On November 11, 2004, Bill 72 was tabled in the Québec National Assembly. Bill 72 will substantially amend the prospectus and registration exemptions available under the Securities Act (Québec) and position Québec to adopt proposed MI 45-106 which is intended to govern prospectus and registration exemptions in all jurisdictions in Canada. It is currently anticipated that Bill 72 will be adopted before the end of 2004 with the core provisions coming into force concurrently with the adoption of the future Regulation entitled MI 45-106.

type Securities Alert - November 2004