42,000 Storm Resources Ltd. Options Butler, Mark 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Butler, Mark 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Clark, Stuart George 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Clark, Stuart George 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Conboy, Jamie Peter 5 12/11/2018 50 1.81 666,000 150,000 Storm Resources Ltd. Options Conboy, Jamie Peter 5 12/12/2018 52 4.31 540,000 -126,000 Storm Resources Ltd. Options Evans, Hayden Darren 5 12/10/2018 52 408,000 -126,000 Storm Resources Ltd. Options Evans, Hayden Darren 5 12/11/2018 50 576,000 168,000 Storm Resources Ltd. Options Hearn, Michael James 5 12/11/2018 50 1.81 484,000 99,000 Storm Resources Ltd. Options Kimpton, Bret Alan 5 12/9/2018 52 390,000 -126,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10153



Acquired/ Disposed

Storm Resources Ltd. Options Kimpton, Bret Alan 5 12/11/2018 50 1.81 540,000 150,000 Storm Resources Ltd. Options Lavergne, Brian 4, 5 12/9/2018 52 390,000 -126,000 Storm Resources Ltd. Options Lavergne, Brian 4, 5 12/11/2018 50 540,000 150,000 Storm Resources Ltd. Options Leggett, Sheila 4 12/11/2018 50 1.81 90,000 39,000 Storm Resources Ltd. Options Tiberio, Robert S 5 12/9/2018 52 486,000 -160,000 Storm Resources Ltd. Options Tiberio, Robert S 5 12/11/2018 50 1.81 186,000 Storm Resources Ltd. Options Tiberio, Robert S 5 12/11/2018 50 1.81 672,000 186,000 Storm Resources Ltd. Options Turnbull, Gregory George 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Turnbull, Gregory George 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Wierzba, P. Grant 4 3/10/2018 52 142,500 -34,500 Storm Resources Ltd. Options Wierzba, P. Grant 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Wierzba, P. Grant 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Wignes, Ingrid Emily 5 12/11/2018 50 1.81 484,000 99,000 Storm Resources Ltd. Options Wilson, James Kenneth 4 12/9/2018 52 108,000 -34,500 Storm Resources Ltd. Options Wilson, James Kenneth 4 12/11/2018 50 150,000 42,000 Storm Resources Ltd. Options Wilson, James Kenneth 4 12/14/2018 52 -34,500 Stornoway Diamond Corporation

Common Shares LeBoutillier, John 4 12/11/2018 10 0.19 0 -100,000

Stornoway Diamond Corporation

Common Shares Ressources Québec inc. 3 12/7/2018 16 0.35 179,999,998 28,571,428


Warrants Ressources Québec inc. 3 5/23/2014 00


Warrants Ressources Québec inc. 3 12/7/2018 16 14,285,714 14,285,714

Stria Lithium Inc. Common Shares Weatherdon, Lindsay Thomas

4 12/12/2018 11 0.05 2,217,764 1,000,000

Stria Lithium Inc. Warrants Weatherdon, Lindsay Thomas

4 12/12/2018 11 0.05 2,317,764 1,000,000

Stria Lithium Inc. Common Shares York, Jeffrey 3, 4 12/12/2018 11 0.05 8,501,451 2,000,000 Stria Lithium Inc. Warrants York, Jeffrey 3, 4 12/12/2018 11 0.05 10,996,316 2,000,000 SugarBud Craft Growers Corp. (formerly Relentless Resources Ltd.)

Warrants Kolochuk, Craig 5 9/12/2018 57 0.1 2,235,726

SugarBud Craft Growers Corp. (formerly Relentless Resources Ltd.)

Warrants Kolochuk, Craig 5 9/12/2018 57 0.1 8,283,875 2,383,875


Common Shares MacDonald, William Colin 4 10/23/2018 22 11,216,218 500,000


Warrants MacDonald, William Colin 4 9/12/2018 57 0.1 967,593


Warrants MacDonald, William Colin 4 9/12/2018 57 0.1 3,064,815 842,593


Rights Wilson, Daniel Thomas 4, 5 9/12/2018 59 0.0675 -10,669,445


Rights Wilson, Daniel Thomas 4, 5 9/12/2018 10 0.0675 0 -10,669,445

Summit Industrial Income REIT

Trust Units Hill, Kimberley 5 12/10/2018 15 9.3 7,969 530


Trust Units Maroun, Louis 4 12/13/2018 10 9.62 621,720 9,600


Trust Units Maroun, Louis 4 12/10/2018 15 9.3 1,055,952 26,850


Trust Units Morassutti, Lawrence 4 12/10/2018 15 9.3 3,226,161 200,000


Trust Units Robbins, Jonathan J. 5 12/10/2018 15 9.3 5,000 1,000


Trust Units Shulman, Saul 4 12/10/2018 15 9.3 80,775 15,000


Trust Units Shulman, Saul 4 12/10/2018 15 9.3 164,615 15,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10154



Acquired/ Disposed

Sun Life Financial Inc. Common Shares Fishbein, Daniel 5 3/17/2014 00 Sun Life Financial Inc. Common Shares Fishbein, Daniel 5 12/10/2018 10 33.889 2,943 2,943 Suncor Energy Inc. Options Key

Contributor/Executive Stock Options

Benson, Mel Edward 4 7/29/2018 52 0 -4,000

Suncor Energy Inc. Options Key Contributor/Executive Stock Options

Thomas, Eira Margaret 4 7/29/2018 52 0 -4,000

SunOpta Inc. Common Shares Barnett, Jill 5 12/6/2018 30 3.9865 13,099 1,358 SunOpta Inc. Common Shares Buick, Mike 5 12/6/2018 30 3.9865 16,939 1,284 SunOpta Inc. Common Shares Gough, Jeffrey 5 12/6/2018 30 3.9865 27,219 639 SunOpta Inc. Common Shares Miketa, George 5 12/6/2018 30 3.9865 36,219 1,015 SunOpta Inc. Common Shares Schuster, Susanne 5 6/6/2018 30 6.7915 1,379 182 SunOpta Inc. Common Shares Schuster, Susanne 5 12/6/2018 30 3.9865 2,447 622 Sunora Foods Inc. Common Shares Sunora Foods Inc. 1 12/10/2018 10 0.13 1,172,500 500 Sunora Foods Inc. Common Shares Sunora Foods Inc. 1 12/11/2018 10 0.13 1,301,000 128,500 Sunora Foods Inc. Common Shares Sunora Foods Inc. 1 12/12/2018 10 0.13 1,396,000 95,000 Sunora Foods Inc. Common Shares Sunora Foods Inc. 1 12/13/2018 10 0.13 1,486,000 90,000 Superior Plus Corp. Common Shares Bechberger, Edward Joseph 5 12/13/2018 10 9.7 32,200 1,000 Superior Plus Corp. Common Shares Hribar, Darren Bart 5 12/14/2018 10 9.45 3,900 1,500 Surge Energy Inc. Common Shares Colborne, Paul 4 11/16/2018 30 1.76 4,610,040 1,125 Surge Energy Inc. Common Shares Colborne, Paul 4 11/30/2018 30 1.56 4,626,148 1,108 Surge Energy Inc. Common Shares Colborne, Paul 4 12/11/2018 10 1.42 7,220 5,000 Surge Energy Inc. Common Shares DUCS, JARED ANDREW

RENTON 5 11/16/2018 30 1.76 27,422 561

Surge Energy Inc. Common Shares DUCS, JARED ANDREW RENTON

5 11/30/2018 30 1.56 27,803 381

Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 11/16/2018 30 1.76 50,105 736 Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 11/30/2018 30 1.56 50,794 689 Surge Energy Inc. Common Shares Stannard, James Leigh 5 11/16/2018 30 1.76 2,552 665 Surge Energy Inc. Common Shares Stannard, James Leigh 5 11/30/2018 30 1.56 3,299 747 Surge Energy Inc. Common Shares Surge Energy Inc. 1 5/29/2018 38 2.381 100,000 100,000 Surge Energy Inc. Common Shares Surge Energy Inc. 1 5/29/2018 38 2.381 0 -100,000 Surge Energy Inc. Common Shares Surge Energy Inc. 1 11/26/2018 38 1.74 53,000 Surge Energy Inc. Common Shares Surge Energy Inc. 1 11/26/2018 38 1.7224 53,000 53,000 Surge Energy Inc. Common Shares Surge Energy Inc. 1 11/26/2018 38 1.74 -53,000 Surge Energy Inc. Common Shares Surge Energy Inc. 1 11/26/2018 38 1.7224 0 -53,000 SustainCo Inc. Common Shares Hazelton, Chris 5 4/10/2018 11 150,000 SustainCo Inc. Common Shares Hazelton, Chris 5 4/10/2018 11 150,000 SustainCo Inc. Common Shares Hazelton, Chris 5 12/13/2018 99 -150,000 SustainCo Inc. Common Shares Hazelton, Chris 5 12/13/2018 99 -150,000 SustainCo Inc. Common Shares Hazelton, Chris 5 12/14/2018 99 -15,000 SustainCo Inc. Common Shares Hazelton, Chris 5 12/14/2018 99 -15,000 Taiga Building Products Ltd. Common Shares Balog, Trent 5 12/7/2018 10 1.2 143,198 3,500 Taku Gold Corp. Options Wilson, Patricia 4 4/15/2016 50 0.07 130,000 130,000 Taku Gold Corp. Options Wilson, Patricia 4 6/30/2016 50 0.1 160,000 30,000 TELUS Corporation Common Shares Geheran, Tony 5 12/7/2018 10 37,814 15,814 TELUS Corporation Common Shares Geheran, Tony 5 12/7/2018 10 4,353 -15,814 Temple Hotels Inc. Deferred Shares McLean, Brent John 4 6/30/2018 56 1,636 Temple Hotels Inc. Deferred Shares McLean, Brent John 4 6/30/2018 56 13,307 1,553 Temple Hotels Inc. Deferred Shares Nunn, David John 4 6/30/2018 56 6,543 Temple Hotels Inc. Deferred Shares Nunn, David John 4 6/30/2018 56 46,613 6,210 TerrAscend Corp. Common Shares Canopy Growth Corporation 3 12/8/2017 00 1,740,000 TerrAscend Corp. Common Shares Canopy Growth Corporation 3 12/8/2017 11 1.1 11,285,456 9,545,456 TerrAscend Corp. Common Shares Canopy Growth Corporation 3 11/30/2018 11 1.1 0 -11,285,456 TerrAscend Corp. Common Shares Canopy Growth Corporation 3 12/8/2018 00 TerrAscend Corp. Exchangeable Shares Canopy Growth Corporation 3 12/8/2017 00 TerrAscend Corp. Exchangeable Shares Canopy Growth Corporation 3 11/30/2018 11 19,445,285 19,445,285 TerrAscend Corp. Exchangeable Shares Canopy Growth Corporation 3 12/8/2018 00 TerrAscend Corp. Warrants Canopy Growth Corporation 3 12/8/2017 00

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10155



Acquired/ Disposed

TerrAscend Corp. Warrants Canopy Growth Corporation 3 12/8/2017 11 9,545,456 9,545,456 TerrAscend Corp. Warrants Canopy Growth Corporation 3 11/30/2018 11 0 -9,545,456 TerrAscend Corp. Warrants Canopy Growth Corporation 3 12/8/2018 00 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2017 11 1.1 9,545,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2017 11 1.1 -9,545,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2017 11 1.1 -11,285,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2017 11 1.1 -11,285,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2017 11 -1,740,000 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 11/30/2018 11 1.1 11,285,456 9,545,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 11/30/2018 11 1.1 1,740,000 -9,545,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 11/30/2018 11 0 -1,740,000 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2018 11 1.1 9,545,456 TerrAscend Corp. Common Shares Canopy Rivers Corporation 3 12/8/2018 11 1.1 -9,545,456 TerrAscend Corp. Exchangeable Shares Canopy Rivers Corporation 3 12/8/2017 00 TerrAscend Corp. Exchangeable Shares Canopy Rivers Corporation 3 12/8/2017 00 TerrAscend Corp. Exchangeable Shares Canopy Rivers Corporation 3 12/8/2017 00 TerrAscend Corp. Exchangeable Shares Canopy Rivers Corporation 3 11/30/2018 11 19,445,285 19,445,285 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 12/8/2017 11 9,545,456 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 12/8/2017 11 -9,545,456 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 12/8/2017 11 -9,545,456 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 12/8/2017 11 9,545,456 9,545,456 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 12/8/2017 11 -9,545,456 TerrAscend Corp. Warrants Canopy Rivers Corporation 3 11/30/2018 11 0 -9,545,456 Tervita Corporation Common Shares Billing, Grant Donald 4 12/10/2018 10 7.03 50,000 5,200 Tervita Corporation Common Shares Cooper, John William 4, 5 12/12/2018 10 6.92 4,450 3,000 Tethys Petroleum Limited Common Shares Jaka Partners FZC 3 10/31/2018 54 0.031 127,575,000 48,075,000 Tethys Petroleum Limited Warrants Share Purchase

