The TSX has clarified its rules regarding the circumstances in which a listed issuer can dilute its existing security holders by more than 25%, engage in transactions that materially affect control of the issuer, and / or engage in transactions with insiders of the issuer, in reliance on the financial hardship exemption from the security holder approval requirement under section 604(e) of the TSX Company Manual.

type Securities and Capital Markets Alert – May 2009 – The TSX Financial Hardship Exemption From Security Holder Approval