New – Reporting Requirements for Prospectus Exemptions

Further amendments were made to the Prospectus Exemptions on July 7th 2016. The Ontario Securities Commission has introduced a new harmonized report of exempt distribution. The amendment aims to reduce reporting requirements for foreign issuers conducting offerings into Canada and creates a new reporting form (Form 45 -106F1). Previously, all issuers and underwriters were required...

An “offering memorandum” (“OM”) is a disclosure document intended to provide investors with the ability to make an informed investment decision. A client recently approached us wanting to use an offering memorandum to raise money in Ontario.  Our advice was to suggest the company use a term sheet, which is a bare bones description of the...