Warrants Nov 2016 Jaka Partners FZC 3 10/31/2018 54 0 -48,075,000

Tetra Bio-Pharma Inc. Common Shares Aphria Inc. 3 12/11/2018 11 0.95 26,900,000 10,000,000 Tetra Bio-Pharma Inc. Common Shares Chamberland, Guy 5 4/1/2016 00 Tetra Bio-Pharma Inc. Common Shares Chamberland, Guy 5 12/10/2018 10 0.92 1,000 1,000 Tetra Bio-Pharma Inc. Common Shares Chamberland, Guy 5 12/11/2018 11 0.95 4,720,436 -5,000,000 TFI International Inc. Common Shares TFI International Inc. 1 12/5/2018 10 42.24 74,244 457 THC BIOMED INTL LTD. Warrants Miller, John 3, 4 12/10/2018 53 0.575 3,233,397 362,319 The Stars Group Inc. Common Shares Chhabra, Robindar 5 12/10/2018 10 13.987 9,294 9,294 The Stars Group Inc. Common Shares Chhabra, Robindar 5 12/10/2018 10 13.987 10,723 1,429 The Toronto-Dominion Bank Options Ahmed, Riaz 5 12/12/2018 50 516,432 53,292 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Ahmed, Riaz 5 12/9/2018 56 73,981 5,560

The Toronto-Dominion Bank Rights Performance Share Units (PSU)

Ahmed, Riaz 5 12/9/2018 59 69.83 40,619 -33,362


Ahmed, Riaz 5 12/12/2018 46 69.39 61,176 20,557

The Toronto-Dominion Bank Common Shares CUSIP 891160 50 9

BAMBAWALE, AJAI 5 2/1/2018 00


BAMBAWALE, AJAI 5 12/12/2018 51 52.46 730 730


BAMBAWALE, AJAI 5 12/12/2018 47 69.39 0 -730

The Toronto-Dominion Bank Options BAMBAWALE, AJAI 5 12/12/2018 51 52.46 82,382 -730 The Toronto-Dominion Bank Options BAMBAWALE, AJAI 5 12/12/2018 50 121,758 39,376 The Toronto-Dominion Bank Rights Deferred Share

Units (DSU) BAMBAWALE, AJAI 5 12/12/2018 46 69.39 5,513 3,051


BAMBAWALE, AJAI 5 12/9/2018 56 35,226 2,494


BAMBAWALE, AJAI 5 12/9/2018 59 69.83 20,263 -14,963


BAMBAWALE, AJAI 5 12/12/2018 46 69.39 35,451 15,188

The Toronto-Dominion Bank Rights Restricted Share Units (RSU)

BAMBAWALE, AJAI 5 12/9/2018 30 74.04 2,096 56

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10156



Acquired/ Disposed


BAMBAWALE, AJAI 5 12/9/2018 59 69.83 0 -2,096

The Toronto-Dominion Bank Rights Deferred Share Units (DSU)

Bennett, William E. 4, 7 12/12/2018 46 69.39 101,629 1,621


Bennett, William E. 4, 7 12/12/2018 46 69.39 103,126 1,497

The Toronto-Dominion Bank Options Braca, Gregory B. 5 12/12/2018 50 103,652 36,344 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Braca, Gregory B. 5 12/9/2018 56 70,526 4,527


Braca, Gregory B. 5 12/9/2018 59 69.83 43,361 -27,165


Braca, Gregory B. 5 12/12/2018 46 69.39 81,348 37,987


Brinkley, Amy Woods 4, 7 12/12/2018 46 69.39 46,980 1,621


Brinkley, Amy Woods 4, 7 12/12/2018 46 69.39 48,477 1,497

The Toronto-Dominion Bank Options Campbell, Norie Clare 5 12/12/2018 50 232,965 39,376 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Campbell, Norie Clare 5 12/9/2018 56 69.83 -3,370


Campbell, Norie Clare 5 12/9/2018 56 69.83 3,370


Campbell, Norie Clare 5 12/9/2018 56 3,370


Campbell, Norie Clare 5 12/9/2018 56 46,480 3,370


Campbell, Norie Clare 5 12/9/2018 59 69.83 26,261 -20,219


Campbell, Norie Clare 5 12/12/2018 46 69.39 41,449 15,188


Condron, P. Kevin 7 12/12/2018 46 69.39 21,575 1,497

The Toronto-Dominion Bank Options Currie, Theresa Lynn 5 12/12/2018 50 307,688 52,812 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Currie, Theresa Lynn 5 12/9/2018 56 73,882 5,055


Currie, Theresa Lynn 5 12/9/2018 59 69.83 43,553 -30,329


Currie, Theresa Lynn 5 12/12/2018 46 69.39 63,924 20,371

The Toronto-Dominion Bank Options Dorrance, Robert E 5 12/12/2018 50 650,528 132,436 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Dorrance, Robert E 5 12/9/2018 56 173,723 13,143


Dorrance, Robert E 5 12/9/2018 59 69.83 94,867 -78,856


Dorrance, Robert E 5 12/12/2018 46 69.39 145,955 51,088

The Toronto-Dominion Bank Options Douglas, Paul Campbell 5 12/12/2018 50 306,060 32,948 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Douglas, Paul Campbell 5 12/9/2018 56 43,477 3,227


Douglas, Paul Campbell 5 12/9/2018 59 69.83 24,113 -19,364


Douglas, Paul Campbell 5 12/12/2018 46 69.39 36,822 12,709


Ferguson, Brian Charles 4 12/12/2018 46 69.39 15,944 1,621


Goggins, Colleen 4 12/12/2018 46 69.39 31,021 1,621


Grayson, Stanley 7 12/12/2018 46 69.39 18,751 1,497


Haddad, Mary Jo 4 12/12/2018 46 69.39 14,316 1,621


Halde, Jean-Rene 4 12/12/2018 46 69.39 12,014 1,621


Kepler, David E. 4 12/12/2018 46 69.39 11,811 1,621

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10157



Acquired/ Disposed


Levenson, Dana S. 7 12/12/2018 46 69.39 21,926 1,497


Levitt, Brian 4 12/12/2018 46 69.39 90,171 3,207


MacGibbon, Alan 4, 7 12/12/2018 46 69.39 26,901 1,621


MacGibbon, Alan 4, 7 12/12/2018 46 69.39 28,398 1,497


Maidment, Karen 4 12/12/2018 46 69.39 39,089 1,621

The Toronto-Dominion Bank Options Masrani, Bharat 4, 7, 5 12/12/2018 50 1,431,021 208,152 The Toronto-Dominion Bank Options Masrani, Bharat 4, 7, 5 12/12/2018 50 1,575,137 144,116 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Masrani, Bharat 4, 7, 5 12/9/2018 56 240,050 17,692


Masrani, Bharat 4, 7, 5 12/9/2018 59 69.83 133,898 -106,152


Masrani, Bharat 4, 7, 5 12/12/2018 46 69.39 214,194 80,296


McKenna, Frank Joseph 5 12/12/2018 51 32.99 18,960 18,960


McKenna, Frank Joseph 5 12/12/2018 10 70.03 0 -18,960

The Toronto-Dominion Bank Options McKenna, Frank Joseph 5 12/12/2018 51 32.99 543,668 -18,960 The Toronto-Dominion Bank Options McKenna, Frank Joseph 5 12/12/2018 50 592,492 48,824 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) McKenna, Frank Joseph 5 12/9/2018 56 72,427 5,617


McKenna, Frank Joseph 5 12/9/2018 59 69.83 38,728 -33,699


McKenna, Frank Joseph 5 12/12/2018 46 69.39 57,561 18,833


Miller, Irene Ruth 4 12/12/2018 46 69.39 79,082 1,621


Mohamed, Nadir 4 12/12/2018 46 69.39 55,053 1,621


Mongeau, Claude 4 12/12/2018 46 69.39 15,161 1,621

The Toronto-Dominion Bank Options Patterson, Ellen Reilly 5 12/12/2018 50 89,096 17,892 The Toronto-Dominion Bank Rights Deferred Share

Units (DSU) Patterson, Ellen Reilly 5 11/1/2017 00


Patterson, Ellen Reilly 5 12/12/2018 46 69.39 2,974 2,974


Patterson, Ellen Reilly 5 12/9/2018 56 42,707 2,819


Patterson, Ellen Reilly 5 12/9/2018 59 69.83 25,793 -16,914


Patterson, Ellen Reilly 5 12/12/2018 46 69.39 44,489 18,696


Patterson, Ellen Reilly 5 12/9/2018 30 74.22 2,847 98


Patterson, Ellen Reilly 5 12/9/2018 59 69.83 0 -2,847


Prezzano, Wilbur J 7 12/12/2018 46 69.39 127,311 1,497

The Toronto-Dominion Bank Options Rhodes, Michael George 5 12/12/2018 50 69.39 149,588 32,276 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Rhodes, Michael George 5 12/9/2018 56 82,231 6,150


Rhodes, Michael George 5 12/9/2018 59 69.83 45,328 -36,903


Rhodes, Michael George 5 12/12/2018 46 69.39 80,914 35,586

The Toronto-Dominion Bank Options Salom, Leo 5 12/12/2018 50 179,788 53,692 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Salom, Leo 5 12/9/2018 56 49,881 3,447


Salom, Leo 5 12/9/2018 59 69.83 29,196 -20,685

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10158



Acquired/ Disposed


Salom, Leo 5 12/12/2018 46 69.39 49,907 20,711

The Toronto-Dominion Bank Options Schenk, Stephan 5 12/12/2018 50 31,840 8,644 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Schenk, Stephan 5 12/9/2018 56 22,572 1,603


Schenk, Stephan 5 12/9/2018 59 69.83 12,953 -9,619


Schenk, Stephan 5 12/12/2018 46 69.39 19,520 6,567


Schenk, Stephan 5 12/9/2018 59 69.83 1,213 -2,847

The Toronto-Dominion Bank Options Singh, Manjit 7 12/12/2018 50 120,264 19,824 The Toronto-Dominion Bank Rights Performance Share

Units (PSU) Singh, Manjit 7 12/9/2018 56 49,381 3,445


Singh, Manjit 7 12/9/2018 59 69.83 28,708 -20,673


Singh, Manjit 7 12/12/2018 46 69.39 47,539 18,831


Vigue, Peter G 7 12/12/2018 46 69.39 35,134 1,497


von Althann, Natica 7 12/12/2018 46 69.39 19,762 1,497

The Yield Growth Corp. Common Shares Green, Penny Olga 3, 4, 5 12/13/2018 15 0.5 18,404,000 404,000 The Yield Growth Corp. Common Shares Green, Penny Olga 3, 4, 5 12/13/2018 15 0.5 2,191,200 300,000 The Yield Growth Corp. Warrants Unit Warrant Green, Penny Olga 3, 4, 5 11/22/2018 00 The Yield Growth Corp. Warrants Unit Warrant Green, Penny Olga 3, 4, 5 11/22/2018 00 The Yield Growth Corp. Warrants Unit Warrant Green, Penny Olga 3, 4, 5 12/13/2018 15 0.5 404,000 404,000 The Yield Growth Corp. Warrants Unit Warrant Green, Penny Olga 3, 4, 5 11/22/2018 00 The Yield Growth Corp. Warrants Unit Warrant Green, Penny Olga 3, 4, 5 12/13/2018 15 0.5 300,000 300,000 The Yield Growth Corp. Common Shares HUANG, YU CAI 5 11/22/2018 00 The Yield Growth Corp. Common Shares HUANG, YU CAI 5 12/13/2018 15 0.5 20,000 20,000 The Yield Growth Corp. Warrants Unit Warrant HUANG, YU CAI 5 11/22/2018 00 The Yield Growth Corp. Warrants Unit Warrant HUANG, YU CAI 5 12/13/2018 15 0.5 20,000 20,000 The Yield Growth Corp. Common Shares Pineo, Krystal 4 12/13/2018 15 0.5 4,050,000 50,000 The Yield Growth Corp. Warrants Unit Warrant Pineo, Krystal 4 11/22/2018 00 The Yield Growth Corp. Warrants Unit Warrant Pineo, Krystal 4 12/13/2018 15 0.5 50,000 50,000 Thomson Reuters Corporation

