The Canadian Securities Administrators issued a notice on April 21, 2006 setting out their view that underwriters are limited in their ability to "pre-market" securities that are subject to an underwriters' option or an over-allotment on a bought deal. Certain securities commissions had made comments consistent with this notice in response to prospectus filings.

type Securities and Capital Markets Alert - April 24, 2006 - Limits on Underwriters' Options and Over-Allotment Options on Bought Deals