Mining Prospects Trends and Developments in Mining Law in Canada and Internationally

Author Archives / Gary M. Litwack

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Lessons from an Historic Mining IPO

Posted in Mining

The recently completed initial public offering by Nexa Resources S.A. (formerly, Votorantim Metais) on the Toronto Stock Exchange (the TSX) and the New York Stock Exchange has received considerable attention from capital markets participants and the financial press for its size (US$570 million, including the exercise of the over-allotment option) and for the large and impressive underwriting syndicate. Nexa’s IPO was the largest mining IPO on the TSX of a Latin American company, it was Canada’s 3rd largest mining IPO ever and the largest mining IPO in Canada over the last decade!  The IPO is also noteworthy for … Continue Reading

British Columbia Securities Commission Panel Finds “Spectacular” New Infill Drill Results Not to be Material

Posted in Corporate Governance and Continuous Disclosure, Mining

 On August 7, 2013, a panel of Commissioners of the British Columbia Securities Commission released its decision to dismiss allegations that (i) a Vancouver-based TSX Venture Exchange listed mining company, Canaco Resources Inc. (Canaco), its CEO and President and three of its directors had breached securities laws by not immediately press releasing new infill drill results and issuing a material change report; and (ii) that such officer and such directors had failed to act in the best interests of Canaco, and acted against the public interest, by issuing stock options to certain directors and employees prior to the public disclosure … Continue Reading

OSC Releases Issuer Guide For Companies Operating In Emerging Markets

Posted in Corporate Finance, Corporate Governance and Continuous Disclosure, Mining

Background

On November 9, 2012, the Ontario Securities Commission (“OSC”) released Staff Notice 51-720 – Issuer Guide for Companies Operating in Emerging Markets (the “EM Guide”). The EM Guide highlights key areas of risks for directors and management of Ontario reporting issuers who have significant business operations located in emerging markets or whose management for the most part are located outside of Canada (“EMIs”), and provides guidance on managing such risks from a regulatory perspective. Prior to producing the EM Guide, the OSC selected for review twenty-four EMIs, of which 14 were non-resource issuers (which was all of the then … Continue Reading

New Early Consultation Regulations Released Under Ontario’s Mining Act Modernization

Posted in Aboriginal and Environmental Issues, Mining

On November 1, 2012, new rules under Ontario’s recently modified Mining Act take effect and could have a significant impact on mineral exploration activities in Ontario. Most of the high level changes to the Mining Act were passed in 2009 and were the culmination of several years of consultation by the Ministry of Northern Development and Mines (“MNDM”) with industry stakeholders, environmental groups, private citizens and Aboriginal communities. One of the most controversial changes for the mining industry was the inclusion of a duty to consult affected Aboriginal communities. The long-awaited details of how the Mining Act modernization, including the … Continue Reading