Common Shares Corbin, Stuart 7 10/1/2018 00

Thomson Reuters Corporation

Common Shares Corbin, Stuart 7 10/1/2018 00 1,916


Common Shares Corbin, Stuart 7 12/7/2018 10 50.731 0 -1,916


Restricted Share Units Friedenberg, Michael 7 12/3/2018 00


Restricted Share Units Friedenberg, Michael 7 12/10/2018 56 99,030 99,030


Common Shares Gold, Marc E. 7 12/6/2018 51 35.22 6,717 3,170


Common Shares Gold, Marc E. 7 12/6/2018 51 38.98 12,417 5,700


Common Shares Gold, Marc E. 7 12/6/2018 10 50.61 3,547 -8,870


Common Shares Gold, Marc E. 7 12/6/2018 10 50.47 81 -3,466


Options Gold, Marc E. 7 12/6/2018 51 35.22 12,620 -3,170


Options Gold, Marc E. 7 12/6/2018 51 38.98 6,920 -5,700


Common Shares Stanley, Deirdre 7, 5 12/11/2018 51 30.85 44,349 6,500


Common Shares Stanley, Deirdre 7, 5 12/11/2018 10 51.016 37,849 -6,500


Options Stanley, Deirdre 7, 5 12/11/2018 51 30.85 556,299 -35,953

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10159



Acquired/ Disposed


Common Shares The Woodbridge Company Limited

3 12/6/2018 47 68.15 328,188,411 -49,200



3 12/6/2018 10 68.15 328,237,611 49,200



3 12/7/2018 47 67.18 328,163,111 -74,500



3 12/7/2018 10 67.18 328,237,611 74,500



3 12/11/2018 47 67.24 328,236,117 -1,494



3 12/12/2018 47 67.79 328,221,487 -14,630



3 12/13/2018 47 68.61 328,220,579 -908


Common Shares Vuicic, Mary Alice 5 11/1/2017 00


Common Shares Vuicic, Mary Alice 5 12/11/2018 57 7,962 7,962


Restricted Share Units Vuicic, Mary Alice 5 3/15/2018 30 39.53 84,326 729






Restricted Share Units Vuicic, Mary Alice 5 12/11/2018 57 78,871 -17,136

ThreeD Capital Inc.(formerly Brownstone Energy Inc.)

Common Shares 1313366 Ontario Inc. 3 12/5/2018 00 5,964,000


Common Shares 1313366 Ontario Inc. 3 12/6/2018 10 0.065 250,000








Common Shares 1313366 Ontario Inc. 3 12/10/2018 10 0.07 6,464,000 500,000


Common Shares 1313366 Ontario Inc. 3 12/10/2018 10 0.065 6,673,000 209,000


Warrants 1313366 Ontario Inc. 3 12/5/2018 00 9,200,000


Common Shares Inwentash, Sheldon 4, 6, 5 12/7/2018 10 0.073 11,508,000 500,000


Common Shares Kopman, Jeff 6 12/5/2018 00 5,964,000


Common Shares Kopman, Jeff 6 12/10/2018 10 0.07 6,464,000 500,000


Common Shares Kopman, Jeff 6 12/10/2018 10 0.065 6,673,000 209,000


Warrants Kopman, Jeff 6 12/5/2018 00 9,200,000


Options LONE, ALLEN 4 12/14/2018 50 0.1 1,633,334 700,000

Tidal Royalty Corp. Common Shares rosen, paul 4, 5 12/7/2018 10 0.125 14,237,500 114,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 12/7/2018 10 0.135 14,270,500 33,000 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 12/7/2018 10 0.14 14,380,500 110,000 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 12/7/2018 10 0.14 14,518,000 137,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 12/7/2018 10 0.145 14,618,000 100,000 Tidal Royalty Corp. Options Taoussanopoulos,

Theodore 5 12/12/2018 50 0.115 3,050,000 1,000,000

Tidal Royalty Corp. Options van der Linde, Theo 4, 5 12/12/2018 50 200,000 Tidal Royalty Corp. Options van der Linde, Theo 4, 5 12/12/2018 50 200,000 Tidal Royalty Corp. Options van der Linde, Theo 4, 5 12/12/2018 50 400,000 200,000 Tidal Royalty Corp. Options Zilinskas, Stefania 5 12/12/2018 50 1,750,000 750,000 Till Capital Ltd. Restricted Voting Shares Till Capital Ltd 1 12/7/2018 38 2 315,375 700

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10160



Acquired/ Disposed

Till Capital Ltd. Restricted Voting Shares Till Capital Ltd 1 12/7/2018 38 2 377,722 62,347 Titan Mining Corporation Common Shares Warke, Richard William 4 12/10/2018 10 0.96 4,119,133 10,000 Titan Mining Corporation Common Shares Warke, Richard William 4 12/12/2018 10 1 4,124,133 5,000 Toscana Energy Income Corporation

Common Shares DURANTE, Joseph Sam 4, 5 12/12/2018 90 0.11 28,700 -12,000

Toscana Energy Income Corporation

Common Shares DURANTE, Joseph Sam 4, 5 12/12/2018 90 0.115 115,099 11,000


Common Shares DURANTE, Joseph Sam 4, 5 12/12/2018 90 0.11 127,099 12,000


Common Shares DURANTE, Joseph Sam 4, 5 12/12/2018 90 0.115 141,304 -11,000

Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/7/2018 10 10.021 33,600 5,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/10/2018 10 9.5706 37,200 3,600 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/11/2018 10 9.4106 40,600 3,400 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/12/2018 10 9.3756 45,600 5,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/13/2018 10 9.4307 48,300 2,700 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 12/14/2018 10 9.4955 51,600 3,300 Tourmaline Oil Corp. Common Shares Elick, John William 4 12/12/2018 10 17.43 11,090 -1,500 Tourmaline Oil Corp. Common Shares Rose, Mike 5 12/10/2018 10 17.062 10,453,997 5,000 Tourmaline Oil Corp. Common Shares Rose, Mike 5 12/14/2018 10 19.9 10,000 Tourmaline Oil Corp. Common Shares Rose, Mike 5 12/14/2018 10 16.9 10,463,997 10,000 TransAlta Corporation Common Shares TransAlta Corporation 1 12/6/2018 38 -82,500 TransAlta Corporation Common Shares TransAlta Corporation 1 12/7/2018 38 0 -82,500 TransCanada Corporation Common Shares Robinson, Tracy 7 12/10/2018 10 52.75 10,400 1,600 Transcanna Holdings Inc. Common Shares FLORES, JUAN PABLO 4 5/21/2018 00 Transcanna Holdings Inc. Common Shares Pakulis, James 3, 4, 5 10/26/2017 00 1,500,000 Transcanna Holdings Inc. Warrants Pakulis, James 3, 4, 5 10/26/2017 00 750,000 Transcontinental Inc. Multiple Voting Shares

Catégorie B Grégoire, Jacques 5 12/14/2018 00

Transcontinental Inc. Participation Units d'actions différées (UAD)/Deferred share unit (DSU)

Grégoire, Jacques 5 12/14/2018 00

Transcontinental Inc. Participation Units d'actions restreintes (UAR) / Restricted share unit (RSU)

Grégoire, Jacques 5 12/14/2018 00 28,764

Transcontinental Inc. Subordinate Voting Shares Catégorie A

Grégoire, Jacques 5 12/14/2018 00 60,000

TransGlobe Energy Corporation

Common Shares Mac Dougall, G.R. (Bob) 4 12/7/2018 10 2.674 47,800 20,000

Traverse Energy Ltd. Common Shares Erickson, David Henry 3, 4, 5 12/12/2018 10 0.055 4,139,389 125,000 Traverse Energy Ltd. Common Shares smith, laurie james 3, 4, 5 12/11/2018 10 0.06 3,325,500 40,000 Traverse Energy Ltd. Common Shares smith, laurie james 3, 4, 5 12/12/2018 10 0.055 3,345,500 20,000 Treasury Metals Inc. Common Shares Ferron, Greg 5 12/5/2018 10 0.23 423,600 10,000 Treasury Metals Inc. Common Shares Henderson, Marc Charles 4 12/5/2018 10 0.235 5,005,148 30,000 Tree Island Steel Ltd. Common Shares Doman, Amar 3, 4 12/7/2018 10 2.4853 8,827,650 12,000 Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd.

(formerly known as Tree Island Wire Income Fund)

1 12/5/2018 38 0 -15,495

Trevali Mining Corporation Common Shares Trevali Mining Corporation 1 11/30/2018 38 1,200,000 -1,500,000 Trevali Mining Corporation Common Shares Trevali Mining Corporation 1 12/10/2018 38 0 -1,200,000 Trilogy Metals Inc. (formerly NovaCopper Inc.)

Common Shares Donnelly, Patrick Michael 5 6/11/2018 00

Trilogy Metals Inc. (formerly NovaCopper Inc.)

Common Shares Donnelly, Patrick Michael 5 12/14/2018 10 1.91 4,500 4,500

Trinidad Drilling Ltd. Common Shares Ensign Energy Services Inc. 3 11/27/2018 10 1.6769 1,500,000 Trinidad Drilling Ltd. Common Shares Ensign Energy Services Inc. 3 11/28/2018 10 1.6769 1,500,000 Trinidad Drilling Ltd. Common Shares Ensign Energy Services Inc. 3 11/28/2018 22 1.6769 182,474,767 1,500,000 Trinidad Drilling Ltd. Common Shares Ensign Energy Services Inc. 3 12/12/2018 22 1.68 237,014,214 54,539,447 Trisura Group Ltd. Common Shares George, Michael James 7 12/6/2018 10 27.823 167,023 -3,600 Trisura Group Ltd. Common Shares George, Michael James 7 12/6/2018 10 27.83 166,623 -400

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10161



Acquired/ Disposed

Trisura Group Ltd. Common Shares Partners Value Investments LP

3 12/14/2018 10 25.978 1,233,234 4,000

Troilus Gold Corp. (formerly Pitchblack Resources Ltd.)

Common Shares Davies, Brianna Kirsten 5 12/10/2018 10 0.67 32,000 256


Common Shares Davies, Brianna Kirsten 5 12/10/2018 10 0.65 50,000 18,000


Common Shares Pettigrew, Pierre Stewart 4 12/11/2018 10 0.6 115,000 55,000






Common Shares Pint, Paul 5 12/7/2018 10 0.71 258,039 20,000








Common Shares Pritchard, Ian 5 12/7/2018 10 31,500 14,000


Common Shares Pritchard, Ian 5 12/12/2018 10 46,000 14,500


Common Shares Sulliden Mining Capital Inc. 3 12/10/2018 10 0.65 13,150,000 -2,000,000

True Leaf Medicine International Ltd.

Common Shares Bomford, Darcy E 3, 4, 5 12/12/2018 51 0.185 1,993,243 328,575


Options Bomford, Darcy E 3, 4, 5 12/12/2018 51 500,000 -328,575


Common Shares Harcourt, Michael Franklin 4 12/12/2018 51 0.185 1,828,570 328,570


Options Harcourt, Michael Franklin 4 12/12/2018 51 500,000 -328,570

Tucows Inc. Common Shares Woroch, David John 5 12/12/2018 10 64.609 56,872 -5,500 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 12/7/2018 38 12.61 18,487 18,487 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 12/7/2018 38 0 -18,487 Ubique Minerals Limited Common Shares Harper, Gerald 4, 5 12/11/2018 10 0.1 2,356,379 1,000 Ubique Minerals Limited Common Shares Harper, Gerald 4, 5 12/13/2018 10 0.1 2,357,379 1,000 Ucore Rare Metals Inc. Common Shares CONCEPT CAPITAL

MANAGEMENT LTD 3 12/11/2018 15 0.15 26,895,035 500,000

Ucore Rare Metals Inc. Warrants CONCEPT CAPITAL MANAGEMENT LTD

3 12/11/2018 15 18,382,485 250,000

Ucore Rare Metals Inc. Common Shares Johnson, Randy T. 3 12/10/2018 16 0.15 38,521,365 2,333,333 Ucore Rare Metals Inc. Warrants Johnson, Randy T. 3 12/10/2018 16 0.2 12,575,438 1,166,666 Ucore Rare Metals Inc. Common Shares Orca Holdings, LLC 3 12/10/2018 16 0.15 38,521,365 2,333,333 Ucore Rare Metals Inc. Warrants Orca Holdings, LLC 3 12/10/2018 16 0.2 12,575,438 1,166,666 UGE International Ltd. Options Blitterswyk, Nicolas Adrian 3, 4, 5 11/28/2018 50 50,001 UGE International Ltd. Options Blitterswyk, Nicolas Adrian 3, 4, 5 12/13/2018 50 290,802 50,001 UGE International Ltd. Options Parker, Nicholas Parker 4 11/28/2018 50 340,000 UGE International Ltd. Options Parker, Nicholas Parker 4 12/13/2018 50 460,000 340,000 UGE International Ltd. Options Shah, Pratik 5 8/13/2018 00 UGE International Ltd. Options Shah, Pratik 5 12/13/2018 50 200,000 200,000 UGE International Ltd. Options Van Duynhoven, Robert

Anthony 7 11/28/2018 50 50,001

UGE International Ltd. Options Van Duynhoven, Robert Anthony

7 12/13/2018 50 404,750 50,001

UGE International Ltd. Options Varrone, Crescent Richard 4 11/28/2018 50 290,000 UGE International Ltd. Options Varrone, Crescent Richard 4 12/13/2018 50 486,000 290,000 Unigold Inc. Common Shares Tremblay, Norman 3, 4 12/10/2018 10 0.165 9,735,494 5,000 Unigold Inc. Common Shares Tremblay, Norman 3, 4 12/13/2018 10 0.16 9,743,494 8,000 United Corporations Limited Common Shares E-L Financial Corporation

Limited 3 12/10/2018 10 93.137 6,360,759 600

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10162



Acquired/ Disposed

United Corporations Limited Common Shares E-L Financial Corporation Limited

3 12/13/2018 10 94 6,360,959 200

Velan Inc. Subordinate Voting Shares

Velan, Peter 4, 6 10/24/2001 00

Velan Inc. Subordinate Voting Shares

Velan, Peter 4, 6 11/26/2018 97 10,000 10,000

Vermilion Energy Inc. Common Shares Kaluza, Michael Sam 5 12/7/2018 10 31.96 67,791 -790 Vermilion Energy Inc. Common Shares Williams, Catherine L. 4 12/13/2018 10 30.396 3,500 2,000 VersaPay Corporation Common Shares Mesher, Arthur 4 12/10/2018 10 1.0018 16,500 VersaPay Corporation Common Shares Mesher, Arthur 4 12/10/2018 10 1.0018 16,500 VersaPay Corporation Common Shares Mesher, Arthur 4 12/10/2018 10 0.998 380,000 5,000 VersaPay Corporation Common Shares Mesher, Arthur 4 12/10/2018 10 1 385,000 5,000 VersaPay Corporation Common Shares Mesher, Arthur 4 12/10/2018 10 0.98 391,500 6,500 VersaPay Corporation Common Shares Mesher, Arthur 4 12/12/2018 10 1.1602 16,700 VersaPay Corporation Common Shares Mesher, Arthur 4 12/12/2018 10 1.1602 16,700 VersaPay Corporation Common Shares Mesher, Arthur 4 12/12/2018 10 1.15 401,200 9,700 VersaPay Corporation Common Shares Mesher, Arthur 4 12/12/2018 10 1.15 401,500 300 VersaPay Corporation Common Shares Mesher, Arthur 4 12/12/2018 10 1.15 408,200 6,700 Vista Gold Corp. Options Clark, John 4 12/10/2018 59 0.46 118,000 -30,000 Vista Gold Corp. Options Earnest, Frederick H. 5 12/13/2018 59 0.5 322,000 -150,000 Vista Gold Corp. Options Engele, John 5 12/13/2018 59 0.5 167,500 -112,500 Vista Gold Corp. Options Eppler, W. Durand 7 12/10/2018 59 0.46 118,000 -30,000 Vista Gold Corp. Options Richings, Michael 4 12/10/2018 59 0.46 120,500 -37,500 Vista Gold Corp. Options Stevenson, Tracy 4 12/10/2018 59 0.46 118,000 -30,000 VIVO Cannabis Inc. Options Bumby, Michael Scott 5 12/12/2018 50 0.89 900,000 300,000 VIVO Cannabis Inc. Common Shares Easson, John Langley 4 12/5/2018 10 0.719 200,000 75,000 VIVO Cannabis Inc. Common Shares Easson, John Langley 4 12/6/2018 10 0.768 225,000 25,000 VIVO Cannabis Inc. Common Shares Easson, John Langley 4 12/6/2018 10 0.775 250,000 25,000 VIVO Cannabis Inc. Common Shares Easson, John Langley 4 12/6/2018 10 0.785 300,000 50,000 VIVO Cannabis Inc. Common Shares Fishman, Barry 5 12/12/2018 10 0.84 1,554,117 75,000 VIVO Cannabis Inc. Common Shares Fishman, Barry 5 12/13/2018 10 0.84 1,579,117 25,000 VIVO Cannabis Inc. Options Fishman, Barry 5 12/12/2018 50 0.89 1,875,000 625,000 VIVO Cannabis Inc. Options Kang, Sung 5 12/12/2018 50 0.89 447,000 147,000 VIVO Cannabis Inc. Options LaCroix, Andrew 4, 5 12/12/2018 50 0.89 820,000 50,000 VIVO Cannabis Inc. Options Laflamme, Daniel 3 7/30/2018 00 VIVO Cannabis Inc. Options Laflamme, Daniel 3 12/12/2018 50 0.89 150,000 150,000 VIVO Cannabis Inc. Options Laflamme, Raymond 3 7/30/2018 00 VIVO Cannabis Inc. Options Laflamme, Raymond 3 12/12/2018 50 0.89 150,000 150,000 VIVO Cannabis Inc. Options Mallard, Joel Christopher 5 12/12/2018 50 0.89 355,000 55,000 VIVO Cannabis Inc. Options Parmar, Mayank Shekhar 5 12/12/2018 50 0.89 437,000 137,000 Wallbridge Mining Company Limited

Options Penny, Brian W. 5 12/7/2018 00

Wallbridge Mining Company Limited

Options Penny, Brian W. 5 12/7/2018 50 400,000 400,000

WELL Health Technologies Corp.

Common Shares Shahbazi, Hamed 4, 5 12/5/2018 11 0.42 5,800,298 15,000

















Insider Reporting

December 20, 2018

(2018), 41 OSCB 10163



Acquired/ Disposed

Wescan Goldfields Inc. Common Shares MacNeill, Tom 6 12/11/2018 10 0.045 601,587 5,000 Wescan Goldfields Inc. Common Shares MacNeill, Tom 6 12/13/2018 10 0.055 604,587 3,000 Wescan Goldfields Inc. Common Shares MacNeill, Tom 6 12/13/2018 10 0.05 631,587 27,000 West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. Ltd. 1 12/10/2018 38 68.414 62,000 15,000 West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. Ltd. 1 12/11/2018 38 65.611 77,000 15,000 West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. Ltd. 1 12/12/2018 38 65.401 92,000 15,000 West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. Ltd. 1 12/13/2018 38 64.413 107,000 15,000 West Kirkland Mining Inc. Common Shares Sun Valley Gold LLC 3 12/10/2018 16 0.05 193,065,400 24,112,000 West Kirkland Mining Inc. Common Shares Sun Valley Gold Master

Fund, Ltd. 3 12/10/2018 16 0.05 193,065,400 24,112,000

Western Forest Products Inc. Common Shares Foster, Jennifer Eileen 5 12/10/2018 10 1.79 51,000 26,000 Western Troy Capital Resources Inc.

Common Shares Dunn, Stephen Ronald 4 12/11/2018 10 0.01 1,571,000 200,000

Western Troy Capital Resources Inc.

Common Shares Dunn, Stephen Ronald 4 12/13/2018 10 0.01 1,601,000 30,000

Westport Fuel Systems Inc. Restricted Share Units Buchignani, Michele 4 3/16/2018 00 Westport Fuel Systems Inc. Restricted Share Units Buchignani, Michele 4 5/18/2018 56 23,897 23,897 Westport Fuel Systems Inc. Restricted Share Units Eprile, Brenda 4 5/18/2018 56 78,860 25,735 Westport Fuel Systems Inc. Restricted Share Units Eprile, Brenda 4 5/18/2018 56 97,242 18,382 Westport Fuel Systems Inc. Restricted Share Units Hancock, Daniel 4 7/7/2017 00 Westport Fuel Systems Inc. Restricted Share Units Hancock, Daniel 4 5/18/2018 56 23,297 23,297 Westport Fuel Systems Inc. Restricted Share Units Hancock, Daniel 4 5/18/2018 56 47,194 23,897 Westport Fuel Systems Inc. Restricted Share Units Harris, Anthony 4 5/18/2018 56 44,209 23,897 Westport Fuel Systems Inc. Restricted Share Units Johnston, Colin Shearer 4 5/18/2018 56 44,209 23,897 Westport Fuel Systems Inc. Restricted Share Units Mackie, Scott 4 5/18/2018 56 64,522 23,897 Westport Fuel Systems Inc. Restricted Share Units Nesmith, Wade Donald 4 5/18/2018 56 64,522 23,897 Westport Fuel Systems Inc. Restricted Share Units Nunn, Rodney Thomas 4 3/15/2018 56 112,053 35,714 Westport Fuel Systems Inc. Restricted Share Units Nunn, Rodney Thomas 4 5/18/2018 56 135,950 23,897 Westport Fuel Systems Inc. Restricted Share Units Nunn, Rodney Thomas 4 5/18/2018 56 171,664 35,714 Westport Fuel Systems Inc. Restricted Share Units Nunn, Rodney Thomas 4 6/4/2018 58 - Expiration

of rights 135,950 -35,714

Wolfden Resources Corporation

Common Shares Hoy, Donald 5 12/14/2018 54 0.15 1,132,050 50,000


Warrants Hoy, Donald 5 12/14/2018 54 5,575 -50,000


Common Shares Mechis, Daniel Rigato 5 12/14/2018 54 0.15 802,563 50,000


Warrants Mechis, Daniel Rigato 5 12/14/2018 54 10,300 -50,000

WPC Resources Inc. Common Shares Pollert, Georg 3 5/4/2018 00 11,760,000 WPC Resources Inc. Common Shares Pollert, Georg 3 5/4/2018 11 23,260,000 11,500,000 Xenon Pharmaceuticals Inc. Common Shares Azab, Mohammad 4 12/6/2018 51 3.74 57,584 3,086 Xenon Pharmaceuticals Inc. Options Azab, Mohammad 4 12/6/2018 51 3.74 46,894 -3,086 Xenon Pharmaceuticals Inc. Common Shares Cohen, Charles Jay 5 12/11/2018 51 3.74 8,194 4,115 Xenon Pharmaceuticals Inc. Common Shares Cohen, Charles Jay 5 12/11/2018 38 6,550 -1,644 Xenon Pharmaceuticals Inc. Options Cohen, Charles Jay 5 12/11/2018 51 3.74 160,915 -4,115 XIB I Capital Corp. Common Shares Browne, Robert (Ted) E. 5 12/12/2018 00 400,000 XIB I Capital Corp. Common Shares Conlin, Jonathan William 5 12/12/2018 00 100,000 XIB I Capital Corp. Common Shares Monaco, Fabian Salvatore 4 12/12/2018 00 250,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 12/13/2018 10 0.04 5,954,208 -1,000,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 12/13/2018 10 0.04 5,700,000 1,000,000 Yangarra Resources Ltd. Common Shares Gill, Gurdeep Singh 5 12/14/2018 10 2.469 286,721 40,000 Yangarra Resources Ltd. Common Shares Morton, Frederick Lee 4 12/7/2018 10 2.88 183,267 11,000 YDreams Global Interactive Technologies Inc.

Common Shares Remedio, Jose Miguel Rodrigues

3, 4 11/27/2018 11 0.12 12,320,330 -329,670

YDreams Global Interactive Technologies Inc.

Common Shares YDreams Informatica, SA 3 11/27/2018 11 0.12 12,320,330 -329,670

YDreams Global Interactive Technologies Inc.

Common Shares YDreams Med, SL 3 11/27/2018 11 0.12 12,320,330 -329,670

Zenith Exploration Inc. (formerly 1040442 BC Ltd.)

Common Shares McCrea, James 4 12/7/2018 50 0.05 120,000 100,000

Insider Reporting

December 20, 2018

(2018), 41 OSCB 10164



Acquired/ Disposed

Zenyatta Ventures Ltd. Common Shares Fenton, Gregory 4 12/11/2018 10 0.35 367,000 28,000 Zenyatta Ventures Ltd. Common Shares Fenton, Gregory 4 12/13/2018 10 0.36 376,000 9,000 Zenyatta Ventures Ltd. Common Shares Fenton, Gregory 4 12/14/2018 10 0.36 398,000 22,000 Zimtu Capital Corp. Common Shares Hodge, David 4, 5 12/7/2018 10 0.21 671,681 10,000 Zimtu Capital Corp. Common Shares Hodge, David 4, 5 12/7/2018 10 0.223 688,181 16,500 Zimtu Capital Corp. Common Shares Hodge, David 4, 5 12/10/2018 10 0.215 701,181 13,000 Zonetail Inc. Common Shares Crandall, Daniel Gary 5 12/13/2018 10 0.065 140,000 40,000

December 20, 2018

(2018), 41 OSCB 10165

Chapter 11

IPOs, New Issues and Secondary Financings

INVESTMENT FUNDS Issuer Name: BMO Canadian Equity ETF Fund BMO Concentrated Global Equity Fund BMO European Fund BMO International Equity ETF Fund BMO Tactical Balanced ETF Fund BMO Tactical Dividend ETF Fund BMO Tactical Global Asset Allocation ETF Fund BMO U.S. Equity ETF Fund BMO Retirement Income Portfolio BMO Retirement Conservative Portfolio BMO Retirement Balanced Portfolio Principal Regulator – Ontario Type and Date: Amendment #2 to Final Simplified Prospectus dated December 13, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): BMO Investments Inc. Promoter(s): BMO Investments Inc. Project #2744768 _______________________________________________ Issuer Name: Lazard Global Compounders Fund (formerly, Greystone Global Equity Fund) Bridgehouse Canadian Bond Fund (formerly, Greystone Canadian Bond Fund) Principal Regulator – Ontario Type and Date: Amendment #2 to Final Simplified Prospectus dated December 14, 2018 Received on December 17, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): N/A Promoter(s): Brandes Investment Partners & Co. Project #2752128 _______________________________________________

Issuer Name: Canoe North American Monthly Income Portfolio Class Canoe U.S. Equity Income Portfolio Class Principal Regulator – Alberta (ASC) Type and Date: Amendment #2 to Final Simplified Prospectus dated December 10, 2018 Received on December 12, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): N/A Promoter(s): Canoe Financial Corp. Canoe Financial LP Project #2797142 _______________________________________________ Issuer Name: CMP 2019 Resource Limited Partnership Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated December 17, 2018 Received on December 17, 2018 Offering Price and Description: Maximum: $50,000,000 – 50,000 Limited Partnership Units Price per Unit: $1,000 Minimum subscription: $5,000 (Five Units) Underwriter(s) or Distributor(s): Scotia Capital Inc. CIBC World Markets Inc. National Bank Financial Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. TD Securities Inc. Industrial Alliance Securities Inc. Echelon Wealth Partners Inc. Canaccord Genuity Corp. Desjardins Securities Inc. Raymond James Ltd. Promoter(s): Goodman & Company, Investment Counsel Inc. Project #2857342 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10166

Issuer Name: Dynamic Alpha Performance II Fund Dynamic Premium Yield PLUS Fund Principal Regulator – Ontario Type and Date: Amendment #1 to Final Simplified Prospectus dated December 12, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): 1832 Asset Management L.P. Promoter(s): 1832 Asset Management L.P. Project #2808545 _______________________________________________ Issuer Name: FÉRIQUE AMERICAN Fund Principal Regulator – Quebec Type and Date: Amendment #1 to Final Simplified Prospectus dated December 13, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): Services d'investissement FÉRIQUE Promoter(s): N/A Project #2765748 _______________________________________________ Issuer Name: Guardian Managed Growth Portfolio Guardian Risk Managed Conservative Portfolio Guardian SteadyFlow Equity Fund Guardian SteadyPace Equity Fund Principal Regulator – Ontario Type and Date: Preliminary Simplified Prospectus dated December 13, 2018 NP 11-202 Preliminary Receipt dated December 14, 2018 Offering Price and Description: Series W and I units Underwriter(s) or Distributor(s): Worldsource Financial Management Inc. Worldsource Securities Inc. Promoter(s): Guardian Capital Inc. Project #2856557 _______________________________________________

Issuer Name: Horizons Equal Weight Canada Banks Index ETF Horizons Equal Weight Canada REIT Index ETF Horizons Laddered Canadian Preferred Share Index ETF Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated December 12, 2018 NP 11-202 Preliminary Receipt dated December 12, 2018 Offering Price and Description: Class A units Underwriter(s) or Distributor(s): N/A Promoter(s): Horizons ETFs Management (Canada) Inc. Project #2856177 _______________________________________________ Issuer Name: iProfile Canadian Equity Pool iProfile U.S. Equity Pool iProfile International Equity Pool iProfile Emerging Markets Pool iProfile Fixed Income Pool iProfile Canadian Equity Class iProfile U.S. Equity Class iProfile International Equity Class iProfile Emerging Markets Class Investors Canadian Money Market Class Principal Regulator – Manitoba Type and Date: Amendment #1 to Final Annual Information Form dated November 15, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): Investors Group Securities Inc. Investors Group Financial Services Inc. and Investors Group Securities Inc. Promoter(s): I.G. Investment Management, Ltd. Project #2776318 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10167

Issuer Name: iProfile Canadian Equity Pool iProfile U.S. Equity Pool iProfile International Equity Pool iProfile Emerging Markets Pool iProfile Fixed Income Pool iProfile Canadian Equity Class iProfile U.S. Equity Class iProfile International Equity Class iProfile Emerging Markets Class Investors Canadian Money Market Class Principal Regulator – Manitoba Type and Date: Amendment #1 to Final Annual Information Form dated November 15, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): Investors Group Financial Services Inc. and Investors Group Securities Inc. Investors Group Financial Inc. and Investors Group Securities Inc.. Promoter(s): I.G. Investment Management, Ltd. Project #2776337 _______________________________________________ Issuer Name: iShares Core Balanced ETF Portfolio (formerly iShares Balanced Income CorePortfolioTM Index ETF) iShares Core Growth ETF Portfolio (formerly iShares Balanced Growth CorePortfolioTM Index ETF) Principal Regulator – Ontario Type and Date: Amendment #2 to Final Long Form Prospectus dated December 11, 2018 Received on December 13, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): BlackRock Asset Management Canada Limited Promoter(s): N/A Project #2762670 _______________________________________________

Issuer Name: Maple Leaf Short Duration 2019 Flow-Through Limited Partnership – National Class Principal Regulator – British Columbia Type and Date: Preliminary Long Form Prospectus dated December 13, 2018 Received on December 17, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): Scotia Capital Inc. CIBC World Markets Inc. National Bank Financial Inc. BMO Nesbitt Burns Inc. GMP Securities L.P. Industrial Alliance Securities Inc. Canaccord Genuity Corp. Desjardins Securities Inc. Echelon Wealth Partners Inc. Manulife Securities Incorporated Raymond James Ltd. Laurentian Bank Securities Inc. Promoter(s): Maple Leaf Short Duration Holdings Ltd. Maple Leaf Short Duration 2019 Flow-Through Management Corp. Project #2857352 _______________________________________________ Issuer Name: Maple Leaf Short Duration 2019 Flow-Through Limited Partnership – Quebec Class Principal Regulator – British Columbia Type and Date: Preliminary Long Form Prospectus dated December 13, 2018 Received on December 17, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): Scotia Capital Inc. CIBC World Markets Inc. National Bank Financial Inc. BMO Nesbitt Burns Inc. GMP Securities L.P. Industrial Alliance Securities Inc. Canaccord Genuity Corp. Desjardins Securities Inc. Echelon Wealth Partners Inc. Manulife Securities Incorporated Raymond James Ltd. Laurentian Bank Securities Inc. Promoter(s): Maple Leaf Short Duration Holdings Ltd. Maple Leaf Short Duration 2019 Flow-Through Management Corp. Project #2857354 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10168

Issuer Name: Steadyhand Builders Fund Steadyhand Equity Fund Steadyhand Founders Fund Steadyhand Global Equity Fund Steadyhand Global Small-Cap Equity Fund Steadyhand Income Fund Steadyhand Savings Fund Steadyhand Small-Cap Equity Fund Principal Regulator – British Columbia Type and Date: Combined Preliminary and Pro Forma Simplified Prospectus dated December 12, 2018 NP 11-202 Preliminary Receipt dated December 13, 2018 Offering Price and Description: Series A and O units Underwriter(s) or Distributor(s): Steadyhand Investment Funds Inc. Promoter(s): Steadyhand Investment Management Ltd. Project #2856308 _______________________________________________ Issuer Name: Cambridge Bond Fund Principal Regulator – Ontario Type and Date: Final Simplified Prospectus dated December 11, 2018 NP 11-202 Receipt dated December 12, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): N/A Promoter(s): CI Investments Inc. Project #2843827 _______________________________________________

Issuer Name: Templeton EAFE Developed Markets Fund Templeton Emerging Markets Fund Templeton Emerging Markets Corporate Class Templeton Frontier Markets Corporate Class Templeton Global Balanced Fund Templeton Global Bond Fund Templeton Global Bond Fund (Hedged) Templeton Global Smaller Companies Fund Templeton Global Smaller Companies Corporate Class Templeton Growth Fund, Ltd. Templeton Growth Corporate Class Templeton International Stock Fund Templeton International Stock Corporate Class Franklin Global Growth Fund Franklin Global Growth Corporate Class Franklin Global Small-Mid Cap Fund Franklin High Income Fund Franklin Strategic Income Fund Franklin Select U.S. Equity Fund (formerly Franklin U.S. Core Equity Fund) Franklin U.S. Monthly Income Fund Franklin U.S. Monthly Income Corporate Class Franklin U.S. Monthly Income Hedged Corporate Class Franklin U.S. Opportunities Fund Franklin U.S. Opportunities Corporate Class Franklin U.S. Rising Dividends Fund Franklin U.S. Rising Dividends Corporate Class Franklin U.S. Rising Dividends Hedged Corporate Class Franklin Bissett Canadian Balanced Fund Franklin Bissett Canadian Balanced Corporate Class Franklin Bissett Canadian Bond Fund Franklin Bissett Canadian Dividend Fund Franklin Bissett Canadian Dividend Corporate Class Franklin Bissett Canada Plus Equity Fund Franklin Bissett Canadian Equity Fund Franklin Bissett Canadian Equity Corporate Class Franklin Bissett Canadian Short Term Bond Fund Franklin Bissett Core Plus Bond Fund Franklin Bissett Corporate Bond Fund Franklin Bissett Dividend Income Fund Franklin Bissett Dividend Income Corporate Class Franklin Bissett Energy Corporate Class Franklin Bissett Microcap Fund Franklin Bissett Money Market Fund Franklin Bissett Money Market Corporate Class Franklin Bissett Monthly Income and Growth Fund Franklin Bissett Small Cap Fund Franklin Bissett Small Cap Corporate Class Franklin ActiveQuant Canadian Fund Franklin ActiveQuant Canadian Corporate Class Franklin ActiveQuant U.S. Fund Franklin ActiveQuant U.S. Corporate Class Franklin Mutual European Fund Franklin Mutual Global Discovery Fund Franklin Mutual Global Discovery Corporate Class Franklin Quotential Balanced Growth Portfolio Franklin Quotential Balanced Growth Corporate Class Portfolio Franklin Quotential Balanced Income Portfolio Franklin Quotential Balanced Income Corporate Class Portfolio Franklin Quotential Diversified Equity Portfolio


December 20, 2018

(2018), 41 OSCB 10169

Franklin Quotential Diversified Equity Corporate Class Portfolio Franklin Quotential Diversified Income Portfolio Franklin Quotential Diversified Income Corporate Class Portfolio Franklin Quotential Fixed Income Portfolio Franklin Quotential Growth Portfolio Franklin Quotential Growth Corporate Class Portfolio Principal Regulator – Ontario Type and Date: Amendment #2 to Final Simplified Prospectus and Amendment #3 to AIF dated November 19, 2018 NP 11-202 Receipt dated December 13, 2018 Offering Price and Description: Series A, A (Hedged) F, FT, I, O, OT, PF, PFT, T, T-USD and V Underwriter(s) or Distributor(s): Franklin Templeton Investments Corp. Bissett Investment Management, a division of Franklin Templeton Investments Corp. Franklin Templeton Investmetns Corp. Promoter(s): N/A Project #2758148 _______________________________________________ Issuer Name: iShares Core Balanced ETF Portfolio (formerly iShares Balanced Income CorePortfolioTM Index ETF) iShares Core Growth ETF Portfolio (formerly iShares Balanced Growth CorePortfolioTM Index ETF) Principal Regulator – Ontario Type and Date: Amendment #2 to Final Long Form Prospectus dated December 11, 2018 NP 11-202 Receipt dated December 17, 2018 Offering Price and Description: – Underwriter(s) or Distributor(s): BlackRock Asset Management Canada Limited Promoter(s): N/A Project #2762670 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10170

NON-INVESTMENT FUNDS Issuer Name: Canadian Apartment Properties Real Estate Investment Trust Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated December 14, 2018 NP 11-202 Preliminary Receipt dated December 14, 2018 Offering Price and Description: $250,250,000.00 5,500,000 Units Price: $45.50 per Unit Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. CIBC World Markets Inc. Scotia Capital Inc. TD Securities Inc. BMO Nesbitt Burns Inc. National Bank Financial Inc. Canaccord Genuity Corp. Desjardins Securities Inc, Raymond James Ltd. GMP Securities L.P. Industrial Alliance Securities Inc. Promoter(s): – Project #2855983 _______________________________________________ Issuer Name: Cannabis Strategies Acquisition Corp. Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated December 10, 2018 NP 11-202 Preliminary Receipt dated December 11, 2018 Offering Price and Description: No securities are being offered pursuant to this prospectus. Underwriter(s) or Distributor(s): – Promoter(s): Jonathan Sandelman Project #2855683 _______________________________________________

Issuer Name: Conscience Capital Inc. Principal Regulator – Ontario Type and Date: Preliminary CPC Prospectus dated December 13, 2018 NP 11-202 Preliminary Receipt dated December 14, 2018 Offering Price and Description: Minimum Offering: $1,000,000.00 or 10,000,000 Common Shares Maximum Offering: $1,500,000.00 or 15,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): PI Financial Corp. Promoter(s): John-David Alexander Belfontaine Project #2856543 _______________________________________________ Issuer Name: Mene Inc. Principal Regulator – Ontario Type and Date: Preliminary Short Form Prospectus dated December 10, 2018 NP 11-202 Preliminary Receipt dated December 11, 2018 Offering Price and Description: $0.70 per Unit 14,286,000 Units Underwriter(s) or Distributor(s): Canaccord Genuity Corp. Promoter(s): – Project #2853782 _______________________________________________ Issuer Name: Minto Apartment Real Estate Investment Trust Principal Regulator – Ontario Type and Date: Preliminary Shelf Prospectus dated December 11, 2018 NP 11-202 Preliminary Receipt dated December 12, 2018 Offering Price and Description: C$750,000,000.00 Units Debt Securities Underwriter(s) or Distributor(s): – Promoter(s): – Project #2855981 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10171

Issuer Name: NexPoint Hospitality Trust Principal Regulator – Ontario Type and Date: Preliminary Long Form Prospectus dated December 12, 2018 NP 11-202 Preliminary Receipt dated December 13, 2018 Offering Price and Description: US$ * * Units Price US$15.00 per Unit Underwriter(s) or Distributor(s): Raymond James LTD. Promoter(s): Brian Mitts Project #2856324 _______________________________________________ Issuer Name: Nouveau Monde Graphite Inc. (auparavant Nouveau Monde Mining Enterprises Inc.) Principal Regulator – Quebec Type and Date: Preliminary Shelf Prospectus dated December 11, 2018 NP 11-202 Preliminary Receipt dated December 13, 2018 Offering Price and Description: $300,000,000.00 Common Shares Debt Securities Subscription Receipts Warrants Units Underwriter(s) or Distributor(s): – Promoter(s): – Project #2856330 _______________________________________________ Issuer Name: Perihelion Capital Ltd. Principal Regulator – British Columbia Type and Date: Amendment dated December 13, 2018 to Preliminary CPC Prospectus dated October 31, 2018 NP 11-202 Preliminary Receipt dated December 14, 2018 Offering Price and Description: Minimum Offering: $250,000.00 or 2,500,000 Common Shares Maximum Offering: $600,000.00 or 6,000,000 Common Shares Price: $0.10 per Common Share Underwriter(s) or Distributor(s): Mackie Research Capital Corporation Promoter(s): Alexandros Tzilios Project #2802323 _______________________________________________

Issuer Name: The Toronto-Dominion Bank Principal Regulator – Ontario Type and Date: Preliminary Shelf Prospectus dated December 14, 2018 NP 11-202 Preliminary Receipt dated December 17, 2018 Offering Price and Description: $10,000,000,000.00 Debt Securities (subordinated indebtedness) Common Shares Class A First Preferred Shares Warrants to Purchase Preferred Shares Subscription Receipts Underwriter(s) or Distributor(s): – Promoter(s): – Project #2857016 _______________________________________________ Issuer Name: TransCanada Corporation Principal Regulator – Alberta (ASC) Type and Date: Preliminary Shelf Prospectus dated December 17, 2018 Received on December 17, 2018 Offering Price and Description: $2,000,000,000.00 Common Shares First Preferred Shares Second Preferred Shares Subscription Receipts Underwriter(s) or Distributor(s): – Promoter(s): – Project #2857258 _______________________________________________ Issuer Name: Uranium Participation Corporation Principal Regulator – Ontario Type and Date: Preliminary Shelf Prospectus dated December 12, 2018 NP 11-202 Preliminary Receipt dated December 12, 2018 Offering Price and Description: Common Shares Warrants Units $200,000,000.00 Underwriter(s) or Distributor(s): – Promoter(s): – Project #2856139 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10172

Issuer Name: Accord Financial Corp. Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated December 11, 2018 NP 11-202 Receipt dated December 11, 2018 Offering Price and Description: $15,000,000.00 – 7.00% Convertible Unsecured Subordinated Debentures Price: $1,000 per Debenture Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. CIBC World Markets Inc, Scotia Capital Inc. BMO Nesbitt Burns Inc. National Bank Financial Inc. Cormack Securities Inc. Echelon Wealth Partners Inc. HSBC Securities (Canada) Inc. Mackie Research Capital Corporation Promoter(s): – Project #2846353 _______________________________________________ Issuer Name: BARRIAN MINING CORP. Principal Regulator – British Columbia Type and Date: Final Long Form Prospectus dated December 14, 2018 NP 11-202 Receipt dated December 17, 2018 Offering Price and Description: Minimum Offering to raise gross proceeds of $3,000,000 through the issuance of 15,000,000 Shares at a price of $0.20 per Share Maximum Offering to raise gross proceeds of $4,000,000 through the issuance of 20,000,000 Share at a price of $0.20 per Share Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): Max Sali Project #2839319 _______________________________________________

Issuer Name: Cardiol Therapeutics Inc. Principal Regulator – Ontario Type and Date: Final Long Form Prospectus dated December 14, 2018 NP 11-202 Receipt dated December 17, 2018 Offering Price and Description: 3,000,000 UNITS (CDN $15,000,000.00) CDN $5.00 Per Unit Underwriter(s) or Distributor(s): ALTACORP CAPITAL INC. RAYMOND JAMES LTD. MACKIE RESEARCH CAPITAL CORPORATION ECHELON WEALTH PARTNERS INC. PARADIGM CAPITAL INC. Promoter(s): David Elsley Anthony Bolton Eldon Smith Project #2822718 _______________________________________________ Issuer Name: Fairfax Financial Holdings Limited Type and Date: Final Short Form Prospectus dated December 11, 2018 Receipted on December 11, 2018 Offering Price and Description: Exchange Offer for US$600,000,000 of its 4.850% Senior Notes due 2028 Underwriter(s) or Distributor(s): – Promoter(s): – Project #2845549 _______________________________________________ Issuer Name: Medicenna Therapeutics Corp. Principal Regulator – Ontario Type and Date: Final Short Form Prospectus dated December 14, 2018 NP 11-202 Receipt dated December 17, 2018 Offering Price and Description: Minimum: $4,000,000.00 (4,000,000 Units) Maximum: $6,000,000.00 (6,000,000 Units) Price: $1.00 per Unit Underwriter(s) or Distributor(s): Bloom Burton Securities Inc. Mackie Research Capital Corporation Richardson GMP Limited Promoter(s): – Project #2839948 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10173

Issuer Name: Saputo Inc. Principal Regulator – Quebec Type and Date: Final Shelf Prospectus dated December 12, 2018 NP 11-202 Receipt dated December 13, 2018 Offering Price and Description: $2,000,000,000.00 Medium Term Notes (Unsecured) Underwriter(s) or Distributor(s): BMO Nesbitt Burns Inc. National Bank Financial Inc. RBC Dominion Securities Inc. Desjardins Securities Inc. CIBC World Markets Inc. Scotia Capital Inc. TD Securities Inc. Merrill Lynch Canada Inc. MUFG Securities (Canada) Ltd Rabo Securities Canada Inc. Promoter(s): – Project #2853850 _______________________________________________ Issuer Name: Transcanna Holdings Inc. Principal Regulator – British Columbia Type and Date: Final Long Form Prospectus dated December 10, 2018 NP 11-202 Receipt dated December 11, 2018 Offering Price and Description: Minimum of 2,400,000 Units up to a Maximum of 3,000,000 Units Price: $0.50 per Unit Minimum of $1,200,000.00 up to a Maximum of $1,500,000.00 Each Unit comprises one common share and one share purchase warrant Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): James Pakulis Project #2788290 _______________________________________________

Issuer Name: UrbanGold Minerals Inc. Principal Regulator – Ontario Type and Date: Final Long Form Prospectus dated December 13, 2018 NP 11-202 Receipt dated December 14, 2018 Offering Price and Description: Minimum of $850,000.00 (8,500,000 Units) Maximum of $1,500,000.00 (15,000,000 Units) Price: $0.10 per Unit Minimum of $1,000,000.00 (7,692,308 Flow-Through Common Shares) Maximum of $1,500,000.00 (11,58,462 Flow-Through Common Shares) Price: $0.13 per Flow-Through Common Share Underwriter(s) or Distributor(s): Industrial Alliance Securities Inc. Promoter(s): Jens Eskelund-Hansen Project #2828893 _______________________________________________


December 20, 2018

(2018), 41 OSCB 10174


December 20, 2018

(2018), 41 OSCB 10175

Chapter 12

Registrations 12.1.1 Registrants

Type Company Category of Registration Effective Date

New Registration IIFL Capital Pte Ltd. Portfolio Manager December 13, 2018

Consent to Suspension (Pending Surrender)

Oakpoint Asset Management Inc. Portfolio Manager December 14, 2018

Consent to Suspension (Pending Surrender) OceanRock Investments Inc. Investment Fund Manager

and Portfolio Manager December 17, 2018

Registrations

December 20, 2018

(2018), 41 OSCB 10176


December 20, 2018

(2018), 41 OSCB 10177

Chapter 13

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.2 Marketplaces 13.2.1 Bloomberg Trading Facility Limited – Notice of Commission Order

BLOOMBERG TRADING FACILITY LIMITED

NOTICE OF COMMISSION ORDER On December 14, 2018, the Commission issued a variation order pursuant to section 144 of the Securities Act (Ontario) extending the interim order exempting Bloomberg Trading Facility Limited (BMTF) from the requirement to be recognized as an exchange, so that the interim order will expire on the earlier of (i) July 3, 2019 and (ii) the effective date of a subsequent order exempting BMTF from the requirement to be recognized as an exchange. A copy of the order is published in Chapter 2 of this Bulletin.


December 20, 2018

(2018), 41 OSCB 10178

13.2.2 TSX – Notice of Housekeeping Rule Amendments to the TSX Company Manual

TORONTO STOCK EXCHANGE

NOTICE OF HOUSEKEEPING RULE AMENDMENTS TO THE TSX COMPANY MANUAL Introduction In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 (the “Protocol”), Toronto Stock Exchange (“TSX”) has adopted, and the Ontario Securities Commission has approved, certain housekeeping amendments (the “Amendments”) to Parts III, IV, VI, VII, IX, and XI of the TSX Company Manual (the “Manual”). The Amendments are Housekeeping Rules under the Protocol and therefore have not been published for comment. The Ontario Securities Commission has not disagreed with the categorization of the Amendments as Housekeeping Rules. Reasons for the Amendments The Amendments relate to non-public interest changes and include fixing typographical errors, clarifying provisions, and amending the requirements to file Personal Information Forms (“PIF”) or Declarations for Exchange Traded Funds (“ETFs”). Summary of the Non-Public Interest Amendments

Section of the Manual Amendment Rationale

1. 345 – Listing Application Procedure

Update references to contact information.

Update references to contact information.

2. 423.6 – Disclosing Material Information

Amend language to correct typographical error.

Correct typographical error.

3. 606(a) – Prospectus Offerings Amend language to correct typographical error.

Correct typographical error.

4. 626 – Backdoor Listings Amend language to clarify the application of the section.

Amend the language to reflect, and provide clarity on, the practice used by TSX with respect to the application of the section.

5. 629(h) and 629(i) – Special Rules Applicable to Normal Course Issuer Bids

Amend language to correct typographical errors, and to clarify when purchases can commence under an amended normal course issuer bid (“NCIB”).

Amend the language to reflect the practice used by TSX with respect purchases in the context of amended NCIBs.

6. 716 – Management Amend language to clarify TSX practice and to conform to changes made for ETFs in Section 1101.

Amend language to clarify TSX practice and to conform to changes made in Section 1101.

7. 910 – News Services and Publications

Amend language to refer to TSX website for a list of key segments of the news media.

Amend language to refer to TSX website for a list of key segments of the news media.

8. 1101 – Introduction Amend language to clarify requirements to file PIFs or Declarations for ETFs.

To alleviate administrative burden on the ETFs, rather than treating each ETF as a new issuer, TSX will treat each ETF fund manager as a new issuer so that where the insiders of a fund manager have previously filed a PIF and launch a new ETF, neither a PIF nor a Declaration is required to be filed. Also reserving the right of TSX to request a PIF for any individual associated with an ETF.


December 20, 2018

(2018), 41 OSCB 10179

Text of the Amendments The Amendments are set out as blacklined text at Appendix A. For ease of reference, a clean version of the Amendments are set out at Appendix B. Effective Date The Amendments become effective on December 20, 2018.


December 20, 2018

(2018), 41 OSCB 10180

APPENDIX A

BLACKLINES OF NON-PUBLIC INTEREST AMENDMENTS TO THE TSX COMPANY MANUAL

Change No. 1 Sec. 345. Listings is available for consultation regarding the preparation of the Listing Application and the listing process. Contact Company Listings at (416) 947-4533 orby e-mail: [email protected]@tmx.com. Change No. 2 Sec. 423.6. […] The names of the designated officers, the names of their hackback-ups, and their areas of responsibility should be given to Market Surveillance. Market Surveillance may need to contact them in the event of unusual trading in the company's securities. Change No. 3 Sec. 606. Prospectus Offerings (a) Listed issuers proposing to issue securities of a listed class pursuant to a prospectus must file one copy of the preliminary

prospectus with TSX concurrently with the filing thereof with the applicable securities commissions. The notice requirement contained in Subsection 602(a) will be satisfied by the tilingfiling of the preliminary prospectus, together with a letter which must state: (i) whether any insider has an interest, directly or indirectly, in the transaction and the nature of such interest; (ii) whether and how the transaction could materially affect control of the listed issuer; (iii) the anticipated number of purchasers under the offering; and (iv) whether an "if, as and when issued" market may be requested.

Change No. 4 Sec. 626. A "backdoor listing" occurs when a transaction results in the acquisition by or of a listed issuer of or by an entity not currently listed on TSX. The transaction may be a series of transactions and may take one of a number of forms, including an issuance of securities for assets, an amalgamation or a merger. Change No. 5 Sec. 629. Special Rules Applicable to Normal Course Issuer Bids […] (h) A normal course issuer bid may commence on the date that is two trading days after the later of:

(i) the date of acceptance by TSX of the listed issuer's notice in final executed Form 12 notice; or (ii) the date of issuance of the news release required by Subsection (f) of this Section 629.

(i) During a normal course issuer bid, a listed issuer may determine to amend its notice by increasing the number of securities sought while not exceeding: (i) the maximum percentages referred to in the definition of normal course issuer bid or (ii) provided that the issuer has increased its number of issued securities which are subject to the bid by at least 25% from the number of issued securities as at the date of acceptance of the notice of normal course issuer bid by TSX, the maximum percentages referred to in the definition of normal course issuer bid, as at the date of the amended notice. When the amended notice is in a form acceptable to TSX, the listed issuer shall file the amended notice in final form, duly executed by a senior officer or director of the listed issuer, for acceptance by TSX. The final form of the amended notice must be filed at least three clear trading days prior to the commencement of any purchases under the amended bid. In addition, a draft press release must be provided to TSX and the listed issuer shall issue a press release as soon as the amended notice is accepted by TSX. A copy of the final press release shall be filed with TSX. Upon acceptance of the amended notice, TSX will publish a summary notification of the normal course issuer bid in its Daily Record. The



http://tmx.complinet.com/en/display/display.html?rbid=2072&element_id=268


December 20, 2018

(2018), 41 OSCB 10181

amended normal course issuer bid may commence on the date that is two trading days after the later of: (i) the date of acceptance by TSX of the listed issuer's final amended and executed Form 12 notice; or (ii) the date of issuance of the news release required by this Section 629(i).

Change No. 6 Sec. 716. […] Once submitted and cleared by the Exchange, a Personal Information Form (Form 4 – Appendix H) for an insider of a corporate issuer, including a person acting in a similar capacity for an ETF, is valid for a time period of three years, absent any material change in the information submitted. OnceAn insider of a corporate issuer, including a person acting in a similar capacity for an ETF, may submit a completed Declaration (Form 4B – Appendix H) in lieu of a Personal Information Form (Form 4 – Appendix H) has beenwithin such three year period absent any material change in the information submitted in the original Personal Information Form. For ETFs, see also Section 1101. Once submitted and cleared by the Exchange, such clearance is valid for a period of one calendar yeara Personal Information Form (Form 4 – Appendix H) for Non-Corporate Issuers. After (other than ETFs) is valid for a time period of one year, subject to there having been noabsent any material change in the information submitted to the Exchange in the original Personal Information Form (Form 4 – Appendix H), an. An insider of a Non-Corporate Issuers (other than ETFs) may submit a completed Declaration (Form 4B – Appendix H) in connection with a new listing applicationlieu of a Personal Information Form within and after such one year period absent any material change in the information submitted in the original Personal Information Form. Change No. 7 Sec. 910. As a matter of routine procedure, all information of importance should be released as quickly as circumstances permit, and to as broad an audience as possible. After notification to Market Surveillance, a news release must be transmitted to the media by the quickest possible method, and by one that provides the widest dissemination possible. To ensure that the entire financial community is aware of the news at the same time, the Exchange's timely disclosure policy requires that a wire service (or combination of services) be used which provides national and simultaneous coverage of the full text of the release to the national financial press and daily newspapers that provide regular coverage of financial news, to all Participating Organizations and to all relevant regulatory bodies. If the officials of a listed company have any questions about the acceptability of a particular means of dissemination, they should contact Market Surveillance. A list of key segments of the news media is set out belowcan be found at: https://www.tsx.com/listings/tsx-and-tsxv-issuer-resources/tsx-issuer-resources/continuous-disclosure. A) Paid Distribution News Services (providing full text coverage)

CNW Group

Marketwire Inc.

GlobeNewswire, Inc.

Filing Services Canada Inc.

Business Wire

Newsfile Corp.

B) Financial News Services

Dow Jones (Toronto)

Dow Jones (Montréal)

Reuters (Toronto)

Reuters (Montréal)

Bloomberg News

Canadian Press (Toronto)

Canadian Press (Montréal) These news ticker services transmit information to the financial community in Canada, the United States and other countries.


December 20, 2018

(2018), 41 OSCB 10182

C) Some Prominent Canadian Publications Providing National News Coverage

1. The Globe and Mail

2. The National Post

3. The Toronto Star

4. The Vancouver Sun

5. The Montréal Gazette

6. La Presse

7. Les Affaires

8. Calgary Herald

9. Edmonton Journal

10. Northern Miner

11. The Halifax Chronicle Herald

12. The Winnipeg Free Press

13. The Leader-Post (Regina)

14. The London Free Press Change No. 8 A. Original Listing Requirements Sec. 1101. Introduction […] The Exchange will also take into consideration an applicant's status regarding compliance with the requirements of other regulatory agencies. In addition, the Exchange must be satisfied that an applicant is in compliance with Exchange policies applicable to listed issuers, including policies described in Part III., except in the case of ETFs in respect of the requirement to provide Personal Information Forms for each insider of the ETF under Section 339. For ETFs, the Exchange will require Personal Information Forms only from each insider of an ETF manager. Absent any material change in the information submitted in the original Personal Information Form, an insider of an ETF manager does not need to file a new Personal Information Form or Declaration for so long as he or she remains associated with the same ETF manager to which the original Personal Information Form relates. The Exchange may require Personal Information Forms from any individual associated with the ETF, as the Exchange determines appropriate.



December 20, 2018

(2018), 41 OSCB 10183

APPENDIX B NON-PUBLIC INTEREST AMENDMENTS TO THE TSX COMPANY MANUAL

Change No. 1 Sec. 345. Listings is available for consultation regarding the preparation of the Listing Application and the listing process. Contact Company Listings by e-mail: [email protected]. Change No. 2 Sec. 423.6. […] The names of the designated officers, the names of their back-ups, and their areas of responsibility should be given to Market Surveillance. Market Surveillance may need to contact them in the event of unusual trading in the company's securities. Change No. 3 Sec. 606. Prospectus Offerings (a) Listed issuers proposing to issue securities of a listed class pursuant to a prospectus must file one copy of the preliminary

prospectus with TSX concurrently with the filing thereof with the applicable securities commissions. The notice requirement contained in Subsection 602(a) will be satisfied by the filing of the preliminary prospectus, together with a letter which must state: (i) whether any insider has an interest, directly or indirectly, in the transaction and the nature of such interest; (ii) whether and how the transaction could materially affect control of the listed issuer; (iii) the anticipated number of purchasers under the offering; and (iv) whether an "if, as and when issued" market may be requested.

Change No. 4 Sec. 626. A "backdoor listing" occurs when a transaction results in the acquisition by or of a listed issuer of or by an entity not currently listed on TSX. The transaction may be a series of transactions and may take one of a number of forms, including an issuance of securities for assets, an amalgamation or a merger. Change No. 5 Sec. 629. Special Rules Applicable to Normal Course Issuer Bids […] (h) A normal course issuer bid may commence on the date that is two trading days after the later of:

(i) the date of acceptance by TSX of the listed issuer's final executed Form 12 notice; or (ii) the date of issuance of the news release required by Subsection (f) of this Section 629.

(i) During a normal course issuer bid, a listed issuer may determine to amend its notice by increasing the number of securities sought while not exceeding: (i) the maximum percentages referred to in the definition of normal course issuer bid or (ii) provided that the issuer has increased its number of issued securities which are subject to the bid by at least 25% from the number of issued securities as at the date of acceptance of the notice of normal course issuer bid by TSX, the maximum percentages referred to in the definition of normal course issuer bid, as at the date of the amended notice. When the amended notice is in a form acceptable to TSX, the listed issuer shall file the amended notice in final form, duly executed by a senior officer or director of the listed issuer, for acceptance by TSX. In addition, a draft press release must be provided to TSX and the listed issuer shall issue a press release as soon as the amended notice is accepted by TSX. A copy of the final press release shall be filed with TSX. Upon acceptance of the amended notice, TSX will publish a summary notification of the normal course issuer bid in its Daily Record. The amended normal course issuer bid may commence on the date that is two trading days after the later of: (i) the date of acceptance by TSX of the listed issuer's final amended and executed Form 12 notice; or (ii) the date of issuance of the news release required by this Section 629(i).




December 20, 2018

(2018), 41 OSCB 10184

Change No. 6 Sec. 716. […] Once submitted and cleared by the Exchange, a Personal Information Form (Form 4 – Appendix H) for an insider of a corporate issuer, including a person acting in a similar capacity for an ETF, is valid for a time period of three years, absent any material change in the information submitted. An insider of a corporate issuer, including a person acting in a similar capacity for an ETF, may submit a completed Declaration (Form 4B – Appendix H) in lieu of a Personal Information Form within such three year period absent any material change in the information submitted in the original Personal Information Form. For ETFs, see also Section 1101. Once submitted and cleared by the Exchange, a Personal Information Form (Form 4 – Appendix H) for Non-Corporate Issuers (other than ETFs) is valid for a time period of one year, absent any material change in the information submitted. An insider of a Non-Corporate Issuers (other than ETFs) may submit a completed Declaration (Form 4B – Appendix H) in lieu of a Personal Information Form within and after such one year period absent any material change in the information submitted in the original Personal Information Form. Change No.7 Sec. 910. As a matter of routine procedure, all information of importance should be released as quickly as circumstances permit, and to as broad an audience as possible. After notification to Market Surveillance, a news release must be transmitted to the media by the quickest possible method, and by one that provides the widest dissemination possible. To ensure that the entire financial community is aware of the news at the same time, the Exchange's timely disclosure policy requires that a wire service (or combination of services) be used which provides national and simultaneous coverage of the full text of the release to the national financial press and daily newspapers that provide regular coverage of financial news, to all Participating Organizations and to all relevant regulatory bodies. If the officials of a listed company have any questions about the acceptability of a particular means of dissemination, they should contact Market Surveillance. A list of key segments of the news media can be found at: https://www.tsx.com/listings/tsx-and-tsxv-issuer-resources/tsx-issuer-resources/continuous-disclosure. Change No. 8 A. Original Listing Requirements Sec. 1101. Introduction […] The Exchange will also take into consideration an applicant's status regarding compliance with the requirements of other regulatory agencies. In addition, the Exchange must be satisfied that an applicant is in compliance with Exchange policies applicable to listed issuers, including policies described in Part III, except in the case of ETFs in respect of the requirement to provide Personal Information Forms for each insider of the ETF under Section 339. For ETFs, the Exchange will require Personal Information Forms only from each insider of an ETF manager. Absent any material change in the information submitted in the original Personal Information Form, an insider of an ETF manager does not need to file a new Personal Information Form or Declaration for so long as he or she remains associated with the same ETF manager to which the original Personal Information Form relates. The Exchange may require Personal Information Forms from any individual associated with the ETF, as the Exchange determines appropriate.



December 20, 2018

(2018), 41 OSCB 10185

13.2.3 Canadian Securities Exchange – Form 9 Notice of Proposed Issuance of Listed Securities and Policy 6 Distributions – Notice of Approval

CANADIAN SECURITIES EXCHANGE

NOTICE OF APPROVAL

FORM 9 NOTICE OF PROPOSED ISSUANCE OF LISTED

SECURITIES AND POLICY 6 DISTRIBUTIONS In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto, CNSX Markets Inc. (“CSE”) has adopted, and the Ontario Securities Commission has approved, public interest rule amendments to Form 9 – Notice of Proposed Issuance of Listed Securities (“Form 9”) and consequential housekeeping rule amendments to Policy 6 – Distributions (“Policy 6”) published for comment August 31, 2018. The public interest rule amendments repeal the requirement for listed issuers to post to the CSE website certain information related to purchasers in an exempt distribution. Only investors that are Related Persons, as defined in CSE Policy 1, must be identified in the posted Form 9. There are related changes proposed to Policy 6 to clarify filing procedures. Following publication of the notice, it was determined that non-material changes would be made to Form 9 related to Issuer certification that it had obtained consent from applicable individuals in disclosing their information. The text of the additional non-material changes is included in the CSE notice. A copy of the CSE notice is published on our website at http://www.osc.gov.on.ca.

13.2.4 Canadian Securities Exchange – Introduction of Monthly Tier Credits – Top of Book – Notice of Approval

CANADIAN SECURITIES EXCHANGE

NOTICE OF APPROVAL

INTRODUCTION OF MONTHLY TIER CREDITS –

TOP OF BOOK

In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto ("Protocol"), CNSX Markets Inc. ("CSE") has adopted, and the Ontario Securities Commission (“OSC”) has approved, the Introduction of Monthly Tier Credits – Top of Book (“Fee Change”). The Fee Change will provide monthly tier credits to traders that have placed orders reaching a stated target percentage of time at the NBBO on a per symbol basis for TSX-listed securities trading equal to or greater than $1.00. The monthly tier credits are calculated on all of the trader’s eligible passive trades for that symbol for the month. On November 2, 2018 the CSE Request for Comment on the proposed fee changes was published on the Commission’s website and in the Commission’s Bulletin on November 7, 2018 at (2018), 41 OSCB 8893. The period for public comment expired on December 3, 2018. CSE received no comment letters. The fee changes will take effect on January 1, 2019. The full text of the fee change is available in Notice 2018-009 at http://thecse.com. A copy of the CSE Notice is published on our website at www.osc.gov.on.ca.


http://thecse.com/



December 20, 2018

(2018), 41 OSCB 10186

13.2.5 Liquidnet Canada Inc. – Changes to Broker Blocks Functionality – Notice of Approval

LIQUIDNET CANADA INC.

NOTICE OF APPROVAL

CHANGES TO BROKER BLOCKS FUNCTIONALITY

In accordance with the Process for the Review and Approval of the Information Contained in Form 21-101F2 and the Exhibits Thereto (Protocol), on December 13, 2018, the Commission approved significant changes to Form 21-101F2 for Liquidnet Canada Inc. (Liquidnet) relating to the existing broker blocks functionality that would alert counterparties that opt in as to whether they are trading against a buy side or sell side dealer. Liquidnet’s Notice and Request for Comment on the proposed change described above was published on the Commission’s website and in the Commission’s Bulletin on November 1, 2018, at (2018), 41 OSCB 8756. No comment letters were received.

13.2.6 TriAct Canada Marketplace LP – Amendments to Trading System Functionality – Notice of Approval

TRIACT CANADA MARKETPLACE LP

AMENDMENTS TO TRADING SYSTEM FUNCTIONALITY

NOTICE OF APPROVAL

INTRODUCTION In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F2 and the Exhibits Thereto, TriAct Canada Marketplace LP (also known as “MATCHNow”) has adopted, and the Ontario Securities Commission (“OSC”) has approved, significant changes to the MATCHNow Trading System (the “Amendments”). DESCRIPTION OF THE AMENDMENTS The Amendments concern MATCHNow’s proprietary pro-rata-based methodology for trade matching. Specifically, the Amendments relate to the description and examples of (1) the way in which the pro-rata methodology allocates residual board lots, and (2) how the rounding functionality operates within the pro-rata methodology. These amendments are categorized as “significant changes” and should have been previously filed with the OSC. Due to an unintended oversight, these changes were not submitted to the OSC at the relevant time and, as a result, MATCHNow’s “In Detail” document had not been accurately describing the pro-rata functionality. The inaccuracies have now been corrected. MATCHNow has prepared a client notice describing the approved Amendments which can be found at www.osc.gov.on.ca. IMPLEMENTATION The Amendments have already been implemented.


December 20, 2018

(2018), 41 OSCB 10187

Index Best, Jeffrey Notice from the Office of the Secretary .................... 9939 Order – ss. 127(1), 127.1 .......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Blizzard, Johnny Notice from the Office of the Secretary .................... 9939 Order – ss. 127(1), 127.1 .......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Blocplay Entertainment Inc. Cease Trading Order ................................................ 9991 Bloomberg Trading Facility Limited Variation of Interim Order – s. 144 ............................ 9972 Marketplaces – Notice of Commission Order .......... 10177 Bougainville Ventures Inc. Cease Trading Order ................................................ 9991 Brown, Gary Notice from the Office of the Secretary ..................... 9938 Order ......................................................................... 9971 Caldwell Investment Management Ltd. Notice from the Office of the Secretary .................... 9939 Order ......................................................................... 9980 Canadian Securities Exchange Marketplaces – Form 9 Notice of Proposed Issuance of Listed Securities and Policy 6 Distributions – Notice of Approval ........................... 10185 Marketplaces – Introduction of Monthly Tier Credits – Top of Book – Notice of Approval ............ 10185 CellCube Energy Storage Systems Inc. Cease Trading Order ................................................ 9991 Colwill, Matthew Notice from the Office of the Secretary .................... 9939 Order – ss. 127(1), 127.1 .......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Commentary to National Instrument 81-102 Investment Funds Notice ........................................................................ 9937 Rules and Policies .................................................. 10002 Commentary to National Instrument 81-107 Independent Review Committee for Investment Funds Notice ........................................................................ 9937 Rules and Policies .................................................. 10014

Companion Policy 81-102CP Investment Funds Notice ....................................................................... 9937 Rules and Policies .................................................. 10003 Companion Policy 81-104CP Commodity Pools Notice ....................................................................... 9937 Rules and Policies .................................................. 10005 CSA Staff Notice and Request for Comment 23-323 Trading Fee Rebate Pilot Study Request for Comments........................................... 10015 Davis, Larry Keith Notice from the Office of the Secretary .................... 9938 Order ........................................................................ 9966 DBRS Limited Amended and Restated Designation Order .............. 9975 DPS Capital Inc. Decision.................................................................... 9941 Gallagher, Liam Notice from the Office of the Secretary ................... 9939 Order – ss. 127(1), 127.1 ......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Henderson, Tim Notice from the Office of the Secretary ................... 9939 Order – ss. 127(1), 127.1 ......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Husky Energy Inc. Decision.................................................................... 9960 IIFL Capital Pte Ltd. New Registration .................................................... 10175 Jones, Bradley Notice from the Office of the Secretary .................... 9938 Order ........................................................................ 9971 Katanga Mining Limited Notice from the Office of the Secretary ................... 9939 Order – ss. 127(1), 127.1 ......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Cease Trading Order ................................................ 9991 Liquidnet Canada Inc. Marketplaces – Changes to Broker Blocks Functionality – Notice of Approval .......................... 10186

Index

December 20, 2018

(2018), 41 OSCB 10188

Lubbe, Jacques Notice from the Office of the Secretary .................... 9939 Order – ss. 127(1), 127.1 .......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Mackenzie Financial Corporation Decision .................................................................... 9954 Mainstream Minerals Corporation Cease Trading Order ................................................ 9991 Marlin Gold Mining Ltd. Order ......................................................................... 9978 Mistakidis, Aristotelis Notice from the Office of the Secretary .................... 9939 Order – ss. 127(1), 127.1 .......................................... 9981 Oral Reasons for Approval of a Settlement – ss. 127, 127.1 ....................................................... 9987 Mitel Networks Corporation Order ......................................................................... 9964 MOAG Copper Gold Resources Inc. Notice from the Office of the Secretary ..................... 9938 Order ......................................................................... 9971 National Instrument 41-101 General Prospectus Requirements Notice ........................................................................ 9937 Rules and Policies .................................................. 10009 National Instrument 81-101 Mutual Fund Prospectus Disclosure Notice ........................................................................ 9937 Rules and Policies .................................................. 10006 National Instrument 81-102 Investment Funds Notice ........................................................................ 9937 Rules and Policies .................................................... 9993 National Instrument 81-104 Commodity Pools Notice ........................................................................ 9937 Rules and Policies .................................................. 10004 National Instrument 81-106 Investment Fund Continuous Disclosure Notice ........................................................................ 9937 Rules and Policies .................................................. 10012 National Instrument 81-107 Independent Review Committee for Investment Funds Notice ........................................................................ 9937 Rules and Policies .................................................. 10013 Oakpoint Asset Management Inc. Consent to Suspension (Pending Surrender).......... 10175 OceanRock Investments Inc. Consent to Suspension (Pending Surrender).......... 10175

Performance Sports Group Ltd. Cease Trading Order ................................................ 9991 Quadrus Investment Services Ltd. Decision.................................................................... 9945 TriAct Canada Marketplace LP Marketplaces – Amendments to Trading System Functionality – Notice of Approval .......................... 10186 TSX Marketplaces – Notice of Housekeeping Rule Amendments to the TSX Company Manual ........... 10178 Xplore Technologies Corp. Order ........................................................................ 9973 Yorkville Asset Management Inc. Decision.................................................................... 9950

Documents

WestlawNext Canada | Better Results Faster · The Ontario Securities Commission OSC Bulletin December 20, 2018 Volume 41, Issue 51 (2018), 41 OSCB The Ontario Securities Commission